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Leases (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Schedule of Lease Assets and Liabilities | The following table presents our lease-related assets and liabilities as of December 31, 2024 and 2023 (in thousands):
|  | Classification on the Consolidated Balance Sheet |  |  | December 31, 2024 |  | December 31, 2023
Assets |  |  |  |  |  |  |
Operating lease assets |  | Operating lease right-of-use assets |  |  | $ | 316,128 |  |  | $ | 310,498 |
Finance lease assets |  | Property, plant, and equipment, net |  |  | 6,009 |  |  | 4,932 |
Total lease assets |  |  |  |  | $ | 322,137 |  |  | $ | 315,430 |
Liabilities |  |  |  |  |  |  |
Current |  |  |  |  |  |  |
Operating |  | Operating lease liabilities, current |  |  | $ | 81,247 |  |  | $ | 75,236 |
Finance |  | Other accrued expenses and liabilities |  |  | 2,246 |  |  | 2,465 |
Noncurrent |  |  |  |  |  |  |
Operating |  | Operating lease liabilities, long-term |  |  | 261,575 |  |  | 259,430 |
Finance |  | Other long-term obligations |  |  | 3,849 |  |  | 2,838 |
Total lease liabilities |  |  |  |  | $ | 348,917 |  |  | $ | 339,969 |
Schedule of Lease Costs | The following table presents information related to our lease expense for the years ended December 31, 2024, 2023, and 2022 (in thousands):
|  | 2024 |  | 2023 |  | 2022
Finance lease expense: |  |  |  |  |  |
Amortization expense |  | $ | 2,604 |  |  | $ | 2,816 |  |  | $ | 3,550 |
Interest expense |  | 254 |  |  | 175 |  |  | 178 |
Operating lease expense |  | 103,261 |  |  | 93,158 |  |  | 77,143 |
Short-term lease expense (1) |  | 290,267 |  |  | 224,047 |  |  | 185,061 |
Variable lease expense |  | 7,137 |  |  | 9,482 |  |  | 6,782 |
Total lease expense |  | $ | 403,523 |  |  | $ | 329,678 |  |  | $ | 272,714 |
_________________ (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 $4.6 million, $6.7 million, and $3.8 million for the years ended December 31, 2024, 2023, and 2022, 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, 2024 and 2023:
|  | December 31, 2024 |  | December 31, 2023
Weighted-average remaining lease term: |  |  |  |
Operating leases |  | 5.1 years |  | 5.7 years
Finance leases |  | 3.4 years |  | 2.9 years
Weighted-average discount rate: |  |  |  |
Operating leases |  | 4.43 | % |  | 4.11 | %
Finance leases |  | 4.67 | % |  | 3.57 | %
Other Information The following table presents supplemental cash flow information related to our leases for the years ended December 31, 2024, 2023, and 2022 (in thousands):
|  | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows used for operating leases |  | $ | 101,611 |  |  | $ | 90,412 |  |  | $ | 74,927 |
Operating cash flows used for finance leases |  | $ | 254 |  |  | $ | 175 |  |  | $ | 178 |
Financing cash flows used for finance leases |  | $ | 2,855 |  |  | $ | 2,776 |  |  | $ | 3,551 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | $ | 94,538 |  |  | $ | 125,417 |  |  | $ | 75,027 |
Right-of-use assets obtained in exchange for new finance lease liabilities |  | $ | 3,412 |  |  | $ | 1,427 |  |  | $ | 2,209 |
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, 2024 (in thousands):
| Operating Leases |  | Finance Leases
2025 | $ | 94,462 |  |  | $ | 2,475 |
2026 | 79,015 |  |  | 1,760 |
2027 | 64,443 |  |  | 1,157 |
2028 | 50,760 |  |  | 759 |
2029 | 39,646 |  |  | 325 |
Thereafter | 55,218 |  |  | 125 |
Total minimum lease payments | 383,544 |  |  | 6,601 |
Less: Amount of lease payments representing interest | (40,722) |  |  | (506) |
Present value of future minimum lease payments | $ | 342,822 |  |  | $ | 6,095 |
Current portion of lease liabilities | $ | 81,247 |  |  | $ | 2,246 |
Noncurrent portion of lease liabilities | 261,575 |  |  | 3,849 |
Present value of future minimum lease payments | $ | 342,822 |  |  | $ | 6,095 |
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, 2024 (in thousands):
| Operating Leases |  | Finance Leases
2025 | $ | 94,462 |  |  | $ | 2,475 |
2026 | 79,015 |  |  | 1,760 |
2027 | 64,443 |  |  | 1,157 |
2028 | 50,760 |  |  | 759 |
2029 | 39,646 |  |  | 325 |
Thereafter | 55,218 |  |  | 125 |
Total minimum lease payments | 383,544 |  |  | 6,601 |
Less: Amount of lease payments representing interest | (40,722) |  |  | (506) |
Present value of future minimum lease payments | $ | 342,822 |  |  | $ | 6,095 |
Current portion of lease liabilities | $ | 81,247 |  |  | $ | 2,246 |
Noncurrent portion of lease liabilities | 261,575 |  |  | 3,849 |
Present value of future minimum lease payments | $ | 342,822 |  |  | $ | 6,095 |

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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 + Details
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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 + Details
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