XML 35 R19.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Note 10 - Leases | 12 Months Ended
--- | ---
Dec. 31, 2023
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] |
10. | Leases
As of December 31, 2023, we had various obligations remaining under operating lease arrangements related primarily to the rental of maintenance and support facilities, cross-dock and delivery system facilities, office space, parking yards and equipment. Many of these leases include one or more options, at our discretion, to renew and extend the agreement beyond the current lease expiration date or to terminate the agreement prior to the lease expiration date. These options are included in the calculation of our operating lease right-of-use asset and liability when it becomes reasonably certain the option will be exercised. Our lease obligations typically do not include options to purchase the leased property, nor do they contain residual value guarantees or material restrictive covenants. Operating leases with an initial term of more than 12 months are included in our Consolidated Balance Sheets as discounted liabilities and corresponding right-of-use assets consisting of the following (in millions):
|  | Asset/(Liability) Balance |
|  | December 31, |
|  | 2023 |  |  | 2022 |
Right-of-use assets |  | $ | 350.2 |  |  | $ | 309.9 |
Lease liabilities, current |  |  | (99.9 | ) |  |  | (86.0 | )
Lease liabilities, long-term |  |  | (252.9 | ) |  |  | (223.5 | )
Right-of-use assets are classified in other assets in our Consolidated Balance Sheets. Operating lease liability, current is classified in other accrued expenses, while operating lease liability, long-term is classified in other long-term liabilities in our Consolidated Balance Sheets. As of December 31, 2023 and 2022, the weighted-average remaining lease term for our outstanding operating lease obligations was 5.0 years and 5.4 years, respectively. As of December 31, 2023 and 2022, the weighted-average discount rate was 3.73% and 2.27%, respectively. Future minimum lease payments under these operating leases as of December 31, 2023, are as follows (in millions):
2024 |  | $ | 101.9 |
2025 |  |  | 90.1 |
2026 |  |  | 66.9 |
2027 |  |  | 47.7 |
2028 |  |  | 29.5 |
Thereafter |  |  | 48.0 |
Total lease payments |  |  | 384.1 |
Less interest |  |  | (31.3 | )
Present value of lease liabilities |  | $ | 352.8 |
During the years ended December 31, 2023, 2022, and 2021, cash paid for amounts included in the measurement of operating lease liabilities was $106.2 million, $87.6 million, and $59.5 million, while $106.8 million, $87.7 million, and $58.6 million of operating lease expense was recognized on a straight-line basis, respectively. Operating lease expense is recorded in general and administrative expenses, net of asset dispositions in our Consolidated Statements of Earnings. During the years ended December 31, 2023, 2022, and 2021, a total of $159.7 million, $213.9 million, and $101.9 million of right-of-use assets were obtained in exchange for new operating lease liabilities, of which, $9.1 million and $28.6 million was obtained through business combinations in 2023 and 2022, respectively.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration