Leases |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases The Company leases certain facilities, office space, vehicles and equipment. As of June 30, 2020, operating leases under 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 $7.9 million, $2.4 million and $5.7 million, respectively. As of June 30, 2020, the Company did not have any lease contracts that had not yet commenced but had created significant rights and obligations.
Lease expense was $0.9 million and $2.7 million during the three months and nine months ended June 30, 2020, respectively, which included operating lease costs related to short-term leases. During the three months ended December 31, 2019, the Company used cash in the amount of $11.5 million to buy out certain operating lease obligations.
As of June 30, 2020, the weighted-average remaining term of the Company’s leases was 8.6 years, and the weighted-average discount rate was 4.00%. As of June 30, 2020, 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, 2020 (in thousands):
As previously disclosed, the Company’s future minimum lease payment obligations as of September 30, 2019 were as follows (in thousands):
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