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Note 15 - Leases

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Leases of Lessee Disclosure [Text Block]

15.  Leases

We have leases for office and shop space, as well as for equipment primarily utilized in our construction projects. As of  September 30, 2020, our lease contracts were classified as operating leases and had terms ranging from month-to-month to 23 years. As of September 30, 2020, December 31, 2019 and September 30, 2019, right of use (“ROU”) assets and long term lease liabilities were separately presented and short term lease liabilities of $19.1 million, $17.0 million and $15.9 million, respectively, were included in accrued and other current liabilities on our condensed consolidated balance sheets.

As of September 30, 2020, December 31, 2019 and  September 30, 2019, we had no lease contracts that had not yet commenced but created significant rights and obligations.

Lease expense was $5.5 million and $16.2 million during the three and nine months ended September 30, 2020, respectively, and $5.0 million and $13.9 million during the three and nine months ended September 30, 2019, respectively. As of  September 30, 2020, December 31, 2019 and September 30, 2019, our weighted-average remaining lease term was 5.2 years, 5.8 years and 6.0 years, respectively, and the weighted-average discount rate was 3.89%, 3.97% and 3.99%, respectively. As of  September 30, 2020, December 31, 2019 and September 30, 2019, the lease liability was equal to the present value of the remaining lease payments, discounted using the incremental borrowing rate on our secured debt, using one maturity discount rate that is updated quarterly, as it is not materially different than the discount rates applied to each of the leases in the portfolio.

The following table summarizes our undiscounted lease liabilities outstanding as of  September 30, 2020 (in thousands):

Remainder of 2020		$	5,503
2021			21,488
2022			19,261
2023			13,159
2024			7,606
2025 through 2036			13,600
Total future minimum lease payments		$	80,617
Less: imputed interest			(9,664	)
Total		$	70,953

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- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-URI http://asc.fasb.org/topic&trid=2208923

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