Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

Note F—Leases

The Company has operating leases for corporate and field offices, and certain equipment. The Company’s leases have remaining lease terms of less than 1 year 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 $89.3 million, $86.6 million and $81.5 million for the years ended December 31, 2022, 2021 and 2020, respectively.

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

	Year Ended December 31,
	2022		2021		2020
Cash paid for operating lease liabilities	$	93,302	$	91,253	$	84,569
Right-of-use assets obtained in exchange for new operating lease liabilities	$	63,622	$	51,471	$	102,007

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

	Year Ended December 31,
	2022		2021		2020
Weighted average remaining lease term for operating leases	3.5 years		3.9 years		4.5 years
Weighted average discount rate for operating leases	2.2	%	2.3	%	2.6	%

Future minimum lease payments under non-cancelable leases as of December 31, 2022, were as follows (in thousands):

2023	$	90,452
2024	67,170
2025	41,260
2026	27,153
2027	14,182
Thereafter	7,189
Less: Imputed interest	(9,555)
Present value of operating lease liabilities (a)	$	237,851

(a) Includes current portion of $86.1 million for operating leases.

As of December 31, 2022, the Company had additional future minimum lease obligations totaling $4.1 million under executed operating lease contracts that had not yet commenced. These operating leases include agreements for corporate and field office facilities with lease terms of 1 to 6 years.