Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Note G—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 12 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 $89.0 million, $89.3 million and $86.6 million for the years ended December 31, 2023, 2022 and 2021, respectively.

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

	Year Ended December 31,
	2023		2022		2021
Cash paid for operating lease liabilities	$	94,633	$	93,302	$	91,253
Right-of-use assets obtained in exchange for new operating lease liabilities	$	91,762	$	63,622	$	51,471

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

	Year Ended December 31,
	2023		2022		2021
Weighted average remaining lease term for operating leases	4.3 years		3.5 years		3.9 years
Weighted average discount rate for operating leases	3.2	%	2.2	%	2.3	%

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

2024	$	86,966
2025	56,994
2026	44,379
2027	26,819
2028	15,585
Thereafter	33,295
Less: Imputed interest	(22,139)
Present value of operating lease liabilities (a)	$	241,899

(a) Includes current portion of $80.5 million for operating leases.

As of December 31, 2023, the Company had additional future minimum lease obligations totaling $9.4 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 less than 1 year to 7 years.