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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases | 4. LEASES The Company leases certain operating equipment and office facilities under long-term operating leases expiring at various dates through 2030. Leases with an initial term greater than twelve months are recorded on the Company’s balance sheet as an operating lease asset and operating lease liability and are measured at the present value of lease payments over the lease term. Substantially all of the Company’s leases are classified as operating leases. Leases with an initial term of twelve months or less with purchase options or extension options that are not reasonably certain to be exercised are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. The equipment leases contain renewal or purchase options that specify prices at the then fair value upon the expiration of the lease terms. The leases also contain default provisions that are triggered by an acceleration of debt maturity under the terms of the Company’s Amended Credit Agreement, or, in certain instances, cross default to other equipment leases and certain lease arrangements require that the Company maintain certain financial ratios comparable to those required by its Amended Credit Agreement. Additionally, the leases typically contain provisions whereby the Company indemnifies the lessors for the tax treatment attributable to such leases based on the tax rules in place at lease inception. The tax indemnifications do not have a contractual dollar limit. To date, no lessors have asserted any claims against the Company under these tax indemnification provisions. The exercise of lease renewal options is at the Company’s sole discretion and is considered in the measurement of operating lease assets and operating lease liabilities when it is reasonably certain the Company will exercise the option. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Lease costs The Company’s lease costs are recorded in costs of contract revenues and general and administrative expenses. For the years ended December 31, 2022, 2021 and 2020, respectively, lease costs are as follows:
| 2022 |  |  | 2021 |  |  | 2020 |
Operating lease costs | $ | 24,224 |  |  | $ | 24,427 |  |  | $ | 24,602 |
Short-term lease costs |  | 94,842 |  |  |  | 95,957 |  |  |  | 87,534 |
Total lease cost | $ | 119,066 |  |  | $ | 120,384 |  |  | $ | 112,136 |
Lease terms and commitments As recorded on the balance sheet, the Company’s maturity analysis of its operating lease liabilities as of December 31, 2022 is as follows:
2023 | $ | 30,412 |
2024 |  | 27,365 |
2025 |  | 18,575 |
2026 |  | 8,378 |
2027 |  | 6,509 |
Thereafter |  | 9,356 |
Minimum lease payments |  | 100,595 |
Imputed interest |  | 8,712 |
Present value of minimum operating lease payments | $ | 91,883 |
As most of the Company’s leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Additional information related to the Company’s leases as of December 31, 2022, 2021 and 2020 respectively, is as follows:
|  | 2022 |  |  |  | 2021 |  |  |  | 2020 |
Weighted average remaining lease term | 4.2 years |  |  |  | 4.4 |  |  |  | 4.1 |
Weighted average discount rate |  | 4.7 | % |  |  | 5.1 | % |  |  | 6.2 | %
Supplemental information related to leases during the years ended December 31, 2022, 2021 and 2020 respectively, is as follows:
|  | 2022 |  |  |  | 2021 |  |  |  | 2020 |
Operating cash flows from operating leases | $ | (22,775 | ) |  | $ | (22,591 | ) |  | $ | (25,064 | )
Operating lease liabilities arising from obtaining new operating lease assets | $ | 57,618 |  |  | $ | 24,191 |  |  | $ | 22,746 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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