Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 02, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000928658 | ||
Entity Registrant Name | COVENANT LOGISTICS GROUP, INC. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 0-24960 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Tax Identification Number | 88-0320154 | ||
Entity Address, Address Line One | 400 Birmingham Hwy | ||
Entity Address, City or Town | Chattanooga | ||
Entity Address, State or Province | TN | ||
Entity Address, Postal Zip Code | 37419 | ||
City Area Code | 423 | ||
Local Phone Number | 821-1212 | ||
Title of 12(b) Security | $0.01 Par Value Class A common stock | ||
Trading Symbol | CVLG | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 137,000,000 | ||
Class B Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 2,350,000 | ||
Class A Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 14,450,002 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 8,407 | $ 43,591 |
Accounts receivable, net of allowance of $2,992 in 2020 and $1,440 in 2019 | 91,295 | 81,207 |
Drivers' advances and other receivables, net of allowance of $764 in 2020 and $692 in 2019 | 13,624 | 8,507 |
Inventory and supplies | 3,119 | 4,210 |
Prepaid expenses | 11,924 | 11,705 |
Assets held for sale | 15,007 | 12,010 |
Income taxes receivable | 4,155 | 5,403 |
Other short-term assets | 265 | 1,132 |
Current assets from discontinued operations | 0 | 86,620 |
Total current assets | 147,796 | 254,385 |
Property and equipment, at cost | 541,276 | 725,383 |
Less: accumulated depreciation and amortization | (149,824) | (208,180) |
Net property and equipment | 391,452 | 517,203 |
Goodwill | 42,518 | 42,518 |
Other intangibles, net | 24,518 | 29,615 |
Other assets | 60,897 | 37,919 |
Noncurrent assets from discontinued operations | 9,535 | 0 |
Total assets | 676,716 | 881,640 |
Current liabilities: | ||
Checks outstanding in excess of bank balances | 1,215 | 592 |
Accounts payable | 31,695 | 19,500 |
Accrued expenses | 38,538 | 31,840 |
Current maturities of long-term debt | 7,577 | 54,377 |
Current portion of finance lease obligations | 5,687 | 7,258 |
Current portion of operating lease obligations | 16,989 | 19,460 |
Current portion of insurance and claims accrual | 30,221 | 21,800 |
Other short-term liabilities | 643 | 185 |
Current liabilities of discontinued operations, net | 816 | 6,245 |
Total current liabilities | 133,381 | 161,257 |
Long-term debt | 47,888 | 200,177 |
Long-term portion of finance lease obligations | 10,756 | 26,010 |
Long-term portion of operating lease obligations | 21,474 | 40,882 |
Insurance and claims accrual | 44,077 | 20,295 |
Deferred income taxes | 74,553 | 80,330 |
Other long-term liabilities | 9,794 | 2,578 |
Other long-term liabilities of discontinued operations | 44,151 | 0 |
Total liabilities | 386,074 | 531,529 |
Commitments and contingencies | 0 | 0 |
Stockholders' equity: | ||
Additional paid-in-capital | 143,438 | 141,885 |
Treasury stock at cost; 1,398,925 and no shares as of December 31, 2020 and 2019, respectively | (17,067) | 0 |
Accumulated other comprehensive loss | (2,251) | (1,014) |
Retained earnings | 166,325 | 209,043 |
Total stockholders' equity | 290,642 | 350,111 |
Total liabilities and stockholders' equity | 676,716 | 881,640 |
Common Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 173 | 173 |
Common Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 24 | $ 24 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts receivable allowance | $ 2,992 | $ 1,440 |
Driver's advances and other receivables, allowance | $ 764 | $ 692 |
Treasury stock, shares (in shares) | 1,398,925 | 0 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 16,183,139 | 16,165,145 |
Common stock, shares outstanding (in shares) | 14,784,214 | 16,165,145 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, shares issued (in shares) | 2,350,000 | 2,350,000 |
Common stock, shares outstanding (in shares) | 2,350,000 | 2,350,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | |||
Revenue | $ 838,561 | $ 885,387 | $ 880,417 |
Operating expenses: | |||
Salaries, wages, and related expenses | 315,023 | 320,498 | 303,441 |
Fuel expense | 77,443 | 115,307 | 121,264 |
Operations and maintenance | 48,368 | 59,506 | 55,505 |
Revenue equipment rentals and purchased transportation | 222,705 | 204,655 | 183,645 |
Operating taxes and licenses | 11,621 | 13,024 | 11,831 |
Insurance and claims | 53,052 | 47,719 | 43,328 |
Communications and utilities | 5,898 | 6,968 | 7,059 |
General supplies and expenses | 34,143 | 30,089 | 22,787 |
Depreciation and amortization | 65,472 | 80,502 | 75,843 |
(Gain) loss on disposition of property and equipment, net | (7,706) | (1,650) | 298 |
Impairment of long lived property, equipment, and right-of-use assets | 26,569 | 0 | 0 |
Total operating expenses | 852,588 | 876,618 | 825,001 |
Operating (loss) income | (14,027) | 8,769 | 55,416 |
Interest expense, net | 6,841 | 8,218 | 7,344 |
Income from equity method investment | (3,944) | (7,017) | (7,732) |
(Loss) income from continuing operations | (16,924) | 7,568 | 55,804 |
Income tax (benefit) expense | (2,804) | 2,349 | 14,944 |
(Loss) income from continuing operations | (14,120) | 5,219 | 40,860 |
(Loss) income from discontinued operations, net of tax | (28,598) | 3,258 | 1,643 |
Net (loss) income | $ (42,718) | $ 8,477 | $ 42,503 |
Basic (loss) income per share: | |||
(Loss) income from continuing operations (in dollars per share) | $ (0.81) | $ 0.28 | $ 2.23 |
(Loss) income from discontinued operations (in dollars per share) | (1.65) | 0.18 | 0.09 |
Net (loss) income (in dollars per share) | (2.46) | 0.46 | 2.32 |
Diluted (loss) income per share: | |||
(Loss) income from continuing operations (in dollars per share) | (0.81) | 0.28 | 2.21 |
(Loss) income from discontinued operations (in dollars per share) | (1.65) | 0.17 | 0.09 |
Net (loss) income (in dollars per share) | $ (2.46) | $ 0.45 | $ 2.30 |
Basic weighted average shares outstanding (in shares) | 17,358 | 18,435 | 18,340 |
Diluted weighted average shares outstanding (in shares) | 17,358 | 18,635 | 18,469 |
Cargo and Freight [Member] | |||
Revenues | |||
Revenue | $ 776,218 | $ 791,260 | $ 774,691 |
Fuel Surcharge [Member] | |||
Revenues | |||
Revenue | $ 62,343 | $ 94,127 | $ 105,726 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net (loss) income | $ (42,718) | $ 8,477 | $ 42,503 |
Other comprehensive (loss): | |||
Unrealized (loss) gain on effective portion of cash flow hedges, net of tax of $548, $437, and $377 in 2020, 2019 and 2018, respectively | (1,898) | (1,278) | 993 |
Reclassification of cash flow hedge losses (gains) into statement of operations, net of tax of ($189), ($5), and $408 in 2020, 2019 and 2018, respectively | 655 | 15 | (1,076) |
Unrealized holding loss on investments classified as available-for-sale | 6 | 45 | (6) |
Total other comprehensive (loss) | (1,237) | (1,218) | (89) |
Comprehensive (loss) income | $ (43,955) | $ 7,259 | $ 42,414 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Unrealized (loss) gain on effective portion of cash flow hedges, tax | $ 548 | $ 437 | $ 377 |
Reclassification of cash flow hedge gains (losses) into statement of operations, tax | $ (189) | $ (5) | $ 408 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member]Common Class A [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member]Common Class B [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Treasury Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balances at Dec. 31, 2017 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 592 | $ 592 | $ 171 | $ 24 | $ 137,242 | $ 0 | $ 293 | $ 157,471 | $ 295,201 |
Net (loss) income | 0 | 0 | 0 | 0 | 0 | 42,503 | 42,503 | |||||||
Other comprehensive loss | 0 | 0 | 0 | 0 | (89) | 0 | (89) | |||||||
Stock-based employee compensation expense | 0 | 0 | 4,802 | 0 | 0 | 0 | 4,802 | |||||||
Issuance of restricted shares, net | 0 | 0 | 133 | 0 | 0 | 0 | 133 | |||||||
Balances at Dec. 31, 2018 | 171 | 24 | 142,177 | 0 | 204 | 200,566 | 343,142 | |||||||
Net (loss) income | 0 | 0 | 0 | 0 | 0 | 8,477 | 8,477 | |||||||
Other comprehensive loss | 0 | 0 | 0 | 0 | (1,218) | 0 | (1,218) | |||||||
Stock-based employee compensation expense | 0 | 0 | 819 | 0 | 0 | 0 | 819 | |||||||
Issuance of restricted shares, net | 2 | 0 | (1,111) | 0 | 0 | 0 | (1,109) | |||||||
Balances at Dec. 31, 2019 | 173 | 24 | 141,885 | 0 | (1,014) | 209,043 | 350,111 | |||||||
Net (loss) income | 0 | 0 | 0 | 0 | 0 | (42,718) | (42,718) | |||||||
Other comprehensive loss | 0 | 0 | 0 | 0 | (1,237) | 0 | (1,237) | |||||||
Stock-based employee compensation expense | 0 | 0 | 2,270 | 419 | 0 | 0 | 2,689 | |||||||
Issuance of restricted shares, net | 0 | 0 | (717) | 0 | 0 | 0 | (717) | |||||||
Share repurchase | 0 | 0 | 0 | (17,486) | 0 | 0 | (17,486) | |||||||
Balances at Dec. 31, 2020 | $ 173 | $ 24 | $ 143,438 | $ (17,067) | $ (2,251) | $ 166,325 | $ 290,642 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net (loss) income | $ (42,718) | $ 8,477 | $ 42,503 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for losses on accounts receivable | 3,134 | 255 | 507 |
Deferral (reversal) of gain on sales to equity method investee, net | 14 | (7) | (189) |
Depreciation and amortization | 65,480 | 80,529 | 75,859 |
Impairment of property and equipment | 26,569 | 0 | 0 |
Amortization of deferred financing fees | 154 | 147 | 148 |
Deferred income tax (benefit) expense | (15,092) | 3,454 | 13,840 |
Income tax benefit (expense) arising from restricted share vesting and stock options exercised | 167 | (105) | (44) |
Stock-based compensation expense | 2,270 | 819 | 5,177 |
Equity in income of affiliate | (3,944) | (7,017) | (7,732) |
Return on investment in affiliated company | 1,470 | 1,225 | 1,960 |
(Gain) loss on disposition of property and equipment | (7,677) | (2,829) | 298 |
Loss on disposition of reportable segment | 40,431 | 0 | 0 |
Return on investment in available-for-sale securities | (25) | 13 | (13) |
Changes in operating assets and liabilities: | |||
Receivables and advances | (60,849) | (6,706) | (27,199) |
Prepaid expenses and other assets | 531 | 487 | (2,127) |
Inventory and supplies | 1,091 | (143) | 168 |
Insurance and claims accrual | 32,203 | 945 | 2,412 |
Accounts payable and accrued expenses | 19,831 | (15,513) | 19,232 |
Net cash flows provided by operating activities | 63,040 | 64,031 | 124,800 |
Cash flows from investing activities: | |||
Acquisition of Landair Holdings, Inc., net of cash acquired | 0 | 0 | (105,946) |
Redemption (purchase) of available-for-sale securities | 1,442 | (1,365) | (1,496) |
Acquisition of property and equipment | (94,049) | (138,273) | (75,142) |
Proceeds from disposition of reportable segment | 108,375 | 0 | 0 |
Proceeds from disposition of property and equipment | 122,278 | 46,609 | 61,687 |
Net cash flows provided (used in) investing activities | 138,046 | (93,029) | (120,897) |
Cash flows from financing activities: | |||
Change in checks outstanding in excess of bank balances | 839 | (1,265) | 1,857 |
Proceeds from issuance of notes payable | 75,591 | 107,251 | 100,811 |
Repayments of notes payable | (289,834) | (44,278) | (89,569) |
Repayments of capital lease obligations | (20,083) | (7,225) | (3,883) |
Proceeds under revolving credit facility | 1,341,678 | 1,734,338 | 1,598,213 |
Repayments under revolving credit facility | (1,326,678) | (1,738,249) | (1,603,309) |
Payment of minimum tax withholdings on stock compensation | (297) | (1,110) | (242) |
Debt refinancing costs | 0 | 0 | (10) |
Common stock repurchased | (17,486) | 0 | 0 |
Net cash flows (used in) provided by financing activities | (236,270) | 49,462 | 3,868 |
Net change in cash and cash equivalents | (35,184) | 20,464 | 7,771 |
Cash and cash equivalents at beginning of year | 43,591 | 23,127 | 15,356 |
Cash and cash equivalents at end of year | 8,407 | 43,591 | 23,127 |
Supplemental disclosure of cash flow information: | |||
Interest, net of capitalized interest | 7,365 | 11,026 | 8,568 |
Income taxes | 870 | 752 | (5,388) |
Non-cash transactions during the year for: | |||
Equipment purchased under finance leases | 3,258 | 0 | 19,638 |
Contingent liabilities | $ 44,151 | $ 0 | $ 0 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business On July 1, 2020, Covenant Logistics Group, Inc., a Nevada holding company, together with its wholly owned subsidiaries offers transportation and logistics services to customers throughout the continental United States. Principles of Consolidation The consolidated financial statements include the accounts of Covenant Logistics Group, Inc., a holding company incorporated in the state of Nevada in 1994, References in this report to "it," "we," "us," "our," the "Company," and similar expressions refer to Covenant Logistics Group, Inc. and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Segment Realignment In 2020, not ● Non-dedicated truckload services ("Expedited"), which services customers with high service freight and delivery standards, such as 1,000 22 15 ● Dedicated contract truckload services (“Dedicated”), which consists of our truckload business that involves longer-term contracts that allocate a specified number of tractors and trailers to a specific customer, with fixed and variable compensation. ● Managed Freight services, which consists of our brokerage and transportation management services ("TMS") and provides logistics capacity by outsourcing the carriage of customers' freight to third ● Warehousing services (“Warehousing”), provides day-to-day warehouse management services to customers who have chosen to outsource this function. The following table summarizes our revenue by our four December 31, 2020 2019 2018 Year ended December 31, (in thousands) 2020 2019 2018 Revenues: Expedited $ 320,202 $ 356,521 $ 469,308 Dedicated 288,652 342,473 257,739 Managed Freight 177,579 138,616 129,790 Warehousing 52,128 47,777 23,580 Total revenues $ 838,561 $ 885,387 $ 880,417 Investment in Transport Enterprise Leasing, LLC Transport Enterprise Leasing, LLC ("TEL") is a tractor and trailer equipment leasing company and used equipment reseller. We evaluated our investment in TEL to determine whether it should be recorded on a consolidated basis. Our percentage of ownership interest (49%), an evaluation of control, and whether a variable interest entity ("VIE") existed were all considered in our consolidation assessment. Based on the analysis, the Company is not not 49% On a periodic basis, we assess whether there are any indicators that the fair value of our investment in TEL may no December 31, 2020 2019. Risks and Uncertainties We are continuing to monitor the progression of the COVID- 19 2020 not first Our insurance program includes multi-year policies with specific insurance limits that may April 1, 2018 March 31, 2021), $9.0 $1.0 January 28, 2021 April 1, 2024. $9.0 $1.0 April 1, 2018 March 31, 2021, April 1, 2020, may On July 8, 2020, September 23, 2020 The amended purchase agreement specifically identified approximately $62.0 million of accounts within the Portfolio, which related to advances on services that had not first $30.0 fourth 2020, December 31, 2020 To date no Revenue Recognition Revenue, drivers' wages, and other direct operating expenses generated by our Expedited and Dedicated reportable segments are recognized proportionally as the transportation service is performed based on the percentage of miles completed as of the period end. Revenue is recognized on a gross basis at amounts charged to our customers because we control and are primarily responsible for the fulfillment of the promised service. Revenue includes transportation revenue, fuel surcharges, loading and unloading activities, equipment detention, and other accessorial services. Revenue generated by our Managed Freight reportable segment is recognized upon completion of the services provided. Revenue is recorded on a gross basis, without deducting third There are no December 31, 2020, 2019, 2018, December 31, 2020, 2019, 2018, Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make decisions based upon estimates, assumptions, and factors we consider as relevant to the circumstances. Such decisions include the selection of applicable accounting principles and the use of judgment in their application, the results of which impact reported amounts and disclosures. Changes in future economic conditions or other business circumstances may Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three Accounts Receivable and Concentration of Credit Risk We extend credit to our customers in the normal course of business, which are generally due within 30 45 not Accounts receivable are comprised of a diversified customer base that mitigates the level of concentration of credit risk. During 2020, 2019, 2018 ten 2020 2019 2018 one 10% 38 33 2020 2019 The following table provides a summary (in thousands) of the activity in the allowance for doubtful accounts for 2020, 2019, 2018 Years ended December 31: Beginning balance January 1, Additional provisions to allowance Write-offs and other adjustments Ending balance December 31, 2020 $ 1,440 $ 3,011 $ (1,459 ) $ 2,992 2019 $ 1,577 $ 141 $ (278 ) $ 1,440 2018 $ 1,258 $ 182 $ 137 $ 1,577 Inventories and Supplies Inventories and supplies consist of parts, tires, fuel, and supplies. Tires on new revenue equipment are capitalized as a component of the related equipment cost when the tractor or trailer is placed in service and recovered through depreciation over the life of the vehicle. Replacement tires and parts on hand at year end are recorded at the lower of cost or net realizable value with cost determined using the first first Assets Held for Sale Assets held for sale include property and revenue equipment no no twelve Change in Estimates The Company reviews the estimated useful lives and salvage values of its assets on an ongoing basis, based upon, among other things, our experience with similar assets, conditions in the used revenue equipment market, and prevailing industry practice. During the second 2020, twelve December 31, 2020, Property and Equipment Property and equipment is stated at cost less accumulated depreciation. Depreciation for book purposes is determined using the straight-line method over the estimated useful lives of the assets. Depreciation of revenue equipment is our largest item of depreciation. We generally depreciate new tractors over five seven ten not We lease certain revenue equipment under finance and operating leases with terms of approximately 48 to 84 months. Amortization of assets under finance and operating leases are included in depreciation and amortization expense and revenue and equipment rentals and purchased transportation, respectively. Pursuant to applicable accounting standards, revenue equipment and other long-lived assets are tested for impairment whenever an event occurs that indicates impairment may twelve December 31, 2020. 3, A portion of our tractors are protected by non-binding indicative trade-in values or binding trade-back agreements with the manufacturers. The remainder of our tractors and substantially all of our owned trailers are subject to fluctuations in market prices for used revenue equipment. Moreover, our trade-back agreements are contingent upon reaching acceptable terms for the purchase of new equipment. Declines in the price of used revenue equipment or failure to reach agreement for the purchase of new tractors with the manufacturers issuing trade-back agreements could result in impairment of, or losses on the sale of, revenue equipment. Goodwill and Other Intangible Assets We classify intangible assets into two may may not may not We determine the useful lives of our identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors we consider when determining useful lives include the contractual term of any agreement, the history of the asset, our long-term strategy for the use of the asset, any laws or other local regulations which could impact the useful life of the asset, and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have finite lives are amortized, generally on a straight-line basis, over their remaining useful lives, ranging from 3 to 15 years. Impairment of Long-Lived Assets Pursuant to applicable accounting standards, revenue equipment and other long-lived assets are tested for impairment whenever an event occurs that indicates an impairment may Insurance and Other Claims The primary claims arising against us consist of auto liability (personal injury and property damage), workers' compensation, cargo, commercial liability, and employee medical expenses. At December 31, 2020 ● auto liability - the aggregate limits available in the coverage layer $9.0 million in excess of $1.0 million were estimated to be fully eroded based on claims expense accruals at December 31, 2020 $7.0 $3.0 January 28, 2021 April 1, 2024 ● workers' compensation - $1.3 million ● cargo - $0.3 million ● employee medical - $0.4 million ● physical damage - 100% Due to our significant self-insured retention amounts, we have exposure to fluctuations in the number and severity of claims and to variations between our estimated and actual ultimate payouts. We record a liability for the estimated cost of the uninsured portion of pending claims and the estimated allocated loss adjustment expenses including legal and other direct costs associated with a claim. Estimates require judgments concerning the nature and severity of the claim, historical trends, advice from third In addition to estimates within our self-insured retention layers, we also must make judgments concerning claims where we have third third December 31, 2020 2019 December 31, 2020 2019 may We also make judgments regarding the ultimate benefit versus risk of commuting certain periods within our auto liability policy. If we commute a policy, we assume 100% risk for covered claims in exchange for a policy refund. Effective April 2018, three 36 March 31, 2021. April 1, 2021. October 1, 2014 March 31, 2018, not no December 31, 2020. Interest We capitalize interest on major projects during construction. Interest is capitalized based on the average interest rate on related debt. Capitalized interest was less than $0.1 million in 2020 2018 2019 Fair Value of Financial Instruments Our financial instruments consist primarily of cash and cash equivalents, accounts receivable, available-for-sale securities, accounts payable, debt, and interest rate swaps. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable, and current debt approximates their fair value because of the short-term maturity of these instruments. The carrying value of the factored receivables approximates the fair value, as the receivables are generally repaid directly to us by the client's customer within 30–40 December 31, 2020 Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We have reflected the net liability after offsetting our deferred tax assets and liabilities in the deferred income taxes line in the accompanying consolidated balance sheets. We believe the future tax deductions will be realized principally through future reversals of existing taxable temporary differences and future taxable income, except for when a valuation allowance has been provided as discussed in Note 10. In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management's evaluation of the facts, circumstances, and information available at the reporting dates. For those tax positions where it is more likely than not 50% not not no Our policy is to recognize income tax benefit arising from the exercise of stock options and restricted share vesting based on the ordering provisions of the tax law as prescribed by the Internal Revenue Code, including indirect tax effects, if any. Lease Accounting At the commencement date of a new lease agreement with contractual terms longer than twelve Right-of-use assets and lease liabilities are initially recorded based on the present value of lease payments over the term of the lease. When the rate implicit in the lease is readily determinable, this rate is used for calculating the present value of remaining lease payments; otherwise, our incremental borrowing rate is used. The incremental borrowing rate represents an estimate of the interest rate we would incur at the lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of the lease. Right-of-use assets also include prepaid lease expenses and initial direct costs of executing the leases, which are reduced by landlord incentives. Options to extend or terminate a lease agreement are included in or excluded from the lease term, respectively, when those options are reasonably certain to be exercised. Right-of-use assets are tested for impairment in the same manner as long-lived assets. Finance lease obligations are utilized to finance a portion of our revenue equipment and are entered into with certain finance companies who are not may not Right-of-use assets are included in net property and equipment. For finance leases, right-of-use assets are amortized on a straight-line basis over the shorter of the expected useful life or the lease term, and the carrying amount of the lease liability is adjusted to reflect interest expense, which is recorded in interest expense, net. Operating lease right-of-use assets are amortized over the lease term on a straight-line basis, and the lease liability is measured at the present value of the remaining lease payments. Variable lease payments not Capital Structure The shares of Class A and B common stock are substantially identical except that the Class B shares are entitled to two one Income Per Share Basic income per share excludes dilution and is computed by dividing earnings available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted income per share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in our earnings. There were approximately 195,000; 200,000; December 31, 2020, 2019, 2018 195,000 December 31, 2020. 70,000; 0; 0 December 31, 2020, 2019, 2018 December 31, 2020. The following table sets forth the calculation of net income per share included in the consolidated statements of operations for each of the three December 31: (in thousands except per share data) 2020 2019 2018 Numerators: (Loss) income from continuing operations $ (14,120 ) $ 5,219 $ 40,860 (Loss) income from discontinued operations (28,598 ) 3,258 1,643 Net (loss) income $ (42,718 ) $ 8,477 $ 42,503 Denominator: Denominator for basic income per share – weighted-average shares 17,358 18,435 18,340 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted shares - 200 129 Equivalent shares issuable upon conversion of unvested employee stock options - - - Denominator for diluted income per share adjusted weighted-average shares and assumed conversions 17,358 18,635 18,469 Basic (loss) income per share: Income (loss) from continuing operations $ (0.81 ) $ 0.28 $ 2.23 (Loss) income from discontinued operations $ (1.65 ) $ 0.18 $ 0.09 Net (loss) income per basic share $ (2.46 ) $ 0.46 $ 2.32 Diluted (loss) income per share: Income (loss) from continuing operations $ (0.81 ) $ 0.28 $ 2.21 (Loss) income from discontinued operations $ (1.65 ) $ 0.17 $ 0.09 Diluted income per share $ (2.46 ) $ 0.45 $ 2.30 Stock-Based Employee Compensation We issue several types of stock-based compensation, including awards that vest based on service, market, and performance conditions or a combination of the conditions. Performance-based and market-based awards vest contingent upon meeting certain performance or market criteria, respectively, established by the Compensation Committee of the Board of Directors. All awards require future service. For performance-based awards, determining the appropriate amount to expense in each period is based on likelihood and timing of achieving the stated targets for performance-based awards and requires judgment, including forecasting future financial results. The estimates are revised periodically based on the probability and timing of achieving the required performance and adjustments are made as appropriate. Awards that are only subject to time vesting provisions are amortized using the straight-line method. Recent Accounting Pronouncements Accounting Standards not In June 2016, 2016 13, Financial Instruments - Measurement of Credit Losses on Financial Instruments January 1, 2023, In December 2019, 2019 12, 740 Simplifying the Accounting for Income Taxes, not first 2021 not There are no |
Note 2 - Discontinued Operation
Note 2 - Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 2. DISCONTINUED OPERATIONS As of June 30, 2020, July 8, 2020, We have reflected the former Factoring reportable segment as discontinued operations in the consolidated statements of operations for all periods presented. Prior periods have been adjusted to confirm to the current presentation. The following table summarizes the results of our discontinued operations for the twelve December 31, 2020, 2019, 2018: (in thousands) Twelve months ended December 31, 2020 2019 2018 Total revenue $ 5,397 $ 9,140 $ 5,038 Operating expenses 1,149 1,876 1,467 Gain on disposal (3,720 ) - - Loss contingency 44,151 - - Operating (loss) income (36,183 ) 7,264 3,571 Interest expense 1,950 2,892 1,363 (Loss) income before income taxes (38,133 ) 4,372 2,208 Income tax (benefit) expense (9,535 ) 1,114 565 Net (loss) income from discontinued operations, net of tax $ (28,598 ) $ 3,258 $ 1,643 As of December 31, 2020, 1, Interest expense not The following table summarizes the major classes of assets and liabilities included as discontinued operations as of December 31, 2020 2019: (in thousands) December 31, 2020 December 31, 2019 Current assets: Accounts receivable, net of allowance of $0 in 2020 and $408 in 2019 $ - $ 86,620 Current assets of discontinued operations - 86,620 Noncurrent deferred tax asset 9,535 - Noncurrent assets from discontinued operations 9,535 - Total assets from discontinued operations $ 9,535 $ 86,620 Current liabilities: Accounts payable $ 816 $ 6,245 Current liabilities of discontinued operations 816 6,245 Contingent liabilities 44,151 - Total liabilities $ 44,967 $ 6,245 The net cash flows for operating activities related to discontinued operations provided $11.7 million and used $28.1 million and $17.3 million for the years ended December 31, 2020, 2019, 2018, December 31, 2020 2019 2018 The following unaudited summary information is presented on a consolidated pro forma basis as if the Factoring assets were sold as of January 1, 2018: (in thousands) Twelve months ended December 31, 2020 2019 2018 Total revenue $ 838,561 $ 885,387 $ 880,417 (Loss) income from continuing operations (14,120 ) 5,219 40,860 (Loss) income per basic share from continuing operations $ (0.81 ) $ 0.28 $ 2.23 (Loss) income per diluted share from continuing operations $ (0.81 ) $ 0.28 $ 2.21 Refer to Note 1, |
Note 3 - Restructuring and Cost
Note 3 - Restructuring and Cost Savings Initiatives | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 3. RESTRUCTURING AND COST SAVINGS INITIATIVES Since the first 2020, one Although the significant majority of restructuring and cost savings initiatives were completed in the second 2020, third fourth 2020 In the second 2020 June 30, 2020. twelve second 2020 no third fourth 2020 not no 2019 2018. (in thousands) Twelve months ended December 31, Description 2020 Segment(s) Impacted Value Determination Revenue equipment $ 16,779 Expedited and Dedicated Third Party Market Appraisal Terminal facility, leasehold improvements, and equipment, Texarkana, AR 7,319 Expedited and Dedicated Third Party Market Appraisal Leased office facility, Chattanooga, TN 2,236 Managed Freight Loss on ROU Asset and Leasehold Improvements Training and orientation center, Chattanooga, TN 235 Expedited and Dedicated Quoted Market Price Impairment of right-of use asset, long lived properties, and equipment $ 26,569 Other restructuring related gains and charges incurred during the twelve December 31, 2020 not no 2019 2018. (in thousands) Twelve months ended December 31, Description 2020 Segment(s) Impacted Gain on disposal of terminals, net $ (4,740 ) Expedited and Dedicated Restructuring related separation and other 4,334 Expedited, Dedicated, and Managed Freight Abandonment of information technology infrastructure 1,048 Expedited and Dedicated Change in useful life/abandonment of intangible assets 1,331 Dedicated, Managed Freight, and Warehousing Abandonment of revenue equipment held under operating leases 825 Expedited and Dedicated Contract exit costs and restructuring related costs and professional fees 695 Expedited and Dedicated Total restructuring $ 3,493 |
Note 4 - Stock-based Compensati
Note 4 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 4. STOCK-BASED COMPENSATION Our Third Amended and Restated 2006 July 1, 2020, 2006 one one may June 1, 2030, The Incentive Plan permits annual awards of shares of our Class A common stock to executives, other key employees, non-employee directors, and eligible participants under various types of options, restricted share awards, or other equity instruments. At December 31, 2020 No may No may March 31, 2023. Included in salaries, wages, and related expenses within the consolidated statements of operations is stock-based compensation expense of $1.8 million, $0.4 million, and $4.8 million in 2020, 2019, 2018 2020 2019 2018 2020, 2019, 2018 2020, 2019 2018. 2020 2019 2018 The Incentive Plan allows participants to pay the federal and state minimum statutory tax withholding requirements related to awards that vest or allows the participant to deliver to us shares of Class A common stock having a fair market value equal to the minimum amount of such required withholding taxes. To satisfy withholding requirements for shares that vested, certain participants elected to deliver to us 20,570, 62,255, and 11,052 Class A common stock shares, which were withheld at weighted average per share prices of $14.65, $17.75, and $21.89, respectively, based on the closing prices of our Class A common stock on the dates the shares vested in 2020, 2019, 2018 2020, 2019, 2018 The following table summarizes our restricted share award activity for the fiscal years ended December 31, 2020, 2019, 2018 Number of stock awards (in thousands) Weighted average grant date fair value Unvested at December 31, 2017 587 $ 18.14 Granted 153 $ 30.32 Vested (35 ) $ 25.97 Forfeited (30 ) $ 27.58 Unvested at December 31, 2018 675 $ 20.08 Granted 351 $ 15.42 Vested (191 ) $ 19.22 Forfeited (48 ) $ 19.33 Unvested at December 31, 2019 787 $ 18.25 Granted 119 $ 13.43 Vested (65 ) $ 23.82 Forfeited (196 ) $ 20.05 Unvested at December 31, 2020 645 $ 16.25 The unvested shares at December 31, 2020 2021 2026 December 31, 2020 not not December 31, 2020 December 31, 2020. The fair value of restricted share awards that vested in 2020, 2019, 2018 December 31, 2020 not There were no outstanding options at December 31, 2019 2018. December 31, 2020: Number of options (in thousands) Weighted average exercise price Weighted average remaining contractual term Aggregate intrinsic value (in thousands) Outstanding at December 31, 2019 - $ - - $ - Options granted 721 $ 15.77 Options exercised - $ - Options forfeited - $ - Outstanding at December 31, 2020 721 $ 15.77 9.8 years $ (692 ) Exercisable at December 31, 2020 - $ - - $ - |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. PROPERTY AND EQUIPMENT A summary of property and equipment, at cost, as of December 31, 2020 2019 (in thousands) Estimated Useful Lives (Years) 2020 2019 Revenue equipment 3 10 $ 435,865 $ 588,828 Communications equipment 5 10 5,492 6,189 Land and improvements 0 15 16,602 23,398 Buildings and leasehold improvements 7 40 57,308 75,471 Construction in-progress - 695 400 Other 2 10 25,314 31,097 $ 541,276 $ 725,383 Depreciation expense was $60.4 million, $77.6 million, and $74.4 million, in 2020, 2019, 2018 2020 2019, 2018 We lease certain revenue equipment under finance and operating leases with terms of approximately 48 to 84 months. At December 31, 2020 2019 December 31, 2020 2019 2020, 2019, 2018 9. Leases |
Note 6 - Goodwill, Other Intang
Note 6 - Goodwill, Other Intangibles, and Other Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. GOODWILL, OTHER INTANGIBLES, AND OTHER ASSETS On July 3, 2018, As a result of management compensation structure changes and a change in the branding strategy of the organization, the Company revised the estimated remaining useful life of the Landair trade name to 15 months as of June 30, 2020. second 2020. December 31, 2020, A summary of indefinite-lived goodwill, by reportable operating segment as of December 31, 2020 2019 (in thousands) December 31, 2020 December 31, 2019 Gross/net goodwill Gross/net goodwill Dedicated $ 15,320 $ 15,320 Managed Freight 5,448 5,448 Warehousing 21,750 21,750 Total goodwill $ 42,518 $ 42,518 A summary of other intangible assets, by reportable operating segment as of December 31, 2020 2019 (in thousands) December 31, 2020 Gross intangible assets Accumulated amortization Net intangible assets Remaining Life (months) Trade name: Dedicated $ 2,402 $ (1,204 ) $ 1,198 Managed Freight 999 (501 ) 498 Warehousing 999 (501 ) 498 Total trade name 4,400 (2,206 ) 2,194 9 Non-Compete agreement: Dedicated 914 (914 ) - Managed Freight 130 (130 ) - Warehousing 356 (356 ) - Total non-compete agreement 1,400 (1,400 ) - - Customer relationships: Dedicated 14,072 (2,931 ) 11,141 Managed Freight 1,692 (354 ) 1,338 Warehousing 12,436 (2,591 ) 9,845 Total customer relationships: 28,200 (5,876 ) 22,324 114 Total other intangible assets $ 34,000 $ (9,482 ) $ 24,518 (in thousands) December 31, 2019 Gross intangible assets Accumulated amortization Net intangible assets Remaining Life (months) Trade name: Dedicated $ 2,402 $ (240 ) $ 2,162 Managed Freight 999 (100 ) 899 Warehousing 999 (100 ) 899 Total trade name 4,400 (440 ) 3,960 162 Non-Compete agreement: Dedicated 914 (274 ) 640 Managed Freight 130 (39 ) 91 Warehousing 356 (107 ) 249 Total non-compete agreement 1,400 (420 ) 980 42 Customer relationships: Dedicated 14,072 (1,759 ) 12,313 Managed Freight 1,692 (213 ) 1,479 Warehousing 12,436 (1,554 ) 10,883 Total customer relationships 28,200 (3,525 ) 24,675 126 Total other intangible assets $ 34,000 $ (4,385 ) $ 29,615 The above finite-lived intangible assets have a weighted average remaining life of 105 months and 128 months as of December 31, 2020 2019 December 31, 2020, 2019, 2018 five (In thousands) 2021 $ 4,044 2022 2,350 2023 2,350 2024 2,350 2025 2,350 Thereafter 10,574 A summary of other assets as of December 31, 2020 2019 (in thousands) 2020 2019 Investment in TEL $ 34,365 $ 31,906 Other long-term receivables 24,378 2,140 Other assets, net 2,154 3,873 Total other assets, net $ 60,897 $ 37,919 Other long-term receivables represents amounts recorded as a receivable in other assets and as a corresponding accrual in the long-term portion of insurance and claims accruals on our consolidated balance sheet for claims above our self-insured retention for which we believe it is reasonably assured that the insurers will provide their portion of such claims. The Company conducted its annual impairment assessments and tests of goodwill for each reporting unit as of October 1, 2020. first not not not If the estimation of fair value indicates that impairment potentially exists, the Company will then measure the amount of the impairment, if any. Goodwill impairment exists when the estimated implied fair value of goodwill is less than its carrying value. Changes in strategy or market conditions could significantly impact these fair value estimates and require adjustments to recorded asset balances. Additionally, the Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount may not |
Note 7 - Liquidity
Note 7 - Liquidity | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Liquidity Disclosure1 [Text Block] | 7. LIQUIDITY Our business requires significant capital investments over the short-term and the long-term. We generally finance our capital requirements with borrowings under our Credit Facility, cash flows from operations, long-term operating leases, finance leases, secured installment notes with finance companies, and proceeds from the sale of our used revenue equipment. We had working capital (total current assets less total current liabilities) of $14.4 million and $93.1 million at December 31, 2020 2019 As of December 31, 2020 $15.0 not During the first 2020, 19 2020 |
Note 8 - Debt
Note 8 - Debt | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. DEBT Current and long-term debt consisted of the following at December 31, 2020 2019 (in thousands) December 31, 2020 December 31, 2019 Current Long-Term Current Long-Term Borrowings under Credit Facility $ - $ 15,000 $ - $ - Borrowings under the Draw Note - - - - Revenue equipment installment notes; weighted average interest rate of 2.0% at December 31, 2020, and 3.7% December 31, 2019, due in monthly installments with final maturities at various dates ranging from January 2021 to January 2024, secured by related revenue equipment 6,437 11,358 53,431 177,514 Real estate notes; interest rate of 1.9% at December 31, 2020 and 3.3% at December 31, 2019 due in monthly installments with a fixed maturity at August 2035, secured by related real estate 1,140 21,530 1,093 22,670 Deferred loan costs - - (147 ) (7 ) Total debt 7,577 47,888 54,377 200,177 Principal portion of finance lease obligations, secured by related revenue equipment 5,687 10,756 7,258 26,010 Principal portion of operating lease obligations, secured by related equipment 16,989 21,474 19,460 40,882 Total debt and finance lease obligations $ 30,253 $ 80,118 $ 81,095 $ 267,069 We and substantially all of our subsidiaries are parties to the Credit Facility with Bank of America, N.A., as agent (the "Agent") and JPMorgan Chase Bank, N.A. (together with the Agent, the "Lenders"). On October 23, 2020, no October 2025 ( September 2021 Borrowings under the Credit Facility are classified as either "base rate loans" or "LIBOR loans." Base rate loans accrue interest at a base rate equal to the greater of the Agent’s prime rate, the federal funds rate plus 0.5%, or LIBOR plus 1.0%, plus an applicable margin ranging from 0.25% to 0.75% (decreased from a range of 0.5% to 1.0% by the Eighteenth Amendment); while LIBOR loans accrue interest at LIBOR, plus an applicable margin ranging from 1.25% to 1.75% (decreased from a range of 1.5% to 2.0% by the Eighteenth Amendment). The applicable rates are adjusted quarterly based on average pricing availability. The unused line fee is the product of 0.25% times the average daily amount by which the Lenders' aggregate revolving commitments under the Credit Facility exceed the outstanding principal amount of revolver loans and the aggregate undrawn amount of all outstanding letters of credit issued under the Credit Facility. The obligations under the Credit Facility are guaranteed by us and secured by a pledge of substantially all of our assets, with the notable exclusion of any real estate or revenue equipment pledged under other financing agreements, including revenue equipment installment notes and finance leases. Borrowings under the Credit Facility are subject to a borrowing base limited to the lesser of (A) $110.0 $95.0 December 31, 2020 December 31, 2020 2019 The Credit Facility includes usual and customary events of default for a facility of this nature and provides that, upon the occurrence and continuation of an event of default, payment of all amounts payable under the Credit Facility may may In connection with the TFS Settlement, on September 23, 2020, may September 23, 2025. one one September 23, 2026. may Pricing for the revenue equipment installment notes is quoted by the respective financial affiliates of our primary revenue equipment suppliers and other lenders at the funding of each group of equipment acquired and include fixed annual rates for new equipment under retail installment contracts. The notes included in the funding are due in monthly installments with final maturities at various dates ranging from January 2021 January 2024 not 2021, In April 2020, 19 90 three In August 2015, third second June 30, 2020, third not third September 30, 2020, 12 As of December 31, 2020 9 (in thousands) 2021 $ 7,577 2022 8,085 2023 5,703 2024 1,294 2025 16,350 Thereafter 16,456 |
Note 9 - Leases
Note 9 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 9. LEASES Finance lease obligations are utilized to finance a portion of our revenue equipment and are entered into with certain finance companies who are not December 31, 2020 January 2021 November 2024 not A summary of our lease obligations for the twelve December 31, 2020 2019 (dollars in thousands) Twelve Months Ended Twelve Months Ended December 31, 2020 December 31, 2019 Finance lease cost: Amortization of right-of-use assets $ 4,080 $ 5,469 Interest on lease liabilities 1,003 1,107 Operating lease cost 21,212 24,393 Variable lease cost 414 326 Total lease cost $ 26,709 $ 31,295 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 1,003 $ 7,226 Operating cash flows from operating leases $ 24,325 $ 24,393 Financing cash flows from finance leases $ 20,083 $ 1,107 Right-of-use assets obtained in exchange for new finance lease liabilities $ 3,229 $ - Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,730 $ 37,080 Weighted-average remaining lease term—finance leases 1.8 years 2.9 years Weighted-average remaining lease term—operating leases 2.3 years 3.4 years Weighted-average discount rate—finance leases 2.3 % 3.0 % Weighted-average discount rate—operating leases 5.3 % 5.2 % During the year ended December 31, 2020, December 31, 2020 2019, Our future minimum lease payments as of December 31, 2020 (in thousands) Operating Finance 2021 $ 18,543 $ 6,324 2022 15,523 6,884 2023 6,762 3,616 2024 28 - 2025 9 - Thereafter - - Total minimum lease payments $ 40,865 $ 16,824 Less: amount representing interest 2,402 (381 ) Present value of minimum lease payments 38,463 16,443 Less: current portion (16,989 ) (5,687 ) Lease obligations, long-term $ 21,474 $ 10,756 Certain leases contain cross-default provisions with other financing agreements and additional charges if the unit's mileage exceeds certain thresholds defined in the lease agreement. Rental expense is summarized as follows for each of the three December 31: (in thousands) 2020 2019 2018 Revenue equipment rentals $ 22,505 $ 20,989 $ 14,682 Building and lot rentals 2,982 2,898 1339 Other equipment rentals 478 506 881 Total rental expense $ 25,965 $ 24,393 $ 16,902 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. INCOME TAXES Income tax (benefit) expense for the years ended December 31, 2020, 2019, 2018 (in thousands) 2020 2019 2018 Federal, current $ 63 $ (2,040 ) $ (437 ) Federal, deferred (2,391 ) 3,976 14,117 State, current 2,349 828 1,284 State, deferred (2,825 ) (415 ) (20 ) Income tax (benefit) expense $ (2,804 ) $ 2,349 $ 14,944 Income tax (benefit) expense for the years ended December 31, 2020, 2019, 2018 (in thousands) 2020 2019 2018 Computed "expected" income tax expense $ (3,554 ) $ 1,642 $ 11,745 State income taxes, net of federal income tax effect (227 ) (600 ) 2,484 831(b) election (123 ) (393 ) (200 ) Per diem allowances 1,028 1,450 1,446 Tax contingency accruals 65 601 (57 ) Valuation allowance, net (139 ) 321 0 Tax credits (403 ) (377 ) (968 ) Excess tax benefits on share-based compensation 129 105 50 Change in prior year estimates 288 (420 ) 0 Other, net 132 20 444 Income tax (benefit) expense $ (2,804 ) $ 2,349 $ 14,944 The amount of income tax (benefit) expense allocated to discontinued operations for TFS is $9.5 million, $1.1 million, and $0.6 million for the years ended December 31, 2020, 2019, 2018, Income tax expense varies from the amount computed by applying the applicable federal corporate income tax rate of 21% for 2020 2019 2018 The temporary differences and the approximate tax effects that give rise to our net deferred tax liability at December 31, 2020 2019 (in thousands) 2020 2019 Deferred tax assets: Insurance and claims $ 10,970 $ 10,269 Net operating loss carryovers 7,759 25,849 Tax credits 11,395 10,942 Leased liability 9,969 15,668 Finance lease obligation 3,848 8,483 State bonus 4,860 6,576 Other 4,917 2,160 Valuation allowance (242 ) (385 ) Total deferred tax assets 53,476 79,562 Deferred tax liabilities: Property and equipment (78,682 ) (97,066 ) Investment in partnership (31,585 ) (36,669 ) ROU Asset- leases (9,697 ) (15,280 ) Other (4,353 ) (7,462 ) Sec. 481(a) - finance leases (588 ) (449 ) Prepaid expenses (3,124 ) (2,966 ) Total deferred tax liabilities (128,029 ) (159,892 ) Net deferred tax liability $ (74,553 ) $ (80,330 ) The net deferred tax liability of $65.0 million primarily relates to differences in cumulative book versus tax depreciation of property and equipment, partially off-set by tax credit carryovers and insurance claims that have been reserved but not may December 31, 2020 may As of December 31, 2020 December 31, 2019 2020, 2019, 2018. The following tables summarize the annual activity related to our gross unrecognized tax benefits (in thousands) for the years ended December 31, 2020, 2019, 2018 2020 2019 2018 Balance as of January 1, $ 823 $ 1,796 $ 1,924 Increases related to prior year tax positions - 2,969 4 Decreases related to prior year positions - - (9 ) Increases related to current year tax positions 98 287 - Decreases related to settlements with taxing authorities - (4,200 ) - Decreases related to lapsing of statute of limitations (34 ) (29 ) (123 ) Balance as of December 31, $ 887 $ 823 $ 1,796 If recognized, approximately $0.9 million of unrecognized tax benefits would impact our effective tax rate as of both December 31, 2020 2019 Our 2015 through 2019 not not Our federal net operating loss ("NOL") of $101.9 million is expected to be substantially consumed in the current year. The remaining $3.9 million will carryforward indefinitely. Our $3.1 million of charitable contributions are all expected to be converted to NOL carryover in the current year, thereby extending their benefit indefinitely and increasing the indefinite NOL carryforward to $7.0 million. In addition to our federal net operating losses and charitable contributions, we also have $10.9 million of federal tax credits available to offset future federal taxable income which will begin to expire in 2030. Our state net operating loss carryforwards and state tax credits of $92.2 million and $0.5 million, respectively expire beginning in 2022 2028 On March 27, 2020, 2020 2020 |
Note 11 - Equity Method Investm
Note 11 - Equity Method Investment | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Equity Method Investment [Text Block] | 11. EQUITY METHOD INVESTMENT We own a 49.0% interest in TEL, a tractor and trailer equipment leasing company and used equipment reseller. There is no 49.0% not no May 2016, May 31, 2016, no no third may December 31, 2020 2019 2018 none 2020 2019 2018 2020 2019 2018 December 31, 2020 2019 third December 31, 2020 2019 We have accounted for our investment in TEL using the equity method of accounting and thus our financial results include our proportionate share of TEL's net income, which amounted to $3.9 million in 2020 2019 2018 2020 2019 2018 Our accounts receivable from TEL and investment in TEL as of December 31, 2020 2019 2020 2019 Description: Balance Sheet Line Item: Accounts receivable from TEL Driver advances and other receivables $ 661 1,251 Investment in TEL Other assets $ 34,365 $ 31,906 Our accounts receivable from TEL related to cash disbursements made pursuant to our performance of certain back-office and maintenance functions on TEL's behalf. Our investment in TEL is comprised of $4.9 million cash investment and our equity in TEL's earnings since our investment, partially offset by dividends received since our investment for minimum tax withholdings as noted above and the abovementioned deferred gains on sales of equipment to TEL. See TEL's summarized financial information below. (in thousands) As of the years ended December 31, 2020 2019 Current Assets $ 27,167 $ 28,577 Non-current Assets 283,913 346,014 Current Liabilities 66,495 85,751 Non-current Liabilities 183,393 232,992 Total Equity $ 61,192 $ 55,848 (in thousands) As of the years ended December 31, 2020 2019 2018 Revenue $ 95,016 $ 110,298 $ 108,801 Cost of Sales 11,617 20,404 37,307 Operating Expenses 64,581 65,058 47,281 Operating Income 18,818 24,836 24,213 Net Income $ 8,344 $ 13,403 $ 16,496 |
Note 12 - Deferred Profit Shari
Note 12 - Deferred Profit Sharing Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Compensation Related Costs, General [Text Block] | 12. DEFERRED PROFIT SHARING EMPLOYEE BENEFIT PLAN We have a deferred profit sharing and savings plan under which all of our employees with at least six may may 2020 2019 2018 first 2020 19 |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 13. RELATED PARTY TRANSACTIONS During the fourth 2020, no 11 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. COMMITMENTS AND CONTINGENT LIABILITIES From time-to-time, we are a party to ordinary, routine litigation arising in the ordinary course of business, most of which involves claims for personal injury and/or property damage incurred in connection with the transportation of freight. Our subsidiary Covenant Transport, Inc. (“Covenant Transport”) is a defendant in a lawsuit filed on November 9, 2018, October 31, 2014 not no December 31, 2020. On February, 28 2019, August 1, 2019, not no December 31, 2020. On August 2, 2018, five 5 "no not one 8 10 18 24 April 23, 2020. one not no December 31, 2020. We maintain insurance to cover liabilities arising from the transportation of freight for amounts in excess of certain self-insured retentions. In management's opinion, our potential exposure under pending legal proceedings is adequately provided for in the accompanying consolidated financial statements. Refer to Note 1, Based on our present knowledge of the facts and, in certain cases, advice of outside counsel, management believes the resolution of open claims and pending litigation, discussed above, taking into account existing reserves, is not We had $29.7 million and $35.2 million of outstanding and undrawn letters of credit as of December 31, 2020 2019 We had commitments outstanding at December 31, 2020 2021 December 31, 2019 |
Note 15 - Segment Information
Note 15 - Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. SEGMENT INFORMATION Until the second 2020, four 2, June 30, 2020. September 30, 2020, second 2020. Our four ● Expedited: The Expedited reportable operating segment primarily provides truckload services to customers with high service freight and delivery standards, such as 1,000 22 15 two ● Dedicated: The Dedicated segment provides customers with committed truckload capacity over contracted periods with the goal of three five ● Managed Freight: The Managed Freight segment includes our brokerage and transport management services ("TMS"). Brokerage services provide logistics capacity by outsourcing the carriage of customers' freight to third ● Warehousing: The Warehousing segment provides day-to-day warehouse management services to customers who have chosen to outsource this function. These changes impacted the Company’s reportable segments but did not The following table summarizes our segment information for 2020 2019 2018: (in thousands) Year Ended December 31, 2020 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 320,202 $ 288,652 $ 177,579 $ 52,128 $ 838,561 Intersegment revenue 11,630 - - - 11,630 Operating (loss) income (7,038 ) (15,534 ) 4,482 4,063 (14,027 ) Depreciation and amortization 31,969 29,610 829 3,064 65,472 Year Ended December 31, 2019 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 356,521 $ 342,473 $ 138,616 $ 47,777 $ 885,387 Intersegment revenue 10,302 - - - 10,302 Operating income (1,260 ) 1,188 3,323 5,518 8,769 Depreciation and amortization 39,371 38,716 418 1,997 80,502 Year Ended December 31, 2018 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 469,308 $ 257,739 $ 129,790 $ 23,580 $ 880,417 Intersegment revenue 7,298 - - - 7,298 Operating income 32,693 12,699 7,150 2,874 55,416 Depreciation and amortization 44,564 30,604 286 389 75,843 (in thousands) For the years ended December 31, 2020 2019 2018 Total external revenues for reportable segments $ 838,561 $ 885,387 $ 880,417 Intersegment revenues for reportable segments 11,630 10,302 7,298 Elimination of intersegment revenues (11,630 ) (10,302 ) (7,298 ) Total consolidated revenues $ 838,561 $ 885,387 $ 880,417 Balance sheet data by reportable segment is not |
Note 16 - Quarterly Results of
Note 16 - Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 16. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (in thousands except per share amounts) Mar. 31, June 30, Sep. 30, Dec. 31, Quarters ended 2020 2020 2020 2020 (1) Total revenue $ 210,813 $ 191,689 $ 210,830 $ 225,229 Operating (loss) income (1,454 ) (28,950 ) 6,811 9,566 (Loss) income from continuing operations (4,087 ) (30,504 ) 6,052 11,615 Income (loss) from discontinued operations, net of tax 871 825 2,788 (33,082 ) Net (loss) income (2,213 ) (22,343 ) 7,501 (25,663 ) Basic (loss) income per share: (Loss) income from continuing operations $ (0.17 ) $ (1.36 ) $ 0.28 $ 0.43 Income (loss) from discontinued operations $ 0.05 $ 0.05 $ 0.16 $ (1.93 ) Net (loss) income $ (0.12 ) $ (1.31 ) $ 0.44 $ (1.50 ) Diluted (loss) income per share: (Loss) income from continuing operations $ (0.17 ) $ (1.36 ) $ 0.27 $ 0.43 Income (loss) from discontinued operations $ 0.05 $ 0.05 $ 0.16 $ (1.93 ) Net (loss) income $ (0.12 ) $ (1.31 ) $ 0.43 $ (1.50 ) (in thousands except per share amounts) Mar. 31, June 30, Sep. 30, Dec. 31, Quarters ended 2019 2019 2019 2019 (1) Total revenue $ 217,333 $ 217,040 $ 220,459 $ 230,555 Operating income (loss) 3,946 7,030 (3,870 ) 1,663 Income (loss) from continuing operations 3,758 5,245 (4,042 ) 258 Income from discontinued operations, net of tax 675 826 853 904 Net income (loss) 4,433 6,071 (3,189 ) 1,162 Basic income (loss) per share: Income (loss) from continuing operations $ 0.20 $ 0.28 $ (0.22 ) $ 0.01 Income from discontinued operations $ 0.04 $ 0.04 $ 0.05 $ 0.05 Net income (loss) $ 0.24 $ 0.33 $ (0.17 ) $ 0.06 Diluted income (loss) per share: Income (loss) from continuing operations $ 0.20 $ 0.28 $ (0.22 ) $ 0.01 Income from discontinued operations $ 0.04 $ 0.04 $ 0.05 $ 0.05 Net income (loss) $ 0.24 $ 0.33 $ (0.17 ) $ 0.06 |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. SUBSEQUENT EVENTS On January 6, 2021 On January 25, 2021, may may may not not may March 2, 2021, 362,988 Effective January 28, 2021, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of Covenant Logistics Group, Inc., a holding company incorporated in the state of Nevada in 1994, References in this report to "it," "we," "us," "our," the "Company," and similar expressions refer to Covenant Logistics Group, Inc. and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
Segment Reporting, Policy [Policy Text Block] | Segment Realignment In 2020, not ● Non-dedicated truckload services ("Expedited"), which services customers with high service freight and delivery standards, such as 1,000 22 15 ● Dedicated contract truckload services (“Dedicated”), which consists of our truckload business that involves longer-term contracts that allocate a specified number of tractors and trailers to a specific customer, with fixed and variable compensation. ● Managed Freight services, which consists of our brokerage and transportation management services ("TMS") and provides logistics capacity by outsourcing the carriage of customers' freight to third ● Warehousing services (“Warehousing”), provides day-to-day warehouse management services to customers who have chosen to outsource this function. The following table summarizes our revenue by our four December 31, 2020 2019 2018 Year ended December 31, (in thousands) 2020 2019 2018 Revenues: Expedited $ 320,202 $ 356,521 $ 469,308 Dedicated 288,652 342,473 257,739 Managed Freight 177,579 138,616 129,790 Warehousing 52,128 47,777 23,580 Total revenues $ 838,561 $ 885,387 $ 880,417 |
Equity Method Investments [Policy Text Block] | Investment in Transport Enterprise Leasing, LLC Transport Enterprise Leasing, LLC ("TEL") is a tractor and trailer equipment leasing company and used equipment reseller. We evaluated our investment in TEL to determine whether it should be recorded on a consolidated basis. Our percentage of ownership interest (49%), an evaluation of control, and whether a variable interest entity ("VIE") existed were all considered in our consolidation assessment. Based on the analysis, the Company is not not 49% On a periodic basis, we assess whether there are any indicators that the fair value of our investment in TEL may no December 31, 2020 2019. |
Risks and Uncertainties [Policy Text Block] | Risks and Uncertainties We are continuing to monitor the progression of the COVID- 19 2020 not first Our insurance program includes multi-year policies with specific insurance limits that may April 1, 2018 March 31, 2021), $9.0 $1.0 January 28, 2021 April 1, 2024. $9.0 $1.0 April 1, 2018 March 31, 2021, April 1, 2020, may On July 8, 2020, September 23, 2020 The amended purchase agreement specifically identified approximately $62.0 million of accounts within the Portfolio, which related to advances on services that had not first $30.0 fourth 2020, December 31, 2020 To date no |
Revenue [Policy Text Block] | Revenue Recognition Revenue, drivers' wages, and other direct operating expenses generated by our Expedited and Dedicated reportable segments are recognized proportionally as the transportation service is performed based on the percentage of miles completed as of the period end. Revenue is recognized on a gross basis at amounts charged to our customers because we control and are primarily responsible for the fulfillment of the promised service. Revenue includes transportation revenue, fuel surcharges, loading and unloading activities, equipment detention, and other accessorial services. Revenue generated by our Managed Freight reportable segment is recognized upon completion of the services provided. Revenue is recorded on a gross basis, without deducting third There are no December 31, 2020, 2019, 2018, December 31, 2020, 2019, 2018, |
Use of Estimates, Policy [Policy Text Block] | Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make decisions based upon estimates, assumptions, and factors we consider as relevant to the circumstances. Such decisions include the selection of applicable accounting principles and the use of judgment in their application, the results of which impact reported amounts and disclosures. Changes in future economic conditions or other business circumstances may |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Accounts Receivable and Concentration of Credit Risk We extend credit to our customers in the normal course of business, which are generally due within 30 45 not Accounts receivable are comprised of a diversified customer base that mitigates the level of concentration of credit risk. During 2020, 2019, 2018 ten 2020 2019 2018 one 10% 38 33 2020 2019 The following table provides a summary (in thousands) of the activity in the allowance for doubtful accounts for 2020, 2019, 2018 Years ended December 31: Beginning balance January 1, Additional provisions to allowance Write-offs and other adjustments Ending balance December 31, 2020 $ 1,440 $ 3,011 $ (1,459 ) $ 2,992 2019 $ 1,577 $ 141 $ (278 ) $ 1,440 2018 $ 1,258 $ 182 $ 137 $ 1,577 |
Inventory, Policy [Policy Text Block] | Inventories and Supplies Inventories and supplies consist of parts, tires, fuel, and supplies. Tires on new revenue equipment are capitalized as a component of the related equipment cost when the tractor or trailer is placed in service and recovered through depreciation over the life of the vehicle. Replacement tires and parts on hand at year end are recorded at the lower of cost or net realizable value with cost determined using the first first |
Assets Held for Sale Policy [Policy Text Block] | Assets Held for Sale Assets held for sale include property and revenue equipment no no twelve |
Change in Accounting Estimate [Policy Text Block] | Change in Estimates The Company reviews the estimated useful lives and salvage values of its assets on an ongoing basis, based upon, among other things, our experience with similar assets, conditions in the used revenue equipment market, and prevailing industry practice. During the second 2020, twelve December 31, 2020, |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment is stated at cost less accumulated depreciation. Depreciation for book purposes is determined using the straight-line method over the estimated useful lives of the assets. Depreciation of revenue equipment is our largest item of depreciation. We generally depreciate new tractors over five seven ten not We lease certain revenue equipment under finance and operating leases with terms of approximately 48 to 84 months. Amortization of assets under finance and operating leases are included in depreciation and amortization expense and revenue and equipment rentals and purchased transportation, respectively. Pursuant to applicable accounting standards, revenue equipment and other long-lived assets are tested for impairment whenever an event occurs that indicates impairment may twelve December 31, 2020. 3, A portion of our tractors are protected by non-binding indicative trade-in values or binding trade-back agreements with the manufacturers. The remainder of our tractors and substantially all of our owned trailers are subject to fluctuations in market prices for used revenue equipment. Moreover, our trade-back agreements are contingent upon reaching acceptable terms for the purchase of new equipment. Declines in the price of used revenue equipment or failure to reach agreement for the purchase of new tractors with the manufacturers issuing trade-back agreements could result in impairment of, or losses on the sale of, revenue equipment. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets We classify intangible assets into two may may not may not We determine the useful lives of our identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors we consider when determining useful lives include the contractual term of any agreement, the history of the asset, our long-term strategy for the use of the asset, any laws or other local regulations which could impact the useful life of the asset, and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have finite lives are amortized, generally on a straight-line basis, over their remaining useful lives, ranging from 3 to 15 years. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets Pursuant to applicable accounting standards, revenue equipment and other long-lived assets are tested for impairment whenever an event occurs that indicates an impairment may |
Insurance And Other Claims [Policy Text Block] | Insurance and Other Claims The primary claims arising against us consist of auto liability (personal injury and property damage), workers' compensation, cargo, commercial liability, and employee medical expenses. At December 31, 2020 ● auto liability - the aggregate limits available in the coverage layer $9.0 million in excess of $1.0 million were estimated to be fully eroded based on claims expense accruals at December 31, 2020 $7.0 $3.0 January 28, 2021 April 1, 2024 ● workers' compensation - $1.3 million ● cargo - $0.3 million ● employee medical - $0.4 million ● physical damage - 100% Due to our significant self-insured retention amounts, we have exposure to fluctuations in the number and severity of claims and to variations between our estimated and actual ultimate payouts. We record a liability for the estimated cost of the uninsured portion of pending claims and the estimated allocated loss adjustment expenses including legal and other direct costs associated with a claim. Estimates require judgments concerning the nature and severity of the claim, historical trends, advice from third In addition to estimates within our self-insured retention layers, we also must make judgments concerning claims where we have third third December 31, 2020 2019 December 31, 2020 2019 may We also make judgments regarding the ultimate benefit versus risk of commuting certain periods within our auto liability policy. If we commute a policy, we assume 100% risk for covered claims in exchange for a policy refund. Effective April 2018, three 36 March 31, 2021. April 1, 2021. October 1, 2014 March 31, 2018, not no December 31, 2020. |
Interest Capitalization, Policy [Policy Text Block] | Interest We capitalize interest on major projects during construction. Interest is capitalized based on the average interest rate on related debt. Capitalized interest was less than $0.1 million in 2020 2018 2019 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Our financial instruments consist primarily of cash and cash equivalents, accounts receivable, available-for-sale securities, accounts payable, debt, and interest rate swaps. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable, and current debt approximates their fair value because of the short-term maturity of these instruments. The carrying value of the factored receivables approximates the fair value, as the receivables are generally repaid directly to us by the client's customer within 30–40 December 31, 2020 |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We have reflected the net liability after offsetting our deferred tax assets and liabilities in the deferred income taxes line in the accompanying consolidated balance sheets. We believe the future tax deductions will be realized principally through future reversals of existing taxable temporary differences and future taxable income, except for when a valuation allowance has been provided as discussed in Note 10. In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management's evaluation of the facts, circumstances, and information available at the reporting dates. For those tax positions where it is more likely than not 50% not not no Our policy is to recognize income tax benefit arising from the exercise of stock options and restricted share vesting based on the ordering provisions of the tax law as prescribed by the Internal Revenue Code, including indirect tax effects, if any. |
Lessee, Leases [Policy Text Block] | Lease Accounting At the commencement date of a new lease agreement with contractual terms longer than twelve Right-of-use assets and lease liabilities are initially recorded based on the present value of lease payments over the term of the lease. When the rate implicit in the lease is readily determinable, this rate is used for calculating the present value of remaining lease payments; otherwise, our incremental borrowing rate is used. The incremental borrowing rate represents an estimate of the interest rate we would incur at the lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of the lease. Right-of-use assets also include prepaid lease expenses and initial direct costs of executing the leases, which are reduced by landlord incentives. Options to extend or terminate a lease agreement are included in or excluded from the lease term, respectively, when those options are reasonably certain to be exercised. Right-of-use assets are tested for impairment in the same manner as long-lived assets. Finance lease obligations are utilized to finance a portion of our revenue equipment and are entered into with certain finance companies who are not may not Right-of-use assets are included in net property and equipment. For finance leases, right-of-use assets are amortized on a straight-line basis over the shorter of the expected useful life or the lease term, and the carrying amount of the lease liability is adjusted to reflect interest expense, which is recorded in interest expense, net. Operating lease right-of-use assets are amortized over the lease term on a straight-line basis, and the lease liability is measured at the present value of the remaining lease payments. Variable lease payments not |
Stockholders' Equity, Policy [Policy Text Block] | Capital Structure The shares of Class A and B common stock are substantially identical except that the Class B shares are entitled to two one |
Earnings Per Share, Policy [Policy Text Block] | Income Per Share Basic income per share excludes dilution and is computed by dividing earnings available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted income per share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in our earnings. There were approximately 195,000; 200,000; December 31, 2020, 2019, 2018 195,000 December 31, 2020. 70,000; 0; 0 December 31, 2020, 2019, 2018 December 31, 2020. The following table sets forth the calculation of net income per share included in the consolidated statements of operations for each of the three December 31: (in thousands except per share data) 2020 2019 2018 Numerators: (Loss) income from continuing operations $ (14,120 ) $ 5,219 $ 40,860 (Loss) income from discontinued operations (28,598 ) 3,258 1,643 Net (loss) income $ (42,718 ) $ 8,477 $ 42,503 Denominator: Denominator for basic income per share – weighted-average shares 17,358 18,435 18,340 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted shares - 200 129 Equivalent shares issuable upon conversion of unvested employee stock options - - - Denominator for diluted income per share adjusted weighted-average shares and assumed conversions 17,358 18,635 18,469 Basic (loss) income per share: Income (loss) from continuing operations $ (0.81 ) $ 0.28 $ 2.23 (Loss) income from discontinued operations $ (1.65 ) $ 0.18 $ 0.09 Net (loss) income per basic share $ (2.46 ) $ 0.46 $ 2.32 Diluted (loss) income per share: Income (loss) from continuing operations $ (0.81 ) $ 0.28 $ 2.21 (Loss) income from discontinued operations $ (1.65 ) $ 0.17 $ 0.09 Diluted income per share $ (2.46 ) $ 0.45 $ 2.30 |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Employee Compensation We issue several types of stock-based compensation, including awards that vest based on service, market, and performance conditions or a combination of the conditions. Performance-based and market-based awards vest contingent upon meeting certain performance or market criteria, respectively, established by the Compensation Committee of the Board of Directors. All awards require future service. For performance-based awards, determining the appropriate amount to expense in each period is based on likelihood and timing of achieving the stated targets for performance-based awards and requires judgment, including forecasting future financial results. The estimates are revised periodically based on the probability and timing of achieving the required performance and adjustments are made as appropriate. Awards that are only subject to time vesting provisions are amortized using the straight-line method. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Accounting Standards not In June 2016, 2016 13, Financial Instruments - Measurement of Credit Losses on Financial Instruments January 1, 2023, In December 2019, 2019 12, 740 Simplifying the Accounting for Income Taxes, not first 2021 not There are no |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year ended December 31, (in thousands) 2020 2019 2018 Revenues: Expedited $ 320,202 $ 356,521 $ 469,308 Dedicated 288,652 342,473 257,739 Managed Freight 177,579 138,616 129,790 Warehousing 52,128 47,777 23,580 Total revenues $ 838,561 $ 885,387 $ 880,417 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Years ended December 31: Beginning balance January 1, Additional provisions to allowance Write-offs and other adjustments Ending balance December 31, 2020 $ 1,440 $ 3,011 $ (1,459 ) $ 2,992 2019 $ 1,577 $ 141 $ (278 ) $ 1,440 2018 $ 1,258 $ 182 $ 137 $ 1,577 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (in thousands except per share data) 2020 2019 2018 Numerators: (Loss) income from continuing operations $ (14,120 ) $ 5,219 $ 40,860 (Loss) income from discontinued operations (28,598 ) 3,258 1,643 Net (loss) income $ (42,718 ) $ 8,477 $ 42,503 Denominator: Denominator for basic income per share – weighted-average shares 17,358 18,435 18,340 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted shares - 200 129 Equivalent shares issuable upon conversion of unvested employee stock options - - - Denominator for diluted income per share adjusted weighted-average shares and assumed conversions 17,358 18,635 18,469 Basic (loss) income per share: Income (loss) from continuing operations $ (0.81 ) $ 0.28 $ 2.23 (Loss) income from discontinued operations $ (1.65 ) $ 0.18 $ 0.09 Net (loss) income per basic share $ (2.46 ) $ 0.46 $ 2.32 Diluted (loss) income per share: Income (loss) from continuing operations $ (0.81 ) $ 0.28 $ 2.21 (Loss) income from discontinued operations $ (1.65 ) $ 0.17 $ 0.09 Diluted income per share $ (2.46 ) $ 0.45 $ 2.30 |
Note 2 - Discontinued Operati_2
Note 2 - Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | (in thousands) Twelve months ended December 31, 2020 2019 2018 Total revenue $ 5,397 $ 9,140 $ 5,038 Operating expenses 1,149 1,876 1,467 Gain on disposal (3,720 ) - - Loss contingency 44,151 - - Operating (loss) income (36,183 ) 7,264 3,571 Interest expense 1,950 2,892 1,363 (Loss) income before income taxes (38,133 ) 4,372 2,208 Income tax (benefit) expense (9,535 ) 1,114 565 Net (loss) income from discontinued operations, net of tax $ (28,598 ) $ 3,258 $ 1,643 (in thousands) December 31, 2020 December 31, 2019 Current assets: Accounts receivable, net of allowance of $0 in 2020 and $408 in 2019 $ - $ 86,620 Current assets of discontinued operations - 86,620 Noncurrent deferred tax asset 9,535 - Noncurrent assets from discontinued operations 9,535 - Total assets from discontinued operations $ 9,535 $ 86,620 Current liabilities: Accounts payable $ 816 $ 6,245 Current liabilities of discontinued operations 816 6,245 Contingent liabilities 44,151 - Total liabilities $ 44,967 $ 6,245 (in thousands) Twelve months ended December 31, 2020 2019 2018 Total revenue $ 838,561 $ 885,387 $ 880,417 (Loss) income from continuing operations (14,120 ) 5,219 40,860 (Loss) income per basic share from continuing operations $ (0.81 ) $ 0.28 $ 2.23 (Loss) income per diluted share from continuing operations $ (0.81 ) $ 0.28 $ 2.21 |
Note 3 - Restructuring and Co_2
Note 3 - Restructuring and Cost Savings Initiatives (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Asset Group Impairment [Table Text Block] | (in thousands) Twelve months ended December 31, Description 2020 Segment(s) Impacted Value Determination Revenue equipment $ 16,779 Expedited and Dedicated Third Party Market Appraisal Terminal facility, leasehold improvements, and equipment, Texarkana, AR 7,319 Expedited and Dedicated Third Party Market Appraisal Leased office facility, Chattanooga, TN 2,236 Managed Freight Loss on ROU Asset and Leasehold Improvements Training and orientation center, Chattanooga, TN 235 Expedited and Dedicated Quoted Market Price Impairment of right-of use asset, long lived properties, and equipment $ 26,569 |
Restructuring and Related Costs [Table Text Block] | (in thousands) Twelve months ended December 31, Description 2020 Segment(s) Impacted Gain on disposal of terminals, net $ (4,740 ) Expedited and Dedicated Restructuring related separation and other 4,334 Expedited, Dedicated, and Managed Freight Abandonment of information technology infrastructure 1,048 Expedited and Dedicated Change in useful life/abandonment of intangible assets 1,331 Dedicated, Managed Freight, and Warehousing Abandonment of revenue equipment held under operating leases 825 Expedited and Dedicated Contract exit costs and restructuring related costs and professional fees 695 Expedited and Dedicated Total restructuring $ 3,493 |
Note 4 - Stock-based Compensa_2
Note 4 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Number of stock awards (in thousands) Weighted average grant date fair value Unvested at December 31, 2017 587 $ 18.14 Granted 153 $ 30.32 Vested (35 ) $ 25.97 Forfeited (30 ) $ 27.58 Unvested at December 31, 2018 675 $ 20.08 Granted 351 $ 15.42 Vested (191 ) $ 19.22 Forfeited (48 ) $ 19.33 Unvested at December 31, 2019 787 $ 18.25 Granted 119 $ 13.43 Vested (65 ) $ 23.82 Forfeited (196 ) $ 20.05 Unvested at December 31, 2020 645 $ 16.25 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of options (in thousands) Weighted average exercise price Weighted average remaining contractual term Aggregate intrinsic value (in thousands) Outstanding at December 31, 2019 - $ - - $ - Options granted 721 $ 15.77 Options exercised - $ - Options forfeited - $ - Outstanding at December 31, 2020 721 $ 15.77 9.8 years $ (692 ) Exercisable at December 31, 2020 - $ - - $ - |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (in thousands) Estimated Useful Lives (Years) 2020 2019 Revenue equipment 3 10 $ 435,865 $ 588,828 Communications equipment 5 10 5,492 6,189 Land and improvements 0 15 16,602 23,398 Buildings and leasehold improvements 7 40 57,308 75,471 Construction in-progress - 695 400 Other 2 10 25,314 31,097 $ 541,276 $ 725,383 |
Note 6 - Goodwill, Other Inta_2
Note 6 - Goodwill, Other Intangibles, and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (in thousands) December 31, 2020 December 31, 2019 Gross/net goodwill Gross/net goodwill Dedicated $ 15,320 $ 15,320 Managed Freight 5,448 5,448 Warehousing 21,750 21,750 Total goodwill $ 42,518 $ 42,518 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | (in thousands) December 31, 2020 Gross intangible assets Accumulated amortization Net intangible assets Remaining Life (months) Trade name: Dedicated $ 2,402 $ (1,204 ) $ 1,198 Managed Freight 999 (501 ) 498 Warehousing 999 (501 ) 498 Total trade name 4,400 (2,206 ) 2,194 9 Non-Compete agreement: Dedicated 914 (914 ) - Managed Freight 130 (130 ) - Warehousing 356 (356 ) - Total non-compete agreement 1,400 (1,400 ) - - Customer relationships: Dedicated 14,072 (2,931 ) 11,141 Managed Freight 1,692 (354 ) 1,338 Warehousing 12,436 (2,591 ) 9,845 Total customer relationships: 28,200 (5,876 ) 22,324 114 Total other intangible assets $ 34,000 $ (9,482 ) $ 24,518 (in thousands) December 31, 2019 Gross intangible assets Accumulated amortization Net intangible assets Remaining Life (months) Trade name: Dedicated $ 2,402 $ (240 ) $ 2,162 Managed Freight 999 (100 ) 899 Warehousing 999 (100 ) 899 Total trade name 4,400 (440 ) 3,960 162 Non-Compete agreement: Dedicated 914 (274 ) 640 Managed Freight 130 (39 ) 91 Warehousing 356 (107 ) 249 Total non-compete agreement 1,400 (420 ) 980 42 Customer relationships: Dedicated 14,072 (1,759 ) 12,313 Managed Freight 1,692 (213 ) 1,479 Warehousing 12,436 (1,554 ) 10,883 Total customer relationships 28,200 (3,525 ) 24,675 126 Total other intangible assets $ 34,000 $ (4,385 ) $ 29,615 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (In thousands) 2021 $ 4,044 2022 2,350 2023 2,350 2024 2,350 2025 2,350 Thereafter 10,574 |
Schedule of Other Assets [Table Text Block] | (in thousands) 2020 2019 Investment in TEL $ 34,365 $ 31,906 Other long-term receivables 24,378 2,140 Other assets, net 2,154 3,873 Total other assets, net $ 60,897 $ 37,919 |
Note 8 - Debt (Tables)
Note 8 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | (in thousands) December 31, 2020 December 31, 2019 Current Long-Term Current Long-Term Borrowings under Credit Facility $ - $ 15,000 $ - $ - Borrowings under the Draw Note - - - - Revenue equipment installment notes; weighted average interest rate of 2.0% at December 31, 2020, and 3.7% December 31, 2019, due in monthly installments with final maturities at various dates ranging from January 2021 to January 2024, secured by related revenue equipment 6,437 11,358 53,431 177,514 Real estate notes; interest rate of 1.9% at December 31, 2020 and 3.3% at December 31, 2019 due in monthly installments with a fixed maturity at August 2035, secured by related real estate 1,140 21,530 1,093 22,670 Deferred loan costs - - (147 ) (7 ) Total debt 7,577 47,888 54,377 200,177 Principal portion of finance lease obligations, secured by related revenue equipment 5,687 10,756 7,258 26,010 Principal portion of operating lease obligations, secured by related equipment 16,989 21,474 19,460 40,882 Total debt and finance lease obligations $ 30,253 $ 80,118 $ 81,095 $ 267,069 |
Schedule of Maturities of Long-term Debt [Table Text Block] | (in thousands) 2021 $ 7,577 2022 8,085 2023 5,703 2024 1,294 2025 16,350 Thereafter 16,456 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | (dollars in thousands) Twelve Months Ended Twelve Months Ended December 31, 2020 December 31, 2019 Finance lease cost: Amortization of right-of-use assets $ 4,080 $ 5,469 Interest on lease liabilities 1,003 1,107 Operating lease cost 21,212 24,393 Variable lease cost 414 326 Total lease cost $ 26,709 $ 31,295 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 1,003 $ 7,226 Operating cash flows from operating leases $ 24,325 $ 24,393 Financing cash flows from finance leases $ 20,083 $ 1,107 Right-of-use assets obtained in exchange for new finance lease liabilities $ 3,229 $ - Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,730 $ 37,080 Weighted-average remaining lease term—finance leases 1.8 years 2.9 years Weighted-average remaining lease term—operating leases 2.3 years 3.4 years Weighted-average discount rate—finance leases 2.3 % 3.0 % Weighted-average discount rate—operating leases 5.3 % 5.2 % |
Lessee, Lease Liability, Maturity [Table Text Block] | (in thousands) Operating Finance 2021 $ 18,543 $ 6,324 2022 15,523 6,884 2023 6,762 3,616 2024 28 - 2025 9 - Thereafter - - Total minimum lease payments $ 40,865 $ 16,824 Less: amount representing interest 2,402 (381 ) Present value of minimum lease payments 38,463 16,443 Less: current portion (16,989 ) (5,687 ) Lease obligations, long-term $ 21,474 $ 10,756 |
Schedule of Rent Expense [Table Text Block] | (in thousands) 2020 2019 2018 Revenue equipment rentals $ 22,505 $ 20,989 $ 14,682 Building and lot rentals 2,982 2,898 1339 Other equipment rentals 478 506 881 Total rental expense $ 25,965 $ 24,393 $ 16,902 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (in thousands) 2020 2019 2018 Federal, current $ 63 $ (2,040 ) $ (437 ) Federal, deferred (2,391 ) 3,976 14,117 State, current 2,349 828 1,284 State, deferred (2,825 ) (415 ) (20 ) Income tax (benefit) expense $ (2,804 ) $ 2,349 $ 14,944 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (in thousands) 2020 2019 2018 Computed "expected" income tax expense $ (3,554 ) $ 1,642 $ 11,745 State income taxes, net of federal income tax effect (227 ) (600 ) 2,484 831(b) election (123 ) (393 ) (200 ) Per diem allowances 1,028 1,450 1,446 Tax contingency accruals 65 601 (57 ) Valuation allowance, net (139 ) 321 0 Tax credits (403 ) (377 ) (968 ) Excess tax benefits on share-based compensation 129 105 50 Change in prior year estimates 288 (420 ) 0 Other, net 132 20 444 Income tax (benefit) expense $ (2,804 ) $ 2,349 $ 14,944 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (in thousands) 2020 2019 Deferred tax assets: Insurance and claims $ 10,970 $ 10,269 Net operating loss carryovers 7,759 25,849 Tax credits 11,395 10,942 Leased liability 9,969 15,668 Finance lease obligation 3,848 8,483 State bonus 4,860 6,576 Other 4,917 2,160 Valuation allowance (242 ) (385 ) Total deferred tax assets 53,476 79,562 Deferred tax liabilities: Property and equipment (78,682 ) (97,066 ) Investment in partnership (31,585 ) (36,669 ) ROU Asset- leases (9,697 ) (15,280 ) Other (4,353 ) (7,462 ) Sec. 481(a) - finance leases (588 ) (449 ) Prepaid expenses (3,124 ) (2,966 ) Total deferred tax liabilities (128,029 ) (159,892 ) Net deferred tax liability $ (74,553 ) $ (80,330 ) |
Summary of Income Tax Contingencies [Table Text Block] | 2020 2019 2018 Balance as of January 1, $ 823 $ 1,796 $ 1,924 Increases related to prior year tax positions - 2,969 4 Decreases related to prior year positions - - (9 ) Increases related to current year tax positions 98 287 - Decreases related to settlements with taxing authorities - (4,200 ) - Decreases related to lapsing of statute of limitations (34 ) (29 ) (123 ) Balance as of December 31, $ 887 $ 823 $ 1,796 |
Note 11 - Equity Method Inves_2
Note 11 - Equity Method Investment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | 2020 2019 Description: Balance Sheet Line Item: Accounts receivable from TEL Driver advances and other receivables $ 661 1,251 Investment in TEL Other assets $ 34,365 $ 31,906 (in thousands) As of the years ended December 31, 2020 2019 Current Assets $ 27,167 $ 28,577 Non-current Assets 283,913 346,014 Current Liabilities 66,495 85,751 Non-current Liabilities 183,393 232,992 Total Equity $ 61,192 $ 55,848 (in thousands) As of the years ended December 31, 2020 2019 2018 Revenue $ 95,016 $ 110,298 $ 108,801 Cost of Sales 11,617 20,404 37,307 Operating Expenses 64,581 65,058 47,281 Operating Income 18,818 24,836 24,213 Net Income $ 8,344 $ 13,403 $ 16,496 |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (in thousands) Year Ended December 31, 2020 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 320,202 $ 288,652 $ 177,579 $ 52,128 $ 838,561 Intersegment revenue 11,630 - - - 11,630 Operating (loss) income (7,038 ) (15,534 ) 4,482 4,063 (14,027 ) Depreciation and amortization 31,969 29,610 829 3,064 65,472 Year Ended December 31, 2019 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 356,521 $ 342,473 $ 138,616 $ 47,777 $ 885,387 Intersegment revenue 10,302 - - - 10,302 Operating income (1,260 ) 1,188 3,323 5,518 8,769 Depreciation and amortization 39,371 38,716 418 1,997 80,502 Year Ended December 31, 2018 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 469,308 $ 257,739 $ 129,790 $ 23,580 $ 880,417 Intersegment revenue 7,298 - - - 7,298 Operating income 32,693 12,699 7,150 2,874 55,416 Depreciation and amortization 44,564 30,604 286 389 75,843 (in thousands) For the years ended December 31, 2020 2019 2018 Total external revenues for reportable segments $ 838,561 $ 885,387 $ 880,417 Intersegment revenues for reportable segments 11,630 10,302 7,298 Elimination of intersegment revenues (11,630 ) (10,302 ) (7,298 ) Total consolidated revenues $ 838,561 $ 885,387 $ 880,417 |
Note 16 - Quarterly Results o_2
Note 16 - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | (in thousands except per share amounts) Mar. 31, June 30, Sep. 30, Dec. 31, Quarters ended 2020 2020 2020 2020 (1) Total revenue $ 210,813 $ 191,689 $ 210,830 $ 225,229 Operating (loss) income (1,454 ) (28,950 ) 6,811 9,566 (Loss) income from continuing operations (4,087 ) (30,504 ) 6,052 11,615 Income (loss) from discontinued operations, net of tax 871 825 2,788 (33,082 ) Net (loss) income (2,213 ) (22,343 ) 7,501 (25,663 ) Basic (loss) income per share: (Loss) income from continuing operations $ (0.17 ) $ (1.36 ) $ 0.28 $ 0.43 Income (loss) from discontinued operations $ 0.05 $ 0.05 $ 0.16 $ (1.93 ) Net (loss) income $ (0.12 ) $ (1.31 ) $ 0.44 $ (1.50 ) Diluted (loss) income per share: (Loss) income from continuing operations $ (0.17 ) $ (1.36 ) $ 0.27 $ 0.43 Income (loss) from discontinued operations $ 0.05 $ 0.05 $ 0.16 $ (1.93 ) Net (loss) income $ (0.12 ) $ (1.31 ) $ 0.43 $ (1.50 ) (in thousands except per share amounts) Mar. 31, June 30, Sep. 30, Dec. 31, Quarters ended 2019 2019 2019 2019 (1) Total revenue $ 217,333 $ 217,040 $ 220,459 $ 230,555 Operating income (loss) 3,946 7,030 (3,870 ) 1,663 Income (loss) from continuing operations 3,758 5,245 (4,042 ) 258 Income from discontinued operations, net of tax 675 826 853 904 Net income (loss) 4,433 6,071 (3,189 ) 1,162 Basic income (loss) per share: Income (loss) from continuing operations $ 0.20 $ 0.28 $ (0.22 ) $ 0.01 Income from discontinued operations $ 0.04 $ 0.04 $ 0.05 $ 0.05 Net income (loss) $ 0.24 $ 0.33 $ (0.17 ) $ 0.06 Diluted income (loss) per share: Income (loss) from continuing operations $ 0.20 $ 0.28 $ (0.22 ) $ 0.01 Income from discontinued operations $ 0.04 $ 0.04 $ 0.05 $ 0.05 Net income (loss) $ 0.24 $ 0.33 $ (0.17 ) $ 0.06 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands | Jul. 08, 2020USD ($) | Apr. 30, 2018USD ($) | Dec. 31, 2020USD ($)$ / shares | Sep. 30, 2020USD ($)$ / shares | Jun. 30, 2020USD ($)$ / shares | Mar. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares | Sep. 30, 2019USD ($)$ / shares | Jun. 30, 2019USD ($)$ / shares | Mar. 31, 2019USD ($)$ / shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Mar. 31, 2018USD ($) | Apr. 01, 2024USD ($) | Mar. 21, 2021USD ($) | Apr. 01, 2020USD ($) |
Number of Reportable Segments | 4 | ||||||||||||||||
Insurance Policy Primary Occurence Limit | $ 9,000 | $ 9,000 | |||||||||||||||
Insurance Policy Excess Coverage | 1,000 | 1,000 | |||||||||||||||
Insurance Policy, Fixed Premium Expense | $ 500 | ||||||||||||||||
Proceeds from Divestiture of Businesses | 108,375 | $ 0 | $ 0 | ||||||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | (40,431) | 0 | 0 | ||||||||||||||
Contract with Customer, Liability, Revenue Recognized | 1,200 | 800 | 1,300 | ||||||||||||||
Accounts Receivable, after Allowance for Credit Loss, Total | 91,300 | $ 81,200 | 91,300 | 81,200 | 97,500 | ||||||||||||
Depreciation, Depletion and Amortization, Nonproduction, Total | 65,472 | 80,502 | 75,843 | ||||||||||||||
Net Income (Loss) Attributable to Parent, Total | $ (25,663) | $ 7,501 | $ (22,343) | $ (2,213) | $ 1,162 | $ (3,189) | $ 6,071 | $ 4,433 | $ (42,718) | $ 8,477 | $ 42,503 | ||||||
Earnings Per Share, Diluted, Total (in dollars per share) | $ / shares | $ (1.50) | $ 0.43 | $ (1.31) | $ (0.12) | $ 0.06 | $ (0.17) | $ 0.33 | $ 0.24 | $ (2.46) | $ 0.45 | $ 2.30 | ||||||
Impairment of Long-Lived Assets Held-for-use | $ 26,569 | $ 0 | $ 0 | ||||||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 105 months | 128 months | |||||||||||||||
Workers Compensation Self Insurance Per Claim | $ 1,300 | ||||||||||||||||
Cargo Losses Purchased Coverage per Claim | 300 | ||||||||||||||||
Employee Annual Insuarnce Deductible Per Claim | $ 400 | ||||||||||||||||
Physical Damage Coverage | 100.00% | ||||||||||||||||
Drivers Advances And Other Receivables Net Of Allowance | $ 13,624 | $ 8,507 | $ 13,624 | $ 8,507 | |||||||||||||
Liability for Claims and Claims Adjustment Expense, Single Loss Limit | $ 9,000 | ||||||||||||||||
Liability for Claims and Claims Adjustment Expense, Aggregate Limit per Policy Year | 18,000 | ||||||||||||||||
Liability for Claims and Claims Adjustment Expense, Aggregate Three Year Limit | 30,000 | ||||||||||||||||
Auto Policy Release Premium Refund | $ 14,000 | $ 7,300 | |||||||||||||||
Interest Costs Capitalized | $ 100 | $ 100 | |||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total (in shares) | shares | 195,000 | 200,000 | 129,000 | ||||||||||||||
Insurance Policy, Reinstatement Charges | $ 1,000 | ||||||||||||||||
Employee Stock Options [Member] | |||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 70,000 | ||||||||||||||||
Share-based Payment Arrangement, Option [Member] | |||||||||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares) | shares | 70,000 | 0 | 0 | ||||||||||||||
Receivables from Insurers [Member] | |||||||||||||||||
Drivers Advances And Other Receivables Net Of Allowance | 0 | 300 | $ 0 | $ 300 | |||||||||||||
Insurance Settlements Receivable, Current | 7,400 | 0 | 7,400 | 0 | |||||||||||||
Insurance Settlements Receivable, Noncurrent | $ 24,400 | 2,100 | $ 24,400 | $ 2,100 | |||||||||||||
Minimum [Member] | |||||||||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | ||||||||||||||||
Maximum [Member] | |||||||||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||||||||||||||||
Tractors [Member] | |||||||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||||||||||||||||
Tractors [Member] | Minimum [Member] | |||||||||||||||||
Property, Plant and Equipment, Salvage Value, Percentage | 10.00% | 10.00% | |||||||||||||||
Tractors [Member] | Maximum [Member] | |||||||||||||||||
Property, Plant and Equipment, Salvage Value, Percentage | 35.00% | 35.00% | |||||||||||||||
Refrigerated Trailers [Member] | |||||||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | ||||||||||||||||
Dry Van Trailers [Member] | |||||||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | ||||||||||||||||
Dry Van Trailers [Member] | Minimum [Member] | |||||||||||||||||
Property, Plant and Equipment, Salvage Value, Percentage | 28.00% | 28.00% | |||||||||||||||
Dry Van Trailers [Member] | Maximum [Member] | |||||||||||||||||
Property, Plant and Equipment, Salvage Value, Percentage | 21.00% | 21.00% | |||||||||||||||
Revenue Equipment [Member] | Minimum [Member] | |||||||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||||||||||||||
Capital Leases of Lessee, Term of Contract (Month) | 48 months | ||||||||||||||||
Revenue Equipment [Member] | Maximum [Member] | |||||||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | ||||||||||||||||
Capital Leases of Lessee, Term of Contract (Month) | 84 months | ||||||||||||||||
Intangible Assets, Amortization Period [Member] | |||||||||||||||||
Depreciation, Depletion and Amortization, Nonproduction, Total | $ 3,200 | ||||||||||||||||
Net Income (Loss) Attributable to Parent, Total | $ (2,500) | ||||||||||||||||
Earnings Per Share, Diluted, Total (in dollars per share) | $ / shares | $ (0.14) | ||||||||||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||||||||||||||||
Number of Major Customers | 10 | 10 | 10 | ||||||||||||||
Concentration Risk, Percentage | 48.00% | 45.00% | 49.00% | ||||||||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member] | |||||||||||||||||
Number of Major Customers | 1 | 1 | 1 | ||||||||||||||
Transport Financial Services [Member] | Discontinued Operations, Held-for-sale [Member] | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | $ 103,300 | $ 0 | 86,620 | $ 0 | $ 86,620 | ||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | 122,300 | $ 108,400 | |||||||||||||||
Proceeds from Divestiture of Businesses | 108,400 | ||||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration, Equity Interest Acquired | 13,900 | ||||||||||||||||
Disposal Group, Including Discontinued Operation, Earnout Opportuntiy, Maximum | 9,900 | ||||||||||||||||
Disposal Group Including Discontinued Operation, Dispute over Nature of Assets | 66,000 | ||||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration Returned upon Settlement | 28,100 | 28,100 | 28,100 | 28,100 | $ 17,300 | ||||||||||||
Disposal Group Including Discontinued Operation, Assets Advances Against Future Payments For Services Not Yet Performed | 62,000 | ||||||||||||||||
Disposal Group Including Discontinued Operation, Indemnity, Loss Amount | $ 30,000 | ||||||||||||||||
Disposal Group Including Discontinued Operation, Indemnity, Percentage of Next 30 Million Loss | 50.00% | ||||||||||||||||
Disposal Group Including Discontinued Operation, Total Indemnification | $ 45,000 | ||||||||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | $ 3,700 | ||||||||||||||||
Disposal Group, Including Discontinued Operation, Contingent Liabilities | 44,151 | $ 0 | 44,151 | $ 0 | |||||||||||||
Transport Financial Services [Member] | Discontinued Operations, Held-for-sale [Member] | Minimum [Member] | |||||||||||||||||
Disposal Group Including Discontinued Operation, Total Indemnification | 44,200 | 44,200 | |||||||||||||||
Transport Financial Services [Member] | Discontinued Operations, Held-for-sale [Member] | Maximum [Member] | |||||||||||||||||
Disposal Group Including Discontinued Operation, Total Indemnification | $ 45,000 | $ 45,000 | |||||||||||||||
Forecast [Member] | |||||||||||||||||
Insurance Policy Primary Occurence Limit | $ 7,000 | $ 9,000 | |||||||||||||||
Insurance Policy Excess Coverage | $ 3,000 | $ 1,000 | |||||||||||||||
Transport Enterprise Leasing LLC [Member] | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Revenue by Operating Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total revenues | $ 225,229 | $ 210,830 | $ 191,689 | $ 210,813 | $ 230,555 | $ 220,459 | $ 217,040 | $ 217,333 | $ 838,561 | $ 885,387 | $ 880,417 |
Highway Services [Member] | Expedited [Member] | |||||||||||
Total revenues | 320,202 | 356,521 | 469,308 | ||||||||
Dedicated [Member] | |||||||||||
Total revenues | 288,652 | 342,473 | 257,739 | ||||||||
Managed Freight [Member] | |||||||||||
Total revenues | 177,579 | 138,616 | 129,790 | ||||||||
Managed Freight [Member] | Warehouse [Member] | |||||||||||
Total revenues | $ 52,128 | $ 47,777 | $ 23,580 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Summary of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning balance | $ 1,440 | $ 1,577 | $ 1,258 |
Additional provisions to allowance | 3,011 | 141 | 182 |
Write-offs and other adjustments | (1,459) | (278) | 137 |
Ending balance | $ 2,992 | $ 1,440 | $ 1,577 |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Calculation of Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerators: | |||||||||||
(Loss) income from continuing operations | $ 11,615 | $ 6,052 | $ (30,504) | $ (4,087) | $ 258 | $ (4,042) | $ 5,245 | $ 3,758 | $ (14,120) | $ 5,219 | $ 40,860 |
(Loss) income from discontinued operations | (33,082) | 2,788 | 825 | 871 | 904 | 853 | 826 | 675 | (28,598) | 3,258 | 1,643 |
Net Income (Loss) Attributable to Parent, Total | $ (25,663) | $ 7,501 | $ (22,343) | $ (2,213) | $ 1,162 | $ (3,189) | $ 6,071 | $ 4,433 | $ (42,718) | $ 8,477 | $ 42,503 |
Denominator: | |||||||||||
Denominator for basic income per share – weighted-average shares (in shares) | 17,358 | 18,435 | 18,340 | ||||||||
Effect of dilutive securities: | |||||||||||
Diluted weighted average shares outstanding (in shares) | 17,358 | 18,635 | 18,469 | ||||||||
Basic (loss) income per share: | |||||||||||
Income (loss) from continuing operations (in dollars per share) | $ 0.43 | $ 0.28 | $ (1.36) | $ (0.17) | $ 0.01 | $ (0.22) | $ 0.28 | $ 0.20 | $ (0.81) | $ 0.28 | $ 2.23 |
(Loss) income from discontinued operations (in dollars per share) | (1.93) | 0.16 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | (1.65) | 0.18 | 0.09 |
Net (loss) income per basic share (in dollars per share) | (1.50) | 0.44 | (1.31) | (0.12) | 0.06 | (0.17) | 0.33 | 0.24 | (2.46) | 0.46 | 2.32 |
Diluted (loss) income per share: | |||||||||||
(Loss) income from continuing operations (in dollars per share) | 0.43 | 0.27 | (1.36) | (0.17) | 0.01 | (0.22) | 0.28 | 0.20 | (0.81) | 0.28 | 2.21 |
(Loss) income from discontinued operations (in dollars per share) | (1.93) | 0.16 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | (1.65) | 0.17 | 0.09 |
Diluted income per share (in dollars per share) | $ (1.50) | $ 0.43 | $ (1.31) | $ (0.12) | $ 0.06 | $ (0.17) | $ 0.33 | $ 0.24 | $ (2.46) | $ 0.45 | $ 2.30 |
Restricted Stock [Member] | |||||||||||
Effect of dilutive securities: | |||||||||||
Equivalent shares issuable upon conversion of unvested restricted shares (in shares) | 0 | 200 | 129 | ||||||||
Share-based Payment Arrangement, Option [Member] | |||||||||||
Effect of dilutive securities: | |||||||||||
Equivalent shares issuable upon conversion of unvested restricted shares (in shares) | 0 | 0 | 0 |
Note 2 - Discontinued Operati_3
Note 2 - Discontinued Operations (Details Textual) - Transport Financial Services [Member] - Discontinued Operations, Held-for-sale [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 08, 2020 | |
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | $ 0 | $ 86,620 | $ 103,300 | |
Disposal Group Including Discontinued Operation Accounts Notes And Loans Receivable Gross | 108,700 | |||
Disposal Group, Including Discontinued Operation, Allowance | 5,400 | |||
Disposal Group, Including Discontinued Operation, Contingent Liabilities | 44,151 | 0 | ||
Disposal Group Including Discontinued Operation, Total Indemnification | $ 45,000 | |||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 11,700 | |||
Disposal Group, Including Discontinued Operation, Consideration Returned upon Settlement | 28,100 | 28,100 | $ 17,300 | |
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 108,400 | 0 | 0 | |
Cash Provided by (Used in) Financing Activities, Discontinued Operations | 0 | $ 0 | $ 0 | |
Minimum [Member] | ||||
Disposal Group Including Discontinued Operation, Total Indemnification | 44,200 | |||
Maximum [Member] | ||||
Disposal Group Including Discontinued Operation, Total Indemnification | $ 45,000 |
Note 2 - Discontinued Operati_4
Note 2 - Discontinued Operations - Results of Discontinued Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 08, 2020 | |
Current assets of discontinued operations | $ 0 | $ 86,620 | $ 0 | $ 86,620 | ||||||||
Noncurrent assets from discontinued operations | 9,535 | 0 | 9,535 | 0 | ||||||||
Current liabilities of discontinued operations | 816 | 6,245 | 816 | 6,245 | ||||||||
Revenue | 225,229 | $ 210,830 | $ 191,689 | $ 210,813 | 230,555 | $ 220,459 | $ 217,040 | $ 217,333 | 838,561 | 885,387 | $ 880,417 | |
(Loss) income from continuing operations | $ 11,615 | $ 6,052 | $ (30,504) | $ (4,087) | $ 258 | $ (4,042) | $ 5,245 | $ 3,758 | $ (14,120) | $ 5,219 | $ 40,860 | |
(Loss) income per basic share from continuing operations (in dollars per share) | $ 0.43 | $ 0.28 | $ (1.36) | $ (0.17) | $ 0.01 | $ (0.22) | $ 0.28 | $ 0.20 | $ (0.81) | $ 0.28 | $ 2.23 | |
(Loss) income per diluted share from continuing operations (in dollars per share) | $ 0.43 | $ 0.27 | $ (1.36) | $ (0.17) | $ 0.01 | $ (0.22) | $ 0.28 | $ 0.20 | $ (0.81) | $ 0.28 | $ 2.21 | |
Transport Financial Services [Member] | ||||||||||||
Discontinued Operation, Tax Effect of Discontinued Operation, Total | $ 9,500 | $ 1,100 | $ 600 | |||||||||
Discontinued Operations, Held-for-sale [Member] | Transport Financial Services [Member] | ||||||||||||
Total revenue | 5,397 | 9,140 | 5,038 | |||||||||
Operating expenses | 1,149 | 1,876 | 1,467 | |||||||||
Gain on disposal | (3,720) | 0 | 0 | |||||||||
Loss contingency | 44,151 | 0 | 0 | |||||||||
Operating (loss) income | (36,183) | 7,264 | 3,571 | |||||||||
Interest expense | 1,950 | 2,892 | 1,363 | |||||||||
(Loss) income before income taxes | (38,133) | 4,372 | 2,208 | |||||||||
Discontinued Operation, Tax Effect of Discontinued Operation, Total | (9,535) | 1,114 | 565 | |||||||||
Net (loss) income from discontinued operations, net of tax | (28,598) | 3,258 | 1,643 | |||||||||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | $ 0 | $ 86,620 | 0 | 86,620 | $ 103,300 | |||||||
Current assets of discontinued operations | 0 | 86,620 | 0 | 86,620 | ||||||||
Noncurrent deferred tax asset | 9,535 | 0 | 9,535 | 0 | ||||||||
Noncurrent assets from discontinued operations | 9,535 | 0 | 9,535 | 0 | ||||||||
Total assets from discontinued operations | 9,535 | 86,620 | 9,535 | 86,620 | ||||||||
Accounts payable | 816 | 6,245 | 816 | 6,245 | ||||||||
Current liabilities of discontinued operations | 816 | 6,245 | 816 | 6,245 | ||||||||
Disposal Group, Including Discontinued Operation, Contingent Liabilities | 44,151 | 0 | 44,151 | 0 | ||||||||
Total liabilities | $ 44,967 | $ 6,245 | 44,967 | 6,245 | ||||||||
Discontinued Operations, Held-for-sale [Member] | Transport Financial Services [Member] | Pro Forma [Member] | ||||||||||||
Revenue | 838,561 | 885,387 | 880,417 | |||||||||
(Loss) income from continuing operations | $ (14,120) | $ 5,219 | $ 40,860 | |||||||||
(Loss) income per basic share from continuing operations (in dollars per share) | $ (0.81) | $ 0.28 | $ 2.23 | |||||||||
(Loss) income per diluted share from continuing operations (in dollars per share) | $ (0.81) | $ 0.28 | $ 2.21 |
Note 2 - Discontinued Operati_5
Note 2 - Discontinued Operations - Results of Discontinued Operations (Details) (Parentheticals) $ in Millions | Jul. 08, 2020USD ($) |
Transport Financial Services [Member] | Discontinued Operations, Held-for-sale [Member] | |
Disposal Group, Including Discontinued Operation, Allowance | $ 5.4 |
Note 3 - Restructuring and Co_3
Note 3 - Restructuring and Cost Savings Initiatives - Summary of Asset Groups Impaired (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Impairment of long lived property, equipment, and right-of-use assets | $ 26,569 | $ 0 | $ 0 |
Revenue Equipment [Member] | Highway Services and Dedicated [Member] | |||
Impairment of long lived property, equipment, and right-of-use assets | 16,779 | ||
Terminal Property [Member] | Highway Services and Dedicated [Member] | |||
Impairment of long lived property, equipment, and right-of-use assets | 7,319 | ||
Leased Office Facility [Member] | |||
Impairment of long lived property, equipment, and right-of-use assets | 2,200 | ||
Leased Office Facility [Member] | Managed Freight [Member] | |||
Impairment of long lived property, equipment, and right-of-use assets | 2,236 | ||
Training and Orientation Center [Member] | Highway Services [Member] | |||
Impairment of long lived property, equipment, and right-of-use assets | $ 235 |
Note 3 - Restructuring and Co_4
Note 3 - Restructuring and Cost Savings Initiatives - Other Restructuring Gains and Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Gain on disposal of terminals, net | $ 7,677 | $ 2,829 | $ (298) |
Amortization of Intangible Assets, Total | 5,100 | $ 2,900 | $ 1,500 |
Total restructuring | 3,493 | ||
Highway Services and Dedicated [Member] | Gain on Disposition of Property and Equipment, Net [Member] | |||
Gain on disposal of terminals, net | (4,740) | ||
Abandonment | 1,048 | ||
Highway Services and Dedicated [Member] | Revenue Equipment Rentals and Purchased Transportation [Member] | |||
Abandonment | 825 | ||
Highway Services and Dedicated [Member] | General Supplies and Expenses [Member] | |||
Contract exit costs and restructuring related costs and professional fees | 695 | ||
Highway Services, Dedicated, and Managed Freight [Member] | Salaries Wages And Related Expenses [Member] | |||
Restructuring related separation and other | 4,334 | ||
Dedicated and Managed Freight [Member] | Depreciation and Amortization [Member] | |||
Amortization of Intangible Assets, Total | $ 1,331 |
Note 4 - Stock-based Compensa_3
Note 4 - Stock-based Compensation (Details Textual) - USD ($) | Jul. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2020 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 1,900,000 | |||||
Fungible Share Reserve Feature, Shares Subject for Each Share Granted (in shares) | 1 | |||||
Fungible Share Reserve Feature, Shares Subject to All Other Awards (in shares) | 1.80 | |||||
Maximum Number of Shares of Class A Common Stock Awarded to any Participant in the Incentive Plan in any Calendar Year (in shares) | 500,000 | 500,000 | 200,000 | |||
Maximum Cash Awarded to any Participant in the Incentive Plan in any Calendar Year | $ 4,000,000 | $ 4,000,000 | $ 2,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,785,014 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 4,200,000 | |||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 297,000 | $ 1,110,000 | $ 242,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | ||||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net, Total | $ 200,000 | $ 100,000 | $ 300,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number (in shares) | 0 | 0 | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 645,000 | 787,000 | 675,000 | 587,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 30 months | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | 0 | ||||
Services Provided [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 192,472 | |||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 397,499 | |||||
Performance Shares [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 0 | |||||
Performance Shares [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0 | |||||
Market Based Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 55,000 | |||||
Restricted Stock [Member] | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,900,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 900,000 | $ 3,400,000 | $ 700,000 | |||
Common Class A [Member] | ||||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 300,000 | $ 1,100,000 | $ 800,000 | |||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 20,570 | 62,255 | 11,052 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased (in dollars per share) | $ 14.65 | $ 17.75 | $ 21.89 | |||
Maximum [Member] | ||||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 100,000 | |||||
Salaries Wages And Related Expenses [Member] | ||||||
Share-based Payment Arrangement, Expense | 1,800,000 | $ 400,000 | $ 4,800,000 | |||
General Supplies and Expenses [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 400,000 | $ 400,000 | $ 400,000 |
Note 4 - Stock-based Compensa_4
Note 4 - Stock-based Compensation - Restricted Stock Activity (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of stock awards, unvested, beginning of period (in shares) | 787 | 675 | 587 |
Weighted average grant date fair value, unvested, beginning of period (in dollars per share) | $ 18.25 | $ 20.08 | $ 18.14 |
Granted (in shares) | 119 | 351 | 153 |
Granted, weighted average grant date fair value (in dollars per share) | $ 13.43 | $ 15.42 | $ 30.32 |
Vested (in shares) | (65) | (191) | (35) |
Vested, weighted average grant date fair value (in dollars per share) | $ 23.82 | $ 19.22 | $ 25.97 |
Forfeited (in shares) | (196) | (48) | (30) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 20.05 | $ 19.33 | $ 27.58 |
Number of stock awards, unvested, end of period (in shares) | 645 | 787 | 675 |
Weighted average grant date fair value, unvested, end of period (in dollars per share) | $ 16.25 | $ 18.25 | $ 20.08 |
Note 4 - Stock-based Compensa_5
Note 4 - Stock-based Compensation - Summary of Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance (in shares) | 0 | 0 | |
Options granted (in shares) | 0 | 0 | |
Balance (in shares) | 0 | 0 | |
Share-based Payment Arrangement, Option [Member] | |||
Balance (in shares) | 0 | ||
Options outstanding, weighted average exercise price (in dollars per share) | $ 0 | ||
Options outstanding, aggregate intrinsic value | $ 692 | $ 0 | |
Options granted (in shares) | 721 | ||
Granted, weighted average exercise price (in dollars per share) | $ 15.77 | ||
Options exercised (in shares) | 0 | ||
Exercised, weighted average exercise price (in dollars per share) | $ 0 | ||
Options forfeited (in shares) | 0 | ||
Forfeited, weighted average exercise price (in dollars per share) | $ 0 | ||
Balance (in shares) | 721 | 0 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 15.77 | $ 0 | |
Options outstanding, weighted average contractual ife (Year) | 9 years 9 months 18 days | ||
Options outstanding, aggregate intrinsic value | $ (692) | $ 0 | |
Exercisable (in shares) | 0 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 0 | ||
Exercisable, options outstanding, aggregate intrinsic valueo | $ 0 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Total | $ 60,400 | $ 77,600 | $ 74,400 |
Gain (Loss) on Disposition of Property Plant Equipment, Total | 7,706 | 1,650 | (298) |
Capital Leased Assets, Gross, Total | 50,200 | 55,000 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 20,800 | 21,000 | |
Capital Leases, Income Statement, Amortization Expense | $ 4,100 | 5,500 | 5,400 |
Revenue Equipment [Member] | Minimum [Member] | |||
Capital Leases of Lessee, Term of Contract (Month) | 48 months | ||
Revenue Equipment [Member] | Maximum [Member] | |||
Capital Leases of Lessee, Term of Contract (Month) | 84 months | ||
Net in Depreciation and Amortization Expense [Member] | |||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 7,700 | $ 1,700 | $ (300) |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Property and Equipment, at Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, plant, and equipment, gross | $ 541,276 | $ 725,383 |
Revenue Equipment [Member] | ||
Property, plant, and equipment, gross | 435,865 | 588,828 |
Office Equipment [Member] | ||
Property, plant, and equipment, gross | 5,492 | 6,189 |
Land and Land Improvements [Member] | ||
Property, plant, and equipment, gross | 16,602 | 23,398 |
Building and Building Improvements [Member] | ||
Property, plant, and equipment, gross | 57,308 | 75,471 |
Construction in Progress [Member] | ||
Property, plant, and equipment, gross | 695 | 400 |
Property, Plant and Equipment, Other Types [Member] | ||
Property, plant, and equipment, gross | $ 25,314 | $ 31,097 |
Minimum [Member] | Revenue Equipment [Member] | ||
Estimated useful lives (Year) | 3 years | |
Minimum [Member] | Office Equipment [Member] | ||
Estimated useful lives (Year) | 5 years | |
Minimum [Member] | Land and Land Improvements [Member] | ||
Estimated useful lives (Year) | 0 years | |
Minimum [Member] | Building and Building Improvements [Member] | ||
Estimated useful lives (Year) | 7 years | |
Minimum [Member] | Property, Plant and Equipment, Other Types [Member] | ||
Estimated useful lives (Year) | 2 years | |
Maximum [Member] | Revenue Equipment [Member] | ||
Estimated useful lives (Year) | 10 years | |
Maximum [Member] | Office Equipment [Member] | ||
Estimated useful lives (Year) | 10 years | |
Maximum [Member] | Land and Land Improvements [Member] | ||
Estimated useful lives (Year) | 15 years | |
Maximum [Member] | Building and Building Improvements [Member] | ||
Estimated useful lives (Year) | 40 years | |
Maximum [Member] | Property, Plant and Equipment, Other Types [Member] | ||
Estimated useful lives (Year) | 10 years |
Note 6 - Goodwill, Other Inta_3
Note 6 - Goodwill, Other Intangibles, and Other Assets (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 03, 2018 | |
Additional Amortization Resulting from Termination of Non-compete Agreement | $ 1.3 | ||||
Termination of Non-ompete Agreement, Effect on Earnings, after Tax | $ (1) | ||||
Termination of Non-comepete Agreement, Effect on Earnings Per Share, after Tax (in dollars per share) | $ (0.06) | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 105 months | 128 months | |||
Amortization of Intangible Assets, Total | $ 5.1 | $ 2.9 | $ 1.5 | ||
Trade Names [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 9 months | 162 months | |||
Landair Holdings Inc [Member] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||
Landair Holdings Inc [Member] | Trade Names [Member] | |||||
Finite-Lived Intangible Assets, Remaining Amortization Period (Month) | 15 months | ||||
Acquired Finite-lived Intangible Asset, Residual Value | $ 0.5 |
Note 6 - Goodwill, Other Inta_4
Note 6 - Goodwill, Other Intangibles, and Other Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill | $ 42,518 | $ 42,518 |
Dedicated [Member] | ||
Goodwill | 15,320 | 15,320 |
Managed Freight [Member] | ||
Goodwill | 5,448 | 5,448 |
Warehousing [Member] | ||
Goodwill | $ 21,750 | $ 21,750 |
Note 6 - Goodwill, Other Inta_5
Note 6 - Goodwill, Other Intangibles, and Other Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets, Gross | $ 34,000 | $ 34,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | (9,482) | (4,385) |
Finite-Lived Intangible Assets, Net | $ 24,518 | $ 29,615 |
Finite-Lived Intangible Asset, Useful Life (Month) | 105 months | 128 months |
Trade Names [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 4,400 | $ 4,400 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,206) | (440) |
Finite-Lived Intangible Assets, Net | $ 2,194 | $ 3,960 |
Finite-Lived Intangible Asset, Useful Life (Month) | 9 months | 162 months |
Trade Names [Member] | Dedicated [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 2,402 | $ 2,402 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,204) | (240) |
Finite-Lived Intangible Assets, Net | 1,198 | 2,162 |
Trade Names [Member] | Managed Freight [Member] | ||
Finite-Lived Intangible Assets, Gross | 999 | 999 |
Finite-Lived Intangible Assets, Accumulated Amortization | (501) | (100) |
Finite-Lived Intangible Assets, Net | 498 | 899 |
Trade Names [Member] | Warehousing [Member] | ||
Finite-Lived Intangible Assets, Gross | 999 | 999 |
Finite-Lived Intangible Assets, Accumulated Amortization | (501) | (100) |
Finite-Lived Intangible Assets, Net | 498 | 899 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets, Gross | 1,400 | 1,400 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,400) | (420) |
Finite-Lived Intangible Assets, Net | 0 | $ 980 |
Finite-Lived Intangible Asset, Useful Life (Month) | 42 months | |
Noncompete Agreements [Member] | Dedicated [Member] | ||
Finite-Lived Intangible Assets, Gross | 914 | $ 914 |
Finite-Lived Intangible Assets, Accumulated Amortization | (914) | (274) |
Finite-Lived Intangible Assets, Net | 0 | 640 |
Noncompete Agreements [Member] | Managed Freight [Member] | ||
Finite-Lived Intangible Assets, Gross | 130 | 130 |
Finite-Lived Intangible Assets, Accumulated Amortization | (130) | (39) |
Finite-Lived Intangible Assets, Net | 0 | 91 |
Noncompete Agreements [Member] | Warehousing [Member] | ||
Finite-Lived Intangible Assets, Gross | 356 | 356 |
Finite-Lived Intangible Assets, Accumulated Amortization | (356) | (107) |
Finite-Lived Intangible Assets, Net | 0 | 249 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets, Gross | 28,200 | 28,200 |
Finite-Lived Intangible Assets, Accumulated Amortization | (5,876) | (3,525) |
Finite-Lived Intangible Assets, Net | $ 22,324 | $ 24,675 |
Finite-Lived Intangible Asset, Useful Life (Month) | 114 months | 126 months |
Customer Relationships [Member] | Dedicated [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 14,072 | $ 14,072 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,931) | (1,759) |
Finite-Lived Intangible Assets, Net | 11,141 | 12,313 |
Customer Relationships [Member] | Managed Freight [Member] | ||
Finite-Lived Intangible Assets, Gross | 1,692 | 1,692 |
Finite-Lived Intangible Assets, Accumulated Amortization | (354) | (213) |
Finite-Lived Intangible Assets, Net | 1,338 | 1,479 |
Customer Relationships [Member] | Warehousing [Member] | ||
Finite-Lived Intangible Assets, Gross | 12,436 | 12,436 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,591) | (1,554) |
Finite-Lived Intangible Assets, Net | $ 9,845 | $ 10,883 |
Note 6 - Goodwill, Other Inta_6
Note 6 - Goodwill, Other Intangibles, and Other Assets - Expected Future Amortization (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 4,044 |
2022 | 2,350 |
2023 | 2,350 |
2024 | 2,350 |
2025 | 2,350 |
Thereafter | $ 10,574 |
Note 6 - Goodwill, Other Inta_7
Note 6 - Goodwill, Other Intangible, and Other Assets - Summary of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investment in TEL | $ 34,365 | $ 31,906 |
Other long-term receivables | 24,378 | 2,140 |
Other assets, net | 2,154 | 3,873 |
Total other assets, net | $ 60,897 | $ 37,919 |
Note 7 - Liquidity (Details Tex
Note 7 - Liquidity (Details Textual) - USD ($) $ in Millions | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Working Capital (Deficit) | $ 14.4 | $ 14.4 | $ 93.1 |
Letters of Credit Outstanding, Amount | 29.7 | 29.7 | $ 35.2 |
Lenders [Member] | |||
Letters of Credit Outstanding, Amount | 29.7 | 29.7 | |
Line of Credit Facility, Remaining Borrowing Capacity | 65.3 | 65.3 | |
Repayments of Debt and Lease Obligation | 200 | 200 | |
Long-term Line of Credit, Total | 15 | 15 | |
Triumph Bank [Member] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 45 | $ 45 |
Note 8 - Debt (Details Textual)
Note 8 - Debt (Details Textual) - USD ($) $ in Thousands | Oct. 23, 2020 | Sep. 23, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Apr. 30, 2020 | Dec. 31, 2019 | Aug. 31, 2015 |
Letters of Credit Outstanding, Amount | $ 29,700 | $ 29,700 | $ 29,700 | $ 35,200 | ||||
Interest Rate Swap [Member] | ||||||||
Derivative, Fixed Interest Rate | 4.20% | |||||||
Variable Rate Note [Member] | ||||||||
Debt Instrument, Face Amount | $ 28,000 | |||||||
Lenders [Member] | ||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||||||
Percent of Eligible Accounts Receivable | 87.50% | 85.00% | ||||||
Percent of Appraised Net Orderly Liquidation, Value of Eligible Revenue Equipment | 85.00% | |||||||
Percent of Net Book Value of Eligible Revenue Equipment | 100.00% | 95.00% | ||||||
Line of Credit Facility, Availability as Percentage of Revolver Commitment | 40.90% | 35.00% | ||||||
Line of Credit Facility, Revolver Commitment, Amount | $ 45,000 | |||||||
Line of Credit Facility, Maximum Commitment Value | $ 10,400 | |||||||
Percent of Appraised Fair Market Value of Eligible Real Estate | 80.00% | 75.00% | ||||||
Long-term Line of Credit, Total | 15,000 | $ 15,000 | 15,000 | |||||
Letters of Credit Outstanding, Amount | 29,700 | 29,700 | 29,700 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | 65,300 | 65,300 | 65,300 | |||||
Fixed Charge Coverage Requirement | 0 | 0 | ||||||
Debt, Secured with a Cross Default Feature | 14,700 | 14,700 | 14,700 | $ 177,300 | ||||
Repayments of Debt and Lease Obligation | 200,000 | $ 200,000 | ||||||
Lenders [Member] | Federal Funds Rate [Member] | Base Rate Loans [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||
Lenders [Member] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate Loans [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||
Lenders [Member] | Applicable Margin [Member] | Base Rate Loans [Member] | Minimum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | 0.50% | ||||||
Lenders [Member] | Applicable Margin [Member] | Base Rate Loans [Member] | Maximum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | 1.00% | ||||||
Lenders [Member] | Applicable Margin [Member] | LIBOR Loans [Member] | Minimum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | 1.50% | ||||||
Lenders [Member] | Applicable Margin [Member] | LIBOR Loans [Member] | Maximum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | 2.00% | ||||||
Lenders [Member] | Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 110,000 | 95,000 | $ 95,000 | 95,000 | ||||
Line of Credit Facility, Maximum Increase in Borrowing Capacity | 50,000 | 50,000 | 50,000 | |||||
Lenders [Member] | Letter of Credit [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 105,000 | 95,000 | 95,000 | 95,000 | ||||
Line of Credit Facility, Borrowing Capacity, Percentage of Aggregate Commitments | $ 10,000 | $ 10,000 | $ 10,000 | |||||
Lenders [Member] | Swing Line Sub Facility [Member] | ||||||||
Percent of Aggregate Commitments under Credit Facility | 10.00% | 10.00% | 10.00% | |||||
TBK Bank [Member] | Draw Note [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 45,000 | |||||||
Debt Instrument, Collateral Amount | $ 60,000 | |||||||
TBK Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Draw Note [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||
TBK Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Draw Note [Member] | Minimum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% |
Note 8 - Debt - Current and Lon
Note 8 - Debt - Current and Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt, current | $ 7,577 | $ 54,377 |
Debt, noncurrent | 47,888 | 200,177 |
Deferred loan costs, current | 0 | (147) |
Deferred loan costs, noncurrent | 0 | (7) |
Principal portion of finance lease obligations, secured by related revenue equipment, current | 5,687 | 7,258 |
Principal portion of finance lease obligations, secured by related revenue equipment, noncurrent | 10,756 | 26,010 |
Principal portion of operating lease obligations, secured by related equipment | 16,989 | 19,460 |
Principal portion of operating lease obligations, secured by related equipment | 21,474 | 40,882 |
Total debt and finance lease obligations | 30,253 | 81,095 |
Total debt and finance lease obligations | 80,118 | 267,069 |
Draw Note [Member] | ||
Credit facility, current | 0 | 0 |
Credit facility, noncurrent | 0 | 0 |
Revenue Equipment Installment Notes [Member] | ||
Debt, current | 6,437 | 53,431 |
Debt, noncurrent | 11,358 | 177,514 |
Real Estate Note [Member] | ||
Debt, current | 1,140 | 1,093 |
Debt, noncurrent | 21,530 | 22,670 |
Revolving Credit Facility [Member] | ||
Credit facility, current | 0 | 0 |
Credit facility, noncurrent | $ 15,000 | $ 0 |
Note 8 - Debt - Future Debt Pay
Note 8 - Debt - Future Debt Payments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 7,577 |
2022 | 8,085 |
2023 | 5,703 |
2024 | 1,294 |
2025 | 16,350 |
Thereafter | $ 16,456 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Impairment of Long-Lived Assets to be Disposed of | $ 26,569 | $ 0 | $ 0 |
Revenue Equipment Rentals and Purchased Transportation | 222,705 | 204,655 | $ 183,645 |
Operating Lease, Right-of-Use Asset | 37,400 | 58,800 | |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | 29,400 | $ 35,600 | |
Leased Office Facility [Member] | |||
Impairment of Long-Lived Assets to be Disposed of | 2,200 | ||
Revenue Equipment Rentals and Purchased Transportation | $ 800 |
Note 9 - Leases - Lease Obligat
Note 9 - Leases - Lease Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Amortization of right-of-use assets | $ 4,080 | $ 5,469 |
Interest on lease liabilities | 1,003 | 1,107 |
Operating lease cost | 21,212 | 24,393 |
Variable lease cost | 414 | 326 |
Total lease cost | 26,709 | 31,295 |
Operating cash flows from finance leases | 1,003 | 7,226 |
Operating cash flows from operating leases | 24,325 | 24,393 |
Financing cash flows from finance leases | 20,083 | 1,107 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 3,229 | 0 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 1,730 | $ 37,080 |
Weighted-average remaining lease term—finance leases (Year) | 1 year 9 months 18 days | 2 years 10 months 24 days |
Weighted-average remaining lease term—operating leases (Year) | 2 years 3 months 18 days | 3 years 4 months 24 days |
Weighted-average discount rate—finance leases | 2.30% | 3.00% |
Weighted-average discount rate—operating leases | 5.30% | 5.20% |
Note 9 - Leases - Future Minimu
Note 9 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021, Operating | $ 18,543 | |
2021, Finance | 6,324 | |
2022, Operating | 15,523 | |
2022, Finance | 6,884 | |
2023, Operating | 6,762 | |
2023, Finance | 3,616 | |
2024, Operating | 28 | |
2024, Finance | 0 | |
2025, Operating | 9 | |
2025, Finance | 0 | |
Thereafter, Operating | 0 | |
Thereafter, Finance | 0 | |
Total minimum lease payments, Operating | 40,865 | |
Total minimum lease payments, Finance | 16,824 | |
Less: amount representing interest, Operating | 2,402 | |
Less: amount representing interest, Finance | (381) | |
Present value of minimum lease payments, Operating | 38,463 | |
Present value of minimum lease payments, Finance | 16,443 | |
Less: current portion, Operating | (16,989) | $ (19,460) |
Less: current portion, Finance | (5,687) | (7,258) |
Lease obligations, long-term, Operating | 21,474 | |
Lease obligations, long-term, Finance | $ 10,756 | $ 26,010 |
Note 9 - Leases - Summary of Re
Note 9 - Leases - Summary of Rental Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lease and rental expense | $ 25,965 | $ 24,393 | $ 16,902 |
Revenue Equipment [Member] | |||
Lease and rental expense | 22,505 | 20,989 | 14,682 |
Land and Building [Member] | |||
Lease and rental expense | 2,982 | 2,898 | 1,339 |
Other Machinery and Equipment [Member] | |||
Lease and rental expense | $ 478 | $ 506 | $ 881 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% |
Deferred Tax Liabilities, Difference in Cumulative Book Value of Depreciation of Property and Equipment | $ 65,000 | ||
Deferred Tax Assets, Valuation Allowance, Total | 242 | $ 385 | |
Liability for Uncertainty in Income Taxes, Current | 1,000 | 900 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 100 | 100 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 0 | 800 | $ 100 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 900 | 900 | |
Tax Credit Carryforward, Amount | 10,900 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards, Total | 92,200 | ||
Tax Credit Carryforward, Amount | $ 500 | ||
Domestic Tax Authority [Member] | |||
Open Tax Year | 2015 | ||
Operating Loss Carryforwards, Total | $ 101,900 | ||
Operating Loss Carryforwards, Not Subject to Expiration | 3,900 | ||
Charitable Contributions Carryforward | 3,100 | ||
Operating Loss Carryforwards, After Charitable Contributions, Not Subject to Expiration | 7,000 | ||
Deferred Tax Assets Related to State Net Operating Loss Carry Forwards [Member] | State and Local Jurisdiction [Member] | |||
Deferred Tax Assets, Valuation Allowance, Total | 300 | ||
Transport Financial Services [Member] | |||
Discontinued Operation, Tax Effect of Discontinued Operation, Total | $ 9,500 | $ 1,100 | $ 600 |
Note 10 - Income Taxes - Compon
Note 10 - Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Federal, current | $ 63 | $ (2,040) | $ (437) |
Federal, deferred | (2,391) | 3,976 | 14,117 |
State, current | 2,349 | 828 | 1,284 |
State, deferred | (2,825) | (415) | (20) |
Income tax (benefit) expense | $ (2,804) | $ 2,349 | $ 14,944 |
Note 10 - Income Taxes - Income
Note 10 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Computed "expected" income tax expense | $ (3,554) | $ 1,642 | $ 11,745 |
State income taxes, net of federal income tax effect | (227) | (600) | 2,484 |
831(b) election | (123) | (393) | (200) |
Per diem allowances | 1,028 | 1,450 | 1,446 |
Tax contingency accruals | 65 | 601 | (57) |
Valuation allowance, net | (139) | 321 | 0 |
Tax credits | (403) | (377) | (968) |
Excess tax benefits on share-based compensation | 129 | 105 | 50 |
Change in prior year estimates | 288 | (420) | 0 |
Other, net | 132 | 20 | 444 |
Income tax (benefit) expense | $ (2,804) | $ 2,349 | $ 14,944 |
Note 10 - Income Taxes - Deferr
Note 10 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Insurance and claims | $ 10,970 | $ 10,269 |
Net operating loss carryovers | 7,759 | 25,849 |
Tax credits | 11,395 | 10,942 |
Leased liability | 9,969 | 15,668 |
Finance lease obligation | 3,848 | 8,483 |
State bonus | 4,860 | 6,576 |
Other | 4,917 | 2,160 |
Valuation allowance | (242) | (385) |
Total deferred tax assets | 53,476 | 79,562 |
Deferred tax liabilities: | ||
Property and equipment | (78,682) | (97,066) |
Investment in partnership | (31,585) | (36,669) |
ROU Asset- leases | (9,697) | (15,280) |
Other | (4,353) | (7,462) |
Sec. 481(a) - finance leases | (588) | (449) |
Prepaid expenses | (3,124) | (2,966) |
Total deferred tax liabilities | (128,029) | (159,892) |
Net deferred tax liability | $ (74,553) | $ (80,330) |
Note 10 - Income Taxes - Unreco
Note 10 - Income Taxes - Unrecognized Tax Benefits Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 823 | $ 1,796 | $ 1,924 |
Increases related to prior year tax positions | 0 | 2,969 | 4 |
Decreases related to prior year positions | 0 | 0 | (9) |
Increases related to current year tax positions | 98 | 287 | 0 |
Decreases related to settlements with taxing authorities | 0 | (4,200) | 0 |
Decreases related to lapsing of statute of limitations | (34) | (29) | (123) |
Balance | $ 887 | $ 823 | $ 1,796 |
Note 11 - Equity Method Inves_3
Note 11 - Equity Method Investment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 122,278 | $ 46,609 | $ 61,687 |
Payments to Acquire Property, Plant, and Equipment, Total | 94,049 | 138,273 | 75,142 |
Reversal of Deferred Gains of Sale of Property | 14 | (7) | (189) |
Income (Loss) from Equity Method Investments, Total | $ 3,944 | 7,017 | 7,732 |
Transport Enterprise Leasing LLC [Member] | |||
Equity Method Investment, Ownership Percentage | 49.00% | ||
Option to Acquire Interest in Equity Method Investment, Percentage of Ownership | 51.00% | ||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 2,100 | 0 | 100 |
Revenue from Related Parties | 6,600 | 9,400 | 8,200 |
Payments to Acquire Property, Plant, and Equipment, Total | 0 | 10,500 | 1,800 |
Payments for Rent | 600 | 600 | 900 |
Deferred Gain on Sale of Property | 100 | ||
Reversal of Deferred Gains of Sale of Property | 100 | ||
Income (Loss) from Equity Method Investments, Total | 3,900 | 7,000 | 7,700 |
Proceeds from Equity Method Investment, Distribution | 1,500 | 1,300 | $ 2,000 |
Equity Method Investment, Aggregate Cost | 4,900 | ||
Transport Enterprise Leasing LLC [Member] | Reduction in TEL Investment [Member] | |||
Deferred Gain on Sale of Property | $ 200 | $ 200 |
Note 11 - Equity Method Inves_4
Note 11 - Equity Method Investment - TEL's Summarized Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts Receivable, after Allowance for Credit Loss, Total | $ 91,300 | $ 81,200 | $ 97,500 |
Investment in TEL | 34,365 | 31,906 | |
Current Assets | 147,796 | 254,385 | |
Current Liabilities | 133,381 | 161,257 | |
Other Assets [Member] | |||
Investment in TEL | 34,365 | 31,906 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Transport Enterprise Leasing LLC [Member] | |||
Current Assets | 27,167 | 28,577 | |
Non-current Assets | 283,913 | 346,014 | |
Current Liabilities | 66,495 | 85,751 | |
Non-current Liabilities | 183,393 | 232,992 | |
Total Equity | 61,192 | 55,848 | |
Revenue | 95,016 | 110,298 | 108,801 |
Cost of Sales | 11,617 | 20,404 | 37,307 |
Operating Expenses | 64,581 | 65,058 | 47,281 |
Operating Income | 18,818 | 24,836 | 24,213 |
Net Income | 8,344 | 13,403 | $ 16,496 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Transport Enterprise Leasing LLC [Member] | Driver Advances and Other Receivable [Member] | |||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 661 | $ 1,251 |
Note 12 - Deferred Profit Sha_2
Note 12 - Deferred Profit Sharing Employee Benefit Plan (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan, Cost | $ 0.7 | $ 1.9 | $ 1.7 |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingent Liabilities (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Letters of Credit Outstanding, Amount | $ 29.7 | $ 35.2 |
Revenue Equipment [Member] | ||
Purchase Commitment, Remaining Minimum Amount Committed | 34.8 | $ 68.4 |
Draw Note [Member] | TBK Bank [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 45 |
Note 15 - Segment Information_2
Note 15 - Segment Information (Details Textual) | 3 Months Ended |
Jun. 30, 2020 | |
Number of Asset-based Operating Fleets Aggregated in a Segment | 4 |
Note 15 - Segment Information -
Note 15 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | $ 225,229 | $ 210,830 | $ 191,689 | $ 210,813 | $ 230,555 | $ 220,459 | $ 217,040 | $ 217,333 | $ 838,561 | $ 885,387 | $ 880,417 |
Operating (loss) income | $ 9,566 | $ 6,811 | $ (28,950) | $ (1,454) | $ 1,663 | $ (3,870) | $ 7,030 | $ 3,946 | (14,027) | 8,769 | 55,416 |
Dedicated [Member] | |||||||||||
Revenue | 288,652 | 342,473 | 257,739 | ||||||||
Managed Freight [Member] | |||||||||||
Revenue | 177,579 | 138,616 | 129,790 | ||||||||
Operating Segments [Member] | |||||||||||
Revenue | 838,561 | 885,387 | 880,417 | ||||||||
Operating (loss) income | (14,027) | 8,769 | 55,416 | ||||||||
Depreciation and amortization | 65,472 | 80,502 | 75,843 | ||||||||
Operating Segments [Member] | Highway Services [Member] | |||||||||||
Revenue | 320,202 | 356,521 | 469,308 | ||||||||
Operating (loss) income | (7,038) | (1,260) | 32,693 | ||||||||
Depreciation and amortization | 31,969 | 39,371 | 44,564 | ||||||||
Operating Segments [Member] | Dedicated [Member] | |||||||||||
Revenue | 288,652 | 342,473 | 257,739 | ||||||||
Operating (loss) income | (15,534) | 1,188 | 12,699 | ||||||||
Depreciation and amortization | 29,610 | 38,716 | 30,604 | ||||||||
Operating Segments [Member] | Managed Freight [Member] | |||||||||||
Revenue | 177,579 | 138,616 | 129,790 | ||||||||
Operating (loss) income | 4,482 | 3,323 | 7,150 | ||||||||
Depreciation and amortization | 829 | 418 | 286 | ||||||||
Operating Segments [Member] | Factoring [Member] | |||||||||||
Revenue | 52,128 | 47,777 | 23,580 | ||||||||
Operating (loss) income | 4,063 | 5,518 | 2,874 | ||||||||
Depreciation and amortization | 3,064 | 1,997 | 389 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Revenue | 11,630 | 10,302 | 7,298 | ||||||||
Intersegment Eliminations [Member] | Highway Services [Member] | |||||||||||
Revenue | 11,630 | 10,302 | 7,298 | ||||||||
Intersegment Eliminations [Member] | Dedicated [Member] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Intersegment Eliminations [Member] | Managed Freight [Member] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Intersegment Eliminations [Member] | Factoring [Member] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Revenue | $ (11,630) | $ (10,302) | $ (7,298) |
Note 16 - Quarterly Results o_3
Note 16 - Quarterly Results of Operations (Unaudited) - Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total revenues | $ 225,229 | $ 210,830 | $ 191,689 | $ 210,813 | $ 230,555 | $ 220,459 | $ 217,040 | $ 217,333 | $ 838,561 | $ 885,387 | $ 880,417 |
Operating (loss) income | 9,566 | 6,811 | (28,950) | (1,454) | 1,663 | (3,870) | 7,030 | 3,946 | (14,027) | 8,769 | 55,416 |
(Loss) income from continuing operations | 11,615 | 6,052 | (30,504) | (4,087) | 258 | (4,042) | 5,245 | 3,758 | (14,120) | 5,219 | 40,860 |
(Loss) income from discontinued operations | (33,082) | 2,788 | 825 | 871 | 904 | 853 | 826 | 675 | (28,598) | 3,258 | 1,643 |
Net Income (Loss) Attributable to Parent, Total | $ (25,663) | $ 7,501 | $ (22,343) | $ (2,213) | $ 1,162 | $ (3,189) | $ 6,071 | $ 4,433 | $ (42,718) | $ 8,477 | $ 42,503 |
us-gaap_EarningsPerShareAbstract | |||||||||||
(Loss) income from continuing operations (in dollars per share) | $ 0.43 | $ 0.28 | $ (1.36) | $ (0.17) | $ 0.01 | $ (0.22) | $ 0.28 | $ 0.20 | $ (0.81) | $ 0.28 | $ 2.23 |
Income (loss) from discontinued operations (in dollars per share) | (1.93) | 0.16 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | (1.65) | 0.18 | 0.09 |
Net (loss) income (in dollars per share) | (1.50) | 0.44 | (1.31) | (0.12) | 0.06 | (0.17) | 0.33 | 0.24 | (2.46) | 0.46 | 2.32 |
Diluted (loss) income per share: | |||||||||||
(Loss) income from continuing operations (in dollars per share) | 0.43 | 0.27 | (1.36) | (0.17) | 0.01 | (0.22) | 0.28 | 0.20 | (0.81) | 0.28 | 2.21 |
(Loss) income from discontinued operations (in dollars per share) | (1.93) | 0.16 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | (1.65) | 0.17 | 0.09 |
Earnings Per Share, Diluted, Total (in dollars per share) | $ (1.50) | $ 0.43 | $ (1.31) | $ (0.12) | $ 0.06 | $ (0.17) | $ 0.33 | $ 0.24 | $ (2.46) | $ 0.45 | $ 2.30 |
Total revenues | $ 225,229 | $ 210,830 | $ 191,689 | $ 210,813 | $ 230,555 | $ 220,459 | $ 217,040 | $ 217,333 | $ 838,561 | $ 885,387 | $ 880,417 |
Operating (loss) income | 9,566 | 6,811 | (28,950) | (1,454) | 1,663 | (3,870) | 7,030 | 3,946 | (14,027) | 8,769 | 55,416 |
(Loss) income from continuing operations | 11,615 | 6,052 | (30,504) | (4,087) | 258 | (4,042) | 5,245 | 3,758 | (14,120) | 5,219 | 40,860 |
(Loss) income from discontinued operations | (33,082) | 2,788 | 825 | 871 | 904 | 853 | 826 | 675 | (28,598) | 3,258 | 1,643 |
Net Income (Loss) Attributable to Parent, Total | $ (25,663) | $ 7,501 | $ (22,343) | $ (2,213) | $ 1,162 | $ (3,189) | $ 6,071 | $ 4,433 | $ (42,718) | $ 8,477 | $ 42,503 |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) - USD ($) $ in Thousands | Mar. 02, 2021 | Jan. 06, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 28, 2021 | Jan. 25, 2021 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 7,677 | $ 2,829 | $ (298) | ||||
Insurance Policy Primary Occurence Limit | 9,000 | ||||||
Insurance Policy Excess Coverage | $ 1,000 | ||||||
Subsequent Event [Member] | |||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 1,000 | ||||||
Insurance Policy Primary Occurence Limit | $ 7,000 | ||||||
Insurance Policy Excess Coverage | $ 3,000 | ||||||
Subsequent Event [Member] | Common Class A [Member] | |||||||
Stock Repurchase Program, Authorized Amount | $ 40,000 | ||||||
Treasury Stock, Shares, Acquired (in shares) | 362,988 |