Operating Leases |
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Operating Leases | 6. OPERATING LEASES The Company leases its facilities and data center colocations under operating leases with various expiration dates through 2027. The components of the Company’s lease costs were as follows:
As of December 31, 2023 and 2022, the Company’s consolidated balance sheet included ROU assets in the amount of $5 million and $9 million, respectively, and lease liabilities in the amount of $7 million and $7 million in , respectively, and $6 million and $13 million in lease liabilities, non-current, respectively. In February 2022, the Company’s Board of Directors ("the Board") approved a restructuring plan, which included exiting various office leases. As a result, the Company ceased using certain office spaces. As the carrying value of the related right-of-use assets and leasehold improvements exceeded the estimated fair value, the Company recognized an immaterial impairment loss related to the impairment of operating ROU assets for the year ended December 31, 2023. See Note 12. Reductions in Workforce for more information about the Company’s restructuring plan. As of December 31, 2023 and 2022, the weighted-average remaining lease term was 2 and 3 years and the weighted-average discount rate used to determine the net present value of the lease liabilities was 6% for both periods. Supplemental cash flow information for the Company’s operating leases were as follows:
The maturities of the Company’s operating lease liabilities are as follows:
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