Leases
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| | Balance Sheet | | As of December 31, |
| Lease Assets and Liabilities | | Classification | | 2023 | | 2022 |
| Right-of-use Assets | | | | | | |
| Operating lease assets | | Other assets | | $ | 2,569 | | | $ | 3,870 | |
| Total right-of-use assets | | | | 2,569 | | | 3,870 | |
| | | | | | |
| Lease Liabilities | | | | | | |
| Operating lease liabilities, current | | Other accrued liabilities | | 1,495 | | | 1,568 | |
| Operating lease liabilities, noncurrent | | Noncurrent liabilities | | 1,442 | | | 2,786 | |
| Total lease liabilities | | | | $ | 2,937 | | | $ | 4,354 | |
Supplemental information related to the Company’s leases follows: | | | | | | | | | | | | | | |
| | As of December 31, |
| | 2023 | | 2022 |
| Right-of-use assets obtained in exchange for new operating leases | | $ | 153 | | | $ | — | |
| Weighted-average remaining lease term – operating leases | | 1.95 years | | 2.74 years |
| Weighted average discount rate-operating leases | | 5.07 | % | | 4.92 | % |
The remaining lease payments under the Company’s leases follows:
| | | | | | | | |
| Year ended December 31, | | Operating Leases |
| 2024 | | $ | 1,604 | |
| 2025 | | 1,396 | |
| 2026 | | 79 | |
| Total lease payments | | $ | 3,079 | |
| Less: interest | | (142) | |
| Present value of lease liabilities | | $ | 2,937 | |
Lease expense for the years ended December 31, 2023, 2022 and 2021 totaled $1,716, $2,063 and $1,695, respectively. Of these amounts $1,637, $1,851 and $1,505 consist of operating lease costs for the years ended December 31, 2023, 2022 and 2021 while $79, $212 and $190 account for short-term lease costs for the same time period.
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.