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LEASES
12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
LEASES LEASES
The Company has entered into various operating leases for its office space expiring between fiscal 2023 and 2035. Certain lease agreements contain an option for the Company to renew a lease for a term of up to five years. The Company considers these options, which may be elected at the Company’s sole discretion, in determining the lease term on a lease-by-lease basis.
In November 2021, the Company signed a new lease for office space. The term of the newly executed lease is 162 months beginning on November 16, 2021 and expiring on April 30, 2035. The Company has the option to cancel the lease with at least twelve months prior written notice starting April 30, 2030. Additionally there are two five year extension options in the lease which the Company has not included in the lease term. The remaining payments related to this lease agreement as of December 31, 2021 are approximately $24,261.
In December 2021, the Company signed an extension for existing office space. The term of the amended lease is 30 months beginning on December 23, 2021 and expiring on May 31, 2024. The remaining payments related to this lease agreement as of December 31, 2021 are approximately $7,772.
The following represents the components of lease cost for the years ended December 31, 2021 and 2020 along with supplemental disclosures of cash flow information, lease term and discount rate:
Year Ended December 31,
20212020
Operating lease cost$1,919 $1,721 
Short term lease cost1,266 317 
Variable lease cost28 — 
Total lease cost$3,213 $2,038 
Cash paid for amounts included in the measurement of lease liabilities$1,819 $— 
Operating lease assets obtained in exchange for new lease liabilities$22,274 $— 
Right-of-use assets disposed modifying operating lease liabilities
$235 $— 
Gain from termination of leases
$31 $— 
Weighted average remaining lease term9 years8 years, 11 months
Weighted average discount rate5.77 %6.70 %
The following table reconciles future minimum undiscounted rental commitments for operating leases to operating lease liabilities recorded on the Consolidated Balance Sheet as of December 31, 2021:
Fiscal year
2022$5,153 
20236,624 
20244,572 
20253,106 
20263,173 
Thereafter21,763 
Total undiscounted lease payments$44,391 
Present value adjustment(11,931)
Operating lease liabilities$32,460 
Current lease liabilities of $3,336 and $1,111 are presented within Accrued expenses and other liabilities while non-current lease liabilities of $29,124 and $8,131 are presented within Long-term obligation under operating leases on the Consolidated Balance Sheets for the years ended December 31, 2021 and 2020 respectively.