Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 17, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
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 Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 8,226,963 | ||
Entity Public Float | $ 145,507,942 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash | $ 122 | $ 87 |
Accounts receivable, net of allowance for doubtful accounts of $608 and $608, respectively | 55,127 | 53,324 |
Other receivables | 6,986 | 11,253 |
Inventories | 413 | 748 |
Assets held for sale | 4,661 | 7,979 |
Prepaid expenses and other current assets | 6,187 | 4,876 |
Total current assets | 73,496 | 78,267 |
Property and equipment: | ||
Land and structures | 31,500 | 32,910 |
Revenue equipment | 269,953 | 289,045 |
Service, office and other equipment | 25,295 | 22,156 |
Property and equipment, at cost | 326,748 | 344,111 |
Accumulated depreciation and amortization | (106,465) | (137,327) |
Property and equipment, net | 220,283 | 206,784 |
Other assets | 1,189 | 1,405 |
Total assets | 294,968 | 286,456 |
Current liabilities: | ||
Accounts payable | 18,779 | 24,473 |
Current portion of insurance and claims accruals | 10,665 | 10,706 |
Accrued expenses | 7,533 | 8,836 |
Current maturities of capital leases | 16,742 | 12,190 |
Insurance premium financing | 3,943 | |
Total current liabilities | 57,662 | 56,205 |
Deferred gain | 652 | 701 |
Long-term debt, less current maturities | 96,600 | 70,400 |
Capital leases, less current maturities | 35,133 | 18,845 |
Deferred income taxes | 37,900 | 37,943 |
Insurance and claims accruals, less current portion | 8,558 | 8,585 |
Total liabilities | 236,505 | 192,679 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred Stock, $.01 par value; 1,000,000 shares authorized; none issued | ||
Common Stock, $.01 par value; 30,000,000 shares authorized; issued 12,156,376 shares, and 11,946,253 shares, respectively | 122 | 119 |
Additional paid-in capital | 68,041 | 67,370 |
Retained earnings | 58,172 | 65,871 |
Less treasury stock, at cost (3,849,815 shares, and 2,286,608 shares, respectively) | (67,872) | (39,583) |
Total stockholders’ equity | 58,463 | 93,777 |
Total liabilities and stockholders’ equity | $ 294,968 | $ 286,456 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Allowance for doubtful accounts | $ 608 | $ 608 |
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) | 12,156,376 | 11,946,253 |
Treasury stock (in shares) | 3,849,815 | 2,286,608 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating revenue | $ 429,099 | $ 507,934 | $ 602,477 |
Operating expenses: | |||
Salaries, wages and employee benefits | 122,408 | 140,649 | 153,410 |
Fuel and fuel taxes | 43,179 | 58,511 | 116,092 |
Depreciation and amortization | 29,954 | 37,480 | 44,071 |
Insurance and claims | 21,154 | 21,183 | 24,910 |
Equipment rent | 7,443 | 4,424 | 3,089 |
Operations and maintenance | 34,252 | 39,644 | 45,634 |
Purchased transportation | 148,972 | 161,370 | 172,117 |
Operating taxes and licenses | 4,695 | 5,720 | 5,589 |
Communications and utilities | 3,239 | 3,599 | 4,062 |
Gain on disposal of assets, net | (1,116) | (7,547) | (1,107) |
Restructuring, impairment and other costs | 5,264 | 2,742 | |
Impairment on assets held for sale | 2,839 | 0 | 0 |
Other | 14,332 | 17,088 | 16,957 |
Total operating expenses | 436,615 | 484,863 | 584,824 |
Operating (loss) income | (7,516) | 23,071 | 17,653 |
Other expenses: | |||
Interest expense, net | 3,178 | 2,237 | 3,008 |
Defense costs | 2,764 | ||
Loss on extinguishment of debt | 750 | ||
Other, net | 524 | 743 | 245 |
Total other expenses, net | 3,702 | 3,730 | 6,017 |
(Loss) income before income taxes | (11,218) | 19,341 | 11,636 |
Income tax (benefit) expense | (3,519) | 8,272 | 5,351 |
Net (loss) income and comprehensive (loss) income | $ (7,699) | $ 11,069 | $ 6,285 |
Net (loss) earnings per share: | |||
Average shares outstanding (basic) (in shares) | 8,550 | 10,337 | 10,356 |
Basic (loss) earnings per share (in dollars per share) | $ (0.90) | $ 1.07 | $ 0.61 |
Average shares outstanding (diluted) (in shares) | 8,550 | 10,401 | 10,485 |
Diluted (loss) earnings per share (in dollars per share) | $ (0.90) | $ 1.06 | $ 0.60 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2013 | 11,881,000 | ||||
Balance at Dec. 31, 2013 | $ 119 | $ 65,527 | $ 48,517 | $ (21,765) | $ 92,398 |
Exercise of stock options (in shares) | 16,000 | ||||
Exercise of stock options | 158 | 158 | |||
Transfer of stock into (out of) treasury stock | (62) | 62 | |||
Stock-based compensation | 366 | 366 | |||
Restricted stock award grant (in shares) | 21,000 | ||||
Forfeited restricted stock (in shares) | (35,000) | ||||
Net share settlement related to restricted stock vesting (in shares) | (10,000) | ||||
Net share settlement related to restricted stock vesting | (139) | (139) | |||
Net (loss) income | 6,285 | 6,285 | |||
Balance (in shares) at Dec. 31, 2014 | 11,873,000 | ||||
Balance at Dec. 31, 2014 | $ 119 | 65,850 | 54,802 | (21,703) | 99,068 |
Exercise of stock options (in shares) | 32,000 | ||||
Exercise of stock options | 168 | 168 | |||
Transfer of stock into (out of) treasury stock | (52) | (17,880) | (17,932) | ||
Stock-based compensation | 1,093 | 1,093 | |||
Restricted stock award grant (in shares) | 141,000 | ||||
Forfeited restricted stock (in shares) | (84,000) | ||||
Net share settlement related to restricted stock vesting (in shares) | (16,000) | ||||
Net share settlement related to restricted stock vesting | (410) | (410) | |||
Net (loss) income | 11,069 | 11,069 | |||
Balance (in shares) at Dec. 31, 2015 | 11,946,000 | ||||
Balance at Dec. 31, 2015 | $ 119 | 67,370 | 65,871 | (39,583) | 93,777 |
Excess tax benefit on exercise of stock options | 721 | $ 721 | |||
Restricted stock award grant | 1 | (1) | |||
Forfeited restricted stock | $ (1) | 1 | |||
Exercise of stock options (in shares) | 2,000 | 2,709 | |||
Exercise of stock options | 3 | $ 3 | |||
Transfer of stock into (out of) treasury stock | (40) | (28,372) | (28,412) | ||
Stock-based compensation | 976 | 976 | |||
Restricted stock award grant (in shares) | 319,000 | ||||
Forfeited restricted stock (in shares) | (102,000) | ||||
Net share settlement related to restricted stock vesting (in shares) | (9,000) | ||||
Net share settlement related to restricted stock vesting | (104) | (104) | |||
Net (loss) income | (7,699) | (7,699) | |||
Balance (in shares) at Dec. 31, 2016 | 12,156,000 | ||||
Balance at Dec. 31, 2016 | $ 122 | 68,041 | $ 58,172 | (67,872) | 58,463 |
Restricted stock award grant | 4 | (4) | |||
Forfeited restricted stock | $ (1) | 1 | |||
Excess tax benefit on exercise of stock options | (135) | (135) | |||
Issuance of treasury stock to fill equity grants | $ (26) | $ 83 | $ 57 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net (loss) income | $ (7,699) | $ 11,069 | $ 6,285 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization | 29,954 | 37,480 | 44,071 |
Provision for doubtful accounts | 515 | 127 | 782 |
Deferred income tax (benefit) provision | (55) | 2,876 | 5,279 |
Share-based compensation | 976 | 1,093 | 366 |
Loss on extinguishment of debt | 750 | ||
Change in vacation policy | (1,383) | ||
Gain on disposal of assets, net | (1,116) | (7,547) | (1,107) |
Asset impairments | 3,909 | ||
Other | (47) | 232 | (38) |
Changes in operating assets and liabilities: | |||
Accounts receivable | 1,949 | 11,540 | (7,531) |
Inventories, prepaid expenses and other current assets | (979) | 409 | 892 |
Trade accounts payable and accrued expenses | (5,945) | 2,539 | 1,417 |
Insurance and claims accruals | 509 | 1,689 | 1,462 |
Other long-term assets and liabilities | 216 | (749) | |
Net cash provided by operating activities | 22,187 | 60,125 | 51,878 |
Investing activities | |||
Purchases of property and equipment | (59,751) | (66,186) | (56,536) |
Proceeds from sale of property and equipment | 25,849 | 38,774 | 16,923 |
Proceeds from operating sale leaseback | 7,975 | ||
Change in other assets, net | 20 | ||
Net cash used in investing activities | (33,902) | (19,437) | (39,593) |
Financing activities | |||
Borrowings under long-term debt | 73,009 | 140,738 | 74,168 |
Principal payments on long-term debt | (42,866) | (141,456) | (67,353) |
Principal payments on capitalized lease obligations | (9,969) | (27,121) | (18,073) |
Principal payments on note payable | (896) | (1,494) | |
Net change in bank drafts payable | 240 | (926) | 639 |
Excess tax benefit from exercise of stock options | (135) | 721 | |
Proceeds from capital sale leaseback | 19,927 | 6,308 | |
Purchase of common stock | (28,412) | (17,932) | |
Issuance of treasury stock | 57 | ||
Net (payments) or proceeds from stock based awards | (101) | (242) | 19 |
Net cash provided by (used in) financing activities | 11,750 | (40,806) | (12,094) |
Increase (decrease) in cash and cash equivalents | 35 | (118) | 191 |
Cash and cash equivalents: | |||
Beginning of year | 87 | 205 | 14 |
End of year | 122 | 87 | 205 |
Supplemental disclosure of cash flow information | |||
Interest | 3,382 | 2,084 | 3,359 |
Income taxes | 716 | 9,808 | 3,003 |
Supplemental schedule of non-cash investing and financing activities | |||
Liability incurred for notes payable | 3,943 | 1,367 | |
Capitalized lease obligations | 29,642 | 12,614 | |
Accounts Payable [Member] | |||
Supplemental schedule of non-cash investing and financing activities | |||
Purchases of revenue equipment included in accounts payable | $ 1,279 | $ 34 |
Note 1 - Description of Busines
Note 1 - Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1. Description of business USA Truck, Inc., a Delaware corporation and subsidiary (together, the “Company”), through its Trucking and USAT Logistics segments, transports commodities throughout the contiguous United States and into and out of portions of Canada. USA Truck also transports general commodities into and out of Mexico by allowing through-trailer service from its terminal in Laredo, Texas. In addition to truckload and dedicated service offerings through its Trucking segment, the Company also provides freight brokerage and rail intermodal service offerings through its brokerage segment, which was rebranded during the first 2016 Basis of presentation The accompanying consolidated financial statements include USA Truck, Inc., and its wholly owned subsidiary. 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 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. Past due balances over 90 The following table provides a summary of the activity in the allowance for doubtful accounts for 2016, 2015 2014 Year Ended December 31, 20 16 2015 2014 Balance at beginning of year $ 608 $ 1,020 $ 610 Provision for doubtful accounts 515 127 782 Uncollectible accounts written off, net of recovery (515 ) (539 ) (372 ) Balance at end of year $ 608 $ 608 $ 1,020 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, the sale should 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. At December 31, 2016 2015, $4.7 $8.0 twelve $2.8 December 31, 2016, no December 31, 2015 2014. 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 no December 31, 2016 2015. 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 equity. The Company recorded a charge to equity of $0.1 December 31, 2016 no December 31, 2015. 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 (stock options and unvested restricted stock awards) 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. Inventories Inventories consist of tires and supplies, and are stated at the lower of cost (first first The cost of original tires mounted on purchased revenue equipment is capitalized as part of the equipment cost and is depreciated over the useful life of the related equipment. The cost of subsequent replacement tires is expensed at the time those tires are placed in service. Property and equipment Property and equipment is capitalized at cost. The cost of such property is depreciated by the straight-line method using the following estimated useful lives: structures – 5 39.5 4 10 3 20 Depreciable l ives and s alvage value of a ssets 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. In the fourth 2016, 2013 25 may 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 (1) (2) 50 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. 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’s insurance program involves self-insurance with high risk retention levels. Due to its significant self-insured retention amounts, the Company has exposure to fluctuations in the frequency and severity of claims and to variations between its estimated and actual ultimate payouts. 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 s tock 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 legally considered issued and outstanding under the terms on the restricted stock agreement. Revenue recognition Revenue generated by the Company’s Trucking operating segment is recognized in full upon delivery of freight to the receiver’s location. For freight in transit at the end of a reporting period, the Company recognizes revenue pro rata based on relative transit time completed as a portion of the estimated total transit time. Revenue generated by the Company’s USAT Logistics segment is recognized upon completion of the services provided. Revenue is recorded on a gross basis, without deducting third New accounting pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers 2014 09”), 2014 09 2014 09 five may 2014 09 August 2015, 2015 14, Revenue From Contracts with Customers – Deferral of the Effective Date 2014 09 December 15, 2017, 2017, In February 2016, 2016 02, Leases twelve first 2019, In March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting first 2017, |
Note 2 - Segment Reporting
Note 2 - Segment Reporting | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 2. The Company’s two first 2016, Truck ing USAT Logistics . third 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. Revenue equipment assets are not allocated to USAT Logistics, because USAT Logistics brokers freight services to customers through arrangements with third third A summary of operating revenue by segment is as follows (in thousands): Year Ended December 31, Operating revenue: 201 6 2015 2014 Trucking revenue (1) $ 295,807 $ 356,528 $ 424,082 Trucking intersegment eliminations (1,281 ) (2,048 ) (587 ) Trucking operating revenue 294,526 354,480 423,495 USAT Logistics revenue 140,847 158,295 192,924 USAT Logistics intersegment eliminations (6,274 ) (4,841 ) (13,942 ) USAT Logistics operating revenue 134,573 153,454 178,982 Total operating revenue $ 429,099 $ 507,934 $ 602,477 (1) Includes foreign revenue of $36.9 $42.0 $57.3 December 31, 2016, 2015 2014, A summary of operating (loss) income by segment is as follows (in thousands): Year Ended December 31, Operating (loss) income: 201 6 2015 2014 Trucking $ (14,789 ) $ 11,088 $ (3,122 ) USAT Logistics 7,273 11,983 20,775 Total operating (loss) income $ (7,516 ) $ 23,071 $ 17,653 A summary of depreciation and amortization by segment is as follows (in thousands): Year Ended December 31, Depreciation and amortization: 201 6 2015 2014 Trucking $ 29,467 $ 37,140 $ 43,889 USAT Logistics 487 340 182 Total depreciation and amortization $ 29,954 $ 37,480 $ 44,071 |
Note 3 - Prepaid and Other Curr
Note 3 - Prepaid and Other Current Assets | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | NOTE 3. Prepaid expenses and other current assets consist of the following (in thousands): Year Ended December 31, 20 16 2015 Prepaid licenses, permits and tolls 1,333 1,542 Prepaid insurance 3,375 2,080 Other 1,479 1,254 Total prepaid expenses and other current assets $ 6,187 $ 4,876 |
Note 4 - Note Receivable
Note 4 - Note Receivable | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4. During 2010, $0.2 $2.1 November 2015, $1.9 November 2015. November 2015, first $0.7 In the fourth 2016, November 2015. (1) As of January 1, 2016, (2) The purchaser-debtor agreed that, in addition to the balloon payment of $1.9 $56,953 25% (3) At any time, the Company retains the right to enforce its rights as creditor, mortgagee, and holder of vendor’s privilege and declare the unpaid portion of the purchase price, interest, costs, and attorneys’ fees immediately due and payable. The Company’s rights include initiating foreclosure proceedings and/or other legal action. During the fourth 2016, 1 st April 26, 2017. |
Note 5 - Accrued Expenses
Note 5 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 5 . ACCRUED EXPENSES Accrued expenses consist of the following (in thousands): Year Ended December 31, 201 6 2015 Salaries, wages and employee benefits $ 2,480 $ 4,359 Federal and state tax accruals 1,579 1,712 Restructuring, impairment and other costs (1) 1,404 773 Accrued third party maintenance -- 525 Other 2,070 1,467 Total accrued expenses $ 7,533 $ 8,836 (1) Refer to Note 15 for additional information regarding the restructuring, impairment and other costs. |
Note 6 - Insurance Premium Fina
Note 6 - Insurance Premium Financing | 12 Months Ended |
Dec. 31, 2016 | |
Insurance Premiums Financing Note [Member] | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | NOTE 6. Insurance premium financing On October 27, 2016, $4.3 $1.3 2.6%, October 2017. December 31, 2016 $3.9 third |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 7. Long-term debt consisted of the following (in thousands): Year Ended December 31, 201 6 2015 Revolving credit agreement $ 96,600 $ 70,400 Credit facility In February 2015, The Credit Facility is structured as a $170.0 $80.0 $20.0 five February 5, 2020. 0.50% May 31, 2016, 0.25% 1.00% 1.50% May 31, 2016 two 30 1.25% 2.00% $170.0 $15.0 $20.0 0.25% first 2015 $0.8 Borrowings under the Credit Facility are subject to a borrowing base limited to the lesser of (A) $170.0 90% 85% 85% 85% $10.0 85% 85% 1.0 1.0. 10% The Credit Facility includes usual and customary events of default for a facility of this nature and provides that, upon the occurrence and continuation of an event of default, payment of all amounts payable under the Credit Facility may may The Company had $1.2 December 31, 2016. December 31, 2016, 2.34%. January 31, 2017, $4.7 $36.7 The Company anticipates falling below $34.0 20% first 2017, may 10% 10%, $17.0 twelve |
Note 8 - Leases and Commitments
Note 8 - Leases and Commitments | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | NOTE 8 . LEASES AND COMMITMENTS Capital leases The Company leases certain equipment under capital leases with terms ranging from 15 60 Capitalized Costs Accumulated Amortization Net Book Value December 31, 201 6 $ 69,748 $ 17,428 $ 52,320 December 31, 2015 45,170 12,896 32,274 The Company has capitalized lease obligations relating to revenue equipment of $51.9 $16.7 October 2020 0% 3.11% December 31, 2016. $6.2 $8.3 $12.7 December 31, 2016, 2015, 2014, The Company completed sale-leaseback transactions under which certain Company-owned tractors were sold to an unrelated party for net proceeds of $19.9 $6.3 December 31, 2016 2015, 48 December 31, 2016 2015, $0.1 $0.4 Operating leases The Company has entered into leases with lessors who did not participate in the Credit Facility. Operating lease payments are set forth in the table below for the periods indicated (in thousands). Year Ended December 31, 201 6 2015 2014 Equipment rent $ 7,443 $ 4,424 $ 3,089 Building and office rent (1) 2,001 2,297 2,225 Total rent expense $ 9,444 $ 6,721 $ 5,314 (1) The expense for building and office rents is recorded in the operations and maintenance line item in the accompanying consolidated statement of operations and comprehensive (loss) income. During 2015, two $8.0 two 58 59 2015, $0.3 As of December 31, 2016, one one 2017 2018 2019 2020 2021 Thereafter Future minimum payments $ 18,365 $ 10,378 $ 12,075 $ 15,902 $ -- $ -- Future rentals under operating leases 8,081 7,788 4,837 2,960 111 226 Other commitments As of December 31, 2016, $5.5 The Company typically has the option to cancel revenue equipment orders within a 60 90 December 31, 2016. |
Note 9 - Federal and State Inco
Note 9 - Federal and State Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 9 . FEDERAL AND STATE INCOME TAXES Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands): Year Ended December 31, Deferred tax assets: 2016 2015 Accrued expenses not deductible until paid $ 7,231 $ 7,438 Federal credits 2,023 -- Impairment loss on assets held for sale 1,090 -- Net operating loss carry forwards 731 157 Equity incentive plan 265 316 Allowance for doubtful accounts 182 232 Revenue recognition 113 235 Other 292 335 Total deferred tax assets $ 11,927 $ 8,713 Deferred tax liabilitie Tax over book depreciation (47,217 ) (44,805 ) Prepaid expenses deductible when paid (2,375 ) (1,872 ) Capital leases (235 ) 21 Total deferred tax liabilities (49,827 ) (46,656 ) Net deferred tax liabilities $ (37,900 ) $ (37,943 ) The Company has federal and certain state net operating loss carryovers that expire in varying years through 2036. 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: 201 6 2015 2014 Federal $ (3,420 ) $ 4,526 $ (129 ) State (44 ) 870 201 Total current (3,464 ) 5,396 72 Deferred: Federal 439 2,985 5,383 State (494 ) (109 ) (104 ) Total deferred (55 ) 2,876 5,279 Total income tax (benefit) expense $ (3,519 ) $ 8,272 $ 5,351 A reconciliation between the effective income tax rate and the statutory federal income tax rate of 35% Year Ended December 31, 20 16 2015 2014 Income tax (benefit) expense at statutory federal rate $ (3,926 ) $ 6,790 $ 4,073 Federal income tax effects of: State income tax expense (benefit) 188 (289 ) (34 ) Per diem and other nondeductible meals and entertainment 614 702 872 Other 143 306 343 Federal income tax (benefit) expense (2,981 ) 7,509 5,254 State income tax (benefit) expense (538 ) 763 97 Total income tax (benefit) expense $ (3,519 ) $ 8,272 $ 5,351 Effective tax rate 31.4 % 42.8 % 46.0 % 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 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 is significant. |
Note 10 - Equity Compensation a
Note 10 - Equity Compensation and Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 10. The Company adopted the 2014 May 2014. 2004 500,000 December 31, 2016, 146,754 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, 201 6 2015 2014 Stock options $ -- $ 147 $ 31 Restricted stock awards 976 946 335 Equity compensation expense $ 976 $ 1,093 $ 366 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 (loss) income. 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. The vesting period of option awards is generally 3 4 may three ten 2016, 2015 2014, 2015 The following assumptions were used to value the stock options granted or deemed to have been granted during the years indicated: Year Ended December 31, 2016 2015 2014 Dividend yield -- 0 % -- Expected volatility -- 62.9 % -- Risk-free interest rate -- 0.1 % -- Expected life (in years) -- 0.5 -- The expected volatility is a measure of the expected fluctuation in the Company’s share price based on the historical volatility of the Company’s stock. Expected life represents the length of time an option contract is anticipated to be outstanding before being exercised. The risk-free interest rate is based on an implied yield on United States zero The following table summarizes the stock option activity under the Incentive Plan: 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, $8.71. (2) The weighted-average grant date fair value of options granted during 2016, 2015 2014 $0, $15.17 $0, Restricted s tock a wards 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 generally ratably over four Information related to the restricted stock awarded for the year ended December 31, 2016, 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 (1) The shares were valued at the closing price of the Company’s common stock on the dates of the awards. The fair value of stock options and restricted stock that vested during the year is as follows for the periods indicated (in thousands): Year Ended December 31, 201 6 2015 2014 Stock options $ -- $ 193 $ 49 Restricted stock 746 1,767 931 As of December 31, 2016, $2.6 2.3 Employee benefit plans The Company sponsors the USA Truck, Inc. Employees’ Investment Plan, a tax deferred savings plan under section 401(k) 50% first 4% three July 1, 2016, April 2009. $0.8 2016. |
Note 11 - (Loss) Earnings Per S
Note 11 - (Loss) Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 1 1. 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: 201 6 2015 2014 Net (loss) income $ (7,699 ) $ 11,069 $ 6,285 Denominator: Denominator for basic earnings (loss) per share – weighted-average shares 8,550 10,337 10,356 Effect of dilutive securities: Employee stock options and restricted stock -- 64 129 Denominator for diluted earnings (loss) per share – adjusted weighted-average shares and assumed conversions $ 8,550 $ 10,401 $ 10,485 Basic earnings (loss) per share $ (0.90 ) $ 1.07 $ 0.61 Diluted earnings (loss) per share $ (0.90 ) $ 1.06 $ 0.60 Weighted-average anti-dilutive employee stock options and restricted stock 11 62 3 |
Note 12 - Repurchase of Equity
Note 12 - Repurchase of Equity Securities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | NOTE 1 2. In July 2015, one 2015, 10b5 1 953,738 $18.80 $17.9 January 8, 2016, one In February 2016, two February 2019 2016, 10b5 1 1,583,249 $18.05 $28.4 August 9, 2016, 10b5 1 463,013 December 31, 2016. Purchases under these share repurchase authorizations may may may |
Note 13 - Litigation
Note 13 - Litigation | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | NOTE 1 3 . 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 |
Note 14 - Quarterly Results of
Note 14 - Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 14. The tables below present quarterly financial information for 2016 2015 201 6 March 31, June 30, September 30, December 31, Operating revenue $ 110,618 $ 109,888 $ 105,458 $ 103,135 Operating expenses 112,981 110,445 105,416 107,773 Operating (loss) income (2,363 ) (557 ) 42 (4,638 ) Other, net 768 864 1,000 1,070 Loss before income taxes (3,131 ) (1,421 ) (958 ) (5,708 ) Income tax benefit (1,324 ) (75 ) (224 ) (1,896 ) Net loss $ (1,807 ) $ (1,346 ) $ (734 ) $ (3,812 ) Average shares outstanding (basic) 9,381 8,734 8,069 7,975 Basic loss per share $ (0.19 ) $ (0.15 ) $ (0.09 ) $ (0.48 ) Average shares outstanding (diluted) 9,381 8,734 8,069 7,975 Diluted loss per share $ (0.19 ) $ (0.15 ) $ (0.09 ) $ (0.48 ) 2015 March 31, June 30, September 30, December 31, Operating revenue $ 132,887 $ 133,573 $ 123,490 $ 117,984 Operating expenses 128,361 127,759 118,031 110,712 Operating income 4,526 5,814 5,459 7,272 Other, net 1,582 919 571 658 Income before income taxes 2,944 4,895 4,888 6,614 Income tax expense 1,309 2,125 2,161 2,677 Net income $ 1,635 $ 2,770 $ 2,727 $ 3,937 Average shares outstanding (basic) 10,395 10,435 10,442 10,033 Basic earnings per share $ 0.16 $ 0.27 $ 0.26 $ 0.39 Average shares outstanding (diluted) 10,516 10,516 10,470 10,059 Diluted earnings per share $ 0.16 $ 0.26 $ 0.26 $ 0.39 The amounts reported above have been previously reported in the Company’s quarterly reports on Form 10 may 10 |
Note 15 - Restructuring, Impair
Note 15 - Restructuring, Impairment and Other Costs | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 1 5 . RESTRUCTURING, IMPAIRMENT AND OTHER COSTS During 2016 2015, 2015 In the Company’s Trucking segment, maintenance facilities were closed in Denton, Texas and Carlisle, Pennsylvania and its road assistance function was outsourced to a third 50 December 31, 2015, In July 2015, tenure July 7, 2015, $1.3 In total, during 2015, $2.7 December 31, 2015 Costs Incurred Payments Non-cash Expenses Accrued Balance Severance pay and benefits $ 2,160 $ (869 ) $ (538 ) $ 753 Facility closing expenses 582 (562 ) -- 20 Total $ 2,742 $ (1,431 ) $ (538 ) $ 773 2016 Restructuring, impairment and other costs 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 two December 31, 2016, The following table summarizes the Company’s liabilities, charges, and cash payments related to the restructuring plan made during the year ended December 31, 2016 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 first 2016. (2) During 2016, $1.1 $0.5 $0.6 (3) During the 2016, 2013. $0.6 March 31, 2016. A summary of the Company’s restructuring, impairment and other costs by segment is as follows (in thousands): Costs Incurred Year Ended December 31, 2016 2015 Trucking $ 4,848 $ 2,742 USAT Logistics 416 -- Total $ 5,264 $ 2,742 On May 19, 2016, $0.7 December 31, 2016, $0.3 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Description of business USA Truck, Inc., a Delaware corporation and subsidiary (together, the “Company”), through its Trucking and USAT Logistics segments, transports commodities throughout the contiguous United States and into and out of portions of Canada. USA Truck also transports general commodities into and out of Mexico by allowing through-trailer service from its terminal in Laredo, Texas. In addition to truckload and dedicated service offerings through its Trucking segment, the Company also provides freight brokerage and rail intermodal service offerings through its brokerage segment, which was rebranded during the first 2016 Basis of presentation The accompanying consolidated financial statements include USA Truck, Inc., and its wholly owned subsidiary. 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 [Policy Text Block] | 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 [Policy Text Block] | Cash equivalents The Company considers all highly liquid investments with a maturity of three |
Receivables, Policy [Policy Text Block] | 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. Past due balances over 90 The following table provides a summary of the activity in the allowance for doubtful accounts for 2016, 2015 2014 Year Ended December 31, 20 16 2015 2014 Balance at beginning of year $ 608 $ 1,020 $ 610 Provision for doubtful accounts 515 127 782 Uncollectible accounts written off, net of recovery (515 ) (539 ) (372 ) Balance at end of year $ 608 $ 608 $ 1,020 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | 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, the sale should 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. At December 31, 2016 2015, $4.7 $8.0 twelve $2.8 December 31, 2016, no December 31, 2015 2014. |
Valuation of Long-lived Assets Held-for-use [Policy Text Block] | 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 no December 31, 2016 2015. |
Treasury Stock Policy [Policy Text Block] | 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 equity. The Company recorded a charge to equity of $0.1 December 31, 2016 no December 31, 2015. |
Earnings Per Share, Policy [Policy Text Block] | 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 (stock options and unvested restricted stock awards) 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 [Policy Text Block] | Inventories Inventories consist of tires and supplies, and are stated at the lower of cost (first first The cost of original tires mounted on purchased revenue equipment is capitalized as part of the equipment cost and is depreciated over the useful life of the related equipment. The cost of subsequent replacement tires is expensed at the time those tires are placed in service. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and equipment Property and equipment is capitalized at cost. The cost of such property is depreciated by the straight-line method using the following estimated useful lives: structures – 5 39.5 4 10 3 20 Depreciable l ives and s alvage value of a ssets 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. In the fourth 2016, 2013 25 may |
Income Tax, Policy [Policy Text Block] | 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 (1) (2) 50 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. |
Self Insurance Reserve [Policy Text Block] | 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’s insurance program involves self-insurance with high risk retention levels. Due to its significant self-insured retention amounts, the Company has exposure to fluctuations in the frequency and severity of claims and to variations between its estimated and actual ultimate payouts. 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 [Policy Text Block] | Restricted s tock 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 legally considered issued and outstanding under the terms on the restricted stock agreement. |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition Revenue generated by the Company’s Trucking operating segment is recognized in full upon delivery of freight to the receiver’s location. For freight in transit at the end of a reporting period, the Company recognizes revenue pro rata based on relative transit time completed as a portion of the estimated total transit time. Revenue generated by the Company’s USAT Logistics segment is recognized upon completion of the services provided. Revenue is recorded on a gross basis, without deducting third |
New Accounting Pronouncements, Policy [Policy Text Block] | New accounting pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers 2014 09”), 2014 09 2014 09 five may 2014 09 August 2015, 2015 14, Revenue From Contracts with Customers – Deferral of the Effective Date 2014 09 December 15, 2017, 2017, In February 2016, 2016 02, Leases twelve first 2019, In March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting first 2017, |
Note 1 - Description of Busin23
Note 1 - Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Year Ended December 31, 20 16 2015 2014 Balance at beginning of year $ 608 $ 1,020 $ 610 Provision for doubtful accounts 515 127 782 Uncollectible accounts written off, net of recovery (515 ) (539 ) (372 ) Balance at end of year $ 608 $ 608 $ 1,020 |
Note 2 - Segment Reporting (Tab
Note 2 - Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, Operating revenue: 201 6 2015 2014 Trucking revenue (1) $ 295,807 $ 356,528 $ 424,082 Trucking intersegment eliminations (1,281 ) (2,048 ) (587 ) Trucking operating revenue 294,526 354,480 423,495 USAT Logistics revenue 140,847 158,295 192,924 USAT Logistics intersegment eliminations (6,274 ) (4,841 ) (13,942 ) USAT Logistics operating revenue 134,573 153,454 178,982 Total operating revenue $ 429,099 $ 507,934 $ 602,477 Year Ended December 31, Operating (loss) income: 201 6 2015 2014 Trucking $ (14,789 ) $ 11,088 $ (3,122 ) USAT Logistics 7,273 11,983 20,775 Total operating (loss) income $ (7,516 ) $ 23,071 $ 17,653 Year Ended December 31, Depreciation and amortization: 201 6 2015 2014 Trucking $ 29,467 $ 37,140 $ 43,889 USAT Logistics 487 340 182 Total depreciation and amortization $ 29,954 $ 37,480 $ 44,071 |
Note 3 - Prepaid and Other Cu25
Note 3 - Prepaid and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Other Current Assets [Table Text Block] | Year Ended December 31, 20 16 2015 Prepaid licenses, permits and tolls 1,333 1,542 Prepaid insurance 3,375 2,080 Other 1,479 1,254 Total prepaid expenses and other current assets $ 6,187 $ 4,876 |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | Year Ended December 31, 201 6 2015 Salaries, wages and employee benefits $ 2,480 $ 4,359 Federal and state tax accruals 1,579 1,712 Restructuring, impairment and other costs (1) 1,404 773 Accrued third party maintenance -- 525 Other 2,070 1,467 Total accrued expenses $ 7,533 $ 8,836 |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Year Ended December 31, 201 6 2015 Revolving credit agreement $ 96,600 $ 70,400 |
Note 8 - Leases and Commitmen28
Note 8 - Leases and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Capital Leased Assets [Table Text Block] | Capitalized Costs Accumulated Amortization Net Book Value December 31, 201 6 $ 69,748 $ 17,428 $ 52,320 December 31, 2015 45,170 12,896 32,274 |
Operating Leases of Lessee Disclosure [Table Text Block] | Year Ended December 31, 201 6 2015 2014 Equipment rent $ 7,443 $ 4,424 $ 3,089 Building and office rent (1) 2,001 2,297 2,225 Total rent expense $ 9,444 $ 6,721 $ 5,314 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | 2017 2018 2019 2020 2021 Thereafter Future minimum payments $ 18,365 $ 10,378 $ 12,075 $ 15,902 $ -- $ -- Future rentals under operating leases 8,081 7,788 4,837 2,960 111 226 |
Note 9 - Federal and State In29
Note 9 - Federal and State Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Year Ended December 31, Deferred tax assets: 2016 2015 Accrued expenses not deductible until paid $ 7,231 $ 7,438 Federal credits 2,023 -- Impairment loss on assets held for sale 1,090 -- Net operating loss carry forwards 731 157 Equity incentive plan 265 316 Allowance for doubtful accounts 182 232 Revenue recognition 113 235 Other 292 335 Total deferred tax assets $ 11,927 $ 8,713 Deferred tax liabilitie Tax over book depreciation (47,217 ) (44,805 ) Prepaid expenses deductible when paid (2,375 ) (1,872 ) Capital leases (235 ) 21 Total deferred tax liabilities (49,827 ) (46,656 ) Net deferred tax liabilities $ (37,900 ) $ (37,943 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, Current: 201 6 2015 2014 Federal $ (3,420 ) $ 4,526 $ (129 ) State (44 ) 870 201 Total current (3,464 ) 5,396 72 Deferred: Federal 439 2,985 5,383 State (494 ) (109 ) (104 ) Total deferred (55 ) 2,876 5,279 Total income tax (benefit) expense $ (3,519 ) $ 8,272 $ 5,351 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 20 16 2015 2014 Income tax (benefit) expense at statutory federal rate $ (3,926 ) $ 6,790 $ 4,073 Federal income tax effects of: State income tax expense (benefit) 188 (289 ) (34 ) Per diem and other nondeductible meals and entertainment 614 702 872 Other 143 306 343 Federal income tax (benefit) expense (2,981 ) 7,509 5,254 State income tax (benefit) expense (538 ) 763 97 Total income tax (benefit) expense $ (3,519 ) $ 8,272 $ 5,351 Effective tax rate 31.4 % 42.8 % 46.0 % |
Note 10 - Equity Compensation30
Note 10 - Equity Compensation and Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Year Ended December 31, 201 6 2015 2014 Stock options $ -- $ 147 $ 31 Restricted stock awards 976 946 335 Equity compensation expense $ 976 $ 1,093 $ 366 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2016 2015 2014 Dividend yield -- 0 % -- Expected volatility -- 62.9 % -- Risk-free interest rate -- 0.1 % -- Expected life (in years) -- 0.5 -- |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | 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 -- $ -- -- $ -- |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | 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 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable [Table Text Block] | Year Ended December 31, 201 6 2015 2014 Stock options $ -- $ 193 $ 49 Restricted stock 746 1,767 931 |
Note 11 - (Loss) Earnings Per31
Note 11 - (Loss) Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, Numerator: 201 6 2015 2014 Net (loss) income $ (7,699 ) $ 11,069 $ 6,285 Denominator: Denominator for basic earnings (loss) per share – weighted-average shares 8,550 10,337 10,356 Effect of dilutive securities: Employee stock options and restricted stock -- 64 129 Denominator for diluted earnings (loss) per share – adjusted weighted-average shares and assumed conversions $ 8,550 $ 10,401 $ 10,485 Basic earnings (loss) per share $ (0.90 ) $ 1.07 $ 0.61 Diluted earnings (loss) per share $ (0.90 ) $ 1.06 $ 0.60 Weighted-average anti-dilutive employee stock options and restricted stock 11 62 3 |
Note 14 - Quarterly Results o32
Note 14 - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 201 6 March 31, June 30, September 30, December 31, Operating revenue $ 110,618 $ 109,888 $ 105,458 $ 103,135 Operating expenses 112,981 110,445 105,416 107,773 Operating (loss) income (2,363 ) (557 ) 42 (4,638 ) Other, net 768 864 1,000 1,070 Loss before income taxes (3,131 ) (1,421 ) (958 ) (5,708 ) Income tax benefit (1,324 ) (75 ) (224 ) (1,896 ) Net loss $ (1,807 ) $ (1,346 ) $ (734 ) $ (3,812 ) Average shares outstanding (basic) 9,381 8,734 8,069 7,975 Basic loss per share $ (0.19 ) $ (0.15 ) $ (0.09 ) $ (0.48 ) Average shares outstanding (diluted) 9,381 8,734 8,069 7,975 Diluted loss per share $ (0.19 ) $ (0.15 ) $ (0.09 ) $ (0.48 ) 2015 March 31, June 30, September 30, December 31, Operating revenue $ 132,887 $ 133,573 $ 123,490 $ 117,984 Operating expenses 128,361 127,759 118,031 110,712 Operating income 4,526 5,814 5,459 7,272 Other, net 1,582 919 571 658 Income before income taxes 2,944 4,895 4,888 6,614 Income tax expense 1,309 2,125 2,161 2,677 Net income $ 1,635 $ 2,770 $ 2,727 $ 3,937 Average shares outstanding (basic) 10,395 10,435 10,442 10,033 Basic earnings per share $ 0.16 $ 0.27 $ 0.26 $ 0.39 Average shares outstanding (diluted) 10,516 10,516 10,470 10,059 Diluted earnings per share $ 0.16 $ 0.26 $ 0.26 $ 0.39 |
Note 15 - Restructuring, Impa33
Note 15 - Restructuring, Impairment and Other Costs (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Costs Incurred Payments Non-cash Expenses Accrued Balance Severance pay and benefits $ 2,160 $ (869 ) $ (538 ) $ 753 Facility closing expenses 582 (562 ) -- 20 Total $ 2,742 $ (1,431 ) $ (538 ) $ 773 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 |
Restructuring and Related Costs By Segment [Table Text Block] | Costs Incurred Year Ended December 31, 2016 2015 Trucking $ 4,848 $ 2,742 USAT Logistics 416 -- Total $ 5,264 $ 2,742 |
Note 1 - Description of Busin34
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disposal Group, Including Discontinued Operation, Assets, Current | $ 4,661 | $ 7,979 | |
Impairment of Long-Lived Assets to be Disposed of | 2,839 | 0 | $ 0 |
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | |
Treasury Stock Reissued at Lower than Repurchase Price | $ 100 | $ 0 | |
Building and Building Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 39 years 182 days | ||
Transportation Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 4 years | ||
Transportation Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Other Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Other Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 20 years |
Note 1 - Description of Busin35
Note 1 - Description of Business and Summary of Significant Accounting Policies - Summary of Allowance of Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance | $ 608 | $ 1,020 | $ 610 |
Provision for doubtful accounts | 515 | 127 | 782 |
Uncollectible accounts written off, net of recovery | (515) | (539) | (372) |
Balance | $ 608 | $ 608 | $ 1,020 |
Note 2 - Segment Reporting (Det
Note 2 - Segment Reporting (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Number of Reportable Segments | 2 | ||||||||||
Revenues | $ 103,135 | $ 105,458 | $ 109,888 | $ 110,618 | $ 117,984 | $ 123,490 | $ 133,573 | $ 132,887 | $ 429,099 | $ 507,934 | $ 602,477 |
Trucking [Member] | |||||||||||
Revenues | 294,526 | 354,480 | 423,495 | ||||||||
Trucking [Member] | Operating Segments [Member] | |||||||||||
Revenues | 295,807 | 356,528 | 424,082 | ||||||||
Trucking [Member] | Foreign Countries [Member] | Operating Segments [Member] | |||||||||||
Revenues | $ 36,900 | $ 42,000 | $ 57,300 |
Note 2 - Segment Reporting - Sc
Note 2 - Segment Reporting - Schedule of Segment Reporting, by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | $ 103,135 | $ 105,458 | $ 109,888 | $ 110,618 | $ 117,984 | $ 123,490 | $ 133,573 | $ 132,887 | $ 429,099 | $ 507,934 | $ 602,477 |
Operating income (loss) | $ (4,638) | $ 42 | $ (557) | $ (2,363) | $ 7,272 | $ 5,459 | $ 5,814 | $ 4,526 | (7,516) | 23,071 | 17,653 |
Depreciation and amortization | 29,954 | 37,480 | 44,071 | ||||||||
Trucking [Member] | |||||||||||
Revenues | 294,526 | 354,480 | 423,495 | ||||||||
USAT Logistics [Member] | |||||||||||
Revenues | 134,573 | 153,454 | 178,982 | ||||||||
Operating Segments [Member] | Trucking [Member] | |||||||||||
Revenues | 295,807 | 356,528 | 424,082 | ||||||||
Operating income (loss) | (14,789) | 11,088 | (3,122) | ||||||||
Depreciation and amortization | 29,467 | 37,140 | 43,889 | ||||||||
Operating Segments [Member] | USAT Logistics [Member] | |||||||||||
Revenues | 140,847 | 158,295 | 192,924 | ||||||||
Operating income (loss) | 7,273 | 11,983 | 20,775 | ||||||||
Depreciation and amortization | 487 | 340 | 182 | ||||||||
Intersegment Eliminations [Member] | Trucking [Member] | |||||||||||
Revenues | (1,281) | (2,048) | (587) | ||||||||
Intersegment Eliminations [Member] | USAT Logistics [Member] | |||||||||||
Revenues | $ (6,274) | $ (4,841) | $ (13,942) |
Note 3 - Prepaid and Other Cu38
Note 3 - Prepaid and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Prepaid expenses and other current assets | $ 6,187 | $ 4,876 |
Prepaid Licenses Permitsand Tolls [Member] | ||
Prepaid expenses and other current assets | 1,333 | 1,542 |
Prepaid Insurance [Member] | ||
Prepaid expenses and other current assets | 3,375 | 2,080 |
Other Current Assets [Member] | ||
Prepaid expenses and other current assets | $ 1,479 | $ 1,254 |
Note 4 - Note Receivable (Detai
Note 4 - Note Receivable (Details Textual) - USD ($) | 1 Months Ended | |
Nov. 30, 2010 | Dec. 31, 2016 | |
Proceeds from Sale of Real Estate | $ 200,000 | |
Notes, Loans and Financing Receivable, Gross, Noncurrent | 2,100,000 | $ 1,900,000 |
Deferred Gain Sale Of Property | $ 700,000 | |
Tax Liens Receivable | $ 56,953 | |
Perecentage of Net Sale Proceeds from any Future Sale of Property in Excess of Balloon Payment, Closing Costs, and Realtor Commissions | 25.00% |
Note 5 - Accrued Expenses - Sch
Note 5 - Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Salaries, wages and employee benefits | $ 2,480 | $ 4,359 | |
Federal and state tax accruals | 1,579 | 1,712 | |
Restructuring Reserve | [1] | 1,404 | 773 |
Accrued third party maintenance | 525 | ||
Other | 2,070 | 1,467 | |
Total accrued expenses | $ 7,533 | $ 8,836 | |
[1] | Refer to Note 13 of the footnotes to the Company's condensed consolidated financial statements for additional information regarding the restructuring, impairment and other costs. |
Note 6 - Insurance Premium Fi41
Note 6 - Insurance Premium Financing (Details Textual) - USD ($) $ in Thousands | Oct. 27, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Short-term Debt | $ 3,943 | ||
Insurance Premiums Financing Note [Member] | |||
Short-term Debt | $ 4,300 | $ 3,900 | |
Debt Instrument, Periodic Payment | $ 1,300 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.60% |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
Feb. 28, 2015 | Mar. 31, 2015 | Mar. 31, 2017 | Jan. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Long-term Line of Credit | $ 96,600,000 | $ 70,400,000 | ||||
Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 170,000,000 | |||||
Line Of Credit Facility Additional Borrowing Capacity | 80,000,000 | |||||
Line of Credit Facility, Additional Borrowing Capacity, Incremental Amount | $ 20,000,000 | |||||
Debt Instrument, Term | 5 years | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||||
Write off of Deferred Debt Issuance Cost | $ 800,000 | |||||
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 1 | |||||
Minimum Excess Availability Percentage of Maximum Revolver Amount | 10.00% | |||||
Debt, Weighted Average Interest Rate | 2.34% | |||||
Revolving Credit Facility [Member] | Subsequent Event [Member] | ||||||
Letters of Credit Outstanding, Amount | $ 4,700,000 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 36,700,000 | |||||
Revolving Credit Facility [Member] | Overnight Borrowings [Member] | ||||||
Long-term Line of Credit | $ 1,200,000 | |||||
Revolving Credit Facility [Member] | Eligible Investment Grade Accounts Receivable [Member] | ||||||
Borrowing Based Treshhold, Percentage | 85.00% | |||||
Revolving Credit Facility [Member] | Eligible Investment Grade Accounts Receivable [Member] | Minimum [Member] | ||||||
Borrowing Based Treshhold, Percentage | 85.00% | |||||
Revolving Credit Facility [Member] | Eligible Investment Grade Accounts Receivable [Member] | Maximum [Member] | ||||||
Borrowing Based Treshhold, Percentage | 90.00% | |||||
Revolving Credit Facility [Member] | Eligible Unbilled Accounts Receivable [Member] | ||||||
Borrowing Based Treshhold, Percentage | 85.00% | |||||
Revolving Credit Facility [Member] | Eligible Revenue Equipment [Member] | ||||||
Borrowing Based Treshhold, Percentage | 85.00% | |||||
Borrowing Base Before Additions | $ 10,000,000 | |||||
Revolving Credit Facility [Member] | Newly Acquired Revenue Equipment [Member] | ||||||
Borrowing Based Treshhold, Percentage | 85.00% | |||||
Revolving Credit Facility [Member] | Scenario, Forecast [Member] | ||||||
Minimum Excess Availability Percentage of Maximum Revolver Amount | 10.00% | |||||
Revolving Credit Facility [Member] | Scenario, Forecast [Member] | Minimum [Member] | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 17 | |||||
Revolving Credit Facility [Member] | Scenario, Forecast [Member] | Maximum [Member] | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 34 | |||||
Availability Percentage of Maximum Revolver Amount | 20.00% | |||||
Revolving Credit Facility [Member] | Base Rate [Member] | Through May 31, 2016 [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||
Revolving Credit Facility [Member] | Base Rate [Member] | Through May 31, 2016 [Member] | Minimum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||
Revolving Credit Facility [Member] | Base Rate [Member] | Through May 31, 2016 [Member] | Maximum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Through May 31, 2016 [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | After May 31, 2016 [Member] | Minimum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | After May 31, 2016 [Member] | Maximum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||
Letter of Credit Sub Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000,000 | |||||
Swing Line Sub Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000,000 |
Note 7 - Long-term Debt - Long-
Note 7 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Long-term Line of Credit | $ 96.6 | $ 70.4 |
Note 8 - Leases and Commitmen44
Note 8 - Leases and Commitments (Details Textual) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Capital Lease Obligations | $ 51,900 | $ 51,900 | ||
Capital Lease Obligations, Current | 16,742 | 16,742 | $ 12,190 | |
Capital Leases, Income Statement, Amortization Expense | 6,200 | 8,300 | $ 12,700 | |
Sale Leaseback Transaction, Net Proceeds, Financing Activities | 19,927 | 6,308 | ||
Sale Leaseback Transaction, Deferred Gain, Net | 300 | |||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 7,975 | |||
Revenue or Non-revenue Equipment [Member] | ||||
Purchase Obligation | $ 5,500 | 5,500 | ||
Revenue Equipment [Member] | ||||
Sale Leaseback Transaction, Number of Transactions Completed During Period | 2 | |||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 8,000 | |||
Number of Operating Leases, Current | 2 | |||
Sale-leaseback of Tractors to an Unrelated Party [Member] | ||||
Sale Leaseback Transaction, Net Proceeds, Financing Activities | 19,900 | $ 6,300 | ||
Lessee Leasing Arrangements, Capital Leases, Term of Contract | 4 years | |||
Sale Leaseback Transaction, Deferred Gain, Net | $ 100 | $ 100 | $ 400 | |
Minimum [Member] | ||||
Capital Lease Term | 1 year 90 days | |||
Minimum [Member] | Revenue Equipment [Member] | ||||
Lessee Leasing Arrangements, Capital Leases, Term of Contract | 4 years 300 days | |||
Minimum [Member] | Capital Lease Obligations [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 0.00% | 0.00% | ||
Maximum [Member] | ||||
Capital Lease Term | 5 years | |||
Maximum [Member] | Revenue Equipment [Member] | ||||
Lessee Leasing Arrangements, Capital Leases, Term of Contract | 4 years 330 days | |||
Maximum [Member] | Capital Lease Obligations [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.11% | 3.11% |
Note 8 - Leases and Commitmen45
Note 8 - Leases and Commitments - Capital Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Capitalized Costs | $ 69,748 | $ 45,170 |
Accumulated Amortization | 17,428 | 12,896 |
Net Book Value | $ 52,320 | $ 32,274 |
Note 8 - Leases and Commitmen46
Note 8 - Leases and Commitments - Operating Lease Payments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Lease and rent expense | $ 9,444 | $ 6,721 | $ 5,314 | |
Equipment Rent [Member] | ||||
Lease and rent expense | 7,443 | 4,424 | 3,089 | |
Building And Office Rents [Member] | ||||
Lease and rent expense | [1] | $ 2,001 | $ 2,297 | $ 2,225 |
[1] | The expense for building and office rents is recorded in the operations and maintenance line item in the accompanying consolidated statement of operations and comprehensive (loss) income. |
Note 8 - Leases and Commitmen47
Note 8 - Leases and Commitments - Future Minimum Payments Under Capitalized Leases (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Capital leases due in 2017 | $ 18,365 |
Capital leases due in 2018 | 10,378 |
Capital leases due in 2019 | 12,075 |
Capital leases due in 2020 | 15,902 |
Capital leases due in 2021 | |
Capital leases due thereafter | |
Operating leases due in 2017 | 8,081 |
Operating leases due in 2018 | 7,788 |
Operating leases due in 2019 | 4,837 |
Operating leases due in 2020 | 2,960 |
Operating leases due in 2021 | 111 |
Operating leases due in thereafter | $ 226 |
Note 9 - Federal and State In48
Note 9 - Federal and State Income Taxes (Details Textual) | 12 Months Ended |
Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% |
Note 9 - Federal and State In49
Note 9 - Federal and State Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Accrued expenses not deductible until paid | $ 7,231 | $ 7,438 |
Federal credits | 2,023 | |
Impairment loss on assets held for sale | 1,090 | |
Net operating loss carry forwards | 731 | 157 |
Equity incentive plan | 265 | 316 |
Allowance for doubtful accounts | 182 | 232 |
Revenue recognition | 113 | 235 |
Other | 292 | 335 |
Total deferred tax assets | (11,927) | (8,713) |
Deferred tax liabilities: | ||
Tax over book depreciation | (47,217) | (44,805) |
Prepaid expenses deductible when paid | (2,375) | (1,872) |
Capital leases | (235) | 21 |
Total deferred tax liabilities | (49,827) | (46,656) |
Net deferred tax liabilities | $ (37,900) | $ (37,943) |
Note 9 - Federal and State In50
Note 9 - Federal and State Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||||||||||
Federal | $ (3,420) | $ 4,526 | $ (129) | ||||||||
State | (44) | 870 | 201 | ||||||||
Total current | (3,464) | 5,396 | 72 | ||||||||
Deferred: | |||||||||||
Federal | 439 | 2,985 | 5,383 | ||||||||
State | (494) | (109) | (104) | ||||||||
Total deferred | (55) | 2,876 | 5,279 | ||||||||
Total income tax (benefit) expense | $ (1,896) | $ (224) | $ (75) | $ (1,324) | $ 2,677 | $ 2,161 | $ 2,125 | $ 1,309 | $ (3,519) | $ 8,272 | $ 5,351 |
Note 9 - Federal and State In51
Note 9 - Federal and State Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income tax (benefit) expense at statutory federal rate | $ (3,926) | $ 6,790 | $ 4,073 | ||||||||
Federal income tax effects of: | |||||||||||
State income tax expense (benefit) | 188 | (289) | (34) | ||||||||
Per diem and other nondeductible meals and entertainment | 614 | 702 | 872 | ||||||||
Other | 143 | 306 | 343 | ||||||||
Federal income tax (benefit) expense | (2,981) | 7,509 | 5,254 | ||||||||
State income tax (benefit) expense | (538) | 763 | 97 | ||||||||
Total income tax (benefit) expense | $ (1,896) | $ (224) | $ (75) | $ (1,324) | $ 2,677 | $ 2,161 | $ 2,125 | $ 1,309 | $ (3,519) | $ 8,272 | $ 5,351 |
Effective tax rate | 31.40% | 42.80% | 46.00% |
Note 10 - Equity Compensation52
Note 10 - Equity Compensation and Employee Benefit Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 15.17 | $ 0 |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||
Defined Contribution Plan, Employers Matching Contribution, Vesting Term | 3 years | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0.8 | ||
Common Stock [Member] | |||
Share Price | $ 8.71 | ||
Employee Stock Option [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 3 years | ||
Employee Stock Option [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 2.6 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 109 days | ||
Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 146,754 |
Note 10 - Equity Compensation53
Note 10 - Equity Compensation and Employee Benefit Plans - Recognized Compensation Expense (Details) - Omnibus 2014 Incentive Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation expense | $ 976 | $ 1,093 | $ 366 |
Employee Stock Option [Member] | |||
Compensation expense | 147 | 31 | |
Restricted Stock [Member] | |||
Compensation expense | $ 976 | $ 946 | $ 335 |
Note 10 - Equity Compensation54
Note 10 - Equity Compensation and Employee Benefit Plans - Assumptions Used to Value Stock Options Granted (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividend yield | 0.00% | ||
Expected volatility | 62.90% | ||
Risk-free interest rate | 0.10% | ||
Expected life (in years) (Year) | 182 days |
Note 10 - Equity Compensation55
Note 10 - Equity Compensation and Employee Benefit Plans - Option Activity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)$ / sharesshares | ||
Options outstanding (in shares) | shares | 15,610 | |
Options outstanding, weighted-average exercise price per share (in dollars per share) | $ / shares | $ 5.40 | |
Options granted (in shares) | shares | [1] | |
Options granted, weighted-average exercise price per share (in dollars per share) | $ / shares | [1] | |
Options exercised (in shares) | shares | (2,709) | |
Options exercised, weighted-average exercise price per share (in dollars per share) | $ / shares | $ 7.51 | |
Options exercised, aggregate intrinsic value | $ | $ 25 | [2] |
Options cancelled/forfeited (in shares) | shares | (10,729) | |
Options cancelled/forfeited, weighted-average exercise price per share (in dollars per share) | $ / shares | $ 4.83 | |
Options expired (in shares) | shares | (2,172) | |
Options expired, weighted-average exercise price per share (in dollars per share) | $ / shares | $ 5.61 | |
Options outstanding (in shares) | shares | ||
Options outstanding, weighted-average exercise price per share (in dollars per share) | $ / shares | ||
Options exercisable (in shares) | shares | ||
Options exercisable, weighted-average exercise price per share (in dollars per share) | $ / shares | ||
[1] | The weighted-average grant date fair value of options granted during 2016, 2015 and 2014 was $0, $15.17 and $0, respectively. | |
[2] | 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 $8.71. |
Note 10 - Equity Compensation56
Note 10 - Equity Compensation and Employee Benefit Plans - Restricted Stock Awards (Details) - Restricted Stock [Member] | 12 Months Ended | |
Dec. 31, 2016$ / sharesshares | ||
Number of shares nonvested (in shares) | shares | 115,317 | |
Number of shares nonvested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 21.55 | [1] |
Granted (in shares) | shares | 372,454 | |
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 14.64 | [1] |
Forfeited (in shares) | shares | (150,048) | |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 16.25 | [1] |
Vested (in shares) | shares | (52,527) | |
Vested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 18.18 | [1] |
Number of shares nonvested (in shares) | shares | 285,196 | |
Number of shares nonvested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 15.93 | [1] |
[1] | The shares were valued at the closing price of the Company's common stock on the dates of the awards. |
Note 10 - Equity Compensation57
Note 10 - Equity Compensation and Employee Benefit Plans - Fair Value of Stock Options and Restricted Stock Vested (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock options | $ 193 | $ 49 | |
Restricted stock | $ 746 | $ 1,767 | $ 931 |
Note 11 - (Loss) Earnings Per58
Note 11 - (Loss) Earnings Per Share - Computation of Basic and Diluted Loss Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net loss | $ (3,812) | $ (734) | $ (1,346) | $ (1,807) | $ 3,937 | $ 2,727 | $ 2,770 | $ 1,635 | $ (7,699) | $ 11,069 | $ 6,285 |
Denominator: | |||||||||||
Average shares outstanding (basic) (in shares) | 7,975 | 8,069 | 8,734 | 9,381 | 10,033 | 10,442 | 10,435 | 10,395 | 8,550 | 10,337 | 10,356 |
Effect of dilutive securities: | |||||||||||
Employee stock options and restricted stock (in shares) | 64 | 129 | |||||||||
Denominator for diluted earnings (loss) per share – adjusted weighted-average shares and assumed conversions (in shares) | 7,975 | 8,069 | 8,734 | 9,381 | 10,059 | 10,470 | 10,516 | 10,516 | 8,550 | 10,401 | 10,485 |
Basic loss per share (in dollars per share) | $ (0.48) | $ (0.09) | $ (0.15) | $ (0.19) | $ 0.39 | $ 0.26 | $ 0.27 | $ 0.16 | $ (0.90) | $ 1.07 | $ 0.61 |
Diluted loss per share (in dollars per share) | $ (0.48) | $ (0.09) | $ (0.15) | $ (0.19) | $ 0.39 | $ 0.26 | $ 0.26 | $ 0.16 | $ (0.90) | $ 1.06 | $ 0.60 |
Weighted-average anti-dilutive employee stock options and restricted stock (in shares) | 11 | 62 | 3 |
Note 12 - Repurchase of Equit59
Note 12 - Repurchase of Equity Securities (Details Textual) - Rule 10b5-1 Plan [Member] - USD ($) $ / shares in Units, $ in Millions | 5 Months Ended | 12 Months Ended | |||
Jan. 08, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 28, 2016 | Jul. 31, 2015 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,000,000 | 1,000,000 | |||
Treasury Stock, Shares, Acquired | 1,000,000 | 1,583,249 | 953,738 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 18.05 | $ 18.80 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 28.4 | $ 17.9 | |||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 463,013 |
Note 14 - Quarterly Results o60
Note 14 - 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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating revenue | $ 103,135 | $ 105,458 | $ 109,888 | $ 110,618 | $ 117,984 | $ 123,490 | $ 133,573 | $ 132,887 | $ 429,099 | $ 507,934 | $ 602,477 |
Operating expenses | 107,773 | 105,416 | 110,445 | 112,981 | 110,712 | 118,031 | 127,759 | 128,361 | |||
Operating (loss) income | (4,638) | 42 | (557) | (2,363) | 7,272 | 5,459 | 5,814 | 4,526 | (7,516) | 23,071 | 17,653 |
Other, net | 1,070 | 1,000 | 864 | 768 | 658 | 571 | 919 | 1,582 | |||
Loss before income taxes | (5,708) | (958) | (1,421) | (3,131) | 6,614 | 4,888 | 4,895 | 2,944 | (11,218) | 19,341 | 11,636 |
Income tax benefit | (1,896) | (224) | (75) | (1,324) | 2,677 | 2,161 | 2,125 | 1,309 | (3,519) | 8,272 | 5,351 |
Net loss | $ (3,812) | $ (734) | $ (1,346) | $ (1,807) | $ 3,937 | $ 2,727 | $ 2,770 | $ 1,635 | $ (7,699) | $ 11,069 | $ 6,285 |
Average shares outstanding (basic) (in shares) | 7,975 | 8,069 | 8,734 | 9,381 | 10,033 | 10,442 | 10,435 | 10,395 | 8,550 | 10,337 | 10,356 |
Basic loss per share (in dollars per share) | $ (0.48) | $ (0.09) | $ (0.15) | $ (0.19) | $ 0.39 | $ 0.26 | $ 0.27 | $ 0.16 | $ (0.90) | $ 1.07 | $ 0.61 |
Average shares outstanding (diluted) (in shares) | 7,975 | 8,069 | 8,734 | 9,381 | 10,059 | 10,470 | 10,516 | 10,516 | 8,550 | 10,401 | 10,485 |
Diluted loss per share (in dollars per share) | $ (0.48) | $ (0.09) | $ (0.15) | $ (0.19) | $ 0.39 | $ 0.26 | $ 0.26 | $ 0.16 | $ (0.90) | $ 1.06 | $ 0.60 |
Note 15 - Restructuring, Impa61
Note 15 - Restructuring, Impairment and Other Costs (Details Textual) $ in Thousands | May 19, 2016USD ($) | Mar. 31, 2016USD ($) | Jul. 07, 2015USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | ||
Restructuring and Related Cost, Number of Positions Eliminated | 47 | 50 | |||||||
Restructuring Charges | $ 5,264 | $ 2,742 | |||||||
Asset Impairment Charges | 3,909 | ||||||||
Out of Period Adjustment of Accounts Payable | $ 600 | ||||||||
Restructuring Reserve | [1] | 1,404 | 773 | ||||||
Non-operating Assets [Member] | |||||||||
Asset Impairment Charges | 1,100 | ||||||||
Bulk Fuel Assets [Member] | |||||||||
Asset Impairment Charges | 500 | ||||||||
Spartanburg Terminal [Member] | |||||||||
Asset Impairment Charges | $ 600 | ||||||||
Contractor [Member] | |||||||||
Restructuring and Related Cost, Number of Positions Eliminated | 2 | ||||||||
Separation Agreement [Member] | Chief Executive Officer [Member] | |||||||||
Restructuring Charges | $ 1,300 | ||||||||
Costs Relating to Streamlining Operations and Asset Write-Offs [Member] | |||||||||
Restructuring Charges | $ 3,500 | ||||||||
Employee Severance [Member] | |||||||||
Restructuring Charges | $ 768 | [2] | 2,160 | ||||||
Restructuring Reserve | [2] | 81 | $ 753 | ||||||
Employee Severance [Member] | Salaries, Wages and Employee Benefits [Member] | Separation Agreement [Member] | |||||||||
Restructuring Charges | $ 700 | ||||||||
Restructuring Reserve | $ 300 | ||||||||
[1] | Refer to Note 13 of the footnotes to the Company's condensed consolidated financial statements for additional information regarding the restructuring, impairment and other costs. | ||||||||
[2] | The Company incurred total pretax expenses of approximately $3.5 million related to these streamlining initiatives during the first quarter of 2016. |
Note 15 - Restructuring, Impa62
Note 15 - Restructuring, Impairment and Other Costs - Restructuring, Severance and Related Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Restructuring, impairment and other costs | $ 5,264 | $ 2,742 | |||
Payments | (2,627) | (1,431) | |||
Non-cash Expenses | (2,006) | (538) | |||
Accrued Balance | [1] | 773 | 773 | ||
Accrued balance, beginning | [1] | 773 | |||
Costs incurred | 5,264 | 2,742 | |||
Payments | (2,627) | (1,431) | |||
Expenses/charges | (2,006) | (538) | |||
Accrued balance, ending | [1] | 1,404 | 773 | ||
Restatement Adjustment [Member] | |||||
Restructuring, impairment and other costs | [2] | 647 | |||
Payments | [2] | ||||
Non-cash Expenses | [2] | (647) | |||
Accrued Balance | [2] | ||||
Accrued balance, beginning | [2] | ||||
Costs incurred | [2] | 647 | |||
Payments | [2] | ||||
Expenses/charges | [2] | (647) | |||
Accrued balance, ending | [2] | ||||
Employee Severance [Member] | |||||
Restructuring, impairment and other costs | 768 | [3] | 2,160 | ||
Payments | (1,437) | [3] | (869) | ||
Non-cash Expenses | (3) | [3] | (538) | ||
Accrued Balance | [3] | 753 | 753 | ||
Accrued balance, beginning | [3] | 753 | |||
Costs incurred | 768 | [3] | 2,160 | ||
Payments | (1,437) | [3] | (869) | ||
Expenses/charges | (3) | [3] | (538) | ||
Accrued balance, ending | [3] | 81 | 753 | ||
Facility Closing [Member] | |||||
Restructuring, impairment and other costs | 2,779 | [3] | 582 | ||
Payments | (1,190) | [3] | (562) | ||
Non-cash Expenses | (286) | [3] | |||
Accrued Balance | [3] | 20 | 20 | ||
Accrued balance, beginning | [3] | 20 | |||
Costs incurred | 2,779 | [3] | 582 | ||
Payments | (1,190) | [3] | (562) | ||
Expenses/charges | (286) | [3] | |||
Accrued balance, ending | [3] | 1,323 | 20 | ||
Impairment of Spartanburg Terminal [Member] | |||||
Restructuring, impairment and other costs | [4] | 546 | |||
Payments | [4] | ||||
Non-cash Expenses | [4] | (546) | |||
Accrued Balance | [4] | ||||
Accrued balance, beginning | [4] | ||||
Costs incurred | [4] | 546 | |||
Payments | [4] | ||||
Expenses/charges | [4] | (546) | |||
Accrued balance, ending | [4] | ||||
Impairment of Bulk Fuel Assets [Member] | |||||
Restructuring, impairment and other costs | [4] | 524 | |||
Payments | [4] | ||||
Non-cash Expenses | [4] | (524) | |||
Accrued Balance | [4] | ||||
Accrued balance, beginning | [4] | ||||
Costs incurred | [4] | 524 | |||
Payments | [4] | ||||
Expenses/charges | [4] | (524) | |||
Accrued balance, ending | [4] | ||||
[1] | Refer to Note 13 of the footnotes to the Company's condensed consolidated financial statements for additional information regarding the restructuring, impairment and other costs. | ||||
[2] | 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. | ||||
[3] | The Company incurred total pretax expenses of approximately $3.5 million related to these streamlining initiatives during the first quarter of 2016. | ||||
[4] | 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 $0.6 million related to the fair market value impairment of the Company's Spartanburg terminal. |
Note 15 - Restructuring, Impa63
Note 15 - Restructuring, Impairment and Other Costs - Restructuring Costs by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Costs incurred | $ 5,264 | $ 2,742 | |
Trucking [Member] | |||
Costs incurred | 4,848 | 2,742 | |
USAT Logistics [Member] | |||
Costs incurred | $ 416 |