Leases

6 Months Ended

Jun. 30, 2022

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 8 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 and six months ended June 30, 2022 and June 30, 2021 are as follows (in thousands):

	Three Months Ended						Six Months Ended
	June 30, 2022			June 30, 2021			June 30, 2022			June 30, 2021
Operating lease cost	$	16,574		$	16,050		$	32,750		$	32,377
Short-term lease cost		3,610			2,264			7,090			4,330
Amortization of right-of-use assets		602			543			1,150			1,017
Interest on lease liabilities		22			28			43			57
Sublease income		(968	)		(793	)		(2,003	)		(1,569	)
Total lease cost	$	19,840		$	18,092		$	39,030		$	36,212

Supplemental cash flow information related to leases for the three months ended June 30, 2022 and June 30, 2021 is as follows (in thousands):

	Six Months Ended
	June 30, 2022		June 30, 2021
Operating cash flows for operating leases	$	34,727	$	33,035
Operating cash flows for finance leases		43		58
Financing cash flows from finance leases		1,054		1,020
Right-of-use assets obtained in exchange for new operating lease liabilities		10,583		8,328
Right-of-use assets obtained in exchange for new finance lease liabilities	$	631	$	831

Supplemental balance sheet and other information related to leases as of June 30, 2022 and December 31, 2021 are as follows (in thousands):

	June 30, 2022			December 31, 2021
Operating Leases:
Right-of-use assets	$	167,577		$	182,672
Lease liabilities:
Current	$	59,814		$	55,902
Long-term		127,487			148,893
Total operating lease liabilities	$	187,301		$	204,795
Finance Leases:
Other noncurrent assets	$	3,874		$	4,389
Accrued expenses and other current liabilities	$	1,728		$	1,822
Other long-term liabilities	$	2,097		$	2,422

Weighted Average Remaining Lease Term:
Operating leases	3.9 Years			4.3 years
Finance leases	2.6 Years			2.9 years
Weighted Average Discount Rate:
Operating leases		3.3	%		3.5	%
Finance leases		2.2	%		2.1	%

As of June 30, 2022, 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 June 30, 2022 is as follows (in thousands):

	Operating Leases			Finance Leases
2022 (remaining)	$	34,755		$	1,011
2023		56,726			1,424
2024		42,573			934
2025		32,045			546
2026		18,602			32
Thereafter		15,017			-
Total lease payments		199,718			3,947
Less: imputed interest		(12,417	)		(122	)
Total present value of lease liabilities	$	187,301		$	3,825