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Leases | 9 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
Leases | Leases The Company leases certain office space, construction and office equipment, vehicles and temporary housing generally under non-cancelable operating leases. Leases with an initial term of one year or less are not recorded on the balance sheet, and the Company generally recognizes lease expense for these leases on a straight-line basis over the lease term. As of September 30, 2025, the Company’s operating leases have remaining lease terms ranging from less than one year to 13 years, some of which include options to renew the leases. The exercise of lease renewal options is generally at the Company’s sole discretion. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants. The following table presents components of lease expense for the three and nine months ended September 30, 2025 and 2024:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2025 | 2024 |  | 2025 | 2024
Operating lease expense | $ | 3,290 |  | $ | 3,471 |  |  | $ | 10,011 |  | $ | 9,993 |
Short-term lease expense(a) | 15,047 |  | 16,682 |  |  | 43,109 |  | 42,550 |
| 18,337 |  | 20,153 |  |  | 53,120 |  | 52,543 |
Less: Sublease income | 296 |  | 202 |  |  | 887 |  | 604 |
Total lease expense | $ | 18,041 |  | $ | 19,951 |  |  | $ | 52,233 |  | $ | 51,939 |
____________________________________________________________________________________________________ (a)Short-term lease expense includes all leases with lease terms of up to one year. Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing. The following table presents supplemental balance sheet information related to operating leases:
(dollars in thousands) | Balance Sheet Line Item | As of September 30, 2025 | As of December 31, 2024
Assets |  |  |
Right-of-use assets | Other assets | $ | 55,190 |  | $ | 41,695 |
Total lease assets |  | $ | 55,190 |  | $ | 41,695 |
Liabilities |  |  |
Current lease liabilities | Accrued expenses and other current liabilities | $ | 11,042 |  | $ | 7,066 |
Long-term lease liabilities | Other long-term liabilities | 48,903 |  | 38,630 |
Total lease liabilities |  | $ | 59,945 |  | $ | 45,696 |
Weighted-average remaining lease term |  | 6.6 years | 8.0 years
Weighted-average discount rate |  | 8.94 | % | 9.73 | %
The following table presents supplemental cash flow information and non-cash activity related to operating leases:
| Nine Months Ended September 30,
(in thousands) | 2025 | 2024
Operating cash flow information: |  |
Cash paid for amounts included in the measurement of lease liabilities | $ | (10,159) |  | $ | (9,663) |
Non-cash activity: |  |
Right-of-use assets obtained in exchange for lease liabilities | $ | 20,754 |  | $ | 7,772 |
The following table presents maturities of operating lease liabilities on an undiscounted basis as of September 30, 2025:
Year (in thousands) | Operating Leases
2025 (excluding the nine months ended September 30, 2025) | $ | 4,129 |
2026 | 15,168 |
2027 | 13,441 |
2028 | 12,031 |
2029 | 9,568 |
Thereafter | 26,781 |
Total lease payments | 81,118 |
Less: Imputed interest | 21,173 |
Total | $ | 59,945 |

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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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