Leases

3 Months Ended

Mar. 31, 2026

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 10 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 $19.3 million and $20.0 million for the three months ended March 31, 2026 and 2025, respectively.

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


	Three Months Ended March 31,
	2026		2025
Cash paid for operating lease liabilities	$	21,306	$	19,579
Right-of-use assets obtained in exchange for new operating lease liabilities	$	25,196	$	24,171

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


	March 31, 2026		December 31, 2025
Weighted average remaining lease term for operating leases	5.0 years		4.6 years
Weighted average discount rate for operating leases	4.3	%	4.2	%

Future minimum lease payments under noncancelable leases as of March 31, 2026, were as follows (in thousands):


2026 (excluding the three months ended March 31, 2026)	$	61,769
2027	63,475
2028	48,434
2029	36,353
2030	25,184
Thereafter	48,132
Less: Imputed interest	(31,369)
Present value of operating lease liabilities (a)	$	251,978

(a) Includes the current portion of $69.2 million for operating leases.

As of March 31, 2026, the Company had additional future minimum lease obligations totaling $50.5 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 less than one year to 11 years.