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Lease Obligations
 6 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Operating Leases Lease Obligations
In May 2022, the Company completed a sale of an owned terminal property. In a separate transaction related to the sale, we entered into a lease agreement with a base term of two years plus a five-year renewal option with the purchaser. The right-of-use asset associated with the leased terminal facility is $4.7 million as of June 30, 2022.

Smith Transport has revenue equipment operating lease right-of-use assets from leases entered into before the May 31, 2022 acquisition. These right-of-use operating lease assets have a total balance of $24.1 million as of June 30, 2022. The operating leases have a weighted average interest rate of 3.8% at June 30, 2022, due in monthly installments with final maturities at various dates ranging from July 2022 to March 2026 with the weighted average remaining lease term of 2.4 years. Smith Transport also has related party operating leases with the founder of Smith Transport, where Smith Transport is both a lessor and lessee of certain real estate properties. These leases represent an insignificant portion of the right-of-use lease assets discussed above. See Note 12. Long-Term Debt for additional details on the finance leases.

Our future minimum lease payments as of June 30, 2022, are summarized as follows by lease category:

(in thousands)OperatingFinance
2022 (remaining)$8,224 $4,392 
202312,503 13,317 
20246,193 8,329 
20253,003 7,511 
2026151 3,901 
Thereafter— — 
Total minimum lease payments$30,074 $37,450 
Less: future payment amount for interest1,278 2,707 
Present value of minimum lease payments$28,796 $34,743 
Less: current portion14,318 7,544 
Lease obligations, long-term$14,478 $27,199