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Leases
 3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Leases Leases
We have entered into operating leases primarily for real estate. The leases have terms which range from 1 year to 18 years, and some include options to renew. Renewal terms are included in the lease term when it is reasonably certain that we will exercise the option to renew.
Operating leases are included in other non-current assets, other current liabilities and other long-term liabilities on the consolidated condensed balance sheets. These assets and liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date, using our incremental borrowing rate because the rate implicit in each lease is not readily determinable. We have certain contracts for real estate that may contain lease and non-lease components which we have elected to treat as a single lease component. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Variable lease expense is recognized in the period in which the obligation for those payments is incurred. Lease expense is reported in rent and purchased transportation on the consolidated statements of income.
The following table presents balance sheet and other operating lease information (dollars in thousands):
 March 31, 2023December 31, 2022
Balance Sheet Classification
Right-of-use assets (recorded in other non-current assets)$39,805 $40,963 
Current lease liabilities (recorded in other current liabilities)$9,388 $9,396 
Long-term lease liabilities (recorded in other long-term liabilities)31,827 32,897 
Total operating lease liabilities$41,215 $42,293 
Other Information
Weighted-average remaining lease term for operating leases6.29 years6.43 years
Weighted-average discount rate for operating leases3.4 %3.3 %
The following table presents the maturities of operating lease liabilities as of March 31, 2023 (in thousands):
Maturity of Lease Liabilities
2023 (remaining)$8,040 
20249,950 
20257,853 
20265,937 
20273,997 
Thereafter9,548 
Total undiscounted operating lease payments$45,325 
Less: Imputed interest(4,110)
Present value of operating lease liabilities$41,215 
Cash Flows
During the three months ended March 31, 2023 and 2022, right-of-use assets of $1.5 million and $10.2 million, respectively, were recognized as non-cash asset additions that resulted from new operating lease liabilities. Cash paid for amounts included in the present value of operating lease liabilities was $2.9 million and $1.8 million for the three months ended March 31, 2023 and 2022, respectively, and are included in operating cash flows.
Operating Lease Expense
Operating lease expense was $6.2 million and $5.1 million for the three months ended March 31, 2023 and 2022, respectively. This expense included $3.0 million and $2.1 million for long-term operating leases for the three months ended March 31, 2023 and 2022, respectively, with the remainder for variable and short-term lease expense.
Lessor Operating Leases
We are the lessor of tractors and trailers under operating leases with initial terms of 2 to 10 years. We recognize revenue for such leases on a straight-line basis over the term of the lease. Revenues were $2.7 million and $3.2 million for the three months ended March 31, 2023 and 2022, respectively. The following table presents information about the maturities of these operating leases as of March 31, 2023 (in thousands):
2023 (remaining)$6,907 
20241,875 
2025307 
2026316 
202780 
Thereafter— 
Total$9,485