Leases

9 Months Ended

Sep. 30, 2020

LeasesThe Company leases certain office space, construction and office equipment, vehicles and temporary housing generally under non-cancelable operating leases. Leases with an initial term of one year or less are not recorded on the balance sheet, and the Company generally recognizes lease expense for these leases on a straight-line basis over the lease term. As of September 30, 2020, the Company’s operating leases have remaining lease terms ranging from less than one year to 10 years, some of which include options to renew the leases. The exercise of lease renewal options is generally at the Company’s sole discretion. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants.

The following table presents components of lease expense for the three and nine months ended September 30, 2020 and 2019:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2020		2019		2020		2019
Operating lease expense	$	3,563	$	4,047	$	10,991	$	11,749
Short-term lease expense(a)	24,502		17,786		64,823		50,843
	28,065		21,833		75,814		62,592
Less: Sublease income	193		263		851		784
Total lease expense	$	27,872	$	21,570	$	74,963	$	61,808

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(a)Short-term lease expense includes all leases with lease terms ranging from less than one month to one year. Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing.

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


(dollars in thousands)	Balance Sheet Line Item	As of September 30, 2020			As of December 31, 2019
Assets
ROU assets	Other assets	$	37,359		$	40,156
Total lease assets		$	37,359		$	40,156
Liabilities
Current lease liabilities	Accrued expenses and other current liabilities	$	9,829		$	11,392
Long-term lease liabilities	Other long-term liabilities	30,668			31,900
Total lease liabilities		$	40,497		$	43,292
Weighted-average remaining lease term		4.8 years			5.0 years
Weighted-average discount rate		6.94		%	5.96		%

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


	Nine Months Ended September 30,
(in thousands)	2020		2019
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	(11,026)	$	(11,586)
Non-cash activity:
ROU assets obtained in exchange for lease liabilities	$	6,251	$	7,621

The following table presents maturities of operating lease liabilities on an undiscounted basis as of September 30, 2020:


Year (in thousands)	Operating Leases
2020 (excluding the nine months ended September 30, 2020)	$	3,612
2021	11,119
2022	9,773
2023	7,833
2024	5,765
Thereafter	10,086
Total lease payments	48,188
Less: Imputed interest	7,691
Total	$	40,497