Leases

3 Months Ended

Mar. 31, 2022

The 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, 2022, the Company’s operating leases have remaining lease terms ranging from less than one year to 16 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, 2022 and 2021:


	Three Months Ended March 31,
(in thousands)	2022		2021
Operating lease expense	$	4,157	$	3,718
Short-term lease expense(a)	14,444		21,125
	18,601		24,843
Less: Sublease income	190		170
Total lease expense	$	18,411	$	24,673

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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, 2022			As of December 31, 2021
Assets
Right-of-use assets	Other assets	$	57,453		$	53,462
Total lease assets		$	57,453		$	53,462
Liabilities
Current lease liabilities	Accrued expenses and other current liabilities	$	7,832		$	7,481
Long-term lease liabilities	Other long-term liabilities	53,925			50,057
Total lease liabilities		$	61,757		$	57,538
Weighted-average remaining lease term		11.8 years			12.0 years
Weighted-average discount rate		9.34		%	9.44		%

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


	Three Months Ended March 31,
(in thousands)	2022		2021
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	(3,927)	$	(3,345)
Non-cash activity:
Right-of-use assets obtained in exchange for lease liabilities	$	6,757	$	2,338

The following table presents maturities of operating lease liabilities on an undiscounted basis as of March 31, 2022:


Year (in thousands)	Operating Leases
2022 (excluding the three months ended March 31, 2022)	$	9,955
2023	10,936
2024	8,462
2025	7,570
2026	6,405
Thereafter	65,120
Total lease payments	108,448
Less: Imputed interest	46,691
Total	$	61,757