Leases

3 Months Ended

Mar. 31, 2024

The Company has operating and finance leases for corporate and project office spaces, vehicles, heavy machinery and office equipment. Our leases have remaining lease terms of one year to eight years, some of which may include options to extend the leases for up to five years, and some of which may include options to terminate the leases after the third year.

The components of lease costs for the three months ended March 31, 2024 and March 31, 2023 are as follows (in thousands):


	Three Months Ended
	March 31, 2024			March 31, 2023
Operating lease cost	$	16,677		$	16,625
Short-term lease cost		3,652			3,663
Amortization of right-of-use assets		777			516
Interest on lease liabilities		94			33
Sublease income		(1,119	)		(1,124	)
Total lease cost	$	20,081		$	19,713

Supplemental cash flow information related to leases for the three months ended March 31, 2024 and March 31, 2023 is as follows (in thousands):


	Three Months Ended
	March 31, 2024		March 31, 2023
Operating cash flows for operating leases	$	17,525	$	17,785
Operating cash flows for finance leases		94		33
Financing cash flows from finance leases		740		516
Right-of-use assets obtained in exchange for new operating lease liabilities		1,994		4,707
Right-of-use assets obtained in exchange for new finance lease liabilities	$	1,380	$	1,228

Supplemental balance sheet and other information related to leases as of March 31, 2024 and December 31, 2023 are as follows (in thousands):


	March 31, 2024			December 31, 2023
Operating Leases:
Right-of-use assets	$	145,803		$	159,211
Lease liabilities:
Current		55,024			58,556
Long-term		106,692			117,505
Total operating lease liabilities	$	161,716		$	176,061
Finance Leases:
Other noncurrent assets	$	8,467		$	7,779
Accrued expenses and other current liabilities	$	2,973		$	2,682
Other long-term liabilities	$	5,563		$	5,129

Weighted Average Remaining Lease Term:
Operating leases	3.8 years			3.9 years
Finance leases	3.1 years			3.1 years
Weighted Average Discount Rate:
Operating leases		4.2	%		4.2	%
Finance leases		4.7	%		4.6	%

As of March 31, 2024, the Company has no operating leases that have not yet commenced.

A maturity analysis of the future undiscounted cash flows associated with the Company’s operating and finance lease liabilities as of March 31, 2024 is as follows (in thousands):


	Operating Leases			Finance Leases
2024 (remaining)	$	47,189		$	2,505
2025		48,831			2,922
2026		32,581			2,281
2027		19,215			1,110
2028		14,472			359
Thereafter		12,950			-
Total lease payments		175,238			9,177
Less: imputed interest		(13,522	)		(641	)
Total present value of lease liabilities	$	161,716		$	8,536