Leases (Tables)

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Lease Cost

The components of the Company's lease cost were as follows:

	Quarter Ended March 31, 2019
	(in thousands)
Operating lease cost	$	34,818
Short-term lease cost ¹	817
Sublease income	(90		)
Rental expense	35,545
Finance lease cost:
Amortization of property and equipment	8,333
Interest expense	927
Total finance lease cost	9,260
Total operating and finance lease cost	$	44,805

1 Short-term lease cost includes month-to-month and variable lease costs.

Lease Liability Calculation Assumptions

The assumptions underlying the calculation of the Company's right-of-use assets and lease liabilities are disclosed below.

	March 31, 2019
	Operating		Finance
Revenue equipment leases
Weighted average remaining lease term	2.7 years		2.0 years
Weighted average discount rate	2.2	%	3.0	%
Real estate and other leases
Weighted average remaining lease term	12.5 years		1.6 years
Weighted average discount rate	3.9	%	2.0	%

Supplemental Cash Flow (Leases)

The following table sets forth cash paid for amounts included in the measurement of lease liabilities:

	Quarter Ended March 31, 2019
	(in thousands)
Operating cash flows from operating leases	$	36,400
Operating cash flows from finance leases	926
Financing cash flows from finance leases	8,391

Maturity Analysis of Lease Liabilities (as Lessee)

Future minimum lease payments for all noncancelable leases were:

	March 31, 2019
	Operating			Finance
	(In thousands)
Remainder of 2019	$	90,487		$	51,968
2020	81,819			15,842
2021	44,956			30,845
2022	27,107			18,528
2023	13,783			1,347
Thereafter	26,251			9,572
Future minimum lease payments	284,403			128,102
Less: amounts representing interest	(23,611		)	(6,994		)
Present value of minimum lease payments	260,792			121,108
Less: current portion	(109,158		)	(52,893		)
Lease liabilities, less current portion	$	151,634		$	68,215

Lease Revenue and Rental Income

The components of the Company's lease revenue are included in "Revenue, excluding fuel surcharge" and the Company's rental income is included in "Other income, net" in the condensed consolidated income statements. These amounts are disclosed in the table below.

	Quarter Ended March 31, 2019
	(in thousands)
Operating lease revenue	$	12,957
Variable lease revenue	511
Total lease revenue 1	$	13,468
Rental income 2	$	2,441

Maturity Analysis of Lease Receivables (as Lessor)

Future minimum lease receivables for all noncancelable leases were:

	March 31, 2019
	(In thousands)
Remainder of 2019	$	41,091
2020	39,735
2021	25,321
2022	9,900
2023	1,118
Thereafter	1,761
Future minimum lease receivables	$	118,926

Operating and Capital Leases (as Lessee)

Annual future minimum lease payments for all noncancelable leases were:

	December 31, 2018
	Operating		Capital
	(In thousands)
2019	$	123,380	$	61,285
2020	79,088		15,843
2021	42,441		30,845
2022	24,693		18,528
2023	11,728		1,347
Thereafter	25,403		9,572
Future minimum lease payments	$	306,733	$	137,420
Less: amounts representing interest			(7,921		)
Present value of minimum lease payments			129,499
Less: current portion			(58,251		)
Capital lease obligations – less current portion			$	71,248

Operating Leases (as Lessor)

Annual future minimum lease payments receivable under operating leases for the periods noted below were:

	December 31, 2018
	(In thousands)
2019	$	54,080
2020	37,694
2021	22,991
2022	8,343
2023	13
Thereafter	—
Future minimum lease payments receivable	$	123,121