The Company determines if an arrangement is or contains a lease at inception, which is the date on which the terms of the contract are agreed to and the agreement creates enforceable rights and obligations. Under ASC 842, Leases a contract is or contains a lease when (i) explicitly or implicitly identified assets have been deployed in the contract and (ii) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract. The Company also considers whether its service arrangements include the right to control the use of an asset.

The Company leases various facilities, equipment and vehicles from unrelated parties, which are primarily classified and accounted for as operating leases. The facility leases are primarily for office space with initial terms extending up to 10 years. The equipment leases are primarily related to heavy equipment utilized in the completion of construction jobs, and the terms of the agreements range from 1 to 7 years. Vehicle leases have a minimum lease term ranging from 1 to 7 years. Some leases include one or more options to renew, generally at the Company’s sole discretion, with renewal terms that can extend the lease term from 1 to 12 years or more. In addition, certain leases contain termination options, where the rights to terminate are held by either the Company, the lessor, or both parties. These options to extend or terminate a lease are included in the lease terms when it is reasonably certain that the Company will exercise that option. The Company’s leases generally do not contain any material restrictive covenants.

See the table below for information pertaining to the effects of recently acquired leases as updated from the discussion in the Company’s 2021 audited consolidated financial statements included in the Company’s Form 10-K filed on March 1, 2022. There were no other material impacts to the lease disclosures contained in the Company's Form 10-K.

The future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities recognized on the condensed consolidated balance sheets as of June 30, 2022 is as follows:


	Operating Leases			Finance Leases			Total
Remainder of 2022	$	35		$	2		$	37
2023		61			4			65
2024		44			3			47
2025		31			3			34
2026		20			1			21
2027		15			1			16
Thereafter		40			—			40
Total lease payments	$	246		$	14		$	260
Less imputed interest		(23	)		(1	)		(24	)
Total present value of lease liabilities	$	223		$	13		$	236
Operating and finance leases - current	$	60		$	4		$	64
Operating and finance leases - non-current		163			9			172
Total present value of lease liabilities	$	223		$	13		$	236

Supplemental condensed consolidated balance sheets information related to leases is as follows:


	June 30, 2022			December 31, 2021
Weighted-average remaining lease term:
Operating leases	5.6 years			6.0 years
Finance leases	3.4 years			2.8 years

Weighted-average discount rate:
Operating leases		3.1	%		3.4	%
Finance leases		3.0	%		2.3	%