| 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 nine months ended September 30, 2026 and September 30, 2025 are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, 2026 |
|
|
September 30, 2025 |
|
|
September 30, 2026 |
|
|
September 30, 2025 |
|
Operating lease cost |
|
$ |
13,974 |
|
|
$ |
16,971 |
|
|
$ |
46,350 |
|
|
$ |
50,235 |
|
Short-term lease cost |
|
|
5,658 |
|
|
|
3,642 |
|
|
|
15,406 |
|
|
|
10,309 |
|
Amortization of right-of-use assets |
|
|
1,382 |
|
|
|
1,136 |
|
|
|
3,714 |
|
|
|
3,413 |
|
Interest on lease liabilities |
|
|
147 |
|
|
|
135 |
|
|
|
389 |
|
|
|
396 |
|
Sublease income |
|
|
(140 |
) |
|
|
(974 |
) |
|
|
(1,613 |
) |
|
|
(2,796 |
) |
Total lease cost |
|
$ |
21,021 |
|
|
$ |
20,910 |
|
|
$ |
64,246 |
|
|
$ |
61,557 |
|
Supplemental cash flow information related to leases for the nine months ended September 30, 2026 and September 30, 2025 is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
September 30, 2026 |
|
|
September 30, 2025 |
|
Operating cash flows for operating leases |
|
$ |
45,087 |
|
|
$ |
49,892 |
|
Operating cash flows for finance leases |
|
|
389 |
|
|
|
396 |
|
Financing cash flows from finance leases |
|
|
3,681 |
|
|
|
3,311 |
|
Right-of-use assets obtained in exchange for new operating lease liabilities |
|
|
40,217 |
|
|
|
18,942 |
|
Right-of-use assets obtained in exchange for new finance lease liabilities |
|
$ |
5,448 |
|
|
$ |
2,164 |
|
Supplemental balance sheet and other information related to leases as of September 30, 2026 and December 31, 2025 are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
December 31, 2025 |
|
Operating Leases: |
|
|
|
|
|
|
Right-of-use assets |
|
$ |
157,932 |
|
|
$ |
126,770 |
|
Lease liabilities: |
|
|
|
|
|
|
Current |
|
|
38,742 |
|
|
|
45,353 |
|
Long-term |
|
|
133,244 |
|
|
|
94,044 |
|
Total operating lease liabilities |
|
$ |
171,986 |
|
|
$ |
139,397 |
|
Finance Leases: |
|
|
|
|
|
|
Other noncurrent assets |
|
$ |
11,039 |
|
|
$ |
8,990 |
|
Accrued expenses and other current liabilities |
|
|
4,755 |
|
|
|
4,118 |
|
Other long-term liabilities |
|
$ |
6,683 |
|
|
$ |
5,240 |
|
|
|
|
|
|
|
|
Weighted Average Remaining Lease Term: |
|
|
|
|
|
|
Operating leases |
|
5.1 Years |
|
|
3.7 Years |
|
Finance leases |
|
2.8 Years |
|
|
2.6 Years |
|
Weighted Average Discount Rate: |
|
|
|
|
|
|
Operating leases |
|
|
4.7 |
% |
|
|
4.6 |
% |
Finance leases |
|
|
4.9 |
% |
|
|
4.9 |
% |
As of September 30, 2026, the Company has no material 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 September 30, 2026 is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Operating Leases |
|
|
Finance Leases |
|
2026 |
|
$ |
12,287 |
|
|
$ |
1,468 |
|
2027 |
|
|
44,263 |
|
|
|
4,878 |
|
2028 |
|
|
38,070 |
|
|
|
3,523 |
|
2029 |
|
|
29,955 |
|
|
|
2,070 |
|
2030 |
|
|
21,913 |
|
|
|
639 |
|
Thereafter |
|
|
50,704 |
|
|
|
- |
|
Total lease payments |
|
|
197,192 |
|
|
|
12,578 |
|
Less: imputed interest |
|
|
(25,206 |
) |
|
|
(1,140 |
) |
Total present value of lease liabilities |
|
$ |
171,986 |
|
|
$ |
11,438 |
|
|