Leases

9 Months Ended

Sep. 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 one year to 11 years, some of which include options to extend the leases for up to seven years, and some of which include options to terminate the leases within one year. Operating lease expense was $20.6 million and $62.9 million for the three and nine months ended September 30, 2024, respectively, and $22.2 million and $67.1 million for the three and nine months ended September 30, 2023, respectively.

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


	Nine Months Ended September 30,
	2024		2023
Cash paid for operating lease liabilities	$	71,637	$	71,633
Right-of-use assets obtained in exchange for new operating lease liabilities	$	62,043	$	46,838

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


	September 30, 2024		December 31, 2023
Weighted average remaining lease term for operating leases	4.5 years		4.3 years
Weighted average discount rate for operating leases	3.7	%	3.2	%

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


2024 (excluding the nine months ended September 30, 2024)	$	20,068
2025	72,344
2026	58,755
2027	38,844
2028	26,474
Thereafter	48,237
Less: Imputed interest	(25,766)
Present value of operating lease liabilities (a)	$	238,956

(a) Includes the current portion of $65.9 million for operating leases.

As of September 30, 2024, the Company had additional future minimum lease obligations totaling $16.2 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 one to 11 years.