Leases

9 Months Ended

Sep. 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	September 30, 2022
Assets
Operating	Operating lease right-of-use assets	$	317,530
Finance	Property and equipment, net		7,343
Total leased assets		$	324,873
Liabilities
Current
Operating	Current portion of operating lease liabilities	$	101,213
Finance	Current maturities of long-term debt and finance leases		1,989
Noncurrent
Operating	Noncurrent operating lease liabilities		218,070
Finance	Long-term debt and finance leases, net of current maturities		6,072
Total lease liabilities		$	327,344

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

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
Lease Cost	Classification	2022		2021		2022		2021
Operating lease cost	Vehicle rents and General and other operating	$	27,437	$	23,255	$	79,707	$	69,518
Finance lease cost:
Amortization of finance lease assets	Depreciation and amortization		430		355		1,101		1,326
Interest on lease liabilities	Interest expense		109		117		336		388
Short-term lease cost	Vehicle rents and General and other operating		553		1,399		1,336		3,962
Total lease cost		$	28,529	$	25,126	$	82,480	$	75,194

	Nine Months Ended
	September 30,
Cash Flow Information	2022		2021
Cash paid for operating leases included in operating activities	$	79,707	$	69,518
Cash paid for finance leases included in operating activities	$	335	$	388
Cash paid for finance leases included in financing activities	$	554	$	1,538
Operating lease right-of-use assets obtained in exchange for lease obligations	$	108,855	$	48,959

Noncash lease expense was $80.2 million and $70.6 million during the nine months ended September 30, 2022 and 2021, respectively.

	September 30, 2022
	Weighted‑Average	Weighted-
	Remaining Lease	Average
Lease Term and Discount Rate	Term (years)	Discount Rate
Operating leases	4.6	4.2	%
Finance leases	7.3	5.4	%
	September 30, 2021
	Weighted‑Average	Weighted-
	Remaining Lease	Average
Lease Term and Discount Rate	Term (years)	Discount Rate
Operating leases	4.8	3.9	%
Finance leases	8.1	4.7	%

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

	September 30, 2022
	Finance		Operating
2022	$	2,315	$	28,787
2023		1,606		106,139
2024		881		76,167
2025		580		56,214
2026		596		34,596
Thereafter		3,595		53,923
		9,573		355,826
Less: Amount representing interest		(1,512)		(36,543)
Total	$	8,061	$	319,283

We lease tractors to independent contractors under operating leases and recognized lease income under these leases of $4.6 million and $5.7 million for the three months ended September 30, 2022 and 2021, respectively and $13.9 million and $20.4 million for the nine months ended September 30, 2022 and 2021, respectively.