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Leases | 6 Months Ended
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Jun. 30, 2024
Leases |
Leases | 8. Leases ​ We lease certain facilities, vehicles and equipment primarily under noncancelable operating leases. The most significant portion of these noncancelable operating leases is for the facilities occupied by our corporate office and our operating locations. Leases with an initial term of 12 months or less are not recorded in the Consolidated Balance Sheet. We do not separate lease components from their associated non-lease components pursuant to lease accounting guidance. We have certain leases with variable payments based on an index as well as short-term leases on equipment and facilities. Variable lease expense and short-term lease expense aggregated to $22.8 million and $11.6 million for the three months ended June 30, 2024 and 2023, respectively. Variable lease expense and short-term lease expense aggregated to $40.7 million and $21.8 million in the first six months of 2024 and 2023, respectively. These expenses were primarily related to short-term equipment rentals. Lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The weighted average discount rate for our operating leases as of June 30, 2024 and December 31, 2023 was 6.0% and 5.8%, respectively. We recognize operating lease expense, including escalating lease payments and lease incentives, on a straight-line basis over the lease term. Operating lease expense for the three months ended June 30, 2024 and 2023 was $33.3 million and $18.7 million, respectively. Operating lease expense for the six months ended June 30, 2024 and 2023 was $61.5 million and $36.0 million, respectively. ​ The lease terms generally range from three to ten years. Some leases include one or more options to renew, which may be exercised to extend the lease term. We include the exercise of lease renewal options in the lease term when it is reasonably certain that we will exercise the option and such exercise is at our sole discretion. In the third quarter of 2023, we commenced two large real estate leases to support our expected growth in off-site construction, with lease terms longer than our typical terms. The weighted average remaining lease term for our operating leases was 11.3 years at June 30, 2024 and 10.9 years at December 31, 2023. ​ A majority of the Company’s real property leases are with individuals or entities with whom we have no other business relationship. However, in certain instances the Company enters into real property leases with current or former employees. Rent paid to related parties for the three months ended June 30, 2024 and 2023 was approximately $2.6 million and $1.7 million, respectively. Rent paid to related parties for the six months ended June 30, 2024 and 2023 was approximately $4.7 million and $3.7 million, respectively. ​ If we decide to cancel or terminate a lease before the end of its term, we would typically owe the lessor the remaining lease payments under the term of the lease. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. On rare occasions, we rent or sublease certain real estate assets that we no longer use to third parties. ​ The following table summarizes the operating lease assets and liabilities included in the Consolidated Balance Sheet as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | June 30, 2024 | ​ | December 31, 2023 | ​
Operating lease right-of-use assets | $ | 226,721 | ​ | $ | 205,712 | ​
Operating lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Other current liabilities | $ | 26,573 | ​ | $ | 24,426 | ​
Long-term operating lease liabilities | ​ | 208,710 | ​ | ​ | 188,136 | ​
Total operating lease liabilities | $ | 235,283 | ​ | $ | 212,562 | ​
​ The maturities of operating lease liabilities are as follows (in thousands): ​
​ | ​ | ​ | ​
Year ending December 31— | ​ | ​ | ​
2024 (excluding the six months ended June 30, 2024) | ​ | $ | 20,095
2025 | ​ | ​ | 37,975
2026 | ​ | ​ | 34,201
2027 | ​ | ​ | 29,730
2028 | ​ | ​ | 25,888
Thereafter | ​ | ​ | 187,309
Total lease payments | ​ | ​ | 335,198
Less—present value discount | ​ | ​ | (99,915)
Present value of operating lease liabilities | ​ | $ | 235,283
​ Supplemental information related to operating leases was as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ | 2024 | ​ | 2023 |  | 2024 | ​ | 2023
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 9,850 | ​ | $ | 7,045 | ​ | $ | 19,316 | ​ | $ | 14,069
Operating lease right-of-use assets obtained in exchange for lease liabilities | $ | 5,906 | ​ | $ | 6,304 | ​ | $ | 35,332 | ​ | $ | 15,750
​

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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