Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases
The Company leases certain facilities, office space, vehicles and equipment. As of June 30, 2024, operating leases under ASC Topic 842, Leases (“Topic 842”) were included in (i) “Operating lease right-of use assets,” (ii) “Current portion of operating lease liabilities” and (iii) “Operating lease liabilities, net of current portion” on the Company’s Consolidated Balance Sheets in the amounts of $33.3 million, $7.3 million and $26.8 million, respectively. As of June 30, 2024, the Company did not have any lease contracts that had not yet commenced but had created significant rights and obligations.
The components of lease expense were as follows (unaudited, in thousands):
Short-term leases (those with terms of 12 months or less) are not capitalized but are expensed on a straight-line basis over the lease term. The majority of the Company's short-term leases relate to equipment used on construction projects. These leases are entered into at periodic rental rates for an unspecified duration and typically have a termination for convenience provision.
As of June 30, 2024, the weighted-average remaining term of the Company’s leases was 5.3 years, and the weighted-average discount rate was 5.92%. As of June 30, 2024, the lease liability was equal to the present value of the remaining lease payments, discounted using the incremental borrowing rate on the Company’s secured debt using a single maturity discount rate, as such rate is not materially different from the discount rate applied to each of the leases in the portfolio.
The following table summarizes the Company’s undiscounted lease liabilities outstanding as of June 30, 2024 (unaudited, in thousands):
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