Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2016 | Feb. 09, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | CELADON GROUP INC | |
Entity Central Index Key | 865,941 | |
Trading Symbol | cgi | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 28,299,404 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING REVENUE: | ||||
Freight revenue | $ 242,349 | $ 249,311 | $ 483,818 | $ 487,123 |
Fuel surcharge revenue | 23,376 | 26,088 | 46,947 | 54,397 |
Total revenue | 265,725 | 275,399 | 530,765 | 541,520 |
OPERATING EXPENSES: | ||||
Salaries, wages, and employee benefits | 79,484 | 85,877 | 162,291 | 167,354 |
Fuel | 27,311 | 26,688 | 53,608 | 54,416 |
Purchased transportation | 85,614 | 93,948 | 175,906 | 182,978 |
Revenue equipment rentals | 9,184 | 2,201 | 18,652 | 4,423 |
Operations and maintenance | 22,108 | 18,243 | 41,258 | 35,849 |
Insurance and claims | 13,691 | 7,709 | 21,947 | 14,637 |
Depreciation and amortization | 16,976 | 19,187 | 36,308 | 40,788 |
Communications and utilities | 2,578 | 2,611 | 4,998 | 4,955 |
Operating taxes and licenses | 4,731 | 5,532 | 9,180 | 10,504 |
General and other operating | 6,289 | 4,803 | 11,429 | 9,085 |
Gain on disposition of equipment | (507) | (5,479) | (1,768) | (18,721) |
Total operating expenses | 267,459 | 261,320 | 533,809 | 506,268 |
Operating income (loss) | (1,734) | 14,079 | (3,044) | 35,252 |
Interest expense | 2,988 | 3,758 | 6,291 | 6,910 |
Other (income) expense, net | (40) | 13 | ||
Loss (income) from equity method investment | (1,824) | 21 | (1,955) | 121 |
Income (loss) before income taxes | (2,858) | 10,300 | (7,393) | 28,221 |
Income tax (benefit) expense | (1,333) | 3,685 | (3,015) | 10,239 |
Net income (loss) | $ (1,525) | $ 6,615 | $ (4,378) | $ 17,982 |
Income (loss) per common share: | ||||
Diluted (in dollars per share) | $ (0.06) | $ 0.24 | $ (0.16) | $ 0.64 |
Basic (in dollars per share) | $ (0.06) | $ 0.24 | $ (0.16) | $ 0.65 |
Diluted weighted average shares outstanding (in shares) | 27,639 | 27,940 | 27,627 | 27,953 |
Basic weighted average shares outstanding (in shares) | 27,639 | 27,480 | 27,627 | 27,467 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income (loss) | $ (1,525) | $ 6,615 | $ (4,378) | $ 17,982 |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on fuel derivative instruments, net of tax | 199 | (875) | 314 | (1,351) |
Foreign currency translation adjustments, net of tax | (4,044) | (4,829) | (8,947) | (14,260) |
Total other comprehensive loss | (3,845) | (5,704) | (8,633) | (15,611) |
Comprehensive income (loss) | $ (5,370) | $ 911 | $ (13,011) | $ 2,371 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 31, 2016 | Jun. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 6,138 | $ 9,077 |
Trade receivables, net of allowance for doubtful accounts of $1,716 and $1,588 at December 31, 2016 and June 30, 2016, respectively | 133,784 | 134,572 |
Prepaid expenses and other current assets | 50,305 | 38,498 |
Tires in service | 4,201 | 3,175 |
Leased revenue equipment held for sale | 24,937 | |
Revenue equipment held for sale | 44,876 | |
Income tax receivable | 201 | 473 |
Total current assets | 194,629 | 255,608 |
Property and equipment, net of accumulated depreciation and amortization of $161,537 and $142,423 at December 31, 2016 and June 30, 2016, respectively | 610,777 | 636,733 |
Leased Assets, net of accumulated depreciation and amortization of $0 and $9,717 at December 31, 2016 and June 30, 2016, respectively | 99,300 | |
Tires in service | 4,167 | 3,603 |
Goodwill | 62,451 | 62,451 |
Investment in unconsolidated companies | 2,253 | |
Investment in joint venture | 100,000 | |
Other assets | 9,698 | 43,342 |
Total assets | 981,722 | 1,103,290 |
Current liabilities: | ||
Accounts payable | 22,852 | 26,499 |
Accrued salaries and benefits | 14,612 | 17,090 |
Accrued insurance and claims | 21,863 | 20,727 |
Accrued fuel expense | 6,451 | 8,258 |
Accrued purchased transportation | 17,335 | 22,046 |
Leasing servicing liabilities | 11,526 | 15,918 |
Other accrued expenses | 33,511 | 29,560 |
Current maturities of capital lease obligations | 84,351 | 51,397 |
Total current liabilities | 212,501 | 191,495 |
Long-term debt, net of current maturities | 114,507 | 152,032 |
Capital lease obligations, net of current maturities | 181,608 | 247,383 |
Other long term liabilities | 22,227 | |
Deferred income taxes | 104,887 | 109,138 |
Stockholders' equity: | ||
Common stock, $0.033 par value, authorized 40,000 shares; issued and outstanding 28,729 and 28,715 shares at December 31, 2016 and June 30, 2016, respectively | 948 | 948 |
Treasury stock at cost; 500 shares at December 31, 2016 and June 30, 2016 | (3,453) | (3,453) |
Additional paid-in capital | 199,896 | 198,576 |
Retained earnings | 212,573 | 218,056 |
Accumulated other comprehensive loss | (41,745) | (33,112) |
Total stockholders' equity | 368,219 | 381,015 |
Total liabilities and stockholders' equity | $ 981,722 | $ 1,103,290 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2016 | Jun. 30, 2016 |
Trade receivables, allowance for doubtful accounts | $ 1,716 | $ 1,588 |
Property and equipment, accumulated depreciation and amortization | 161,537 | 142,423 |
Leased assets, accumulated depreciation and amortization | $ 0 | $ 9,717 |
Common stock, par value (in dollars per share) | $ 0.033 | $ 0.033 |
Common stock, shares authorized (in shares) | 40,000 | 40,000 |
Common stock, shares issued (in shares) | 28,729 | 28,715 |
Common stock, shares outstanding (in shares) | 28,729 | 28,715 |
Treasury stock, shares (in shares) | 500 | 500 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (4,378) | $ 17,982 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 36,313 | 40,929 |
Gain on sale of equipment | (1,768) | (18,721) |
Earnings from unconsolidated entity | (1,803) | |
Distributions received on earnings from unconsolidated entity | 2,588 | |
Deferred income taxes | (3,981) | 13,715 |
Provision for doubtful accounts | 323 | 441 |
Stock based compensation | 1,321 | 1,458 |
Changes in operating assets and liabilities: | ||
Trade receivables | (37) | (635) |
Income tax receivable and payable | 365 | 2,229 |
Tires in service | (1,614) | (1,373) |
Prepaid expenses and other current assets | (15,622) | (10,238) |
Other assets | 33,693 | (6,744) |
Leased revenue equipment held for sale | 16,915 | (11,948) |
Accounts payable and accrued expenses | (3,840) | (4,201) |
Net cash provided by operating activities | 58,475 | 22,894 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (43,111) | (67,093) |
Proceeds on sale of property and equipment | 75,624 | 107,871 |
Investment in joint venture | (35,300) | |
Proceeds from unconsolidated entity | 2,000 | |
Purchase of businesses, net of cash acquired | (17,733) | |
Net cash provided by (used in) investing activities | (787) | 23,045 |
Cash flows from financing activities: | ||
Proceeds from issuance of stock | 169 | |
Proceeds from borrowings on long-term debt | 266,400 | 499,970 |
Payments on long-term debt | (303,926) | (506,867) |
Proceeds from borrowings on other long-term liabilities | 15,039 | |
Payments on other long-term liabilities | (4,025) | |
Dividends paid | (1,105) | (1,098) |
Principal payments under capital lease obligations | (32,822) | (56,299) |
Net cash used in financing activities | (60,439) | (64,125) |
Effect of exchange rates on cash and cash equivalents | (188) | 1,215 |
Increase/Decrease in cash and cash equivalents | (2,939) | (16,971) |
Cash and cash equivalents at beginning of period | 9,077 | 24,699 |
Cash and cash equivalents at end of period | 6,138 | 7,728 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 8,074 | 6,910 |
Income taxes paid | 132 | 118 |
Lease obligation incurred in the purchase of equipment | 90,406 | |
Conversion of capital leases to operating leases | 61,248 | |
Contribution of tractors and trailers net of deferred | $ 63,600 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. References in this Report on Form 10 The accompanying unaudited condensed consolidated financial statements of Celadon Group, Inc. and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America and Regulation S-X, instructions to Form 10 10 June 30, 2016. The preparation of the financial statements in conformity with United States generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Note 2 - Earnings (Loss) Per Sh
Note 2 - Earnings (Loss) Per Share | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 2. (Loss) Per Share A reconciliation of the basic and diluted earnings per share is as follows (in thousands, except per share amounts): Three months ended Six months ended December 31, December 31, 201 6 201 5 201 6 201 5 Weighted average common shares outstanding – basic 27,639 27,480 27,627 27,467 Dilutive effect of stock options and unvested restricted stock units --- 460 --- 486 Weighted average common shares outstanding – diluted 27,639 27,940 27,627 27,953 Net income (loss) $ (1,525 ) $ 6,615 $ (4,378 ) $ 17,982 Earnings (loss) per common share: Basic $ (0.06 ) $ 0.24 $ (0.16 ) $ 0.65 Diluted $ (0.06 ) $ 0.24 $ (0.16 ) $ 0.64 There were 854,974 three six December 31, 2016. zero three six December 31, 2015. |
Note 3 - Stock Based Compensati
Note 3 - Stock Based Compensation | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 3. The following table summarizes the components of our stock based compensation program expense (in thousands): Three months ended Six months ended December 31, December 31, 201 6 201 5 201 6 201 5 Stock compensation expense for options, net of forfeitures $ 0 $ 0 $ 0 $ 0 Stock compensation expense for restricted stock, net of forfeitures 640 715 1,320 1,462 Total stock compensation expense $ 640 $ 715 $ 1,320 $ 1,462 As of December 31, 2016, 2006 "2006 A summary of the award activity of our stock option plans as of December 31, 2016, six Options Option Totals Weighted-Average Exercise Price per Share Outstanding at July 1, 2016 275,169 $ 9.30 Granted --- --- Vested and Issued --- --- Forfeited or expired --- --- Outstanding at December 31, 2016 275,169 $ 9.30 Exercisable at December 31, 2016 275,169 $ 9.30 As of December 31, 2016, e had approximately $4.8 2.6 3.1 2006 December 31, 2016, six Number of Restricted Stock Awards Weighted-Average Grant Date Fair Value Unvested at July 1, 2016 601,794 $ 11.92 Granted 23,780 $ 9.39 Vested and Issued (35,481 ) $ 12.82 Forfeited (10,288 ) $ 8.17 Unvested at December 31, 2016 579,805 $ 11.83 The fair value of each restricted stock award is based on the closing market price on the date of grant. During fiscal 2016, 2014 2015 one January 2019. 72,327 |
Note 4 - Segment Information an
Note 4 - Segment Information and Significant Customers | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 4. and Significant Customers We have three December 2016, 280 10, Segment Reporting Operating Revenue Three Months Ended Six Months Ended December 31, December 31, 201 6 2015 2016 2015 Asset-based $ 218,617 $ 236,324 $ 441,859 $ 467,087 Asset-light based 30,954 32,943 62,608 63,539 Equipment leasing and services 16,154 6,132 26,298 10,894 Total $ 265,725 $ 275,399 $ 530,765 $ 541,520 Operating Income (Loss) Three Months Ended Six Months Ended December 31, December 31, 201 6 2015 2016 2015 Asset-based $ (6,790 ) $ 11,471 $ (8,799 ) $ 18,953 Asset-light based 1,876 3,280 3,890 7,111 Equipment leasing and services 3,180 (672 ) 1,865 9,188 Total $ (1,734 ) $ 14,079 $ (3,044 ) $ 35,252 Information as to our operating revenue by geographic area is summarized below (in thousands). We allocate operating revenue based on the country of origin of the tractor hauling the freight: Operating Revenue Three Months Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 United States $ 234,394 $ 241,843 $ 468,218 $ 474,552 Canada 20,697 21,193 41,400 43,138 Mexico 10,634 12,363 21,147 23,830 Consolidated $ 265,725 $ 275,399 $ 530,765 $ 541,520 No 10% three six December 31, 2016 December 31, 2015. |
Note 5 - Income Taxes
Note 5 - Income Taxes | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 5 . Income Taxes During the three December 31, 2016 2015, 46.6% 35.8%, six December 31, 2016 2015, 40.8% 36.3%, We follow ASC Topic 740 10 25 740"). 740 2012 2014 December 31, 2016, $0.5 |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 6. Commitments and Contingencies The Company is party to certain lawsuits in the ordinary course of business. We are not currently party to any proceedings which we believe will have a material adverse effect on our consolidated financial position or operations. A Company subsidiary was named as the defendant in Wilmoth et al. v. Celadon Trucking Services, Inc., a class action proceeding. A summary judgment was granted in favor of the plaintiffs and upheld by the Indiana Court of Appeals in February 2017. We had also been named as the defendant in Day et al. v. Celadon Trucking Services, Inc., a second $2.4 June 30, 2016 December 31, 2016. December 31, 2016, We have planned commitments to add $7.4 twelve December 31, 2016. may December 31, 2016, $13 may Standby letters of credit, not reflected in the accompanying condensed consolidated financial statements, aggregated approximately $5.5 December 31, 2016. December 31, 2016, 500,000 |
Note 7 - Lease Obligations and
Note 7 - Lease Obligations and Long-term Debt | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 7. Lease Obligations and Long-Term Debt Lease Obligations We lease certain revenue, service equipment, and real estate locations under long-term lease agreements, payable in monthly installments. Equipment obtained under capital leases is reflected on our condensed consolidated balance sheet as owned and the related leases bear interest rates ranging from 1.6% 3.6% 2022. Assets held under operating leases are not recorded on our condensed consolidated balance sheet. We lease revenue, service equipment and real estate locations under non-cancellable operating leases expiring at various dates through 2023. Future minimum lease payments relating to capital leases and operating leases as of December 31, 2016 Capital Leases Operating Leases 2017 90,171 29,696 2018 96,411 19,551 2019 13,164 14,025 2020 12,853 11,471 2021 9,273 7,386 Thereafter 61,110 9,306 Total minimum lease payments $ 282,982 $ 91,435 Less amounts representing interest 17,023 Present value of minimum lease payments 265,959 Less current maturities 84,351 Non-current portion $ 181,608 During the quarter ended December 31, 2016, $11.1 $4.5 $0.5 three five $4.5 Long-Term Debt We had long-term debt, excluding capital leases, of $114.5 December 31, 2016, $113.9 On December 30, 2016, December 12, 2014, 12 $50.0 $300.0 $250.0 |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurements | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 8. Fair Value Measurements ASC 820 10 Fair Value Measurements and Disclosure three three Level 1 Level 2 Level 3 In accordance with the fair value hierarchy described above, the following table shows the fair value of our financial assets and liabilities that are required to be measured at fair value as of December 31, 2016 June 30, 2016 Level 1 Level 2 Level 3 Balance Balance Balance Balance Balance Balance Balance Balance at at at at at at at at December 31, June 30, December 31, June 30, December 31, June 30, December 31, June 30, 2016 2016 2016 2016 2016 2016 2016 2016 Fuel derivatives 464 (95 ) --- --- 464 (95 ) --- --- Our other financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, long-term debt, and capital lease obligations. At December 31, 2016 |
Note 9 - Fuel Derivatives
Note 9 - Fuel Derivatives | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 9. In our day-to-day business activities, we are exposed to certain market risks, including the effects of changes in fuel prices. We review ways to reduce the potentially adverse effects that the volatility of fuel markets may may We have entered into futures contracts relating to 1,134,000 162,000 January 2017 July 2017, 4.8% July 2017. We perform both a prospective and retrospective assessment of the effectiveness of our hedge contracts at inception and quarterly. If our analysis shows that the derivatives are not highly effective as hedges, we will discontinue hedge accounting for the period and prospectively recognize changes in the fair value of the derivative being recognized through earnings. As a result of our effectiveness assessment at inception and at December 31, 2016, Accordingly, we have designated the respective hedges as cash flow hedges. We recognize all derivative instruments at fair value on our condensed consolidated balance sheets in other assets or other accrued expenses. Our derivative instruments are designated as cash flow hedges, thus the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive income and will be reclassified into earnings in the same period during which the hedged transactions affect earnings. The effective portion of the derivative represents the change in fair value of the hedge that offsets the change in fair value of the hedged item. To the extent the change in the fair value of the hedge does not perfectly offset the change in the fair value of the hedged item, the ineffective portion of the hedge is immediately recognized in other income or expense on our condensed consolidated statements of income. The amount recorded in accumulated other comprehensive income as of December 31, 2016 $0.5 Outstanding financial derivative instruments expose us to credit loss in the event of nonperformance by the counterparties with which we have these agreements. Our credit exposure related to these financial instruments is represented by the fair value of contracts reported as assets. To evaluate credit risk, we review each counterparty's audited financial statements and credit ratings and obtain references. Any credit valuation adjustments deemed necessary would be reflected in the fair value of the instrument. As of December 31, 2016, |
Note 10 - Dividend
Note 10 - Dividend | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Dividend [Text Block] | 10. October 25, 2016, $0.02 January 6, 2017, January 20, 2017. |
Note 11 - Goodwill and Other In
Note 11 - Goodwill and Other Intangible Assets | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 11. Goodwill and Other Intangible Assets The acquired intangible assets, included in the condensed consolidated balance sheet within other assets, relate to customer relations acquired through acquisition in fiscal 2015. 2017. 2041. The following table summarizes intangible assets, included as a component of other assets in the accompanying condensed consolidated financial statements (in thousands): Intangible assets June 30, 2016 Current year changes December 31, 2016 Gross carrying amount $ 8,096 --- $ 8,096 Accumulated amortization 1,210 $ 304 1,514 $ 6,886 $ 304 $ 6,582 The following table summarizes goodwill (in thousands): Goodwill June 30, 2016 Current year changes December 31, 2016 Asset-based $ 61,083 --- $ 61,083 Asset-light based $ 1,368 --- $ 1,368 Total Goodwill $ 62,451 --- $ 62,451 |
Note 12 - Non-controlling Inves
Note 12 - Non-controlling Investment | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 12. Non-Controlling Investment In December 2016, 19th (“19th 19th 19th 49.99% 19th December 31, 2016, 10,000 $100.0 The Transactions included the following: ● Redemption of Existing Members 19 th $15.7 $4.6 $2.0 2015 $0.3 $2.5 450 ● Deferred Sale with 19 th Capital: $6.7 19 th June 30, 2016 This collection triggered sales accounting treatment for leased assets where recognition of the sale was deferred and leased assets remained on the Company’s balance sheet. As a result, the Company removed $34.6 $26.0 ● Sale to Element: $50.0 ● Receipt of Lease Servicing Advance (“Perfect Pay”): $31.8 ● Contribution by the Company $35.3 19th 19th $56.0 $1.1 19th $7.6 19 th September 30, 2016 19 th . The contribution of the $7.6 $21.9 $14.3 In consideration of the foregoing, 19th 19th 49.99% 19th ● Summary of Transactions 19 th Contribution Description $ 56,000 Equipment contributed to 19 th 7,600 Contribution of deferred sale receivable 35,300 Cash contributed to 19 th 1,100 Receivable due from 19 th $ 100,000 Total contribution to 19 th Under our agreements with 19 th 19th December 30, 2016, December 1. $1.0 $3.4 December 2016. $11.1 December 31, 2016 19th $5.9 19 th |
Note 13 - Equipment Leasing and
Note 13 - Equipment Leasing and Services Segment | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Equipment Leasing and Services Segment [Text Block] | 13. We have routinely entered into leases as lessors with independent contractors which we classify and record as operating leases. From time to time we have assigned these leases and sold the underlying assets to third three December 31, 2016 $82.0 $0.5 $121.3 $7.2 three December 31, 2015. six December 31, 2016 $134.6 $1.8 $273.9 $21.9 six December 31, 2015. three six December 31, 2016, 19 th $3.2 three December 31, 2016 $0.5 $1.7 six December 31, 2016 $1.8 As of December 31, 2016, 19 th third 12. 19 th 19 th |
Note 14 - Recent Accounting Pro
Note 14 - Recent Accounting Pronouncements | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 14. Recent Accounting Pronouncements In August 2015, 2015 14 2014 09, 606): 2014 09"), December 15, 2017, 2019 may In November 2015, 2015 17 740), December 15, 2016, $5 $1 June 30, 2016 December 31, 2016 In February 2016, 2016 02 842), December 15, 2018, 2020 In March 2016, 2016 09 718), December 15, 2016, including the number of shares issued and changes in the price of our stock between grant date and settlement date. |
Note 15 - Change in Depreciable
Note 15 - Change in Depreciable Lives of Property and Equipment | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Accounting Changes [Text Block] | 15. Change in depreciable lives of property and equipment In accordance with its policy, the Company reviews the estimated useful lives of its fixed assets on an ongoing basis. This review indicated that the actual lives of certain tractors and trailers were longer than the estimated useful lives used for depreciation purposes in the Company’s financial statements. As a result, effective October 1, 2015, 3 7 4 10 three December 31, 2016 $0.6 $0.4 $0.01. three December 31, 2015 $2.9 $1.7 $0.06. six December 31, 2016, $2.3 $1.4 $0.05. October 1, 2015, six December 31, 2015 three December 31, 2015. |
Note 2 - Earnings (Loss) Per 22
Note 2 - Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended Six months ended December 31, December 31, 201 6 201 5 201 6 201 5 Weighted average common shares outstanding – basic 27,639 27,480 27,627 27,467 Dilutive effect of stock options and unvested restricted stock units --- 460 --- 486 Weighted average common shares outstanding – diluted 27,639 27,940 27,627 27,953 Net income (loss) $ (1,525 ) $ 6,615 $ (4,378 ) $ 17,982 Earnings (loss) per common share: Basic $ (0.06 ) $ 0.24 $ (0.16 ) $ 0.65 Diluted $ (0.06 ) $ 0.24 $ (0.16 ) $ 0.64 |
Note 3 - Stock Based Compensa23
Note 3 - Stock Based Compensation (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three months ended Six months ended December 31, December 31, 201 6 201 5 201 6 201 5 Stock compensation expense for options, net of forfeitures $ 0 $ 0 $ 0 $ 0 Stock compensation expense for restricted stock, net of forfeitures 640 715 1,320 1,462 Total stock compensation expense $ 640 $ 715 $ 1,320 $ 1,462 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Option Totals Weighted-Average Exercise Price per Share Outstanding at July 1, 2016 275,169 $ 9.30 Granted --- --- Vested and Issued --- --- Forfeited or expired --- --- Outstanding at December 31, 2016 275,169 $ 9.30 Exercisable at December 31, 2016 275,169 $ 9.30 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Number of Restricted Stock Awards Weighted-Average Grant Date Fair Value Unvested at July 1, 2016 601,794 $ 11.92 Granted 23,780 $ 9.39 Vested and Issued (35,481 ) $ 12.82 Forfeited (10,288 ) $ 8.17 Unvested at December 31, 2016 579,805 $ 11.83 |
Note 4 - Segment Information 24
Note 4 - Segment Information and Significant Customers (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Operating Revenue Three Months Ended Six Months Ended December 31, December 31, 201 6 2015 2016 2015 Asset-based $ 218,617 $ 236,324 $ 441,859 $ 467,087 Asset-light based 30,954 32,943 62,608 63,539 Equipment leasing and services 16,154 6,132 26,298 10,894 Total $ 265,725 $ 275,399 $ 530,765 $ 541,520 Operating Income (Loss) Three Months Ended Six Months Ended December 31, December 31, 201 6 2015 2016 2015 Asset-based $ (6,790 ) $ 11,471 $ (8,799 ) $ 18,953 Asset-light based 1,876 3,280 3,890 7,111 Equipment leasing and services 3,180 (672 ) 1,865 9,188 Total $ (1,734 ) $ 14,079 $ (3,044 ) $ 35,252 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Operating Revenue Three Months Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 United States $ 234,394 $ 241,843 $ 468,218 $ 474,552 Canada 20,697 21,193 41,400 43,138 Mexico 10,634 12,363 21,147 23,830 Consolidated $ 265,725 $ 275,399 $ 530,765 $ 541,520 |
Note 7 - Lease Obligations an25
Note 7 - Lease Obligations and Long-term Debt (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Capital Leases Operating Leases 2017 90,171 29,696 2018 96,411 19,551 2019 13,164 14,025 2020 12,853 11,471 2021 9,273 7,386 Thereafter 61,110 9,306 Total minimum lease payments $ 282,982 $ 91,435 Less amounts representing interest 17,023 Present value of minimum lease payments 265,959 Less current maturities 84,351 Non-current portion $ 181,608 |
Note 8 - Fair Value Measureme26
Note 8 - Fair Value Measurements (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Balance Balance Balance Balance Balance Balance Balance Balance at at at at at at at at December 31, June 30, December 31, June 30, December 31, June 30, December 31, June 30, 2016 2016 2016 2016 2016 2016 2016 2016 Fuel derivatives 464 (95 ) --- --- 464 (95 ) --- --- |
Note 11 - Goodwill and Other 27
Note 11 - Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Intangible assets June 30, 2016 Current year changes December 31, 2016 Gross carrying amount $ 8,096 --- $ 8,096 Accumulated amortization 1,210 $ 304 1,514 $ 6,886 $ 304 $ 6,582 |
Schedule of Goodwill [Table Text Block] | Goodwill June 30, 2016 Current year changes December 31, 2016 Asset-based $ 61,083 --- $ 61,083 Asset-light based $ 1,368 --- $ 1,368 Total Goodwill $ 62,451 --- $ 62,451 |
Note 12 - Non-controlling Inv28
Note 12 - Non-controlling Investment (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Summary of Investment Contributions [Table Text Block] | Contribution Description $ 56,000 Equipment contributed to 19 th 7,600 Contribution of deferred sale receivable 35,300 Cash contributed to 19 th 1,100 Receivable due from 19 th $ 100,000 Total contribution to 19 th |
Note 2 - Earnings (Loss) Per 29
Note 2 - Earnings (Loss) Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 854,974 | 0 | 854,974 | 0 |
Note 2 - Earnings (Loss) Per 30
Note 2 - Earnings (Loss) Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Basic weighted average shares outstanding (in shares) | 27,639 | 27,480 | 27,627 | 27,467 |
Dilutive effect of stock options and unvested restricted stock units (in shares) | 460 | 486 | ||
Weighted average common shares outstanding – diluted (in shares) | 27,639 | 27,940 | 27,627 | 27,953 |
Net income (loss) | $ (1,525) | $ 6,615 | $ (4,378) | $ 17,982 |
Earnings (loss) per common share: | ||||
Basic (in dollars per share) | $ (0.06) | $ 0.24 | $ (0.16) | $ 0.65 |
Diluted (in dollars per share) | $ (0.06) | $ 0.24 | $ (0.16) | $ 0.64 |
Note 3 - Stock Based Compensa31
Note 3 - Stock Based Compensation (Details Textual) $ in Thousands | 6 Months Ended |
Dec. 31, 2016USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | shares | 72,327 |
Restricted Stock [Member] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 4,800 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 219 days |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years 36 days |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | shares | 10,288 |
2006 Omnibus Incentive Plan [Member] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 0 |
Note 3 - Stock Based Compensa32
Note 3 - Stock Based Compensation - Components of Share Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock compensation expense | $ 640 | $ 715 | $ 1,320 | $ 1,462 |
Employee Stock Option [Member] | ||||
Stock compensation expense | 0 | 0 | 0 | 0 |
Restricted Stock [Member] | ||||
Stock compensation expense | $ 640 | $ 715 | $ 1,320 | $ 1,462 |
Note 3 - Stock Based Compensa33
Note 3 - Stock Based Compensation - Summary of the Award Activity of the Stock Option Plans (Details) | 6 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Shares outstanding (in shares) | shares | 275,169 |
Weighted-average exercise price, outstanding (in dollars per share) | $ / shares | $ 9.30 |
Shares granted (in shares) | shares | |
Weighted-average exercise price, granted (in dollars per share) | $ / shares | |
Shares outstanding (in shares) | shares | 275,169 |
Weighted-average exercise price, outstanding (in dollars per share) | $ / shares | $ 9.30 |
Shares exercisable at December 31, 2016 (in shares) | shares | 275,169 |
Weighted-average exercise price, exercisable at December 31, 2016 (in dollars per share) | $ / shares | $ 9.30 |
Note 3 - Stock Based Compensa34
Note 3 - Stock Based Compensation - Summary of the Restricted Stock Award Activity (Details) | 6 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Number of shares, forfeited (in shares) | (72,327) |
Restricted Stock [Member] | |
Number of shares, unvested (in shares) | 601,794 |
Weighted-average grant date fair value, unvested (in dollars per share) | $ / shares | $ 11.92 |
Number of shares, granted (in shares) | 23,780 |
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares | $ 9.39 |
Number of shares, Vested and Issued (in shares) | (35,481) |
Weighted-average grant date fair value, Vested and Issued (in dollars per share) | $ / shares | $ 12.82 |
Number of shares, forfeited (in shares) | (10,288) |
Weighted-average grant date fair value, forfeited (in dollars per share) | $ / shares | $ 8.17 |
Number of shares, unvested (in shares) | 579,805 |
Weighted-average grant date fair value, unvested (in dollars per share) | $ / shares | $ 11.83 |
Note 4 - Segment Information 35
Note 4 - Segment Information and Significant Customers (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Reportable Segments | 3 | |||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||
Concentration Risk, Percentage | 0.00% | 0.00% | 0.00% | 0.00% |
Note 4 - Segment Information 36
Note 4 - Segment Information and Significant Customers - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating revenues | $ 265,725 | $ 275,399 | $ 530,765 | $ 541,520 |
Operating Income (Loss) | (1,734) | 14,079 | (3,044) | 35,252 |
Operating Segments [Member] | ||||
Operating revenues | 265,725 | 275,399 | 530,765 | 541,520 |
Operating Income (Loss) | (1,734) | 14,079 | (3,044) | 35,252 |
Asset Based [Member] | Operating Segments [Member] | ||||
Operating revenues | 218,617 | 236,324 | 441,859 | 467,087 |
Operating Income (Loss) | (6,790) | 11,471 | (8,799) | 18,953 |
Asset Light Based [Member] | Operating Segments [Member] | ||||
Operating revenues | 30,954 | 32,943 | 62,608 | 63,539 |
Operating Income (Loss) | 1,876 | 3,280 | 3,890 | 7,111 |
Equipment Leasing and Services [Member] | Operating Segments [Member] | ||||
Operating revenues | 16,154 | 6,132 | 26,298 | 10,894 |
Operating Income (Loss) | $ 3,180 | $ (672) | $ 1,865 | $ 9,188 |
Note 4 - Segment Information 37
Note 4 - Segment Information and Significant Customers - Operating Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating revenues | $ 265,725 | $ 275,399 | $ 530,765 | $ 541,520 |
UNITED STATES | ||||
Operating revenues | 234,394 | 241,843 | 468,218 | 474,552 |
CANADA | ||||
Operating revenues | 20,697 | 21,193 | 41,400 | 43,138 |
MEXICO | ||||
Operating revenues | $ 10,634 | $ 12,363 | $ 21,147 | $ 23,830 |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, Percent | 46.60% | 35.80% | 40.80% | 36.30% |
Unrecognized Tax Benefits | $ 0.5 | $ 0.5 | ||
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | ||||
Open Tax Year | 2,012 | |||
Domestic Tax Authority [Member] | Latest Tax Year [Member] | ||||
Open Tax Year | 2,014 |
Note 6 - Commitments and Cont39
Note 6 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2016 | Jun. 30, 2016 | |
Letters of Credit Outstanding, Amount | $ 5,500 | |
Treasury Stock, Shares | 500,000 | 500,000 |
Held In Trust [Member] | ||
Treasury Stock, Shares | 500,000 | |
Tractor Operating Leases [Member} | ||
Long-term Purchase Commitment, Amount | $ 7,400 | |
Capital Addition Purchase Commitments [Member] | Land and Building [Member] | ||
Long-term Purchase Commitment, Amount | 13,000 | |
Wilmoth et al. v. Celadon Trucking Services [Member] | Minimum [Member] | ||
Loss Contingency, Estimate of Possible Loss | 0 | |
Day et al. v. Celadon Trucking Services, Inc. [Member] | ||
Loss Contingency, Estimate of Possible Loss | $ 2,400 |
Note 7 - Lease Obligations an40
Note 7 - Lease Obligations and Long-term Debt (Details Textual) - USD ($) $ in Thousands | Dec. 30, 2016 | Dec. 31, 2016 | Dec. 29, 2016 |
Operating Leases, Future Minimum Payments Due | $ 91,435 | ||
Long-term Debt | 114,500 | ||
Long-term Line of Credit | 113,900 | ||
Credit Agreement [Member] | |||
Debt Instrument, Maximum Borrowing Capacity, Reduced Amount | $ 50,000 | ||
Debt Instrument, Maximum Borrowing Capacity | $ 250,000 | $ 300,000 | |
Sale-leaseback of Several Properties [Member] | |||
Sale Leaseback Transaction, Net Book Value | 11,100 | ||
Sale Leaseback Transaction, Accumulated Depreciation | 4,500 | ||
Sale Leaseback Transaction, Deferred Gain, Net | 500 | ||
Operating Leases, Future Minimum Payments Due | $ 4,500 | ||
Minimum [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.60% | ||
Minimum [Member] | Sale-leaseback of Several Properties [Member] | |||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 3 years | ||
Maximum [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.60% | ||
Maximum [Member] | Sale-leaseback of Several Properties [Member] | |||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 5 years |
Note 7 - Lease Obligations an41
Note 7 - Lease Obligations and Long-term Debt - Future Minimum Leases Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jun. 30, 2016 |
2,017 | $ 90,171 | |
2,017 | 29,696 | |
2,018 | 96,411 | |
2,018 | 19,551 | |
2,019 | 13,164 | |
2,019 | 14,025 | |
2,020 | 12,853 | |
2,020 | 11,471 | |
2,021 | 9,273 | |
2,021 | 7,386 | |
Thereafter | 61,110 | |
Thereafter | 9,306 | |
Total minimum lease payments | 282,982 | |
Operating Leases, Future Minimum Payments Due | 91,435 | |
Less amounts representing interest | 17,023 | |
Present value of minimum lease payments | 265,959 | |
Less current maturities | 84,351 | $ 51,397 |
Non-current portion | $ 181,608 | $ 247,383 |
Note 8 - Fair Value Measureme42
Note 8 - Fair Value Measurements - Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jun. 30, 2016 |
Fuel derivatives | $ 464 | $ (95) |
Fair Value, Inputs, Level 2 [Member] | ||
Fuel derivatives | $ 464 | $ (95) |
Note 9 - Fuel Derivatives (Deta
Note 9 - Fuel Derivatives (Details Textual) $ in Millions | 6 Months Ended |
Dec. 31, 2016USD ($)gal | |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ | $ 0.5 |
Diesel Fuel Future Contracts [Member] | |
Derivative, Nonmonetary Notional Amount, Volume | 1,134,000 |
Derivative, Nonmonetary Notional Amount, Volume per Month | 162,000 |
Derivative Nonmonetary, Percentage of Monthly Projected Fuel Requirements | 4.80% |
Note 10 - Dividend (Details Tex
Note 10 - Dividend (Details Textual) | Oct. 25, 2016$ / shares |
Common Stock, Dividends, Per Share, Declared | $ 0.02 |
Note 11 - Goodwill and Other 45
Note 11 - Goodwill and Other Intangible Assets - Acquired Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2016 | Jun. 30, 2016 | |
Gross carrying amount | $ 8,096 | $ 8,096 |
Accumulated amortization | 1,514 | 1,210 |
Amortization | 304 | |
$ 6,582 | $ 6,886 |
Note 11 - Goodwill and Other 46
Note 11 - Goodwill and Other Intangible Assets - Additions to Goodwill (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2016 | Jun. 30, 2016 | |
Goodwill | $ 62,451 | $ 62,451 |
Goodwill Current year additions | ||
Asset Based [Member] | ||
Goodwill | 61,083 | 61,083 |
Goodwill Current year additions | ||
Asset Light Based [Member] | ||
Goodwill | 1,368 | $ 1,368 |
Goodwill Current year additions |
Note 12 - Non-controlling Inv47
Note 12 - Non-controlling Investment (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Equity Method Investments | $ 100,000 | $ 100,000 | $ 100,000 | ||||
Proceeds from Sale of Property, Plant, and Equipment | 75,624 | $ 107,871 | |||||
Element [Member] | |||||||
Proceeds from Sale of Property, Plant, and Equipment | 82,000 | $ 121,300 | 134,600 | $ 273,900 | |||
19th Capital Group, LLC [Member] | |||||||
Prior Assets Sales, Remaining Consideration Contributed | 7,600 | ||||||
Lease Servicing Revenue | 1,000 | ||||||
Maintenance Revenue | 3,400 | ||||||
Lease Payments Payable | 11,100 | 11,100 | 11,100 | ||||
Previous Maintenance and Service Agreements, Receivables | $ 5,900 | $ 5,900 | $ 5,900 | ||||
19th Capital Group, LLC [Member] | |||||||
Number of Tractors Held | 10,000 | 10,000 | 10,000 | ||||
19th Capital Group, LLC [Member] | |||||||
Equity Method Investment, Ownership Percentage | 49.99% | 49.99% | 49.99% | ||||
Equity Method Investments | $ 100,000 | $ 100,000 | $ 100,000 | ||||
Redemption of Membership Interest, Issued and Outstanding Membership Interest, Redeemed | 15,700 | ||||||
Redemption of Membership Interests, Consideration Received, Cash | 4,600 | ||||||
Payments to Acquire Equity Method Investments | 35,300 | $ 2,000 | |||||
Net Gain on Redemption of Membership Interests | 300 | ||||||
Proceeds from Sale of Leased Assets | 6,700 | ||||||
Amount of Leased Assets Removed from Balance Sheet Accounts | 34,600 | ||||||
Amount of Lease Servicing Liabilities and Other Long-term Liabilities Removed from Balance Sheet Accounts | $ 26,000 | ||||||
Assets Contributed to Equity Method Investment, Net Book Value | 56,000 | ||||||
Contribution to Equity Method Investment, Receivable Due | 1,100 | ||||||
Equipment Reduction, Deferred Sale Assets Settlement | 21,900 | ||||||
Liabilities Reduction, Deferred Sale Liabilities Contribution | 14,300 | ||||||
19th Capital Group, LLC [Member] | Element [Member] | |||||||
Receipt of Lease Servicing Advance, Cash | 31,800 | ||||||
19th Capital Group, LLC [Member] | Element [Member] | Tractors and Trailers [Member] | |||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 50,000 |
Note 12 - Non-controlling Inv48
Note 12 - Non-controlling Investment - Summary of Total Contribution (Details) - 19th Capital Group, LLC [Member] - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Dec. 31, 2015 | |
Equipment contributed | $ 56 | |
Contribution of deferred sale receivable | 7.6 | |
Cash contributed | 35.3 | $ 2 |
Receivable due | 1.1 | |
Total contribution | $ 100 |
Note 13 - Equipment Leasing a49
Note 13 - Equipment Leasing and Services Segment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Proceeds from Sale of Property, Plant, and Equipment | $ 75,624 | $ 107,871 | ||
Gain (Loss) on Disposition of Property Plant Equipment | $ 507 | $ 5,479 | 1,768 | 18,721 |
Operating Income (Loss) | (1,734) | 14,079 | (3,044) | 35,252 |
Element [Member] | ||||
Proceeds from Sale of Property, Plant, and Equipment | 82,000 | 121,300 | 134,600 | 273,900 |
Gain (Loss) on Disposition of Property Plant Equipment | 500 | $ 7,200 | 1,800 | $ 21,900 |
Operating Income (Loss) | $ 3,200 | $ 1,700 |
Note 14 - Recent Accounting P50
Note 14 - Recent Accounting Pronouncements (Details Textual) - Reclassification of Current Deferred Tax Assets to Offset Long-term Deferred Tax Liabilities [Member] $ in Millions | 6 Months Ended |
Dec. 31, 2016USD ($) | |
Current Period Reclassification Adjustment | $ 1 |
Fiscal 2016 Period [Member] | |
Prior Period Reclassification Adjustment | $ 5 |
Note 15 - Change in Depreciab51
Note 15 - Change in Depreciable Lives of Property and Equipment (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 15 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2016 | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 0.4 | $ 1.7 | $ 1.4 | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Basic and Diluted Earnings Per Share | $ 0.01 | $ 0.06 | $ 0.05 | ||
Depreciation Expense [Member] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | $ 0.6 | $ 2.9 | $ 2.3 | ||
Tractors [Member] | |||||
Property, Plant and Equipment, Useful Life | 3 years | 4 years | |||
Trailers [Member] | |||||
Property, Plant and Equipment, Useful Life | 7 years | 10 years |