v3.25.2
Leases
6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases
6.
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 three and six months ended June 30, 2025 and June 30, 2024 are as follows (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2025

 

 

June 30, 2024

 

 

June 30, 2025

 

 

June 30, 2024

 

Operating lease cost

 

$

16,709

 

 

$

16,885

 

 

$

33,264

 

 

$

33,562

 

Short-term lease cost

 

 

3,289

 

 

 

3,780

 

 

 

6,667

 

 

 

7,432

 

Amortization of right-of-use assets

 

 

1,169

 

 

 

835

 

 

 

2,277

 

 

 

1,612

 

Interest on lease liabilities

 

 

133

 

 

 

104

 

 

 

261

 

 

 

198

 

Sublease income

 

 

(898

)

 

 

(1,119

)

 

 

(1,822

)

 

 

(2,238

)

Total lease cost

 

$

20,402

 

 

$

20,485

 

 

$

40,647

 

 

$

40,566

 

 

Supplemental cash flow information related to leases for the three months ended June 30, 2025 and June 30, 2024 is as follows (in thousands):

 

 

 

Six Months Ended

 

 

 

June 30, 2025

 

 

June 30, 2024

 

Operating cash flows for operating leases

 

$

33,068

 

 

$

34,189

 

Operating cash flows for finance leases

 

 

261

 

 

 

198

 

Financing cash flows from finance leases

 

 

2,210

 

 

 

1,536

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

 

10,174

 

 

 

6,400

 

Right-of-use assets obtained in exchange for new finance lease liabilities

 

$

1,591

 

 

$

2,506

 

 

Supplemental balance sheet and other information related to leases as of June 30, 2025 and December 31, 2024 are as follows (in thousands):

 

 

 

June 30, 2025

 

 

December 31, 2024

 

Operating Leases:

 

 

 

 

 

 

Right-of-use assets

 

$

139,985

 

 

$

153,048

 

Lease liabilities:

 

 

 

 

 

 

Current

 

 

52,763

 

 

 

52,725

 

Long-term

 

 

100,218

 

 

 

114,386

 

Total operating lease liabilities

 

$

152,981

 

 

$

167,111

 

Finance Leases:

 

 

 

 

 

 

Other noncurrent assets

 

$

10,073

 

 

$

9,864

 

Accrued expenses and other current liabilities

 

$

4,058

 

 

$

3,645

 

Other long-term liabilities

 

$

6,336

 

 

$

6,441

 

 

 

 

 

 

 

 

Weighted Average Remaining Lease Term:

 

 

 

 

 

 

Operating leases

 

3.7 Years

 

 

3.9 Years

 

Finance leases

 

2.7 Years

 

 

2.8 Years

 

Weighted Average Discount Rate:

 

 

 

 

 

 

Operating leases

 

 

4.6

%

 

 

4.5

%

Finance leases

 

 

5.0

%

 

 

5.0

%

 

As of June 30, 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 June 30, 2025 is as follows (in thousands):

 

 

 

Operating Leases

 

 

Finance Leases

 

2025 (remaining)

 

$

31,445

 

 

$

2,310

 

2026

 

 

46,267

 

 

 

4,142

 

2027

 

 

32,651

 

 

 

2,880

 

2028

 

 

27,008

 

 

 

1,539

 

2029

 

 

20,108

 

 

 

196

 

Thereafter

 

 

8,983

 

 

 

-

 

Total lease payments

 

 

166,462

 

 

 

11,067

 

Less: imputed interest

 

 

(13,481

)

 

 

(673

)

Total present value of lease liabilities

 

$

152,981

 

 

$

10,394