Leases

3 Months Ended

Mar. 31, 2025

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 $20.0 million and $21.2 million for the three months ended March 31, 2025 and 2024, respectively.

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


	Three Months Ended March 31,
	2025		2024
Cash paid for operating lease liabilities	$	19,579	$	23,029
Right-of-use assets obtained in exchange for new operating lease liabilities	$	24,171	$	21,802

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


	March 31, 2025		December 31, 2024
Weighted average remaining lease term for operating leases	4.5 years		4.6 years
Weighted average discount rate for operating leases	4.0	%	3.9	%

Future minimum lease payments under noncancelable leases as of March 31, 2025, were as follows (in thousands):


2025 (excluding the three months ended March 31, 2025)	$	58,094
2026	66,372
2027	46,943
2028	33,918
2029	24,254
Thereafter	40,900
Less: Imputed interest	(27,848)
Present value of operating lease liabilities (a)	$	242,633

(a) Includes the current portion of $67.3 million for operating leases.

As of March 31, 2025, the Company had additional future minimum lease obligations totaling $27.2 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 three to 10 years.