Leases

12 Months Ended

Dec. 31, 2020

The Company has operating leases for corporate and field offices, and certain equipment. The Company’s leases have remaining lease terms of 1 month to 9 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the leases within 1 year. Operating lease expense was $81.5 million and $77.7 million for the years ended December 31, 2020, and 2019, respectively. Rental expense, primarily for offices premises, was $89.4 million for the year ended December 31, 2018.

Supplemental cash flow information related to leases consisted of the following (in thousands):


	Year Ended December 31,
	2020		2019
Cash paid for operating lease liabilities	$	84,569	$	78,152
Right-of-use assets obtained in exchange for new operating lease liabilities	37,786		32,170

Supplemental balance sheet information related to leases consisted of the following:


	December 31,
	2020		2019
Weighted average remaining lease term for operating leases	4.5 years		4.8 years
Weighted average discount rate for operating leases	2.6	%	3.0	%

Future minimum lease payments under non-cancellable leases as of December 31, 2020, were as follows (in thousands):


2021	$	84,849
2022	71,119
2023	59,211
2024	47,478
2025	29,173
Thereafter	29,440
Less: Imputed interest	(18,797)
Present value of operating lease liabilities (a)	$	302,473

(a) Includes current portion of $78.6 million for operating leases.

As of December 31, 2020, the Company had no material future minimum lease obligations that had not yet commenced.