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 ten 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 years ended December 31, 2025 and December 31, 2024 are as follows (in thousands):


	2025			2024
Operating lease cost	$	65,571		$	64,858
Short-term lease cost		16,398			17,114
Amortization of right-of-use assets		4,507			3,549
Interest on lease liabilities		524			434
Sublease income		(3,730	)		(4,289	)
Total lease cost	$	83,270		$	81,666

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


	2025		2024
Operating cash flows for operating leases	$	66,841	$	67,696
Operating cash flows for financing activities		524		434
Financing cash flows for finance leases		4,383		3,376
Right-of-use assets obtained in exchange for new operating lease liabilities		26,574		36,583
Right-of-use assets obtained in exchange for new finance lease liabilities		2,606		4,220

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


	2025			2024
Operating Leases:
Right-of-use assets	$	126,770		$	153,048
Lease liabilities:
Current		45,353			52,725
Long-term		94,044			114,386
Total operating lease liabilities	$	139,397		$	167,111
Finance Leases:
Other noncurrent assets	$	8,990		$	9,864
Accrued expenses and other current liabilities	$	4,118		$	3,645
Other long-term liabilities	$	5,240		$	6,441

Weighted Average Remaining Lease Term:
Operating leases	3.7 Years			3.9 Years
Finance leases	2.6 Years			2.8 Years
Weighted Average Discount Rate:
Operating leases		4.6	%		4.5	%
Finance leases		4.9	%		5.0	%

As of December 31, 2025, the Company has no additional 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 December 31, 2025 is as follows (in thousands):


	Operating Leases			Finance Leases
2026	$	50,952		$	4,546
2027		35,670			3,293
2028		29,467			1,950
2029		21,893			504
2030		8,540			58
Thereafter		5,147			-
Total lease payments		151,669			10,351
Less: imputed interest		(12,272	)		(993	)
Total present value of lease liabilities	$	139,397		$	9,358

Rental expense for the years ended December 31, 2025, December 31, 2024 and December 31, 2023 was $82.0 million, $82.0 million and $81.0 million, respectively, and is recorded in “Selling, general and administrative expenses” in the consolidated statements of income.