Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

Leases. Total operating lease expense was $53.2 million, $46.5 million and $41.1 million in 2022, 2021 and 2020, respectively, which included $4.8 million, $3.6 million and $3.4 million, respectively, of lease expense related to short-term leases and equipment. Total finance lease expense was $0.9 million, $1.0 million and $1.4 million in 2022, 2021 and 2020, respectively.

Lease-related assets and liabilities as of December 31 are as follows:

	2022	2021
	(in $ thousands)
Assets:
Operating lease assets, net of accumulated amortization	127,830	134,578
Finance lease assets, net of accumulated depreciation	1,291	2,116
Total lease assets	129,121	136,694
Liabilities:
Operating lease liabilities	148,003	149,417
Finance lease liabilities	80	1,013
Total lease liabilities	148,083	150,430

Other information related to operating and finance leases during the years ended December 31 is as follows:

	2022				2021
	Operating		Finance		Operating		Finance
Cash paid for amounts included in the measurement of lease liabilities (in $ thousands)	51,501		957		43,933		957
Lease assets obtained in exchange for lease obligations (in $ thousands)	55,861		—		69,894		—
Weighted average remaining lease term (years):	4.5		0.1		4.3		1.1
Weighted average discount rate	3.7	%	4.0	%	3.0	%	4.0	%

Future minimum lease payments under operating leases as of December 31, 2022 are as follows:

	(in $ thousands)
2023	47,459
2024	40,484
2025	30,331
2026	21,919
2027	14,515
Thereafter	16,806
Total future minimum lease payments	171,514
Less: imputed interest	(23,511)
Net future minimum lease payments	148,003

Leases

Leases. Total operating lease expense was $53.2 million, $46.5 million and $41.1 million in 2022, 2021 and 2020, respectively, which included $4.8 million, $3.6 million and $3.4 million, respectively, of lease expense related to short-term leases and equipment. Total finance lease expense was $0.9 million, $1.0 million and $1.4 million in 2022, 2021 and 2020, respectively.

Lease-related assets and liabilities as of December 31 are as follows:

	2022	2021
	(in $ thousands)
Assets:
Operating lease assets, net of accumulated amortization	127,830	134,578
Finance lease assets, net of accumulated depreciation	1,291	2,116
Total lease assets	129,121	136,694
Liabilities:
Operating lease liabilities	148,003	149,417
Finance lease liabilities	80	1,013
Total lease liabilities	148,083	150,430

Other information related to operating and finance leases during the years ended December 31 is as follows:

	2022				2021
	Operating		Finance		Operating		Finance
Cash paid for amounts included in the measurement of lease liabilities (in $ thousands)	51,501		957		43,933		957
Lease assets obtained in exchange for lease obligations (in $ thousands)	55,861		—		69,894		—
Weighted average remaining lease term (years):	4.5		0.1		4.3		1.1
Weighted average discount rate	3.7	%	4.0	%	3.0	%	4.0	%

Future minimum lease payments under operating leases as of December 31, 2022 are as follows:

	(in $ thousands)
2023	47,459
2024	40,484
2025	30,331
2026	21,919
2027	14,515
Thereafter	16,806
Total future minimum lease payments	171,514
Less: imputed interest	(23,511)
Net future minimum lease payments	148,003