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Lease Obligations
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Operating Leases Lease Obligations
Operating lease right-of-use assets associated with terminal leases and revenue equipment was $1.6 million and $7.9 million as of December 31, 2025 and 2024, respectively. The revenue equipment operating lease right-of-use assets are Smith Transport leases entered into before the May 31, 2022 acquisition. The equipment and property operating leases have a weighted average interest rate of 5.1% at December 31, 2025, due in monthly installments with final maturities at various dates ranging from January 2026 to April 2027 with the weighted average remaining lease term of 1.2 years. See Note 5 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:

202520242023
(in thousands)
Operating lease cost$6,371 $9,945 $12,903 
Finance lease interest expense350 746 1,048 
Finance lease equipment depreciation1,050 3,310 8,825 
Total finance lease cost$1,400 $4,056 $9,873 
Total operating and finance lease cost$7,771 $14,001 $22,776 

Our future minimum lease payments as of December 31, 2025, are summarized as follows by lease category:

(in thousands)OperatingFinance
20261,381 3,840 
2027320 — 
2028— — 
2029— — 
2030— — 
Thereafter— — 
Total minimum lease payments$1,701 $3,840 
Less: future payment amount for interest54 40 
Present value of minimum lease payments$1,647 $3,800 
Less: current portion1,330 3,800 
Lease obligations, long-term$317 $—