Leases

12 Months Ended

Dec. 31, 2019

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 11 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 up to the seventh year. As of December 31, 2019, assets recorded under finance leases were $2.4 million and accumulated depreciation associated with finance leases was $0.7 million.

The components of lease costs for the year ended December 31, 2019 are as follows (in thousands):

	2019
Operating lease cost	$	70,112
Short-term lease cost		11,988
Amortization of right-of-use assets		746
Interest on lease liabilities		77
Sublease income		(3,620	)
Total lease cost	$	79,303

Supplemental cash flow information related to leases for the year ended December 31, 2019 is as follows (in thousands):

	2019
Operating cash flows for operating leases	$	62,714
Operating cash flows for financing activities		77
Financing cash flows from finance leases		863
Right-of-use assets obtained in exchange for new operating lease liabilities		299,503
Right-of-use assets obtained in exchange for new finance lease liabilities	$	3,124

Supplemental balance sheet and other information related to leases as of December 31, 2019 is as follows (in thousands):

	2019
Operating Leases:
Right-of-use assets	$	233,415
Lease liabilities:
Current	$	49,994
Long-term		203,624
Total operating lease liabilities	$	253,618
Finance Leases:
Other noncurrent assets	$	2,377
Accrued expenses and other current liabilities	$	1,075
Other long-term liabilities	$	1,202

Weighted Average Remaining Lease Term:
Operating leases	6 years
Finance leases	3 years
Weighted Average Discount Rate:
Operating leases		4.0	%
Finance leases		4.5	%

As of December 31, 2019, the Company has additional operating leases, primarily for office spaces, that have not yet commenced of $9.9 million. These operating leases will commence in 2020 with lease terms of 5 years to 7 years.

A maturity analysis of the future undiscounted cash flows associated with the Company’s operating and finance lease liabilities as of December 31, 2019 is as follows (in thousands):

	Operating Leases			Finance Leases
2020	$	58,412		$	1,152
2021		54,491			870
2022		48,454			326
2023		41,424			48
2024		30,945			—
Thereafter		49,727			—
Total lease payments		283,453			2,396
Less: imputed interest		(29,835	)		(119	)
Total present value of lease liabilities	$	253,618		$	2,277

Rental expense for the years ended December 29, 2017, December 31, 2018 and December 31, 2019 was $73.3 million, $79.8 million and $ 82.1 million, respectively, and is recorded in “Indirect, general and administrative expenses” in the consolidated statements of income.