LEASES

12 Months Ended

Dec. 31, 2024

Lessee, Operating Lease, Description [Abstract]

LEASES

LEASES

The Company leases certain buildings, vehicles, and equipment in order to reduce the risk associated with ownership. The Company elected the practical expedient approach permitted under ASC Topic 842, “Leases” not to include short-term leases with a duration of 12 months or less on the balance sheet. As of December 31, 2024 and 2023, all leases were classified as operating leases. Building leases generally carry terms of 5 to 10 years with annual rent escalations at fixed amounts per the lease. Vehicle leases generally carry a fixed term of one year with renewal options to extend the lease on a monthly basis resulting in lease terms up to 7 years depending on the class of vehicle. The exercise of renewal options is at the Company’s sole discretion. It is reasonably certain that the Company will exercise the renewal options on its vehicle leases. The measurement of right-of-use assets and liabilities for vehicle leases includes the fixed payments associated with such renewal periods. We separate lease and non-lease components of contracts. Our lease agreements do not contain any material variable payments, residual value guarantees, early termination penalties or restrictive covenants.

The Company uses the rate implicit in the lease when available; however, most of our leases do not provide a readily determinable implicit rate. Accordingly, we estimate our incremental borrowing rate based on information available at lease commencement.

(in thousands, except Other Information)		Years Ended December 31,
Components of Lease Expense	Financial Statement Classification	2024			2023			2022
Short-term lease cost	Cost of services provided, Sales, general, and administrative expenses	$	16,618		$	14,753		$	12,693
Operating lease cost	Cost of services provided, Sales, general, and administrative expenses	133,420			110,627			97,764
Total lease expense		$	150,038		$	125,380		$	110,457
Cash Flow Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases		$	132,588		$	109,631		$	96,700
Other Information
Weighted-average remaining lease term - operating leases		4.4 Yrs			4.8 Yrs
Weighted-average discount rate - operating leases		4.30		%	3.99		%

Lease Commitments

Future minimum lease payments, including assumed exercise of renewal options at December 31, 2024 were as follows:

(in thousands)
2025	$	137,395
2026	121,355
2027	88,654
2028	46,532
2029	19,748
Thereafter	49,934
Total future minimum lease payments	463,618
Less: amount representing interest	(46,400)
Total future minimum lease payments, net of interest	$	417,218

Future commitments presented in the table above include lease payments in renewal periods for which it is reasonably certain that the Company will exercise the renewal option. Total future minimum lease payments for operating leases, including the amount representing interest, are comprised of $181.2 million for building leases and $282.4 million for vehicle leases. As of December 31, 2024, the Company had additional future obligations of $20.8 million for leases that had not yet commenced.