| Leases |
Note 11. Leases We have operating and finance leases for corporate offices, construction site related real estate, and construction equipment. The components of lease cost for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, are as follows: | | | | | | | | | | (Amounts in thousands) | | December 31, 2025 | | December 31, 2024 | | December 31, 2023 | Finance leases | | | | | | | | | | Amortization of finance leases | | $ | 2,028 | | $ | 4,478 | | $ | 4,560 | Interest on lease liabilities | | | 645 | | | 233 | | | 359 | Total finance lease cost | | | 2,673 | | | 4,711 | | | 4,919 | Operating lease cost | | | 9,143 | | | 12,051 | | | 17,100 | Short-term lease cost | | | 26,086 | | | 29,632 | | | 31,753 | Total lease cost | | $ | 37,902 | | $ | 46,394 | | $ | 53,772 |
Lease costs for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, included minimum rental payments under operating leases recognized on a straight-line basis over the term of the lease. Other information related to leases for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, are as follows: | | | | | | | | | | (Amounts in thousands) | | December 31, 2025 | | December 31, 2024 | | December 31, 2023 | Cash paid for amounts included in the measurement of lease liabilities | | | | | | | | | | Operating cash flows for operating leases | | $ | 9,178 | | $ | 12,068 | | $ | 16,893 | Operating cash flows for finance leases | | | 645 | | | 233 | | | 359 | Financing cash flows for finance leases | | | 1,409 | | | 5,813 | | | 4,835 | Operating leases | | | | | | | | | | ROU assets obtained in exchange for lease liabilities | | | 4,051 | | | 13,870 | | | 12,164 | Finance leases | | | | | | | | | | ROU assets obtained in exchange for lease liabilities | | | 8,037 | | | 4,848 | | | 1,710 |
Additional information related to our leases for the year ended December 31, 2025 and December 31, 2024, is as follows: | | | | | | | Weighted average remaining lease term (in years) | | December 31, 2025 | | December 31, 2024 | Operating leases | | 2.6 | | | 2.4 | | Finance leases | | 4.3 | | | 4.7 | | Weighted average discount rate | | | | | | | Operating leases | | 7.27 | % | | 5.62 | % | Finance leases | | 9.34 | % | | 8.48 | % |
The following tables set forth supplemental consolidated balance sheets information related to operating and finance leases as of December 31, 2025 and December 31, 2024: | | | | | | | (Amounts in thousands) | | December 31, 2025 | | December 31, 2024 | Operating leases | | | | | | | Operating lease right-of-use assets | | $ | 10,524 | | $ | 14,897 | | | | | | | | Short-term operating lease liabilities | | $ | 4,670 | | $ | 8,962 | Long-term operating lease liabilities | | | 5,779 | | | 5,856 | Total operating lease liabilities | | $ | 10,449 | | $ | 14,818 | | | | | | | | Finance leases | | | | | | | Property and equipment | | $ | 37,178 | | $ | 29,141 | Accumulated amortization | | | (24,989) | | | (22,921) | Property and equipment, net | | $ | 12,189 | | $ | 6,220 | | | | | | | | Short-term lease liabilities | | $ | 2,138 | | $ | 1,142 | Long-term lease liabilities | | | 10,624 | | | 4,935 | Total finance lease liabilities | | $ | 12,762 | | $ | 6,077 |
Maturities of non-cancellable operating and financing leases as of December 31, 2025, are summarized in the table below: | | | | | | | | | | (Amounts in thousands) | | Finance Leases | | Operating Leases | | Total | 2026 | | $ | 3,208 | | $ | 5,066 | | $ | 8,274 | 2027 | | | 3,649 | | | 3,419 | | | 7,068 | 2028 | | | 3,584 | | | 2,289 | | | 5,873 | 2029 | | | 3,547 | | | 507 | | | 4,054 | 2030 | | | 1,537 | | | — | | | 1,537 | Thereafter | | | — | | | — | | | — | Total | | | 15,525 | | | 11,281 | | | 26,806 | Less: present value discount | | | (2,763) | | | (832) | | | (3,595) | Lease liability | | $ | 12,762 | | $ | 10,449 | | $ | 23,211 |
Practical Expedients We elected the package of practical expedients for adoption of the leases standard permitted under the transition guidance. The expedients allow us to carry forward historical lease classification, indirect costs, and the original determination of whether or not a contract contained an embedded lease.
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