Leases

6 Months Ended

Jun. 30, 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 7 years, and some of which include options to terminate the leases within 1 year. Operating lease expense was $22.5 million and $44.9 million for the three and six months ended June 30, 2023, respectively, and $22.5 million and $45.1 million for the three and six months ended June 30, 2022, respectively.

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


	Six Months Ended June 30,
	2023		2022
Cash paid for operating lease liabilities	$	48,145	$	46,743
Right-of-use assets obtained in exchange for new operating lease liabilities	$	25,914	$	35,128

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


	June 30, 2023		December 31, 2022
Weighted average remaining lease term for operating leases	3.4 years		3.5 years
Weighted average discount rate for operating leases	2.6	%	2.2	%

Future minimum lease payments under non-cancellable leases as of June 30, 2023, were as follows (in thousands):


2023 (excluding the six months ended June 30, 2023)	$	45,880
2024	74,316
2025	48,238
2026	32,279
2027	17,594
Thereafter	10,036
Less: Imputed interest	(10,075)
Present value of operating lease liabilities (a)	$	218,268

(a) Includes the current portion of $82.3 million for operating leases.

As of June 30, 2023, the Company had additional future minimum lease obligations totaling $2.3 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.