Leases (Tables)

3 Months Ended

9 Months Ended

Sep. 30, 2020

Sep. 30, 2020

Leases [Abstract]

Lease, Cost

The following table provides the components of lease expense for the periods indicated (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Finance lease cost:
Amortization of ROU assets	$	622	$	553	$	1,728	$	1,254
Interest on lease liabilities	70		87		212		214
Operating lease cost	681		675		2,038		2,254
Short-term lease cost	3,085		2,527		7,756		7,355
Total lease expense	$	4,458	$	3,842	$	11,734	$	11,077

The following table provides supplemental cash flow and other information related to leases for the periods indicated (in thousands):

	Nine Months Ended
	September 30,
	2020		2019
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases (1)	$	2,037	$	2,254
Operating cash flows from finance leases	295		197
Financing cash flows from finance leases	1,677		1,171
ROU assets obtained in exchange for new lease liabilities:
Finance leases (2)	1,655		4,148
Operating leases	630		12,006

______________

(1)Amounts are included in Other operating activities on the unaudited condensed consolidated statements of cash flows.

(2)2020 amount consists of a finance lease agreement for 40 trailers with a six year term that we entered into in connection with the CTL acquisition. See Note 6 for further information.

The following table provides the lease terms and discount rates for the periods indicated:

	Nine Months Ended
	September 30,
	2020	2019
Weighted-average remaining lease term (years):
Finance leases	3.18	3.28
Operating leases	4.46	4.98
Weighted-average discount rate:
Finance leases	4.3%	4.9%
Operating leases	4.4%	5.0%

Assets and Liabilities, Lessee

The following table provides supplemental balance sheet information related to leases at the dates indicated (in thousands):

	September 30,		December 31,
	2020		2019
Assets
Finance lease ROU assets (1)	$	6,307	$	6,384
Operating lease ROU assets	8,453		9,576
Liabilities
Current
Finance lease liabilities	2,505		2,167
Operating lease liabilities	2,137		2,252
Noncurrent
Finance lease liabilities	4,011		4,376
Operating lease liabilities	6,314		7,323

______________

(1)Amounts are included in Property and equipment, net on the unaudited condensed consolidated balance sheets.

Lessee, Operating Lease, Liability, Maturity

The following table provides maturities of undiscounted lease liabilities at September 30, 2020 (in thousands):

	Finance		Operating
	Lease		Lease
Remainder of 2020	$	681	$	678
2021	2,723		2,343
2022	1,789		2,002
2023	939		1,821
2024	336		1,700
Thereafter	445		679
Total lease payments	6,913		9,223
Less: Interest	(397)		(772)
Present value of lease liabilities	6,516		8,451
Less: Current portion of lease obligation	(2,505)		(2,137)
Total long-term lease obligation	$	4,011	$	6,314

The following table provides maturities of undiscounted lease liabilities at December 31, 2019 (in thousands):

	Finance		Operating
	Lease		Lease
2020	$	2,426	$	2,660
2021	2,426		2,256
2022	1,492		1,914
2023	642		1,776
2024	37		1,668
Thereafter	—		443
Total lease payments	7,023		10,717
Less: Interest	(480)		(1,142)
Present value of lease liabilities	6,543		9,575
Less: Current portion of lease obligation	(2,167)		(2,252)
Total long-term lease obligation	$	4,376	$	7,323

Finance Lease, Liability, Maturity

The following table provides maturities of undiscounted lease liabilities at September 30, 2020 (in thousands):

	Finance		Operating
	Lease		Lease
Remainder of 2020	$	681	$	678
2021	2,723		2,343
2022	1,789		2,002
2023	939		1,821
2024	336		1,700
Thereafter	445		679
Total lease payments	6,913		9,223
Less: Interest	(397)		(772)
Present value of lease liabilities	6,516		8,451
Less: Current portion of lease obligation	(2,505)		(2,137)
Total long-term lease obligation	$	4,011	$	6,314

The following table provides maturities of undiscounted lease liabilities at December 31, 2019 (in thousands):

	Finance		Operating
	Lease		Lease
2020	$	2,426	$	2,660
2021	2,426		2,256
2022	1,492		1,914
2023	642		1,776
2024	37		1,668
Thereafter	—		443
Total lease payments	7,023		10,717
Less: Interest	(480)		(1,142)
Present value of lease liabilities	6,543		9,575
Less: Current portion of lease obligation	(2,167)		(2,252)
Total long-term lease obligation	$	4,376	$	7,323