LEASES

3 Months Ended

Mar. 31, 2025

LEASES

LEASES

NOTE E – 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
	2025		2024
	(in thousands)
Operating lease expense	$	11,137	$	10,276
Variable lease expense		2,049		1,681
Sublease income		(997)		(646)
Total operating lease expense	$	12,189	$	11,311

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

	Three Months Ended
	March 31
	2025		2024
	(in thousands)
Noncash change in operating right-of-use assets	$	8,478	$	8,618
Cash payments to obtain right-of-use assets		(11,500)		(7,752)
Change in operating lease liabilities		(8,565)		(8,576)
Changes in operating right-of-use assets and lease liabilities, net	$	(11,587)	$	(7,710)
Supplemental cash flow information
Cash paid for amounts included in the measurement of operating lease liabilities	$	11,225	$	10,226
Right-of-use assets obtained in exchange for operating lease liabilities	$	32,909	$	5,694

Maturities of operating lease liabilities at March 31, 2025, were as follows:

	Operating
	Lease
	Liabilities
	(in thousands)
Remainder of 2025	$	33,946
2026		42,866
2027		38,253
2028		34,690
2029		29,778
Thereafter		127,822
Total lease payments		307,355
Less imputed interest		(58,669)
Total	$	248,686