Leases

3 Months Ended

Mar. 31, 2021

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 9 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 third year.

The components of lease costs for the three months ended March 31, 2021 and March 31, 2020 are as follows (in thousands):

	Three Months Ended
	March 31, 2021			March 31, 2020
Operating lease cost	$	16,361		$	17,271
Short-term lease cost		2,032			3,651
Amortization of right-of-use assets		474			254
Interest on lease liabilities		29			12
Sublease income		(776	)		(880	)
Total lease cost	$	18,120		$	20,308

Supplemental cash flow information related to leases for the three months ended March 31, 2021 and March 31, 2020 is as follows (in thousands):

	Three Months Ended
	March 31, 2021		March 31, 2020
Operating cash flows for operating leases	$	16,627	$	16,420
Operating cash flows for finance leases		30		25
Financing cash flows from finance leases		480		278
Right-of-use assets obtained in exchange for new operating lease liabilities		4,865		15,106
Right-of-use assets obtained in exchange for new finance lease liabilities	$	619	$	-

Supplemental balance sheet and other information related to leases as of March 31, 2021 and December 31, 2020 are as follows (in thousands):

	March 31, 2021			December 31, 2020
Operating Leases:
Right-of-use assets	$	204,189		$	210,398
Lease liabilities:
Current	$	54,113		$	54,133
Long-term		175,584			182,467
Total operating lease liabilities	$	229,697		$	236,600
Finance Leases:
Other noncurrent assets	$	3,526		$	3,363
Accrued expenses and other current liabilities	$	1,596		$	1,461
Other long-term liabilities	$	1,740		$	1,733

Weighted Average Remaining Lease Term:
Operating leases	4.8 years			5 years
Finance leases	2.5 years			3 years
Weighted Average Discount Rate:
Operating leases		3.6	%		3.7	%
Finance leases		3.3	%		3.8	%

As of March 31, 2021, the Company has no operating leases that have not yet commenced.

A maturity analysis of the future undiscounted cash flows associated with the Company’s operating and finance lease liabilities as of March 31, 2021 is as follows (in thousands):

	Operating Leases			Finance Leases
2021 (remaining)	$	46,223		$	1,314
2022		56,945			1,240
2023		49,438			605
2024		39,044			212
2025		28,543			87
Thereafter		29,952			-
Total lease payments		250,145			3,458
Less: imputed interest		(20,448	)		(122	)
Total present value of lease liabilities	$	229,697		$	3,336