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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | NOTE 11. Leases In accordance with ASC 842, “Leases,” (“ASC 842”) which requires lessees to recognize a right-of-use asset (“ROU”) and a lease obligation for all leases, we made an accounting policy election to not recognize an asset and liability for leases with a term of twelve months or less. As of December 31, 2024, we recorded $234.7 million of ROU assets and $244.1 million of lease liabilities on our consolidated balance sheet. As of December 31, 2023, we recorded $213.3 million of ROU assets and $224.8 million of lease liabilities on our consolidated balance sheet. The lease liabilities recognized are measured based upon the present value of minimum future payments. The ROU assets are equal to lease liabilities upon initial recording, adjusted for prepaid and accrued rent balances which are recorded in the Consolidated Balance Sheets. We currently do not have any variable lease payments that depend on an index or a rate (such as the Consumer Price Index or a market interest rate). Some leases have options to extend or terminate the agreement, which management assesses in determining the estimated lease term. If any of the options to extend a lease are exercised, this change will be reflected as a remeasurement of the ROU asset and lease liability accordingly. As of December 31, 2024, the ROU asset and lease liabilities do not reflect any options to extend or terminate a lease as management is not reasonably certain it will exercise any of these options. Also, current leases do not contain any restrictions or covenants imposed by the leases or residual value guarantees. As of December 31, 2024, we signed new property lease contracts which had not commenced. Based on the present value of the lease payments, the estimated ROU assets and lease liabilities related to these contracts will total approximately $2.8 million. Discount rates are not specified on the individual lease contracts at the commencement date. To determine the present value of the lease payments, we used our incremental borrowing rate which was determined based on our credit standing and factoring in the current 12-month SOFR rate published at the time of the lease commencement. This incremental borrowing rate represents the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term and amounts equal to the lease payments in a similar economic environment. 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, |
| 2024 |  |  | 2023 |  |  | 2022 |
Amortization of finance right-of-use assets | $ | 1,701 |  |  | $ | 2,650 |  |  | $ | 2,075 |
Interest on finance lease liabilities |  | 70 |  |  |  | 194 |  |  |  | 13 |
Finance lease cost |  | 1,771 |  |  |  | 2,844 |  |  |  | 2,088 |
Operating lease cost |  | 60,821 |  |  |  | 48,868 |  |  |  | 21,232 |
Short-term lease cost |  | 1,471 |  |  |  | 300 |  |  |  | 379 |
Sublease income |  | (1,283 | ) |  |  | (1,051 | ) |  |  | (251 | )
Total lease cost | $ | 62,780 |  |  | $ | 50,961 |  |  | $ | 23,448 |
The following table represents the maturity of operating and finance lease liabilities (in thousands):
| December 31, 2024
| Operating Leases |  |  | Finance Leases |  |  | Total |  |
Year 1 | $ | 58,769 |  |  | $ | 689 |  |  | $ | 59,458 |  |
Year 2 |  | 55,418 |  |  |  | 303 |  |  |  | 55,721 |  |
Year 3 |  | 47,061 |  |  |  | 32 |  |  |  | 47,093 |  |
Year 4 |  | 39,991 |  |  |  | - |  |  |  | 39,991 |  |
Year 5 |  | 35,804 |  |  |  | - |  |  |  | 35,804 |  |
Thereafter |  | 50,132 |  |  |  | - |  |  |  | 50,132 |  |
Total |  | 287,175 |  |  |  | 1,024 |  |  |  | 288,199 |  |
Imputed interest |  | 44,019 |  |  |  | 31 |  |  |  | 44,050 |  |
Present value of lease payments |  | 243,156 |  |  |  | 993 |  |  |  | 244,149 |  |
Less: current lease liabilities |  | 45,492 |  |  |  | 663 |  |  |  | 46,155 |  |
Long-term lease liabilities | $ | 197,664 |  |  | $ | 330 |  |  | $ | 197,994 |  |
| December 31, 2023
| Operating Leases |  |  | Finance Leases |  |  | Total |  |
Year 1 | $ | 55,516 |  |  | $ | 1,619 |  |  | $ | 57,135 |  |
Year 2 |  | 49,997 |  |  |  | 558 |  |  |  | 50,555 |  |
Year 3 |  | 41,650 |  |  |  | 303 |  |  |  | 41,953 |  |
Year 4 |  | 33,067 |  |  |  | 32 |  |  |  | 33,099 |  |
Year 5 |  | 26,363 |  |  |  | - |  |  |  | 26,363 |  |
Thereafter |  | 54,863 |  |  |  | - |  |  |  | 54,863 |  |
Total |  | 261,456 |  |  |  | 2,512 |  |  |  | 263,968 |  |
Imputed interest |  | 39,067 |  |  |  | 68 |  |  |  | 39,135 |  |
Present value of lease payments |  | 222,389 |  |  |  | 2,444 |  |  |  | 224,833 |  |
Less: current lease liabilities |  | 44,690 |  |  |  | 1,579 |  |  |  | 46,269 |  |
Long-term lease liabilities | $ | 177,699 |  |  | $ | 865 |  |  | $ | 178,564 |  |
The following table presents supplemental cash flow and noncash information related to leases:
| Years Ended December 31, |
| 2024 |  |  | 2023 |  |  | 2022 |
Operating cash flows from operating leases | $ | 44,163 |  |  | $ | 36,073 |  |  | $ | 19,135 |
Financing cash flows from finance leases |  | 1,693 |  |  |  | 2,708 |  |  |  | 2,093 |
Operating cash flows from finance leases |  | 70 |  |  |  | 194 |  |  |  | 13 |
Cash paid for lease liabilities | $ | 45,926 |  |  | $ | 38,975 |  |  | $ | 21,241 |
Right-of-use assets obtained in exchange for new | $ | (240 | ) |  | $ | (3,978 | ) |  | $ | (2,017 | )
financing lease liabilities (net of disposals) |  |  |  |  |  |  |  |
Rights-of-use assets obtained in exchange for new | $ | 70,525 |  |  | $ | 133,358 |  |  | $ | 77,178 |
operating lease liabilities (net of disposals) |  |  |  |  |  |  |  |
The weighted average remaining lease term and discount rates as of December 31, are as follows (in thousands):
| December 31, 2024 |  | December 31, 2023 |
Weighted average remaining lease term — finance leases | 2.17 years |  | 2.14 years |
Weighted average remaining lease term — operating leases | 5.38 years |  | 5.66 years |
Weighted average discount rate — finance leases | 3.83% |  | 4.29% |
Weighted average discount rate — operating leases | 5.86% |  | 5.47% |

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