Leases

6 Months Ended

Jun. 30, 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 $18.8 million and $38.1 million for the three and six months ended June 30, 2026, respectively, and $19.8 million and $39.8 million for the three and six months ended June 30, 2025, respectively.

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


	Six Months Ended June 30,
	2026		2025
Cash paid for operating lease liabilities	$	41,874	$	39,082
Right-of-use assets obtained in exchange for new operating lease liabilities	$	34,005	$	37,696

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


	June 30, 2026		December 31, 2025
Weighted average remaining lease term for operating leases	4.9 years		4.6 years
Weighted average discount rate for operating leases	4.3	%	4.2	%

Future minimum lease payments under noncancelable leases as of June 30, 2026, were as follows (in thousands):


2026 (excluding the six months ended June 30, 2026)	$	40,125
2027	66,081
2028	50,535
2029	38,466
2030	26,209
Thereafter	49,037
Less: Imputed interest	(29,644)
Present value of operating lease liabilities (a)	$	240,809

(a) Includes the current portion of $66.5 million for operating leases.

As of June 30, 2026, the Company had additional future minimum lease obligations totaling $63.7 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.