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Leases (Tables)
12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Summary of Lease Costs

The following table summarizes the lease costs (in thousands), which are included in transportation costs and general and administrative costs in the accompanying consolidated statement of income:

 

Years Ended December 31,

 

 

2022

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

Amortization of finance right-of-use assets

$

2,075

 

 

$

2,304

 

 

$

2,309

 

Interest on finance lease liabilities

 

13

 

 

 

29

 

 

 

135

 

Finance lease cost

 

2,088

 

 

 

2,333

 

 

 

2,444

 

 

 

 

 

 

 

 

 

 

Operating lease cost

 

21,232

 

 

 

12,343

 

 

 

10,946

 

Short-term lease cost

 

379

 

 

 

171

 

 

 

238

 

Sublease income

 

(251

)

 

 

(327

)

 

 

(469

)

Total lease cost

$

23,448

 

 

$

14,520

 

 

$

13,159

 

 

Schedule of Maturity of Operating and Finance Leases Liabilities

The following table represents the maturity of operating and finance lease liabilities (in thousands):

 

 

December 31, 2022

 

Operating Leases

 

 

Finance Leases

 

 

Total

 

 

Year 1

$

33,547

 

 

$

1,179

 

 

$

34,726

 

 

Year 2

 

29,618

 

 

 

-

 

 

 

29,618

 

 

Year 3

 

24,081

 

 

 

-

 

 

 

24,081

 

 

Year 4

 

16,300

 

 

 

-

 

 

 

16,300

 

 

Year 5

 

9,136

 

 

 

-

 

 

 

9,136

 

 

Thereafter

 

5,618

 

 

 

-

 

 

 

5,618

 

 

Total

 

118,300

 

 

 

1,179

 

 

 

119,479

 

 

Imputed interest

 

10,196

 

 

 

4

 

 

 

10,200

 

 

Present value of lease payments

 

108,104

 

 

 

1,175

 

 

 

109,279

 

 

Less: current lease liabilities

 

29,547

 

 

 

1,175

 

 

 

30,722

 

 

Long-term lease liabilities

$

78,557

 

 

$

-

 

 

$

78,557

 

 

 

 

 

December 31, 2021

 

Operating Leases

 

 

Finance Leases

 

 

Total

 

 

Year 1

$

12,253

 

 

$

1,257

 

 

$

13,510

 

 

Year 2

 

9,904

 

 

 

-

 

 

 

9,904

 

 

Year 3

 

8,133

 

 

 

-

 

 

 

8,133

 

 

Year 4

 

6,842

 

 

 

-

 

 

 

6,842

 

 

Year 5

 

5,320

 

 

 

-

 

 

 

5,320

 

 

Thereafter

 

6,436

 

 

 

-

 

 

 

6,436

 

 

Total

 

48,888

 

 

 

1,257

 

 

 

50,145

 

 

Imputed interest

 

2,608

 

 

 

6

 

 

 

2,614

 

 

Present value of lease payments

 

46,280

 

 

 

1,251

 

 

 

47,531

 

 

Less: current lease liabilities

 

11,364

 

 

 

1,251

 

 

 

12,615

 

 

Long-term lease liabilities

$

34,916

 

 

$

-

 

 

$

34,916

 

 

Summary of Supplemental Cash Flow and Noncash Information

The following table presents supplemental cash flow and noncash information related to leases:

 

 

Years Ended December 31,

 

 

2022

 

 

2021

 

 

2020

 

Operating cash flows from operating leases

$

19,135

 

 

$

11,523

 

 

$

9,419

 

Financing cash flows from finance leases

 

2,093

 

 

 

2,682

 

 

 

3,066

 

Operating cash flows from finance leases

 

13

 

 

 

29

 

 

 

135

 

Cash paid for lease liabilities

$

21,241

 

 

$

14,234

 

 

$

12,620

 

 

 

 

 

 

 

 

 

 

Right-of-use assets obtained in exchange for new

$

(2,017

)

 

$

(72

)

 

$

(71

)

  financing lease liabilities (net of disposals)

 

 

 

 

 

 

 

 

Rights-of-use assets obtained in exchange for new

$

77,178

 

 

$

11,684

 

 

$

17,875

 

  operating lease liabilities (net of disposals)

 

 

 

 

 

 

 

 

Summary Of Weighted Average Remaining Lease Term and Discount Rates

The weighted average remaining lease term and discount rates as of December 31, are as follows (in thousands):

 

 

December 31, 2022

 

December 31, 2021

 

Weighted average remaining lease term — finance leases

0.6 years

 

0.6 years

 

Weighted average remaining lease term — operating leases

4.06 years

 

5.11 years

 

 

 

 

 

 

Weighted average discount rate — finance leases

1.20%

 

1.56%

 

Weighted average discount rate — operating leases

4.51%

 

2.14%