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Leases
6 Months Ended
Jun. 30, 2019
Leases [Abstract]  
Leases

7.        Leases

We have operating and finance leases with terms of 1 year to 10 years for certain revenue and service equipment and office and terminal facilities.

The table below presents the lease-related assets and liabilities recorded on the balance sheet (in thousands):

 

 

 

 

 

 

 

Leases

    

Classification

    

June 30, 2019

Assets

 

  

 

 

  

Operating

 

Operating lease right-of-use assets

 

$

200,734

Finance

 

Property and equipment, net

 

 

18,927

Total leased assets

 

  

 

$

219,661

 

 

 

 

 

 

Liabilities

 

  

 

 

  

Current

 

  

 

 

  

Operating

 

Current portion of operating lease liabilities

 

$

58,162

Finance

 

Current maturities of long-term debt and finance leases

 

 

7,897

Noncurrent

 

  

 

 

 

Operating

 

Noncurrent operating lease liabilities

 

 

142,356

Finance

 

Long-term debt and finance leases, net of current maturities

 

 

7,831

Total lease liabilities

 

  

 

$

216,246

 

The table below presents certain information related to the lease costs for finance and operating leases (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months

 

 

Six Months

 

 

 

 

 

 

Ended

 

 

Ended

 

Lease Cost

    

Classification

    

June 30, 2019

    

June 30, 2019

 

Operating lease cost

 

Vehicle rents and General and other operating

 

$

19,072

 

$

39,239

 

Finance lease cost:

 

  

 

 

  

 

 

  

 

Amortization of finance lease assets

 

Depreciation and amortization

 

 

797

 

 

1,605

 

Interest on lease liabilities

 

Interest expense

 

 

278

 

 

596

 

Short-term lease cost

 

General and other operating

 

 

792

 

 

1,103

 

Total lease cost

 

  

 

$

20,939

 

$

42,543

 

 

 

 

 

 

 

 

Six Months

 

 

Ended June

Cash Flow Information

    

30, 2019

Cash paid for operating leases included in operating activities

 

$

39,239

Cash paid for finance leases included in operating activities

 

$

596

Cash paid for finance leases included in financing activities

 

$

4,544

 

 

 

 

Operating lease right-of-use assets obtained in exchange for lease obligations

 

$

54,053

Operating lease right-of-use assets and liabilities relieved in conjunction with divesture of Xpress Internacional

 

$

2,018

 

 

 

 

 

 

 

 

 

Weighted‑Average

 

Weighted-

 

 

 

Remaining Lease

 

Average

 

Lease Term and Discount Rate

    

Term (years)

    

Discount Rate

 

Operating leases

 

4.2

 

5.0

%

Finance leases

 

3.3

 

5.3

%

 

As of June 30, 2019, future maturities of lease liabilities were as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

June 30, 2019

 

    

Finance

    

Operating 

2019

 

$

2,667

 

$

35,232

2020

 

 

7,522

 

 

60,236

2021

 

 

4,081

 

 

49,226

2022

 

 

1,423

 

 

34,454

2023

 

 

1,423

 

 

23,187

Thereafter

 

 

296

 

 

21,893

 

 

 

17,412

 

 

224,228

Less:  Amount representing interest

 

 

(1,684)

 

 

(23,710)

Total

 

$

15,728

 

$

200,518

 

As of December 31, 2018, minimum lease payments under capital and operating leases were as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

December 31, 2018

 

    

Capital

    

Operating

2019

 

$

7,797

 

$

60,303

2020

 

 

7,564

 

 

42,632

2021

 

 

4,086

 

 

35,302

2022

 

 

1,427

 

 

20,751

2023

 

 

1,427

 

 

15,884

Thereafter

 

 

297

 

 

14,080

 

 

 

22,598

 

$

188,952

Less:  Amount representing interest

 

 

(2,285)

 

 

  

 

 

 

20,313

 

 

 

Less:  Current portion

 

 

(6,711)

 

 

  

 

 

$

13,602