The Company has contractual obligations and commitments in the form of finance leases, operating leases and purchase commitments.

At December 31, 2023, the Company was committed under non-cancellable operating lease agreements requiring minimum annual rentals payable as follows (in thousands):


	Amount
2024	$	31,218
2025		28,830
2026		21,977
2027		19,180
2028		16,273
Thereafter		25,100
Total	$	142,578

Rent expense was $37.2 million, $33.4 million, and $31.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. Management expects that in the normal course of business, leases will be renewed or replaced as they expire. Finance and operating leases are discussed further in Note 4.

Purchase commitments related to capital expenditures were $306.6 million at December 31, 2023. These commitments include a commitment to purchase 17 terminals from Yellow Corporation for $235.7 million. In addition to this, the Company was committed to a purchase price of $7.9 million related to the acquisition of 11 terminal leases. See Note 12 for additional information on these transactions. As of December 31, 2023 and 2022, the Company had $50.9 million and $19.5 million, respectively, of capital expenditures accrued for in accounts payable.

The Company is subject to legal proceedings that arise in the ordinary course of its business. Management believes that adequate provisions for resolution of all contingencies, claims and pending litigation have been made for probable and estimable losses and that the ultimate outcome of these actions will not have a material adverse effect on its financial condition but could have a material adverse effect on its results of operations in a given quarter or annual period.