Leases

6 Months Ended

Jun. 30, 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 $19.8 million and $39.8 million for the three and six months ended June 30, 2025, respectively, and $21.2 million and $42.4 million for the three and six months ended June 30, 2024, respectively.

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


	Six Months Ended June 30,
	2025		2024
Cash paid for operating lease liabilities	$	39,082	$	45,284
Right-of-use assets obtained in exchange for new operating lease liabilities	$	37,696	$	40,668

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


	June 30, 2025		December 31, 2024
Weighted average remaining lease term for operating leases	4.6 years		4.6 years
Weighted average discount rate for operating leases	4.0	%	3.9	%

Future minimum lease payments under noncancelable leases as of June 30, 2025, were as follows (in thousands):


2025 (excluding the six months ended June 30, 2025)	$	40,845
2026	70,794
2027	51,330
2028	37,419
2029	26,943
Thereafter	43,801
Less: Imputed interest	(27,483)
Present value of operating lease liabilities (a)	$	243,649

(a) Includes the current portion of $69.3 million for operating leases.

As of June 30, 2025, the Company had additional future minimum lease obligations totaling $30.4 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 10 years.