10. Leases

We have operating and finance leases with terms of 1 year to 15 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	December 31, 2019
Assets
Operating	Operating lease right-of-use assets	$	276,618
Finance	Property and equipment, net		13,641
Total leased assets		$	290,259

Liabilities
Current
Operating	Current portion of operating lease liabilities	$	69,866
Finance	Current maturities of long-term debt and finance leases		4,651
Noncurrent
Operating	Noncurrent operating lease liabilities		206,357
Finance	Long-term debt and finance leases, net of current maturities		6,570
Total lease liabilities		$	287,444

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


			Year
			Ended
Lease Cost	Classification	December 31, 2019
Operating lease cost	Vehicle rents and General and other operating	$	81,467
Finance lease cost:
Amortization of finance lease assets	Depreciation and amortization		3,102
Interest on lease liabilities	Interest expense		1,093
Short-term lease cost	General and other operating		4,111
Total lease cost		$	89,773


	Year
	Ended December
Cash Flow Information	31, 2019
Cash paid for operating leases included in operating activities	$	81,467
Cash paid for finance leases included in operating activities	$	1,093
Cash paid for finance leases included in financing activities	$	9,049

Operating lease right-of-use assets obtained in exchange for lease obligations	$	170,855
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	5.0	4.4	%
Finance leases	3.3	5.4	%

As of December 31, 2019, future maturities of lease liabilities were as follows (in thousands):


	December 31, 2019
	Finance		Operating
2020	$	5,217	$	80,628
2021		4,081		71,656
2022		1,423		59,215
2023		1,423		43,588
2024		296		20,245
Thereafter		—		35,523
		12,440		310,855
Less: Amount representing interest		(1,219)		(34,632)
Total	$	11,221	$	276,223

During the fourth quarter of 2019, the Company entered into a sale leaseback transaction involving three terminals. The Company received proceeds of $23.5 million from the sale of the terminals which was used to pay down our term loan. The Company will lease back the terminals with an initial lease term of fifteen years at an approximate initial annual rate of $1.7 million that increases by 1.7% per year throughout the term. The Company accounted for the leases as operating leases and recorded a right of use asset and operating lease liability in the amount of $20.8 million. The transaction resulted in a gain of approximately $1.2 million which is included in (gain) loss on sale of property.

Rental expense under noncancelable operating leases during 2018 and 2017 was approximately $78.5 million and $75.7 million, respectively. Certain revenue equipment leases provide for guarantees by the Company of a portion of the specified residual value at the end of the lease term. The maximum potential amount of future payments (undiscounted) under these guarantees is approximately $91.5 million at December 31, 2019. The residual value of a portion of the related leased revenue equipment is covered by repurchase or trade agreements between the Company and the equipment manufacturer.