Leases

12 Months Ended

Dec. 31, 2024

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 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 $82.5 million, $89.0 million and $89.3 million for the years ended December 31, 2024, 2023, and 2022, respectively.

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

	Year Ended December 31,
	2024		2023		2022
Cash paid for operating lease liabilities	$	91,143	$	94,633	$	93,302
Right-of-use assets obtained in exchange for new operating lease liabilities	$	78,613	$	91,762	$	63,622

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

	Year Ended December 31,
	2024		2023		2022
Weighted average remaining lease term for operating leases	4.6 years		4.3 years		3.5 years
Weighted average discount rate for operating leases	3.9	%	3.2	%	2.2	%

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

2025	$	73,577
2026	60,660
2027	41,957
2028	29,327
2029	20,127
Thereafter	33,814
Less: Imputed interest	(25,943)
Present value of operating lease liabilities (a)	$	233,519

(a) Includes current portion of $64.6 million for operating leases.

As of December 31, 2024, the Company had additional future minimum lease obligations totaling $17.0 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 one year to 11 years.