Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 15, 2019 | Jun. 29, 2018 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | USA TRUCK INC | ||
Entity Central Index Key | 883,945 | ||
Trading Symbol | usak | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 8,361,435 | ||
Entity Public Float | $ 185,374,908 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets, Current [Abstract] | ||
Cash | $ 989 | $ 71 |
Accounts receivable, net of allowance for doubtful accounts of $575 and $639, respectively | 56,003 | 55,138 |
Other receivables | 5,104 | 2,787 |
Inventories | 722 | 458 |
Assets held for sale | 2,611 | 112 |
Prepaid expenses and other current assets | 7,224 | 6,025 |
Total current assets | 72,653 | 64,591 |
Property and equipment: | ||
Land and structures | 32,434 | 31,452 |
Revenue equipment | 280,623 | 252,484 |
Service, office and other equipment | 28,094 | 26,209 |
Property and equipment, at cost | 341,151 | 310,145 |
Accumulated depreciation and amortization | (115,766) | (122,329) |
Property and equipment, net | 225,385 | 187,816 |
Goodwill | 4,926 | 0 |
Other intangibles, net | 17,837 | 0 |
Other assets | 1,003 | 1,448 |
Total assets | 321,804 | 253,855 |
Liabilities, Current [Abstract] | ||
Accounts payable | 22,453 | 24,332 |
Current portion of insurance and claim accruals | 15,852 | 13,552 |
Accrued expenses | 8,977 | 9,108 |
Current maturities of capital leases | 17,292 | 12,929 |
Insurance premium financing | 4,435 | 4,115 |
Total current liabilities | 69,009 | 64,036 |
Deferred gain | 84 | 480 |
Long-term debt | 85,300 | 61,225 |
Capital lease, less current maturities | 53,460 | 29,216 |
Deferred income taxes | 23,518 | 21,136 |
Insurance and claims accruals, less current portions | 9,963 | 11,274 |
Total liabilities | 241,334 | 187,367 |
Stockholders’ equity: | ||
Preferred Stock, $0.01 par value; 1,000,000 shares authorized; none issued | 0 | 0 |
Common Stock, $0.01 par value; 30,000,000 shares authorized; issued 12,011,495 shares, and 12,142,391 shares, respectively | 120 | 121 |
Additional paid-in capital | 66,433 | 68,667 |
Retained earnings | 77,664 | 65,460 |
Less treasury stock, at cost (3,650,060 shares, and 3,853,064 shares, respectively) | (63,747) | (67,760) |
Total stockholders’ equity | 80,470 | 66,488 |
Total liabilities and stockholders’ equity | $ 321,804 | $ 253,855 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 575 | $ 639 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 12,011,495 | 12,142,391 |
Treasury stock, shares (in shares) | 3,650,060 | 3,853,064 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Operating revenue | $ 534,060 | $ 446,533 | $ 429,099 |
Operating Expenses [Abstract] | |||
Salaries, wages and employee benefits | 130,407 | 122,297 | 122,408 |
Fuel and fuel taxes | 55,158 | 45,853 | 43,179 |
Depreciation and amortization | 28,324 | 28,463 | 29,954 |
Insurance and claims | 23,240 | 25,628 | 21,154 |
Equipment rent | 10,840 | 10,173 | 7,443 |
Operations and maintenance | 33,356 | 31,001 | 34,252 |
Purchased transportation | 211,132 | 164,012 | 148,972 |
Operating taxes and licenses | 3,814 | 4,068 | 4,695 |
Communications and utilities | 2,849 | 2,713 | 3,239 |
Gain on disposal of assets, net | (2,361) | (773) | (1,116) |
Costs incurred | 639 | 0 | (5,264) |
Impairment on assets held for sale | 0 | 0 | 2,839 |
Other | 16,721 | 15,166 | 14,332 |
Total operating expenses | 512,841 | 448,601 | 436,615 |
Operating income (loss) | 21,219 | (2,068) | (7,516) |
Other expenses | |||
Interest expense, net | 3,649 | 3,808 | 3,178 |
Other, net | 992 | 387 | 524 |
Total other expenses, net | 4,641 | 4,195 | 3,702 |
Income (loss) before income taxes | 16,578 | (6,263) | (11,218) |
Income Tax Expense (Benefit) | 4,374 | (13,760) | (3,519) |
Consolidated net income (loss) and comprehensive income (loss) | $ 12,204 | $ 7,497 | $ (7,699) |
Net earnings (loss) per share | |||
Average basic shares outstanding (in shares) | 8,194 | 8,029 | 8,550 |
Basic earnings (loss) per share (in usd per share) | $ 1.49 | $ 0.93 | $ (0.90) |
Average diluted shares outstanding (in shares) | 8,218 | 8,056 | 8,550 |
Diluted earnings (loss) per share (in usd per share) | $ 1.49 | $ 0.93 | $ (0.90) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock |
Balance (in shares) at Dec. 31, 2015 | 11,946,000 | ||||
Balance at Dec. 31, 2015 | $ 93,777 | $ 119 | $ 67,370 | $ 65,871 | $ (39,583) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of stock options (in shares) | 2,000 | ||||
Exercise of stock options | 3 | 3 | |||
Excess tax benefit on exercise of stock options | (135) | (135) | |||
Transfer of stock into (out of) treasury stock | (28,412) | (40) | (28,372) | ||
Stock-based compensation | 976 | 976 | |||
Restricted stock award grant (in shares) | 319,000 | ||||
Restricted stock award grant | $ 4 | (4) | |||
Forfeited restricted stock (in shares) | (102,000) | ||||
Restricted Stock Award, Forfeitures | $ (1) | 1 | |||
Net share settlement related to restricted stock vesting (in shares) | (9,000) | ||||
Net share settlement related to restricted stock vesting | (104) | (104) | |||
Net income (loss) | (7,699) | (7,699) | |||
Balance (in shares) at Dec. 31, 2016 | 12,156,000 | ||||
Balance at Dec. 31, 2016 | 58,463 | $ 122 | 68,041 | 58,172 | (67,872) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 459 | 459 | |||
Restricted stock award grant (in shares) | 199,000 | ||||
Restricted stock award grant | $ 1 | (1) | |||
Forfeited restricted stock (in shares) | (213,000) | ||||
Restricted Stock Award, Forfeitures | $ (2) | 2 | |||
Net share settlement related to restricted stock vesting | 2 | 2 | |||
Net income (loss) | 7,497 | 7,497 | |||
Issuance of treasury stock | (58) | (170) | 112 | ||
Balance (in shares) at Dec. 31, 2017 | 12,142,000 | ||||
Balance at Dec. 31, 2017 | 66,488 | $ 121 | 68,667 | 65,460 | (67,760) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 1,164 | 1,164 | |||
Restricted stock award grant (in shares) | 0 | ||||
Restricted stock award grant | $ 0 | 750 | |||
Forfeited restricted stock (in shares) | (128,000) | ||||
Restricted Stock Award, Forfeitures | $ (1) | 1 | |||
Net share settlement related to restricted stock vesting (in shares) | (2,000) | ||||
Net share settlement related to restricted stock vesting | (136) | (136) | |||
Net income (loss) | 12,204 | 12,204 | |||
Issuance of treasury stock | 0 | (4,013) | 4,013 | ||
Balance (in shares) at Dec. 31, 2018 | 12,012,000 | ||||
Balance at Dec. 31, 2018 | $ 80,470 | $ 120 | $ 66,433 | $ 77,664 | $ (63,747) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net income (loss) | $ 12,204 | $ 7,497 | $ (7,699) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 28,324 | 28,463 | 29,954 |
Provision for doubtful accounts | 480 | 311 | 515 |
Deferred income tax provision (benefit) | 2,382 | (16,639) | (55) |
Share-based compensation | 1,164 | 459 | 976 |
Reversal of previously recorded restructuring, impairment and other costs | (639) | 0 | 0 |
Gain on disposal of assets, net | (2,361) | (773) | (1,116) |
Asset impairment | 0 | 0 | 3,909 |
Other | (205) | (171) | (47) |
Changes in operating assets and liabilities: | |||
Accounts receivable | 2,771 | 2,323 | 1,949 |
Inventories, prepaid expenses and other current assets | (426) | 117 | (979) |
Accounts payable and accrued expenses | (3,447) | 8,526 | (5,945) |
Insurance and claims accruals | 571 | 5,603 | 509 |
Other long-term assets and liabilities | 445 | (259) | 216 |
Net cash provided by operating activities | 41,263 | 35,457 | 22,187 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | |||
Payments to Acquire Businesses, Gross | (51,440) | 0 | 0 |
Purchases of property and equipment | (15,019) | (13,976) | (59,751) |
Proceeds from sale of property and equipment | 10,349 | 13,875 | 25,849 |
Proceeds from operating sale leaseback | 5,323 | 10,980 | 0 |
Net cash (used in) provided by investing activities | (50,787) | 10,879 | (33,902) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | |||
Borrowings under long-term debt | 84,254 | 29,991 | 73,009 |
Principal payments on long-term debt | (59,859) | (65,633) | (42,866) |
Principal payments on capitalized lease obligations | (14,180) | (11,811) | (9,969) |
Net change in bank drafts payable | 363 | (1,398) | 240 |
Excess tax benefit from exercise of stock options | 0 | 0 | (135) |
Proceeds from capital sale leaseback | 0 | 2,520 | 19,927 |
Purchase of common stock | 0 | 0 | (28,412) |
Issuance of treasury stock | 0 | (58) | 57 |
Net proceeds or (payments) from stock based awards | (136) | 2 | (101) |
Net cash provided by (used in) financing activities | 10,442 | (46,387) | 11,750 |
Increase (decrease) in cash and cash equivalents | 918 | (51) | 35 |
Cash and cash equivalents: | |||
Beginning of year | 71 | 122 | 87 |
End of year | 989 | 71 | 122 |
Supplemental disclosure of cash flow information | |||
Interest | 3,719 | 3,862 | 3,382 |
Income taxes | 3,651 | 175 | 716 |
Supplemental schedule of non-cash investing and financing activities | |||
Sales of revenue equipment included in accounts receivable | 1,851,000 | 0 | 0 |
Liability incurred for capitalized leases on revenue equipment | $ 42,788,000 | $ 2,565,000 | $ 29,642,000 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | NOTE 1 . DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of business USA Truck, Inc., a Delaware corporation and subsidiaries (together, the "Company"), is headquartered in Van Buren, Arkansas. The Company transports commodities throughout the contiguous United States and into and out of portions of Canada, as well as transports general commodities into and out of Mexico by offering through-trailer service from its terminal in Laredo, Texas. The Company has two reportable segments: (i) Trucking, consisting of the Company's truckload and dedicated freight service offerings, and (ii) USAT Logistics, consisting of the Company's freight brokerage, logistics, and rail intermodal service offerings. Basis of presentation The accompanying consolidated financial statements include USA Truck, Inc., and its wholly owned subsidiaries: International Freight Services, Inc. ("IFS"), a Delaware corporation; Davis Transfer Company Inc., a Georgia corporation ("DTC"), Davis Transfer Logistics Inc., a Georgia corporation ("DTL"), and B & G Leasing, L.L.C., a Georgia limited liability company, ("B & G," and collectively with DTC and DTL, "Davis Transfer Company"). References in this report to "it," "we," "us," "our," the "Company," and similar expressions refer to USA Truck, Inc. and its subsidiaries. All significant intercompany balances and transactions have been eliminated in preparing the consolidated financial statements. Certain amounts reported in prior periods have been reclassified to conform to the current year presentation. The accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles ("GAAP"), and include all adjustments necessary for the fair presentation of the periods presented. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors which management believes to be reasonable under the circumstances. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Cash equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The carrying amount reported in the balance sheets for cash and cash equivalents approximates its fair value. Allowance for doubtful accounts The allowance for doubtful accounts is management's estimate of the amount of probable credit losses in the Company's existing accounts receivable. Management reviews the financial condition of customers for granting credit and determines the allowance based on analysis of individual customers' financial condition, historical write-off experience and national economic conditions. The Company evaluates the adequacy of its allowance for doubtful accounts quarterly. The Company does not have any off-balance-sheet credit exposure related to its customers. The following table provides a summary of the activity in the allowance for doubtful accounts for the years ended 2018, 2017, and 2016 (in thousands): Year Ended December 31, 2018 2017 2016 Balance at beginning of year $ 639 $ 608 $ 608 Provision for doubtful accounts 480 311 515 Uncollectible accounts written off, net of recovery (544) (280) (515) Balance at end of year $ 575 $ 639 $ 608 Assets held for sale When we plan to dispose of property by sale, the asset is carried in the financial statements at the lower of the carrying amount or estimated fair value, less cost to sell, and is reclassified to assets held for sale. Additionally, after such reclassification, there is no further depreciation taken on the asset. In order for an asset to be classified as held for sale, management must approve and commit to a formal plan of disposition, the sale must be anticipated during the ensuing year, the asset must be actively marketed, the asset must be available for immediate sale, and meet certain other specified criteria. The Company recorded a charge of $2.8 million for the year ended December 31, 2016 to reduce assets held for sale to estimated fair value, less cost to sell. This charge is included in "Impairment on assets held for sale", in the accompanying statements of operations and comprehensive income (loss). Valuation of long-lived assets We review property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We evaluate recoverability of assets to be held and used by comparing the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets, less cost to sell. The Company performed the impairment analysis of the carrying value of its fleet, which is the lowest level of identifiable cash flows. Our analysis of undiscounted cash flows indicated no impairment existed for long-lived assets at December 31, 2018 or 2017. Goodwill and other intangible assets The Company classifies intangible assets into two categories: (i) intangible assets with definite lives subject to amortization and (ii) goodwill. Goodwill represents the excess of the purchase price paid over the fair value of the net assets of acquired businesses. The Company reviews its goodwill balance for impairment on October 1 each year, unless circumstances dictate more frequent assessments, and in accordance with Accounting Standards Update ("ASU") 2011-08, Testing Goodwill for Impairment. ASU 2011-08 permits an initial assessment, commonly referred to as "step zero", of qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount and also provides a basis for determining whether it is necessary to perform the two-step goodwill impairment test required by Accounting Standards Codification ("ASC") Topic 350. In the fourth quarter of 2018, the Company performed the qualitative assessment of goodwill and determined it was more likely than not that the fair value of each of its reporting units would be greater than its carrying amount. Therefore, the Company determined it was not necessary to perform the two-step goodwill impairment test. Intangible assets are tested for impairment if conditions exist that indicate the carrying value may not be recoverable. Such conditions may include an economic downturn in a geographic market or a change in the assessment of future operations. We record an impairment charge when the carrying value of the definite lived intangible asset is not recoverable by the cash flows generated from the use of the asset. 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 definite lives are amortized, generally on a straight-line basis, over their useful lives, ranging from 2 to 10 years. Other intangibles, net consists primarily of a trademarks, covenants not to compete, and customer relationships. All intangible assets determined to have finite lives are amortized over their estimated useful lives. The useful life of an intangible asset is the period over which the asset is expected to contribute directly or indirectly to future cash flows. We periodically evaluate amortizable intangible assets for impairment upon occurrence of events or changes in circumstances that indicate the carrying amount of intangible assets may not be recoverable. Management determined that no impairment charge was required for the year ended December 31, 2018. See Note 5 for additional information regarding intangible assets. Treasury stock The Company uses the cost method to record treasury stock purchases whereby the entire cost of the acquired shares of our common stock is recorded as treasury stock (at cost). When the Company subsequently reissues these shares, proceeds in excess of cost upon the issuance of treasury shares are credited to additional paid in capital, while any deficiency is charged to additional paid in capital. The Company recorded charges to additional paid in capital of $4.0 million, $0.1 million and $0.1 million for each of the years ended December 31, 2018, 2017 and 2016, respectively. During 2018, these charges were for the issuing of shares awarded as equity grants and for approximately $0.75 million used in our acquisition of Davis Transfer Company (as defined in Note 4). During 2017 and 2016, these charges related to the expensing of an inducement grant made to certain executives of the Company. Earnings per share data The Company calculates basic earnings per share based on the weighted average number of its common shares outstanding for the applicable period. The Company calculates diluted earnings per share based on the weighted average number of its common shares outstanding for the period plus all potentially dilutive securities using the treasury stock method, whereby the Company assumes that all such shares are converted into common shares at the beginning of the period, if deemed to be dilutive. If the Company incurs a loss from continuing operations, the effect of potentially dilutive common stock equivalents are excluded from the calculation of diluted earnings per share because the effect would be anti-dilutive. Performance shares are excluded from contingent shares for purposes of calculating diluted weighted average shares until the performance measure criteria is probable and shares are likely to be issued. Dividend policy The Company has not paid any dividends on its common stock to date, and does not anticipate paying any dividends at the present time. The Company currently intends to retain all of its earnings, if any, for use in the expansion and development of its business and reduction of debt. In the event the financial covenant is sprung on the Company's Credit Facility, restrictions may be placed on our ability to pay dividends. Future payments of dividends will depend upon the Company's financial condition, results of operations, capital commitments, restrictions under then-existing agreements, legal requirements, and other factors the Company deems relevant. Inventories Inventories consist of tires and parts, and are stated at the lower of cost or market. These items are expensed as used on a first in first out basis. Property and equipment Property and equipment is capitalized in accordance with the Company's asset capitalization policy. The capitalized property is depreciated by the straight-line method using the following estimated useful lives: structures – 15 years to 39.5 years; revenue equipment – 5 to 14 years; and service, office and other equipment – 3 to 10 years. We capitalize tires placed in service on new revenue equipment as part of the equipment cost. Replacement tires and recapping costs are expensed as incurred. Depreciable lives and salvage value of assets We review the appropriateness of depreciable lives and salvage values for each category of property and equipment. These studies utilize models, which take into account actual usage, physical wear and tear, and replacement history to calculate remaining life of our asset base. We also make assumptions regarding future conditions in determining potential salvage values. These assumptions impact the amount of depreciation expense recognized in the period and any gain or loss once the asset is disposed. During the third quarter of 2017, the Company reevaluated the estimated useful lives of its trailers and increased such lives from 10 to 14 years, and, given the soft used equipment market, opted to lower the salvage values of its tractor fleet to reflect current estimates of the value of such equipment upon its retirement. These changes were accounted for as a change in estimate, and the net effect did not materially impact either the 2017 or future financial statements. Actual disposition values may be greater or less than expected due to the length of time before disposition. Income taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax basis of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company has analyzed filing positions in its federal and applicable state tax returns in all open tax years. The Company's policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as operating expenses. The Company analyzes its tax positions on the basis of a two-step process in which (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, it recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material change to its consolidated financial position, results of operations and cash flows. Therefore, no reserves for uncertain income tax positions or associated interest or penalties on uncertain tax positions have been recorded. In December 2017, the SEC staff issued Staff Accounting Bulletin 118 ("SAB 118"), which provides guidance on accounting for the tax effects of the Tax Cuts and Jobs Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, for the year ended December 31, 2017, the Company was able to determine a reasonable estimate, and, accordingly, recorded a provisional estimate in the financial statements for the fourth quarter of 2017. In 2018, we completed our analysis of the impacts of the Tax Cuts and Jobs Act. Claims accruals The primary claims arising against the Company consist of cargo loss and damage, liability, personal injury, property damage, workers' compensation, and employee medical expenses. The Company has exposure to fluctuations in the frequency and severity of claims and to variations between its estimated and actual ultimate payouts up to the Company's self-insured retention level. Estimates require judgments concerning the nature and severity of the claim, as well as other factors. Actual settlement of the self-insured claim liabilities could differ from management's initial assessment due to uncertainties and fact development. Restricted stock Restricted stock cannot be sold by the recipient until its restrictions have lapsed. The Company recognizes compensation expense related to these awards over the vesting periods based on the closing prices of the Company's common stock on the grant dates. If these awards contain performance criteria the grant date fair value is set assuming performance at target, and management periodically reviews actual performance against the criteria and adjusts compensation expense accordingly. These shares are considered issued and outstanding under the terms on the restricted stock agreement. Revenue recognition Revenue is measured based upon consideration specified in a contract with a customer. The Company recognizes revenue when contractual performance obligations are satisfied by transferring the benefit of the service to our customer. The benefit is transferred to the customer as the service is being provided and revenue is recognized accordingly via time based metrics. A corresponding contract asset of $1.1 million was recorded in the December 31, 2018 balance sheet in the "Accounts receivable" line item. The Company is entitled to receive payment as it satisfies performance obligations with customers. Our business consists of two reportable segments, Trucking and USAT Logistics. For more detailed information about our reportable segments, see Note 2. Disaggregation of revenue The Company's revenue types are line haul, fuel surcharge and accessorial. Line haul revenue represents the majority of our revenue and consists of fees earned for freight transportation, excluding fuel surcharge. Fuel surcharge revenue consists of additional fees earned by the Company in connection with the performance of line haul services to partially or completely offset the cost of fuel. Accessorial revenue consists of ancillary services provided by the Company, including but not limited to, stop-off charges, loading and unloading charges, tractor or trailer detention charges, expedited charges, repositioning charges, etc. These accessorial charges are recognized as revenue throughout the service provided. The following tables set forth revenue disaggregated by revenue type (in thousands): Year Ended December 31, Revenue type: 2018 Trucking USAT Logistics Total Freight $ 295,585 $ 165,398 $ 460,983 Fuel surcharge 47,770 16,035 63,805 Accessorial 4,374 4,898 9,272 Total operating revenue $ 347,729 $ 186,331 $ 534,060 Year Ended December 31, 2017 Trucking USAT Logistics Total Freight $ 259,550 $ 130,313 $ 389,863 Fuel surcharge 38,173 10,043 48,216 Accessorial 4,329 4,125 8,454 Total operating revenue $ 302,052 $ 144,481 $ 446,533 Year Ended December 31, 2016 Trucking USAT Logistics Total Freight $ 256,457 $ 122,867 $ 379,324 Fuel surcharge 32,090 8,839 40,929 Accessorial 5,979 2,867 8,846 Total operating revenue $ 294,526 $ 134,573 $ 429,099 New accounting pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-9 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-9 defines a five-step process to implement this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under previous GAAP. Transportation revenue within our USAT Logistics segment under the new standard changed from recognition of revenue at completion of delivery to recognizing revenue proportionately as the transportation services are performed. This change did not materially impact our operations or IT infrastructure. In our Trucking segment, where revenue is recognized as services are provided, revenue recognition remained the same. The Company adopted ASU 2014-9 effective January 1, 2018 using the modified retrospective method. The effect of adoption was immaterial to retained earnings at January 1, 2018 and to net income for the year ended December 31, 2018. In February 2016, the FASB issued ASU No. 2016-02, Leases, which requires lessees to recognize a right-to-use asset and a lease obligation for all leases. Lessees are permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of twelve months or less. Lessor accounting under the new standard is substantially unchanged. Additional qualitative and quantitative disclosures, including significant judgments made by management, will be required. The new standard, which will become effective for the Company beginning with the first quarter 2019, requires a modified retrospective transition approach and includes a number of practical expedients. The adoption of this standard will have a material impact on our consolidated balance sheets, but not our statement of operations. Management anticipates the adoption of this standard will increase assets and liabilities on the consolidated balance sheets by approximately $16.0 million to $18.0 million as of January 1, 2019. The Company has elected to use the transition relief practical expedient described under ASU 2018-11, and will not recast comparative periods in the transition to ASC 842. See Note 9 for further discussion of our lease types and positions. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | SEGMENT REPORTING The Company's two reportable segments are Trucking and USAT Logistics. In determining its reportable segments, the Company's management focuses on financial information, such as operating revenue, operating expense categories, operating ratios and operating income, as well as on key operating statistics, to make operating decisions. Trucking . Trucking is comprised of one-way truckload and dedicated freight motor carrier services. Truckload provides motor carrier services as a medium-haul common and contract carrier. USA Truck has provided truckload motor carrier services since its inception, and continues to derive the largest portion of its gross revenue from these services. Dedicated freight provides truckload motor carrier services to specific customers for movement of freight over particular routes at specified times. USAT Logistics. USAT Logistics' service offerings consist of freight brokerage, logistics, and rail intermodal services. Each of these service offerings match customer shipments with available equipment of authorized third-party motor carriers and other service providers. The Company provides these services to many existing Trucking customers, many of whom prefer to rely on a single service provider, or a small group of service providers, to provide all their transportation solutions. Revenue equipment assets are not allocated to USAT Logistics as freight services for customers are brokered through arrangements with third party motor carriers who utilize their own equipment. To the extent rail intermodal operations require the use of Company-owned assets, they are obtained from the Company's Trucking segment on an as-needed basis. Depreciation and amortization expense is allocated to USAT Logistics based on the Company-owned assets specifically utilized to generate USAT Logistics revenue. All intercompany transactions between segments reflect rates similar to those that would be negotiated with independent third parties. All other expenses for USAT Logistics are specifically identifiable direct costs or are allocated to USAT Logistics based on relevant cost drivers, as determined by management. Customer Concentration Services provided to the Company's largest customer, Walmart Inc., generated approximately 14.0%, 14.0% and 12.0% of consolidated operating revenue for the years ended 2018, 2017, and 2016, respectively. Operating revenue generated by Walmart Inc. is reported in both the Trucking and USAT Logistics operating segments. No other customer accounted for 10% or more of operating revenue in the stated reporting periods. A summary of operating revenue by segment is as follows (in thousands): Year Ended December 31, Operating revenue: 2018 2017 2016 Trucking revenue (1) $ 351,222 $ 302,943 $ 295,807 Trucking intersegment eliminations (3,493) (891) (1,281) Trucking operating revenue 347,729 302,052 294,526 USAT Logistics revenue (2) 190,992 152,137 140,847 USAT Logistics intersegment eliminations (4,661) (7,656) (6,274) USAT Logistics operating revenue 186,331 144,481 134,573 Total operating revenue $ 534,060 $ 446,533 $ 429,099 1. Includes foreign revenue of $41.5 million, $35.5 million, and $36.9 million for the years ended December 31, 2018, 2017 and 2016, respectively. All foreign revenue is collected in U.S. dollars. 2. USAT Logistics de Mexico was established on March 4, 2017 , and operations were closed during the first quarter of 2018. Foreign revenue from USAT Logistics de Mexico was $0.8 million and $2.1 million for the years ended December 31, 2018 and 2017, respectively. All foreign revenue is collected in U.S. dollars. A summary of operating income (loss) by segment is as follows (in thousands): Year Ended December 31, Operating income (loss) 2018 2017 2016 Trucking $ 11,710 $ (9,667) $ (14,789) USAT Logistics 9,509 7,599 7,273 Total operating income (loss) $ 21,219 $ (2,068) $ (7,516) A summary of depreciation and amortization by segment is as follows (in thousands): Year Ended December 31, Depreciation and amortization: 2018 2017 2016 Trucking $ 27,632 $ 28,002 $ 29,467 USAT Logistics 692 461 487 Total depreciation and amortization $ 28,324 $ 28,463 $ 29,954 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | NOTE 3. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following (in thousands): Year Ended December 31, 2018 2017 Prepaid licenses, permits and tolls $ 1,521 $ 1,398 Prepaid insurance 4,628 3,574 Other (1) 1,075 1,053 Total prepaid expenses and other current assets $ 7,224 $ 6,025 1. As of December 31, 2018 and December 31, 2017, no single item included within other prepaid expenses and other current assets exceeded 5.0% of our total current assets. |
Acquisition of Davis Transfer C
Acquisition of Davis Transfer Company | 12 Months Ended |
Dec. 31, 2018 | |
Asset Acquisition [Abstract] | |
Acquisition of Davis Transfer Company | NOTE 4. ACQUISITION OF DAVIS TRANSFER COMPANY On October 18, 2018, USA Truck, Inc. acquired 100% of the outstanding equity of Davis Transfer Company Inc., a Georgia corporation ("DTC"), Davis Transfer Logistics Inc. and B & G Leasing, L.L.C. ("B & G," and collectively with DTC and DTL, "Davis Transfer Company"), for $52.25 million in cash and $0.75 million in Company stock. We believe the acquisition of Davis Transfer Company allowed us to grow our base of drivers, expand and diversify our customer base, and improve our operating network of terminal facilities. The purchase price is subject to a customary working capital adjustment post-closing. The equity purchase agreement includes an agreement to execute an Internal Revenue Code Section 338(h)(10) election. As a result, the acquisition of Davis will be treated as an asset acquisition for income tax purposes and the $4.9 million in goodwill acquired is deductible for tax purposes. Acquisition related expenses of $0.6 million are included in "Other non-operating" expenses line item in the accompanying consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2018. The following unaudited pro forma financial information for the years ended December 31, 2018 and December 31, 2017, assume that the Davis Transfer Company acquisition occurred as of January 1, 2017. Pro forma adjustments reflected in the financial information below relate to accounting policy changes such as changes in depreciation expense of revenue equipment, amortization of intangible assets, and accounting for certain operations and maintenance costs, along with other adjustments for terminal rent expense to align Davis Transfer Company results with those of the Company and income tax effects for the periods presented. (in thousands) Year Ended December 31, 2018 2017 Operating revenue $ 575,226 $ 492,145 Net income 15,709 7,893 These unaudited pro forma amounts do not purport to be indicative of the results that would have actually been obtained if the acquisition had occurred at the beginning of the periods presented or that may be obtained in the future. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed at the closing date of the Davis Transfer Company acquisition (in thousands): Cash $ 810 Accounts receivable 4,582 Other current assets 1,036 Property and equipment 25,604 Intangible assets 18,040 Goodwill 4,926 Total Assets 54,998 Accounts payable and Accrued expenses (1,581) Insurance accruals (417) Total consideration transferred $ 53,000 Total Purchase Price Consideration Cash paid 52,250 Stock granted 750 Total consideration $ 53,000 Net cash paid $ 51,440 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | NOTE 5. INTANGIBLE ASSETS AND GOODWILL The following tables summarizes the intangible assets and amortization expense for the year ended December 31, 2018 (in thousands): 2018 Amortization period (years) Gross Amount Accumulated Amortization Net intangible assets Trade name Indefinite $ 5,000 $ — $ 5,000 Non-compete agreement 2 140 10 130 Customer relationships 10 12,900 193 12,707 Total intangible assets $ 18,040 $ 203 $ 17,837 Changes in carrying amount of goodwill by reportable segment is as follows (in thousands): Trucking USAT Logistics Balance at December 31, 2017 $ — $ — Acquisition goodwill 4,926 — Balance at December 31, 2018 $ 4,926 $ — The above intangible assets have a weighted average life of 119 months. The expected amortization of these assets for the next five successive years and thereafter is as follows (in thousands): 2019 $ 1,360 2020 1,346 2021 1,288 2022 1,288 2023 1,288 Thereafter 6,267 Total $ 12,837 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | NOTE 6. ACCRUED EXPENSES Accrued expenses consist of the following (in thousands): Year Ended December 31, 2018 2017 Salaries, wages and employee benefits $ 5,775 $ 3,604 Federal and state tax accruals 1,509 3,587 Restructuring, impairment and other costs (1) — 770 Other (2) 1,693 1,147 Total accrued expenses $ 8,977 $ 9,108 2. Refer to Note 16 below for additional information regarding the restructuring, impairment and other costs. 3. A s of December 31, 2018 and December 31, 2017, no single item included within other accrued expenses exceeded 5.0% of our total current liabilities. |
Insurance Premium Financing
Insurance Premium Financing | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Insurance Premium Financing | NOTE 7. INSURANCE PREMIUM FINANCING In October 2017, the Company executed an unsecured note payable for $4.1 million to a third-party financing company for a portion of the Company's annual insurance premiums. The note, which is payable in installments of principal and interest of approximately $1.4 million, bears interest at 3.0% and matured in October 2018. During October 2018, the Company entered into agreements to pay approximately $4.7 million to third-party financing companies for the Company's annual insurance premiums. The balance of the note payable as of December 31, 2018 was $4.4 million. |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-term Debt | NOTE 8. LONG-TERM DEBT Long-term debt consisted of the following (in thousands): Year Ended December 31, 2018 2017 Revolving credit facility $ 85,300 $ 61,225 Credit facility In February 2015, the Company entered into a senior secured revolving credit facility (the "Credit Facility") with a group of lenders and Bank of America, N.A., as agent ("Agent"). Contemporaneously with the funding of the Credit Facility, the Company paid off the obligations under and terminated its prior credit facility. The Credit Facility is structured as a $170.0 million revolving credit facility, with an accordion feature that, so long as no event of default exists, allows the Company to request an increase in the revolving credit facility of up to $80.0 million, exercisable in increments of $20.0 million. The Credit Facility is a five Borrowings under the Credit Facility are subject to a borrowing base limited to the lesser of (A) $170.0 million; or (B) the sum of (i) 90% of eligible investment grade accounts receivable (reduced to 85% in certain situations), plus (ii) 85% of eligible non-investment grade accounts receivable, plus (iii) the lesser of (a) 85% of eligible unbilled accounts receivable and (b) $10.0 million, plus (iv) the product of 85% multiplied by the net orderly liquidation value percentage applied to the net book value of eligible revenue equipment, plus (v) 85% multiplied by the net book value of otherwise eligible newly acquired revenue equipment that has not yet been subject to an appraisal. The borrowing base is reduced by an availability reserve, including reserves based on dilution and certain other customary reserves. The Credit Facility contains a single financial covenant, which requires a consolidated fixed charge coverage ratio of at least 1.0 to 1.0 that springs in the event excess availability under the Credit Facility falls below 10% of the lenders' total commitments. Also, certain restrictions regarding the Company's ability to pay dividends, make certain investments, prepay certain indebtedness, execute share repurchase programs and enter into certain acquisitions and hedging arrangements are triggered in the event excess availability under the Credit Facility falls below 20% of the lenders' total commitments. Management believes the Company's excess availability will not fall below 20%, or $34.0 million, and expects the Company to remain in compliance with all debt covenants during the next twelve months. 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 be accelerated, and the lenders' commitments may be terminated. The Credit Facility contains certain restrictions and covenants relating to, among other things, dividends, liens, acquisitions and dispositions, affiliate transactions and other indebtedness. The Company had no overnight borrowings under the Swingline as of December 31, 2018. The average interest rate for all borrowings made under the Credit Facility as of December 31, 2018, was 3.66%. As debt is repriced on a monthly basis, the borrowings under the Credit Facility approximate fair value. As of December 31, 2018, the Company had outstanding $5.4 million in letters of credit and had approximately $50.8 million available to borrow under the Credit Facility. |
Leases and Commitments
Leases and Commitments | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Leases and Commitments | NOTE 9. LEASES AND COMMITMENTS Capital leases The Company leases certain equipment under capital leases with terms ranging from 36 to 84 months. Balances related to these capitalized leases are included in "Property and equipment" line items in the accompanying consolidated balance sheets and are set forth in the table below for the periods indicated (in thousands). Capitalized Costs Accumulated Amortization Net Book Value December 31, 2018 $ 87,910 $ 16,415 $ 71,495 December 31, 2017 66,785 23,254 43,531 The Company has capitalized lease obligations relating to revenue equipment of $70.8 million, of which $17.3 million represents the current portion. These leases have various termination dates extending through November 2025 and contain renewal or fixed price purchase options. The effective interest rates on the leases range from nil to 4.08% as of December 31, 2018. The lease agreements require payment of property taxes, maintenance and operating expenses. Amortization of assets under capital leases was $5.8 million, $7.4 million, and $6.2 million for the years ended December 31, 2018, 2017 and 2016, respectively. The Company entered into $42.8 million, $2.6 million, and $29.6 million in non-cash capitalized lease obligations for the years ended December 31, 2018, 2017 and 2016, respectively. During 2017, the Company completed a capital sale-leaseback transactions under which certain Company-owned tractors were sold to an unrelated party for net proceeds of $2.5 million with a term of 48 months. No deferred gain was recognized on the transaction. Operating leases Rent expense is set forth in the table below for the periods indicated (in thousands): Year Ended December 31, 2018 2017 2016 Equipment rent (1) $ 10,840 $ 10,173 $ 7,443 Building and office rent (2) 1,586 1,619 2,001 Total rent expense $ 12,426 $ 11,792 $ 9,444 1. E xpense relating to tractors, trailers and other operating equipment is recorded in the "Equipment rent" line item in the accompanying consolidated statement of operations and comprehensive income (loss). 2. E xpense relating to buildings and office equipment is recorded in the "Operations and maintenance" line item in the accompanying consolidated statement of operations and comprehensive income (loss). During the second quarter of 2018, the Company completed an operating sale-leaseback transaction under which it sold certain owned trailers to an unrelated party for net proceeds of $5.3 million and entered into an operating lease with the buyer for a term of 6 months. The $5.3 million in proceeds was received from the purchaser in early July 2018. The Company recorded a liability of approximately $1.3 million representing the deferred gain on the sale and amortized such amount to earnings ratably over the lease term. During the first quarter of 2017, the Company completed an operating sale-leaseback transaction under which it sold certain owned tractors to an unrelated party for net proceeds of $11.0 million and entered into an operating lease with the buyer for a term of 41 months. The Company recorded a deferred gain of approximately $0.03 million on the sale, which is amortized to earnings ratably over the lease term. The deferred gain is included in the “Deferred gain” line item in the accompanying condensed consolidated balance sheets. As of December 31, 2018, the future minimum payments including interest under capitalized leases with initial terms of one year or more and future rentals under operating leases for certain facilities, office equipment and revenue equipment with initial terms of one year or more were as follows for the years indicated (in thousands). 2019 2020 2021 2022 2023 Thereafter Future minimum payments $ 19,319 $ 22,833 $ 7,328 $ 7,328 $ 18,648 $ 2,566 Future rentals under operating leases 9,088 5,370 1,308 920 708 1,358 Other commitments As of December 31, 2018, the Company had commitments for purchases of revenue and non-revenue equipment in the amount of $32.8 million. The Company typically has the option to cancel revenue equipment orders within a 60 to 90 day period prior to scheduled production. Related party transactions |
Federal and State Income Taxes
Federal and State Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Federal and State Income Taxes | NOTE 10. FEDERAL AND STATE INCOME TAXES Our income tax expense, deferred tax assets and liabilities, and liabilities for unrecognized tax benefits reflect management's best estimate of current and future taxes to be paid. We are subject to income taxes in the United States and numerous state jurisdictions. Significant judgments and estimates are required in the determination of the consolidated income tax expense. Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, which will result in taxable or deductible amounts in the future. Significant components of the Company's deferred tax assets and liabilities are as follows (in thousands): Year Ended December 31, Deferred tax assets: 2018 2017 Accrued expenses not deductible until paid $ 7,017 $ 6,062 Goodwill and intangible assets 1,353 — Equity incentive plan 286 178 Net operating loss carry forwards 245 496 Allowance for doubtful accounts 207 246 Revenue recognition 118 110 Other 11 124 Total deferred tax assets $ 9,237 7,216 Deferred tax liabilitie s: Tax over book depreciation $ (31,009) $ (26,806) Prepaid expenses deductible when paid (1,654) (1,514) Capital leases (92) (32) Total deferred tax liabilities (32,755) (28,352) Net deferred tax liabilities $ (23,518) $ (21,136) The Company has certain state net operating loss carryovers that expire in varying years through 2036. The Company expects to fully utilize its tax attributes in future years before they expire. Significant components of the provision (benefit) for income taxes are as follows (in thousands): Year Ended December 31, Current: 2018 2017 2016 Federal $ 1,263 $ 2,689 $ (3,420) State 729 190 (44) Total current 1,992 2,879 (3,464) Deferred: Federal 2,375 (16,812) 439 State 7 173 (494) Total deferred 2,382 (16,639) (55) Total income tax expense (benefit) $ 4,374 $ (13,760) $ (3,519) A reconciliation between the effective income tax rate and the statutory federal income tax rate of 21% for 2018 and 35% for 2016 and 2017 is as follows (in thousands): Year Ended December 31, 2018 2017 2016 Income tax expense (benefit) at statutory federal rate $ 3,481 $ (2,190) $ (3,926) Federal income tax effects of: State income tax (benefit) expense (155) 76 188 Per diem and other nondeductible meals and entertainment 329 578 614 Impact of Tax Cuts and Jobs Act — (12,010) — Other (19) — 143 Federal income tax expense (benefit) 3,636 (13,546) (2,981) State income tax expense (benefit) 738 (214) (538) Total income tax expense (benefit) $ 4,374 $ (13,760) $ (3,519) Effective tax rate 26.4 % 219.9 % 31.4 % On December 22, 2017, the U.S. Government enacted the Tax Cuts and Jobs Act of 2017, which, among other things, reduces the federal corporate income tax rate from 35% to 21% effective January 1, 2018. As the result of our initial analysis in 2017 of the impact of the Tax Cuts and Jobs Act under SAB 118, we recorded a provisional amount of net tax benefit of $12.0 million primarily related to the remeasurement of our deferred tax balances. We completed our accounting for the income tax effects of the Tax Cuts and Jobs Act in 2018, and no material adjustments were required to the provisional amounts initially recorded. In 2017, our effective rate varied from the federal statutory rate primarily due to the Tax Cuts and Jobs Act being signed into law resulting in the recognition of an estimated $12.0 million tax benefit from the adjustment in measurement of our net deferred tax liability. In 2018 and prior to 2017, the effective rates varied from the statutory federal tax rate primarily due to state income taxes and certain non-deductible expenses including a per diem pay structure for our drivers. Due to the partially nondeductible effect of per diem pay, the Company's tax rate will change based on fluctuations in earnings (losses) and in the number of drivers who elect to receive this pay structure. Generally, as pretax income or loss increases, the impact of the driver per diem program on our effective tax rate decreases, because aggregate per diem pay becomes smaller in relation to pretax income or loss, while in periods where earnings are at or near breakeven the impact of the per diem program on our effective tax rate can be significant. |
Equity Compensation and Employe
Equity Compensation and Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Equity Compensation and Employee Benefit Plans | NOTE 11. EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS The Company adopted the 2014 Omnibus Incentive Plan (the "Incentive Plan") in May 2014. The Incentive Plan replaced the 2004 Equity Incentive Plan and provided for the granting of up to 500,000 shares of common stock through equity-based awards to directors, officers and other key employees and consultants. The First Amendment to the Incentive Plan was adopted in May 2017, which, among other things, increased the number of shares of common stock available for issuance under the Incentive Plan by an additional 500,000 shares. As of December 31, 2018, 525,601 shares remain available under the Incentive Plan for the issuance of future equity-based compensation awards. The components of compensation expense recognized, net of forfeiture recoveries, related to equity-based compensation is reflected in the table below for the years indicated (in thousands): Year Ended December 31, 2018 2017 2016 Stock options $ — $ — $ — Restricted stock awards 1,164 459 976 Equity compensation expense $ 1,164 $ 459 $ 976 Compensation expense related to all equity-based compensation awards granted under the Incentive Plan is included in salaries, wages and employee benefits in the accompanying consolidated statements of operations and comprehensive income (loss). Stock options Stock options are the contingent right of award holders to purchase shares of the Company's common stock at a stated price for a limited time. The fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option-pricing formula, and is recognized over the vesting period of the award. Historically, the vesting period of option awards has been 3 or 4 years and awards have been exercised over a three ten The following table summarizes the stock option activity under the Incentive Plan for the year ended 2016: Number of Shares Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) (1) Options outstanding at December 31, 2015 15,610 $ 5.40 — $ — Granted (2) — — — — Exercised (2,709) 7.51 — 25 Cancelled/forfeited (10,729) 4.83 — — Expired (2,172) 5.61 — — Outstanding at December 31, 2016 — $ — — $ — Exercisable at December 31, 2016 — $ — — $ — 1. The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The per share market value of the Company's common stock, as determined by the closing price on December 30, 2016 was $8.71. 2. The weighted-average grant date fair value of options granted was nil for the year ended December 31, 2016. Restricted stock awards Restricted stock awards are shares of the Company's common stock that are granted subject to defined restrictions. The estimated fair value of restricted stock awards is based upon the closing price of the Company's common stock on the date of grant. The vesting period of restricted stock awards is ratably over a determined number of years, which has historically been three or four years. Information related to the restricted stock awarded for the years ended December 31, 2018, 2017 and 2016 is as follows: Number of Shares Weighted-Average Grant Date Fair Value (1) Nonvested shares – December 31, 2015 115,317 $ 21.55 Granted 372,454 14.64 Forfeited (150,048) 16.25 Vested (52,527) 18.18 Nonvested shares – December 31, 2016 285,196 $ 15.93 Granted 217,583 7.55 Forfeited (212,834) 14.62 Vested (51,008) 15.02 Nonvested shares – December 31, 2017 238,937 $ 9.71 Granted 175,563 24.79 Forfeited (139,000) 12.31 Vested (23,631) 18.23 Nonvested shares – December 31, 2018 251,869 $ 17.99 1. The shares were valued at the closing price of the Company 's common stock on the date(s) specified by the award agreements. The fair value of restricted stock that vested during the year is as follows for the periods indicated (in thousands): Year Ended December 31, 2018 2017 2016 Stock options $ — $ — $ — Restricted stock $ 548 $ 398 $ 746 As of December 31, 2018, approximately $3.1 million of unrecognized compensation cost related to unvested restricted stock awards is expected to be recognized over a weighted-average period of 2.3 years. Employee benefit plans The Company sponsors the USA Truck, Inc. Employees' Investment Plan, a tax deferred savings plan under section 401(k) of the Internal Revenue Code that covers substantially all team members. Employees can contribute up to any percentage of their compensation, subject to statutory limits, with the Company matching 50% of the first 4% of compensation contributed by each employee. Employees' rights to employer contributions vest after two years from their date of employment. Effective July 1, 2016, the Company reinstated its contribution match, after having suspended it in April 2009. The Company's matching contributions to the plan were approximately $0.8 million as of December 31, 2018. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | NOTE 12. EARNINGS (LOSS) PER SHARE The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share amounts): Year Ended December 31, Numerator: 2018 2017 2016 Net income (loss) $ 12,204 $ 7,497 $ (7,699) Denominator: Denominator for basic earnings (loss) per share – weighted-average shares 8,194 8,029 8,550 Effect of dilutive securities: Employee restricted stock 24 27 — Denominator for diluted earnings (loss) per share – adjusted weighted-average shares and assumed conversions 8,218 8,056 8,550 Basic earnings (loss) per share $ 1.49 $ 0.93 $ (0.90) Diluted earnings (loss) per share $ 1.49 $ 0.93 $ (0.90) Weighted-average anti-dilutive employee restricted stock 77 1 11 |
Repurchase of Equity Securities
Repurchase of Equity Securities | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Repurchase of Equity Securities | NOTE 13. REPURCHASE OF EQUITY SECURITIES |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | NOTE 14. LITIGATION USA Truck is party to routine litigation incidental to its business, primarily involving claims for personal injury and property damage incurred in the transportation of freight. The Company maintains insurance to cover liabilities in excess of certain self-insured retention levels. Though it is the opinion of management that these claims are immaterial to the Company's long-term financial position, adverse results of one or more of these claims could have a material adverse effect on the Company's consolidated financial statements in any given reporting period. |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | NOTE 15. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The tables below present quarterly financial information for 2018 and 2017 (in thousands, except per share amounts): 2018 March 31, June 30, September 30, December 31, Operating revenue $ 125,013 $ 135,381 $ 132,583 $ 141,083 Operating expenses 122,621 131,070 126,780 132,370 Operating income 2,392 4,311 5,803 8,713 Other, net 938 946 1,231 1,526 Income before income taxes 1,454 3,365 4,572 7,187 Income tax expense 419 821 1,272 1,862 Net income $ 1,035 $ 2,544 3,300 $ 5,325 Average shares outstanding (basic) 8,035 8,205 8,223 8,268 Basic earnings per share $ 0.13 $ 0.31 $ 0.40 $ 0.65 Average shares outstanding (diluted) 8,040 8,227 8,240 8,288 Diluted earnings per share $ 0.13 $ 0.31 $ 0.40 $ 0.65 2017 March 31, June 30, September 30, December 31, Operating revenue $ 101,670 $ 107,358 $ 114,235 $ 123,270 Operating expenses 108,069 110,324 112,431 117,777 Operating (loss) income (6,399) (2,966) 1,804 5,493 Other, net 1,101 1,078 1,056 960 (Loss) income before income taxes (7,500) (4,044) 748 4,533 Income tax (benefit) expense (2,610) (1,198) 339 (10,291) Net (loss) income $ (4,890) $ (2,846) $ 409 $ 14,824 Average shares outstanding (basic) 7,998 8,028 8,027 8,027 Basic (loss) earnings per share $ (0.61) $ (0.35) $ 0.05 $ 1.85 Average shares outstanding (diluted) 7,998 8,028 8,039 8,036 Diluted (loss) earnings per share $ (0.61) $ (0.35) $ 0.05 $ 1.84 The amounts reported above have been previously reported in the Company's quarterly reports on Form 10-Q. Certain line items in those quarterly reports may not total the corresponding amount reported in this Form 10-K due to rounding. |
Restructuring, Impairment and O
Restructuring, Impairment and Other Costs | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring, Impairment and Other Costs | NOTE 16. RESTRUCTURING, IMPAIRMENT AND OTHER COSTS Restructuring, impairment and other costs 2018 During first quarter of 2018, the Company's Trucking maintenance facility in South Holland, Illinois was reopened, after having been closed in the first quarter of 2016. Accrued restructuring, impairment and other costs relating to the closure in the amount of $0.6 million were reversed during the first quarter of 2018. 2017 As part of a reduction in force, headcount was reduced during the second quarter of 2017, with the intent of aligning the non-driving support staff with the number of seated tractors. 2016 In the Company's Trucking segment, maintenance facilities were closed in Forest Park, Georgia and South Holland, Illinois, and in the Company's USAT Logistics segment, branch offices were closed in Olathe, Kansas and Salt Lake City, Utah. Headcount was reduced by 47 team members across multiple departments, including two contractors. Employees separated from the Company were paid severance benefits, and the agreements with the contractors were canceled and cancellation penalties were paid, where required. Expenses recorded during the year ended December 31, 2016, included costs related to terminations; facility lease termination costs; costs associated with the development, communication and administration of these initiatives; and asset write-offs. The following tables summarize the Company's liabilities, charges, and cash payments related to the restructuring plan made during the years ended December 31, 2018, 2017 and 2016 (in thousands): Accrued Balance December 31, 2017 Costs Incurred/(reversal) Payments Expenses/ Charges Accrued Balance December 31, 2018 Facility closing expenses 770 (639) (131) — — Total $ 770 $ (639) $ (131) $ — $ — Accrued Balance December 31, 2016 Costs Incurred Payments Expenses/ Charges Accrued Balance December 31, 2017 Compensation and benefits $ 81 $ — $ (81) $ — $ — Facility closing expenses 1,323 — (553) — 770 Total $ 1,404 $ — $ (634) $ — $ 770 Accrued Balance December 31, 2015 Costs Incurred Payments Expenses/ Charges Accrued Balance December 31, 2016 Compensation and benefits (1) $ 753 $ 768 $ (1,437) $ (3) $ 81 Facility closing expenses (1) 20 2,779 (1,190) (286) 1,323 Spartanburg impairment (2) — 546 — (546) — Fuel tank write-off (2) — 524 — (524) — Out of period adjustment (3) — 647 — (647) — Total $ 773 $ 5,264 $ (2,627) $ (2,006) $ 1,404 1. The Company incurred total pretax expenses of approximately $3.5 million related to these streamlining initiatives during the first quarter of 2016. 2. During 2016, the Company recorded $1.1 million for the impairment of non-operating assets. Of the total expense recorded, approximately $0.5 million related to the impairment of the Company's bulk fuel assets at all locations, as diesel fuel will no longer be stored or dispensed at any of the Company's locations, and $0.6 million related to the fair market value impairment of the Company's Spartanburg terminal. 3. During the 2016, the Company identified an item requiring an adjustment of an accounts payable liability during 2013. The Company has recorded an adjustment of $0.6 million for this item in the quarter ended March 31, 2016. A summary of the Company's restructuring, impairment and other costs (reversal) by segment for the years ended December 31, 2018, 2017 and 2016 is below (in thousands): Costs incurred (reversal) by segment Year Ended December 31, 2018 2017 2016 Trucking $ (587) $ — $ 4,848 USAT Logistics (52) — 416 Total $ (639) $ — $ 5,264 Severance costs included in salaries, wages, employee benefits 2018 On March 26, 2018, the Company announced the retirement of James A. Craig, the Company's Executive Vice President, Chief Commercial Officer, and President – USAT Logistics. Effective March 23, 2018, per the separation agreement, Mr. Craig' received: (i) salary continuation through May 31, 2018, (ii) non-compete payments equal to his current salary ($350,000) for a period of one year subject to ongoing compliance with certain non-competition, non-solicitation, non-disparagement, and confidentiality covenants in favor of the Company, (iii) a prorated cash payment, if and to the extent earned, under the short-term cash incentive compensation program adopted by the Committee for 2018, and (iv) accelerated vesting of 5,488 shares of time-vested restricted stock of the Company scheduled to vest on July 30, 2018 and 5,488 shares of performance-vested restricted stock of the Company scheduled to vest on July 30, 2018 depending on performance relative to USAT Logistics performance goals. Total costs associated with Mr. Craig's retirement were approximately $0.7 million and were recorded in the "Salaries, wages and employee benefits" line item in the accompanying condensed consolidated statements of operations and comprehensive income (loss). At December 31, 2018, the Company had accrued severance costs associated with the Mr. Craig's retirement of approximately $0.2 million. 2017 In January 2017, the Company's board of directors unanimously approved separation agreements for John R. Rogers (the "Rogers Separation Agreement"), the Company's former President and Chief Executive Officer, and Christian C. Rhodes (the "Rhodes Separation Agreement"), the Company's former Chief Information Officer. Per the material terms of the Rogers Separation Agreement, Mr. Rogers received (i) severance pay in the form of salary continuation payments equal to his base salary at the time his employment ended ($425,000) for a period of one year, (ii) a lump sum separation payment of $120,000 and (iii) moving and transition expenses of $30,000. Per the material terms of the Rhodes Separation Agreement, Mr. Rhodes received a lump sum payment of $171,125. The Company recognized severance costs associated with the departures of Messrs. Rogers and Rhodes of approximately $0.6 million and $0.2 million, respectively, which were recorded in the "Salaries, wages and employee benefits" line item in the accompanying consolidated statements of operations and comprehensive income (loss). 2016 In May 2016, the Company's board of directors unanimously approved a separation agreement between Michael K. Borrows and the Company and accepted Mr. Borrows' resignation as Executive Vice President and Chief Financial Officer. The Company recognized severance costs associated with Mr. Borrows' departure of approximately $0.7 million, which were recorded in the "Salaries, wages and employee benefits" line item in the consolidated statements of operations and comprehensive income (loss). The following tables summarize the Company's liabilities, charges, and cash payments related to executive severance agreements made during the years ended December 31, 2018, 2017 and 2016 (in thousands): Accrued Balance December 31, 2017 Costs Incurred Payments Expenses/Charges Accrued Balance December 31, 2018 Severance costs included in salaries, wages and employee benefits $ 35 $ 711 $ (499) $ — $ 247 Accrued Balance December 31, 2016 Costs Incurred Payments Expenses/Charges Accrued Balance December 31, 2017 Severance costs included in salaries, wages and employee benefits $ 277 $ 930 $ (1,172) $ — $ 35 A summary of the Company's severance costs included in salaries, wages and employee benefits by segment for the years ended December 31, 2018, 2017 and 2016 is below (in thousands): Costs incurred by segment Year Ended December 31, 2018 2017 2016 Trucking $ 484 $ 665 $ — USAT Logistics 227 265 — Total $ 711 $ 930 $ — |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 17 . SUBSEQUENT EVENTS On January 31, 2019, USA Truck, Inc., a Delaware corporation (the "Company"), entered into a five year, $225.0 million senior secured revolving credit facility (the "New Credit Facility") with a group of lenders and the Agent pursuant to the terms of an Amended and Restated Loan and Security Agreement that amends and restates the terms of the Company's existing five The New Credit Facility is structured as a $225.0 million revolving credit facility, with an accordion feature that, so long as no event of default exists, allows the Company to request an increase in the revolving credit facility of up to $75.0 million million, exercisable in increments of $20.0 million. The New Credit Facility is a five year facility scheduled to terminate on January 31, 2024. Borrowings under the New Credit Facility are classified as either "base rate loans" or "LIBOR loans". Base rate loans accrue interest at a base rate equal to the Agent's prime rate plus an applicable margin that is set at 0.25% through June 30, 2019 and adjusted quarterly thereafter between 0.25% and 0.75% based on the Company's consolidated fixed charge coverage ratio. LIBOR loans accrue interest at LIBOR plus an applicable margin that is set at 1.25% through June 30, 2019 and adjusted quarterly thereafter between 1.25% and 1.75% based on the Company's consolidated fixed charge coverage ratio. The New Credit Facility includes, within its $225.0 million revolving credit facility, a letter of credit sub-facility in an aggregate amount of $15.0 million and a swing line sub-facility in an aggregate amount of $25.0 million. An unused line fee of 0.25% is applied to the average daily amount by which the lenders' aggregate revolving commitments exceed the outstanding principal amount of revolver loans and the aggregate undrawn amount of all outstanding letters of credit issued under the New Credit Facility. The New Credit Facility is secured by a continuing pledge of substantially all of the Company's assets, with the notable exclusion of any real estate or revenue equipment financed outside the New Credit Facility. The New Credit Facility contains a single springing financial covenant, which requires a consolidated fixed charge coverage ratio of at least 1.0 to 1.0. The financial covenant springs only in the event excess availability under the New Credit Facility drops below 10.0% of the lenders' total commitments under the New Credit Facility. The New Credit Facility includes usual and customary events of default, restrictions, and covenants for a facility of this nature. |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting, Policy | Description of business USA Truck, Inc., a Delaware corporation and subsidiaries (together, the "Company"), is headquartered in Van Buren, Arkansas. The Company transports commodities throughout the contiguous United States and into and out of portions of Canada, as well as transports general commodities into and out of Mexico by offering through-trailer service from its terminal in Laredo, Texas. The Company has two reportable segments: (i) Trucking, consisting of the Company's truckload and dedicated freight service offerings, and (ii) USAT Logistics, consisting of the Company's freight brokerage, logistics, and rail intermodal service offerings. Basis of presentation The accompanying consolidated financial statements include USA Truck, Inc., and its wholly owned subsidiaries: International Freight Services, Inc. ("IFS"), a Delaware corporation; Davis Transfer Company Inc., a Georgia corporation ("DTC"), Davis Transfer Logistics Inc., a Georgia corporation ("DTL"), and B & G Leasing, L.L.C., a Georgia limited liability company, ("B & G," and collectively with DTC and DTL, "Davis Transfer Company"). References in this report to "it," "we," "us," "our," the "Company," and similar expressions refer to USA Truck, Inc. and its subsidiaries. All significant intercompany balances and transactions have been eliminated in preparing the consolidated financial statements. Certain amounts reported in prior periods have been reclassified to conform to the current year presentation. The accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles ("GAAP"), and include all adjustments necessary for the fair presentation of the periods presented. |
Use of Estimates, Policy | Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors which management believes to be reasonable under the circumstances. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. |
Cash and Cash Equivalents, Policy | Cash equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The carrying amount reported in the balance sheets for cash and cash equivalents approximates its fair value. |
Receivables, Policy | Allowance for doubtful accounts The allowance for doubtful accounts is management's estimate of the amount of probable credit losses in the Company's existing accounts receivable. Management reviews the financial condition of customers for granting credit and determines the allowance based on analysis of individual customers' financial condition, historical write-off experience and national economic conditions. The Company evaluates the adequacy of its allowance for doubtful accounts quarterly. The Company does not have any off-balance-sheet credit exposure related to its customers. |
Impairment or Disposal of Long-Lived Assets, Policy | Assets held for sale When we plan to dispose of property by sale, the asset is carried in the financial statements at the lower of the carrying amount or estimated fair value, less cost to sell, and is reclassified to assets held for sale. Additionally, after such reclassification, there is no further depreciation taken on the asset. In order for an asset to be classified as held for sale, management must approve and commit to a formal plan of disposition, the sale must be anticipated during the ensuing year, the asset must be actively marketed, the asset must be available for immediate sale, and meet certain other specified criteria. The Company recorded a charge of $2.8 million for the year ended December 31, 2016 to reduce assets held for sale to estimated fair value, less cost to sell. This charge is included in "Impairment on assets held for sale", in the accompanying statements of operations and comprehensive income (loss). |
Valuation of Long-lived Assets Held-for-use | Valuation of long-lived assets We review property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We evaluate recoverability of assets to be held and used by comparing the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets, less cost to sell. The Company performed the impairment analysis of the carrying value of its fleet, which is the lowest level of identifiable cash flows. Our analysis of undiscounted cash flows indicated no impairment existed for long-lived assets at December 31, 2018 or 2017. |
Treasury Stock Policy | Treasury stock The Company uses the cost method to record treasury stock purchases whereby the entire cost of the acquired shares of our common stock is recorded as treasury stock (at cost). When the Company subsequently reissues these shares, proceeds in excess of cost upon the issuance of treasury shares are credited to additional paid in capital, while any deficiency is charged to additional paid in capital. The Company recorded charges to additional paid in capital of $4.0 million, $0.1 million and $0.1 million for each of the years ended December 31, 2018, 2017 and 2016, respectively. During 2018, these charges were for the issuing of shares awarded as equity grants and for approximately $0.75 million used in our acquisition of Davis Transfer Company (as defined in Note 4). During 2017 and 2016, these charges related to the expensing of an inducement grant made to certain executives of the Company. |
Earnings Per Share, Policy | Earnings per share data The Company calculates basic earnings per share based on the weighted average number of its common shares outstanding for the applicable period. The Company calculates diluted earnings per share based on the weighted average number of its common shares outstanding for the period plus all potentially dilutive securities using the treasury stock method, whereby the Company assumes that all such shares are converted into common shares at the beginning of the period, if deemed to be dilutive. If the Company incurs a loss from continuing operations, the effect of potentially dilutive common stock equivalents are excluded from the calculation of diluted earnings per share because the effect would be anti-dilutive. Performance shares are excluded from contingent shares for purposes of calculating diluted weighted average shares until the performance measure criteria is probable and shares are likely to be issued. |
Inventory, Policy | Inventories Inventories consist of tires and parts, and are stated at the lower of cost or market. These items are expensed as used on a first in first out basis. |
Property, Plant and Equipment, Policy | Property and equipment Property and equipment is capitalized in accordance with the Company's asset capitalization policy. The capitalized property is depreciated by the straight-line method using the following estimated useful lives: structures – 15 years to 39.5 years; revenue equipment – 5 to 14 years; and service, office and other equipment – 3 to 10 years. We capitalize tires placed in service on new revenue equipment as part of the equipment cost. Replacement tires and recapping costs are expensed as incurred. Depreciable lives and salvage value of assets We review the appropriateness of depreciable lives and salvage values for each category of property and equipment. These studies utilize models, which take into account actual usage, physical wear and tear, and replacement history to calculate remaining life of our asset base. We also make assumptions regarding future conditions in determining potential salvage values. These assumptions impact the amount of depreciation expense recognized in the period and any gain or loss once the asset is disposed. During the third quarter of 2017, the Company reevaluated the estimated useful lives of its trailers and increased such lives from 10 to 14 years, and, given the soft used equipment market, opted to lower the salvage values of its tractor fleet to reflect current estimates of the value of such equipment upon its retirement. These changes were accounted for as a change in estimate, and the net effect did not materially impact either the 2017 or future financial statements. Actual disposition values may be greater or less than expected due to the length of time before disposition. |
Income Tax, Policy | Income taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax basis of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company has analyzed filing positions in its federal and applicable state tax returns in all open tax years. The Company's policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as operating expenses. The Company analyzes its tax positions on the basis of a two-step process in which (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, it recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material change to its consolidated financial position, results of operations and cash flows. Therefore, no reserves for uncertain income tax positions or associated interest or penalties on uncertain tax positions have been recorded. In December 2017, the SEC staff issued Staff Accounting Bulletin 118 ("SAB 118"), which provides guidance on accounting for the tax effects of the Tax Cuts and Jobs Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, for the year ended December 31, 2017, the Company was able to determine a reasonable estimate, and, |
Self Insurance Reserve | Claims accruals The primary claims arising against the Company consist of cargo loss and damage, liability, personal injury, property damage, workers' compensation, and employee medical expenses. The Company has exposure to fluctuations in the frequency and severity of claims and to variations between its estimated and actual ultimate payouts up to the Company's self-insured retention level. Estimates require judgments concerning the nature and severity of the claim, as well as other factors. Actual settlement of the self-insured claim liabilities could differ from management's initial assessment due to uncertainties and fact development. |
Restricted Stock Policy | Restricted stock Restricted stock cannot be sold by the recipient until its restrictions have lapsed. The Company recognizes compensation expense related to these awards over the vesting periods based on the closing prices of the Company's common stock on the grant dates. If these awards contain performance criteria the grant date fair value is set assuming performance at target, and management periodically reviews actual performance against the criteria and adjusts compensation expense accordingly. These shares are considered issued and outstanding under the terms on the restricted stock agreement. |
Revenue Recognition, Policy | Revenue recognition Revenue is measured based upon consideration specified in a contract with a customer. The Company recognizes revenue when contractual performance obligations are satisfied by transferring the benefit of the service to our customer. The benefit is transferred to the customer as the service is being provided and revenue is recognized accordingly via time based metrics. A corresponding contract asset of $1.1 million was recorded in the December 31, 2018 balance sheet in the "Accounts receivable" line item. The Company is entitled to receive payment as it satisfies performance obligations with customers. Our business consists of two reportable segments, Trucking and USAT Logistics. For more detailed information about our reportable segments, see Note 2. Disaggregation of revenue The Company's revenue types are line haul, fuel surcharge and accessorial. Line haul revenue represents the majority of our revenue and consists of fees earned for freight transportation, excluding fuel surcharge. Fuel surcharge revenue consists of additional fees earned by the Company in connection with the performance of line haul services to partially or completely offset the cost of fuel. Accessorial revenue consists of ancillary services provided by the Company, including but not limited to, stop-off charges, loading and unloading charges, tractor or trailer detention charges, expedited charges, repositioning charges, etc. These accessorial charges are recognized as revenue throughout the service provided. The following tables set forth revenue disaggregated by revenue type (in thousands): Year Ended December 31, Revenue type: 2018 Trucking USAT Logistics Total Freight $ 295,585 $ 165,398 $ 460,983 Fuel surcharge 47,770 16,035 63,805 Accessorial 4,374 4,898 9,272 Total operating revenue $ 347,729 $ 186,331 $ 534,060 Year Ended December 31, 2017 Trucking USAT Logistics Total Freight $ 259,550 $ 130,313 $ 389,863 Fuel surcharge 38,173 10,043 48,216 Accessorial 4,329 4,125 8,454 Total operating revenue $ 302,052 $ 144,481 $ 446,533 Year Ended December 31, 2016 Trucking USAT Logistics Total Freight $ 256,457 $ 122,867 $ 379,324 Fuel surcharge 32,090 8,839 40,929 Accessorial 5,979 2,867 8,846 Total operating revenue $ 294,526 $ 134,573 $ 429,099 |
New Accounting Pronouncements, Policy | New accounting pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-9 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-9 defines a five-step process to implement this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under previous GAAP. Transportation revenue within our USAT Logistics segment under the new standard changed from recognition of revenue at completion of delivery to recognizing revenue proportionately as the transportation services are performed. This change did not materially impact our operations or IT infrastructure. In our Trucking segment, where revenue is recognized as services are provided, revenue recognition remained the same. The Company adopted ASU 2014-9 effective January 1, 2018 using the modified retrospective method. The effect of adoption was immaterial to retained earnings at January 1, 2018 and to net income for the year ended December 31, 2018. In February 2016, the FASB issued ASU No. 2016-02, Leases, which requires lessees to recognize a right-to-use asset and a lease obligation for all leases. Lessees are permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of twelve months or less. Lessor accounting under the new standard is substantially unchanged. Additional qualitative and quantitative disclosures, including significant judgments made by management, will be required. The new standard, which will become effective for the Company beginning with the first quarter 2019, requires a modified retrospective transition approach and includes a number of practical expedients. The adoption of this standard will have a material impact on our consolidated balance sheets, but not our statement of operations. Management anticipates the adoption of this standard will increase assets and liabilities on the consolidated balance sheets by approximately $16.0 million to $18.0 million as of January 1, 2019. The Company has elected to use the transition relief practical expedient described under ASU 2018-11, and will not recast comparative periods in the transition to ASC 842. See Note 9 for further discussion of our lease types and positions. |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Allowance for Credit Losses on Financing Receivables | The following table provides a summary of the activity in the allowance for doubtful accounts for the years ended 2018, 2017, and 2016 (in thousands): Year Ended December 31, 2018 2017 2016 Balance at beginning of year $ 639 $ 608 $ 608 Provision for doubtful accounts 480 311 515 Uncollectible accounts written off, net of recovery (544) (280) (515) Balance at end of year $ 575 $ 639 $ 608 |
Disaggregation of Revenue | The following tables set forth revenue disaggregated by revenue type (in thousands): Year Ended December 31, Revenue type: 2018 Trucking USAT Logistics Total Freight $ 295,585 $ 165,398 $ 460,983 Fuel surcharge 47,770 16,035 63,805 Accessorial 4,374 4,898 9,272 Total operating revenue $ 347,729 $ 186,331 $ 534,060 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | A summary of operating revenue by segment is as follows (in thousands): Year Ended December 31, Operating revenue: 2018 2017 2016 Trucking revenue (1) $ 351,222 $ 302,943 $ 295,807 Trucking intersegment eliminations (3,493) (891) (1,281) Trucking operating revenue 347,729 302,052 294,526 USAT Logistics revenue (2) 190,992 152,137 140,847 USAT Logistics intersegment eliminations (4,661) (7,656) (6,274) USAT Logistics operating revenue 186,331 144,481 134,573 Total operating revenue $ 534,060 $ 446,533 $ 429,099 1. Includes foreign revenue of $41.5 million, $35.5 million, and $36.9 million for the years ended December 31, 2018, 2017 and 2016, respectively. All foreign revenue is collected in U.S. dollars. 2. USAT Logistics de Mexico was established on March 4, 2017 , and operations were closed during the first quarter of 2018. Foreign revenue from USAT Logistics de Mexico was $0.8 million and $2.1 million for the years ended December 31, 2018 and 2017, respectively. All foreign revenue is collected in U.S. dollars. A summary of operating income (loss) by segment is as follows (in thousands): Year Ended December 31, Operating income (loss) 2018 2017 2016 Trucking $ 11,710 $ (9,667) $ (14,789) USAT Logistics 9,509 7,599 7,273 Total operating income (loss) $ 21,219 $ (2,068) $ (7,516) A summary of depreciation and amortization by segment is as follows (in thousands): Year Ended December 31, Depreciation and amortization: 2018 2017 2016 Trucking $ 27,632 $ 28,002 $ 29,467 USAT Logistics 692 461 487 Total depreciation and amortization $ 28,324 $ 28,463 $ 29,954 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Prepaid expenses and other current assets consist of the following (in thousands): Year Ended December 31, 2018 2017 Prepaid licenses, permits and tolls $ 1,521 $ 1,398 Prepaid insurance 4,628 3,574 Other (1) 1,075 1,053 Total prepaid expenses and other current assets $ 7,224 $ 6,025 1. As of December 31, 2018 and December 31, 2017, no single item included within other prepaid expenses and other current assets exceeded 5.0% of our total current assets. |
Acquisition of Davis Transfer_2
Acquisition of Davis Transfer Company (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Asset Acquisition [Abstract] | |
Asset Acquisition, Pro Forma Information | (in thousands) Year Ended December 31, 2018 2017 Operating revenue $ 575,226 $ 492,145 Net income 15,709 7,893 |
Schedule of Asset Acquistion | The following table summarizes the estimated fair value of the assets acquired and liabilities assumed at the closing date of the Davis Transfer Company acquisition (in thousands): Cash $ 810 Accounts receivable 4,582 Other current assets 1,036 Property and equipment 25,604 Intangible assets 18,040 Goodwill 4,926 Total Assets 54,998 Accounts payable and Accrued expenses (1,581) Insurance accruals (417) Total consideration transferred $ 53,000 Total Purchase Price Consideration Cash paid 52,250 Stock granted 750 Total consideration $ 53,000 Net cash paid $ 51,440 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite and Indefinite-Lived Intangible Assets | The following tables summarizes the intangible assets and amortization expense for the year ended December 31, 2018 (in thousands): 2018 Amortization period (years) Gross Amount Accumulated Amortization Net intangible assets Trade name Indefinite $ 5,000 $ — $ 5,000 Non-compete agreement 2 140 10 130 Customer relationships 10 12,900 193 12,707 Total intangible assets $ 18,040 $ 203 $ 17,837 |
Schedule of Goodwill | Changes in carrying amount of goodwill by reportable segment is as follows (in thousands): Trucking USAT Logistics Balance at December 31, 2017 $ — $ — Acquisition goodwill 4,926 — Balance at December 31, 2018 $ 4,926 $ — |
Schedule of Finite-Lived Intangible Assets | The expected amortization of these assets for the next five successive years and thereafter is as follows (in thousands): 2019 $ 1,360 2020 1,346 2021 1,288 2022 1,288 2023 1,288 Thereafter 6,267 Total $ 12,837 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued expenses consist of the following (in thousands): Year Ended December 31, 2018 2017 Salaries, wages and employee benefits $ 5,775 $ 3,604 Federal and state tax accruals 1,509 3,587 Restructuring, impairment and other costs (1) — 770 Other (2) 1,693 1,147 Total accrued expenses $ 8,977 $ 9,108 2. Refer to Note 16 below for additional information regarding the restructuring, impairment and other costs. 3. A s of December 31, 2018 and December 31, 2017, no single item included within other accrued expenses exceeded 5.0% of our total current liabilities. |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt consisted of the following (in thousands): Year Ended December 31, 2018 2017 Revolving credit facility $ 85,300 $ 61,225 |
Leases and Commitments (Tables)
Leases and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of Capital Leased Assets | Balances related to these capitalized leases are included in "Property and equipment" line items in the accompanying consolidated balance sheets and are set forth in the table below for the periods indicated (in thousands). Capitalized Costs Accumulated Amortization Net Book Value December 31, 2018 $ 87,910 $ 16,415 $ 71,495 December 31, 2017 66,785 23,254 43,531 |
Lessee, Operating Lease, Disclosure | set forth in the table below for the periods indicated (in thousands): Year Ended December 31, 2018 2017 2016 Equipment rent (1) $ 10,840 $ 10,173 $ 7,443 Building and office rent (2) 1,586 1,619 2,001 Total rent expense $ 12,426 $ 11,792 $ 9,444 1. E xpense relating to tractors, trailers and other operating equipment is recorded in the "Equipment rent" line item in the accompanying consolidated statement of operations and comprehensive income (loss). 2. E xpense relating to buildings and office equipment is recorded in the "Operations and maintenance" line item in the accompanying consolidated statement of operations and comprehensive income (loss). |
Schedule of Future Minimum Lease Payments for Capital Leases | As of December 31, 2018, the future minimum payments including interest under capitalized leases with initial terms of one year or more and future rentals under operating leases for certain facilities, office equipment and revenue equipment with initial terms of one year or more were as follows for the years indicated (in thousands). 2019 2020 2021 2022 2023 Thereafter Future minimum payments $ 19,319 $ 22,833 $ 7,328 $ 7,328 $ 18,648 $ 2,566 Future rentals under operating leases 9,088 5,370 1,308 920 708 1,358 |
Federal and State Income Taxes
Federal and State Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company's deferred tax assets and liabilities are as follows (in thousands): Year Ended December 31, Deferred tax assets: 2018 2017 Accrued expenses not deductible until paid $ 7,017 $ 6,062 Goodwill and intangible assets 1,353 — Equity incentive plan 286 178 Net operating loss carry forwards 245 496 Allowance for doubtful accounts 207 246 Revenue recognition 118 110 Other 11 124 Total deferred tax assets $ 9,237 7,216 Deferred tax liabilitie s: Tax over book depreciation $ (31,009) $ (26,806) Prepaid expenses deductible when paid (1,654) (1,514) Capital leases (92) (32) Total deferred tax liabilities (32,755) (28,352) Net deferred tax liabilities $ (23,518) $ (21,136) |
Schedule of Components of Income Tax Expense (Benefit) | Significant components of the provision (benefit) for income taxes are as follows (in thousands): Year Ended December 31, Current: 2018 2017 2016 Federal $ 1,263 $ 2,689 $ (3,420) State 729 190 (44) Total current 1,992 2,879 (3,464) Deferred: Federal 2,375 (16,812) 439 State 7 173 (494) Total deferred 2,382 (16,639) (55) Total income tax expense (benefit) $ 4,374 $ (13,760) $ (3,519) |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation between the effective income tax rate and the statutory federal income tax rate of 21% for 2018 and 35% for 2016 and 2017 is as follows (in thousands): Year Ended December 31, 2018 2017 2016 Income tax expense (benefit) at statutory federal rate $ 3,481 $ (2,190) $ (3,926) Federal income tax effects of: State income tax (benefit) expense (155) 76 188 Per diem and other nondeductible meals and entertainment 329 578 614 Impact of Tax Cuts and Jobs Act — (12,010) — Other (19) — 143 Federal income tax expense (benefit) 3,636 (13,546) (2,981) State income tax expense (benefit) 738 (214) (538) Total income tax expense (benefit) $ 4,374 $ (13,760) $ (3,519) Effective tax rate 26.4 % 219.9 % 31.4 % |
Equity Compensation and Emplo_2
Equity Compensation and Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The components of compensation expense recognized, net of forfeiture recoveries, related to equity-based compensation is reflected in the table below for the years indicated (in thousands): Year Ended December 31, 2018 2017 2016 Stock options $ — $ — $ — Restricted stock awards 1,164 459 976 Equity compensation expense $ 1,164 $ 459 $ 976 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table summarizes the stock option activity under the Incentive Plan for the year ended 2016: Number of Shares Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) (1) Options outstanding at December 31, 2015 15,610 $ 5.40 — $ — Granted (2) — — — — Exercised (2,709) 7.51 — 25 Cancelled/forfeited (10,729) 4.83 — — Expired (2,172) 5.61 — — Outstanding at December 31, 2016 — $ — — $ — Exercisable at December 31, 2016 — $ — — $ — 1. The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The per share market value of the Company's common stock, as determined by the closing price on December 30, 2016 was $8.71. 2. The weighted-average grant date fair value of options granted |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | Information related to the restricted stock awarded for the years ended December 31, 2018, 2017 and 2016 is as follows: Number of Shares Weighted-Average Grant Date Fair Value (1) Nonvested shares – December 31, 2015 115,317 $ 21.55 Granted 372,454 14.64 Forfeited (150,048) 16.25 Vested (52,527) 18.18 Nonvested shares – December 31, 2016 285,196 $ 15.93 Granted 217,583 7.55 Forfeited (212,834) 14.62 Vested (51,008) 15.02 Nonvested shares – December 31, 2017 238,937 $ 9.71 Granted 175,563 24.79 Forfeited (139,000) 12.31 Vested (23,631) 18.23 Nonvested shares – December 31, 2018 251,869 $ 17.99 1. The shares were valued at the closing price of the Company 's common stock on the date(s) specified by the award agreements. |
Schedule of Stock Options and Restricted Stock Vested | The fair value of restricted stock that vested during the year is as follows for the periods indicated (in thousands): Year Ended December 31, 2018 2017 2016 Stock options $ — $ — $ — Restricted stock $ 548 $ 398 $ 746 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share amounts): Year Ended December 31, Numerator: 2018 2017 2016 Net income (loss) $ 12,204 $ 7,497 $ (7,699) Denominator: Denominator for basic earnings (loss) per share – weighted-average shares 8,194 8,029 8,550 Effect of dilutive securities: Employee restricted stock 24 27 — Denominator for diluted earnings (loss) per share – adjusted weighted-average shares and assumed conversions 8,218 8,056 8,550 Basic earnings (loss) per share $ 1.49 $ 0.93 $ (0.90) Diluted earnings (loss) per share $ 1.49 $ 0.93 $ (0.90) Weighted-average anti-dilutive employee restricted stock 77 1 11 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | The tables below present quarterly financial information for 2018 and 2017 (in thousands, except per share amounts): 2018 March 31, June 30, September 30, December 31, Operating revenue $ 125,013 $ 135,381 $ 132,583 $ 141,083 Operating expenses 122,621 131,070 126,780 132,370 Operating income 2,392 4,311 5,803 8,713 Other, net 938 946 1,231 1,526 Income before income taxes 1,454 3,365 4,572 7,187 Income tax expense 419 821 1,272 1,862 Net income $ 1,035 $ 2,544 3,300 $ 5,325 Average shares outstanding (basic) 8,035 8,205 8,223 8,268 Basic earnings per share $ 0.13 $ 0.31 $ 0.40 $ 0.65 Average shares outstanding (diluted) 8,040 8,227 8,240 8,288 Diluted earnings per share $ 0.13 $ 0.31 $ 0.40 $ 0.65 2017 March 31, June 30, September 30, December 31, Operating revenue $ 101,670 $ 107,358 $ 114,235 $ 123,270 Operating expenses 108,069 110,324 112,431 117,777 Operating (loss) income (6,399) (2,966) 1,804 5,493 Other, net 1,101 1,078 1,056 960 (Loss) income before income taxes (7,500) (4,044) 748 4,533 Income tax (benefit) expense (2,610) (1,198) 339 (10,291) Net (loss) income $ (4,890) $ (2,846) $ 409 $ 14,824 Average shares outstanding (basic) 7,998 8,028 8,027 8,027 Basic (loss) earnings per share $ (0.61) $ (0.35) $ 0.05 $ 1.85 Average shares outstanding (diluted) 7,998 8,028 8,039 8,036 Diluted (loss) earnings per share $ (0.61) $ (0.35) $ 0.05 $ 1.84 |
Restructuring, Impairment and_2
Restructuring, Impairment and Other Costs (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs | The following tables summarize the Company's liabilities, charges, and cash payments related to the restructuring plan made during the years ended December 31, 2018, 2017 and 2016 (in thousands): Accrued Balance December 31, 2017 Costs Incurred/(reversal) Payments Expenses/ Charges Accrued Balance December 31, 2018 Facility closing expenses 770 (639) (131) — — Total $ 770 $ (639) $ (131) $ — $ — Accrued Balance December 31, 2016 Costs Incurred Payments Expenses/ Charges Accrued Balance December 31, 2017 Compensation and benefits $ 81 $ — $ (81) $ — $ — Facility closing expenses 1,323 — (553) — 770 Total $ 1,404 $ — $ (634) $ — $ 770 Accrued Balance December 31, 2015 Costs Incurred Payments Expenses/ Charges Accrued Balance December 31, 2016 Compensation and benefits (1) $ 753 $ 768 $ (1,437) $ (3) $ 81 Facility closing expenses (1) 20 2,779 (1,190) (286) 1,323 Spartanburg impairment (2) — 546 — (546) — Fuel tank write-off (2) — 524 — (524) — Out of period adjustment (3) — 647 — (647) — Total $ 773 $ 5,264 $ (2,627) $ (2,006) $ 1,404 1. The Company incurred total pretax expenses of approximately $3.5 million related to these streamlining initiatives during the first quarter of 2016. 2. During 2016, the Company recorded $1.1 million for the impairment of non-operating assets. Of the total expense recorded, approximately $0.5 million related to the impairment of the Company's bulk fuel assets at all locations, as diesel fuel will no longer be stored or dispensed at any of the Company's locations, and $0.6 million related to the fair market value impairment of the Company's Spartanburg terminal. 3. During the 2016, the Company identified an item requiring an adjustment of an accounts payable liability during 2013. The Company has recorded an adjustment of $0.6 million for this item in the quarter ended March 31, 2016. |
Restructuring and Related Costs By Segment | A summary of the Company's restructuring, impairment and other costs (reversal) by segment for the years ended December 31, 2018, 2017 and 2016 is below (in thousands): Costs incurred (reversal) by segment Year Ended December 31, 2018 2017 2016 Trucking $ (587) $ — $ 4,848 USAT Logistics (52) — 416 Total $ (639) $ — $ 5,264 |
Executive Severance | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs | The following tables summarize the Company's liabilities, charges, and cash payments related to executive severance agreements made during the years ended December 31, 2018, 2017 and 2016 (in thousands): Accrued Balance December 31, 2017 Costs Incurred Payments Expenses/Charges Accrued Balance December 31, 2018 Severance costs included in salaries, wages and employee benefits $ 35 $ 711 $ (499) $ — $ 247 Accrued Balance December 31, 2016 Costs Incurred Payments Expenses/Charges Accrued Balance December 31, 2017 Severance costs included in salaries, wages and employee benefits $ 277 $ 930 $ (1,172) $ — $ 35 |
Restructuring and Related Costs By Segment | A summary of the Company's severance costs included in salaries, wages and employee benefits by segment for the years ended December 31, 2018, 2017 and 2016 is below (in thousands): Costs incurred by segment Year Ended December 31, 2018 2017 2016 Trucking $ 484 $ 665 $ — USAT Logistics 227 265 — Total $ 711 $ 930 $ — |
Description of Business and S_4
Description of Business and Summary of Significant Accounting Policies - Narrative (Details) | Oct. 18, 2018USD ($) | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2019USD ($) |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Number of reportable segments | 2 | |||||||
Impairment on assets held for sale | $ 0 | $ 0 | $ 2,839,000 | |||||
Impairment of long-lived assets held-for-use | 0 | 0 | ||||||
Treasury stock reissued at lower than repurchase price | 4,000,000 | $ 100,000 | $ 100,000 | |||||
Contract with customer, asset | $ 1,100,000 | |||||||
Minimum | ||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Finite-lived intangible asset, useful life | 2 years | |||||||
Minimum | Building and Building Improvements | ||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Property, plant and equipment, useful life | 15 years | |||||||
Minimum | Transportation Equipment | ||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Property, plant and equipment, useful life | 10 years | 5 years | ||||||
Minimum | Other Machinery and Equipment | ||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Property, plant and equipment, useful life | 3 years | |||||||
Maximum | ||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Finite-lived intangible asset, useful life | 10 years | |||||||
Maximum | Building and Building Improvements | ||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Property, plant and equipment, useful life | 39 years 6 months | |||||||
Maximum | Transportation Equipment | ||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Property, plant and equipment, useful life | 14 years | 10 years | 14 years | |||||
Maximum | Other Machinery and Equipment | ||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Property, plant and equipment, useful life | 10 years | |||||||
Davis Transfer Company | ||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Equity interest issued and issuable | $ 750,000 | |||||||
Scenario, Forecast | Accounting Standards Update 2016-02 | Subsequent Event | Minimum | ||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Operating lease, right-of-use asset | $ 16,000,000 | |||||||
Operating lease liability | 16,000,000 | |||||||
Scenario, Forecast | Accounting Standards Update 2016-02 | Subsequent Event | Maximum | ||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Operating lease, right-of-use asset | 18,000,000 | |||||||
Operating lease liability | $ 18,000,000 |
Description of Business and S_5
Description of Business and Summary of Significant Accounting Policies - Summary of Allowance of Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance | $ 639 | $ 608 | $ 608 |
Provision for doubtful accounts | 480 | 311 | 515 |
Uncollectible accounts written off, net of recovery | (544) | (280) | (515) |
Balance | $ 575 | $ 639 | $ 608 |
Description of Business and S_6
Description of Business and Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 534,060 | $ 446,533 | $ 429,099 |
Freight | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 460,983 | 389,863 | 379,324 |
Fuel Surcharge | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 63,805 | 48,216 | 40,929 |
Accessorial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 9,272 | 8,454 | 8,846 |
Trucking | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 347,729 | 302,052 | 294,526 |
Trucking | Freight | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 295,585 | 259,550 | 256,457 |
Trucking | Fuel Surcharge | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 47,770 | 38,173 | 32,090 |
Trucking | Accessorial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 4,374 | 4,329 | 5,979 |
USAT Logistics | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 186,331 | 144,481 | 134,573 |
USAT Logistics | Freight | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 165,398 | 130,313 | 122,867 |
USAT Logistics | Fuel Surcharge | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 16,035 | 10,043 | 8,839 |
USAT Logistics | Accessorial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 4,898 | $ 4,125 | $ 2,867 |
Segment Reporting - Narrative (
Segment Reporting - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | 2 | ||
Sales Revenue, Net | Customer Concentration Risk | Wal-Mart | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 14.00% | 14.00% | 12.00% |
Segment Reporting - Segment Rep
Segment Reporting - Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Operating revenue | $ 141,083 | $ 132,583 | $ 135,381 | $ 125,013 | $ 123,270 | $ 114,235 | $ 107,358 | $ 101,670 | $ 534,060 | $ 446,533 | $ 429,099 |
Operating loss | $ 8,713 | $ 5,803 | $ 4,311 | $ 2,392 | $ 5,493 | $ 1,804 | $ (2,966) | $ (6,399) | 21,219 | (2,068) | (7,516) |
Depreciation and amortization | 28,324 | 28,463 | 29,954 | ||||||||
Trucking | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenue | 347,729 | 302,052 | 294,526 | ||||||||
USAT Logistics | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenue | 186,331 | 144,481 | 134,573 | ||||||||
Operating Segments | Trucking | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenue | 351,222 | 302,943 | 295,807 | ||||||||
Operating loss | 11,710 | (9,667) | (14,789) | ||||||||
Depreciation and amortization | 27,632 | 28,002 | 29,467 | ||||||||
Operating Segments | USAT Logistics | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenue | 190,992 | 152,137 | 140,847 | ||||||||
Operating loss | 9,509 | 7,599 | 7,273 | ||||||||
Depreciation and amortization | 692 | 461 | 487 | ||||||||
Intersegment Eliminations | Trucking | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenue | (3,493) | (891) | (1,281) | ||||||||
Intersegment Eliminations | USAT Logistics | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenue | (4,661) | (7,656) | (6,274) | ||||||||
Foreign Countries | Operating Segments | Trucking | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenue | 41,500 | 35,500 | $ 36,900 | ||||||||
Foreign Countries | Operating Segments | USAT Logistics | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenue | $ 800 | $ 2,100 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Variable Interest Entity [Line Items] | ||
Prepaid expense and other assets | $ 7,224 | $ 6,025 |
Prepaid licenses, permits and tolls | ||
Variable Interest Entity [Line Items] | ||
Prepaid expense and other assets | 1,521 | 1,398 |
Prepaid Insurance | ||
Variable Interest Entity [Line Items] | ||
Prepaid expense and other assets | 4,628 | 3,574 |
Other Current Assets | ||
Variable Interest Entity [Line Items] | ||
Prepaid expense and other assets | $ 1,075 | $ 1,053 |
Acquisition of Davis Transfer_3
Acquisition of Davis Transfer Company (Details) - Davis Transfer Company $ in Thousands | Oct. 18, 2018USD ($) |
Schedule of Asset Acquisition [Line Items] | |
Percentage of shares acquired | 100.00% |
Payments for asset acquisition | $ 52,250 |
Equity interest issued and issuable | 750 |
Goodwill | 4,926 |
Acquisition related expenses | $ 600 |
Acquisition of Davis Transfer_4
Acquisition of Davis Transfer Company - Pro Forma Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Asset Acquisition [Abstract] | ||
Operating revenue | $ 575,226 | $ 492,145 |
Net income | $ 15,709 | $ 7,893 |
Acquisition of Davis Transfer_5
Acquisition of Davis Transfer Company - Schedule of Fair Value of Assets Acquired and Liabilities Assumed (Details) - Davis Transfer Company $ in Thousands | Oct. 18, 2018USD ($) |
Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract] | |
Cash | $ 810 |
Accounts receivable | 4,582 |
Other current assets | 1,036 |
Property and equipment | 25,604 |
Intangible assets | 18,040 |
Goodwill | 4,926 |
Total assets | 54,998 |
Accounts payable and accrued expenses | (1,581) |
Insurance accruals | (417) |
Total consideration transferred | 53,000 |
Asset Acquisition, Consideration Transferred [Abstract] | |
Payments for asset acquisition | 52,250 |
Equity interest issued and issuable | 750 |
Consideration transferred | 53,000 |
Net cash paid | $ 51,440 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Schedule of Intangible Assets and Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Accumulated amortization | $ 203 | |
Intangible assets, net | 12,837 | |
Intangible assets, gross (excluding goodwill) | 18,040 | |
Other intangibles, net | 17,837 | $ 0 |
Trade name | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets (excluding goodwill) | $ 5,000 | |
Non-compete agreement | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 2 years | |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets, gross | $ 140 | |
Accumulated amortization | 10 | |
Intangible assets, net | $ 130 | |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 10 years | |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets, gross | $ 12,900 | |
Accumulated amortization | 193 | |
Intangible assets, net | $ 12,707 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Schedule of Goodwill by Segment (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 0 |
Goodwill, ending balance | 4,926 |
Trucking | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 0 |
Goodwill | 4,926 |
Goodwill, ending balance | 4,926 |
USAT Logistics | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 0 |
Goodwill | 0 |
Goodwill, ending balance | $ 0 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Schedule of Future Amortization (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets weighted average useful life | 119 months |
2,019 | $ 1,360 |
2,020 | 1,346 |
2,021 | 1,288 |
2,022 | 1,288 |
2,023 | 1,288 |
Thereafter | 6,267 |
Intangible assets, net | $ 12,837 |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Payables and Accruals [Abstract] | ||||
Salaries, wages and employee benefits | $ 5,775 | $ 3,604 | ||
Federal and state tax accruals | 1,509 | 3,587 | ||
Restructuring, impairment, and other costs | 0 | 770 | $ 1,404 | $ 773 |
Other | 1,693 | 1,147 | ||
Total accrued expenses | $ 8,977 | $ 9,108 |
Insurance Premium Financing - N
Insurance Premium Financing - Narrative (Details) - USD ($) | 1 Months Ended | |||
Oct. 31, 2017 | Dec. 31, 2018 | Oct. 31, 2018 | Dec. 31, 2017 | |
Short-term Debt [Line Items] | ||||
Insurance premium financing | $ 4,435,000 | $ 4,115,000 | ||
Insurance Premiums Financing Note | ||||
Short-term Debt [Line Items] | ||||
Insurance premium financing | $ 4,100,000 | $ 4,700,000 | ||
Periodic payment | $ 1,400,000 | |||
Interest rate, stated percentage | 3.00% | |||
Notes payable | $ 4,400,000 |
Long-term Debt - Narrative (Det
Long-term Debt - Narrative (Details) - USD ($) | Feb. 28, 2015 | Feb. 05, 2015 | Feb. 28, 2015 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||||
Remaining borrowing capacity | $ 50,800,000 | ||||
Weighted average interest rate | 3.66% | ||||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 170,000,000 | $ 170,000,000 | $ 170,000,000 | ||
Additional borrowing capacity | $ 80,000,000 | ||||
Additional borrowing capacity, incremental amount | $ 20,000,000 | ||||
Term | 5 years | 5 years | |||
Fixed charge coverage ratio | 0.0100 | ||||
Unused capacity, commitment fee percentage | 0.25% | ||||
Borrowing based threshold, eligible noninvestment grade accounts, percentage | 85.00% | ||||
Borrowing based threshold, eligible unbilled accounts receivable, percentage | 85.00% | ||||
Borrowing base before additions of eligible revenue equipment | $ 10,000,000 | $ 10,000,000 | |||
Borrowing based threshold, newly acquired revenue equipment, percentage | 85.00% | ||||
Borrowing based threshold, eligible revenue equipment, percentage | 85.00% | ||||
Minimum excess availability percentage of maximum revolver amount | 10.00% | 10.00% | |||
Availability percentage of maximum revolver amount | 20.00% | ||||
Remaining borrowing capacity | $ 34,000,000 | ||||
Long-term line of credit | 85,300,000 | $ 61,225,000 | |||
Letters of credit outstanding, amount | 5,400,000 | ||||
Revolving Credit Facility | Minimum | |||||
Debt Instrument [Line Items] | |||||
Borrowing based threshold, eligible investment grade accounts receivable, percentage | 85.00% | ||||
Revolving Credit Facility | Maximum | |||||
Debt Instrument [Line Items] | |||||
Borrowing based threshold, eligible investment grade accounts receivable, percentage | 90.00% | ||||
Revolving Credit Facility | Overnight Borrowings | |||||
Debt Instrument [Line Items] | |||||
Long-term line of credit | $ 0 | ||||
Letter of Credit Sub Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 15,000,000 | $ 15,000,000 | |||
Swing Line Sub Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 20,000,000 | $ 20,000,000 | |||
Through May 31, 2016 | Base Rate | Revolving Credit Facility | Minimum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.25% | ||||
Through May 31, 2016 | Base Rate | Revolving Credit Facility | Maximum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 100.00% | ||||
After May 31, 2016 | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Minimum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.25% | ||||
After May 31, 2016 | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Maximum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.00% |
Leases and Commitments - Narrat
Leases and Commitments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loans and Leases Receivable Disclosure [Line Items] | |||||
Capital lease obligations | $ 70,800 | ||||
Current maturities of capital leases | 17,292 | $ 12,929 | |||
Capital leases, amortization expense | 5,800 | 7,400 | $ 6,200 | ||
Capital lease obligations incurred | 42,800 | 2,600 | 29,600 | ||
Proceeds from operating sale leaseback | 5,323 | 10,980 | 0 | ||
Lessee, operating lease, term of contract | 6 months | 41 months | |||
Operating leases, rent expense | $ 12,426 | 11,792 | $ 9,444 | ||
Minimum | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Capital lease term | 36 months | ||||
Maximum | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Capital lease term | 84 months | ||||
Capital Lease Obligations | Minimum | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Interest rate, effective percentage | 0.00% | ||||
Capital Lease Obligations | Maximum | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Interest rate, effective percentage | 4.08% | ||||
Sale-leaseback of Trailers to an Unrelated Party | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Proceeds from operating sale leaseback | $ 5,300 | $ 11,000 | $ 2,500 | ||
Lessee, operating lease, term of contract | 3 years 4 months 28 days | 48 months | |||
Sale leaseback transaction, deferred gain, net | $ 1,300 | $ 30 | |||
Revenue and Non-revenue Equipment | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Purchase obligation | $ 32,800 | ||||
Affiliated Entity | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Operating leases, rent expense | $ 100 |
Leases and Commitments - Capita
Leases and Commitments - Capital Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Leases [Abstract] | ||
Capitalized Costs | $ 87,910 | $ 66,785 |
Accumulated Amortization | 16,415 | 23,254 |
Net Book Value | $ 71,495 | $ 43,531 |
Leases and Commitments - Operat
Leases and Commitments - Operating Lease Payments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leased Assets [Line Items] | |||
Operating leases, rent expense | $ 12,426 | $ 11,792 | $ 9,444 |
Equipment Rent | |||
Operating Leased Assets [Line Items] | |||
Operating leases, rent expense | 10,840 | 10,173 | 7,443 |
Building And Office Rents | |||
Operating Leased Assets [Line Items] | |||
Operating leases, rent expense | $ 1,586 | $ 1,619 | $ 2,001 |
Leases and Commitments - Future
Leases and Commitments - Future Minimum Payments Under Capitalized Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Future minimum payments | |
2,019 | $ 19,319 |
2,020 | 22,833 |
2,021 | 7,328 |
2,022 | 7,328 |
2,023 | 18,648 |
Thereafter | 2,566 |
Future rentals under operating leases | |
2,019 | 9,088 |
2,020 | 5,370 |
2,021 | 1,308 |
2,022 | 920 |
2,023 | 708 |
Thereafter | $ 1,358 |
Federal and State Income Taxe_2
Federal and State Income Taxes (Details) $ in Millions | Dec. 22, 2017USD ($) |
Income Tax Disclosure [Abstract] | |
Adjustment of deferred tax (asset) liability | $ (12) |
Federal and State Income Taxe_3
Federal and State Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Accrued expenses not deductible until paid | $ 7,017 | $ 6,062 |
Goodwill and intangible assets | 1,353 | 0 |
Net operating loss carry forwards | 286 | 178 |
Allowance for doubtful accounts | 245 | 496 |
Equity incentive plan | 207 | 246 |
Other | 118 | 110 |
Revenue recognition | 11 | 124 |
Total deferred tax assets | 9,237 | 7,216 |
Deferred tax liabilities: | ||
Tax over book depreciation | (31,009) | (26,806) |
Prepaid expenses deductible when paid | (1,654) | (1,514) |
Capital leases | (92) | (32) |
Total deferred tax liabilities | (32,755) | (28,352) |
Net deferred tax liabilities | $ (23,518) | $ (21,136) |
Federal and State Income Taxe_4
Federal and State Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||||||||||
Federal | $ 1,263 | $ 2,689 | $ (3,420) | ||||||||
State | 729 | 190 | (44) | ||||||||
Total current | 1,992 | 2,879 | (3,464) | ||||||||
Deferred: | |||||||||||
Federal | 2,375 | (16,812) | 439 | ||||||||
State | 7 | 173 | (494) | ||||||||
Total deferred | 2,382 | (16,639) | (55) | ||||||||
Total income tax (benefit) expense | $ 1,862 | $ 1,272 | $ 821 | $ 419 | $ (10,291) | $ 339 | $ (1,198) | $ (2,610) | $ 4,374 | $ (13,760) | $ (3,519) |
Federal and State Income Taxe_5
Federal and State Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
Income tax (benefit) expense at statutory federal rate | $ 3,481 | $ (2,190) | $ (3,926) | ||||||||
Federal income tax effects of: | |||||||||||
State income tax expense (benefit) | (155) | 76 | 188 | ||||||||
Per diem and other nondeductible meals and entertainment | 329 | 578 | 614 | ||||||||
Impact of Tax Cuts and Jobs Act | 0 | (12,010) | 0 | ||||||||
Other | (19) | 0 | 143 | ||||||||
Federal income tax (benefit) expense | 3,636 | (13,546) | (2,981) | ||||||||
State income tax (benefit) expense | 738 | (214) | (538) | ||||||||
Total income tax (benefit) expense | $ 1,862 | $ 1,272 | $ 821 | $ 419 | $ (10,291) | $ 339 | $ (1,198) | $ (2,610) | $ 4,374 | $ (13,760) | $ (3,519) |
Effective tax rate | 26.40% | 219.90% | 31.40% |
Equity Compensation and Emplo_3
Equity Compensation and Employee Benefit Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | May 10, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 30, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Share price | $ 8.71 | |||||
Employer matching contribution, percent of match | 50.00% | |||||
Employer matching contribution, percent of employees' gross pay | 4.00% | |||||
Employer matching contribution, vesting term | 2 years | |||||
Employer discretionary contribution amount | $ 0.8 | |||||
Restricted Stock | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Vesting period | 4 years | |||||
Unrecognized compensation cost related to unvested restricted stock awards | $ 3.1 | |||||
Period for recognition | 2 years 3 months 18 days | |||||
Incentive Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Number of common shares granted | 500,000 | |||||
Number of additional shares available for issuance | 500,000 | |||||
Number of remaining shares available for grant | 525,601 | |||||
Number of options outstanding | 0 | 0 | 0 | 15,610 | ||
Minimum | Employee Stock Option | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Vesting period | 3 years | |||||
Expiration period | 3 years | |||||
Maximum | Employee Stock Option | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Vesting period | 4 years | |||||
Expiration period | 10 years |
Equity Compensation and Emplo_4
Equity Compensation and Employee Benefit Plans - Recognized Compensation Expense (Details) - Omnibus 2014 Incentive Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | $ 1,164 | $ 459 | $ 976 |
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | 0 | 0 | 0 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | $ 1,164 | $ 459 | $ 976 |
Equity Compensation and Emplo_5
Equity Compensation and Employee Benefit Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Option Activity, Additional Disclosures | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Incentive Plan | |||
Stock Option Activity Under the Incentive Plan | |||
Outstanding at December 31, 2015 | 15,610 | ||
Granted (in shares) | 0 | ||
Exercised (in shares) | (2,709) | ||
Cancelled/forfeited (in shares) | 10,729 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | (2,172) | ||
Outstanding at December 31, 2016 | 0 | ||
Stock Options Weighted Average Exercise Price | |||
Options outstanding, weighted average exercise price per share - December 31, 2015 (in usd per share) | $ 5.40 | ||
Options granted, weighted average exercise price per share (in usd per share) | 0 | ||
Options exercised, weighted average exercise price per share (in usd per share) | 7.51 | ||
Options cancelled/forfeited, weighted average exercise price per share (in usd per share) | 4.83 | ||
Options expired, weighted average exercise price per share (in usd per share) | 5.61 | ||
Options outstanding, weighted average exercise price per share - December 31, 2016 (in usd per share) | $ 0 | ||
Stock Option Activity, Additional Disclosures | |||
Options exercisable, number of options (in shares) | 0 | ||
Option exercisable, weighted average exercise price per share (in usd per share) | $ 0 | ||
Options exercised, aggregate intrinsic value | $ 25 | ||
Options outstanding, aggregate intrinsic value | 0 | ||
Options exercisable, aggregate intrinsic value | $ 0 |
Equity Compensation and Emplo_6
Equity Compensation and Employee Benefit Plans - Restricted Stock Awards (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Shares | |||
Number of shares nonvested (in shares) | 238,937 | 285,196 | 115,317 |
Granted (in shares) | 175,563 | 217,583 | 372,454 |
Forfeited (in shares) | (139,000) | (212,834) | (150,048) |
Vested (in shares) | (23,631) | (51,008) | (52,527) |
Number of shares nonvested (in shares) | 251,869 | 238,937 | 285,196 |
Weighted-Average Grant Date Fair Value | |||
Number of shares nonvested, weighted-average grant date fair value (in usd per share) | $ 9.71 | $ 15.93 | $ 21.55 |
Granted (in usd per share) | 24.79 | 7.55 | 14.64 |
Forfeited (in usd per share) | 12.31 | 14.62 | 16.25 |
Vested (in usd per share) | 18.23 | 15.02 | 18.18 |
Number of shares nonvested, weighted-average grant date fair value (in usd per share) | $ 17.99 | $ 9.71 | $ 15.93 |
Equity Compensation and Emplo_7
Equity Compensation and Employee Benefit Plans - Fair Value of Stock Options and Restricted Stock Vested (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Retirement Benefits [Abstract] | |||
Stock options | $ 0 | $ 0 | $ 0 |
Restricted stock | $ 548 | $ 398 | $ 746 |
Earnings (Loss) Per Share - Com
Earnings (Loss) Per Share - Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Net income (loss) | $ 5,325 | $ 3,300 | $ 2,544 | $ 1,035 | $ 14,824 | $ 409 | $ (2,846) | $ (4,890) | $ 12,204 | $ 7,497 | $ (7,699) |
Denominator: | |||||||||||
Denominator for basic earnings (loss) per share – weighted-average shares (in shares) | 8,268 | 8,223 | 8,205 | 8,035 | 8,027 | 8,027 | 8,028 | 7,998 | 8,194 | 8,029 | 8,550 |
Effect of dilutive securities: | |||||||||||
Employee restricted stock (in shares) | 24 | 27 | 0 | ||||||||
Denominator for diluted earnings (loss) per share – adjusted weighted-average shares and assumed conversions (in shares) | 8,288 | 8,240 | 8,227 | 8,040 | 8,036 | 8,039 | 8,028 | 7,998 | 8,218 | 8,056 | 8,550 |
Basic earnings (loss) per share (in usd per share) | $ 0.65 | $ 0.40 | $ 0.31 | $ 0.13 | $ 1.85 | $ 0.05 | $ (0.35) | $ (0.61) | $ 1.49 | $ 0.93 | $ (0.90) |
Diluted earnings (loss) per share (in usd per share) | $ 0.65 | $ 0.40 | $ 0.31 | $ 0.13 | $ 1.84 | $ 0.05 | $ (0.35) | $ (0.61) | $ 1.49 | $ 0.93 | $ (0.90) |
Weighted-average anti-dilutive employee restricted stock (in shares) | 77 | 1 | 11 |
Repurchase of Equity Securiti_2
Repurchase of Equity Securities - Narrative (Details) | Dec. 31, 2018shares |
Rule 10b5-1 Plan | |
Equity, Class of Treasury Stock [Line Items] | |
Remaining number of shares authorized to be repurchased | 463,013 |
Quarterly Results of Operatio_3
Quarterly Results of Operations (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating revenues | $ 141,083 | $ 132,583 | $ 135,381 | $ 125,013 | $ 123,270 | $ 114,235 | $ 107,358 | $ 101,670 | $ 534,060 | $ 446,533 | $ 429,099 |
Operating expenses | 132,370 | 126,780 | 131,070 | 122,621 | 117,777 | 112,431 | 110,324 | 108,069 | |||
Operating (loss) income | 8,713 | 5,803 | 4,311 | 2,392 | 5,493 | 1,804 | (2,966) | (6,399) | 21,219 | (2,068) | (7,516) |
Other, net | 1,526 | 1,231 | 946 | 938 | 960 | 1,056 | 1,078 | 1,101 | |||
Income before income taxes | 7,187 | 4,572 | 3,365 | 1,454 | 4,533 | 748 | (4,044) | (7,500) | 16,578 | (6,263) | (11,218) |
Income tax benefit | 1,862 | 1,272 | 821 | 419 | (10,291) | 339 | (1,198) | (2,610) | 4,374 | (13,760) | (3,519) |
Net income (loss) | $ 5,325 | $ 3,300 | $ 2,544 | $ 1,035 | $ 14,824 | $ 409 | $ (2,846) | $ (4,890) | $ 12,204 | $ 7,497 | $ (7,699) |
Denominator for basic earnings (loss) per share – weighted-average shares (in shares) | 8,268 | 8,223 | 8,205 | 8,035 | 8,027 | 8,027 | 8,028 | 7,998 | 8,194 | 8,029 | 8,550 |
Basic earnings (loss) per share (in usd per share) | $ 0.65 | $ 0.40 | $ 0.31 | $ 0.13 | $ 1.85 | $ 0.05 | $ (0.35) | $ (0.61) | $ 1.49 | $ 0.93 | $ (0.90) |
Denominator for diluted earnings (loss) per share – adjusted weighted-average shares and assumed conversions (in shares) | 8,288 | 8,240 | 8,227 | 8,040 | 8,036 | 8,039 | 8,028 | 7,998 | 8,218 | 8,056 | 8,550 |
Diluted earnings (loss) per share (in usd per share) | $ 0.65 | $ 0.40 | $ 0.31 | $ 0.13 | $ 1.84 | $ 0.05 | $ (0.35) | $ (0.61) | $ 1.49 | $ 0.93 | $ (0.90) |
Restructuring, Impairment and_3
Restructuring, Impairment and Other Costs - Narrative (Details) | Mar. 26, 2018USD ($)shares | May 19, 2016USD ($) | Jan. 31, 2017USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring, impairment and other costs (reversal) | $ 600,000 | $ (639,000) | $ 0 | $ 5,264,000 | ||||
Number of positions eliminated | 47 | |||||||
Asset impairment | 0 | $ 0 | 3,909,000 | |||||
Out of period adjustment of accounts payable | $ 600,000 | |||||||
Employee Severance | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring, impairment and other costs (reversal) | $ 0 | 768,000 | ||||||
Costs Relating to Streamlining Operations and Asset Write-Offs | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring, impairment and other costs (reversal) | $ 3,500,000 | |||||||
Craig Separation Agreement | Salaries, Wages and Employee Benefits | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring, impairment and other costs (reversal) | 700,000 | |||||||
Craig Separation Agreement | Employee Severance | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Severance pay, annual salary | $ 350,000 | |||||||
Severance pay period | 1 year | |||||||
Craig Separation Agreement | Employee Severance | Salaries, Wages and Employee Benefits | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring, impairment and other costs (reversal) | $ 200,000 | |||||||
Rogers Separation Agreement | Employee Severance | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Term for base salary continuation | 1 year | |||||||
Rogers Separation Agreement | Employee Severance | Salaries, Wages and Employee Benefits | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring, impairment and other costs (reversal) | $ 600,000 | |||||||
Rhodes Separation Agreement | Employee Severance | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Distribution paid | 171,125 | |||||||
Rhodes Separation Agreement | Employee Severance | Salaries, Wages and Employee Benefits | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring, impairment and other costs (reversal) | 200,000 | |||||||
Separation Agreement | Employee Severance | Salaries, Wages and Employee Benefits | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring, impairment and other costs (reversal) | $ 700,000 | |||||||
Base Salary Continuation | Rogers Separation Agreement | Employee Severance | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Distribution paid | 425,000 | |||||||
Separation Payment | Rogers Separation Agreement | Employee Severance | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Distribution paid | 120,000 | |||||||
Moving and Transition Expenses | Rogers Separation Agreement | Employee Severance | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Distribution paid | $ 30,000 | |||||||
Contractor | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Number of positions eliminated | 2 | |||||||
Non-operating Assets | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Asset impairment | 1,100,000 | |||||||
Bulk Fuel Assets | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Asset impairment | 500,000 | |||||||
Spartanburg Terminal | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Asset impairment | $ 600,000 | |||||||
Time-Vested Restricted Stock | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Number of accelerated vesting shares (in shares) | shares | 5,488 | |||||||
Performance-Vested Restricted Stock | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Number of accelerated vesting shares (in shares) | shares | 5,488 |
Restructuring, Impairment and_4
Restructuring, Impairment and Other Costs - Restructuring, Severance and Related Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Reserve [Roll Forward] | ||||
Accrued balance, beginning | $ 770 | $ 770 | $ 1,404 | $ 773 |
Costs incurred | (600) | 639 | 0 | (5,264) |
Payments | (131) | (634) | (2,627) | |
Expenses/charges | 0 | 0 | (2,006) | |
Accrued balance, ending | 0 | 770 | 1,404 | |
Employee Severance | ||||
Restructuring Reserve [Roll Forward] | ||||
Accrued balance, beginning | 0 | 0 | 81 | 753 |
Costs incurred | 0 | (768) | ||
Payments | (81) | (1,437) | ||
Expenses/charges | 0 | (3) | ||
Accrued balance, ending | 0 | 81 | ||
Facility Closing | ||||
Restructuring Reserve [Roll Forward] | ||||
Accrued balance, beginning | 770 | 770 | 1,323 | 20 |
Costs incurred | 639 | 0 | (2,779) | |
Payments | (131) | (553) | (1,190) | |
Expenses/charges | 0 | 0 | (286) | |
Accrued balance, ending | 0 | 770 | 1,323 | |
Spartanburg impairment | ||||
Restructuring Reserve [Roll Forward] | ||||
Accrued balance, beginning | 0 | 0 | ||
Costs incurred | (546) | |||
Payments | 0 | |||
Expenses/charges | (546) | |||
Accrued balance, ending | 0 | |||
Fuel tank write-off | ||||
Restructuring Reserve [Roll Forward] | ||||
Accrued balance, beginning | 0 | 0 | ||
Costs incurred | (524) | |||
Payments | 0 | |||
Expenses/charges | (524) | |||
Accrued balance, ending | 0 | |||
Executive Severance | ||||
Restructuring Reserve [Roll Forward] | ||||
Accrued balance, beginning | $ 35 | 35 | 277 | |
Costs incurred | (711) | (930) | 0 | |
Payments | (499) | (1,172) | ||
Expenses/charges | 0 | 0 | ||
Accrued balance, ending | $ 247 | 35 | 277 | |
Restatement Adjustment | ||||
Restructuring Reserve [Roll Forward] | ||||
Accrued balance, beginning | $ 0 | 0 | ||
Costs incurred | (647) | |||
Payments | 0 | |||
Expenses/charges | (647) | |||
Accrued balance, ending | $ 0 |
Restructuring, Impairment and_5
Restructuring, Impairment and Other Costs - Restructuring Costs by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||
Costs incurred | $ (600) | $ 639 | $ 0 | $ (5,264) |
Trucking | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Costs incurred | 587 | 0 | (4,848) | |
USAT Logistics | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Costs incurred | 52 | 0 | (416) | |
Executive Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Costs incurred | (711) | (930) | 0 | |
Executive Severance | Trucking | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Costs incurred | (484) | (665) | 0 | |
Executive Severance | USAT Logistics | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Costs incurred | $ (227) | $ (265) | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) | Jan. 31, 2019USD ($) | Feb. 28, 2015USD ($) | Feb. 05, 2015USD ($) | Feb. 28, 2015USD ($) |
Revolving Credit Facility | ||||
Subsequent Event [Line Items] | ||||
Term | 5 years | 5 years | ||
Maximum borrowing capacity | $ 170,000,000 | $ 170,000,000 | $ 170,000,000 | |
Additional borrowing capacity | $ 80,000,000 | |||
Additional borrowing capacity, incremental amount | $ 20,000,000 | |||
Unused capacity, commitment fee percentage | 0.25% | |||
Fixed charge coverage ratio | 0.0100 | |||
Minimum excess availability percentage of maximum revolver amount | 10.00% | 10.00% | ||
Swing Line Sub Facility | ||||
Subsequent Event [Line Items] | ||||
Maximum borrowing capacity | $ 20,000,000 | $ 20,000,000 | ||
New Credit Facility | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Unused capacity, commitment fee percentage | 0.25% | |||
Fixed charge coverage ratio | 1 | |||
Minimum excess availability percentage of maximum revolver amount | 10.00% | |||
New Credit Facility | Revolving Credit Facility | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Term | 5 years | |||
Maximum borrowing capacity | $ 225,000,000 | |||
Additional borrowing capacity | 75,000,000 | |||
Additional borrowing capacity, incremental amount | 20,000,000 | |||
New Credit Facility | Letter of Credit | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Maximum borrowing capacity | 15,000,000 | |||
New Credit Facility | Swing Line Sub Facility | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Maximum borrowing capacity | $ 25,000,000 | |||
New Credit Facility | Base Rate | Minimum | Revolving Credit Facility | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Basis spread on variable rate | 0.25% | |||
New Credit Facility | Base Rate | Maximum | Revolving Credit Facility | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Basis spread on variable rate | 0.75% | |||
New Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | Revolving Credit Facility | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Basis spread on variable rate | 1.25% | |||
New Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum | Revolving Credit Facility | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Basis spread on variable rate | 1.75% |
Uncategorized Items - usak-2018
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 125,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 58,588,000 |
Common Stock [Member] | ||
Shares, Outstanding | us-gaap_SharesOutstanding | 12,156,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 122,000 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (209,000) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 57,963,000 |
Additional Paid-in Capital [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 334,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 68,375,000 |
Treasury Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ (67,872,000) |