Leases

12 Months Ended

Dec. 31, 2022

12 Leases

As of December 31, 2022 and 2021, the Company had lease agreements that expire at various dates through 2034, with weighted-average remaining lease terms of 4.4 years and 4.7 years, respectively. Rental expense was $36 million, $34 million and $38 million for the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022 and 2021, the weighted-average discount rates used to determine the present value of lease liabilities were 3.24% and 3.04%, respectively. During the years ended December 31, 2022, 2021 and 2020, cash paid for amounts included in the measurement of lease liabilities in operating activities in the statement of cash flows was $36 million, $34 million and $38 million, respectively. The Company recorded $12 million, $3 million and $16

million

right-of-use

assets in exchange for new operating lease liabilities during the years ended December 31, 2022, 2021 and 2020, respectively.

The Company’s

right-of-use

lease assets and lease liabilities included in the consolidated balance sheets are classified as follows (in thousands):


		December 31,
	Financial Statement Classification	2022		2021
Assets:
Property operating lease assets	Operating lease assets	$	54,930	$	55,774
Automobile operating lease assets	Operating lease assets		30,582		28,236
Equipment operating lease assets	Operating lease assets		994		724

Total lease assets		$	86,506	$	84,734

Liabilities:
Current operating lease liabilities	Current operating lease liabilities	$	26,429	$	27,906
Long-term operating lease liabilities	Long-term operating lease liabilities		62,108		59,623

Total lease liabilities		$	88,537	$	87,529

Undiscounted future minimum rents payable as of December 31, 2022 under

non-cancelable

leases with initial terms exceeding one year reconcile to lease liabilities included in the consolidated balance sheet as follows (in thousands):



2023	$	28,494
2024		23,472
2025		14,121
2026		12,933
2027		6,970
2028 and thereafter		8,921

Total future minimum lease payments		94,911
Less: amount of lease payments representing interest		(6,374	)

Present value of future minimum lease payments		88,537
Less: current operating lease liabilities		(26,429	)

Long-term operating lease liabilities	$	62,108