Annual report pursuant to Section 13 and 15(d)

LEASES (Tables)

v3.24.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Operating lease right-of-use assets and liabilities
Information related to the Company’s operating right-of-use assets and related operating lease liabilities were as follows (dollar amounts in thousands, except lease term and discount rate):
As of December 31, 2023 2022
Assets:
Operating lease right-of-use assets $ 13,361  $ 16,145 
Liabilities:
Current 4,547  4,266 
Long-term 10,376  13,745 
Total operating lease liabilities $ 14,923  $ 18,011 

Weighted-average remaining lease term 4.1 5.0
Weighted-average discount rate 4.15  % 3.91  %

Year Ended December 31, 2023 2022
Cash paid for operating lease liabilities $ 5,504  $ 5,579 
Right-of-use assets obtained in exchange for new operating lease obligations 1,184  3,181 
Cancellations or adjustments of leases that resulted in the reduction of lease assets in exchange for lease liabilities $ (27) $ (216)
Approximate aggregate commitments under non-cancelable operating leases
The approximate aggregate commitments under non-cancelable operating leases in effect at December 31, 2023, were as follows (dollar amounts in thousands):
Year Ending December 31,
2024 $ 5,341 
2025 3,406 
2026 2,835 
2027 2,356 
2028 2,100 
Thereafter 517 
Total lease payments $ 16,555 
Less: Imputed interest (1) 1,632 
Present value of lease liabilities $ 14,923 

(1) Calculated using our corporate borrowing rate based on the term of each lease ranging from 3.00 percent to 6.89 percent.