Note 15 - Leases

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Leases of Lessee Disclosure [Text Block]

15.  Leases

We have leases for office and shop space, as well as for equipment primarily utilized in our construction projects. As of September 30, 2019, our lease contracts were classified as operating leases and had terms ranging from month-to-month to 29 years. As of September 30, 2019, our operating leases were included in ROU assets, accrued and other current liabilities and lease liabilities on our condensed consolidated balance sheets and were $70.5 million, $16.0 million and $56.7 million, respectively. As of September 30, 2019, we had no lease contracts that had not yet commenced but created significant rights and obligations.

Lease expense was $5.0 million and $13.9 million during the three and nine months ended September 30, 2019, which included operating lease costs related to short-term leases and variable lease costs.

As of September 30, 2019, our weighted-average remaining lease term was 6.0 years and the weighted-average discount rate was 3.99%.

As of September 30, 2019, the lease liability is equal to the present value of the remaining lease payments, discounted using the incremental borrowing rate on our secured debt using a single maturity discount rate as it is not materially different than the discount rates applied to each of the leases in the portfolio.

The following table summarizes our undiscounted lease liabilities outstanding as of September 30, 2019 (in thousands):

Remainder of 2019	$	4,827
2020		18,886
2021		17,630
2022		15,489
2023		10,358
2024 through 2035		19,067
Total future minimum lease payments	$	86,257
Less: imputed interest		13,554
Total	$	72,703