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Leases | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
Leases | LEASES We have entered into operating leases primarily for real estate. The leases have terms which range from 1 year to 18 years, and some include options to renew. Renewal terms are included in the lease term when it is reasonably certain that we will exercise the option to renew. Operating leases are included in other non-current assets, other current liabilities and other long-term liabilities on the consolidated balance sheets. These assets and liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date, using our incremental borrowing rate because the rate implicit in each lease is not readily determinable. We have certain contracts for real estate that may contain lease and non-lease components which we have elected to treat as a single lease component. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Variable lease expense is recognized in the period in which the obligation for those payments is incurred. Lease expense is reported in rent and purchased transportation on the consolidated statements of income. The following table presents balance sheet and other operating lease information (dollars in thousands):
| December 31,
| 2021 |  | 2020
Balance Sheet Classification |  |  |
Right-of-use assets (recorded in other non-current assets) | $ | 28,458 |  |  | $ | 9,951 |
Current lease liabilities (recorded in other current liabilities) | $ | 6,380 |  |  | $ | 3,421 |
Long-term lease liabilities (recorded in other long-term liabilities) | 22,634 |  |  | 6,949 |
Total operating lease liabilities | $ | 29,014 |  |  | $ | 10,370 |
Other Information |  |  |
Weighted-average remaining lease term for operating leases | 7.63 years |  | 3.82 years
Weighted-average discount rate for operating leases | 2.7 | % |  | 3.3 | %
The following table presents the maturities of operating lease liabilities as of December 31, 2021 (in thousands):
Maturity of Lease Liabilities |
2022 | $ | 7,048 |
2023 | 5,638 |
2024 | 4,681 |
2025 | 3,882 |
2026 | 2,739 |
Thereafter | 8,077 |
Total undiscounted operating lease payments | $ | 32,065 |
Less: Imputed interest | (3,051) |
Present value of operating lease liabilities | $ | 29,014 |
Cash Flows An initial right-of-use asset of $8.7 million was recognized as a non-cash asset addition with the adoption of the new lease accounting standard on January 1, 2019. During the years ended December 31, 2021, 2020, and 2019, additional right-of-use assets of $8.2 million, $2.8 million, and $6.1 million, respectively, were recognized as non-cash asset additions that resulted from new operating lease liabilities, and we acquired right-of-use assets of $15.6 million as a result of our business acquisitions during the year ended December 31, 2021. Cash paid for amounts included in the present value of operating lease liabilities was $4.6 million, $3.9 million, and $3.8 million during the years ended December 31, 2021, 2020, and 2019, respectively, and are included in operating cash flows. Operating Lease Expense Operating lease expense was $15.7 million, $10.1 million, and $8.5 million during the years ended December 31, 2021, 2020, and 2019, respectively. This expense included $4.8 million for long-term operating leases for the year ended December 31, 2021 and $3.8 million for both years ended December 31, 2020 and 2019, with the remainder for variable and short-term lease expense. Lessor Operating Leases We are the lessor of tractors and trailers under operating leases with initial terms of 2 to 10 years. We recognize revenue for such leases on a straight-line basis over the term of the lease. Revenues for the years ended December 31, 2021, 2020, and 2019 were $11.7 million, $12.6 million, and $13.9 million, respectively. The following table presents information about the maturities of these operating leases as of December 31, 2021 (in thousands):
2022 | $ | 7,468 |
2023 | 358 |
2024 | — |
2025 | — |
2026 | — |
Thereafter | — |
Total | $ | 7,826 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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