Leases

3 Months Ended

Mar. 31, 2025

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 eight 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 months ended March 31, 2025 and March 31, 2024 are as follows (in thousands):


	Three Months Ended
	March 31, 2025			March 31, 2024
Operating lease cost	$	16,555		$	16,677
Short-term lease cost		3,378			3,652
Amortization of right-of-use assets		1,108			777
Interest on lease liabilities		128			94
Sublease income		(924	)		(1,119	)
Total lease cost	$	20,245		$	20,081

Supplemental cash flow information related to leases for the three months ended March 31, 2025 and March 31, 2024 is as follows (in thousands):


	Three Months Ended
	March 31, 2025		March 31, 2024
Operating cash flows for operating leases	$	17,088	$	17,525
Operating cash flows for finance leases		128		94
Financing cash flows from finance leases		1,073		740
Right-of-use assets obtained in exchange for new operating lease liabilities		4,694		1,994
Right-of-use assets obtained in exchange for new finance lease liabilities	$	548	$	1,380

Supplemental balance sheet and other information related to leases as of March 31, 2025 and December 31, 2024 are as follows (in thousands):


	March 31, 2025			December 31, 2024
Operating Leases:
Right-of-use assets	$	148,715		$	153,048
Lease liabilities:
Current		53,137			52,725
Long-term		108,336			114,386
Total operating lease liabilities	$	161,473		$	167,111
Finance Leases:
Other noncurrent assets	$	10,157		$	9,864
Accrued expenses and other current liabilities	$	3,967		$	3,645
Other long-term liabilities	$	6,475		$	6,441

Weighted Average Remaining Lease Term:
Operating leases	3.8 Years			3.9 Years
Finance leases	2.8 Years			2.8 Years
Weighted Average Discount Rate:
Operating leases		4.5	%		4.5	%
Finance leases		5.0	%		5.0	%

As of March 31, 2025, 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, 2025 is as follows (in thousands):


	Operating Leases			Finance Leases
2025 (remaining)	$	46,423		$	3,349
2026		44,723			3,838
2027		31,584			2,581
2028		26,182			1,237
2029		19,348			117
Thereafter		8,058			-
Total lease payments		176,318			11,122
Less: imputed interest		(14,845	)		(680	)
Total present value of lease liabilities	$	161,473		$	10,442