Leases

9 Months Ended

Sep. 30, 2022

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 8 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, 2022 and September 30, 2021 are as follows (in thousands):

	Three Months Ended						Nine Months Ended
	September 30, 2022			September 30, 2021			September 30, 2022			September 30, 2021
Operating lease cost	$	16,299		$	16,900		$	49,049		$	49,500
Short-term lease cost		3,858			3,661			10,948			7,859
Amortization of right-of-use assets		571			540			1,721			1,557
Interest on lease liabilities		24			24			67			81
Sublease income		(1,318	)		(960	)		(3,321	)		(2,529	)
Total lease cost	$	19,434		$	20,165		$	58,464		$	56,468

Supplemental cash flow information related to leases for the three months ended September 30, 2022 and September 30, 2021 is as follows (in thousands):

	Nine Months Ended
	September 30, 2022		September 30, 2021
Operating cash flows for operating leases	$	51,988	$	50,029
Operating cash flows for finance leases		67		82
Financing cash flows from finance leases		1,580		1,539
Right-of-use assets obtained in exchange for new operating lease liabilities		15,709		7,456
Right-of-use assets obtained in exchange for new finance lease liabilities	$	1,156	$	619

Supplemental balance sheet and other information related to leases as of September 30, 2022 and December 31, 2021 are as follows (in thousands):

	September 30, 2022			December 31, 2021
Operating Leases:
Right-of-use assets	$	161,602		$	182,672
Lease liabilities:
Current	$	59,056		$	55,902
Long-term		121,172			148,893
Total operating lease liabilities	$	180,228		$	204,795
Finance Leases:
Other noncurrent assets	$	3,829		$	4,389
Accrued expenses and other current liabilities	$	1,707		$	1,822
Other long-term liabilities	$	2,117		$	2,422

Weighted Average Remaining Lease Term:
Operating leases	3.8 Years			4.3 years
Finance leases	2.6 Years			2.9 years
Weighted Average Discount Rate:
Operating leases		3.4	%		3.5	%
Finance leases		2.4	%		2.1	%

As of September 30, 2022, 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, 2022 is as follows (in thousands):

	Operating Leases			Finance Leases
2022 (remaining)	$	18,562		$	495
2023		59,464			1,590
2024		44,371			1,067
2025		33,246			676
2026		19,366			103
Thereafter		17,204			-
Total lease payments		192,213			3,931
Less: imputed interest		(11,985	)		(107	)
Total present value of lease liabilities	$	180,228		$	3,824