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v3.24.3

LEASES | 9 Months Ended
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Sep. 30, 2024
LEASES |
LEASES | 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 | ​ | Nine Months Ended | ​
​ | ​ | September 30 | ​ | September 30 | ​
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023 |
​ | ​ | (in thousands) | ​
Operating lease expense | ​ | $ | 10,936 | ​ | $ | 9,880 | ​ | $ | 31,954 | ​ | $ | 29,094 | ​
Variable lease expense | ​ | ​ | 1,893 | ​ | ​ | 1,792 | ​ | ​ | 5,512 | ​ | ​ | 5,094 | ​
Sublease income | ​ | ​ | (651) | ​ | ​ | (49) | ​ | ​ | (2,025) | ​ | ​ | (168) | ​
Total operating lease expense(1) | ​ | $ | 12,178 | ​ | $ | 11,623 | ​ | $ | 35,441 | ​ | $ | 34,020 | ​
(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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended | ​
​ | ​ | September 30 | ​
​ |  | 2024 |  | 2023 |
​ | ​ | (in thousands) | ​
Noncash change in operating right-of-use assets | ​ | $ | 25,152 | ​ | $ | 25,836 | ​
Cash payments to obtain right-of-use assets | ​ | ​ | (7,752) | ​ | ​ | — | ​
Change in operating lease liabilities | ​ | ​ | (24,488) | ​ | ​ | (22,550) | ​
Operating right-of-use-assets and lease liabilities, net | ​ | $ | (7,088) | ​ | $ | 3,286 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash paid for amounts included in the measurement of operating lease liabilities | ​ | $ | (31,291) | ​ | $ | (25,738) | ​
​ Maturities of operating lease liabilities at September 30, 2024, were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Equipment | ​
​ | ​ | ​ | ​ | ​ | Land and | ​ | and | ​
​ |  | Total |  | Structures(1) |  | Other |
​ |  | (in thousands) | ​
Remainder of 2024 | ​ | $ | 10,823 | ​ | $ | 10,823 | ​ | $ | — | ​
2025 | ​ |  | 41,892 | ​ |  | 41,869 | ​ |  | 23 | ​
2026 | ​ |  | 39,170 | ​ |  | 39,170 | ​ |  | — | ​
2027 | ​ |  | 32,596 | ​ |  | 32,596 | ​ |  | — | ​
2028 | ​ |  | 29,114 | ​ |  | 29,114 | ​ |  | — | ​
Thereafter | ​ |  | 116,436 | ​ |  | 116,436 | ​ |  | — | ​
Total lease payments | ​ | ​ | 270,031 | ​ | ​ | 270,008 | ​ | ​ | 23 | ​
Less imputed interest | ​ | ​ | (44,858) | ​ | ​ | (44,858) | ​ | ​ | — | ​
Total | ​ | $ | 225,173 | ​ | $ | 225,150 | ​ | $ | 23 | ​
(1) | Excludes future minimum lease payments for leases which were executed but had not yet commenced as of September 30, 2024, totaling $2.8 million, which will be paid over approximately 7 years.
​ Lease Impairment Charges ​ As previously disclosed in the Company’s 2023 Form 10-K, during the third quarter of 2023, the Company evaluated for impairment certain long-lived operating right-of-use assets that were made available for sublease. After determining the carrying values of these asset groups were not recoverable, impairment was measured and $30.2 million in lease impairment charges were recognized as a component of operating expenses for the amount by which the carrying value exceeded the fair value of the asset groups. To estimate the fair value of the asset groups, the Company relied on a discounted cash flow method utilizing market-participant discount rates estimated with Level 3 inputs (see Note B). The Company determined the right-of-use assets and leasehold improvements are not or will not be abandoned, as these properties have been subleased or are available to sublease, and the right-of-use assets will continue to be classified as held and used.

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- 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
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