XML 76 R50.htm IDEA: XBRL DOCUMENT v3.22.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Lease Cost The components of the Company's lease cost were as follows:
20222021
(in thousands)
Operating lease cost:
Operating lease costs$45,560 $46,795 
Short-term lease cost ¹11,296 8,426 
Sublease income— (60)
Rental expense56,856 55,161 
Finance lease cost:
Amortization of property and equipment50,823 37,659 
Interest expense8,489 5,232 
Total finance lease cost59,312 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,
20222021
OperatingFinanceOperatingFinance
Revenue equipment leases
Weighted average remaining lease term1.0 year3.8 years1.6 years4.0 years
Weighted average discount rate2.3 %2.6 %2.3 %1.9 %
Real estate and other leases
Weighted average remaining lease term10.0 years— 12.6 years— 
Weighted average discount rate2.9 %— %3.0 %— %
Maturity analysis of Lease Liabilities (as Lessee) Future minimum lease payments for all noncancelable leases were:
December 31, 2022
OperatingFinance
(In thousands)
2023$41,800 $68,901 
202433,203 111,345 
202526,407 99,259 
202618,923 41,673 
202716,466 34,693 
Thereafter81,161 83,792 
Future minimum lease payments217,960 439,663 
Less: amounts representing interest(31,007)(36,614)
Present value of minimum lease payments186,953 403,049 
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:
20222021
(in thousands)
Operating cash flows for operating leases$42,893 $48,171 
Operating cash flows for finance leases8,489 5,232 
Financing cash flows for finance leases62,093 108,186 
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.
20222021
(in thousands)
Operating lease revenue$168,072 $95,934 
Variable lease revenue1,233 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 
202429,207 
202517,546 
20264,578 
2027786 
Thereafter4,137 
Future minimum lease revenues$101,853