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Leases | 12 Months Ended
--- | ---
Dec. 31, 2024
Leases [Abstract] |
Leases | Leases The Company leases certain land, buildings, equipment and office equipment under finance and operating leases. Equipment includes tractors, straight trucks, forklifts and trailers. Equipment under a finance lease is amortized over the shorter of the lease term or its estimated useful life. The Company subleases certain facilities to independent third parties. Since the Company is not relieved of its obligation under these leases, a right-of-use lease asset and corresponding operating lease liability is recorded. Sublease rental income was $5,457, $2,991 and $2,762 in 2024, 2023 and 2022, respectively. The Company does not recognize a right-of-use asset or lease liability with respect to operating leases with an initial lease term of 12 months or less, and recognizes expense on such leases on a straight-line basis over the lease term. The Company does not account for lease components separately from nonlease components. The Company has certain leases that include one or more options to renew, with renewal periods ranging from one to 25 years. The exercise of the lease renewal options is at the discretion of the Company and is included in the determination of the right-of-use asset and operating lease liability when the option is reasonably certain of being exercised. The depreciable life of right-of-use assets and leasehold improvements is limited by the expected lease term. The Company has certain lease agreements for equipment that include variable rental payments based on estimated mileage. The variable rental payments are adjusted for periodically based on actual mileage. In addition, the Company has certain lease agreements that include variable rental payments that are adjusted periodically for inflation based on the index rate as defined by the applicable government authority. The Company’s leases generally do not provide an implicit rate, and therefore, the Company applies its incremental borrowing rate using information available at lease commencement or modification to determine the present value of lease payments. The incremental borrowing rate is an estimate based on the interest rate the Company would pay to borrow an amount equal to the lease payments on a collateralized basis and over a similar term, within a similar economic environment. The Company’s lease agreements do not contain any residual value guarantees or restrictive covenants. The Company has contracts with Leased Capacity Providers. Since the contracts explicitly identify the tractors operated by the Leased Capacity Providers, the Company determined the contracts contain an embedded lease. The compensation of Leased Capacity Providers, as specified in the contract, is variable based upon a rate per shipm ent and a rate per mile. The variable amounts are excluded from the calculation of the right-of-use lease asset and corresponding operating lease liability and are disclosed as variable lease costs. Variable lease costs related to the embedded leases were $434,689, $409,080 and $440,756, for the years ended December 31, 2024, 2023, and 2022, respectively, and were recorded in “Purchased transportation” in the Consolidated Statements of Comprehensive Income. Total lease assets and liabilities as of December 31, 2024 and 2023 were as follows:
Lease Assets |  | Classification |  | December 31, 2024 |  | December 31, 2023
Operating lease right-of-use assets |  | Operating lease right-of-use assets |  | $ | 410,084 |  |  | $ | 111,552 |
Finance lease assets |  | Property and equipment, net 1 |  | 44,363 |  |  | 38,015 |
| Total leased assets |  |  |  | $ | 454,447 |  |  | $ | 149,567 |
Lease Liabilities |  | Classification |  | December 31, 2024 |  | December 31, 2023
Current: |  |  |  |  |  |
Operating |  | Current portion of operating lease liabilities |  | $ | 96,440 |  |  | $ | 44,344 |
Finance |  | Current portion of debt and finance lease obligations |  | 16,930 |  |  | 12,645 |
Noncurrent: |  |  |  |  |  |
Operating |  | Operating lease liabilities, less current portion |  | 325,640 |  |  | 71,598 |
Finance |  | Finance lease obligations, less current portion |  | 30,858 |  |  | 26,736 |
| Total leased liabilities |  |  |  | $ | 469,868 |  |  | $ | 155,323 |
1 Finance lease assets are recorded net of accumulated depreciation of $30,805 a nd $22,051 as of December 31, 2024 and 2023, respectively.
Total lease cost for 2024 and 2023 was as follows:
|  |  |  | Year Ended |
|  | Classification |  | December 31, 2024 |  | December 31, 2023 |
Operating lease cost |  | Operating leases |  | $ | 122,854 |  |  | $ | 54,604 |  |
Short-term lease cost |  | Operating leases |  | 14,623 |  |  | 13,672 |  |
Variable lease cost |  | Purchased transportation, operating leases and other operating expenses |  | 434,689 |  |  | 428,385 |  |
Sublease income |  | Operating revenue |  | (5,457) |  |  | (2,991) |  |
Finance lease cost: |  |  |  |  |  |  |
Amortization of leased assets |  | Depreciation and amortization |  | 20,194 |  |  | 11,102 |  |
Interest on leased liabilities |  | Interest expense, net |  | 3,383 |  |  | 1,395 |  |
Total lease cost |  |  |  | $ | 590,286 |  |  | $ | 506,167 |  |
Future minimum lease payments under noncancelable operating and finance leases with remaining terms greater than one year as of December 31, 2024 were as follows:
|  | Operating Leases |  | Finance Leases
2025 |  | 120,844 |  |  | 19,414 |
2026 |  | 102,130 |  |  | 15,772 |
2027 |  | 78,133 |  |  | 11,305 |
2028 |  | 64,976 |  |  | 4,509 |
2029 |  | 53,885 |  |  | 758 |
Thereafter |  | 81,821 |  |  | 184 |
Total minimum lease payments |  | 501,789 |  |  | 51,942 |
Less: imputed interest |  | (79,709) |  |  | (4,154) |
Present value of future minimum lease payments |  | 422,080 |  |  | 47,788 |
Less: current portion of lease obligations |  | (96,440) |  |  | (16,930) |
Long-term lease obligations |  | $ | 325,640 |  |  | $ | 30,858 |
The following table summarizes the weighted-average remaining lease term and weighted average discount rate:
| December 31, 2024 |  | December 31, 2023 |
Weighted average remaining lease term (in years): |  |  |  |
Operating leases | 5.1 |  | 3.0 |
Finance leases | 3.0 |  | 3.6 |
Weighted average discount rate: |  |  |  |
Operating leases | 6.4 | % |  | 3.4 | % |
Finance leases | 5.8 | % |  | 5.5 | % |
The following table summarizes the supplemental cash flow information for 2024 and 2023:
| Year Ended |
| December 31, 2024 |  | December 31, 2023 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases | $ | 114,574 |  |  | $ | 54,462 |  |
Operating cash flows from finance leases | 3,384 |  |  | 1,395 |  |
Financing cash flows from finance leases | 18,323 |  |  | 11,074 |  |
Right-of-use assets obtained in exchange for finance lease liabilities | $ | — |  |  | $ | — |  |
Right-of-use assets obtained in exchange for operating lease liabilities | 153,009 |  |  | 29,884 |  |
Leased assets obtained in exchange for finance lease obligations | 12,404 |  |  | 25,217 |  |
Leases | Leases The Company leases certain land, buildings, equipment and office equipment under finance and operating leases. Equipment includes tractors, straight trucks, forklifts and trailers. Equipment under a finance lease is amortized over the shorter of the lease term or its estimated useful life. The Company subleases certain facilities to independent third parties. Since the Company is not relieved of its obligation under these leases, a right-of-use lease asset and corresponding operating lease liability is recorded. Sublease rental income was $5,457, $2,991 and $2,762 in 2024, 2023 and 2022, respectively. The Company does not recognize a right-of-use asset or lease liability with respect to operating leases with an initial lease term of 12 months or less, and recognizes expense on such leases on a straight-line basis over the lease term. The Company does not account for lease components separately from nonlease components. The Company has certain leases that include one or more options to renew, with renewal periods ranging from one to 25 years. The exercise of the lease renewal options is at the discretion of the Company and is included in the determination of the right-of-use asset and operating lease liability when the option is reasonably certain of being exercised. The depreciable life of right-of-use assets and leasehold improvements is limited by the expected lease term. The Company has certain lease agreements for equipment that include variable rental payments based on estimated mileage. The variable rental payments are adjusted for periodically based on actual mileage. In addition, the Company has certain lease agreements that include variable rental payments that are adjusted periodically for inflation based on the index rate as defined by the applicable government authority. The Company’s leases generally do not provide an implicit rate, and therefore, the Company applies its incremental borrowing rate using information available at lease commencement or modification to determine the present value of lease payments. The incremental borrowing rate is an estimate based on the interest rate the Company would pay to borrow an amount equal to the lease payments on a collateralized basis and over a similar term, within a similar economic environment. The Company’s lease agreements do not contain any residual value guarantees or restrictive covenants. The Company has contracts with Leased Capacity Providers. Since the contracts explicitly identify the tractors operated by the Leased Capacity Providers, the Company determined the contracts contain an embedded lease. The compensation of Leased Capacity Providers, as specified in the contract, is variable based upon a rate per shipm ent and a rate per mile. The variable amounts are excluded from the calculation of the right-of-use lease asset and corresponding operating lease liability and are disclosed as variable lease costs. Variable lease costs related to the embedded leases were $434,689, $409,080 and $440,756, for the years ended December 31, 2024, 2023, and 2022, respectively, and were recorded in “Purchased transportation” in the Consolidated Statements of Comprehensive Income. Total lease assets and liabilities as of December 31, 2024 and 2023 were as follows:
Lease Assets |  | Classification |  | December 31, 2024 |  | December 31, 2023
Operating lease right-of-use assets |  | Operating lease right-of-use assets |  | $ | 410,084 |  |  | $ | 111,552 |
Finance lease assets |  | Property and equipment, net 1 |  | 44,363 |  |  | 38,015 |
| Total leased assets |  |  |  | $ | 454,447 |  |  | $ | 149,567 |
Lease Liabilities |  | Classification |  | December 31, 2024 |  | December 31, 2023
Current: |  |  |  |  |  |
Operating |  | Current portion of operating lease liabilities |  | $ | 96,440 |  |  | $ | 44,344 |
Finance |  | Current portion of debt and finance lease obligations |  | 16,930 |  |  | 12,645 |
Noncurrent: |  |  |  |  |  |
Operating |  | Operating lease liabilities, less current portion |  | 325,640 |  |  | 71,598 |
Finance |  | Finance lease obligations, less current portion |  | 30,858 |  |  | 26,736 |
| Total leased liabilities |  |  |  | $ | 469,868 |  |  | $ | 155,323 |
1 Finance lease assets are recorded net of accumulated depreciation of $30,805 a nd $22,051 as of December 31, 2024 and 2023, respectively.
Total lease cost for 2024 and 2023 was as follows:
|  |  |  | Year Ended |
|  | Classification |  | December 31, 2024 |  | December 31, 2023 |
Operating lease cost |  | Operating leases |  | $ | 122,854 |  |  | $ | 54,604 |  |
Short-term lease cost |  | Operating leases |  | 14,623 |  |  | 13,672 |  |
Variable lease cost |  | Purchased transportation, operating leases and other operating expenses |  | 434,689 |  |  | 428,385 |  |
Sublease income |  | Operating revenue |  | (5,457) |  |  | (2,991) |  |
Finance lease cost: |  |  |  |  |  |  |
Amortization of leased assets |  | Depreciation and amortization |  | 20,194 |  |  | 11,102 |  |
Interest on leased liabilities |  | Interest expense, net |  | 3,383 |  |  | 1,395 |  |
Total lease cost |  |  |  | $ | 590,286 |  |  | $ | 506,167 |  |
Future minimum lease payments under noncancelable operating and finance leases with remaining terms greater than one year as of December 31, 2024 were as follows:
|  | Operating Leases |  | Finance Leases
2025 |  | 120,844 |  |  | 19,414 |
2026 |  | 102,130 |  |  | 15,772 |
2027 |  | 78,133 |  |  | 11,305 |
2028 |  | 64,976 |  |  | 4,509 |
2029 |  | 53,885 |  |  | 758 |
Thereafter |  | 81,821 |  |  | 184 |
Total minimum lease payments |  | 501,789 |  |  | 51,942 |
Less: imputed interest |  | (79,709) |  |  | (4,154) |
Present value of future minimum lease payments |  | 422,080 |  |  | 47,788 |
Less: current portion of lease obligations |  | (96,440) |  |  | (16,930) |
Long-term lease obligations |  | $ | 325,640 |  |  | $ | 30,858 |
The following table summarizes the weighted-average remaining lease term and weighted average discount rate:
| December 31, 2024 |  | December 31, 2023 |
Weighted average remaining lease term (in years): |  |  |  |
Operating leases | 5.1 |  | 3.0 |
Finance leases | 3.0 |  | 3.6 |
Weighted average discount rate: |  |  |  |
Operating leases | 6.4 | % |  | 3.4 | % |
Finance leases | 5.8 | % |  | 5.5 | % |
The following table summarizes the supplemental cash flow information for 2024 and 2023:
| Year Ended |
| December 31, 2024 |  | December 31, 2023 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases | $ | 114,574 |  |  | $ | 54,462 |  |
Operating cash flows from finance leases | 3,384 |  |  | 1,395 |  |
Financing cash flows from finance leases | 18,323 |  |  | 11,074 |  |
Right-of-use assets obtained in exchange for finance lease liabilities | $ | — |  |  | $ | — |  |
Right-of-use assets obtained in exchange for operating lease liabilities | 153,009 |  |  | 29,884 |  |
Leased assets obtained in exchange for finance lease obligations | 12,404 |  |  | 25,217 |  |
Leases | Leases The Company leases certain land, buildings, equipment and office equipment under finance and operating leases. Equipment includes tractors, straight trucks, forklifts and trailers. Equipment under a finance lease is amortized over the shorter of the lease term or its estimated useful life. The Company subleases certain facilities to independent third parties. Since the Company is not relieved of its obligation under these leases, a right-of-use lease asset and corresponding operating lease liability is recorded. Sublease rental income was $5,457, $2,991 and $2,762 in 2024, 2023 and 2022, respectively. The Company does not recognize a right-of-use asset or lease liability with respect to operating leases with an initial lease term of 12 months or less, and recognizes expense on such leases on a straight-line basis over the lease term. The Company does not account for lease components separately from nonlease components. The Company has certain leases that include one or more options to renew, with renewal periods ranging from one to 25 years. The exercise of the lease renewal options is at the discretion of the Company and is included in the determination of the right-of-use asset and operating lease liability when the option is reasonably certain of being exercised. The depreciable life of right-of-use assets and leasehold improvements is limited by the expected lease term. The Company has certain lease agreements for equipment that include variable rental payments based on estimated mileage. The variable rental payments are adjusted for periodically based on actual mileage. In addition, the Company has certain lease agreements that include variable rental payments that are adjusted periodically for inflation based on the index rate as defined by the applicable government authority. The Company’s leases generally do not provide an implicit rate, and therefore, the Company applies its incremental borrowing rate using information available at lease commencement or modification to determine the present value of lease payments. The incremental borrowing rate is an estimate based on the interest rate the Company would pay to borrow an amount equal to the lease payments on a collateralized basis and over a similar term, within a similar economic environment. The Company’s lease agreements do not contain any residual value guarantees or restrictive covenants. The Company has contracts with Leased Capacity Providers. Since the contracts explicitly identify the tractors operated by the Leased Capacity Providers, the Company determined the contracts contain an embedded lease. The compensation of Leased Capacity Providers, as specified in the contract, is variable based upon a rate per shipm ent and a rate per mile. The variable amounts are excluded from the calculation of the right-of-use lease asset and corresponding operating lease liability and are disclosed as variable lease costs. Variable lease costs related to the embedded leases were $434,689, $409,080 and $440,756, for the years ended December 31, 2024, 2023, and 2022, respectively, and were recorded in “Purchased transportation” in the Consolidated Statements of Comprehensive Income. Total lease assets and liabilities as of December 31, 2024 and 2023 were as follows:
Lease Assets |  | Classification |  | December 31, 2024 |  | December 31, 2023
Operating lease right-of-use assets |  | Operating lease right-of-use assets |  | $ | 410,084 |  |  | $ | 111,552 |
Finance lease assets |  | Property and equipment, net 1 |  | 44,363 |  |  | 38,015 |
| Total leased assets |  |  |  | $ | 454,447 |  |  | $ | 149,567 |
Lease Liabilities |  | Classification |  | December 31, 2024 |  | December 31, 2023
Current: |  |  |  |  |  |
Operating |  | Current portion of operating lease liabilities |  | $ | 96,440 |  |  | $ | 44,344 |
Finance |  | Current portion of debt and finance lease obligations |  | 16,930 |  |  | 12,645 |
Noncurrent: |  |  |  |  |  |
Operating |  | Operating lease liabilities, less current portion |  | 325,640 |  |  | 71,598 |
Finance |  | Finance lease obligations, less current portion |  | 30,858 |  |  | 26,736 |
| Total leased liabilities |  |  |  | $ | 469,868 |  |  | $ | 155,323 |
1 Finance lease assets are recorded net of accumulated depreciation of $30,805 a nd $22,051 as of December 31, 2024 and 2023, respectively.
Total lease cost for 2024 and 2023 was as follows:
|  |  |  | Year Ended |
|  | Classification |  | December 31, 2024 |  | December 31, 2023 |
Operating lease cost |  | Operating leases |  | $ | 122,854 |  |  | $ | 54,604 |  |
Short-term lease cost |  | Operating leases |  | 14,623 |  |  | 13,672 |  |
Variable lease cost |  | Purchased transportation, operating leases and other operating expenses |  | 434,689 |  |  | 428,385 |  |
Sublease income |  | Operating revenue |  | (5,457) |  |  | (2,991) |  |
Finance lease cost: |  |  |  |  |  |  |
Amortization of leased assets |  | Depreciation and amortization |  | 20,194 |  |  | 11,102 |  |
Interest on leased liabilities |  | Interest expense, net |  | 3,383 |  |  | 1,395 |  |
Total lease cost |  |  |  | $ | 590,286 |  |  | $ | 506,167 |  |
Future minimum lease payments under noncancelable operating and finance leases with remaining terms greater than one year as of December 31, 2024 were as follows:
|  | Operating Leases |  | Finance Leases
2025 |  | 120,844 |  |  | 19,414 |
2026 |  | 102,130 |  |  | 15,772 |
2027 |  | 78,133 |  |  | 11,305 |
2028 |  | 64,976 |  |  | 4,509 |
2029 |  | 53,885 |  |  | 758 |
Thereafter |  | 81,821 |  |  | 184 |
Total minimum lease payments |  | 501,789 |  |  | 51,942 |
Less: imputed interest |  | (79,709) |  |  | (4,154) |
Present value of future minimum lease payments |  | 422,080 |  |  | 47,788 |
Less: current portion of lease obligations |  | (96,440) |  |  | (16,930) |
Long-term lease obligations |  | $ | 325,640 |  |  | $ | 30,858 |
The following table summarizes the weighted-average remaining lease term and weighted average discount rate:
| December 31, 2024 |  | December 31, 2023 |
Weighted average remaining lease term (in years): |  |  |  |
Operating leases | 5.1 |  | 3.0 |
Finance leases | 3.0 |  | 3.6 |
Weighted average discount rate: |  |  |  |
Operating leases | 6.4 | % |  | 3.4 | % |
Finance leases | 5.8 | % |  | 5.5 | % |
The following table summarizes the supplemental cash flow information for 2024 and 2023:
| Year Ended |
| December 31, 2024 |  | December 31, 2023 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases | $ | 114,574 |  |  | $ | 54,462 |  |
Operating cash flows from finance leases | 3,384 |  |  | 1,395 |  |
Financing cash flows from finance leases | 18,323 |  |  | 11,074 |  |
Right-of-use assets obtained in exchange for finance lease liabilities | $ | — |  |  | $ | — |  |
Right-of-use assets obtained in exchange for operating lease liabilities | 153,009 |  |  | 29,884 |  |
Leased assets obtained in exchange for finance lease obligations | 12,404 |  |  | 25,217 |  |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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