Note 15 - Leases

6 Months Ended

Jun. 30, 2020

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  June 30, 2020, our lease contracts were classified as operating leases and had terms ranging from month-to-month to 23 years. As of June 30, 2020, December 31, 2019 and June 30, 2019, right of use (“ROU”) assets and long term lease liabilities were separately presented and short term lease liabilities of $19.0 million, $17.0 million and $15.6 million, respectively, were included in accrued and other current liabilities on our condensed consolidated balance sheets.

As of June 30, 2020, December 31, 2019 and  June 30, 2019, we had no lease contracts that had not yet commenced but created significant rights and obligations.

Lease expense was $5.4 million and $10.6 million during the three and six months ended June 30, 2020, respectively and $4.6 million and $8.9 million during the three and six months ended June 30, 2019, respectively. As of  June 30, 2020, December 31, 2019 and June 30, 2019, our weighted-average remaining lease term was 5.4 years, 5.8 years and 6.3 years, respectively, and the weighted-average discount rate was 3.90%, 3.97% and 4.08%, respectively. As of  June 30, 2020, December 31, 2019 and June 30, 2019, the lease liability was equal to the present value of the remaining lease payments, discounted using the incremental borrowing rate on our secured debt, using one maturity discount rate that is updated quarterly, 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  June 30, 2020 (in thousands):

Remainder of 2020	$	11,100
2021		21,099
2022		18,752
2023		12,707
2024		7,415
2025 through 2036		13,600
Total future minimum lease payments		84,673
Less: imputed interest		(9,578	)
Total	$	75,095