Leases

3 Months Ended

Mar. 31, 2021

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 March 31, 2021, the Company’s operating leases have remaining lease terms ranging from less than one year to 17 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 months ended March 31, 2021 and 2020:


	Three Months Ended March 31,
(in thousands)	2021		2020
Operating lease expense	$	3,718	$	3,767
Short-term lease expense(a)	21,125		17,265
	24,843		21,032
Less: Sublease income	170		329
Total lease expense	$	24,673	$	20,703

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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 March 31, 2021			As of December 31, 2020
Assets
Right-of-use assets	Other assets	$	56,043		$	55,897
Total lease assets		$	56,043		$	55,897
Liabilities
Current lease liabilities	Accrued expenses and other current liabilities	$	7,827		$	7,661
Long-term lease liabilities	Other long-term liabilities	51,751			51,336
Total lease liabilities		$	59,578		$	58,997
Weighted-average remaining lease term		12.3 years			12.5 years
Weighted-average discount rate		9.28		%	9.22		%

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


	Three Months Ended March 31,
(in thousands)	2021		2020
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	(3,345)	$	(3,770)
Non-cash activity:
Right-of-use assets obtained in exchange for lease liabilities	$	2,338	$	132

The following table presents maturities of operating lease liabilities on an undiscounted basis as of March 31, 2021:


Year (in thousands)	Operating Leases
2021 (excluding the three months ended March 31, 2021)	$	9,720
2022	11,215
2023	8,424
2024	6,641
2025	5,862
Thereafter	66,047
Total lease payments	107,909
Less: Imputed interest	48,331
Total	$	59,578