Leases

3 Months Ended

Mar. 31, 2023

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 $22.4 million and $22.6 million for the three months ended March 31, 2023 and 2022, respectively.

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


	Three Months Ended March 31,
	2023		2022
Cash paid for operating lease liabilities	$	24,005	$	22,986
Right-of-use assets obtained in exchange for new operating lease liabilities	$	6,342	$	20,389

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


	March 31, 2023		December 31, 2022
Weighted average remaining lease term for operating leases	3.3 years		3.5 years
Weighted average discount rate for operating leases	2.3	%	2.2	%

Future minimum lease payments under non-cancellable leases as of March 31, 2023, were as follows (in thousands):


2023 (excluding the three months ended March 31, 2023)	$	69,002
2024	69,475
2025	42,368
2026	27,874
2027	14,645
Thereafter	7,438
Less: Imputed interest	(8,768)
Present value of operating lease liabilities (a)	$	222,034

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

As of March 31, 2023, the Company had additional future minimum lease obligations totaling $6.1 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 7 years.