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Leases | 3 Months Ended
--- | ---
Mar. 31, 2020
Leases [Abstract] |
Leases |
6. | Leases
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 seven years, and some of which may include options to terminate the leases up to the eighth year. The components of lease costs for the three months ended March 31, 2020 and March 31, 2019 are as follows (in thousands):
|  | Three Months Ended |
|  | March 31, 2020 |  |  | March 31, 2019 |
Operating lease cost |  | $ | 17,271 |  |  | $ | 18,285 |
Short-term lease cost |  |  | 3,651 |  |  |  | 2,004 |
Amortization of right-of-use assets |  |  | 254 |  |  |  | 225 |
Interest on lease liabilities |  |  | 12 |  |  |  | 16 |
Sublease income |  |  | (880 | ) |  |  | (930 | )
Total lease cost |  | $ | 20,308 |  |  | $ | 19,600 |
Supplemental cash flow information related to leases for the three months ended March 31, 2020 and March 31, 2019 are as follows (in thousands):
|  | Three Months Ended |
|  | March 31, 2020 |  |  | March 31, 2019 |
Operating cash flows for operating leases |  | $ | 16,420 |  |  | $ | 18,333 |
Operating cash flows for financing activities |  |  | 25 |  |  |  | 16 |
Financing cash flows from finance leases |  |  | 278 |  |  |  | 246 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  |  | 15,106 |  |  |  | 249,848 |
Right-of-use assets obtained in exchange for new finance lease liabilities |  | $ | - |  |  | $ | 1,341 |
Supplemental balance sheet and other information related to leases as of March 31, 2020 and December 31, 2019 are as follows (in thousands):
|  | March 31, 2020 |  |  | December 31, 2019 |
Operating Leases: |  |  |  |  |  |  |  |
Right-of-use assets |  | $ | 231,269 |  |  | $ | 233,415 |
Lease liabilities: |  |  |  |  |  |  |  |
Current |  | $ | 47,217 |  |  | $ | 49,994 |
Long-term |  |  | 206,760 |  |  |  | 203,624 |
Total operating lease liabilities |  | $ | 253,977 |  |  | $ | 253,618 |
Finance Leases: |  |  |  |  |  |  |  |
Other noncurrent assets |  | $ | 2,123 |  |  | $ | 2,377 |
Accrued expenses and other current liabilities |  | $ | 1,056 |  |  | $ | 1,075 |
Other long-term liabilities |  | $ | 943 |  |  | $ | 1,202 |
Weighted Average Remaining Lease Term: |  |  |  |  |  |  |  |
Operating leases |  | 6 years |  |  | 6 years |
Finance leases |  | 2 years |  |  | 3 years |
Weighted Average Discount Rate: |  |  |  |  |  |  |  |
Operating leases |  |  | 3.9 | % |  |  | 4.0 | %
Finance leases |  |  | 4.5 | % |  |  | 4.5 | %
As of March 31, 2020, the Company has additional operating leases, primarily for office spaces, that have not yet commenced of $2.8 million. These operating leases will commence in 2020 with lease terms of 3 years to 6 years. A maturity analysis of the future undiscounted cash flows associated with the Company’s operating and finance lease liabilities as of March 31, 2020 is as follows (in thousands):
|  | Operating Leases |  |  | Finance Leases |
2020 |  | $ | 40,845 |  |  | $ | 850 |
2021 |  |  | 57,697 |  |  |  | 870 |
2022 |  |  | 51,705 |  |  |  | 326 |
2023 |  |  | 44,759 |  |  |  | 48 |
2024 |  |  | 34,445 |  |  |  | - |
Thereafter |  |  | 53,434 |  |  |  | - |
Total lease payments |  |  | 282,885 |  |  |  | 2,094 |
Less: imputed interest |  |  | (28,908 | ) |  |  | (95 | )
Total present value of lease liabilities |  | $ | 253,977 |  |  | $ | 1,999 |
Rental expense for the three months ended March 31, 2020 and March 31, 2019 was $20.9 million and $20.3 million, respectively and is recorded in “Indirect, general and administrative expenses” in the consolidated statements of income.

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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