Leases (Tables)

3 Months Ended

Mar. 31, 2026

The following table presents components of lease expense for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(in thousands)	2026		2025
Operating lease expense	$	4,618	$	3,160
Short-term lease expense(a)	14,372		13,485
	18,990		16,645
Less: Sublease income	205		294
Total lease expense	$	18,785	$	16,351

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(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.

Schedule of Supplemental Balance Sheet Information Related to Leases and Supplemental Cash Flow and Other Information Related to Leases

The following table presents supplemental balance sheet information related to operating leases:


(dollars in thousands)	Balance Sheet Line Item	As of March 31, 2026			As of December 31, 2025
Assets
Right-of-use assets	Other assets	$	62,014		$	58,608
Total lease assets		$	62,014		$	58,608
Liabilities
Current lease liabilities	Accrued expenses and other current liabilities	$	12,256		$	11,763
Long-term lease liabilities	Other long-term liabilities	54,866			51,783
Total lease liabilities		$	67,122		$	63,546
Weighted-average remaining lease term		6.2 years			6.4 years
Weighted-average discount rate		8.51		%	8.04		%

The following table presents supplemental cash flow information and non-cash activity related to operating leases:


	Three Months Ended March 31,
(in thousands)	2026		2025
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	(4,447)	$	(2,912)
Non-cash activity:
Right-of-use assets obtained in exchange for lease liabilities	$	6,740	$	4,581

Schedule of Maturity of Operating Lease Liabilities on an Undiscounted Basis

The following table presents maturities of operating lease liabilities on an undiscounted basis as of March 31, 2026:


Year (in thousands)	Operating Leases
2026 (excluding the three months ended March 31, 2026)	$	13,014
2027	16,321
2028	14,752
2029	12,286
2030	8,309
Thereafter	23,702
Total lease payments	88,384
Less: Imputed interest	21,262
Total	$	67,122