Leases |
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| Leases | Leases Lessee Arrangements The Company has operating leases for its office space, which have remaining lease terms of up to eight years. The Company does not have finance leases. Some of these leases include renewal options to extend the leases for up to five years and/or termination options to terminate the leases within one year. If it is reasonably certain that a renewal or termination option will be exercised, the exercise of the option is considered in calculating the term of the lease. As of March 31, 2026, the Company's operating leases had a weighted-average remaining lease term of approximately five years and a weighted-average incremental borrowing rate of 4.3%. As of December 31, 2025, the Company's operating leases had a weighted-average remaining lease term of approximately five years and a weighted-average incremental borrowing rate of 4.1%. Cash paid for amounts included in operating lease liabilities was $1.4 million for the three months ended March 31, 2026, and $1.1 million for the three months ended March 31, 2025. The components of lease cost were as follows:
As of March 31, 2026, the Company had a remaining contractual obligation of $0.6 million related to a short-term lease to be paid through 2027. The effective term of this lease is based on the cumulative days available for use throughout the contractual term, which is less than one year. The cost for this lease is included in the disclosure of short-term lease cost. This lease and other of our short-term leases are not recorded on the Company's condensed consolidated balance sheet due to our accounting policy election for short-term leases. Future minimum lease payments were as follows:
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