Leases

12 Months Ended

Dec. 31, 2023

15. Leases

We have leases for office and shop space, as well as for equipment primarily utilized in our construction projects. As of December 31, 2023, our lease contracts were primarily classified as operating leases and had terms ranging from month-to-month to 31 years. As of December 31, 2023 and 2022, right of use assets and long term lease liabilities were separately presented and short term lease liabilities of $16.8 million and $18.6 million, respectively, were included in accrued expenses and other current liabilities in our consolidated balance sheets. As of December 31, 2023, we had no lease contracts that had not yet commenced but created significant rights and obligations. Lease expense was $21.4 million, $21.9 million, $22.9 million for the years ended December 31, 2023, 2022 and 2021, respectively.

As of December 31, 2023 and 2022 our weighted-average remaining lease term was 9.39 years and 4.28 years, respectively, and the weighted-average discount rate was 4.92% and 3.85%, respectively.

As of December 31, 2023, the lease liability is equal to the present value of the remaining lease payments, discounted using the incremental borrowing rate on our secured debt, using one maturity discount rate that is updated quarterly, as it is not materially different than the discount rates applied to each of the leases in the portfolio.

The following table summarizes the maturities of our undiscounted lease liabilities outstanding as of December 31, 2023 (in thousands):


2024	$	21,094
2025	16,314
2026	14,070
2027	10,849
2028	6,718
Thereafter	41,569
Total future minimum lease payments	$	110,614
Less: imputed interest	(30,240)
Total	$	80,374

Royalties

Excluded from the table above are minimum royalty requirements under all contracts, primarily quarry property, in effect at December 31, 2023 which are payable as follows: $1.9 million in 2024; $1.3 million in 2025; $1.3 million in 2026; $0.9 million in 2027; $0.9 million in 2028; and $6.3 million thereafter.