Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 23, 2018 | Jun. 30, 2017 | |
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) | 8,288,769 | ||
Entity Public Float | $ 68,032,891 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash | $ 71 | $ 122 |
Accounts receivable, net of allowance for doubtful accounts of $639 and $608, respectively | 55,138 | 55,127 |
Other receivables | 2,787 | 6,986 |
Inventories | 458 | 413 |
Assets held for sale | 112 | 4,661 |
Prepaid expenses and other current assets | 6,025 | 6,187 |
Total current assets | 64,591 | 73,496 |
Property and equipment: | ||
Land and structures | 31,452 | 31,500 |
Revenue equipment | 252,484 | 269,953 |
Service, office and other equipment | 26,209 | 25,295 |
Property and equipment, at cost | 310,145 | 326,748 |
Accumulated depreciation and amortization | (122,329) | (106,465) |
Property and equipment, net | 187,816 | 220,283 |
Other assets | 1,448 | 1,189 |
Total assets | 253,855 | 294,968 |
Current liabilities: | ||
Accounts payable | 24,332 | 18,779 |
Current portion of insurance and claims accruals | 13,552 | 10,665 |
Accrued expenses | 9,108 | 7,533 |
Current maturities of capital leases | 12,929 | 16,742 |
Insurance premium financing | 4,115 | 3,943 |
Total current liabilities | 64,036 | 57,662 |
Deferred gain | 480 | 652 |
Long-term debt, less current maturities | 61,225 | 96,600 |
Capital leases, less current maturities | 29,216 | 35,133 |
Deferred income taxes | 21,136 | 37,775 |
Insurance and claims accruals, less current portion | 11,274 | 8,558 |
Total liabilities | 187,367 | 236,380 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred Stock, $0.01 par value; 1,000,000 shares authorized; none issued | ||
Common Stock, $0.01 par value; 30,000,000 shares authorized; issued 12,142,391 shares, and 12,156,376 shares, respectively | 121 | 122 |
Additional paid-in capital | 68,667 | 68,375 |
Retained earnings | 65,460 | 57,963 |
Less treasury stock, at cost (3,853,064 shares, and 3,849,815 shares, respectively) | (67,760) | (67,872) |
Total stockholders’ equity | 66,488 | 58,588 |
Total liabilities and stockholders’ equity | $ 253,855 | $ 294,968 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts receivable, allowance for doubtful accounts | $ 639 | $ 608 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Peferred 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) | 12,142,391 | 12,156,376 |
Treasury stock, shares (in shares) | 3,853,064 | 3,849,815 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating revenue | $ 446,533 | $ 429,099 | $ 507,934 |
Operating expenses: | |||
Salaries, wages and employee benefits | 122,297 | 122,408 | 140,649 |
Fuel and fuel taxes | 45,853 | 43,179 | 58,511 |
Depreciation and amortization | 28,463 | 29,954 | 37,480 |
Insurance and claims | 25,628 | 21,154 | 21,183 |
Equipment rent | 10,173 | 7,443 | 4,424 |
Operations and maintenance | 31,001 | 34,252 | 39,644 |
Purchased transportation | 164,012 | 148,972 | 161,370 |
Operating taxes and licenses | 4,068 | 4,695 | 5,720 |
Communications and utilities | 2,713 | 3,239 | 3,599 |
Gain on disposal of assets, net | (773) | (1,116) | (7,547) |
Restructuring, impairment and other costs | 5,264 | 2,742 | |
Impairment on assets held for sale | 2,839 | ||
Other | 15,166 | 14,332 | 17,088 |
Total operating expenses | 448,601 | 436,615 | 484,863 |
Operating (loss) income | (2,068) | (7,516) | 23,071 |
Other expenses: | |||
Interest expense, net | 3,808 | 3,178 | 2,237 |
Loss on extinguishment of debt | 750 | ||
Other, net | 387 | 524 | 743 |
Total other expenses, net | 4,195 | 3,702 | 3,730 |
(Loss) income before income taxes | (6,263) | (11,218) | 19,341 |
Income tax (benefit) expense | (13,760) | (3,519) | 8,272 |
Net income (loss) and comprehensive income (loss) | $ 7,497 | $ (7,699) | $ 11,069 |
Net earnings (loss) per share: | |||
Average shares outstanding (basic) (in shares) | 8,029 | 8,550 | 10,337 |
Basic earnings (loss) per share (in dollars per share) | $ 0.93 | $ (0.90) | $ 1.07 |
Average shares outstanding (diluted) (in shares) | 8,056 | 8,550 | 10,401 |
Diluted earnings (loss) per share (in dollars per share) | $ 0.93 | $ (0.90) | $ 1.06 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2014 | 11,873 | ||||
Balance at Dec. 31, 2014 | $ 119 | $ 65,850 | $ 54,802 | $ (21,703) | $ 99,068 |
Exercise of stock options (in shares) | 32 | ||||
Exercise of stock options | 168 | 168 | |||
Excess tax benefit on exercise of stock options | 721 | 721 | |||
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 | ||||
Restricted stock award grant | $ 1 | (1) | |||
Forfeited restricted stock (in shares) | (84) | ||||
Forfeited restricted stock | $ (1) | 1 | |||
Net share settlement related to restricted stock vesting (in shares) | (16) | ||||
Net share settlement related to restricted stock vesting | (410) | (410) | |||
Net income (loss) | 11,069 | 11,069 | |||
Balance (in shares) at Dec. 31, 2015 | 11,946 | ||||
Balance at Dec. 31, 2015 | $ 119 | 67,370 | 65,871 | (39,583) | 93,777 |
Exercise of stock options (in shares) | 2 | ||||
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 | ||||
Restricted stock award grant | $ 4 | (4) | |||
Forfeited restricted stock (in shares) | (102) | ||||
Forfeited restricted stock | $ (1) | 1 | |||
Net share settlement related to restricted stock vesting (in shares) | (9) | ||||
Net share settlement related to restricted stock vesting | (104) | (104) | |||
Net income (loss) | (7,699) | (7,699) | |||
Excess tax benefit on exercise of stock options | (135) | (135) | |||
Issuance of treasury stock to fill equity grants | (26) | 83 | 57 | ||
Balance (in shares) (Scenario, Previously Reported [Member]) at Dec. 31, 2016 | 12,156 | ||||
Balance (in shares) at Dec. 31, 2016 | 12,156 | ||||
Balance (Scenario, Previously Reported [Member]) at Dec. 31, 2016 | $ 122 | 68,041 | 58,172 | (67,872) | 58,463 |
Balance at Dec. 31, 2016 | 122 | 68,375 | 57,963 | (67,872) | 58,588 |
Stock-based compensation | 459 | 459 | |||
Restricted stock award grant (in shares) | 199 | ||||
Restricted stock award grant | $ 1 | (1) | |||
Forfeited restricted stock (in shares) | (213) | ||||
Forfeited restricted stock | $ (2) | 2 | |||
Net share settlement related to restricted stock vesting (in shares) | |||||
Net share settlement related to restricted stock vesting | 2 | 2 | |||
Net income (loss) | 7,497 | 7,497 | |||
Effect of adoption of share-based payment pronouncement ASU 2016-09 (see note 1) at Dec. 31, 2016 | 334 | (209) | 125 | ||
Issuance of treasury stock | (170) | 112 | (58) | ||
Balance (in shares) at Dec. 31, 2017 | 12,142 | ||||
Balance at Dec. 31, 2017 | $ 121 | $ 68,667 | $ 65,460 | $ (67,760) | $ 66,488 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income (loss) | $ 7,497 | $ (7,699) | $ 11,069 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 28,463 | 29,954 | 37,480 |
Provision for doubtful accounts | 311 | 515 | 127 |
Deferred income tax (benefit) provision | (16,639) | (55) | 2,876 |
Share-based compensation | 459 | 976 | 1,093 |
Loss on extinguishment of debt | 750 | ||
Change in vacation policy | (1,383) | ||
Gain on disposal of assets, net | (773) | (1,116) | (7,547) |
Asset impairments | 3,909 | ||
Other | (171) | (47) | 232 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 2,323 | 1,949 | 11,540 |
Inventories, prepaid expenses and other current assets | 117 | (979) | 409 |
Trade accounts payable and accrued expenses | 8,526 | (5,945) | 2,539 |
Insurance and claims accruals | 5,603 | 509 | 1,689 |
Other long-term assets and liabilities | (259) | 216 | (749) |
Net cash provided by operating activities | 35,457 | 22,187 | 60,125 |
Investing activities | |||
Purchases of property and equipment | (13,976) | (59,751) | (66,186) |
Proceeds from sale of property and equipment | 13,875 | 25,849 | 38,774 |
Proceeds from operating sale leaseback | 10,980 | 7,975 | |
Net cash provided by (used in) investing activities | 10,879 | (33,902) | (19,437) |
Financing activities | |||
Borrowings under long-term debt | 29,991 | 73,009 | 140,738 |
Principal payments on long-term debt | (65,633) | (42,866) | (141,456) |
Principal payments on capitalized lease obligations | (11,811) | (9,969) | (27,121) |
Principal payments on note payable | (896) | ||
Net change in bank drafts payable | (1,398) | 240 | (926) |
Excess tax benefit from exercise of stock options | (135) | 721 | |
Proceeds from capital sale leaseback | 2,520 | 19,927 | 6,308 |
Purchase of common stock | (28,412) | (17,932) | |
Issuance of treasury stock | (58) | 57 | |
Net proceeds or (payments) from stock based awards | 2 | (101) | (242) |
Net cash (used in) provided by financing activities | (46,387) | 11,750 | (40,806) |
(Decrease) increase in cash and cash equivalents | (51) | 35 | (118) |
Cash and cash equivalents: | |||
Beginning of year | 122 | 87 | 205 |
End of year | 71 | 122 | 87 |
Supplemental disclosure of cash flow information | |||
Interest | 3,862 | 3,382 | 2,084 |
Income taxes | $ 175 | $ 716 | $ 9,808 |
Note 1 - Description of Busines
Note 1 - Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1. Description of b usiness USA Truck, Inc. is a Delaware corporation and subsidiary (together, the “Company”) headquartered in Van Buren, Arkansas. The Company transports commodities throughout the contiguous United States and into and out of portions of Canada, as well as transports general commodities into and out of Mexico by offering through-trailer service from its terminal in Laredo, Texas. The Company has two 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. T he 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 e stimates 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 e quivalents The Company considers all highly liquid investments with a maturity of three s for cash and cash equivalents approximates its fair value. Allowance for doubtful accounts The allowance for doubtful accounts is management ’s estimate of the amount of probable credit losses in the Company’s existing accounts receivable. Management reviews the financial condition of customers for granting credit and determines the allowance based on analysis of individual customers’ financial condition, historical write-off experience and national economic conditions. The Company evaluates the adequacy of its allowance for doubtful accounts quarterly. The Company does not The following table provides a summary of the activity in the allowance for doubtful accounts for the years ended 2017, 2016, 2015 Year Ended December 31, 20 1 7 201 6 20 15 Balance at beginning of year $ 608 $ 608 $ 1,020 Provision for doubtful accounts 311 515 127 Uncollectible accounts written off, net of recovery (280 ) (515 ) (539 ) Balance at end of year $ 639 $ 608 $ 608 Assets held for sale When we plan to dispose of property by sale, the asset is carried in the financial statements at the lower of the carrying amount or estimated fair value, less cost to sell, and is reclassified to assets held for sale. Additionally, after such reclassification, there is no of disposition, the sale must be anticipated during the ensuing year, the asset must be actively marketed, the asset must be available for immediate sale, and meet certain other specified criteria. The Company recorded a charge of $2.8 December 31, 2016, Valuation of long-lived assets We review property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not no ived assets at December 31, 2017 2016. 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 charges to equity of $0.1 December 31, 2017 2016, November 2016. Earnings per share data T he 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 parts, and are stated at the lower of cost or market. These items are expensed as used on a first first Property and equipment Property and equipment is capitalized in accordance with the Company’s asset capitalization policy. The capitalized property is depreciated by the straight-line method using the following estimated useful lives: structures – 15 39.5 5 14 3 10 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. During the third 2017, 10 14 not a material impact on the either current or future financial statements. Actual disposition values 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 not 2 not 50 The Company believes that its income tax filing positions and deductions will be sustained on audit and does not no The SEC staff issued Staff Accounting Bulletin 118 118 ”), for the tax effects of the Tax Cuts and Jobs Act of 2017 118 not one 740. 118, 740 740 December 31, 2017, December 31, 2017 Claims accruals The primary claims arising against the Company consist of cargo loss and damage, liability, personal injury, property damage, workers ’ compensation, and employee medical expenses. The Company has exposure to fluctuations in the frequency and severity of claims and to variations between its estimated and actual ultimate payouts up to the Company’s self-insured retention level. Estimates require judgments concerning the nature and severity of the claim, as well as other factors. Actual settlement of the self-insured claim liabilities could differ from management’s initial assessment due to uncertainties and fact development. Restricted 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 r ecognition Revenue generated by the Company’s Trucking segment is recognized as services are provided. 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 p ronouncements In May 2014, No. 2014 09, 2014 09” The core principle of ASU 2014 09 2014 09 five may 2014 09 not 2014 09 In February 2016, No. 2016 02, not twelve first 2019, In March 2016, 2016 09, 2016 09 January 1, 2017. and recognized a positive net cumulative adjustment of $0.1 December 31, 2016. no December 31, 2017. |
Note 2 - Segment Reporting
Note 2 - Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 2. The Company ’s two In determining its reportable segments, the Company’s management focuses on financial information, such as operating revenue, operating expense categories, operating ratios and operating income, as well as on key operating statistics, to make operating decisions. Trucking . Trucking is comprised of one USAT Logistics. USAT Logistics’ service offerings consist of freight brokerage, logistics, and rail intermodal services. Each of these service offerings match customer shipments with available equipment of authorized third Revenue equipment a ssets are not third third Customer Concentratio n Services provided to the Company's largest customer, Walmart Inc., generated approximately 14%, 12%, 11% 2017, 2016, 2015, No 10% A summary of operating revenue by segment is as follows (in thousands): Year Ended December 31, Operating revenue: 201 7 201 6 201 5 Trucking revenue (1) $ 302,943 $ 295,807 $ 356,528 Trucking intersegment eliminations (891 ) (1,281 ) (2,048 ) Trucking operating revenue 302,052 294,526 354,480 USAT Logistics revenue (2) 152,137 140,847 158,295 USAT Logistics intersegment eliminations (7,656 ) (6,274 ) (4,841 ) USAT Logistics operating revenue 144,481 134,573 153,454 Total operating revenue $ 446,533 $ 429,099 $ 507,934 ( 1 Includes foreign revenue of $35.5 $36.9 $42.0 December 31, 2017, 2016 2015, ( 2 USAT Logistics de Mexico was established on March 4, 2017. December 31, 2017 $2.1 A summary of operating (loss) income by segment is as follows (in thousands): Year Ended December 31, Operating (loss) income: 201 7 201 6 201 5 Trucking $ (9,667 ) $ (14,789 ) $ 11,088 USAT Logistics 7,599 7,273 11,983 Total operating (loss) income $ (2,068 ) $ (7,516 ) $ 23,071 A summary of depreciation and amortization by segment is as follows (in thousands): Year Ended December 31, Depreciation and amortization: 201 7 201 6 201 5 Trucking $ 28,002 $ 29,467 $ 37,140 USAT Logistics 461 487 340 Total depreciation and amortization $ 28,463 $ 29,954 $ 37,480 |
Note 3 - Prepaid Expenses and O
Note 3 - Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | NOTE 3 . PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following (in thousands): Year Ended December 31, 20 1 7 20 16 Prepaid licenses , permits and tolls 1,398 1,333 Prepaid insurance 3,574 3,375 Other 1,053 1,479 Total prepaid expenses and other current assets $ 6,025 $ 6,187 |
Note 4 - Note Receivable
Note 4 - Note Receivable | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4. During 2010, $0.2 $2.1 which was recorded in the line item “Other Receivables” in the accompanying condensed consolidated balance sheets at December 31, 2016. November 2015. $0.7 The purchaser -debtor defaulted on the note receivable in November 2015, April 26, 2017, third $1.6 $1.4 second 2017, $0.2 |
Note 5 - Accrued Expenses
Note 5 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2017 | |
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 7 201 6 Salaries, wages and employee benefits $ 3,604 $ 2,480 Federal and state tax accruals 3,587 1,579 Restructuring, impairment and other costs (1) 770 1,404 Other (2) 1,147 2,070 Total accrued expenses $ 9,108 $ 7,533 ( 1 Refer to Note 15 for additional information regarding the restructuring, impairment and other costs. ( 2 As of December 31, 2017 December 31, 2016, no 5.0% |
Note 6 - Insurance Premium Fina
Note 6 - Insurance Premium Financing | 12 Months Ended |
Dec. 31, 2017 | |
Insurance Premiums Financing Note [Member] | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | NOTE 6. Insurance premium financing On October 1, 2017, $4.1 third $1.4 3.0% October 2018. December 31, 2017 $4.1 |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 12 Months Ended |
Dec. 31, 2017 | |
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 7 201 6 Revolving credit agreement $ 61,225 $ 96,600 Credit f acility In February 2015, The Credit Facility is structured as a $170.0 revolving credit facility, with an accordion feature that, so long as no $80.0 $20.0 five February 5, 2020. 0.25% 1.00% 1.25% 2.00% two 30 $170.0 $15.0 $20.0 0.25% Borrowings under the Credit Facility are subject to a borrowing base limited to the lesser of (A) $170.0 90% ligible investment grade accounts receivable (reduced to 85% 85% the lesser of (a) 85% $10.0 85% 85% not The Credit Facility contains a single financial covenant, which requires a consolidate d fixed charge coverage ratio of at least 1.0 1.0 10% 20% . Management believes the Company’s excess availability will not 20%, $34.0 twelve The Credit Facility includes usual an d 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 no December 31, 2017. December 31, 2017, 3.19%. December 31, 2017, the Company had outstanding $5.4 $61.8 |
Note 8 - Leases and Commitments
Note 8 - Leases and Commitments | 12 Months Ended |
Dec. 31, 2017 | |
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 7 $ 66,785 $ 23,254 $ 43,531 December 31, 201 6 69,748 17,428 52,320 The Company has capitalized lease obligations relating to revenue equipment of $ 42.1 $12.9 November 2024 nil 3.11% December 31, 2017. $7.4 $6.2 $8.3 December 31, 2017, 2016, 2015, For 2017 2016, he Company completed capital sale-leaseback transactions under which certain Company-owned tractors were sold to an unrelated party for net proceeds of $2.5 $19.9 48 2017 2016, Company recorded liabilities of approximately $0.0 $0.1 Operating leases The Company has entered into leases with lessors who did not Year Ended December 31, 201 7 201 6 201 5 Equipment rent $ 10,173 $ 7,443 $ 4,424 Building and office rent (1) 1,619 2,001 2,297 Total rent expense $ 11,792 $ 9,444 $ 6,721 ( 1 T he expense for building and office rent is recorded in the operations and maintenance line item in the accompanying consolidated statement of operations and comprehensive income (loss). During the first 2017, $11.0 41 $0.03 As of December 31, 2017, one one 201 8 201 9 20 20 20 21 20 22 Thereafter Future minimum payments $ 14,077 $ 12,317 $ 15,832 $ 326 $ 327 $ 1,578 Future rentals under operating leases 11,239 8,216 4,765 676 384 458 Other commitments As of December 31, 2017, no The Company typically has the option to cancel revenue equipment orders within a 60 90 |
Note 9 - Federal and State Inco
Note 9 - Federal and State Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 201 6 Deferred tax assets: (recast) Accrued expenses not deductible until paid $ 6,062 $ 7,231 Federal credits -- 2,023 Impairment loss on assets held for sale -- 1,090 Net operating loss carry forwards 496 731 Allowance for doubtful accounts 246 182 Equity incentive plan 178 265 Other 124 292 Revenue recognition 110 113 Total deferred tax assets 7,216 11,927 Deferred tax liabilitie s: Tax over book depreciation (26,806 ) (47,217 ) Prepaid expenses deductible when paid (1,514 ) (2,375 ) Capital leases (32 ) (235 ) Effect of adoption of share-based payment pronouncement ASU 2016-09 -- 125 Total deferred tax liabilities (28,352 ) (49,702 ) Net deferred tax liabilities $ (21,136 ) $ (37,775 ) The Company has certain state net operating loss carryovers that expire in varying years through 2036. its tax attributes in future years before they expire. On December 22, 2017 , the U.S. Government enacted the Tax Cuts and Jobs Act, which, among other things, reduces the federal corporate income tax rate from 35% 21% January 1, 2018. 21%. $12.0 Significant components of the provision (benefit) for income taxes are as follows (in thousands): Year Ended December 31, Current: 201 7 201 6 201 5 Federal $ 2,689 $ (3,420 ) $ 4,526 State 190 (44 ) 870 Total current 2,879 (3,464 ) 5,396 Deferred: Federal (16,812 ) 439 2,985 State 173 (494 ) (109 ) Total deferred (16,639 ) (55 ) 2,876 Total income tax (benefit) expense $ (13,760 ) $ (3,519 ) $ 8,272 A reconciliation between the effective income tax rate and the statutory federal income tax rate of 35% Year Ended December 31, 20 1 7 2 016 20 15 Income tax (benefit) expense at statutory federal rate $ (2,190 ) $ (3,926 ) $ 6,790 Federal income tax effects of: State income tax expense (benefit) 76 188 (289 ) Per diem and other n ondeductible meals and entertainment 578 614 702 Impact of Tax Cuts and Jobs Act (12,010 ) -- -- Other -- 143 306 Federal income tax (benefit) expense (13,546 ) (2,981 ) 7,509 State income tax (benefit) expense (214 ) (538 ) 763 Total income tax (benefit) expense $ (13,760 ) $ (3,519 ) $ 8,272 Effective tax rate 219.9 % 31.4 % 42.8 % In 2017, the Tax Cuts and Jobs Act being signed into law resulting in the recognition of an estimated $12.0 In 2015 2016, |
Note 10 - Equity Compensation a
Note 10 - Equity Compensation and Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 10. The Company adopted the 2014 May 2014. the 2004 500,000 May 2017, 500,000 December 31, 2017, 601,617 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 7 20 16 20 15 Stock options $ -- $ -- $ 147 Restricted stock awards 459 976 946 Equity compensation expense $ 459 $ 976 $ 1,093 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 has generally been 3 4 three ten not 2017, 2016, 2015, 2015 The following assumptions were used to value the stock options granted or deemed to have been granted during 2015: 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 There was no 2017 2016. 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, 2017, Number of Shares Weighted -Average Grant Date Fair Value (1) Nonvested shares – December 31, 2016 285,196 $ 15.93 Granted 217,583 7.55 Forfeite d (212,834 ) 14.62 Vested (51,008 ) 15.02 Nonvested shares – December 31, 2017 238,937 $ 9.71 ( 1 The shares were valued at the closing price of the Company ’s common stock on the date(s) specified by the award agreements. The fair value of stock options and restricted stock that vested during the year is as follows for the pe riods indicated (in thousands): Year Ended December 31, 201 7 201 6 201 5 Stock options $ -- $ -- $ 193 Restricted stock 398 746 1,767 As of December 31, 201 7, $1.3 2.4 Employee b enefit p lans The Company sponsors the USA Truck, Inc. Employees ’ Investment Plan, a tax deferred savings plan under section 401 50% first 4% three July 1, 2016, April 2009. $0.7 2017. |
Note 11 - Earnings (Loss) Per S
Note 11 - Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 1 1 . EARNINGS (LOSS) PER SHARE The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share amounts): Year Ended December 31, Numerator: 201 7 201 6 201 5 Net income (loss) $ 7,497 $ (7,699 ) $ 11,069 Denominator: Denominator for basic earnings (loss) per share – weighted-average shares 8,029 8,550 10,337 Effect of dilutive securities: Employee restricted stock 27 -- 64 Denominator for diluted earnings (loss) per share – adjusted weighted-average shares and assumed conversions $ 8,056 $ 8,550 $ 10,401 Basic earnings (loss) per share $ 0.93 $ (0.90 ) $ 1.07 Diluted earnings (loss) per share $ 0.93 $ (0.90 ) $ 1.06 Weighted-average anti-dilutive employee restricted stock 1 11 62 |
Note 12 - Repurchase of Equity
Note 12 - Repurchase of Equity Securities | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | NOTE 1 2 . REPURCHASE OF EQUITY SECURITIES In February 2016, two million February 2019 2016, 10b5 1 1,583,249 $18.05 $28.4 2016, 46,262 January 2016 August 2016, 10b5 1 463,013 December 31, 2017. Purchases under these s hare repurchase authorizations may may may not |
Note 13 - Litigation
Note 13 - Litigation | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 1 4 . QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The tables below present quarterly financial information for 2017 2016 201 7 March 31, June 30, September 30, December 31, Operating revenue $ 101,670 $ 107,358 $ 114,235 $ 123,270 Operating expenses 108,069 110,324 112,431 117,777 Operating (loss) income (6,399 ) (2,966 ) 1,804 5,493 Other, net 1,101 1,078 1,056 960 ( Loss) income before income taxes (7,500 ) (4,044 ) 748 4,533 Income tax (benefit) expense (2,610 ) (1,198 ) 339 (10,291 ) Net (loss) income $ (4,890 ) $ (2,846 ) $ 409 $ 14,824 Average shares outstanding (basic) 7,998 8,028 8,027 8,027 Basic (loss) earnings per share $ (0.61 ) $ (0.35 ) $ 0.05 $ 1.85 Average shares outstanding (diluted) 7,998 8,028 8,039 8,036 Diluted (loss) earnings per share $ (0.61 ) $ (0.35 ) $ 0.05 $ 1.84 20 16 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 ) The amounts reported above have been previously reported in the Company ’s quarterly reports on Form 10 may not 10 |
Note 15 - Restructuring, Impair
Note 15 - Restructuring, Impairment and Other Costs | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 1 5 . RESTRUCTURING, IMPAIRMENT AND OTHER COSTS 2017 As part of a reduction in force, headcount in both the Trucking and USAT Logistics segments was reduced during the second 2017, 2017, $1.6 In January 2017, ’s board of directors unanimously approved separation agreements for John R. Rogers (the “Rogers Separation Agreement”), the Company’s former President and Chief Executive Officer, and Christian C. Rhodes (the “Rhodes Separation Agreement”), the Company’s former Chief Information Officer. Per the material terms of the Rogers Separation Agreement, Mr. Rogers received (i) severance pay in the form of salary continuation payments equal to his base salary at the time his employment ended ( $425,000 twelve $120,000 $30,000 $171,125. $0.6 $0.2 December 31, 2017, $35,000 nil The following table summarize s the Company’s liabilities, charges, and cash payments related to executive severance agreements made during the year ended December 31, 2017 ( Accrued Balance December 31, 201 6 Costs Incurred Payments Expenses/ Charges Accrued Balance December 31, 2017 Severance costs included in salaries, wages and employee benefits $ 277 $ 930 $ (1,172 ) $ -- $ 35 2016 In the Company ’s Trucking segment, maintenance facilities were closed in Forest Park, Georgia and South Holland, Illinois, and in the Company’s USAT Logistics segment, branch offices were closed in Olathe, Kansas and Salt Lake City, Utah. Headcount was reduced by 47 two December 31, 2016, In May 2016, ’s board of directors unanimously approved a separation agreement between Michael K. Borrows and the Company and accepted Mr. Borrows’ resignation as Executive Vice President and Chief Financial Officer. The Company recognized severance costs associated with Mr. Borrows’ departure of approximately $0.7 December 31, 2017, no The following table summarize s the Company’s liabilities, charges, and cash payments related to the restructuring plans made during the years ended December 31, 2017 2016, Accrued Balance December 31, 2016 Costs Incurred Payments Expenses/ Charges Accrued Balance December 31, 2017 Compensation and benefits $ 81 $ -- $ (81 ) $ -- $ -- Facility closing expenses 1,323 -- (553 ) -- 770 Total $ 1,404 $ -- $ (634 ) $ -- $ 770 Accrued Balance December 31, 2015 Costs Incurred Payments Expenses/ Charges Accrued Balance December 31, 2016 Compensation and benefits (1) $ 753 $ 768 $ (1,437 ) $ (3 ) $ 81 Facility closing expenses (1) 20 2,779 (1,190 ) (286 ) 1,323 Spartanburg impairment (2) -- 546 -- (546 ) -- Fuel tank write-off (2) -- 524 -- (524 ) -- Out of period adjustment (3) -- 647 -- (647 ) -- Total $ 773 $ 5,264 $ (2,627 ) $ (2,006 ) $ 1,404 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 2015 In July 2015, his tenure as the Company’s President, Chief Executive Officer, and Director. Pursuant to the Separation Agreement dated July 7, 2015, $1.3 2015, $2.7 The following tables summarize the Company ’s liabilities, charges, and cash payments related to the restructuring plans made during the year ended December 31, 2015 ( Costs Incurred Payments Non-cash Expenses Accrued Balance December 31, 2015 Compensation and benefits (1) $ 2,160 $ (869 ) $ (538 ) $ 753 Facility closing expenses (1) 582 (562 ) -- 20 Total $ 2,742 $ (1,431 ) $ (538 ) $ 773 ( 1 The C ompany incurred total pretax expenses of approximately $3.5 first 2016. ( 2 During 2016, $1.1 Of the total expense recorded, approximately $0.5 no $0.6 ( 3 D uring 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 i ncurred Year Ended December 31, 2017 2016 20 15 Trucking $ -- $ 4,848 $ 2,742 USAT Logistics -- 416 -- Total $ -- $ 5,264 $ 2,742 |
Note 16 - Change in Estimate
Note 16 - Change in Estimate | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Accounting Changes and Error Corrections [Text Block] | NOTE 16. CHANGE IN ESTIMATE The Company reviews the estimated useful lives and salvage values of its fixed assets on an ongoing basis, based upon, among other things, our experience with similar assets, conditions in the used revenue equipment market, and prevailing industry practice. During the third 2017, 10 14 December 31, 2017, $1.0 |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 17. In January 2018, approximately $58.1 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Description of b usiness USA Truck, Inc. is a Delaware corporation and subsidiary (together, the “Company”) headquartered in Van Buren, Arkansas. The Company transports commodities throughout the contiguous United States and into and out of portions of Canada, as well as transports general commodities into and out of Mexico by offering through-trailer service from its terminal in Laredo, Texas. The Company has two 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. T he 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 e stimates 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 e quivalents The Company considers all highly liquid investments with a maturity of three s for cash and cash equivalents approximates its fair value. |
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. The Company does not The following table provides a summary of the activity in the allowance for doubtful accounts for the years ended 2017, 2016, 2015 Year Ended December 31, 20 1 7 201 6 20 15 Balance at beginning of year $ 608 $ 608 $ 1,020 Provision for doubtful accounts 311 515 127 Uncollectible accounts written off, net of recovery (280 ) (515 ) (539 ) Balance at end of year $ 639 $ 608 $ 608 |
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 of disposition, the sale must be anticipated during the ensuing year, the asset must be actively marketed, the asset must be available for immediate sale, and meet certain other specified criteria. The Company recorded a charge of $2.8 December 31, 2016, |
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 not no ived assets at December 31, 2017 2016. |
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 charges to equity of $0.1 December 31, 2017 2016, November 2016. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per share data T he 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 parts, and are stated at the lower of cost or market. These items are expensed as used on a first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and equipment Property and equipment is capitalized in accordance with the Company’s asset capitalization policy. The capitalized property is depreciated by the straight-line method using the following estimated useful lives: structures – 15 39.5 5 14 3 10 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. During the third 2017, 10 14 not a material impact on the either current or future financial statements. Actual disposition values 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 not 2 not 50 The Company believes that its income tax filing positions and deductions will be sustained on audit and does not no The SEC staff issued Staff Accounting Bulletin 118 118 ”), for the tax effects of the Tax Cuts and Jobs Act of 2017 118 not one 740. 118, 740 740 December 31, 2017, December 31, 2017 |
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 has exposure to fluctuations in the frequency and severity of claims and to variations between its estimated and actual ultimate payouts up to the Company’s self-insured retention level. Estimates require judgments concerning the nature and severity of the claim, as well as other factors. Actual settlement of the self-insured claim liabilities could differ from management’s initial assessment due to uncertainties and fact development. |
Restricted Stock Policy [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 r ecognition Revenue generated by the Company’s Trucking segment is recognized as services are provided. 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 p ronouncements In May 2014, No. 2014 09, 2014 09” The core principle of ASU 2014 09 2014 09 five may 2014 09 not 2014 09 In February 2016, No. 2016 02, not twelve first 2019, In March 2016, 2016 09, 2016 09 January 1, 2017. and recognized a positive net cumulative adjustment of $0.1 December 31, 2016. no December 31, 2017. |
Note 1 - Description of Busin25
Note 1 - Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Year Ended December 31, 20 1 7 201 6 20 15 Balance at beginning of year $ 608 $ 608 $ 1,020 Provision for doubtful accounts 311 515 127 Uncollectible accounts written off, net of recovery (280 ) (515 ) (539 ) Balance at end of year $ 639 $ 608 $ 608 |
Note 2 - Segment Reporting (Tab
Note 2 - Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, Operating revenue: 201 7 201 6 201 5 Trucking revenue (1) $ 302,943 $ 295,807 $ 356,528 Trucking intersegment eliminations (891 ) (1,281 ) (2,048 ) Trucking operating revenue 302,052 294,526 354,480 USAT Logistics revenue (2) 152,137 140,847 158,295 USAT Logistics intersegment eliminations (7,656 ) (6,274 ) (4,841 ) USAT Logistics operating revenue 144,481 134,573 153,454 Total operating revenue $ 446,533 $ 429,099 $ 507,934 Year Ended December 31, Operating (loss) income: 201 7 201 6 201 5 Trucking $ (9,667 ) $ (14,789 ) $ 11,088 USAT Logistics 7,599 7,273 11,983 Total operating (loss) income $ (2,068 ) $ (7,516 ) $ 23,071 Year Ended December 31, Depreciation and amortization: 201 7 201 6 201 5 Trucking $ 28,002 $ 29,467 $ 37,140 USAT Logistics 461 487 340 Total depreciation and amortization $ 28,463 $ 29,954 $ 37,480 |
Note 3 - Prepaid Expenses and27
Note 3 - Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Other Current Assets [Table Text Block] | Year Ended December 31, 20 1 7 20 16 Prepaid licenses , permits and tolls 1,398 1,333 Prepaid insurance 3,574 3,375 Other 1,053 1,479 Total prepaid expenses and other current assets $ 6,025 $ 6,187 |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | Year Ended December 31, 201 7 201 6 Salaries, wages and employee benefits $ 3,604 $ 2,480 Federal and state tax accruals 3,587 1,579 Restructuring, impairment and other costs (1) 770 1,404 Other (2) 1,147 2,070 Total accrued expenses $ 9,108 $ 7,533 |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Year Ended December 31, 201 7 201 6 Revolving credit agreement $ 61,225 $ 96,600 |
Note 8 - Leases and Commitmen30
Note 8 - Leases and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Capital Leased Assets [Table Text Block] | Capitalized Costs Accumulated Amortization Net Book Value December 31, 201 7 $ 66,785 $ 23,254 $ 43,531 December 31, 201 6 69,748 17,428 52,320 |
Lessee, Operating Lease, Disclosure [Table Text Block] | Year Ended December 31, 201 7 201 6 201 5 Equipment rent $ 10,173 $ 7,443 $ 4,424 Building and office rent (1) 1,619 2,001 2,297 Total rent expense $ 11,792 $ 9,444 $ 6,721 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | 201 8 201 9 20 20 20 21 20 22 Thereafter Future minimum payments $ 14,077 $ 12,317 $ 15,832 $ 326 $ 327 $ 1,578 Future rentals under operating leases 11,239 8,216 4,765 676 384 458 |
Note 9 - Federal and State In31
Note 9 - Federal and State Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Year Ended December 31, 2017 201 6 Deferred tax assets: (recast) Accrued expenses not deductible until paid $ 6,062 $ 7,231 Federal credits -- 2,023 Impairment loss on assets held for sale -- 1,090 Net operating loss carry forwards 496 731 Allowance for doubtful accounts 246 182 Equity incentive plan 178 265 Other 124 292 Revenue recognition 110 113 Total deferred tax assets 7,216 11,927 Deferred tax liabilitie s: Tax over book depreciation (26,806 ) (47,217 ) Prepaid expenses deductible when paid (1,514 ) (2,375 ) Capital leases (32 ) (235 ) Effect of adoption of share-based payment pronouncement ASU 2016-09 -- 125 Total deferred tax liabilities (28,352 ) (49,702 ) Net deferred tax liabilities $ (21,136 ) $ (37,775 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, Current: 201 7 201 6 201 5 Federal $ 2,689 $ (3,420 ) $ 4,526 State 190 (44 ) 870 Total current 2,879 (3,464 ) 5,396 Deferred: Federal (16,812 ) 439 2,985 State 173 (494 ) (109 ) Total deferred (16,639 ) (55 ) 2,876 Total income tax (benefit) expense $ (13,760 ) $ (3,519 ) $ 8,272 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 20 1 7 2 016 20 15 Income tax (benefit) expense at statutory federal rate $ (2,190 ) $ (3,926 ) $ 6,790 Federal income tax effects of: State income tax expense (benefit) 76 188 (289 ) Per diem and other n ondeductible meals and entertainment 578 614 702 Impact of Tax Cuts and Jobs Act (12,010 ) -- -- Other -- 143 306 Federal income tax (benefit) expense (13,546 ) (2,981 ) 7,509 State income tax (benefit) expense (214 ) (538 ) 763 Total income tax (benefit) expense $ (13,760 ) $ (3,519 ) $ 8,272 Effective tax rate 219.9 % 31.4 % 42.8 % |
Note 10 - Equity Compensation32
Note 10 - Equity Compensation and Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Year Ended December 31, 201 7 20 16 20 15 Stock options $ -- $ -- $ 147 Restricted stock awards 459 976 946 Equity compensation expense $ 459 $ 976 $ 1,093 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Dividend yield 0 % Expected volatility 62.9 % Risk-free interest rate 0.1 % Expected life (in years) 0.5 |
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, 2016 285,196 $ 15.93 Granted 217,583 7.55 Forfeite d (212,834 ) 14.62 Vested (51,008 ) 15.02 Nonvested shares – December 31, 2017 238,937 $ 9.71 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable [Table Text Block] | Year Ended December 31, 201 7 201 6 201 5 Stock options $ -- $ -- $ 193 Restricted stock 398 746 1,767 |
Note 11 - Earnings (Loss) Per33
Note 11 - Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, Numerator: 201 7 201 6 201 5 Net income (loss) $ 7,497 $ (7,699 ) $ 11,069 Denominator: Denominator for basic earnings (loss) per share – weighted-average shares 8,029 8,550 10,337 Effect of dilutive securities: Employee restricted stock 27 -- 64 Denominator for diluted earnings (loss) per share – adjusted weighted-average shares and assumed conversions $ 8,056 $ 8,550 $ 10,401 Basic earnings (loss) per share $ 0.93 $ (0.90 ) $ 1.07 Diluted earnings (loss) per share $ 0.93 $ (0.90 ) $ 1.06 Weighted-average anti-dilutive employee restricted stock 1 11 62 |
Note 14 - Quarterly Results o34
Note 14 - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 201 7 March 31, June 30, September 30, December 31, Operating revenue $ 101,670 $ 107,358 $ 114,235 $ 123,270 Operating expenses 108,069 110,324 112,431 117,777 Operating (loss) income (6,399 ) (2,966 ) 1,804 5,493 Other, net 1,101 1,078 1,056 960 ( Loss) income before income taxes (7,500 ) (4,044 ) 748 4,533 Income tax (benefit) expense (2,610 ) (1,198 ) 339 (10,291 ) Net (loss) income $ (4,890 ) $ (2,846 ) $ 409 $ 14,824 Average shares outstanding (basic) 7,998 8,028 8,027 8,027 Basic (loss) earnings per share $ (0.61 ) $ (0.35 ) $ 0.05 $ 1.85 Average shares outstanding (diluted) 7,998 8,028 8,039 8,036 Diluted (loss) earnings per share $ (0.61 ) $ (0.35 ) $ 0.05 $ 1.84 20 16 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 ) |
Note 15 - Restructuring, Impa35
Note 15 - Restructuring, Impairment and Other Costs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Accrued Balance December 31, 201 6 Costs Incurred Payments Expenses/ Charges Accrued Balance December 31, 2017 Severance costs included in salaries, wages and employee benefits $ 277 $ 930 $ (1,172 ) $ -- $ 35 Accrued Balance December 31, 2016 Costs Incurred Payments Expenses/ Charges Accrued Balance December 31, 2017 Compensation and benefits $ 81 $ -- $ (81 ) $ -- $ -- Facility closing expenses 1,323 -- (553 ) -- 770 Total $ 1,404 $ -- $ (634 ) $ -- $ 770 Accrued Balance December 31, 2015 Costs Incurred Payments Expenses/ Charges Accrued Balance December 31, 2016 Compensation and benefits (1) $ 753 $ 768 $ (1,437 ) $ (3 ) $ 81 Facility closing expenses (1) 20 2,779 (1,190 ) (286 ) 1,323 Spartanburg impairment (2) -- 546 -- (546 ) -- Fuel tank write-off (2) -- 524 -- (524 ) -- Out of period adjustment (3) -- 647 -- (647 ) -- Total $ 773 $ 5,264 $ (2,627 ) $ (2,006 ) $ 1,404 Costs Incurred Payments Non-cash Expenses Accrued Balance December 31, 2015 Compensation and benefits (1) $ 2,160 $ (869 ) $ (538 ) $ 753 Facility closing expenses (1) 582 (562 ) -- 20 Total $ 2,742 $ (1,431 ) $ (538 ) $ 773 |
Restructuring and Related Costs By Segment [Table Text Block] | Costs i ncurred Year Ended December 31, 2017 2016 20 15 Trucking $ -- $ 4,848 $ 2,742 USAT Logistics -- 416 -- Total $ -- $ 5,264 $ 2,742 |
Note 1 - Description of Busin36
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Number of Reportable Segments | 2 | |||||
Impairment of Long-Lived Assets to be Disposed of | $ 2,839,000 | |||||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | ||||
Treasury Stock Reissued at Lower than Repurchase Price | 100,000 | 100,000 | ||||
Stockholders' Equity Attributable to Parent | $ 66,488,000 | 58,588,000 | $ 93,777,000 | $ 99,068,000 | ||
Accounting Standards Update 2016-09 [Member] | ||||||
Stockholders' Equity Attributable to Parent | $ 100,000 | |||||
Building and Building Improvements [Member] | Minimum [Member] | ||||||
Property, Plant and Equipment, Useful Life | 15 years | |||||
Building and Building Improvements [Member] | Maximum [Member] | ||||||
Property, Plant and Equipment, Useful Life | 39 years 182 days | |||||
Transportation Equipment [Member] | ||||||
Property, Plant and Equipment, Useful Life | 14 years | 10 years | ||||
Transportation Equipment [Member] | Minimum [Member] | ||||||
Property, Plant and Equipment, Useful Life | 5 years | |||||
Transportation Equipment [Member] | Maximum [Member] | ||||||
Property, Plant and Equipment, Useful Life | 14 years | 10 years | 14 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 | 10 years |
Note 1 - Description of Busin37
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance | $ 608 | $ 608 | $ 1,020 |
Provision for doubtful accounts | 311 | 515 | 127 |
Uncollectible accounts written off, net of recovery | (280) | (515) | (539) |
Balance | $ 639 | $ 608 | $ 608 |
Note 2 - Segment Reporting (Det
Note 2 - Segment Reporting (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Number of Reportable Segments | 2 | |||||||||||
Revenues | $ 123,270 | $ 114,235 | $ 107,358 | $ 101,670 | $ 103,135 | $ 105,458 | $ 109,888 | $ 110,618 | $ 446,533 | $ 429,099 | $ 507,934 | |
Trucking [Member] | ||||||||||||
Revenues | 302,052 | 294,526 | 354,480 | |||||||||
Trucking [Member] | Operating Segments [Member] | ||||||||||||
Revenues | [1] | 302,943 | 295,807 | 356,528 | ||||||||
Trucking [Member] | Foreign Countries [Member] | Operating Segments [Member] | ||||||||||||
Revenues | 35,500 | 36,900 | 42,000 | |||||||||
USAT Logistics [Member] | ||||||||||||
Revenues | 144,481 | 134,573 | 153,454 | |||||||||
USAT Logistics [Member] | Operating Segments [Member] | ||||||||||||
Revenues | [2] | 152,137 | $ 140,847 | $ 158,295 | ||||||||
USAT Logistics [Member] | Foreign Countries [Member] | Operating Segments [Member] | ||||||||||||
Revenues | $ 2,100 | |||||||||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Wal-Mart [Member] | ||||||||||||
Concentration Risk, Percentage | 14.00% | 12.00% | 11.00% | |||||||||
[1] | Includes foreign revenue of $35.5 million, $36.9 million, and $42.0 million for the years ended December 31, 2017, 2016 and 2015, respectively. All foreign revenue is collected in U.S. dollars. | |||||||||||
[2] | USAT Logistics de Mexico was established on March 4, 2017. Foreign revenue for the year ended December 31, 2017 was $2.1 million. All foreign revenue is collected in U.S. dollars. |
Note 2 - Segment Reporting - Se
Note 2 - Segment Reporting - Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Revenues | $ 123,270 | $ 114,235 | $ 107,358 | $ 101,670 | $ 103,135 | $ 105,458 | $ 109,888 | $ 110,618 | $ 446,533 | $ 429,099 | $ 507,934 | |
Operating loss | $ 5,493 | $ 1,804 | $ (2,966) | $ (6,399) | $ (4,638) | $ 42 | $ (557) | $ (2,363) | (2,068) | (7,516) | 23,071 | |
Depreciation and amortization | 28,463 | 29,954 | 37,480 | |||||||||
Trucking [Member] | ||||||||||||
Revenues | 302,052 | 294,526 | 354,480 | |||||||||
USAT Logistics [Member] | ||||||||||||
Revenues | 144,481 | 134,573 | 153,454 | |||||||||
Operating Segments [Member] | Trucking [Member] | ||||||||||||
Revenues | [1] | 302,943 | 295,807 | 356,528 | ||||||||
Operating loss | (9,667) | (14,789) | 11,088 | |||||||||
Depreciation and amortization | 28,002 | 29,467 | 37,140 | |||||||||
Operating Segments [Member] | USAT Logistics [Member] | ||||||||||||
Revenues | [2] | 152,137 | 140,847 | 158,295 | ||||||||
Operating loss | 7,599 | 7,273 | 11,983 | |||||||||
Depreciation and amortization | 461 | 487 | 340 | |||||||||
Intersegment Eliminations [Member] | Trucking [Member] | ||||||||||||
Revenues | (891) | (1,281) | (2,048) | |||||||||
Intersegment Eliminations [Member] | USAT Logistics [Member] | ||||||||||||
Revenues | $ (7,656) | $ (6,274) | $ (4,841) | |||||||||
[1] | Includes foreign revenue of $35.5 million, $36.9 million, and $42.0 million for the years ended December 31, 2017, 2016 and 2015, respectively. All foreign revenue is collected in U.S. dollars. | |||||||||||
[2] | USAT Logistics de Mexico was established on March 4, 2017. Foreign revenue for the year ended December 31, 2017 was $2.1 million. All foreign revenue is collected in U.S. dollars. |
Note 3 - Prepaid and Other Curr
Note 3 - Prepaid and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Prepaid expenses and other current assets | $ 6,025 | $ 6,187 |
Prepaid Licenses Permitsand Tolls [Member] | ||
Prepaid expenses and other current assets | 1,398 | 1,333 |
Prepaid Insurance [Member] | ||
Prepaid expenses and other current assets | 3,574 | 3,375 |
Other Current Assets [Member] | ||
Prepaid expenses and other current assets | $ 1,053 | $ 1,479 |
Note 4 - Note Receivable (Detai
Note 4 - Note Receivable (Details Textual) - USD ($) $ in Thousands | Apr. 26, 2017 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2010 |
Proceeds from Sale of Real Estate | $ 200 | |||||
Deferred Gain Sale Of Property | $ 700 | |||||
Proceeds from Sale of Property, Plant, and Equipment | $ 13,875 | $ 25,849 | $ 38,774 | |||
Gain (Loss) on Disposition of Property Plant Equipment | $ 200 | |||||
Terminal Facility [Member] | ||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 1,600 | |||||
Other Receivables [Member] | ||||||
Financing Receivable, Net | $ 1,400 | $ 2,100 |
Note 5 - Accrued Expenses - Sum
Note 5 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Salaries, wages and employee benefits | $ 3,604 | $ 2,480 | ||||
Federal and state tax accruals | 3,587 | 1,579 | ||||
Accrued balance, ending | 770 | [1] | 1,404 | [1] | $ 773 | |
Other | [2] | 1,147 | 2,070 | |||
Total accrued expenses | $ 9,108 | $ 7,533 | ||||
[1] | Refer to Note 15 below for additional information regarding the restructuring, impairment and other costs. | |||||
[2] | As of December 31, 2017 and December 31, 2016, no single item included within other accrued expenses exceeded 5.0% of our total current liabilities. |
Note 6 - Insurance Premium Fi43
Note 6 - Insurance Premium Financing (Details Textual) - USD ($) $ in Thousands | Oct. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Short-term Debt | $ 4,115 | $ 3,943 | |
Insurance Premiums Financing Note [Member] | |||
Short-term Debt | $ 4,100 | ||
Debt Instrument, Periodic Payment | $ 1,400 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | |||
Feb. 28, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 170,000 | |||
Line Of Credit Facility Additional Borrowing Capacity | 80,000 | |||
Line of Credit Facility, Additional Borrowing Capacity, Incremental Amount | $ 20,000 | |||
Debt Instrument, Term | 5 years | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||
Borrowing Based Threshold, Eligible Non-Investment Grade Accounts Receivable, Percentage | 85.00% | |||
Borrowing Based Threshold, Eligible Unbilled Accounts Receivable, Percentage | 85.00% | |||
Borrowing Base Before Additions of Eligible Revenue Equipment | $ 10,000 | |||
Borrowing Based Threshold, Eligible Revenue Equipment, Percentage | 85.00% | |||
Borrowing Based Threshold, Newly Acquired Revenue Equipment, Percentage | 85.00% | |||
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 1 | |||
Minimum Excess Availability Percentage of Maximum Revolver Amount | 10.00% | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 61,800 | |||
Long-term Line of Credit | $ 61,225 | $ 96,600 | ||
Debt, Weighted Average Interest Rate | 3.19% | |||
Letters of Credit Outstanding, Amount | $ 5,400 | |||
Revolving Credit Facility [Member] | Overnight Borrowings [Member] | ||||
Long-term Line of Credit | $ 0 | |||
Revolving Credit Facility [Member] | Minimum [Member] | ||||
Borrowing Based Threshold, Eligible Investment Grade Accounts Receivable, Percentage | 85.00% | |||
Revolving Credit Facility [Member] | Maximum [Member] | ||||
Borrowing Based Threshold, Eligible Investment Grade Accounts Receivable, Percentage | 90.00% | |||
Revolving Credit Facility [Member] | Through May 31, 2016 [Member] | Minimum [Member] | Base Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||
Revolving Credit Facility [Member] | Through May 31, 2016 [Member] | Maximum [Member] | Base Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||
Revolving Credit Facility [Member] | After May 31, 2016 [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
Revolving Credit Facility [Member] | After May 31, 2016 [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||
Revolving Credit Facility [Member] | Scenario, Forecast [Member] | ||||
Availability Percentage of Maximum Revolver Amount | 20.00% | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 34,000 | |||
Letter of Credit Sub Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000 | |||
Swing Line Sub Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 |
Note 7 - Long-term Debt - Summa
Note 7 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Revolving Credit Facility [Member] | ||
Revolving credit agreement | $ 61,225 | $ 96,600 |
Note 8 - Leases and Commitmen46
Note 8 - Leases and Commitments (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Capital Lease Obligations | $ 42,100,000 | |||
Capital Lease Obligations, Current | 12,929,000 | $ 16,742,000 | ||
Capital Leases, Income Statement, Amortization Expense | 7,400,000 | 6,200,000 | $ 8,300,000 | |
Sale Leaseback Transaction, Net Proceeds, Financing Activities | 2,520,000 | 19,927,000 | 6,308,000 | |
Sale Leaseback Transaction, Net Proceeds, Investing Activities | 10,980,000 | $ 7,975,000 | ||
Revenue and Non-revenue Equipment [Member] | ||||
Purchase Obligation | 0 | |||
Sale-leaseback of Tractors to an Unrelated Party [Member] | ||||
Sale Leaseback Transaction, Net Proceeds, Financing Activities | 2,500,000 | $ 19,900,000 | ||
Lessee Leasing Arrangements, Capital Leases, Term of Contract | 48 years | |||
Sale Leaseback Transaction, Deferred Gain, Net | $ 30,000 | $ 0 | $ 100,000 | |
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 11,000,000 | |||
Lessee, Operating Lease, Term of Contract | 3 years 150 days | |||
Minimum [Member] | ||||
Capital Lease Term | 1 year 90 days | |||
Minimum [Member] | Capital Lease Obligations [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 0.00% | |||
Maximum [Member] | ||||
Capital Lease Term | 5 years | |||
Maximum [Member] | Capital Lease Obligations [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.11% |
Note 8 - Leases and Commitmen47
Note 8 - Leases and Commitments - Capital Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Capitalized Costs | $ 66,785 | $ 69,748 |
Accumulated Amortization | 23,254 | 17,428 |
Net Book Value | $ 43,531 | $ 52,320 |
Note 8 - Leases and Commitmen48
Note 8 - Leases and Commitments - Operating Lease Payments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Lease and rent expense | $ 11,792 | $ 9,444 | $ 6,721 | |
Equipment Rent [Member] | ||||
Lease and rent expense | 10,173 | 7,443 | 4,424 | |
Building And Office Rents [Member] | ||||
Lease and rent expense | [1] | $ 1,619 | $ 2,001 | $ 2,297 |
[1] | The expense for building and office rent is recorded in the operations and maintenance line item in the accompanying consolidated statement of operations and comprehensive income (loss). |
Note 8 - Leases and Commitmen49
Note 8 - Leases and Commitments - Future Minimum Payments Under Capitalized Leases (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Capital leases due in 2018 | $ 14,077 |
Capital leases due in 2019 | 12,317 |
Capital leases due in 2020 | 15,832 |
Capital leases due in 2021 | 326 |
Capital leases due in 2022 | 327 |
Capital leases due thereafter | 1,578 |
Operating leases due in 2018 | 11,239 |
Operating leases due in 2019 | 8,216 |
Operating leases due in 2020 | 4,765 |
Operating leases due in 2021 | 676 |
Operating leases due in 2022 | 384 |
Operating leases due in thereafter | $ 458 |
Note 9 - Federal and State In50
Note 9 - Federal and State Income Taxes (Details Textual) - USD ($) $ in Millions | Dec. 22, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 12 | ||
Scenario, Forecast [Member] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 9 - Federal and State In51
Note 9 - Federal and State Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accrued expenses not deductible until paid | $ 6,062 | $ 7,231 |
Federal credits | 2,023 | |
Impairment loss on assets held for sale | 1,090 | |
Net operating loss carry forwards | 496 | 731 |
Allowance for doubtful accounts | 246 | 182 |
Equity incentive plan | 178 | 265 |
Other | 124 | 292 |
Revenue recognition | 110 | 113 |
Total deferred tax assets | 7,216 | 11,927 |
Deferred tax liabilities: | ||
Tax over book depreciation | (26,806) | (47,217) |
Prepaid expenses deductible when paid | (1,514) | (2,375) |
Capital leases | (32) | (235) |
Effect of adoption of share-based payment pronouncement ASU 2016-09 | 125 | |
Total deferred tax liabilities | (28,352) | (49,702) |
Net deferred tax liabilities | $ (21,136) | $ (37,775) |
Note 9 - Federal and State In52
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Federal | $ 2,689 | $ (3,420) | $ 4,526 | ||||||||
State | 190 | (44) | 870 | ||||||||
Total current | 2,879 | (3,464) | 5,396 | ||||||||
Federal | (16,812) | 439 | 2,985 | ||||||||
State | 173 | (494) | (109) | ||||||||
Total deferred | (16,639) | (55) | 2,876 | ||||||||
Total income tax (benefit) expense | $ (10,291) | $ 339 | $ (1,198) | $ (2,610) | $ (1,896) | $ (224) | $ (75) | $ (1,324) | $ (13,760) | $ (3,519) | $ 8,272 |
Note 9 - Federal and State In53
Note 9 - Federal and State Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income tax (benefit) expense at statutory federal rate | $ (2,190) | $ (3,926) | $ 6,790 | ||||||||
Federal income tax effects of: | |||||||||||
State income tax expense (benefit) | 76 | 188 | (289) | ||||||||
Per diem and other nondeductible meals and entertainment | 578 | 614 | 702 | ||||||||
Impact of Tax Cuts and Jobs Act | (12,010) | ||||||||||
Other | 143 | 306 | |||||||||
Federal income tax (benefit) expense | (13,546) | (2,981) | 7,509 | ||||||||
State income tax (benefit) expense | (214) | (538) | 763 | ||||||||
Total income tax (benefit) expense | $ (10,291) | $ 339 | $ (1,198) | $ (2,610) | $ (1,896) | $ (224) | $ (75) | $ (1,324) | $ (13,760) | $ (3,519) | $ 8,272 |
Effective tax rate | 219.90% | 31.40% | 42.80% |
Note 10 - Equity Compensation54
Note 10 - Equity Compensation and Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | May 10, 2017 | Dec. 31, 2017 |
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 | $ 0.7 | |
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 | $ 1.3 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 146 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 Additional Shares Authorized | 500,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 601,617 |
Note 10 - Equity Compensation55
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Compensation expense | $ 459 | $ 976 | $ 1,093 |
Employee Stock Option [Member] | |||
Compensation expense | 147 | ||
Restricted Stock [Member] | |||
Compensation expense | $ 459 | $ 976 | $ 946 |
Note 10 - Equity Compensation56
Note 10 - Equity Compensation and Employee Benefit Plans - Assumptions Used to Value Stock Options Granted (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Dividend yield | 0.00% |
Expected volatility | 62.90% |
Risk-free interest rate | 0.10% |
Expected life (in years) (Year) | 182 days |
Note 10 - Equity Compensation57
Note 10 - Equity Compensation and Employee Benefit Plans - Restricted Stock Awards (Details) - Restricted Stock [Member] | 12 Months Ended | |
Dec. 31, 2017$ / sharesshares | ||
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] |
Granted (in shares) | shares | 217,583 | |
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 7.55 | [1] |
Forfeited (in shares) | shares | (212,834) | |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 14.62 | [1] |
Vested (in shares) | shares | (51,008) | |
Vested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 15.02 | [1] |
Number of shares nonvested (in shares) | shares | 238,937 | |
Number of shares nonvested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 9.71 | [1] |
[1] | The shares were valued at the closing price of the Company's common stock on the date(s) specified by the award agreements. |
Note 10 - Equity Compensation58
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock options | $ 193 | ||
Restricted stock | $ 398 | $ 746 | $ 1,767 |
Note 11 - Earnings (Loss) Per59
Note 11 - Earnings (Loss) Per Share - Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income (loss) | $ 14,824 | $ 409 | $ (2,846) | $ (4,890) | $ (3,812) | $ (734) | $ (1,346) | $ (1,807) | $ 7,497 | $ (7,699) | $ 11,069 |
Denominator: | |||||||||||
Denominator for basic earnings (loss) per share – weighted-average shares (in shares) | 8,027 | 8,027 | 8,028 | 7,998 | 7,975 | 8,069 | 8,734 | 9,381 | 8,029 | 8,550 | 10,337 |
Effect of dilutive securities: | |||||||||||
Employee restricted stock (in shares) | 27 | 64 | |||||||||
Denominator for diluted earnings (loss) per share – adjusted weighted-average shares and assumed conversions (in shares) | 8,036 | 8,039 | 8,028 | 7,998 | 7,975 | 8,069 | 8,734 | 9,381 | 8,056 | 8,550 | 10,401 |
Basic earnings (loss) per share (in dollars per share) | $ 1.85 | $ 0.05 | $ (0.35) | $ (0.61) | $ (0.48) | $ (0.09) | $ (0.15) | $ (0.19) | $ 0.93 | $ (0.90) | $ 1.07 |
Diluted earnings (loss) per share (in dollars per share) | $ 1.84 | $ 0.05 | $ (0.35) | $ (0.61) | $ (0.48) | $ (0.09) | $ (0.15) | $ (0.19) | $ 0.93 | $ (0.90) | $ 1.06 |
Weighted-average anti-dilutive employee restricted stock (in shares) | 1 | 11 | 62 |
Note 12 - Repurchase of Equit60
Note 12 - Repurchase of Equity Securities (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Feb. 28, 2016 | Jan. 31, 2016 | |
Treasury Stock, Value, Acquired, Cost Method | $ 58 | |||
Rule 10b5-1 Plan [Member] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,000,000 | 46,262 | ||
Treasury Stock, Shares, Acquired | 1,583,249 | |||
Treasury Stock Acquired, Average Cost Per Share | $ 18.05 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 28,400 | |||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 463,013 |
Note 14 - Quarterly Results o61
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues | $ 123,270 | $ 114,235 | $ 107,358 | $ 101,670 | $ 103,135 | $ 105,458 | $ 109,888 | $ 110,618 | $ 446,533 | $ 429,099 | $ 507,934 |
Operating expenses | 117,777 | 112,431 | 110,324 | 108,069 | 107,773 | 105,416 | 110,445 | 112,981 | |||
Operating loss | 5,493 | 1,804 | (2,966) | (6,399) | (4,638) | 42 | (557) | (2,363) | (2,068) | (7,516) | 23,071 |
Other, net | 960 | 1,056 | 1,078 | 1,101 | 1,070 | 1,000 | 864 | 768 | |||
(Loss) income before income taxes | 4,533 | 748 | (4,044) | (7,500) | (5,708) | (958) | (1,421) | (3,131) | (6,263) | (11,218) | 19,341 |
Income tax (benefit) expense | (10,291) | 339 | (1,198) | (2,610) | (1,896) | (224) | (75) | (1,324) | (13,760) | (3,519) | 8,272 |
Net income (loss) | $ 14,824 | $ 409 | $ (2,846) | $ (4,890) | $ (3,812) | $ (734) | $ (1,346) | $ (1,807) | $ 7,497 | $ (7,699) | $ 11,069 |
Denominator for basic earnings (loss) per share – weighted-average shares (in shares) | 8,027 | 8,027 | 8,028 | 7,998 | 7,975 | 8,069 | 8,734 | 9,381 | 8,029 | 8,550 | 10,337 |
Basic earnings (loss) per share (in dollars per share) | $ 1.85 | $ 0.05 | $ (0.35) | $ (0.61) | $ (0.48) | $ (0.09) | $ (0.15) | $ (0.19) | $ 0.93 | $ (0.90) | $ 1.07 |
Denominator for diluted earnings (loss) per share – adjusted weighted-average shares and assumed conversions (in shares) | 8,036 | 8,039 | 8,028 | 7,998 | 7,975 | 8,069 | 8,734 | 9,381 | 8,056 | 8,550 | 10,401 |
Diluted earnings (loss) per share (in dollars per share) | $ 1.84 | $ 0.05 | $ (0.35) | $ (0.61) | $ (0.48) | $ (0.09) | $ (0.15) | $ (0.19) | $ 0.93 | $ (0.90) | $ 1.06 |
Note 15 - Restructuring, Impa62
Note 15 - Restructuring, Impairment and Other Costs (Details Textual) | May 19, 2016USD ($) | Jul. 07, 2015USD ($) | Jan. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |||
Restructuring Charges | $ 5,264,000 | $ 2,742,000 | |||||||||
Restructuring Reserve | 770,000 | [1] | $ 1,404,000 | [1] | $ 773,000 | ||||||
Restructuring and Related Cost, Number of Positions Eliminated | 47 | 50 | |||||||||
Asset Impairment Charges | $ 3,909,000 | ||||||||||
Out of Period Adjustment of Accounts Payable | $ 600,000 | ||||||||||
Non-operating Assets [Member] | |||||||||||
Asset Impairment Charges | 1,100,000 | ||||||||||
Bulk Fuel Assets [Member] | |||||||||||
Asset Impairment Charges | 500,000 | ||||||||||
Spartanburg Terminal [Member] | |||||||||||
Asset Impairment Charges | $ 600,000 | ||||||||||
Contractor [Member] | |||||||||||
Restructuring and Related Cost, Number of Positions Eliminated | 2 | ||||||||||
Reduction in Force [Member] | |||||||||||
Restructuring, Expected Savings Per Year | $ 1,600,000 | ||||||||||
Employee Severance [Member] | |||||||||||
Restructuring Charges | $ 768,000 | [2] | 2,160,000 | [2] | |||||||
Restructuring Reserve | $ 81,000 | [2] | $ 753,000 | [2] | |||||||
Employee Severance [Member] | Rogers Separation Agreement [Member] | |||||||||||
Deferred Compensation Arrangement with Individual, Term for Base Salary Continuation | 1 year | ||||||||||
Restructuring Reserve | 35,000 | ||||||||||
Employee Severance [Member] | Rogers Separation Agreement [Member] | Salaries, Wages and Employee Benefits [Member] | |||||||||||
Restructuring Charges | $ 600,000 | ||||||||||
Employee Severance [Member] | Rogers Separation Agreement [Member] | Base Salary Continuation [Member] | |||||||||||
Deferred Compensation Arrangement with Individual, Distribution Paid | 425,000 | ||||||||||
Employee Severance [Member] | Rogers Separation Agreement [Member] | Separation Payment [Member] | |||||||||||
Deferred Compensation Arrangement with Individual, Distribution Paid | 120,000 | ||||||||||
Employee Severance [Member] | Rogers Separation Agreement [Member] | Moving and Transition Expenses [Member] | |||||||||||
Deferred Compensation Arrangement with Individual, Distribution Paid | 30,000 | ||||||||||
Employee Severance [Member] | Rhodes Separation Agreement [Member] | |||||||||||
Deferred Compensation Arrangement with Individual, Distribution Paid | 171,125 | ||||||||||
Restructuring Reserve | 0 | ||||||||||
Employee Severance [Member] | Rhodes Separation Agreement [Member] | Salaries, Wages and Employee Benefits [Member] | |||||||||||
Restructuring Charges | $ 200,000 | ||||||||||
Employee Severance [Member] | Separation Agreement [Member] | Chief Executive Officer [Member] | |||||||||||
Restructuring Charges | $ 1,300,000 | ||||||||||
Employee Severance [Member] | Separation Agreement [Member] | Salaries, Wages and Employee Benefits [Member] | |||||||||||
Restructuring Charges | $ 700,000 | ||||||||||
Restructuring Reserve | $ 0 | ||||||||||
Costs Relating to Streamlining Operations and Asset Write-Offs [Member] | |||||||||||
Restructuring Charges | $ 3,500,000 | ||||||||||
[1] | Refer to Note 15 below for additional information regarding the restructuring, impairment and other costs. | ||||||||||
[2] | The Company incurred total pretax expenses of approximately $3.5 million related to these streamlining initiatives during the first quarter of 2016. |
Note 15 - Restructuring, Impa63
Note 15 - Restructuring, Impairment and Other Costs - Restructuring, Severance and Related Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||
Accrued balance, beginning | $ 1,404 | [1] | $ 773 | ||||
Costs incurred | 5,264 | $ 2,742 | |||||
Payments | (634) | (2,627) | (1,431) | ||||
Expenses/charges | (2,006) | (538) | |||||
Accrued balance, ending | 770 | [1] | 1,404 | [1] | 773 | ||
Accrued balance, ending | 1,404 | [1] | 1,404 | [1] | 773 | ||
Restatement Adjustment [Member] | |||||||
Accrued balance, beginning | [2] | ||||||
Costs incurred | [2] | 647 | |||||
Payments | [2] | ||||||
Expenses/charges | [2] | (647) | |||||
Accrued balance, ending | [2] | ||||||
Accrued balance, ending | [2] | ||||||
Executive Severance [Member] | |||||||
Accrued balance, beginning | 277 | ||||||
Costs incurred | 930 | ||||||
Payments | (1,172) | ||||||
Expenses/charges | |||||||
Accrued balance, ending | 35 | 277 | |||||
Accrued balance, ending | 277 | 277 | |||||
Employee Severance [Member] | |||||||
Accrued balance, beginning | [3] | 81 | 753 | ||||
Costs incurred | 768 | [3] | 2,160 | [3] | |||
Payments | (81) | (1,437) | [3] | (869) | [3] | ||
Expenses/charges | (3) | [3] | (538) | [3] | |||
Accrued balance, ending | 81 | [3] | 753 | [3] | |||
Accrued balance, ending | [3] | 81 | 81 | 753 | |||
Facility Closing [Member] | |||||||
Accrued balance, beginning | [3] | 1,323 | 20 | ||||
Costs incurred | 2,779 | [3] | 582 | [3] | |||
Payments | (553) | (1,190) | [3] | (562) | [3] | ||
Expenses/charges | (286) | [3] | [3] | ||||
Accrued balance, ending | 770 | 1,323 | [3] | 20 | [3] | ||
Accrued balance, ending | [3] | 1,323 | 1,323 | 20 | |||
Impairment of Spartanburg Terminal [Member] | |||||||
Accrued balance, beginning | [4] | ||||||
Costs incurred | [4] | 546 | |||||
Payments | [4] | ||||||
Expenses/charges | [4] | (546) | |||||
Accrued balance, ending | [4] | ||||||
Accrued balance, ending | [4] | ||||||
Impairment of Bulk Fuel Assets [Member] | |||||||
Accrued balance, beginning | [4] | ||||||
Costs incurred | [4] | 524 | |||||
Payments | [4] | ||||||
Expenses/charges | [4] | (524) | |||||
Accrued balance, ending | [4] | ||||||
Accrued balance, ending | [4] | ||||||
[1] | Refer to Note 15 below 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 $0.6 million related to the fair market value impairment of the Company's Spartanburg terminal. |
Note 15 - Restructuring, Impa64
Note 15 - Restructuring, Impairment and Other Costs - Restructuring Costs by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Costs incurred | $ 5,264 | $ 2,742 | |
Trucking [Member] | |||
Costs incurred | 4,848 | $ 2,742 | |
USAT Logistics [Member] | |||
Costs incurred | $ 416 |
Note 16 - Change in Estimate (D
Note 16 - Change in Estimate (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2017 | |
Service Life [Member] | |||
Change In Accounting Estimate, Annual Reduction in Depreciation Expense, Before Tax | $ 1 | ||
Transportation Equipment [Member] | |||
Property, Plant and Equipment, Useful Life | 14 years | 10 years |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) $ in Millions | Jan. 31, 2018USD ($) |
Subsequent Event [Member] | |
Purchase Obligation | $ 58.1 |