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Lease Obligations
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Operating Leases Lease Obligations
During 2023 we sold multiple properties for a combined $25.6 million gain. In separate transactions related to the respective sales, we entered into operating lease agreements, each with a base term of two years. The right-of-use assets associated with terminal leases was $4.8 million and $9.4 million as of December 31, 2024 and 2023, respectively.

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 $3.1 million and $8.1 million as of December 31, 2024 and 2023, respectively. The equipment and property operating leases have a weighted average interest rate of 5.2% at December 31, 2024, due in monthly installments with final maturities at various dates ranging from February 2025 to April 2027 with the weighted average remaining lease term of 1.4 years. See Note 6 Long-Term Debt for additional details on the finance leases.

Operating lease cost is recorded in rent and purchased transportation, finance lease interest expense is recorded in interest expense, and finance lease equipment depreciation is recorded in depreciation and amortization within the consolidated statements of comprehensive income.

The components of the Company's lease cost were as follows:

202420232022
(in thousands)
Operating lease cost$9,945 $12,903 $9,718 
Finance lease interest expense746 1,048 772 
Finance lease equipment depreciation3,310 8,825 4,733 
Total finance lease cost$4,056 $9,873 $5,505 
Total operating and finance lease cost$14,001 $22,776 $15,223 
Our future minimum lease payments as of December 31, 2024, are summarized as follows by lease category:

(in thousands)OperatingFinance
20256,366 7,559 
20261,497 3,840 
2027320 — 
2028— — 
2029— — 
Thereafter— — 
Total minimum lease payments$8,183 $11,399 
Less: future payment amount for interest317 388 
Present value of minimum lease payments$7,866 $11,011 
Less: current portion6,115 7,211 
Lease obligations, long-term$1,751 $3,800