XML 29 R17.htm IDEA: XBRL DOCUMENT
v3.23.3

Note 8 - Lease Obligations | 9 Months Ended
--- | ---
Sep. 30, 2023
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] |
Note 8. | Lease Obligations
The finance leases in effect at September 30, 2023 terminate from June 2028 through November 2033 and contain guarantees of the residual value of the related equipment by us. A summary of our lease obligations at September 30, 2023 and 2022 are as follows:
(dollars in thousands) |  | Three Months Ended |  |  | Three Months Ended |  |  | Nine Months Ended |  |  | Nine Months Ended |
|  | September 30, 2023 |  |  | September 30, 2022 |  |  | September 30, 2023 |  |  | September 30, 2022 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 54 |  |  | $ | 528 |  |  | $ | 567 |  |  | $ | 1,848 |
Interest on lease liabilities |  |  | 181 |  |  |  | 92 |  |  |  | 305 |  |  |  | 314 |
Operating lease cost |  |  | 4,656 |  |  |  | 7,946 |  |  |  | 13,901 |  |  |  | 20,593 |
Variable lease cost |  |  | 87 |  |  |  | 39 |  |  |  | 972 |  |  |  | 148 |
Total lease cost |  | $ | 4,978 |  |  | $ | 8,605 |  |  | $ | 15,745 |  |  | $ | 22,903 |
Other information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from finance leases |  |  | 181 |  |  |  | 92 |  |  |  | 305 |  |  |  | 314 |
Operating cash flows from operating leases |  |  | 3,436 |  |  |  | 4,397 |  |  |  | 10,614 |  |  |  | 12,830 |
Financing cash flows from finance leases |  |  | 1,923 |  |  |  | 528 |  |  |  | 5,432 |  |  |  | 1,848 |
Right-of-use assets obtained in exchange for new finance lease liabilities |  |  | 2,799 |  |  |  | - |  |  |  | 5,938 |  |  |  | 458 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  |  | - |  |  |  | 3,154 |  |  |  | 3,992 |  |  |  | 20,206 |
Weighted-average remaining lease term—finance leases (in years) |  |  | 4.0 |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average remaining lease term—operating leases (in years) |  |  | 4.5 |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average discount rate—finance leases |  |  | 13.2 | % |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average discount rate—operating leases |  |  | 9.9 | % |  |  |  |  |  |  |  |  |  |  |  |
As of September 30, 2023, and December 31, 2022, right-of-use assets of $48.5 million and $58.9 million for operating leases and $6.5 million and $5.3 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 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 September 30, 2023, are summarized as follows by lease category:
(in thousands) |  | Operating |  |  | Finance |
2023 (1) |  | $ | 4,583 |  |  | $ | 1,543 |
2024 |  |  | 18,388 |  |  |  | 1,543 |
2025 |  |  | 11,999 |  |  |  | 1,543 |
2026 |  |  | 8,399 |  |  |  | 1,543 |
2027 |  |  | 7,530 |  |  |  | 1,442 |
Thereafter |  |  | 10,815 |  |  |  | 1,835 |
Total minimum lease payments |  | $ | 61,714 |  |  | $ | 9,449 |
Less: amount representing interest |  |  | (11,626 | ) |  |  | (3,185 | )
Present value of minimum lease payments |  | $ | 50,088 |  |  | $ | 6,264 |
Less: current portion |  |  | (14,596 | ) |  |  | (758 | )
Lease obligations, long-term |  | $ | 35,492 |  |  | $ | 5,506 |
(1) Excludes the nine months ended September 30, 2023.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration