Leases |
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Leases | Leases We have leases for facilities and office equipment. Our lease liabilities are recognized as the present value of the future minimum lease payments over the lease term. Our right-of-use assets are recognized as the present value of the future minimum lease payments over the lease term plus lease payments made to the lessor before or at lease commencement less unamortized lease incentives and the balance remaining in deferred rent liability under ASC 840. Our lease payments consist of fixed and in-substance fixed amounts attributable to the use of the underlying asset over the lease term. Variable lease payments that do not depend on an index rate or are not in-substance fixed payments are excluded in the measurement of right-of-use assets and lease liabilities and are expensed in the period incurred. The incremental borrowing rate on our credit facility was used in determining the present value of future minimum lease payments. Some of our lease agreements include options to extend the lease term or terminate the lease. These options are accounted for in our right-of-use assets and lease liabilities when it is reasonably certain that the Company will extend the lease term or terminate the lease. The Company does not have any finance leases. As of March 31, 2022, operating leases for facilities and equipment have remaining lease terms of 0.7 to 9.0 years. The following table summarizes lease balances in our consolidated balance sheets at March 31, 2022 and September 30, 2021 (in thousands):
The Company subleases a portion of one of its leased facilities. The sublease is classified as an operating lease with respect to the underlying asset. The sublease term is 5 years and includes two additional 1-year term extension options. For the three and six months ended March 31, 2022 and 2021, total lease costs for our operating leases are as follows (in thousands):
The Company's future minimum lease payments as of March 31, 2022 are as follows:
At March 31, 2022, the weighted-average remaining lease term and weighted-average discount rate are 7.9 years and 6%, respectively. The calculation of the weighted-average discount rate was determined based on borrowing terms from our senior credit facility. Other information related to our leases is as follows:
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