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Leased Assets and Liabilities
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leased Assets and Liabilities Leased Assets and Liabilities
We lease real estate and equipment under operating and finance lease agreements. Our leases have terms of up to 15 years, and may include renewal options. At lease commencement, a lease liability and corresponding right-of-use asset is recognized. Lease liabilities represent the present value of future lease payments over the expected lease term, including options to extend or terminate the lease when it is reasonably certain those options will be exercised. Lease payments include all fixed payments and variable payments tied to an index, but exclude costs such as common area maintenance charges, property taxes, insurance and mileage. The present value of the lease liability is determined using our incremental borrowing rate at lease commencement. Information regarding operating and financing leases is as follows:
LeasesBalance Sheet LocationDecember 31, 2023December 31, 2022
Assets
Operating Operating lease assets$309,958 $296,129 
Finance Property, plant and equipment, net51,049 54,063 
Total leased assets$361,007 $350,192 
Liabilities
Operating Current operating lease liabilities$60,069 $52,576 
Noncurrent operating lease liabilities277,981 265,696 
FinanceAccounts payable and accrued liabilities13,005 11,690 
Other noncurrent liabilities40,530 43,858 
Total lease liabilities$391,585 $373,820 
Years Ended December 31,
Lease Cost202320222021
Operating lease expense$87,876 $67,041 $62,269 
Finance lease expense
Amortization of leased assets13,043 12,321 9,191 
Interest on lease liabilities3,407 3,323 2,826 
Variable lease expense28,018 26,870 33,924 
Sublease income(466)(1,086)(1,761)
Total expense$131,878 $108,469 $106,449 
Operating lease expense includes immaterial amounts related to leases with terms of 12 months or less.

Future Lease PaymentsOperating LeasesFinance LeasesTotal
2024
$88,000 $16,341 $104,341 
2025
82,817 14,634 97,451 
2026
72,006 12,516 84,522 
2027
62,721 10,376 73,097 
2028
53,899 7,008 60,907 
Thereafter71,379 2,005 73,384 
Total430,822 62,880 493,702 
Less: present value discount92,772 9,345 102,117 
Lease liability$338,050 $53,535 $391,585 
Future lease payments exclude $17 million of payments for leases signed but not yet commenced at December 31, 2023.
Lease Term and Discount RateDecember 31, 2023December 31, 2022
Weighted-average remaining lease term
Operating leases5.6 years6.4 years
Finance leases4.4 years5.1 years
Weighted-average discount rate
Operating leases9.5%8.2%
Finance leases7.7%6.2%

Years Ended December 31,
Cash Flow Information202320222021
Operating cash outflows - operating leases$84,024 $65,012 $59,748 
Operating cash outflows - finance leases$3,407 $3,323 $2,826 
Financing cash outflows - finance leases$12,154 $11,091 $7,707 
Leased assets obtained in exchange for new lease obligations
Operating leases$74,778 $135,359 $48,662 
Finance leases$9,158 $20,927 $30,840 
Leased Assets and Liabilities Leased Assets and Liabilities
We lease real estate and equipment under operating and finance lease agreements. Our leases have terms of up to 15 years, and may include renewal options. At lease commencement, a lease liability and corresponding right-of-use asset is recognized. Lease liabilities represent the present value of future lease payments over the expected lease term, including options to extend or terminate the lease when it is reasonably certain those options will be exercised. Lease payments include all fixed payments and variable payments tied to an index, but exclude costs such as common area maintenance charges, property taxes, insurance and mileage. The present value of the lease liability is determined using our incremental borrowing rate at lease commencement. Information regarding operating and financing leases is as follows:
LeasesBalance Sheet LocationDecember 31, 2023December 31, 2022
Assets
Operating Operating lease assets$309,958 $296,129 
Finance Property, plant and equipment, net51,049 54,063 
Total leased assets$361,007 $350,192 
Liabilities
Operating Current operating lease liabilities$60,069 $52,576 
Noncurrent operating lease liabilities277,981 265,696 
FinanceAccounts payable and accrued liabilities13,005 11,690 
Other noncurrent liabilities40,530 43,858 
Total lease liabilities$391,585 $373,820 
Years Ended December 31,
Lease Cost202320222021
Operating lease expense$87,876 $67,041 $62,269 
Finance lease expense
Amortization of leased assets13,043 12,321 9,191 
Interest on lease liabilities3,407 3,323 2,826 
Variable lease expense28,018 26,870 33,924 
Sublease income(466)(1,086)(1,761)
Total expense$131,878 $108,469 $106,449 
Operating lease expense includes immaterial amounts related to leases with terms of 12 months or less.

Future Lease PaymentsOperating LeasesFinance LeasesTotal
2024
$88,000 $16,341 $104,341 
2025
82,817 14,634 97,451 
2026
72,006 12,516 84,522 
2027
62,721 10,376 73,097 
2028
53,899 7,008 60,907 
Thereafter71,379 2,005 73,384 
Total430,822 62,880 493,702 
Less: present value discount92,772 9,345 102,117 
Lease liability$338,050 $53,535 $391,585 
Future lease payments exclude $17 million of payments for leases signed but not yet commenced at December 31, 2023.
Lease Term and Discount RateDecember 31, 2023December 31, 2022
Weighted-average remaining lease term
Operating leases5.6 years6.4 years
Finance leases4.4 years5.1 years
Weighted-average discount rate
Operating leases9.5%8.2%
Finance leases7.7%6.2%

Years Ended December 31,
Cash Flow Information202320222021
Operating cash outflows - operating leases$84,024 $65,012 $59,748 
Operating cash outflows - finance leases$3,407 $3,323 $2,826 
Financing cash outflows - finance leases$12,154 $11,091 $7,707 
Leased assets obtained in exchange for new lease obligations
Operating leases$74,778 $135,359 $48,662 
Finance leases$9,158 $20,927 $30,840