Annual report pursuant to Section 13 and 15(d)

LEASES (Tables)

v3.22.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2022
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, 2022 2021
Assets:
Operating lease right-of-use assets $ 16,145  $ 18,349 
Liabilities:
Current 4,266  4,350 
Long-term 13,745  15,919 
Total operating lease liabilities $ 18,011  $ 20,269 

Weighted-average remaining lease term 5.0 5.7
Weighted-average discount rate 3.91  % 4.00  %

Year Ended December 31, 2022 2021
Cash paid for operating lease liabilities $ 5,579  $ 6,257 
Right-of-use assets obtained in exchange for new operating lease obligations 3,181  3,961 
Cancellations or adjustments of leases that resulted in the reduction of lease assets in exchange for lease liabilities $ (216) $ (63)
Approximate aggregate commitments under non-cancelable operating leases
The approximate aggregate commitments under non-cancelable operating leases in effect at December 31, 2022, were as follows (dollar amounts in thousands):
Year Ending December 31,
2023 $ 4,936 
2024 4,544 
2025 3,100 
2026 2,588 
2027 2,180 
Thereafter 2,584 
Total lease payments $ 19,932 
Less: Imputed interest (1) 1,921 
Present value of lease liabilities $ 18,011 

(1) Calculated using our corporate borrowing rate based on the term of each lease ranging from 3.00 percent to 4.29 percent.