Leases

9 Months Ended

Sep. 30, 2023

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 to nine 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, 2023 and September 30, 2022 are as follows (in thousands):


	Three Months Ended						Nine Months Ended
	September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Operating lease cost	$	16,885		$	16,299		$	50,639		$	49,049
Short-term lease cost		2,823			3,858			9,882			10,948
Amortization of right-of-use assets		718			571			1,904			1,721
Interest on lease liabilities		73			24			171			67
Sublease income		(1,186	)		(1,318	)		(3,549	)		(3,321	)
Total lease cost	$	19,313		$	19,434		$	59,047		$	58,464

Supplemental cash flow information related to leases for the nine months ended September 30, 2023 and September 30, 2022 is as follows (in thousands):


	Nine Months Ended
	September 30, 2023		September 30, 2022
Operating cash flows for operating leases	$	53,040	$	51,988
Operating cash flows for finance leases		171		67
Financing cash flows from finance leases		1,865		1,580
Right-of-use assets obtained in exchange for new operating lease liabilities		48,430		15,709
Right-of-use assets obtained in exchange for new finance lease liabilities	$	4,470	$	1,156

Supplemental balance sheet and other information related to leases as of September 30, 2023 and December 31, 2022 are as follows (in thousands):


	September 30, 2023			December 31, 2022
Operating Leases:
Right-of-use assets	$	158,400		$	155,090
Lease liabilities:
Current		56,930			59,144
Long-term		119,281			111,417
Total operating lease liabilities	$	176,211		$	170,561
Finance Leases:
Other noncurrent assets	$	6,559		$	3,965
Accrued expenses and other current liabilities	$	2,358		$	1,746
Other long-term liabilities	$	4,198		$	2,246

Weighted Average Remaining Lease Term:
Operating leases	4.0 years			3.6 years
Finance leases	3.0 years			2.6 years
Weighted Average Discount Rate:
Operating leases		4.0	%		3.4	%
Finance leases		4.2	%		2.8	%

As of September 30, 2023, 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, 2023 is as follows (in thousands):


	Operating Leases			Finance Leases
2023 (remaining)	$	17,404		$	673
2024		58,599			2,518
2025		45,042			2,056
2026		28,876			1,418
2027		16,536			314
Thereafter		24,290			4
Total lease payments		190,747			6,983
Less: imputed interest		(14,536	)		(427	)
Total present value of lease liabilities	$	176,211		$	6,556