Leases

6 Months Ended

Jun. 30, 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 June 30, 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 and six months ended June 30, 2021 and 2020:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2021		2020		2021		2020
Operating lease expense	$	3,707	$	3,661	$	7,425	$	7,428
Short-term lease expense(a)	18,301		23,056		39,426		40,321
	22,008		26,717		46,851		47,749
Less: Sublease income	176		329		346		658
Total lease expense	$	21,832	$	26,388	$	46,505	$	47,091

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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 June 30, 2021			As of December 31, 2020
Assets
Right-of-use assets	Other assets	$	57,265		$	55,897
Total lease assets		$	57,265		$	55,897
Liabilities
Current lease liabilities	Accrued expenses and other current liabilities	$	8,332		$	7,661
Long-term lease liabilities	Other long-term liabilities	52,667			51,336
Total lease liabilities		$	60,999		$	58,997
Weighted-average remaining lease term		11.9 years			12.5 years
Weighted-average discount rate		9.39		%	9.22		%

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


	Six Months Ended June 30,
(in thousands)	2021		2020
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	(6,855)	$	(7,386)
Non-cash activity:
Right-of-use assets obtained in exchange for lease liabilities	$	5,780	$	4,923

The following table presents maturities of operating lease liabilities on an undiscounted basis as of June 30, 2021:


Year (in thousands)	Operating Leases
2021 (excluding the six months ended June 30, 2021)	$	6,803
2022	12,192
2023	9,384
2024	7,518
2025	6,704
Thereafter	66,403
Total lease payments	109,004
Less: Imputed interest	48,005
Total	$	60,999