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Leases | 3 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
Leases | 7. Leases Chemed and each of its operating subsidiaries are service companies. As such, real estate leases comprise the largest lease obligation (and conversely, right of use asset) in our lease portfolio. VITAS has leased office space, as well as space for inpatient units (“IPUs”) and/or contract beds within hospitals. Roto-Rooter mainly has leased office space. Our leases have remaining terms of under 1 year to 13 years, some of which include options to extend the lease for up to 5 years, and some of which include options to terminate the lease within 1 year. Roto-Rooter purchases equipment and leases it to certain of its independent contractors. We analyzed these leases in accordance with ASC 842 and determined they are operating leases. As a result, Roto-Rooter capitalizes the equipment underlying these leases, depreciates the equipment and recognizes rental income. We do not currently have any finance leases, therefore all lease information disclosed is related to operating leases. The components of balance sheet information related to leases were as follows:
| March 31, |  | ‎December 31,
| 2024 |  | 2023
Assets |  |  |  |  |
Operating lease assets | $ | 131,751 |  | $ | 126,387
Liabilities |  |  |  |  |
Current operating leases |  | 39,279 |  |  | 38,635
Noncurrent operating leases |  | 106,861 |  |  | 100,776
Total operating lease liabilities | $ | 146,140 |  | $ | 139,411
The components of lease expense for the first quarter are as follows (in thousands):
| Three months ended March 31,
| 2024 |  | 2023
Lease Expense (a) |  |  |  |  |
Operating lease expense | $ | 15,582 |  | $ | 14,906
Sublease income |  | (23) |  |  | (23)
Net lease expense | $ | 15,559 |  | $ | 14,883
(a)Includes short-term leases and variable lease costs, which are immaterial. Included in both cost of services provided and goods sold and selling, general and administrative expenses. ‎ The components of cash flow information related to leases were as follows:
| Three months ended March 31,
| 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |
Operating cash flows from leases | $ | 12,453 |  | $ | 12,668
Leased assets obtained in exchange for new operating lease liabilities | $ | 16,559 |  | $ | 6,845
Weighted Average Remaining Lease Term at March 31, 2024 |  |  |
Operating leases |  | 4.92 | years
Weighted Average Discount Rate at March 31, 2024 |  |  |
Operating leases |  | 3.35 | %
Maturity of Operating Lease Liabilities (in thousands) |  |  |  |  |
2024 |  |  |  | $ | 34,596
2025 |  |  |  |  | 39,126
2026 |  |  |  |  | 30,524
2027 |  |  |  |  | 18,547
2028 |  |  |  |  | 13,678
Thereafter |  |  |  |  | 23,613
Total lease payments |  |  |  | $ | 160,084
Less: interest |  |  |  |  | (13,944)
Total liability recognized on the balance sheet |  |  |  | $ | 146,140
For leases commencing prior to April 2019, minimum rental payments exclude payments to landlords for real estate taxes and common area maintenance. Operating lease payments include $1.7 million related to extended lease terms that are reasonably certain of being exercised and exclude $493,000 of lease payments for leases signed but not yet commenced.

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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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