Leases

9 Months Ended

Sep. 30, 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 after the third year.

The components of lease costs for the three and nine months ended September 30, 2021 and September 30, 2020 are as follows (in thousands):

	Three Months Ended						Nine Months Ended
	September 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020
Operating lease cost	$	16,900		$	15,919		$	49,500		$	48,945
Short-term lease cost		3,661			4,301			7,859			12,254
Amortization of right-of-use assets		540			531			1,557			1,036
Interest on lease liabilities		24			64			81			109
Sublease income		(960	)		(959	)		(2,529	)		(2,771	)
Total lease cost	$	20,165		$	19,856		$	56,468		$	59,573

Supplemental cash flow information related to leases for the nine months ended September 30, 2021 and September 30, 2020 is as follows (in thousands):

	Nine Months Ended
	September 30, 2021		September 30, 2020
Operating cash flows for operating leases	$	50,029	$	45,343
Operating cash flows for finance leases		82		111
Financing cash flows from finance leases		1,539		1,080
Right-of-use assets obtained in exchange for new operating lease liabilities		7,456		19,587
Right-of-use assets obtained in exchange for new finance lease liabilities	$	619	$	-

Supplemental balance sheet and other information related to leases as of September 30, 2021 and December 31, 2020 are as follows (in thousands):

	September 30, 2021			December 31, 2020
Operating Leases:
Right-of-use assets	$	188,519		$	210,398
Lease liabilities:
Current	$	54,466		$	54,133
Long-term		157,590			182,467
Total operating lease liabilities	$	212,056		$	236,600
Finance Leases:
Other noncurrent assets	$	3,482		$	3,363
Accrued expenses and other current liabilities	$	1,599		$	1,461
Other long-term liabilities	$	1,708		$	1,733

Weighted Average Remaining Lease Term:
Operating leases	4.5 Years			5 years
Finance leases	2.6 years			3 years
Weighted Average Discount Rate:
Operating leases		3.5	%		3.7	%
Finance leases		2.6	%		3.8	%

As of September 30, 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 September 30, 2021 is as follows (in thousands):

	Operating Leases			Finance Leases
2021 (remaining)	$	15,043		$	449
2022		60,318			1,511
2023		51,645			837
2024		40,809			429
2025		29,941			172
Thereafter		30,812			3
Total lease payments		228,568			3,401
Less: imputed interest		(16,512	)		(94	)
Total present value of lease liabilities	$	212,056		$	3,307