Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Lease Cost

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

	2022		2021
	(in thousands)
Operating lease cost:
Operating lease costs	$	45,560	$	46,795
Short-term lease cost ¹	11,296		8,426
Sublease income	—		(60)
Rental expense	56,856		55,161
Finance lease cost:
Amortization of property and equipment	50,823		37,659
Interest expense	8,489		5,232
Total finance lease cost	59,312		42,891
Total operating and finance lease costs	$	116,168	$	98,052

1    Short-term lease cost includes leases with a term of twelve months or less, as well as month-to-month leases and variable lease costs.

Lease Liability Calculation Assumptions

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

	December 31,
	2022				2021
	Operating		Finance		Operating		Finance
Revenue equipment leases
Weighted average remaining lease term	1.0 year		3.8 years		1.6 years		4.0 years
Weighted average discount rate	2.3	%	2.6	%	2.3	%	1.9	%
Real estate and other leases
Weighted average remaining lease term	10.0 years		—		12.6 years		—
Weighted average discount rate	2.9	%	—	%	3.0	%	—	%

Maturity analysis of Lease Liabilities (as Lessee)

Future minimum lease payments for all noncancelable leases were:

	December 31, 2022
	Operating		Finance
	(In thousands)
2023	$	41,800	$	68,901
2024	33,203		111,345
2025	26,407		99,259
2026	18,923		41,673
2027	16,466		34,693
Thereafter	81,161		83,792
Future minimum lease payments	217,960		439,663
Less: amounts representing interest	(31,007)		(36,614)
Present value of minimum lease payments	186,953		403,049
Less: current portion	(36,961)		(58,672)
Lease liabilities – less current portion	$	149,992	$	344,377

Supplemental Cash Flow (Leases)

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

	2022		2021
	(in thousands)
Operating cash flows for operating leases	$	42,893	$	48,171
Operating cash flows for finance leases	8,489		5,232
Financing cash flows for finance leases	62,093		108,186

Lease Revenue and Rental Income

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

	2022		2021
	(in thousands)
Operating lease revenue	$	168,072	$	95,934
Variable lease revenue	1,233		1,353
Total lease revenue 1	$	169,305	$	97,287
Rental income 2	$	11,296	$	10,375

1    Represents operating revenue earned by the Company for leasing equipment to independent contractors and other third-parties.

2    Represents non-operating income earned from leasing real estate to third parties.

Maturity Analysis of Lease Receivables (as Lessor)

Future minimum lease revenues for all noncancelable leases were:

	December 31, 2022
	(In thousands)
2023	$	45,599
2024	29,207
2025	17,546
2026	4,578
2027	786
Thereafter	4,137
Future minimum lease revenues	$	101,853