XML 24 R16.htm IDEA: XBRL DOCUMENT v3.24.2
Operating leases
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Operating leases Operating leases
Lease costs recorded under operating leases for three and six months ended June 30, 2024 and June 30, 2023 were as follows:

Three Months EndedSix Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
(in thousands)
Operating lease costs$9,287 $12,818 $22,450 $25,689 
Income from sub-leases(301)(283)(637)(561)
Net operating lease costs$8,986 $12,535 $21,813 $25,128 

Of the total cost of $9.0 million incurred in the three months ended June 30, 2024 (June 30, 2023: $12.5 million), $8.0 million (June 30, 2023: $9.3 million) is recorded within selling, general and administration costs and $1.0 million (June 30, 2023: $3.2 million) is recorded within direct costs.

Of the total cost of $21.8 million incurred in the six months ended June 30, 2024 (June 30, 2023: $25.1 million), $18.0 million (June 30, 2023: $19.3 million) is recorded within selling, general and administration costs and $3.8 million (June 30, 2023: $5.8 million) is recorded within direct costs.

During the six months ended June 30, 2024 and June 30, 2023, costs incurred by the Group related to variable lease payments were de minimis.

Right-of-use assets obtained, in exchange for lease obligations during the three months ended June 30, 2024, totaled $11.0 million (June 30, 2023: $10.2 million). Right-of-use assets obtained, in exchange for lease obligations during the six months ended June 30, 2024, totaled $46.6 million (June 30, 2023: $22.5 million).

The weighted average remaining lease term and weighted-average discount rate at June 30, 2024 were 6.85 years and 3.71%, respectively. The weighted average remaining lease term and weighted-average discount rate at December 31, 2023 were 6.72 years and 3.29%, respectively.

Future minimum lease payments under non-cancelable leases as of June 30, 2024 were as follows:
(in thousands)
Year 1$42,160 
Year 238,053 
Year 332,707 
Year 425,968 
Year 518,176 
Thereafter46,671 
Total future minimum lease payments203,735 
Lease imputed interest(21,976)
Total$181,759 
Operating lease liabilities are presented as current and non-current. As at June 30, 2024, operating lease liabilities of $36.3 million have been included in Other liabilities (December 31, 2023: $36.4 million) and $145.5 million have been classified as Non-current Lease Liabilities (December 31, 2023: $126.3 million).