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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | 12 Leases As of December 31, 2023 and 2022, the Company had lease agreements that expire at various dates through 2034, with weighted-average remaining lease terms of 4.5 years and 4.4 years, respectively. Rental expense was $38 million, $36 million and $34 million for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the weighted-average discount rates used to determine the present value of lease liabilities were 4.15% and 3.24%, respectively. During the years ended December 31, 2023, 2022 and 2021, cash paid for amounts included in the measurement of lease liabilities in operating activities in the statement of cash flows was $38 million, $36 million and $34 million, respectively. T he Company recorded $ 2 million , $ 12 million and $3 million of right-of-use assets in exchange for new operating lease liabilities during the years ended December 31, 2023, 2022 and 2021, 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 |  | 2023 |  |  | 2022 |
Assets: |  |  |  |  |  |  |  |  |  |
Property operating lease assets |  | Operating lease assets |  | $ | 55,006 |  |  | $ | 54,930 |
Automobile operating lease assets |  | Operating lease assets |  |  | 28,675 |  |  |  | 30,582 |
Equipment operating lease assets |  | Operating lease assets |  |  | 910 |  |  |  | 994 |
Total lease assets |  |  |  | $ | 84,591 |  |  | $ | 86,506 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Current operating lease liabilities |  | Current operating lease liabilities |  | $ | 27,825 |  |  | $ | 26,429 |
Long-term operating lease liabilities |  | Long-term operating lease liabilities |  |  | 58,926 |  |  |  | 62,108 |
Total lease liabilities |  |  |  | $ | 86,751 |  |  | $ | 88,537 |
Undiscounted future minimum rents payable as of December 31, 2023 under non-cancelable leases with initial terms exceeding one year reconcile to lease liabilities included in the consolidated balance sheet as follows (in thousands):
2024 |  | $ | 30,344 |
2025 |  |  | 24,570 |
2026 |  |  | 18,321 |
2027 |  |  | 10,752 |
2028 |  |  | 3,848 |
2029 and thereafter |  |  | 5,215 |
Total future minimum lease payments |  |  | 93,050 |
Less: amount of lease payments representing interest |  |  | (6,299 | )
Present value of future minimum lease payments |  |  | 86,751 |
Less: current operating lease liabilities |  |  | (27,825 | )
Long-term operating lease liabilities |  | $ | 58,926 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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