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LEASES

6 Months Ended

Jun. 30, 2024

NOTE F – LEASES

The Company has operating lease arrangements for certain facilities and revenue equipment used in the Asset-Based and Asset-Light segment operations and certain other facilities and office equipment.

The components of operating lease expense were as follows:


	Three Months Ended				Six Months Ended
	June 30				June 30
	2024		2023		2024		2023

	(in thousands)
Operating lease expense	$	10,742	$	10,048	$	21,018	$	19,214
Variable lease expense		1,938		1,762		3,619		3,302
Sublease income		(728)		(5)		(1,374)		(119)
Total operating lease expense⁽¹⁾	$	11,952	$	11,805	$	23,263	$	22,397

(1)	Operating lease expense excludes short-term leases with a term of 12 months or less.

The operating cash flows from operating lease activity were as follows:


	Six Months Ended
	June 30
	2024		2023

	(in thousands)
Noncash change in operating right-of-use assets	$	16,971	$	15,283
Cash payments to obtain right-of-use assets		(7,752)		—
Change in operating lease liabilities		(16,481)		(12,224)
Operating right-of-use-assets and lease liabilities, net	$	(7,262)	$	3,059

Cash paid for amounts included in the measurement of operating lease liabilities	$	(20,518)	$	(16,158)

Maturities of operating lease liabilities at June 30, 2024, were as follows:


					Equipment
			Land and		and
	Total		Structures⁽¹⁾		Other

	(in thousands)
Remainder of 2024	$	21,067	$	20,970	$	97
2025		40,059		40,036		23
2026		36,966		36,966		—
2027		30,369		30,369		—
2028		26,945		26,945		—
Thereafter		105,455		105,455		—
Total lease payments		260,861		260,741		120
Less imputed interest		(42,550)		(42,548)		(2)
Total	$	218,311	$	218,193	$	118

(1)	Excludes future minimum lease payments for leases which were executed but had not yet commenced as of June 30, 2024, totaling $18.7 million, which will be paid over approximately 9 years.