Leases (Tables)

9 Months Ended

Sep. 30, 2023

The components of lease costs in the accompanying condensed consolidated statements of operations are as follows (in thousands):


		Three Months Ended				Nine Months Ended
		September 30,				September 30,
Lease cost	Classification	2023		2022		2023		2022
Finance lease cost:
Amortization of lease assets	Depreciation (1)	$	1,168	$	301	$	3,181	$	1,177
Interest on lease liabilities	Interest and other financing expenses	674		27		1,181		82
Operating lease cost	Cost of services and Selling, general and administrative expenses	23,379		21,957		69,742		71,082
Short-term and variable lease cost (2)	Cost of services and Selling, general and administrative expenses	302,134		250,460		790,080		693,847
Total lease cost		$	327,355	$	272,745	$	864,184	$	766,188

(1) Depreciation is included within “Cost of services” and “Selling, general and administrative expenses” in the accompanying condensed consolidated statements of operations.

(2) Short-term lease cost includes both leases and rentals with initial terms of one year or less. Variable lease cost is insignificant.

Future Minimum Lease Payments - Operating Leases

Future minimum lease payments for operating leases, finance leases and lease financing transactions were as follows (in thousands):


	As of September 30, 2023
	Operating Leases		Finance Leases		Lease Financing Transactions		Total
Remainder of 2023	$	23,541	$	770	$	4,940	$	29,251
2024	82,431		6,902		18,710		108,043
2025	65,559		6,542		16,986		89,087
2026	48,661		6,298		17,530		72,489
2027	32,482		5,768		14,679		52,929
Thereafter	38,454		5,414		32,492		76,360
Total future minimum payments related to operating leases, finance leases and lease financing transactions	291,128		31,694		105,337		428,159
Less imputed interest	(25,343)		(1,605)		—		(26,948)
Total	$	265,785	$	30,089	$	105,337	$	401,211

Future Minimum Lease Payments - Finance Leases

Future minimum lease payments for operating leases, finance leases and lease financing transactions were as follows (in thousands):


	As of September 30, 2023
	Operating Leases		Finance Leases		Lease Financing Transactions		Total
Remainder of 2023	$	23,541	$	770	$	4,940	$	29,251
2024	82,431		6,902		18,710		108,043
2025	65,559		6,542		16,986		89,087
2026	48,661		6,298		17,530		72,489
2027	32,482		5,768		14,679		52,929
Thereafter	38,454		5,414		32,492		76,360
Total future minimum payments related to operating leases, finance leases and lease financing transactions	291,128		31,694		105,337		428,159
Less imputed interest	(25,343)		(1,605)		—		(26,948)
Total	$	265,785	$	30,089	$	105,337	$	401,211

Other Information Related to Leases

The weighted average remaining lease terms and discount rates were as follows:


	As of September 30, 2023
Weighted average remaining lease term (in years):
Operating leases	4.34
Finance leases	5.70
Weighted average discount rate:
Operating leases	4.1	%
Finance leases	5.2	%