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Leases
12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases
5.
Leases

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 eleven 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 years ended December 31, 2024 and December 31, 2023 are as follows (in thousands):

 

 

 

2024

 

 

2023

 

Operating lease cost

 

$

64,858

 

 

$

67,181

 

Short-term lease cost

 

 

17,114

 

 

 

13,782

 

Amortization of right-of-use assets

 

 

3,549

 

 

 

2,699

 

Interest on lease liabilities

 

 

434

 

 

 

273

 

Sublease income

 

 

(4,289

)

 

 

(4,718

)

Total lease cost

 

$

81,666

 

 

$

79,217

 

 

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

 

 

 

2024

 

 

2023

 

Operating cash flows for operating leases

 

$

67,696

 

 

$

71,432

 

Operating cash flows for finance leases

 

 

434

 

 

 

273

 

Financing cash flows for finance leases

 

 

3,376

 

 

 

2,618

 

Right-of-use assets obtained in exchange for new
   operating lease liabilities

 

 

36,583

 

 

 

62,856

 

Right-of-use assets obtained in exchange for new
   finance lease liabilities

 

$

4,220

 

 

$

6,456

 

 

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

 

 

 

2024

 

 

2023

 

Operating Leases:

 

 

 

 

 

 

Right-of-use assets

 

$

153,048

 

 

$

159,211

 

Lease liabilities:

 

 

 

 

 

 

Current

 

$

52,725

 

 

$

58,556

 

Long-term

 

 

114,386

 

 

 

117,505

 

Total operating lease liabilities

 

$

167,111

 

 

$

176,061

 

Finance Leases:

 

 

 

 

 

 

Other noncurrent assets

 

$

9,864

 

 

$

7,779

 

Accrued expenses and other current liabilities

 

$

3,645

 

 

$

2,682

 

Other long-term liabilities

 

$

6,441

 

 

$

5,129

 

 

 

 

 

 

 

Weighted Average Remaining Lease Term:

 

 

 

 

 

 

Operating leases

 

3.9 Years

 

 

3.9 Years

 

Finance leases

 

2.8 Years

 

 

3.1 years

 

Weighted Average Discount Rate:

 

 

 

 

 

 

Operating leases

 

 

4.5

%

 

 

4.2

%

Finance leases

 

 

5.0

%

 

 

4.6

%

 

As of December 31, 2024, the Company has no additional 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 December 31, 2024 is as follows (in thousands):

 

 

 

Operating
Leases

 

 

Finance
Leases

 

2025

 

$

59,839

 

 

$

4,217

 

2026

 

 

42,669

 

 

 

3,492

 

2027

 

 

29,744

 

 

 

2,236

 

2028

 

 

24,383

 

 

 

933

 

2029

 

 

18,341

 

 

 

92

 

Thereafter

 

 

7,682

 

 

 

-

 

Total lease payments

 

 

182,658

 

 

 

10,970

 

Less: imputed interest

 

 

(15,547

)

 

 

(884

)

Total present value of lease liabilities

 

$

167,111

 

 

$

10,086

 

 

Rental expense for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 was $82.0 million, $81.0 million and $81.0 million, respectively, and is recorded in “Selling, general and administrative expenses” in the consolidated statements of income.