Note 8 - Lease Obligations - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Assets [Abstract]

Property, Plant and Equipment, Net

$ 502,985

$ 514,655

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

Note 8. Lease Obligations

The finance leases in effect at  March 31, 2024 terminate from  June 2028 through  November 2033 and contain guarantees of the residual value of the related equipment by us.

 A summary of our lease obligations at March 31, 2024 and 2023 are as follows:

(dollars in thousands)	Three Months Ended			Three Months Ended
	March 31, 2024			March 31, 2023
Finance lease cost:
Amortization of right-of-use assets	$	123		$	256
Interest on lease liabilities		199			9
Operating lease cost		3,634			4,620
Variable lease cost		24			497
Short-term lease cost		1,060			1,610
Total lease cost	$	5,040		$	6,992
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases		199			9
Operating cash flows from operating leases		2,929			3,861
Financing cash flows from finance leases		162			3,358
Right-of-use assets obtained in exchange for new finance lease liabilities		810			-
Right-of-use assets obtained in exchange for new operating lease liabilities		-			146
Weighted-average remaining lease term—finance leases (in years)		3.4
Weighted-average remaining lease term—operating leases (in years)		4.9
Weighted-average discount rate—finance leases		13.4	%
Weighted-average discount rate—operating leases		10.4	%

As of  March 31, 2024, and December 31, 2023, right-of-use assets of $34.5 million and $41.2 million for operating leases and $6.9 million and $6.4 million for finance leases, respectively, are included in net property and equipment in our condensed consolidated balance sheets. Operating lease right-of-use asset amortization is included in revenue equipment rentals and purchased transportation and general supplies and expenses, depending on the underlying asset, in the condensed consolidated statement of operations. Amortization of finance leased assets is included in depreciation and amortization expense in the condensed consolidated statement of operations.

Our future minimum lease payments as of March 31, 2024, are summarized as follows by lease category:

(in thousands)	Operating			Finance
2024 (1)	$	8,943		$	1,768
2025		9,870			1,768
2026		8,399			1,768
2027		7,530			1,768
2028		3,604			1,306
Thereafter		7,211			1,441
Total minimum lease payments	$	45,557		$	9,819
Less: amount representing interest		(9,270	)		(3,095	)
Present value of minimum lease payments	$	36,287		$	6,724
Less: current portion		(8,959	)		(922	)
Lease obligations, long-term	$	27,328		$	5,802

⁽¹⁾ Excludes the three months ended March 31, 2024.