Leases

9 Months Ended

Sep. 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 $22.2 million and $67.1 million for the three and nine months ended September 30, 2023, respectively, and $22.0 million and $67.1 million for the three and nine months ended September 30, 2022, respectively.

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


	Nine Months Ended September 30,
	2023		2022
Cash paid for operating lease liabilities	$	71,633	$	69,696
Right-of-use assets obtained in exchange for new operating lease liabilities	$	46,838	$	41,916

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


	September 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	2.8	%	2.2	%

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


2023 (excluding the nine months ended September 30, 2023)	$	22,396
2024	80,613
2025	51,602
2026	36,301
2027	20,215
Thereafter	15,822
Less: Imputed interest	(11,548)
Present value of operating lease liabilities (a)	$	215,401

(a) Includes the current portion of $80.7 million for operating leases.

As of September 30, 2023, the Company had additional future minimum lease obligations totaling $2.0 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.