Leases

9 Months Ended

Sep. 26, 2021

As of September 26, 2021, the Company had right-of-use (“ROU”) assets, net of $192.6 million and lease liabilities of $197.5 million recorded on the condensed consolidated balance sheet.

The Company rents certain facilities and equipment under operating leases. The Company’s total lease cost is recorded primarily within selling, general and administrative expenses on the condensed consolidated statements of operations. Rents which are directly chargeable to a project are charged to cost of revenues.

During the three month and nine month periods ended September 26, 2021, the Company recognized operating lease costs of approximately $15.3 million and $46.1 million, respectively.

The Company’s future minimum operating lease payments for noncancelable operating leases were as follows (in thousands):


	September 26, 2021
Remainder of 2021	$	12,432
2022	47,908
2023	43,401
2024	35,333
2025	28,928
Thereafter	69,772
Total future minimum lease payments	237,774
Less imputed interest	40,289
Present value of minimum lease payments	197,485
Less current maturities of lease liabilities	47,205
Long-term lease liabilities	$	150,280

The weighted-average remaining lease term and the weighted-average discount rate for the Company’s operating leases were approximately 6.6 years and 6.0%, respectively, at September 26, 2021.

The Company made cash payments of approximately $12.2 million and $36.5 million for operating leases for the three month and nine month periods ended September 26, 2021, which are included in cash flows from operating activities in the condensed consolidated statement of cash flows.