LEASES

3 Months Ended

Mar. 31, 2024

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
	March 31
	2024		2023
	(in thousands)
Operating lease expense	$	10,276	$	9,166
Variable lease expense		1,681		1,540
Sublease income		(646)		(114)
Total operating lease expense(1)	$	11,311	$	10,592

(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:

	Three Months Ended
	March 31
	2024		2023
	(in thousands)
Noncash change in operating right-of-use assets	$	8,618	$	7,485
Cash payments to obtain right-of-use assets		(7,752)		—
Change in operating lease liabilities		(8,576)		(5,915)
Operating right-of-use-assets and lease liabilities, net	$	(7,710)	$	1,570
Cash paid for amounts included in the measurement of operating lease liabilities	$	(10,226)	$	(7,596)

Maturities of operating lease liabilities at March 31, 2024, were as follows:

					Equipment
			Land and		and
	Total		Structures(1)		Other
	(in thousands)
Remainder of 2024	$	30,278	$	30,085	$	193
2025		37,922		37,899		23
2026		34,746		34,746		—
2027		28,069		28,069		—
2028		24,584		24,584		—
Thereafter		87,556		87,556		—
Total lease payments		243,155		242,939		216
Less imputed interest		(37,084)		(37,081)		(3)
Total	$	206,071	$	205,858	$	213

(1) Excludes future minimum lease payments for leases which were executed but had not yet commenced as of March 31, 2024, totaling $28.8 million, which will be paid over approximately 10 years.