Commitments and Contingencies |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | Commitments and Contingencies
Legal—We are subject to various legal and regulatory actions that arise from time to time and may be subject to similar or other claims in the future. In addition, we are currently involved in various other legal actions and proceedings. We are currently unable to estimate the likelihood of an unfavorable result in any such proceeding that could have a material adverse effect on our results of operations, financial position, or liquidity.
Performance Obligations—In the ordinary course of business, and as part of the entitlement and development process, the Company’s subsidiaries are required to provide performance bonds to assure completion of certain public facilities. The Company had $97.6 million and $78.0 million of performance bonds outstanding as of June 30, 2021 and December 31, 2020, respectively.
Operating Leases—The Company has various operating leases, most of which relate to office facilities. Future minimum payments under the noncancelable operating leases in effect at June 30, 2021 were as follows (dollars in thousands):
Operating lease expense for the three and six months ended June 30, 2021 was $0.4 million and $0.8 million, respectively, and is included in general and administrative expense on the consolidated statements of operations. For the three and six months ended June 30, 2020 operating lease expense was $0.6 million and $1.1 million, respectively.
The Company primarily enters into operating leases for the right to use office space and computer and office equipment, which have remaining lease terms that range from to seven years and often include one or more options to renew. The weighted average remaining lease term as of June 30, 2021 and December 31, 2020 was 4.6 and 4.4 years, respectively. Renewal terms are included in the lease term when it is reasonably certain the option will be exercised.
The Company established a right-of-use asset and a lease liability based on the present value of future minimum lease payments at the later of January 1, 2019, the commencement date of the lease, or, if subsequently modified, the date of modification for active leases. As the rate implicit in each lease is not readily determinable, the Company's incremental borrowing rate is used in determining the present value of future minimum payments as of the commencement date. The weighted average rate as of June 30, 2021 was 5.9%. Lease components and non-lease components are accounted for as a single lease component. As of June 30, 2021, the Company had $6.5 million and $6.9 million recognized as a right-of-use asset and lease liability, respectively, which are presented on the consolidated balance sheets within other assets and accrued expenses and other liabilities, respectively. As of December 31, 2020, the Company had $6.0 million and $6.4 million recognized as a right-of-use asset and lease liability, respectively.
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| Commitments and Contingencies | Commitments and Contingencies
Legal—We are subject to various legal and regulatory actions that arise from time to time and may be subject to similar or other claims in the future. In addition, we are currently involved in various other legal actions and proceedings. We are currently unable to estimate the likelihood of an unfavorable result in any such proceeding that could have a material adverse effect on our results of operations, financial position, or liquidity.
Performance Obligations—In the ordinary course of business, and as part of the entitlement and development process, the Company’s subsidiaries are required to provide performance bonds to assure completion of certain public facilities. The Company had $97.6 million and $78.0 million of performance bonds outstanding as of June 30, 2021 and December 31, 2020, respectively.
Operating Leases—The Company has various operating leases, most of which relate to office facilities. Future minimum payments under the noncancelable operating leases in effect at June 30, 2021 were as follows (dollars in thousands):
Operating lease expense for the three and six months ended June 30, 2021 was $0.4 million and $0.8 million, respectively, and is included in general and administrative expense on the consolidated statements of operations. For the three and six months ended June 30, 2020 operating lease expense was $0.6 million and $1.1 million, respectively.
The Company primarily enters into operating leases for the right to use office space and computer and office equipment, which have remaining lease terms that range from to seven years and often include one or more options to renew. The weighted average remaining lease term as of June 30, 2021 and December 31, 2020 was 4.6 and 4.4 years, respectively. Renewal terms are included in the lease term when it is reasonably certain the option will be exercised.
The Company established a right-of-use asset and a lease liability based on the present value of future minimum lease payments at the later of January 1, 2019, the commencement date of the lease, or, if subsequently modified, the date of modification for active leases. As the rate implicit in each lease is not readily determinable, the Company's incremental borrowing rate is used in determining the present value of future minimum payments as of the commencement date. The weighted average rate as of June 30, 2021 was 5.9%. Lease components and non-lease components are accounted for as a single lease component. As of June 30, 2021, the Company had $6.5 million and $6.9 million recognized as a right-of-use asset and lease liability, respectively, which are presented on the consolidated balance sheets within other assets and accrued expenses and other liabilities, respectively. As of December 31, 2020, the Company had $6.0 million and $6.4 million recognized as a right-of-use asset and lease liability, respectively.
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