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LEASES
6 Months Ended
Jun. 30, 2023
LEASES  
LEASES

NOTE F – LEASES

The Company has operating lease arrangements for certain facilities and revenue equipment used in the Asset-Based and Asset-Light segment operations and certain other facilities and office equipment.

The components of operating lease expense were as follows:

Three Months Ended 

Six Months Ended 

June 30

June 30

    

2023

    

2022

    

2023

    

2022

 

(in thousands)

Operating lease expense

$

10,048

$

7,367

$

19,214

$

14,450

Variable lease expense

1,762

1,068

3,302

2,044

Sublease income

(5)

(97)

(119)

(258)

Total operating lease expense(1)

$

11,805

$

8,338

$

22,397

$

16,236

(1)Operating lease expense excludes short-term leases with a term of 12 months or less.

The operating cash flows from operating lease activity were as follows:

Six Months Ended 

June 30

2023

2022

 

(in thousands)

Noncash change in operating right-of-use assets

$

15,283

$

12,810

Change in operating lease liabilities

(12,224)

(12,696)

Operating right-of-use-assets and lease liabilities, net

$

3,059

$

114

Cash paid for amounts included in the measurement of operating lease liabilities

$

(16,158)

$

(14,334)

Maturities of operating lease liabilities at June 30, 2023, were as follows:

Equipment

Land and

and

    

Total

    

Structures(1)

    

Other

 

 

(in thousands)

Remainder of 2023

$

19,302

$

19,106

$

196

2024

 

37,430

 

37,113

 

317

2025

 

33,529

 

33,506

 

23

2026

 

30,564

 

30,564

 

2027

 

24,262

 

24,262

 

Thereafter

 

95,941

 

95,941

 

Total lease payments

241,028

240,492

536

Less imputed interest

(35,836)

(35,821)

(15)

Total

$

205,192

$

204,671

$

521

(1)Excludes future minimum lease payments for leases which were executed but had not yet commenced as of June 30, 2023, totaling $50.8 million, which will be paid over approximately 10 years.