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Lease Obligations
 9 Months Ended
Sep. 30, 2023
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 $1.5 million as of September 30, 2023.

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 $10.0 million as of September 30, 2023. The operating leases have a weighted average interest rate of 3.8% at September 30, 2023, due in monthly installments with final maturities at various dates ranging from November 2023 to March 2026 with the weighted average remaining lease term of 1.8 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 11. Long-Term Debt for additional details on the finance leases.

Our future minimum lease payments as of September 30, 2023, are summarized as follows by lease category:

(in thousands)OperatingFinance
2023 (remaining)$2,663 $3,899 
20246,000 8,201 
20253,003 7,481 
2026150 3,894 
2027— — 
Thereafter— — 
Total minimum lease payments$11,816 $23,475 
Less: future payment amount for interest363 1,263 
Present value of minimum lease payments$11,453 $22,212 
Less: current portion7,520 7,282 
Lease obligations, long-term$3,933 $14,930