Leases

12 Months Ended

Dec. 31, 2021

4. Leases

The Company’s leases include but are not limited to real estate, including terminals and general office buildings, trailers, corporate fleet vehicles and other equipment. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term.

As of December 31, 2021 and 2020, approximately $85.1 million and $100.1 million, respectively, of finance leased assets, net of depreciation and amortization, were included in property and equipment. Accumulated depreciation and amortization for these assets totaled $53.5 million and $48.7 million as of the same periods ended.

A summary of the lease costs for the years ended December 31, 2021 and 2020 follows:

	2021		2020
Finance lease cost:	(in thousands)
Amortization of right-of-use assets	$	11,170	$	11,290
Interest on lease liabilities		2,166		2,780
Operating lease cost (includes variable and sublease costs as they are immaterial)		28,859		27,960
Short-term lease cost		8,322		6,355
Total lease cost	$	50,517	$	48,385

Other Information
Right-of-use assets obtained in exchange for new finance lease liabilities		—		—
Right-of-use assets obtained in exchange for new operating lease liabilities		18,148		33,396

The discount rate used in the Company's calculation of its right-of-use assets and corresponding lease liabilities was determined based on the stated rate within each contract when available, or its incremental borrowing rate, which approximates the rate at which the Company could borrow, on a collateralized basis, over the term of a lease. Supplemental cash flow and balance sheet information related to leases was as follows:

	2021			2020
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from finance leases	$	2,178		$	2,780
Operating cash outflows from operating leases		28,908			27,660
Financing cash outflows from finance leases		20,571			19,525
Weighted-average remaining lease term - finance leases (years)		2.5			3.2
Weighted-average remaining lease term - operating leases (years)		5.6			6.3
Weighted-average discount rate - finance leases		3.55	%		3.48	%
Weighted-average discount rate - operating leases		4.5	%		4.7	%

As of December 31, 2021, maturities of lease liabilities were as follows:

	Operating Leases		Finance Leases
Maturity of Lease Liabilities	(in thousands)
2022	$	26,043	$	20,956
2023		24,658		15,409
2024		20,840		10,606
2025		16,145		5,453
2026		12,624		919
Thereafter		26,106		-
Total lease payments		126,416		53,343
Less: Interest		16,442		2,939
Present value of lease liabilities	$	109,974	$	50,404