Leases

6 Months Ended

Jun. 30, 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 $42.4 million for the three and six months ended June 30, 2024, respectively, and $22.5 million and $44.9 million for the three and six months ended June 30, 2023, respectively.

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


	Six Months Ended June 30,
	2024		2023
Cash paid for operating lease liabilities	$	45,284	$	48,145
Right-of-use assets obtained in exchange for new operating lease liabilities	$	40,668	$	25,914

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


	June 30, 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	3.6	%	3.2	%

Future minimum lease payments under non-cancellable leases as of June 30, 2024, were as follows (in thousands):


2024 (excluding the six months ended June 30, 2024)	$	44,736
2025	65,792
2026	52,964
2027	34,753
2028	22,386
Thereafter	42,915
Less: Imputed interest	(24,625)
Present value of operating lease liabilities (a)	$	238,921

(a) Includes the current portion of $70.9 million for operating leases.

As of June 30, 2024, the Company had additional future minimum lease obligations totaling $11.7 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 11 years.