XML 34 R19.htm IDEA: XBRL DOCUMENT v3.24.0.1
Leases
 12 Months Ended
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