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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | 5. 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 eleven 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 years ended December 31, 2024 and December 31, 2023 are as follows (in thousands):
|  | 2024 |  |  | 2023 |
Operating lease cost |  | $ | 64,858 |  |  | $ | 67,181 |
Short-term lease cost |  |  | 17,114 |  |  |  | 13,782 |
Amortization of right-of-use assets |  |  | 3,549 |  |  |  | 2,699 |
Interest on lease liabilities |  |  | 434 |  |  |  | 273 |
Sublease income |  |  | (4,289 | ) |  |  | (4,718 | )
Total lease cost |  | $ | 81,666 |  |  | $ | 79,217 |
Supplemental cash flow information related to leases for the years ended December 31, 2024 and December 31, 2023 is as follows (in thousands):
|  | 2024 |  |  | 2023 |
Operating cash flows for operating leases |  | $ | 67,696 |  |  | $ | 71,432 |
Operating cash flows for finance leases |  |  | 434 |  |  |  | 273 |
Financing cash flows for finance leases |  |  | 3,376 |  |  |  | 2,618 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  |  | 36,583 |  |  |  | 62,856 |
Right-of-use assets obtained in exchange for new finance lease liabilities |  | $ | 4,220 |  |  | $ | 6,456 |
Supplemental balance sheet and other information related to leases as of December 31, 2024 and December 31, 2023 is as follows (in thousands):
|  | 2024 |  |  | 2023 |
Operating Leases: |  |  |  |  |  |
Right-of-use assets |  | $ | 153,048 |  |  | $ | 159,211 |
Lease liabilities: |  |  |  |  |  |
Current |  | $ | 52,725 |  |  | $ | 58,556 |
Long-term |  |  | 114,386 |  |  |  | 117,505 |
Total operating lease liabilities |  | $ | 167,111 |  |  | $ | 176,061 |
Finance Leases: |  |  |  |  |  |
Other noncurrent assets |  | $ | 9,864 |  |  | $ | 7,779 |
Accrued expenses and other current liabilities |  | $ | 3,645 |  |  | $ | 2,682 |
Other long-term liabilities |  | $ | 6,441 |  |  | $ | 5,129 |
Weighted Average Remaining Lease Term: |  |  |  |  |  |
Operating leases |  | 3.9 Years |  |  | 3.9 Years |
Finance leases |  | 2.8 Years |  |  | 3.1 years |
Weighted Average Discount Rate: |  |  |  |  |  |
Operating leases |  |  | 4.5 | % |  |  | 4.2 | %
Finance leases |  |  | 5.0 | % |  |  | 4.6 | %
As of December 31, 2024, the Company has no additional 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 December 31, 2024 is as follows (in thousands):
|  | Operating Leases |  |  | Finance Leases |
2025 |  | $ | 59,839 |  |  | $ | 4,217 |
2026 |  |  | 42,669 |  |  |  | 3,492 |
2027 |  |  | 29,744 |  |  |  | 2,236 |
2028 |  |  | 24,383 |  |  |  | 933 |
2029 |  |  | 18,341 |  |  |  | 92 |
Thereafter |  |  | 7,682 |  |  |  | - |
Total lease payments |  |  | 182,658 |  |  |  | 10,970 |
Less: imputed interest |  |  | (15,547 | ) |  |  | (884 | )
Total present value of lease liabilities |  | $ | 167,111 |  |  | $ | 10,086 |
Rental expense for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 was $82.0 million, $81.0 million and $81.0 million, respectively, and is recorded in “Selling, general and administrative expenses” in the consolidated statements of income.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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