Leases

6 Months Ended

Jun. 30, 2022

Leases

Leases

6.        Leases

We have operating and finance leases with terms of 1 year to 16 years for certain revenue and service equipment and office and terminal facilities.

The table below presents the lease-related assets and liabilities recorded on the balance sheet (in thousands):

Leases	Classification	June 30, 2022
Assets
Operating	Operating lease right-of-use assets	$	292,373
Finance	Property and equipment, net		7,193
Total leased assets		$	299,566
Liabilities
Current
Operating	Current portion of operating lease liabilities	$	92,833
Finance	Current maturities of long-term debt and finance leases		1,771
Noncurrent
Operating	Noncurrent operating lease liabilities		201,784
Finance	Long-term debt and finance leases, net of current maturities		6,144
Total lease liabilities		$	302,532

The table below presents certain information related to the lease costs for finance and operating leases (in thousands):

		Three Months Ended				Six Months Ended
		June 30,				June 30,
Lease Cost	Classification	2022		2021		2022		2021
Operating lease cost	Vehicle rents and General and other operating	$	25,905	$	23,172	$	52,270	$	46,263
Finance lease cost:
Amortization of finance lease assets	Depreciation and amortization		470		543		671		971
Interest on lease liabilities	Interest expense		112		163		227		271
Short-term lease cost	Vehicle rents and General and other operating		373		1,220		783		2,563
Total lease cost		$	26,860	$	25,098	$	53,951	$	50,068

	Six Months Ended
	June 30,
Cash Flow Information	2022		2021
Cash paid for operating leases included in operating activities	$	52,270	$	46,263
Cash paid for finance leases included in operating activities	$	227	$	271
Cash paid for finance leases included in financing activities	$	778	$	1,082
Operating lease right-of-use assets obtained in exchange for lease obligations	$	51,408	$	15,148

Noncash lease expense was $53.2 million and $46.4 million during the six months ended June 30, 2022 and 2021, respectively.

	June 30, 2022
	Weighted‑Average	Weighted-
	Remaining Lease	Average
Lease Term and Discount Rate	Term (years)	Discount Rate
Operating leases	4.8	3.9	%
Finance leases	7.7	5.5	%
	June 30, 2021
	Weighted‑Average	Weighted-
	Remaining Lease	Average
Lease Term and Discount Rate	Term (years)	Discount Rate
Operating leases	4.9	4.0	%
Finance leases	8.2	5.9	%

As of June 30, 2022, future maturities of lease liabilities were as follows (in thousands):

	June 30, 2022
	Finance		Operating
2022	$	2,107	$	51,918
2023		1,745		92,258
2024		721		62,358
2025		576		42,538
2026		592		23,958
Thereafter		3,737		54,975
		9,478		328,005
Less: Amount representing interest		(1,563)		(33,388)
Total	$	7,915	$	294,617

We lease tractors to independent contractors under operating leases and recognized lease income under these leases of $4.7 million and $6.8 million for the three months ended June 30, 2022 and 2021, respectively and $9.3 million and $14.7 million for the six months ended June 30, 2022 and 2021, respectively.

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