Leases

12 Months Ended

Dec. 31, 2023

Leases. Total operating lease expense was $49.6 million, $53.2 million and $46.5 million in 2023, 2022 and 2021, respectively, which included $3.3 million, $4.8 million and $3.6 million, respectively, of lease expense related to short-term leases and equipment. Total finance lease expense was $0.6 million, $0.9 million and $1.0 million in 2023, 2022 and 2021, respectively.

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


	2023	2022
	(in $ thousands)
Assets:
Operating lease assets, net of accumulated amortization	115,879	127,830
Finance lease assets, net of accumulated depreciation	778	1,291
Total lease assets	116,657	129,121

Liabilities:
Operating lease liabilities	135,654	148,003
Finance lease liabilities	—	80
Total lease liabilities	135,654	148,083

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


	2023				2022
	Operating		Finance		Operating		Finance

Cash paid for amounts included in the measurement of lease liabilities (in $ thousands)	48,747		80		51,501		957
Lease assets obtained in exchange for lease obligations (in $ thousands)	31,849		—		55,861		—
Weighted average remaining lease term (years):	4.1		0.0		4.5		0.1
Weighted average discount rate	4.4	%	4.0	%	3.7	%	4.0	%

Future minimum lease payments under operating leases as of December 31, 2023 are as follows:



						(in $ thousands)
2024						45,782
2025						36,137
2026						27,803
2027						19,116
2028						11,272
Thereafter						10,846
Total future minimum lease payments						150,956
Less: imputed interest						(15,302)
Net future minimum lease payments						135,654

Leases

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


	2023	2022
	(in $ thousands)
Assets:
Operating lease assets, net of accumulated amortization	115,879	127,830
Finance lease assets, net of accumulated depreciation	778	1,291
Total lease assets	116,657	129,121

Liabilities:
Operating lease liabilities	135,654	148,003
Finance lease liabilities	—	80
Total lease liabilities	135,654	148,083

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


	2023				2022
	Operating		Finance		Operating		Finance

Cash paid for amounts included in the measurement of lease liabilities (in $ thousands)	48,747		80		51,501		957
Lease assets obtained in exchange for lease obligations (in $ thousands)	31,849		—		55,861		—
Weighted average remaining lease term (years):	4.1		0.0		4.5		0.1
Weighted average discount rate	4.4	%	4.0	%	3.7	%	4.0	%

Future minimum lease payments under operating leases as of December 31, 2023 are as follows:



						(in $ thousands)
2024						45,782
2025						36,137
2026						27,803
2027						19,116
2028						11,272
Thereafter						10,846
Total future minimum lease payments						150,956
Less: imputed interest						(15,302)
Net future minimum lease payments						135,654