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Note 8 - Lease Obligations

3 Months Ended

Mar. 31, 2021

Note 8.

Lease Obligations

The finance leases in effect at March 31, 2021 terminate from September 2021 through November 2023 and contain guarantees of the residual value of the related equipment by us.

A summary of our lease obligations at March 31, 2021 and 2020 are as follows:

(dollars in thousands)	Three Months Ended			Three Months Ended
	March 31, 2021			March 31, 2020
Finance lease cost:
Amortization of right-of-use assets	$	1,007		$	1,037
Interest on lease liabilities		174			247
Operating lease cost		5,911			6,602
Variable lease cost		63			158

Total lease cost	$	7,155		$	8,044

Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases		1,007			1,037
Operating cash flows from operating leases		5,974			6,760
Financing cash flows from finance leases		633			1,305
Right-of-use assets obtained in exchange for new operating lease liabilities		224			461
Weighted-average remaining lease term—finance leases	1.8 years
Weighted-average remaining lease term—operating leases	2.1 years
Weighted-average discount rate—finance leases		4.3	%
Weighted-average discount rate—operating leases		5.3	%

As of March 31, 2021 and December 31, 2020, right-of-use assets of $33.4 million and $37.4 million for operating leases and $25.1 million and $29.4 million for finance leases, respectively, are included in net property and equipment in our condensed consolidated balance sheets. Operating lease right-of-use asset amortization is included in revenue equipment rentals and purchased transportation, communication and utilities, and general supplies and expenses, depending on the underlying asset, in the condensed consolidated statement of operations. Amortization of finance leased assets is included in depreciation and amortization expense in the condensed consolidated statement of operations.

Our future minimum lease payments as of March 31, 2021, are summarized as follows by lease category:

(in thousands)	*Operating*			*Finance*
2021 (1)	$	13,837		$	6,736
2022		15,613			7,678
2023		6,852			1,607
2024		49			-
2025		9			-
Thereafter		-			-
Total minimum lease payments	$	36,360		$	16,021
Less: amount representing interest		(1,984	)		(211	)
Present value of minimum lease payments	$	34,376		$	15,810
Less: current portion		(16,844	)		(6,147	)
Lease obligations, long-term	$	17,532		$	9,663

⁽¹⁾ Excludes the three months ended March 31, 2021.