Leases

3 Months Ended

Mar. 31, 2022

Leases

Leases

6.        Leases

We have operating and finance leases with terms of 1 year to 16 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	March 31, 2022
Assets
Operating	Operating lease right-of-use assets	$	278,024
Finance	Property and equipment, net		7,244
Total leased assets		$	285,268
Liabilities
Current
Operating	Current portion of operating lease liabilities	$	87,428
Finance	Current maturities of long-term debt and finance leases		1,565
Noncurrent
Operating	Noncurrent operating lease liabilities		192,393
Finance	Long-term debt and finance leases, net of current maturities		6,223
Total lease liabilities		$	287,609

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

		Three Months Ended
		March 31,
Lease Cost	Classification	2022		2021
Operating lease cost	Vehicle rents and General and other operating	$	26,365	$	23,091
Finance lease cost:
Amortization of finance lease assets	Depreciation and amortization		201		428
Interest on lease liabilities	Interest expense		115		108
Short-term lease cost	Vehicle rents and General and other operating		410		1,343
Total lease cost		$	27,091	$	24,970

	Three Months Ended
	March 31,
Cash Flow Information	2022		2021
Cash paid for operating leases included in operating activities	$	26,365	$	23,091
Cash paid for finance leases included in operating activities	$	115	$	108
Cash paid for finance leases included in financing activities	$	370	$	490
Operating lease right-of-use assets obtained in exchange for lease obligations	$	14,223	$	3,233

Noncash lease expense was $26.8 million and $23.5 million during the three months ended March 31, 2022 and 2021, respectively.

	March 31, 2022
	Weighted‑Average	Weighted-
	Remaining Lease	Average
Lease Term and Discount Rate	Term (years)	Discount Rate
Operating leases	4.7	3.8	%
Finance leases	8.0	4.6	%
	March 31, 2021
	Weighted‑Average	Weighted-
	Remaining Lease	Average
Lease Term and Discount Rate	Term (years)	Discount Rate
Operating leases	5.0	4.0	%
Finance leases	2.7	5.5	%

As of March 31, 2022, future maturities of lease liabilities were as follows (in thousands):

	March 31, 2022
	Finance		Operating
2022	$	1,951	$	73,052
2023		1,847		84,267
2024		616		54,875
2025		572		35,927
2026		588		18,527
Thereafter		3,888		42,920
		9,462		309,568
Less: Amount representing interest		(1,674)		(29,747)
Total	$	7,788	$	279,821

We lease tractors to independent contractors under operating leases and recognized lease income under these leases of $4.6 million and $8.0 million for the three months ended March 31, 2022 and 2021, respectively.