Leases

3 Months Ended

Mar. 31, 2024

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 11 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 $21.2 million and $22.4 million for the three months ended March 31, 2024 and 2023, respectively.

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


	Three Months Ended March 31,
	2024		2023
Cash paid for operating lease liabilities	$	23,029	$	24,005
Right-of-use assets obtained in exchange for new operating lease liabilities	$	21,802	$	6,342

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


	March 31, 2024		December 31, 2023
Weighted average remaining lease term for operating leases	4.4 years		4.3 years
Weighted average discount rate for operating leases	3.4	%	3.2	%

Future minimum lease payments under non-cancellable leases as of March 31, 2024, were as follows (in thousands):


2024 (excluding the three months ended March 31, 2024)	$	65,974
2025	61,372
2026	48,425
2027	31,237
2028	18,966
Thereafter	39,201
Less: Imputed interest	(24,190)
Present value of operating lease liabilities (a)	$	240,985

(a) Includes the current portion of $75.7 million for operating leases.

As of March 31, 2024, the Company had additional future minimum lease obligations totaling $8.5 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.