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Leases (Tables)

12 Months Ended

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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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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