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Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Lease Assets and Liabilities

The following table presents our lease-related assets and liabilities as of December 31, 2023 and 2022 (in thousands):

						Classification on the Consolidated Balance Sheet									December 31, 2023						December 31, 2022
Assets
Operating lease assets						Operating lease right-of-use assets									$	310,498					$	268,063
Finance lease assets						Property, plant, and equipment, net									4,932						6,117
Total lease assets															$	315,430					$	274,180
Liabilities
Current
Operating						Operating lease liabilities, current									$	75,236					$	67,218
Finance						Current maturities of long-term debt and finance lease liabilities									2,465						2,652
Noncurrent
Operating						Operating lease liabilities, long-term									259,430						220,764
Finance						Long-term debt and finance lease liabilities									2,838						3,807
Total lease liabilities															$	339,969					$	294,441

Schedule of Lease Costs

The following table presents information related to our lease expense for the years ended December 31, 2023, 2022, and 2021 (in thousands):

						2023						2022						2021
Finance lease expense:
Amortization expense						$	2,816					$	3,550					$	4,255
Interest expense						175						178						255
Operating lease expense						93,158						77,143						70,928
Short-term lease expense (1)						224,047						185,061						150,500
Variable lease expense						9,482						6,782						5,421
Total lease expense						$	329,678					$	272,714					$	231,359

_________________

(1)Short-term lease expense includes both leases and rentals with initial terms of one year or less and predominantly represents equipment used on construction projects.

Sublease rental income was approximately $6.7 million, $3.8 million, and $0.2 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Lease Term and Discount Rate

The following table presents certain information related to the lease terms and discount rates for our leases as of December 31, 2023 and 2022:

						December 31, 2023						December 31, 2022
Weighted-average remaining lease term:
Operating leases						5.7 years						5.9 years
Finance leases						2.9 years						2.9 years
Weighted-average discount rate:
Operating leases						4.11		%				3.45		%
Finance leases						3.57		%				2.85		%

Other Information

The following table presents supplemental cash flow information related to our leases for the years ended December 31, 2023, 2022, and 2021 (in thousands):

						2023						2022						2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases						$	90,412					$	74,927					$	69,797
Operating cash flows used for finance leases						$	175					$	178					$	255
Financing cash flows used for finance leases						$	2,776					$	3,551					$	4,189
Right-of-use assets obtained in exchange for new operating lease liabilities						$	125,417					$	75,027					$	80,661
Right-of-use assets obtained in exchange for new finance lease liabilities						$	1,427					$	2,209					$	2,301

Schedule of Maturity of Operating Leases

The following table reconciles our future minimum lease payments on an undiscounted cash flow basis to our lease liabilities reported in the Consolidated Balance Sheet as of December 31, 2023 (in thousands):

			Operating Leases						Finance Leases
2024			$	87,058					$	2,605
2025			69,127						1,533
2026			60,558						782
2027			47,961						389
2028			36,858						222
Thereafter			74,510						64
Total minimum lease payments			376,072						5,595
Less: Amount of lease payments representing interest			(41,406)						(292)
Present value of future minimum lease payments			$	334,666					$	5,303
Current portion of lease liabilities			$	75,236					$	2,465
Noncurrent portion of lease liabilities			259,430						2,838
Present value of future minimum lease payments			$	334,666					$	5,303

Schedule of Maturity of Finance Leases

The following table reconciles our future minimum lease payments on an undiscounted cash flow basis to our lease liabilities reported in the Consolidated Balance Sheet as of December 31, 2023 (in thousands):

			Operating Leases						Finance Leases
2024			$	87,058					$	2,605
2025			69,127						1,533
2026			60,558						782
2027			47,961						389
2028			36,858						222
Thereafter			74,510						64
Total minimum lease payments			376,072						5,595
Less: Amount of lease payments representing interest			(41,406)						(292)
Present value of future minimum lease payments			$	334,666					$	5,303
Current portion of lease liabilities			$	75,236					$	2,465
Noncurrent portion of lease liabilities			259,430						2,838
Present value of future minimum lease payments			$	334,666					$	5,303

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Tabular disclosure of lease assets and liabilities.

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- Definition

Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-6

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- Definition

Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-4

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- Definition

Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-6

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