Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 24, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000928658 | ||
Entity Registrant Name | COVENANT LOGISTICS GROUP, INC. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 0-24960 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Tax Identification Number | 88-0320154 | ||
Entity Address, Address Line One | 400 Birmingham Hwy | ||
Entity Address, City or Town | Chattanooga | ||
Entity Address, State or Province | TN | ||
Entity Address, Postal Zip Code | 37419 | ||
City Area Code | 423 | ||
Local Phone Number | 821-1212 | ||
Title of 12(b) Security | $0.01 Par Value Class A common stock | ||
Trading Symbol | CVLG | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 248,300,000 | ||
Auditor Name | Grant Thornton LLP | ||
Auditor Location | Charlotte, North Carolina | ||
Auditor Firm ID | 248 | ||
ICFR Auditor Attestation Flag | true | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 2,350,000 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 14,467,974 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 8,412 | $ 8,407 |
Accounts receivable, net of allowance of $4,112 in 2021 and $2,992 in 2020 | 142,362 | 91,295 |
Drivers' advances and other receivables, net of allowance of $542 in 2021 and $764 in 2020 | 8,792 | 13,624 |
Inventory and supplies | 3,323 | 3,119 |
Prepaid expenses | 12,536 | 11,924 |
Assets held for sale | 2,925 | 15,007 |
Income taxes receivable | 10,177 | 4,155 |
Other short-term assets | 0 | 265 |
Total current assets | 188,527 | 147,796 |
Property and equipment, at cost | 518,406 | 541,276 |
Less: accumulated depreciation and amortization | (171,923) | (149,824) |
Net property and equipment | 346,483 | 391,452 |
Goodwill | 42,518 | 42,518 |
Other intangibles, net | 20,475 | 24,518 |
Other assets | 52,384 | 60,897 |
Noncurrent assets from discontinued operations | 1,275 | 9,535 |
Total assets | 651,662 | 676,716 |
Current liabilities: | ||
Checks outstanding in excess of bank balances | 0 | 1,215 |
Accounts payable | 29,907 | 31,695 |
Accrued expenses | 38,001 | 27,830 |
Accrued purchased transportation | 24,689 | 10,708 |
Current maturities of long-term debt | 5,722 | 7,577 |
Current portion of finance lease obligations | 6,848 | 5,687 |
Current portion of operating lease obligations | 15,811 | 16,989 |
Current portion of insurance and claims accrual | 21,210 | 30,221 |
Other short-term liabilities | 557 | 643 |
Current liabilities of discontinued operations, net | 0 | 816 |
Total current liabilities | 142,745 | 133,381 |
Long-term debt | 20,347 | 47,888 |
Long-term portion of finance lease obligations | 3,969 | 10,756 |
Long-term portion of operating lease obligations | 21,554 | 21,474 |
Insurance and claims accrual | 21,438 | 44,077 |
Deferred income taxes | 84,661 | 74,553 |
Other long-term liabilities | 2,149 | 9,794 |
Other long-term liabilities of discontinued operations | 5,100 | 44,151 |
Total liabilities | 301,963 | 386,074 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Additional paid-in-capital | 149,406 | 143,438 |
Treasury stock at cost; 1,711,627 and 1,398,925 shares as of December 31, 2021 and December 31, 2020, respectively | (23,662) | (17,067) |
Accumulated other comprehensive loss | (1,306) | (2,251) |
Retained earnings | 225,076 | 166,325 |
Total stockholders' equity | 349,699 | 290,642 |
Total liabilities and stockholders' equity | 651,662 | 676,716 |
Common Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 161 | 173 |
Common Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 24 | $ 24 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts receivable allowance | $ 4,112 | $ 2,992 |
Driver's advances and other receivables, allowance | $ 542 | $ 764 |
Treasury stock, shares (in shares) | 1,711,627 | 1,398,925 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 16,125,786 | 16,183,139 |
Common stock, shares outstanding (in shares) | 14,414,159 | 14,784,214 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, shares issued (in shares) | 2,350,000 | 2,350,000 |
Common stock, shares outstanding (in shares) | 2,350,000 | 2,350,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | ||
Freight revenue | $ 1,046,003 | $ 838,561 |
Operating expenses: | ||
Salaries, wages, and related expenses | 350,246 | 315,023 |
Fuel expense | 103,641 | 77,443 |
Operations and maintenance | 59,269 | 48,368 |
Revenue equipment rentals and purchased transportation | 331,685 | 222,705 |
Operating taxes and licenses | 10,899 | 11,621 |
Insurance and claims | 38,788 | 53,052 |
Communications and utilities | 4,558 | 5,898 |
General supplies and expenses | 29,673 | 34,143 |
Depreciation and amortization | 53,881 | 65,472 |
Gain on disposition of property and equipment, net | (3,799) | (7,706) |
Impairment of long lived property, equipment, and right-of-use assets | 0 | 26,569 |
Total operating expenses | 978,841 | 852,588 |
Operating income (loss) | 67,162 | (14,027) |
Interest expense, net | 2,791 | 6,841 |
Income from equity method investment | (14,782) | (3,944) |
Income (loss) from continuing operations | 79,153 | (16,924) |
Income tax expense (benefit) | 20,962 | (2,804) |
Income (loss) from continuing operations | 58,191 | (14,120) |
Income (loss) from discontinued operations, net of tax | 2,540 | (28,598) |
Net income (loss) | $ 60,731 | $ (42,718) |
Basic income (loss) per share: | ||
Income (loss) from continuing operations (in dollars per share) | $ 3.46 | $ (0.81) |
Income (loss) from discontinued operations (in dollars per share) | 0.15 | (1.65) |
Net income (loss) (in dollars per share) | 3.61 | (2.46) |
Diluted income (loss) per share: | ||
Income (loss) from continuing operations (in dollars per share) | 3.42 | (0.81) |
Income (loss) from discontinued operations (in dollars per share) | 0.15 | (1.65) |
Net income (loss) (in dollars per share) | $ 3.57 | $ (2.46) |
Basic weighted average shares outstanding (in shares) | 16,803 | 17,358 |
Diluted weighted average shares outstanding (in shares) | 17,020 | 17,358 |
Cargo and Freight [Member] | ||
Revenues | ||
Freight revenue | $ 949,913 | $ 776,218 |
Fuel Surcharge [Member] | ||
Revenues | ||
Freight revenue | $ 96,090 | $ 62,343 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net income (loss) | $ 60,731 | $ (42,718) |
Other comprehensive income (loss): | ||
Unrealized gain (loss) on effective portion of cash flow hedges, net of tax of ($263) and $548 in 2021 and 2020, respectively | 817 | (1,898) |
Reclassification of cash flow hedge losses into statement of operations, net of tax of ($78), and ($189) in 2021 and 2020, respectively | 191 | 655 |
Unrealized holding (gain) loss on investments classified as available-for-sale | (63) | 6 |
Total other comprehensive income (loss) | 945 | (1,237) |
Comprehensive income (loss) | $ 61,676 | $ (43,955) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Unrealized (loss) gain on effective portion of cash flow hedges, tax | $ (263) | $ 548 |
Reclassification of cash flow hedge losses (gains) into statement of operations, tax | $ (78) | $ (189) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balances at Dec. 31, 2019 | $ 173 | $ 24 | $ 141,885 | $ 0 | $ (1,014) | $ 209,043 | $ 350,111 |
Net income (loss) | 0 | 0 | 0 | 0 | 0 | (42,718) | (42,718) |
Share repurchase | 0 | 0 | 0 | (17,486) | 0 | 0 | (17,486) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (1,237) | 0 | (1,237) |
Stock-based employee compensation expense | 0 | 0 | 2,270 | 0 | 0 | 0 | 2,270 |
Issuance of restricted shares, net | 0 | 0 | (717) | 419 | 0 | 0 | (298) |
Balances at Dec. 31, 2020 | 173 | 24 | 143,438 | (17,067) | (2,251) | 166,325 | 290,642 |
Net income (loss) | 0 | 0 | 0 | 0 | 0 | 60,731 | 60,731 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 945 | 0 | 945 |
Stock-based employee compensation expense | 0 | 0 | 9,059 | 0 | 0 | 0 | 9,059 |
Issuance of restricted shares, net | (11) | 0 | (3,091) | 1,772 | 0 | 0 | (1,330) |
Share repurchase | (1) | ||||||
Share repurchase | 0 | 0 | (8,367) | 0 | (1,980) | (10,348) | |
Balances at Dec. 31, 2021 | $ 161 | $ 24 | $ 149,406 | $ (23,662) | $ (1,306) | $ 225,076 | $ 349,699 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | ||
Net (loss) income | $ 60,731 | $ (42,718) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for losses on accounts receivable | 1,338 | 3,134 |
Reversal of gain on sales to equity method investee, net | 52 | 14 |
Depreciation and amortization | 53,881 | 65,480 |
Impairment of property and equipment | 0 | 26,569 |
Amortization of deferred financing fees | 0 | 154 |
Deferred income tax (benefit) expense | 18,413 | (15,092) |
Income tax (expense) benefit arising from restricted share vesting and stock options exercised | (334) | 167 |
Stock-based compensation expense | 9,059 | 2,270 |
Equity in income of affiliate | (14,782) | (3,944) |
Return on investment in affiliated company | 4,900 | 1,470 |
Gain on disposition of property and equipment | (3,799) | (7,677) |
(Gain) loss on disposition of reportable segment | (3,412) | 40,431 |
Return on investment in available-for-sale securities | (63) | (25) |
Changes in operating assets and liabilities: | ||
Receivables and advances | (36,544) | (60,849) |
Prepaid expenses and other assets | (710) | 531 |
Inventory and supplies | (204) | 1,091 |
Insurance and claims accrual | (31,653) | 32,203 |
Accounts payable and accrued expenses | 16,345 | 19,831 |
Net cash flows provided by operating activities | 73,218 | 63,040 |
Cash flows from investing activities: | ||
Investment in affiliated company | (13) | 0 |
Redemption of available-for-sale securities | 1,508 | 1,442 |
Acquisition of property and equipment | (35,285) | (94,049) |
Proceeds from disposition of reportable segment | 0 | 108,375 |
Proceeds from disposition of property and equipment | 44,134 | 122,278 |
Net cash flows provided by investing activities | 10,344 | 138,046 |
Cash flows from financing activities: | ||
Change in checks outstanding in excess of bank balances | (1,215) | 839 |
Proceeds from issuance of notes payable | 0 | 75,591 |
Repayments of notes payable | (14,397) | (289,834) |
Repayments of finance lease obligations | (5,626) | (20,083) |
Proceeds under revolving credit facility | 644,874 | 1,341,678 |
Repayments under revolving credit facility | (695,513) | (1,326,678) |
Payment of minimum tax withholdings on stock compensation | (1,332) | (297) |
Common stock repurchased | (10,348) | (17,486) |
Net cash flows used in financing activities | (83,557) | (236,270) |
Net change in cash and cash equivalents | 5 | (35,184) |
Cash and cash equivalents at beginning of year | 8,407 | 43,591 |
Cash and cash equivalents at end of year | 8,412 | 8,407 |
Supplemental disclosure of cash flow information: | ||
Interest, net of capitalized interest | 2,762 | 7,365 |
Income taxes | 10,236 | 870 |
Non-cash transactions during the year for: | ||
Equipment purchased under finance leases | 0 | 3,258 |
Contingent liabilities | $ 0 | $ 44,151 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Covenant Logistics Group, Inc., a Nevada holding company, together with its wholly owned subsidiaries offers transportation and logistics services to customers throughout the continental United States. P rinciples of Consolidation The consolidated financial statements include the accounts of Covenant Logistics Group, Inc., a holding company incorporated in the state of Nevada in 1994, References in this report to "it," "we," "us," "our," the "Company," and similar expressions refer to Covenant Logistics Group, Inc. and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. We have four ● Non-dedicated truckload services ("Expedited"), which services customers with high service freight and delivery standards, such as 1,000 22 15 ● Dedicated contract truckload services (“Dedicated”), which consists of our truckload business that involves longer-term contracts that allocate a specified number of tractors and trailers to a specific customer, with fixed and variable compensation. ● Managed Freight services, which consists of our brokerage and transportation management services ("TMS") and provides logistics capacity by outsourcing the carriage of customers' freight to third ● Warehousing services (“Warehousing”), provides day-to-day warehouse management services to customers who have chosen to outsource this function. The following table summarizes our revenue by our four December 31, 2021 2020 Year ended December 31, (in thousands) 2021 2020 Revenues: Expedited $ 337,063 $ 320,202 Dedicated 324,541 288,652 Managed Freight 321,236 177,579 Warehousing 63,163 52,128 Total revenues $ 1,046,003 $ 838,561 Investment in Transport Enterprise Leasing, LLC Transport Enterprise Leasing, LLC ("TEL") is a tractor and trailer equipment leasing company and used equipment reseller. We evaluated our investment in TEL to determine whether it should be recorded on a consolidated basis. Our percentage of ownership interest (49%), an evaluation of control, and whether a variable interest entity ("VIE") existed were all considered in our consolidation assessment. Based on the analysis, the Company is not not 49% On a periodic basis, we assess whether there are any indicators that the fair value of our investment in TEL may no December 31, 2021 2020. Risks and Uncertainties We are continuing to monitor the progression of the COVID- 19 not first Our insurance program includes multi-year policies with specific insurance limits that may April 1, 2018 March 31, 2021, $9.0 $1.0 January 28, 2021 April 1, 2024. $9.0 $1.0 April 1, 2018 March 31, 2021, Effective April 1, 2021, may On July 8, 2020, September 23, 2020 The amended purchase agreement specifically identified approximately $62.0 million of accounts within the Portfolio, which related to advances on services that had not first $30.0 fourth 2020, December 31, 2020 first 2021, fourth 2020. fourth 2020 first 2021. second 2021 third 2021 December 31, 2021, no Revenue Recognition Revenue, drivers' wages, and other direct operating expenses generated by our Expedited and Dedicated reportable segments are recognized proportionally as the transportation service is performed based on the percentage of miles completed as of the period end. Revenue is recognized on a gross basis at amounts charged to our customers because we control and are primarily responsible for the fulfillment of the promised service. Revenue includes transportation revenue, fuel surcharges, loading and unloading activities, equipment detention, and other accessorial services. Revenue generated by our Managed Freight reportable segment is recognized upon completion of the services provided. Revenue is recorded on a gross basis, without deducting third There are no December 31, 2021 2020, December 31, 2021 2020, Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make decisions based upon estimates, assumptions, and factors we consider as relevant to the circumstances. Such decisions include the selection of applicable accounting principles and the use of judgment in their application, the results of which impact reported amounts and disclosures. Changes in future economic conditions or other business circumstances may Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three Accounts Receivable and Concentration of Credit Risk We extend credit to our customers in the normal course of business, which are generally due within 30 45 not Accounts receivable are comprised of a diversified customer base that mitigates the level of concentration of credit risk. During 2021 2020 ten No 2021 one 2020 10% 44 38 2021 2020 The following table provides a summary (in thousands) of the activity in the allowance for doubtful accounts for 2021 2020 Years ended December 31: Beginning balance January 1, Additional provisions to allowance Write-offs and other adjustments Ending balance December 31, 2021 $ 2,992 $ 1,338 $ (218 ) $ 4,112 2020 $ 1,440 $ 3,011 $ (1,459 ) $ 2,992 Inventories and Supplies Inventories and supplies consist of parts, tires, fuel, and supplies. Tires on new revenue equipment are capitalized as a component of the related equipment cost when the tractor or trailer is placed in service and recognized through depreciation over the life of the vehicle. Replacement tires and parts on hand at year end are recorded at the lower of cost or net realizable value with cost determined using the first first Assets Held for Sale Assets held for sale include property and revenue equipment no no twelve Change in Estimates The Company reviews the estimated useful lives and salvage values of its assets on an ongoing basis, based upon, among other things, our experience with similar assets, conditions in the used revenue equipment market, and prevailing industry practice. During the second 2020, twelve December 31, 2020, Property and Equipment Property and equipment is stated at cost less accumulated depreciation. Depreciation for book purposes is determined using the straight-line method over the estimated useful lives of the assets. Depreciation of revenue equipment is our largest item of depreciation. We generally depreciate new tractors over five seven ten not We lease certain revenue equipment under finance and operating leases with terms of approximately 48 to 84 months. Amortization of assets under finance and operating leases are included in depreciation and amortization expense and revenue and equipment rentals and purchased transportation, respectively. Pursuant to applicable accounting standards, revenue equipment and other long-lived assets are tested for impairment whenever an event occurs that indicates impairment may twelve December 31, 2020. no twelve December 31, 2021. 3, A portion of our tractors are protected by non-binding indicative trade-in values or binding trade-back agreements with the manufacturers. The remainder of our tractors and substantially all of our owned trailers are subject to fluctuations in market prices for used revenue equipment. Moreover, our trade-back agreements are contingent upon reaching acceptable terms for the purchase of new equipment. Declines in the price of used revenue equipment or failure to reach agreement for the purchase of new tractors with the manufacturers issuing trade-back agreements could result in impairment of, or losses on the sale of, revenue equipment. Goodwill and Other Intangible Assets We classify intangible assets into two may may not may not We determine the useful lives of our identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors we consider when determining useful lives include the contractual term of any agreement, the history of the asset, our long-term strategy for the use of the asset, any laws or other local regulations which could impact the useful life of the asset, and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have finite lives are amortized, generally on a straight-line basis, over their remaining useful lives, ranging from 3 to 15 years. Impairment of Long-Lived Assets Pursuant to applicable accounting standards, revenue equipment and other long-lived assets are tested for impairment whenever an event occurs that indicates an impairment may Insurance and Other Claims The primary claims arising against us consist of auto liability (personal injury and property damage), workers' compensation, cargo, commercial liability, and employee medical expenses. At December 31, 2021 ● auto liability - $7.0 million in excess of $3.0 million policy that runs from January 28, 2021 April 1, 2024 ● workers' compensation - $1.3 million ● cargo - $0.3 million ● employee medical - $0.4 million ● physical damage - 100% Due to our significant self-insured retention amounts, we have exposure to fluctuations in the number and severity of claims and to variations between our estimated and actual ultimate payouts. We record a liability for the estimated cost of the uninsured portion of pending claims and the estimated allocated loss adjustment expenses including legal and other direct costs associated with a claim. Estimates require judgments concerning the nature and severity of the claim, historical trends, advice from third In addition to estimates within our self-insured retention layers, we also must make judgments concerning claims where we have third third December 31, 2021 2020 December 31, 2021 2020 may We also make judgments regarding the ultimate benefit versus risk of commuting certain periods within our auto liability policy. If we commute a policy, we assume 100% risk for covered claims in exchange for a policy refund. Effective April 2018, three 36 March 31, 2021. not October 1, 2014 March 31, 2018, not no December 31, 2021. Interest We capitalize interest on major projects during construction. Interest is capitalized based on the average interest rate on related debt. Capitalized interest was less than $0.1 million in 2021 2020 Fair Value of Financial Instruments Our financial instruments consist primarily of cash and cash equivalents, accounts receivable, available-for-sale securities, accounts payable, debt, and interest rate swaps. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable, and current debt approximates their fair value because of the short-term maturity of these instruments. Interest rates that are currently available to us for issuance of long-term debt with similar terms and remaining maturities are used to estimate the fair value of our long-term debt, which primarily consists of revenue equipment installment notes. The fair value of our revenue equipment installment notes approximated the carrying value at December 31, 2021 Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We have reflected the net liability after offsetting our deferred tax assets and liabilities in the deferred income taxes line in the accompanying consolidated balance sheets. We believe the future tax deductions will be realized principally through future reversals of existing taxable temporary differences and future taxable income, except for when a valuation allowance has been provided as discussed in Note 10. In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management's evaluation of the facts, circumstances, and information available at the reporting dates. For those tax positions where it is more likely than not 50% not not no Our policy is to recognize income tax benefit arising from the exercise of stock options and restricted share vesting based on the ordering provisions of the tax law as prescribed by the Internal Revenue Code, including indirect tax effects, if any. Lease Accounting At the commencement date of a new lease agreement with contractual terms longer than twelve Right-of-use assets and lease liabilities are initially recorded based on the present value of lease payments over the term of the lease. When the rate implicit in the lease is readily determinable, this rate is used for calculating the present value of remaining lease payments; otherwise, our incremental borrowing rate is used. The incremental borrowing rate represents an estimate of the interest rate we would incur at the lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of the lease. Right-of-use assets also include prepaid lease expenses and initial direct costs of executing the leases, which are reduced by landlord incentives. Options to extend or terminate a lease agreement are included in or excluded from the lease term, respectively, when those options are reasonably certain to be exercised. Right-of-use assets are tested for impairment in the same manner as long-lived assets. Finance lease obligations are utilized to finance a portion of our revenue equipment and are entered into with certain finance companies who are not may not Right-of-use assets are included in net property and equipment. For finance leases, right-of-use assets are amortized on a straight-line basis over the shorter of the expected useful life or the lease term, and the carrying amount of the lease liability is adjusted to reflect interest expense, which is recorded in interest expense, net. Operating lease right-of-use assets are amortized over the lease term on a straight-line basis, and the lease liability is measured at the present value of the remaining lease payments. Variable lease payments not Capital Structure The shares of Class A and B common stock are substantially identical except that the Class B shares are entitled to two one Income Per Share Basic income per share excludes dilution and is computed by dividing earnings available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted income per share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in our earnings. There were approximately 374,000 shares and 195,000 shares issuable upon conversion of unvested restricted shares for the years ended December 31, 2021 2020, not December 31, 2021. none December 31, 2021 2020, December 31, 2021 2020, not December 31, 2021. December 31, 2021 2020, The following table sets forth the calculation of net income per share included in the consolidated statements of operations for each of the two December 31: (in thousands except per share data) 2021 2020 Numerators: Income (loss) from continuing operations $ 58,191 $ (14,120 ) Income (loss) from discontinued operations, net of tax 2,540 (28,598 ) Net income (loss) $ 60,731 $ (42,718 ) Denominator: Denominator for basic income per share – weighted-average shares 16,803 17,358 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted shares 217 - Equivalent shares issuable upon conversion of unvested employee stock options - - Denominator for diluted income per share adjusted weighted-average shares and assumed conversions 17,020 17,358 Basic income (loss) per share: Income (loss) from continuing operations $ 3.46 $ (0.81 ) Income (loss) from discontinued operations $ 0.15 $ (1.65 ) Net income (loss) $ 3.61 $ (2.46 ) Diluted income (loss) per share: Income (loss) from continuing operations $ 3.42 $ (0.81 ) Income (loss) from discontinued operations $ 0.15 $ (1.65 ) Net income (loss) $ 3.57 $ (2.46 ) Stock-Based Employee Compensation We issue several types of stock-based compensation, including awards that vest based on service, market, and performance conditions or a combination of the conditions. Performance-based and market-based awards vest contingent upon meeting certain performance or market criteria, respectively, established by the Compensation Committee of the Board of Directors. All awards require future service. For performance-based awards, determining the appropriate amount to expense in each period is based on likelihood and timing of achieving the stated targets for performance-based awards and requires judgment, including forecasting future financial results. The estimates are revised periodically based on the probability and timing of achieving the required performance and adjustments are made as appropriate. Awards that are only subject to time vesting provisions are amortized using the straight-line method. Recent Accounting Pronouncements Accounting Standards not In June 2016, 2016 13, Financial Instruments - Measurement of Credit Losses on Financial Instruments January 1, 2023, There are no |
Note 2 - Discontinued Operation
Note 2 - Discontinued Operations | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 2. DISCONTINUED OPERATIONS As of June 30, 2020, July 8, 2020, We have reflected the former Factoring reportable segment as discontinued operations in the consolidated statements of operations for all periods presented. Prior periods have been adjusted to confirm to the current presentation. The following table summarizes the results of our discontinued operations for the twelve December 31, 2021 2020: (in thousands) Twelve months ended December 31 2021 2020 Total revenue $ - $ 5,397 Operating expenses 25 1,149 Gain on disposal - (3,720 ) (Reversal of) loss contingency (3,412 ) 44,151 Operating income (loss) 3,387 (36,183 ) Interest expense - 1,950 Income (loss) before income taxes 3,387 (38,133 ) Income tax expense (benefit) 847 (9,535 ) Net income (loss) from discontinued operations, net of tax $ 2,540 $ (28,598 ) Operating income for the year ended December 31, 2021 1. Interest expense not The following table summarizes the major classes of assets and liabilities included as discontinued operations as of December 31, 2021 2020 (in thousands) December 31, 2021 December 31, 2020 Noncurrent deferred tax asset 1,275 9,535 Noncurrent assets from discontinued operations 1,275 9,535 Total assets from discontinued operations $ 1,275 $ 9,535 Current liabilities: Accounts payable $ - $ 816 Current liabilities of discontinued operations - 816 Contingent liabilities 5,100 44,151 Total liabilities from discontinued operations $ 5,100 $ 44,967 There were no December 31, 2021. December 31, 2020, December 31, 2020. The following unaudited summary information is presented on a consolidated pro forma basis as if the Factoring assets were sold as of January 1, 2020: (in thousands) Twelve months ended December 31, 2021 2020 Total revenue $ 1,046,003 $ 838,561 Income (loss) from continuing operations 58,191 (14,120 ) Income (loss) per basic share from continuing operations $ 3.46 $ (0.81 ) Income (loss) per diluted share from continuing operations $ 3.42 $ (0.81 ) Refer to Note 1, |
Note 3 - Restructuring and Cost
Note 3 - Restructuring and Cost Savings Initiatives | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 3. RESTRUCTURING AND COST SAVINGS INITIATIVES Since the first 2020, one Although the significant majority of restructuring and cost savings initiatives were completed in the second 2020, third fourth 2020 In the second 2020 June 30, 2020. twelve second 2020 no 2021. (in thousands) Twelve months ended December 31, Description 2020 Segment(s) Impacted Value Determination Revenue equipment $ 16,779 Expedited and Dedicated Third Party Market Appraisal Terminal facility, leasehold improvements, and equipment, Texarkana, AR 7,319 Expedited and Dedicated Third Party Market Appraisal Leased office facility, Chattanooga, TN 2,236 Managed Freight Loss on ROU Asset and Leasehold Improvements Training and orientation center, Chattanooga, TN 235 Expedited and Dedicated Quoted Market Price Impairment of right-of use asset, long lived properties, and equipment $ 26,569 Other restructuring related gains and charges incurred during the twelve December 31, 2020 no 2021. (in thousands) Twelve months ended December 31, Description 2020 Segment(s) Impacted Gain on disposal of terminals, net $ (4,740 ) Expedited and Dedicated Restructuring related separation and other 4,334 Expedited, Dedicated, and Managed Freight Abandonment of information technology infrastructure 1,048 Expedited and Dedicated Change in useful life/abandonment of intangible assets 1,331 Dedicated, Managed Freight, and Warehousing Abandonment of revenue equipment held under operating leases 825 Expedited and Dedicated Contract exit costs and restructuring related costs and professional fees 695 Expedited and Dedicated Total restructuring $ 3,493 |
Note 4 - Stock-based Compensati
Note 4 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 4. STOCK-BASED COMPENSATION Our Third Amended and Restated 2006 July 1, 2020, 2006 one one may June 1, 2030, The Incentive Plan permits annual awards of shares of our Class A common stock to executives, other key employees, non-employee directors, and eligible participants under various types of options, restricted share awards, or other equity instruments. At December 31, 2021 No may Included in salaries, wages, and related expenses within the consolidated statements of operations is stock-based compensation expense of $5.0 million and $1.8 million, in 2021 2020, 2021 2020 2021 2020 2021 2020, 2021 2020 The Incentive Plan allows participants to pay the federal and state minimum statutory tax withholding requirements related to awards that vest or allows the participant to deliver to us shares of Class A common stock having a fair market value equal to the minimum amount of such required withholding taxes. To satisfy withholding requirements for shares that vested, certain participants elected to deliver to us 60,752 and 20,570 Class A common stock shares, which were withheld at weighted average per share prices of $21.87 and $14.65, respectively, based on the closing prices of our Class A common stock on the dates the shares vested in 2021 2020 2021 2020 The following table summarizes our restricted share award activity for the fiscal years ended December 31, 2021 2020 Number of stock awards (in thousands) Weighted average grant date fair value Unvested at December 31, 2019 787 $ 18.25 Granted 119 $ 13.43 Vested (65 ) $ 23.82 Forfeited (196 ) $ 20.05 Unvested at December 31, 2020 645 $ 16.25 Granted 252 $ 21.34 Vested (218 ) $ 16.57 Forfeited (117 ) $ 15.31 Unvested at December 31, 2021 562 $ 18.12 The unvested shares at December 31, 2021 2021 2026 December 31, 2021 no December 31, 2021 The fair value of restricted share awards that vested in 2021 2020 December 31, 2021 not The following table summarizes our stock option activity for the fiscal year ended December 31, 2021 2020: Number of options (in thousands) Weighted average exercise price Weighted average remaining contractual term Aggregate intrinsic value (in thousands) Outstanding at December 31, 2019 - $ - - $ - Options granted 721 $ 15.77 Options exercised - $ - Options forfeited - $ - Outstanding at December 31, 2020 721 $ 15.77 9.8 years $ (692 ) Options granted 450 $ 21.24 Options exercised - $ - Options forfeited (60 ) $ 15.77 Outstanding at December 31, 2021 1,111 $ 17.99 9.0 years $ 9,382 Exercisable at December 31, 2021 - $ - - $ - Unrecognized compensation cost for outstanding options was $6.7 million at December 31, 2021 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. PROPERTY AND EQUIPMENT A summary of property and equipment, at cost, as of December 31, 2021 2020 (in thousands) Estimated Useful Lives (Years) 2021 2020 Revenue equipment 3 10 $ 400,282 $ 435,865 Communications equipment 5 10 4,257 5,492 Land and improvements 0 15 16,341 16,602 Buildings and leasehold improvements 7 40 72,180 57,308 Construction in-progress - 866 695 Other 2 10 24,480 25,314 $ 518,406 $ 541,276 Depreciation expense was $49.8 million and $60.4 million in 2021 2020, 2021 2020, We lease certain revenue equipment under finance and operating leases with terms of approximately 48 to 84 months. At December 31, 2021 2020 December 31, 2021 2020 2021 2020, 9. Leases |
Note 6 - Goodwill, Other Intang
Note 6 - Goodwill, Other Intangibles, and Other Assets | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. GOODWILL, OTHER INTANGIBLES, AND OTHER ASSETS On July 3, 2018, As a result of management compensation structure changes and a change in the branding strategy of the organization, the Company revised the estimated remaining useful life of the Landair trade name to 15 months as of June 30, 2020. second 2020. December 31, 2020, A summary of indefinite-lived goodwill, by reportable operating segment as of December 31, 2021 2020 (in thousands) December 31, 2021 December 31, 2020 Gross/net goodwill Gross/net goodwill Dedicated $ 15,320 $ 15,320 Managed Freight 5,448 5,448 Warehousing 21,750 21,750 Total goodwill $ 42,518 $ 42,518 A summary of other intangible assets, by reportable operating segment as of December 31, 2021 2020 (in thousands) December 31, 2021 Gross intangible assets Accumulated amortization Net intangible assets Remaining Life (months) Trade name: Dedicated $ 2,402 $ (2,130 ) $ 272 Managed Freight 999 (885 ) 114 Warehousing 999 (885 ) 114 Total trade name 4,400 (3,900 ) 500 - Customer relationships: Dedicated 14,072 (4,104 ) 9,968 Managed Freight 1,692 (494 ) 1,198 Warehousing 12,436 (3,627 ) 8,809 Total customer relationships: 28,200 (8,225 ) 19,975 102 Total other intangible assets $ 32,600 $ (12,125 ) $ 20,475 (in thousands) December 31, 2020 Gross intangible assets Accumulated amortization Net intangible assets Remaining Life (months) Trade name: Dedicated $ 2,402 $ (1,204 ) $ 1,198 Managed Freight 999 (501 ) 498 Warehousing 999 (501 ) 498 Total trade name 4,400 (2,206 ) 2,194 9 Customer relationships: Dedicated 14,072 (2,931 ) 11,141 Managed Freight 1,692 (354 ) 1,338 Warehousing 12,436 (2,591 ) 9,845 Total customer relationships 28,200 (5,876 ) 22,324 114 Total other intangible assets $ 32,600 $ (8,082 ) $ 24,518 The above finite-lived intangible assets have a weighted average remaining life of 102 months and 105 months as of December 31, 2021 2020 December 31, 2021 2020, five (In thousands) 2022 $ 2,350 2023 2,350 2024 2,350 2025 2,350 2026 2,350 Thereafter 8,225 A summary of other assets as of December 31, 2021 2020 (in thousands) 2021 2020 Investment in TEL $ 44,196 $ 34,365 Other long-term receivables 7,329 24,378 Other assets, net 859 2,154 Total other assets, net $ 52,384 $ 60,897 Other long-term receivables primarily represents amounts recorded as a receivable in other assets and as a corresponding accrual in the long-term portion of insurance and claims accruals on our consolidated balance sheet for claims above our self-insured retention for which we believe it is reasonably assured that the insurers will provide their portion of such claims. The Company conducted its annual impairment assessments and tests of goodwill for each reporting unit as of October 1, 2021. first not not not If the estimation of fair value indicates that impairment potentially exists, the Company will then measure the amount of the impairment, if any. Goodwill impairment exists when the estimated implied fair value of goodwill is less than its carrying value. Changes in strategy or market conditions could significantly impact these fair value estimates and require adjustments to recorded asset balances. As a result of the most recent goodwill impairment analysis performed ( October 1, 2021), Additionally, the Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount may not |
Note 7 - Liquidity
Note 7 - Liquidity | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Liquidity Disclosure1 [Text Block] | 7. LIQUIDITY Our business requires significant capital investments over the short-term and the long-term. We generally finance our capital requirements with borrowings under our Credit Facility, cash flows from operations, long-term operating leases, finance leases, secured installment notes with finance companies, and proceeds from the sale of our used revenue equipment. We had working capital (total current assets less total current liabilities) of $45.8 million and $14.4 million at December 31, 2021 2020 As of December 31, 2021 not After taking measures in the first 2020 19, 2021, December 31, 2020. |
Note 8 - Debt
Note 8 - Debt | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. DEBT Current and long-term debt consisted of the following at December 31, 2021 2020 (in thousands) December 31, 2021 December 31, 2020 Current Long-Term Current Long-Term Borrowings under Credit Facility $ - $ - $ - $ 15,000 Borrowings under the Draw Note - - - - Revenue equipment installment notes; weighted average interest rate of 1.2% 2.0% 4,537 2 6,437 11,358 Real estate notes; interest rate of 1.8% 1.9% 1,185 20,345 1,140 21,530 Total debt 5,722 20,347 7,577 47,888 Principal portion of finance lease obligations, secured by related revenue equipment 6,848 3,969 5,687 10,756 Principal portion of operating lease obligations, secured by related equipment 15,811 21,554 16,989 21,474 Total debt and finance lease obligations $ 28,381 $ 45,870 $ 30,253 $ 80,118 We and substantially all of our subsidiaries are parties to the Credit Facility with Bank of America, N.A., as agent (the "Agent") and JPMorgan Chase Bank, N.A. (together with the Agent, the "Lenders"). On October 23, 2020, no October 2025 ( September 2021 Borrowings under the Credit Facility are classified as either "base rate loans" or "LIBOR loans." Base rate loans accrue interest at a base rate equal to the greater of the Agent’s prime rate, the federal funds rate plus 0.5%, or LIBOR plus 1.0%, plus an applicable margin ranging from 0.25% to 0.75% June 2023. not Borrowings under the Credit Facility are subject to a borrowing base limited to the lesser of (A) $110.0 $95.0 December 31, 2021 December 31, 2021 2020 The Credit Facility includes usual and customary events of default for a facility of this nature and provides that, upon the occurrence and continuation of an event of default, payment of all amounts payable under the Credit Facility may may Pricing for the revenue equipment installment notes is quoted by the respective financial affiliates of our primary revenue equipment suppliers and other lenders at the funding of each group of equipment acquired and include fixed annual rates for new equipment under retail installment contracts. The notes included in the funding are due in monthly installments with final maturities at various dates ranging from January 2022 November 2022 not 2022, In August 2015, third 12 In connection with the TFS Settlement, on September 23, 2020, may September 23, 2025. one one September 23, 2026. may first 2021, second 2021 third 2021 December 31, 2021, As of December 31, 2021 9 (in thousands) 2022 $ 5,722 2023 1,241 2024 1,294 2025 1,350 2026 1,408 Thereafter 15,054 |
Note 9 - Leases
Note 9 - Leases | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 9. LEASES Finance lease obligations are utilized to finance a portion of our revenue equipment and are entered into with certain finance companies who are not December 31, 2021 January 2022 November 2023 not A summary of our lease obligations for the twelve December 31, 2021 2020 (dollars in thousands) Twelve Months Ended Twelve Months Ended December 31, 2021 December 31, 2020 Finance lease cost: Amortization of right-of-use assets $ 3,620 $ 4,080 Interest on lease liabilities 637 1,003 Operating lease cost 24,002 21,212 Variable lease cost 89 414 Total lease cost $ 28,348 $ 26,709 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 637 $ 1,003 Operating cash flows from operating leases $ 18,996 $ 24,325 Financing cash flows from finance leases $ 5,626 $ 20,083 Right-of-use assets obtained in exchange for new finance lease liabilities $ - $ 3,229 Right-of-use assets obtained in exchange for new operating lease liabilities $ 15,795 $ 1,730 Weighted-average remaining lease term—finance leases 1.0 years 1.8 years Weighted-average remaining lease term—operating leases 4.9 years 2.3 years Weighted-average discount rate—finance leases 4.7 % 2.3 % Weighted-average discount rate—operating leases 6.4 % 5.3 % During the year ended December 31, 2020, December 31, 2021 2020, Our future minimum lease payments as of December 31, 2021 (in thousands) Operating Finance 2022 $ 17,644 $ 6,922 2023 9,036 3,712 2024 2,206 - 2025 2,112 - 2026 2,170 - Thereafter 11,499 - Total minimum lease payments $ 44,667 $ 10,634 Less: amount representing interest (7,302 ) 183 Present value of minimum lease payments $ 37,365 $ 10,817 Less: current portion (15,811 ) (6,848 ) Lease obligations, long-term $ 21,554 $ 3,969 Certain leases contain cross-default provisions with other financing agreements and additional charges if the unit's mileage exceeds certain thresholds defined in the lease agreement. Rental expense is summarized as follows for each of the two December 31: (in thousands) 2021 2020 Revenue equipment rentals $ 20,114 $ 22,505 Building and lot rentals 3,651 2,982 Other equipment rentals 326 478 Total rental expense $ 24,091 $ 25,965 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. INCOME TAXES Income tax expense (benefit) for the years ended December 31, 2021 2020 (in thousands) 2021 2020 Federal, current $ 9,875 $ 63 Federal, deferred 6,584 (2,391 ) State, current 2,777 2,349 State, deferred 1,727 (2,825 ) Income tax (benefit) expense $ 20,962 $ (2,804 ) Income tax expense (benefit) for the years ended December 31, 2021 2020 (in thousands) 2021 2020 Computed "expected" income tax expense $ 16,643 $ (3,554 ) State income taxes, net of federal income tax effect 3,787 (227 ) 831(b) election (8 ) (123 ) Per diem allowances - 1,028 Tax contingency accruals (295 ) 65 Valuation allowance, net (242 ) (139 ) Tax credits (295 ) (403 ) Excess tax benefits on share-based compensation (259 ) 129 Change in prior year estimates (86 ) 288 Executive compensation disallowance 1,705 - Other, net 11 132 Income tax (benefit) expense $ 20,962 $ (2,804 ) The amount of income tax expense (benefit) allocated to discontinued operations for TFS is $0.8 million expense and $9.5 million benefit for the years ended December 31, 2021 2020, Income tax expense varies from the amount computed by applying the applicable federal corporate income tax rate of 21% for 2021 2020 2020. 2021 2022 December 31, 2021. The temporary differences and the approximate tax effects that give rise to our net deferred tax liability at December 31, 2021 2020 (in thousands) 2021 2020 Deferred tax assets: Insurance and claims $ 9,453 $ 10,970 Net operating loss carryovers 4,448 7,759 Tax credits 2,499 11,395 Leased liability 9,599 9,969 Finance lease obligation 2,800 3,848 State bonus 2,165 4,860 Other 2,361 4,917 Valuation allowance - (242 ) Total deferred tax assets 33,325 53,476 Deferred tax liabilities: Property and equipment (68,090 ) (78,682 ) Investment in partnership (34,400 ) (31,585 ) ROU Asset- leases (9,178 ) (9,697 ) Other (783 ) (4,353 ) 481(a) - finance leases (2,177 ) (588 ) Prepaid expenses (3,358 ) (3,124 ) Total deferred tax liabilities (117,986 ) (128,029 ) Net deferred tax liability $ (84,661 ) $ (74,553 ) The net deferred tax liability of $84.7 million primarily relates to differences in cumulative book versus tax depreciation of property and equipment, partially off-set by net operating carryovers and insurance claims that have been reserved but not may December 31, 2021 may As of December 31, 2021 December 31, 2020 2021 2020. The following tables summarize the annual activity related to our gross unrecognized tax benefits (in thousands) for the years ended December 31, 2021 2020: 2021 2020 Balance as of January 1, $ 887 $ 823 Increases related to prior year tax positions - - Decreases related to prior year positions - - Increases related to current year tax positions - 98 Decreases related to settlements with taxing authorities - - Decreases related to lapsing of statute of limitations (291 ) (34 ) Balance as of December 31, $ 596 $ 887 If recognized, approximately $0.6 million and $0.9 million of unrecognized tax benefits would impact our effective tax rate as of both December 31, 2021 2020 Our 2016 2020 not twelve Our federal net operating loss ("NOL") will be fully consumed in the current year. We have $2.1 million of federal tax credits available to offset future tax. Our state net operating loss carryforwards and state tax credits of $86.8 million and $0.4 million, respectively, expire beginning in 2023 2029 On March 27, 2020, 2021 2020 On March 11, 2021, 2021 162 eight three not 2027. no |
Note 11 - Equity Method Investm
Note 11 - Equity Method Investment | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Equity Method Investment [Text Block] | 11. EQUITY METHOD INVESTMENT We own a 49.0% interest in TEL, a tractor and trailer equipment leasing company and used equipment reseller. There is no 49.0% not no no no third may December 31, 2021 2020 not 2021 2020 $0.6 2021 2020 December 31, 2021 2020 third December 31, 2021 2020 We have accounted for our investment in TEL using the equity method of accounting and thus our financial results include our proportionate share of TEL's net income, which amounted to $14.8 million in 2021 2020 2021 2020 Our accounts receivable from TEL and investment in TEL as of December 31, 2021 2020 Description: Balance Sheet Line Item: 2021 2020 Accounts receivable from TEL Driver advances and other receivables $ 802 $ 661 Investment in TEL Other assets $ 44,196 $ 34,365 Our accounts receivable from TEL related to cash disbursements made pursuant to our performance of certain back-office and maintenance functions on TEL's behalf. Our investment in TEL is comprised of $4.9 million cash investment and our equity in TEL's earnings since our investment, partially offset by dividends received since our investment for minimum tax withholdings as noted above and the abovementioned deferred gains on sales of equipment to TEL. See TEL's summarized financial information below. (in thousands) As of the years ended December 31, 2021 2020 Current Assets $ 32,948 $ 27,167 Non-current Assets 313,270 283,913 Current Liabilities 63,330 66,495 Non-current Liabilities 201,618 183,393 Total Equity $ 81,270 $ 61,192 (in thousands) As of the years ended December 31, 2021 2020 Revenue $ 104,873 $ 95,016 Cost of Sales 8,876 11,617 Operating Expenses 58,627 64,581 Operating Income 37,370 18,818 Net Income $ 30,078 $ 8,344 |
Note 12 - Deferred Profit Shari
Note 12 - Deferred Profit Sharing Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Compensation Related Costs, General [Text Block] | 12. DEFERRED PROFIT SHARING EMPLOYEE BENEFIT PLAN We have a deferred profit sharing and savings plan under which all of our employees with at least six may may 2021 2020 first 2020 19 |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 13. RELATED PARTY TRANSACTIONS Other than those associated with TEL, there are no 11 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. COMMITMENTS AND CONTINGENT LIABILITIES From time-to-time, we are a party to ordinary, routine litigation arising in the ordinary course of business, most of which involves claims for personal injury and/or property damage incurred in connection with the transportation of freight. Our subsidiary Covenant Transport, Inc. (“Covenant Transport”) is a defendant in a lawsuit filed on November 9, 2018, October 31, 2014 April 29, 2021, December 31 2021. December 31, 2021 On February, 28 2019, August 1, 2019, On August 2, 2018, five 5 "no not one 8 10 18 24 April 23, 2020. one August 20, 2021, December 31, 2021 On February 11, 2021, not not no December 31, 2021. We maintain insurance to cover liabilities arising from the transportation of freight for amounts in excess of certain self-insured retentions. In management's opinion, our potential exposure under pending legal proceedings is adequately provided for in the accompanying consolidated financial statements. Refer to Note 1, Based on our present knowledge of the facts and, in certain cases, advice of outside counsel, management believes the resolution of open claims and pending litigation, discussed above, taking into account existing reserves, is not We had $26.4 million and $29.7 million of outstanding and undrawn letters of credit as of December 31, 2021 2020 We had commitments outstanding at December 31, 2021 December 31, 2020 |
Note 15 - Segment Information
Note 15 - Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. SEGMENT INFORMATION Our four ● Expedited: The Expedited reportable operating segment primarily provides truckload services to customers with high service freight and delivery standards, such as 1,000 22 15 two ● Dedicated: The Dedicated segment provides customers with committed truckload capacity over contracted periods with the goal of three five ● Managed Freight: The Managed Freight segment includes our brokerage and transport management services ("TMS"). Brokerage services provide logistics capacity by outsourcing the carriage of customers' freight to third ● Warehousing: The Warehousing segment provides day-to-day warehouse management services to customers who have chosen to outsource this function. These changes impacted the Company’s reportable segments but did not The following table summarizes our segment information for 2021 2020 (in thousands) Year Ended December 31, 2021 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 337,063 $ 324,541 $ 321,236 $ 63,163 $ 1,046,003 Intersegment revenue 7,429 - - - 7,429 Operating income (loss) 33,064 (1,357 ) 32,461 2,994 67,162 Depreciation and amortization 25,364 25,960 595 1,962 53,881 (in thousands) Year Ended December 31, 2020 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 320,202 $ 288,652 $ 177,579 $ 52,128 $ 838,561 Intersegment revenue 11,630 - - - 11,630 Operating (loss) income (7,038 ) (15,534 ) 4,482 4,063 (14,027 ) Depreciation and amortization 31,969 29,610 829 3,064 65,472 (in thousands) For the years ended December 31, 2021 2020 Total external revenues for reportable segments $ 1,046,003 $ 838,561 Intersegment revenues for reportable segments 7,429 11,630 Elimination of intersegment revenues (7,429 ) (11,630 ) Total consolidated revenues $ 1,046,003 $ 838,561 Balance sheet data by reportable segment is not |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16. SUBSEQUENT EVENTS On January 26, 2022, first March 4, 2022, March 25, 2022. On February 9, 2022, 2021, first second 338 10 On February 10, 2022, 10b5 1 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | rinciples of Consolidation The consolidated financial statements include the accounts of Covenant Logistics Group, Inc., a holding company incorporated in the state of Nevada in 1994, References in this report to "it," "we," "us," "our," the "Company," and similar expressions refer to Covenant Logistics Group, Inc. and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. We have four ● Non-dedicated truckload services ("Expedited"), which services customers with high service freight and delivery standards, such as 1,000 22 15 ● Dedicated contract truckload services (“Dedicated”), which consists of our truckload business that involves longer-term contracts that allocate a specified number of tractors and trailers to a specific customer, with fixed and variable compensation. ● Managed Freight services, which consists of our brokerage and transportation management services ("TMS") and provides logistics capacity by outsourcing the carriage of customers' freight to third ● Warehousing services (“Warehousing”), provides day-to-day warehouse management services to customers who have chosen to outsource this function. The following table summarizes our revenue by our four December 31, 2021 2020 Year ended December 31, (in thousands) 2021 2020 Revenues: Expedited $ 337,063 $ 320,202 Dedicated 324,541 288,652 Managed Freight 321,236 177,579 Warehousing 63,163 52,128 Total revenues $ 1,046,003 $ 838,561 |
Equity Method Investments [Policy Text Block] | Investment in Transport Enterprise Leasing, LLC Transport Enterprise Leasing, LLC ("TEL") is a tractor and trailer equipment leasing company and used equipment reseller. We evaluated our investment in TEL to determine whether it should be recorded on a consolidated basis. Our percentage of ownership interest (49%), an evaluation of control, and whether a variable interest entity ("VIE") existed were all considered in our consolidation assessment. Based on the analysis, the Company is not not 49% On a periodic basis, we assess whether there are any indicators that the fair value of our investment in TEL may no December 31, 2021 2020. |
Risks and Uncertainties [Policy Text Block] | Risks and Uncertainties We are continuing to monitor the progression of the COVID- 19 not first Our insurance program includes multi-year policies with specific insurance limits that may April 1, 2018 March 31, 2021, $9.0 $1.0 January 28, 2021 April 1, 2024. $9.0 $1.0 April 1, 2018 March 31, 2021, Effective April 1, 2021, may On July 8, 2020, September 23, 2020 The amended purchase agreement specifically identified approximately $62.0 million of accounts within the Portfolio, which related to advances on services that had not first $30.0 fourth 2020, December 31, 2020 first 2021, fourth 2020. fourth 2020 first 2021. second 2021 third 2021 December 31, 2021, no |
Revenue [Policy Text Block] | Revenue Recognition Revenue, drivers' wages, and other direct operating expenses generated by our Expedited and Dedicated reportable segments are recognized proportionally as the transportation service is performed based on the percentage of miles completed as of the period end. Revenue is recognized on a gross basis at amounts charged to our customers because we control and are primarily responsible for the fulfillment of the promised service. Revenue includes transportation revenue, fuel surcharges, loading and unloading activities, equipment detention, and other accessorial services. Revenue generated by our Managed Freight reportable segment is recognized upon completion of the services provided. Revenue is recorded on a gross basis, without deducting third There are no December 31, 2021 2020, December 31, 2021 2020, |
Use of Estimates, Policy [Policy Text Block] | Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make decisions based upon estimates, assumptions, and factors we consider as relevant to the circumstances. Such decisions include the selection of applicable accounting principles and the use of judgment in their application, the results of which impact reported amounts and disclosures. Changes in future economic conditions or other business circumstances may |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Accounts Receivable and Concentration of Credit Risk We extend credit to our customers in the normal course of business, which are generally due within 30 45 not Accounts receivable are comprised of a diversified customer base that mitigates the level of concentration of credit risk. During 2021 2020 ten No 2021 one 2020 10% 44 38 2021 2020 The following table provides a summary (in thousands) of the activity in the allowance for doubtful accounts for 2021 2020 Years ended December 31: Beginning balance January 1, Additional provisions to allowance Write-offs and other adjustments Ending balance December 31, 2021 $ 2,992 $ 1,338 $ (218 ) $ 4,112 2020 $ 1,440 $ 3,011 $ (1,459 ) $ 2,992 |
Inventory, Policy [Policy Text Block] | Inventories and Supplies Inventories and supplies consist of parts, tires, fuel, and supplies. Tires on new revenue equipment are capitalized as a component of the related equipment cost when the tractor or trailer is placed in service and recognized through depreciation over the life of the vehicle. Replacement tires and parts on hand at year end are recorded at the lower of cost or net realizable value with cost determined using the first first |
Assets Held for Sale Policy [Policy Text Block] | Assets Held for Sale Assets held for sale include property and revenue equipment no no twelve |
Change in Accounting Estimate [Policy Text Block] | Change in Estimates The Company reviews the estimated useful lives and salvage values of its assets on an ongoing basis, based upon, among other things, our experience with similar assets, conditions in the used revenue equipment market, and prevailing industry practice. During the second 2020, twelve December 31, 2020, |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment is stated at cost less accumulated depreciation. Depreciation for book purposes is determined using the straight-line method over the estimated useful lives of the assets. Depreciation of revenue equipment is our largest item of depreciation. We generally depreciate new tractors over five seven ten not We lease certain revenue equipment under finance and operating leases with terms of approximately 48 to 84 months. Amortization of assets under finance and operating leases are included in depreciation and amortization expense and revenue and equipment rentals and purchased transportation, respectively. Pursuant to applicable accounting standards, revenue equipment and other long-lived assets are tested for impairment whenever an event occurs that indicates impairment may twelve December 31, 2020. no twelve December 31, 2021. 3, A portion of our tractors are protected by non-binding indicative trade-in values or binding trade-back agreements with the manufacturers. The remainder of our tractors and substantially all of our owned trailers are subject to fluctuations in market prices for used revenue equipment. Moreover, our trade-back agreements are contingent upon reaching acceptable terms for the purchase of new equipment. Declines in the price of used revenue equipment or failure to reach agreement for the purchase of new tractors with the manufacturers issuing trade-back agreements could result in impairment of, or losses on the sale of, revenue equipment. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets We classify intangible assets into two may may not may not We determine the useful lives of our identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors we consider when determining useful lives include the contractual term of any agreement, the history of the asset, our long-term strategy for the use of the asset, any laws or other local regulations which could impact the useful life of the asset, and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have finite lives are amortized, generally on a straight-line basis, over their remaining useful lives, ranging from 3 to 15 years. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets Pursuant to applicable accounting standards, revenue equipment and other long-lived assets are tested for impairment whenever an event occurs that indicates an impairment may |
Insurance And Other Claims [Policy Text Block] | Insurance and Other Claims The primary claims arising against us consist of auto liability (personal injury and property damage), workers' compensation, cargo, commercial liability, and employee medical expenses. At December 31, 2021 ● auto liability - $7.0 million in excess of $3.0 million policy that runs from January 28, 2021 April 1, 2024 ● workers' compensation - $1.3 million ● cargo - $0.3 million ● employee medical - $0.4 million ● physical damage - 100% Due to our significant self-insured retention amounts, we have exposure to fluctuations in the number and severity of claims and to variations between our estimated and actual ultimate payouts. We record a liability for the estimated cost of the uninsured portion of pending claims and the estimated allocated loss adjustment expenses including legal and other direct costs associated with a claim. Estimates require judgments concerning the nature and severity of the claim, historical trends, advice from third In addition to estimates within our self-insured retention layers, we also must make judgments concerning claims where we have third third December 31, 2021 2020 December 31, 2021 2020 may We also make judgments regarding the ultimate benefit versus risk of commuting certain periods within our auto liability policy. If we commute a policy, we assume 100% risk for covered claims in exchange for a policy refund. Effective April 2018, three 36 March 31, 2021. not October 1, 2014 March 31, 2018, not no December 31, 2021. |
Interest Capitalization, Policy [Policy Text Block] | Interest We capitalize interest on major projects during construction. Interest is capitalized based on the average interest rate on related debt. Capitalized interest was less than $0.1 million in 2021 2020 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Our financial instruments consist primarily of cash and cash equivalents, accounts receivable, available-for-sale securities, accounts payable, debt, and interest rate swaps. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable, and current debt approximates their fair value because of the short-term maturity of these instruments. Interest rates that are currently available to us for issuance of long-term debt with similar terms and remaining maturities are used to estimate the fair value of our long-term debt, which primarily consists of revenue equipment installment notes. The fair value of our revenue equipment installment notes approximated the carrying value at December 31, 2021 |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We have reflected the net liability after offsetting our deferred tax assets and liabilities in the deferred income taxes line in the accompanying consolidated balance sheets. We believe the future tax deductions will be realized principally through future reversals of existing taxable temporary differences and future taxable income, except for when a valuation allowance has been provided as discussed in Note 10. In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management's evaluation of the facts, circumstances, and information available at the reporting dates. For those tax positions where it is more likely than not 50% not not no Our policy is to recognize income tax benefit arising from the exercise of stock options and restricted share vesting based on the ordering provisions of the tax law as prescribed by the Internal Revenue Code, including indirect tax effects, if any. |
Lessee, Leases [Policy Text Block] | Lease Accounting At the commencement date of a new lease agreement with contractual terms longer than twelve Right-of-use assets and lease liabilities are initially recorded based on the present value of lease payments over the term of the lease. When the rate implicit in the lease is readily determinable, this rate is used for calculating the present value of remaining lease payments; otherwise, our incremental borrowing rate is used. The incremental borrowing rate represents an estimate of the interest rate we would incur at the lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of the lease. Right-of-use assets also include prepaid lease expenses and initial direct costs of executing the leases, which are reduced by landlord incentives. Options to extend or terminate a lease agreement are included in or excluded from the lease term, respectively, when those options are reasonably certain to be exercised. Right-of-use assets are tested for impairment in the same manner as long-lived assets. Finance lease obligations are utilized to finance a portion of our revenue equipment and are entered into with certain finance companies who are not may not Right-of-use assets are included in net property and equipment. For finance leases, right-of-use assets are amortized on a straight-line basis over the shorter of the expected useful life or the lease term, and the carrying amount of the lease liability is adjusted to reflect interest expense, which is recorded in interest expense, net. Operating lease right-of-use assets are amortized over the lease term on a straight-line basis, and the lease liability is measured at the present value of the remaining lease payments. Variable lease payments not |
Stockholders' Equity, Policy [Policy Text Block] | Capital Structure The shares of Class A and B common stock are substantially identical except that the Class B shares are entitled to two one |
Earnings Per Share, Policy [Policy Text Block] | Income Per Share Basic income per share excludes dilution and is computed by dividing earnings available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted income per share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in our earnings. There were approximately 374,000 shares and 195,000 shares issuable upon conversion of unvested restricted shares for the years ended December 31, 2021 2020, not December 31, 2021. none December 31, 2021 2020, December 31, 2021 2020, not December 31, 2021. December 31, 2021 2020, The following table sets forth the calculation of net income per share included in the consolidated statements of operations for each of the two December 31: (in thousands except per share data) 2021 2020 Numerators: Income (loss) from continuing operations $ 58,191 $ (14,120 ) Income (loss) from discontinued operations, net of tax 2,540 (28,598 ) Net income (loss) $ 60,731 $ (42,718 ) Denominator: Denominator for basic income per share – weighted-average shares 16,803 17,358 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted shares 217 - Equivalent shares issuable upon conversion of unvested employee stock options - - Denominator for diluted income per share adjusted weighted-average shares and assumed conversions 17,020 17,358 Basic income (loss) per share: Income (loss) from continuing operations $ 3.46 $ (0.81 ) Income (loss) from discontinued operations $ 0.15 $ (1.65 ) Net income (loss) $ 3.61 $ (2.46 ) Diluted income (loss) per share: Income (loss) from continuing operations $ 3.42 $ (0.81 ) Income (loss) from discontinued operations $ 0.15 $ (1.65 ) Net income (loss) $ 3.57 $ (2.46 ) |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Employee Compensation We issue several types of stock-based compensation, including awards that vest based on service, market, and performance conditions or a combination of the conditions. Performance-based and market-based awards vest contingent upon meeting certain performance or market criteria, respectively, established by the Compensation Committee of the Board of Directors. All awards require future service. For performance-based awards, determining the appropriate amount to expense in each period is based on likelihood and timing of achieving the stated targets for performance-based awards and requires judgment, including forecasting future financial results. The estimates are revised periodically based on the probability and timing of achieving the required performance and adjustments are made as appropriate. Awards that are only subject to time vesting provisions are amortized using the straight-line method. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Accounting Standards not In June 2016, 2016 13, Financial Instruments - Measurement of Credit Losses on Financial Instruments January 1, 2023, There are no |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year ended December 31, (in thousands) 2021 2020 Revenues: Expedited $ 337,063 $ 320,202 Dedicated 324,541 288,652 Managed Freight 321,236 177,579 Warehousing 63,163 52,128 Total revenues $ 1,046,003 $ 838,561 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Years ended December 31: Beginning balance January 1, Additional provisions to allowance Write-offs and other adjustments Ending balance December 31, 2021 $ 2,992 $ 1,338 $ (218 ) $ 4,112 2020 $ 1,440 $ 3,011 $ (1,459 ) $ 2,992 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (in thousands except per share data) 2021 2020 Numerators: Income (loss) from continuing operations $ 58,191 $ (14,120 ) Income (loss) from discontinued operations, net of tax 2,540 (28,598 ) Net income (loss) $ 60,731 $ (42,718 ) Denominator: Denominator for basic income per share – weighted-average shares 16,803 17,358 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted shares 217 - Equivalent shares issuable upon conversion of unvested employee stock options - - Denominator for diluted income per share adjusted weighted-average shares and assumed conversions 17,020 17,358 Basic income (loss) per share: Income (loss) from continuing operations $ 3.46 $ (0.81 ) Income (loss) from discontinued operations $ 0.15 $ (1.65 ) Net income (loss) $ 3.61 $ (2.46 ) Diluted income (loss) per share: Income (loss) from continuing operations $ 3.42 $ (0.81 ) Income (loss) from discontinued operations $ 0.15 $ (1.65 ) Net income (loss) $ 3.57 $ (2.46 ) |
Note 2 - Discontinued Operati_2
Note 2 - Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | (in thousands) Twelve months ended December 31 2021 2020 Total revenue $ - $ 5,397 Operating expenses 25 1,149 Gain on disposal - (3,720 ) (Reversal of) loss contingency (3,412 ) 44,151 Operating income (loss) 3,387 (36,183 ) Interest expense - 1,950 Income (loss) before income taxes 3,387 (38,133 ) Income tax expense (benefit) 847 (9,535 ) Net income (loss) from discontinued operations, net of tax $ 2,540 $ (28,598 ) (in thousands) December 31, 2021 December 31, 2020 Noncurrent deferred tax asset 1,275 9,535 Noncurrent assets from discontinued operations 1,275 9,535 Total assets from discontinued operations $ 1,275 $ 9,535 Current liabilities: Accounts payable $ - $ 816 Current liabilities of discontinued operations - 816 Contingent liabilities 5,100 44,151 Total liabilities from discontinued operations $ 5,100 $ 44,967 (in thousands) Twelve months ended December 31, 2021 2020 Total revenue $ 1,046,003 $ 838,561 Income (loss) from continuing operations 58,191 (14,120 ) Income (loss) per basic share from continuing operations $ 3.46 $ (0.81 ) Income (loss) per diluted share from continuing operations $ 3.42 $ (0.81 ) |
Note 3 - Restructuring and Co_2
Note 3 - Restructuring and Cost Savings Initiatives (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Asset Group Impairment [Table Text Block] | (in thousands) Twelve months ended December 31, Description 2020 Segment(s) Impacted Value Determination Revenue equipment $ 16,779 Expedited and Dedicated Third Party Market Appraisal Terminal facility, leasehold improvements, and equipment, Texarkana, AR 7,319 Expedited and Dedicated Third Party Market Appraisal Leased office facility, Chattanooga, TN 2,236 Managed Freight Loss on ROU Asset and Leasehold Improvements Training and orientation center, Chattanooga, TN 235 Expedited and Dedicated Quoted Market Price Impairment of right-of use asset, long lived properties, and equipment $ 26,569 |
Restructuring and Related Costs [Table Text Block] | (in thousands) Twelve months ended December 31, Description 2020 Segment(s) Impacted Gain on disposal of terminals, net $ (4,740 ) Expedited and Dedicated Restructuring related separation and other 4,334 Expedited, Dedicated, and Managed Freight Abandonment of information technology infrastructure 1,048 Expedited and Dedicated Change in useful life/abandonment of intangible assets 1,331 Dedicated, Managed Freight, and Warehousing Abandonment of revenue equipment held under operating leases 825 Expedited and Dedicated Contract exit costs and restructuring related costs and professional fees 695 Expedited and Dedicated Total restructuring $ 3,493 |
Note 4 - Stock-based Compensa_2
Note 4 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Number of stock awards (in thousands) Weighted average grant date fair value Unvested at December 31, 2019 787 $ 18.25 Granted 119 $ 13.43 Vested (65 ) $ 23.82 Forfeited (196 ) $ 20.05 Unvested at December 31, 2020 645 $ 16.25 Granted 252 $ 21.34 Vested (218 ) $ 16.57 Forfeited (117 ) $ 15.31 Unvested at December 31, 2021 562 $ 18.12 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of options (in thousands) Weighted average exercise price Weighted average remaining contractual term Aggregate intrinsic value (in thousands) Outstanding at December 31, 2019 - $ - - $ - Options granted 721 $ 15.77 Options exercised - $ - Options forfeited - $ - Outstanding at December 31, 2020 721 $ 15.77 9.8 years $ (692 ) Options granted 450 $ 21.24 Options exercised - $ - Options forfeited (60 ) $ 15.77 Outstanding at December 31, 2021 1,111 $ 17.99 9.0 years $ 9,382 Exercisable at December 31, 2021 - $ - - $ - |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (in thousands) Estimated Useful Lives (Years) 2021 2020 Revenue equipment 3 10 $ 400,282 $ 435,865 Communications equipment 5 10 4,257 5,492 Land and improvements 0 15 16,341 16,602 Buildings and leasehold improvements 7 40 72,180 57,308 Construction in-progress - 866 695 Other 2 10 24,480 25,314 $ 518,406 $ 541,276 |
Note 6 - Goodwill, Other Inta_2
Note 6 - Goodwill, Other Intangibles, and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (in thousands) December 31, 2021 December 31, 2020 Gross/net goodwill Gross/net goodwill Dedicated $ 15,320 $ 15,320 Managed Freight 5,448 5,448 Warehousing 21,750 21,750 Total goodwill $ 42,518 $ 42,518 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | (in thousands) December 31, 2021 Gross intangible assets Accumulated amortization Net intangible assets Remaining Life (months) Trade name: Dedicated $ 2,402 $ (2,130 ) $ 272 Managed Freight 999 (885 ) 114 Warehousing 999 (885 ) 114 Total trade name 4,400 (3,900 ) 500 - Customer relationships: Dedicated 14,072 (4,104 ) 9,968 Managed Freight 1,692 (494 ) 1,198 Warehousing 12,436 (3,627 ) 8,809 Total customer relationships: 28,200 (8,225 ) 19,975 102 Total other intangible assets $ 32,600 $ (12,125 ) $ 20,475 (in thousands) December 31, 2020 Gross intangible assets Accumulated amortization Net intangible assets Remaining Life (months) Trade name: Dedicated $ 2,402 $ (1,204 ) $ 1,198 Managed Freight 999 (501 ) 498 Warehousing 999 (501 ) 498 Total trade name 4,400 (2,206 ) 2,194 9 Customer relationships: Dedicated 14,072 (2,931 ) 11,141 Managed Freight 1,692 (354 ) 1,338 Warehousing 12,436 (2,591 ) 9,845 Total customer relationships 28,200 (5,876 ) 22,324 114 Total other intangible assets $ 32,600 $ (8,082 ) $ 24,518 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (In thousands) 2022 $ 2,350 2023 2,350 2024 2,350 2025 2,350 2026 2,350 Thereafter 8,225 |
Schedule of Other Assets [Table Text Block] | (in thousands) 2021 2020 Investment in TEL $ 44,196 $ 34,365 Other long-term receivables 7,329 24,378 Other assets, net 859 2,154 Total other assets, net $ 52,384 $ 60,897 |
Note 8 - Debt (Tables)
Note 8 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | (in thousands) December 31, 2021 December 31, 2020 Current Long-Term Current Long-Term Borrowings under Credit Facility $ - $ - $ - $ 15,000 Borrowings under the Draw Note - - - - Revenue equipment installment notes; weighted average interest rate of 1.2% 2.0% 4,537 2 6,437 11,358 Real estate notes; interest rate of 1.8% 1.9% 1,185 20,345 1,140 21,530 Total debt 5,722 20,347 7,577 47,888 Principal portion of finance lease obligations, secured by related revenue equipment 6,848 3,969 5,687 10,756 Principal portion of operating lease obligations, secured by related equipment 15,811 21,554 16,989 21,474 Total debt and finance lease obligations $ 28,381 $ 45,870 $ 30,253 $ 80,118 |
Schedule of Maturities of Long-term Debt [Table Text Block] | (in thousands) 2022 $ 5,722 2023 1,241 2024 1,294 2025 1,350 2026 1,408 Thereafter 15,054 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | (dollars in thousands) Twelve Months Ended Twelve Months Ended December 31, 2021 December 31, 2020 Finance lease cost: Amortization of right-of-use assets $ 3,620 $ 4,080 Interest on lease liabilities 637 1,003 Operating lease cost 24,002 21,212 Variable lease cost 89 414 Total lease cost $ 28,348 $ 26,709 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 637 $ 1,003 Operating cash flows from operating leases $ 18,996 $ 24,325 Financing cash flows from finance leases $ 5,626 $ 20,083 Right-of-use assets obtained in exchange for new finance lease liabilities $ - $ 3,229 Right-of-use assets obtained in exchange for new operating lease liabilities $ 15,795 $ 1,730 Weighted-average remaining lease term—finance leases 1.0 years 1.8 years Weighted-average remaining lease term—operating leases 4.9 years 2.3 years Weighted-average discount rate—finance leases 4.7 % 2.3 % Weighted-average discount rate—operating leases 6.4 % 5.3 % |
Lessee, Lease Liability, Maturity [Table Text Block] | (in thousands) Operating Finance 2022 $ 17,644 $ 6,922 2023 9,036 3,712 2024 2,206 - 2025 2,112 - 2026 2,170 - Thereafter 11,499 - Total minimum lease payments $ 44,667 $ 10,634 Less: amount representing interest (7,302 ) 183 Present value of minimum lease payments $ 37,365 $ 10,817 Less: current portion (15,811 ) (6,848 ) Lease obligations, long-term $ 21,554 $ 3,969 |
Schedule of Rental Expense [Table Text Block] | (in thousands) 2021 2020 Revenue equipment rentals $ 20,114 $ 22,505 Building and lot rentals 3,651 2,982 Other equipment rentals 326 478 Total rental expense $ 24,091 $ 25,965 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (in thousands) 2021 2020 Federal, current $ 9,875 $ 63 Federal, deferred 6,584 (2,391 ) State, current 2,777 2,349 State, deferred 1,727 (2,825 ) Income tax (benefit) expense $ 20,962 $ (2,804 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (in thousands) 2021 2020 Computed "expected" income tax expense $ 16,643 $ (3,554 ) State income taxes, net of federal income tax effect 3,787 (227 ) 831(b) election (8 ) (123 ) Per diem allowances - 1,028 Tax contingency accruals (295 ) 65 Valuation allowance, net (242 ) (139 ) Tax credits (295 ) (403 ) Excess tax benefits on share-based compensation (259 ) 129 Change in prior year estimates (86 ) 288 Executive compensation disallowance 1,705 - Other, net 11 132 Income tax (benefit) expense $ 20,962 $ (2,804 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (in thousands) 2021 2020 Deferred tax assets: Insurance and claims $ 9,453 $ 10,970 Net operating loss carryovers 4,448 7,759 Tax credits 2,499 11,395 Leased liability 9,599 9,969 Finance lease obligation 2,800 3,848 State bonus 2,165 4,860 Other 2,361 4,917 Valuation allowance - (242 ) Total deferred tax assets 33,325 53,476 Deferred tax liabilities: Property and equipment (68,090 ) (78,682 ) Investment in partnership (34,400 ) (31,585 ) ROU Asset- leases (9,178 ) (9,697 ) Other (783 ) (4,353 ) 481(a) - finance leases (2,177 ) (588 ) Prepaid expenses (3,358 ) (3,124 ) Total deferred tax liabilities (117,986 ) (128,029 ) Net deferred tax liability $ (84,661 ) $ (74,553 ) |
Summary of Income Tax Contingencies [Table Text Block] | 2021 2020 Balance as of January 1, $ 887 $ 823 Increases related to prior year tax positions - - Decreases related to prior year positions - - Increases related to current year tax positions - 98 Decreases related to settlements with taxing authorities - - Decreases related to lapsing of statute of limitations (291 ) (34 ) Balance as of December 31, $ 596 $ 887 |
Note 11 - Equity Method Inves_2
Note 11 - Equity Method Investment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Description: Balance Sheet Line Item: 2021 2020 Accounts receivable from TEL Driver advances and other receivables $ 802 $ 661 Investment in TEL Other assets $ 44,196 $ 34,365 (in thousands) As of the years ended December 31, 2021 2020 Current Assets $ 32,948 $ 27,167 Non-current Assets 313,270 283,913 Current Liabilities 63,330 66,495 Non-current Liabilities 201,618 183,393 Total Equity $ 81,270 $ 61,192 (in thousands) As of the years ended December 31, 2021 2020 Revenue $ 104,873 $ 95,016 Cost of Sales 8,876 11,617 Operating Expenses 58,627 64,581 Operating Income 37,370 18,818 Net Income $ 30,078 $ 8,344 |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (in thousands) Year Ended December 31, 2021 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 337,063 $ 324,541 $ 321,236 $ 63,163 $ 1,046,003 Intersegment revenue 7,429 - - - 7,429 Operating income (loss) 33,064 (1,357 ) 32,461 2,994 67,162 Depreciation and amortization 25,364 25,960 595 1,962 53,881 (in thousands) Year Ended December 31, 2020 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 320,202 $ 288,652 $ 177,579 $ 52,128 $ 838,561 Intersegment revenue 11,630 - - - 11,630 Operating (loss) income (7,038 ) (15,534 ) 4,482 4,063 (14,027 ) Depreciation and amortization 31,969 29,610 829 3,064 65,472 (in thousands) For the years ended December 31, 2021 2020 Total external revenues for reportable segments $ 1,046,003 $ 838,561 Intersegment revenues for reportable segments 7,429 11,630 Elimination of intersegment revenues (7,429 ) (11,630 ) Total consolidated revenues $ 1,046,003 $ 838,561 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands | Jul. 08, 2020USD ($) | Apr. 30, 2018USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Mar. 31, 2018USD ($) | Apr. 01, 2024USD ($) | Sep. 30, 2021 | Mar. 21, 2021USD ($) | Sep. 30, 2020USD ($) | Apr. 01, 2020USD ($) |
Number of Reportable Segments | 4 | |||||||||||
Insurance Policy Primary Occurence Limit | $ 7,000 | $ 9,000 | ||||||||||
Insurance Policy Excess Coverage | 3,000 | 1,000 | ||||||||||
Insurance Policy Excess Coverage | 3,000 | $ 1,000 | ||||||||||
Insurance Policy, Fixed Premium Expense | $ 400 | |||||||||||
Proceeds from Divestiture of Businesses | 0 | $ 108,375 | ||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | 3,412 | (40,431) | ||||||||||
Disposal Group, Including Discontinued Operation, Contingent Liabilities | 5,100 | 44,151 | ||||||||||
Repayments of Lines of Credit | 695,513 | 1,326,678 | ||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 5,100 | 44,151 | ||||||||||
Contract with Customer, Liability, Revenue Recognized | 400 | 1,200 | ||||||||||
Accounts Receivable, after Allowance for Credit Loss, Total | 142,400 | 91,300 | ||||||||||
Depreciation, Depletion and Amortization, Nonproduction, Total | 53,881 | 65,472 | ||||||||||
Net Income (Loss) Attributable to Parent, Total | $ 60,731 | $ (42,718) | ||||||||||
Earnings Per Share, Diluted, Total (in dollars per share) | $ / shares | $ 3.57 | $ (2.46) | ||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 0 | $ 26,569 | ||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 102 months | 105 months | ||||||||||
Workers Compensation Self Insurance Per Claim | $ 1,300 | |||||||||||
Cargo Losses Purchased Coverage per Claim | 300 | |||||||||||
Employee Annual Insuarnce Deductible Per Claim | $ 400 | |||||||||||
Physical Damage Coverage | 100.00% | |||||||||||
Drivers Advances and Other Receivables Net Of Allowance | $ 8,792 | $ 13,624 | ||||||||||
Liability for Claims and Claims Adjustment Expense, Single Loss Limit | $ 9,000 | |||||||||||
Liability for Claims and Claims Adjustment Expense, Aggregate Limit per Policy Year | 18,000 | |||||||||||
Liability for Claims and Claims Adjustment Expense, Aggregate Three Year Limit | 30,000 | |||||||||||
Auto Policy Release Premium Refund | $ 14,000 | $ 7,300 | ||||||||||
Interest Costs Capitalized | $ 100 | $ 100 | ||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total (in shares) | shares | 374,000 | 195,000 | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share Because the Performance Targets Were Not Achieved , Amount (in shares) | shares | 157,000 | 34,000 | ||||||||||
Share-based Payment Arrangement, Option [Member] | ||||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares) | shares | 158,000 | 70,000 | ||||||||||
Restricted Stock [Member] | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 0 | 195,000 | ||||||||||
Employee Stock Options [Member] | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 124,000 | 195,000 | ||||||||||
Receivables from Insurers [Member] | ||||||||||||
Drivers Advances and Other Receivables Net Of Allowance | $ 0 | $ 0 | ||||||||||
Insurance Settlements Receivable, Current | 900 | 7,400 | ||||||||||
Insurance Settlements Receivable, Noncurrent | $ 6,500 | $ 24,400 | ||||||||||
Minimum [Member] | ||||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | |||||||||||
Maximum [Member] | ||||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |||||||||||
Tractors [Member] | ||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||||||||||
Tractors [Member] | Minimum [Member] | ||||||||||||
Property, Plant and Equipment, Salvage Value, Percentage | 10.00% | |||||||||||
Tractors [Member] | Maximum [Member] | ||||||||||||
Property, Plant and Equipment, Salvage Value, Percentage | 35.00% | |||||||||||
Refrigerated Trailers [Member] | ||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | |||||||||||
Dry Van Trailers [Member] | ||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |||||||||||
Dry Van Trailers [Member] | Minimum [Member] | ||||||||||||
Property, Plant and Equipment, Salvage Value, Percentage | 28.00% | |||||||||||
Dry Van Trailers [Member] | Maximum [Member] | ||||||||||||
Property, Plant and Equipment, Salvage Value, Percentage | 21.00% | |||||||||||
Revenue Equipment [Member] | Minimum [Member] | ||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||||||||||
Capital Leases of Lessee, Term of Contract (Month) | 48 months | 48 months | ||||||||||
Revenue Equipment [Member] | Maximum [Member] | ||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |||||||||||
Capital Leases of Lessee, Term of Contract (Month) | 84 months | 84 months | ||||||||||
Intangible Assets, Amortization Period [Member] | ||||||||||||
Depreciation, Depletion and Amortization, Nonproduction, Total | $ 3,200 | |||||||||||
Net Income (Loss) Attributable to Parent, Total | $ (2,500) | |||||||||||
Earnings Per Share, Diluted, Total (in dollars per share) | $ / shares | $ (0.14) | |||||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||||||||||
Number of Major Customers | 10,000,000 | 10,000,000 | ||||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Ten Customers [Member] | ||||||||||||
Concentration Risk, Percentage | 53.00% | 48.00% | ||||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member] | ||||||||||||
Number of Major Customers | 0 | 1 | ||||||||||
TBK Bank [Member] | Draw Note [Member] | ||||||||||||
Repayments of Lines of Credit | $ 31,000 | |||||||||||
Transport Financial Services [Member] | Discontinued Operations, Held-for-sale [Member] | ||||||||||||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | $ 103,300 | |||||||||||
Disposal Group, Including Discontinued Operation, Consideration | 122,300 | $ 108,400 | ||||||||||
Proceeds from Divestiture of Businesses | 108,400 | |||||||||||
Disposal Group, Including Discontinued Operation, Consideration, Equity Interest Acquired | 13,900 | |||||||||||
Disposal Group, Including Discontinued Operation, Earnout Opportuntiy, Maximum | 9,900 | |||||||||||
Disposal Group Including Discontinued Operation, Dispute over Nature of Assets | 66,000 | |||||||||||
Disposal Group, Including Discontinued Operation, Consideration Returned upon Settlement | $ 28,100 | |||||||||||
Disposal Group Including Discontinued Operation, Assets Advances Against Future Payments For Services Not Yet Performed | 62,000 | |||||||||||
Disposal Group Including Discontinued Operation, Indemnity, Loss Amount | $ 30,000 | |||||||||||
Disposal Group Including Discontinued Operation, Indemnity, Percentage of Next 30 Million Loss | 50.00% | |||||||||||
Disposal Group Including Discontinued Operation, Total Indemnification | $ 45,000 | |||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | 3,700 | |||||||||||
Disposal Group, Including Discontinued Operation, Contingent Liabilities | $ 44,200 | |||||||||||
Transport Financial Services [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||||||||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | $ 103,300 | |||||||||||
Discontinued Operation, Amount of Continuing Cash Flows after Disposal | $ (35,600) | |||||||||||
Discontinued Operation, Amount of Adjustment to Prior Period Gain (Loss) on Disposal, Net of Tax, Total | $ 3,400 | 3,412 | $ (44,151) | |||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | $ 5,100 | |||||||||||
Forecast [Member] | ||||||||||||
Insurance Policy Primary Occurence Limit | $ 7,000 | |||||||||||
Insurance Policy Excess Coverage | 3,000 | |||||||||||
Insurance Policy Excess Coverage | $ 3,000 | |||||||||||
Transport Enterprise Leasing LLC [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Revenue by Operating Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Total revenues | $ 1,046,003 | $ 838,561 |
Highway Services [Member] | Expedited [Member] | ||
Total revenues | 337,063 | 320,202 |
Dedicated [Member] | ||
Total revenues | 324,541 | 288,652 |
Managed Freight [Member] | ||
Total revenues | 321,236 | 177,579 |
Managed Freight [Member] | Warehouse [Member] | ||
Total revenues | $ 63,163 | $ 52,128 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Summary of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Beginning balance | $ 2,992 | $ 1,440 |
Additional provisions to allowance | 1,338 | 3,011 |
Write-offs and other adjustments | (218) | (1,459) |
Label | $ 4,112 | $ 2,992 |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Calculation of Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Numerators: | ||
Income (loss) from continuing operations | $ 58,191 | $ (14,120) |
Income (loss) from discontinued operations, net of tax | 2,540 | (28,598) |
Net Income (Loss) Attributable to Parent, Total | $ 60,731 | $ (42,718) |
Denominator: | ||
Denominator for basic income per share – weighted-average shares (in shares) | 16,803 | 17,358 |
Effect of dilutive securities: | ||
Diluted weighted average shares outstanding (in shares) | 17,020 | 17,358 |
Basic income (loss) per share: | ||
Income (loss) from continuing operations (in dollars per share) | $ 3.46 | $ (0.81) |
Income (loss) from discontinued operations (in dollars per share) | 0.15 | (1.65) |
Net (loss) income per basic share (in dollars per share) | 3.61 | (2.46) |
Diluted income (loss) per share: | ||
Income (loss) from continuing operations (in dollars per share) | 3.42 | (0.81) |
Income (loss) from discontinued operations (in dollars per share) | 0.15 | (1.65) |
Diluted income (loss) per share (in dollars per share) | $ 3.57 | $ (2.46) |
Restricted Stock [Member] | ||
Effect of dilutive securities: | ||
Equivalent shares issuable upon conversion of unvested restricted shares (in shares) | 217 | 0 |
Share-based Payment Arrangement, Option [Member] | ||
Effect of dilutive securities: | ||
Equivalent shares issuable upon conversion of unvested restricted shares (in shares) | 0 | 0 |
Note 2 - Discontinued Operati_3
Note 2 - Discontinued Operations (Details Textual) - Transport Financial Services [Member] - Discontinued Operations, Disposed of by Sale [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 08, 2020 | |
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | $ 103,300 | |||
Disposal Group Including Discontinued Operation Accounts Notes And Loans Receivable Gross | 108,700 | |||
Disposal Group, Including Discontinued Operation, Allowance | $ 5,400 | |||
Discontinued Operation, Amount of Adjustment to Prior Period Gain (Loss) on Disposal, Net of Tax, Total | $ 3,400 | $ 3,412 | $ (44,151) | |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | $ 0 | 11,700 | ||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | $ 0 |
Note 2 - Discontinued Operati_4
Note 2 - Discontinued Operations - Results of Discontinued Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Noncurrent assets from discontinued operations | $ 1,275 | $ 9,535 | |
Current liabilities of discontinued operations | 0 | 816 | |
Disposal Group, Including Discontinued Operation, Contingent Liabilities | 5,100 | 44,151 | |
Freight revenue | 1,046,003 | 838,561 | |
Income (loss) from continuing operations | $ 58,191 | $ (14,120) | |
Income (loss) from continuing operations (in dollars per share) | $ 3.46 | $ (0.81) | |
Income (loss) from continuing operations (in dollars per share) | $ 3.42 | $ (0.81) | |
Transport Financial Services [Member] | |||
Discontinued Operation, Tax Effect of Discontinued Operation, Total | $ 800 | $ 9,500 | |
Transport Financial Services [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||
Total revenue | 0 | 5,397 | |
Operating expenses | 25 | 1,149 | |
Gain on disposal | 0 | (3,720) | |
(Reversal of) loss contingency | $ (3,400) | (3,412) | 44,151 |
Operating income (loss) | 3,387 | (36,183) | |
Interest expense | 0 | 1,950 | |
Income (loss) before income taxes | 3,387 | (38,133) | |
Discontinued Operation, Tax Effect of Discontinued Operation, Total | 847 | (9,535) | |
Net income (loss) from discontinued operations, net of tax | 2,540 | (28,598) | |
Noncurrent deferred tax asset | 1,275 | 9,535 | |
Noncurrent assets from discontinued operations | 1,275 | 9,535 | |
Total assets from discontinued operations | 1,275 | 9,535 | |
Accounts payable | 0 | 816 | |
Current liabilities of discontinued operations | 0 | 816 | |
Total liabilities from discontinued operations | 5,100 | 44,967 | |
Transport Financial Services [Member] | Discontinued Operations, Disposed of by Sale [Member] | Pro Forma [Member] | |||
Freight revenue | 1,046,003 | 838,561 | |
Income (loss) from continuing operations | $ 58,191 | $ (14,120) | |
Income (loss) from continuing operations (in dollars per share) | $ 3.46 | $ (0.81) | |
Income (loss) from continuing operations (in dollars per share) | $ 3.42 | $ (0.81) |
Note 3 - Restructuring and Co_3
Note 3 - Restructuring and Cost Savings Initiatives - Summary of Asset Groups Impaired (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Impairment of long lived property, equipment, and right-of-use assets | $ 0 | $ 26,569 |
Revenue Equipment [Member] | Highway Services and Dedicated [Member] | ||
Impairment of long lived property, equipment, and right-of-use assets | 16,779 | |
Terminal Property [Member] | Highway Services and Dedicated [Member] | ||
Impairment of long lived property, equipment, and right-of-use assets | 7,319 | |
Leased Office Facility [Member] | ||
Impairment of long lived property, equipment, and right-of-use assets | 2,200 | |
Leased Office Facility [Member] | Managed Freight [Member] | ||
Impairment of long lived property, equipment, and right-of-use assets | 2,236 | |
Training and Orientation Center [Member] | Highway Services [Member] | ||
Impairment of long lived property, equipment, and right-of-use assets | $ 235 |
Note 3 - Restructuring and Co_4
Note 3 - Restructuring and Cost Savings Initiatives - Other Restructuring Gains and Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Gain on disposal of terminals, net | $ 3,799 | $ 7,677 |
Amortization of Intangible Assets, Total | $ 4,000 | 5,100 |
Total restructuring | 3,493 | |
Highway Services and Dedicated [Member] | Gain on Disposition of Property and Equipment, Net [Member] | ||
Gain on disposal of terminals, net | (4,740) | |
Abandonment | 1,048 | |
Highway Services and Dedicated [Member] | Revenue Equipment Rentals and Purchased Transportation [Member] | ||
Abandonment | 825 | |
Highway Services and Dedicated [Member] | General Supplies and Expenses [Member] | ||
Contract exit costs and restructuring related costs and professional fees | 695 | |
Highway Services, Dedicated, and Managed Freight [Member] | Salaries Wages And Related Expenses [Member] | ||
Restructuring related separation and other | 4,334 | |
Dedicated and Managed Freight [Member] | Depreciation and Amortization [Member] | ||
Amortization of Intangible Assets, Total | $ 1,331 |
Note 4 - Stock-based Compensa_3
Note 4 - Stock-based Compensation (Details Textual) - USD ($) | Jul. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 1,900,000 | ||||
Fungible Share Reserve Feature, Shares Subject for Each Share Granted (in shares) | 1 | ||||
Fungible Share Reserve Feature, Shares Subject to All Other Awards (in shares) | 1.80 | ||||
Maximum Number of Shares of Class A Common Stock Awarded to any Participant in the Incentive Plan in any Calendar Year (in shares) | 500,000 | 500,000 | 200,000 | ||
Maximum Cash Awarded to any Participant in the Incentive Plan in any Calendar Year | $ 4,000,000 | $ 4,000,000 | $ 2,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,152,479 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 4,200,000 | ||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 1,332,000 | $ 297,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number (in shares) | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 562,000 | 645,000 | 787,000 | ||
Services Provided [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 307,967 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 14 months 6 days | ||||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 253,672 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2,500,000 | ||||
Performance Shares [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 0 | ||||
Restricted Stock [Member] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 2,700,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 4,900,000 | $ 900,000 | |||
Share-based Payment Arrangement, Option [Member] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 6,700,000 | ||||
Common Class A [Member] | |||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 500,000 | $ 300,000 | |||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 60,752 | 20,570 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased (in dollars per share) | $ 21.87 | $ 14.65 | |||
Minimum [Member] | |||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 2,400,000 | ||||
Maximum [Member] | |||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 100,000 | ||||
Salaries Wages And Related Expenses [Member] | |||||
Share-based Payment Arrangement, Expense | 5,000,000 | 1,800,000 | |||
General Supplies and Expenses [Member] | |||||
Share-based Payment Arrangement, Expense | 400,000 | ||||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net, Total | $ 300,000 | $ 200,000 |
Note 4 - Stock-based Compensa_4
Note 4 - Stock-based Compensation - Restricted Stock Activity (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Number of stock awards, unvested, beginning of period (in shares) | 645 | 787 |
Weighted average grant date fair value, unvested, beginning of period (in dollars per share) | $ 16.25 | $ 18.25 |
Granted (in shares) | 252 | 119 |
Granted, weighted average grant date fair value (in dollars per share) | $ 21.34 | $ 13.43 |
Vested (in shares) | (218) | (65) |
Vested, weighted average grant date fair value (in dollars per share) | $ 16.57 | $ 23.82 |
Forfeited (in shares) | (117) | (196) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 15.31 | $ 20.05 |
Number of stock awards, unvested, end of period (in shares) | 562 | 645 |
Weighted average grant date fair value, unvested, end of period (in dollars per share) | $ 18.12 | $ 16.25 |
Note 4 - Stock-based Compensa_5
Note 4 - Stock-based Compensation - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Options granted (in shares) | 450 | |
Granted, weighted average exercise price (in dollars per share) | $ 21.24 | |
Options outstanding, weighted average contractual ife (Year) | 9 years | |
Options outstanding, aggregate intrinsic value | $ (9,382) | |
Exercised, weighted average exercise price (in dollars per share) | $ 0 | |
Options forfeited (in shares) | (60) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 15.77 | |
Balance (in shares) | 1,111 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 17.99 | |
Options outstanding, aggregate intrinsic value | $ 9,382 | |
Share-based Payment Arrangement, Option [Member] | ||
Balance (in shares) | 721 | 0 |
Options outstanding, weighted average exercise price (in dollars per share) | $ 15.77 | $ 0 |
Options granted (in shares) | 721 | |
Granted, weighted average exercise price (in dollars per share) | $ 15.77 | |
Options outstanding, weighted average contractual ife (Year) | 9 years 9 months 18 days | |
Options outstanding, aggregate intrinsic value | $ (692) | |
Balance (in shares) | 721 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 15.77 | |
Options outstanding, aggregate intrinsic value | $ 692 | |
Exercisable (in shares) | 0 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 0 | |
Exercisable, options outstanding, aggregate intrinsic valueo | $ 0 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Total | $ 49,800 | $ 60,400 |
Gain (Loss) on Disposition of Property Plant Equipment, Total | 3,799 | 7,706 |
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | 45,500 | 50,200 |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | 22,300 | 20,800 |
Finance Lease, Right-of-Use Asset, Amortization | $ 3,620 | $ 4,080 |
Revenue Equipment [Member] | Minimum [Member] | ||
Capital Leases of Lessee, Term of Contract (Month) | 48 months | 48 months |
Revenue Equipment [Member] | Maximum [Member] | ||
Capital Leases of Lessee, Term of Contract (Month) | 84 months | 84 months |
Net in Depreciation and Amortization Expense [Member] | ||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 7,700 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Property and Equipment, at Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, plant, and equipment, gross | $ 518,406 | $ 541,276 |
Revenue Equipment [Member] | ||
Property, plant, and equipment, gross | 400,282 | 435,865 |
Office Equipment [Member] | ||
Property, plant, and equipment, gross | 4,257 | 5,492 |
Land and Land Improvements [Member] | ||
Property, plant, and equipment, gross | 16,341 | 16,602 |
Building and Building Improvements [Member] | ||
Property, plant, and equipment, gross | 72,180 | 57,308 |
Construction in Progress [Member] | ||
Property, plant, and equipment, gross | 866 | 695 |
Property, Plant and Equipment, Other Types [Member] | ||
Property, plant, and equipment, gross | $ 24,480 | $ 25,314 |
Minimum [Member] | Revenue Equipment [Member] | ||
Estimated useful lives (Year) | 3 years | |
Minimum [Member] | Office Equipment [Member] | ||
Estimated useful lives (Year) | 5 years | |
Minimum [Member] | Land and Land Improvements [Member] | ||
Estimated useful lives (Year) | 0 years | |
Minimum [Member] | Building and Building Improvements [Member] | ||
Estimated useful lives (Year) | 7 years | |
Minimum [Member] | Property, Plant and Equipment, Other Types [Member] | ||
Estimated useful lives (Year) | 2 years | |
Maximum [Member] | Revenue Equipment [Member] | ||
Estimated useful lives (Year) | 10 years | |
Maximum [Member] | Office Equipment [Member] | ||
Estimated useful lives (Year) | 10 years | |
Maximum [Member] | Land and Land Improvements [Member] | ||
Estimated useful lives (Year) | 15 years | |
Maximum [Member] | Building and Building Improvements [Member] | ||
Estimated useful lives (Year) | 40 years | |
Maximum [Member] | Property, Plant and Equipment, Other Types [Member] | ||
Estimated useful lives (Year) | 10 years |
Note 6 - Goodwill, Other Inta_3
Note 6 - Goodwill, Other Intangibles, and Other Assets (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 01, 2021 | Jul. 03, 2018 | |
Additional Amortization Resulting from Termination of Non-compete Agreement | $ 1.3 | ||||
Termination of Non-ompete Agreement, Effect on Earnings, after Tax | $ (1) | ||||
Termination of Non-comepete Agreement, Effect on Earnings Per Share, after Tax (in dollars per share) | $ (0.06) | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 102 months | 105 months | |||
Amortization of Intangible Assets, Total | $ 4 | $ 5.1 | |||
Dedicated [Member] | |||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 8.50% | ||||
Trade Names [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 9 months | ||||
Landair Holdings Inc [Member] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||
Landair Holdings Inc [Member] | Trade Names [Member] | |||||
Finite-Lived Intangible Assets, Remaining Amortization Period (Month) | 15 months | ||||
Acquired Finite-lived Intangible Asset, Residual Value | $ 0.5 |
Note 6 - Goodwill, Other Inta_4
Note 6 - Goodwill, Other Intangibles, and Other Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill | $ 42,518 | $ 42,518 |
Dedicated [Member] | ||
Goodwill | 15,320 | 15,320 |
Managed Freight [Member] | ||
Goodwill | 5,448 | 5,448 |
Warehousing [Member] | ||
Goodwill | $ 21,750 | $ 21,750 |
Note 6 - Goodwill, Other Inta_5
Note 6 - Goodwill, Other Intangibles, and Other Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets, Gross | $ 32,600 | $ 32,600 |
Finite-Lived Intangible Assets, Accumulated Amortization | (12,125) | (8,082) |
Finite-Lived Intangible Assets, Net | $ 20,475 | $ 24,518 |
Finite-Lived Intangible Asset, Useful Life (Month) | 102 months | 105 months |
Trade Names [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 4,400 | $ 4,400 |
Finite-Lived Intangible Assets, Accumulated Amortization | (3,900) | (2,206) |
Finite-Lived Intangible Assets, Net | 500 | $ 2,194 |
Finite-Lived Intangible Asset, Useful Life (Month) | 9 months | |
Trade Names [Member] | Dedicated [Member] | ||
Finite-Lived Intangible Assets, Gross | 2,402 | $ 2,402 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,130) | (1,204) |
Finite-Lived Intangible Assets, Net | 272 | 1,198 |
Trade Names [Member] | Managed Freight [Member] | ||
Finite-Lived Intangible Assets, Gross | 999 | 999 |
Finite-Lived Intangible Assets, Accumulated Amortization | (885) | (501) |
Finite-Lived Intangible Assets, Net | 114 | 498 |
Trade Names [Member] | Warehousing [Member] | ||
Finite-Lived Intangible Assets, Gross | 999 | 999 |
Finite-Lived Intangible Assets, Accumulated Amortization | (885) | (501) |
Finite-Lived Intangible Assets, Net | 114 | 498 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets, Gross | 28,200 | 28,200 |
Finite-Lived Intangible Assets, Accumulated Amortization | (8,225) | (5,876) |
Finite-Lived Intangible Assets, Net | $ 19,975 | $ 22,324 |
Finite-Lived Intangible Asset, Useful Life (Month) | 102 months | 114 months |
Customer Relationships [Member] | Dedicated [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 14,072 | $ 14,072 |
Finite-Lived Intangible Assets, Accumulated Amortization | (4,104) | (2,931) |
Finite-Lived Intangible Assets, Net | 9,968 | 11,141 |
Customer Relationships [Member] | Managed Freight [Member] | ||
Finite-Lived Intangible Assets, Gross | 1,692 | 1,692 |
Finite-Lived Intangible Assets, Accumulated Amortization | (494) | (354) |
Finite-Lived Intangible Assets, Net | 1,198 | 1,338 |
Customer Relationships [Member] | Warehousing [Member] | ||
Finite-Lived Intangible Assets, Gross | 12,436 | 12,436 |
Finite-Lived Intangible Assets, Accumulated Amortization | (3,627) | (2,591) |
Finite-Lived Intangible Assets, Net | $ 8,809 | $ 9,845 |
Note 6 - Goodwill, Other Inta_6
Note 6 - Goodwill, Other Intangibles, and Other Assets - Expected Future Amortization (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 2,350 |
2023 | 2,350 |
2024 | 2,350 |
2025 | 2,350 |
Thereafter | $ 8,225 |
Note 6 - Goodwill, Other Inta_7
Note 6 - Goodwill, Other Intangible, and Other Assets - Summary of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Investment in TEL | $ 44,196 | $ 34,365 |
Other long-term receivables | 7,329 | 24,378 |
Other assets, net | 859 | 2,154 |
Total other assets, net | $ 52,384 | $ 60,897 |
Note 7 - Liquidity (Details Tex
Note 7 - Liquidity (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Working Capital (Deficit) | $ 45,800 | $ 14,400 |
Letters of Credit Outstanding, Amount | 26,400 | 29,700 |
Lenders [Member] | ||
Long-term Line of Credit, Total | 0 | |
Letters of Credit Outstanding, Amount | 26,400 | |
Line of Credit Facility, Remaining Borrowing Capacity | 83,600 | |
Repayments of Debt and Lease Obligation | 36,100 | $ 200,000 |
Triumph Bank [Member] | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 45,000 |
Note 8 - Debt (Details Textual)
Note 8 - Debt (Details Textual) - USD ($) $ in Thousands | Oct. 23, 2020 | Sep. 23, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 23, 2021 | Aug. 31, 2015 |
Letters of Credit Outstanding, Amount | $ 26,400 | $ 29,700 | ||||||
Repayments of Lines of Credit | $ 695,513 | 1,326,678 | ||||||
Transport Financial Services [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||||
Discontinued Operation, Amount of Continuing Cash Flows after Disposal | $ (35,600) | |||||||
Interest Rate Swap [Member] | ||||||||
Derivative, Fixed Interest Rate | 4.20% | |||||||
Variable Rate Note [Member] | ||||||||
Debt Instrument, Face Amount | $ 28,000 | |||||||
Lenders [Member] | ||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||||||
Percent of Eligible Accounts Receivable | 87.50% | 85.00% | ||||||
Percent of Appraised Net Orderly Liquidation, Value of Eligible Revenue Equipment | 85.00% | |||||||
Percent of Net Book Value of Eligible Revenue Equipment | 100.00% | 95.00% | ||||||
Line of Credit Facility, Availability as Percentage of Revolver Commitment | 40.90% | 35.00% | ||||||
Line of Credit Facility, Revolver Commitment, Amount | $ 45,000 | |||||||
Line of Credit Facility, Maximum Commitment Value | $ 10,400 | |||||||
Percent of Appraised Fair Market Value of Eligible Real Estate | 80.00% | 75.00% | ||||||
Long-term Line of Credit, Total | $ 0 | |||||||
Letters of Credit Outstanding, Amount | 26,400 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | 83,600 | |||||||
Fixed Charge Coverage Requirement | 0 | $ 0 | ||||||
Debt, Secured with a Cross Default Feature | $ 4,500 | |||||||
Lenders [Member] | Federal Funds Rate [Member] | Base Rate Loans [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||
Lenders [Member] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate Loans [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||
Lenders [Member] | Applicable Margin [Member] | Base Rate Loans [Member] | Minimum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | 0.50% | ||||||
Lenders [Member] | Applicable Margin [Member] | Base Rate Loans [Member] | Maximum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | 1.00% | ||||||
Lenders [Member] | Applicable Margin [Member] | LIBOR Loans [Member] | Minimum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | 1.50% | ||||||
Lenders [Member] | Applicable Margin [Member] | LIBOR Loans [Member] | Maximum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | 2.00% | ||||||
Lenders [Member] | Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 110,000 | $ 95,000 | ||||||
Line of Credit Facility, Maximum Increase in Borrowing Capacity | 50,000 | |||||||
Lenders [Member] | Letter of Credit [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 105,000 | 95,000 | ||||||
Line of Credit Facility, Borrowing Capacity, Percentage of Aggregate Commitments | $ 10,000 | |||||||
Lenders [Member] | Swing Line Sub Facility [Member] | ||||||||
Percent of Aggregate Commitments under Credit Facility | 10.00% | |||||||
TBK Bank [Member] | Draw Note [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 45,000 | |||||||
Debt Instrument, Collateral Amount | $ 60,000 | |||||||
Repayments of Lines of Credit | $ 31,000 | |||||||
Long-term Debt, Total | $ 0 | |||||||
TBK Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Draw Note [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||
TBK Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Draw Note [Member] | Minimum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% |
Note 8 - Debt - Current and Lon
Note 8 - Debt - Current and Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt, current | $ 5,722 | $ 7,577 |
Debt, noncurrent | 20,347 | 47,888 |
Principal portion of finance lease obligations, secured by related revenue equipment, current | 6,848 | 5,687 |
Principal portion of finance lease obligations, secured by related revenue equipment, noncurrent | 3,969 | 10,756 |
Principal portion of operating lease obligations, secured by related equipment | 15,811 | 16,989 |
Principal portion of operating lease obligations, secured by related equipment | 21,554 | 21,474 |
Total debt and finance lease obligations | 28,381 | 30,253 |
Total debt and finance lease obligations | 45,870 | 80,118 |
Finance Lease Secured by Related Revenue Equipment [Member] | ||
Principal portion of finance lease obligations, secured by related revenue equipment, current | 6,848 | 5,687 |
Principal portion of finance lease obligations, secured by related revenue equipment, noncurrent | 3,969 | 10,756 |
Operating Lease Secured By Related Equipment [Member] | ||
Principal portion of operating lease obligations, secured by related equipment | 15,811 | 16,989 |
Principal portion of operating lease obligations, secured by related equipment | 21,554 | 21,474 |
Draw Note [Member] | ||
Credit facility, current | 0 | 0 |
Credit facility, noncurrent | 0 | 0 |
Revenue Equipment Installment Notes [Member] | ||
Debt, current | 4,537 | 6,437 |
Debt, noncurrent | 2 | 11,358 |
Real Estate Note [Member] | ||
Debt, current | 1,185 | 1,140 |
Debt, noncurrent | 20,345 | 21,530 |
Revolving Credit Facility [Member] | ||
Credit facility, current | 0 | 0 |
Credit facility, noncurrent | $ 0 | $ 15,000 |
Note 8 - Debt - Current and L_2
Note 8 - Debt - Current and Long-term Debt (Details) (Parentheticals) | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue Equipment Installment Notes [Member] | ||
Interest rate | 1.20% | 2.00% |
Real Estate Note [Member] | ||
Interest rate | 1.80% | 1.90% |
Note 8 - Debt - Future Debt Pay
Note 8 - Debt - Future Debt Payments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 5,722 |
2023 | 1,241 |
2024 | 1,294 |
2025 | 1,350 |
2026 | 1,408 |
Thereafter | $ 15,054 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Impairment of Long-Lived Assets to be Disposed of | $ 0 | $ 26,569 |
Revenue Equipment Rentals and Purchased Transportation | 331,685 | 222,705 |
Property, Plant, and Equipment, Net [Member] | ||
Operating Lease, Right-of-Use Asset | 35,700 | 37,400 |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | $ 23,200 | 29,400 |
Leased Office Facility [Member] | ||
Impairment of Long-Lived Assets to be Disposed of | 2,200 | |
Revenue Equipment Rentals and Purchased Transportation | $ 800 |
Note 9 - Leases - Lease Obligat
Note 9 - Leases - Lease Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Amortization of right-of-use assets | $ 3,620 | $ 4,080 |
Interest on lease liabilities | 637 | 1,003 |
Operating lease cost | 24,002 | 21,212 |
Variable lease cost | 89 | 414 |
Total lease cost | 28,348 | 26,709 |
Operating cash flows from finance leases | 637 | 1,003 |
Operating cash flows from operating leases | 18,996 | 24,325 |
Financing cash flows from finance leases | 5,626 | 20,083 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 0 | 3,229 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 15,795 | $ 1,730 |
Weighted-average remaining lease term—finance leases (Year) | 1 year | 1 year 9 months 18 days |
Weighted-average remaining lease term—operating leases (Year) | 4 years 10 months 24 days | 2 years 3 months 18 days |
Weighted-average discount rate—finance leases | 4.70% | 2.30% |
Weighted-average discount rate—operating leases | 6.40% | 5.30% |
Note 9 - Leases- Future Minimum
Note 9 - Leases- Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2022, Operating | $ 17,644 | |
2022, Finance | 6,922 | |
2023, Operating | 9,036 | |
2023, Finance | 3,712 | |
2024, Operating | 2,206 | |
2024, Finance | 0 | |
2025, Operating | 2,112 | |
2025, Finance | 0 | |
2026, Operating | 2,170 | |
2026, Finance | 0 | |
Thereafter, Operating | 11,499 | |
Thereafter, Finance | 0 | |
Total minimum lease payments, Operating | 44,667 | |
Total minimum lease payments, Finance | 10,634 | |
Less: amount representing interest, Operating | (7,302) | |
Less: amount representing interest, Finance | 183 | |
Present value of minimum lease payments, Operating | 37,365 | |
Present value of minimum lease payments, Finance | 10,817 | |
Less: current portion, Operating | (15,811) | $ (16,989) |
Less: current portion, Finance | (6,848) | (5,687) |
Lease obligations, long-term, Operating | 21,554 | |
Lease obligations, long-term, Finance | $ 3,969 | $ 10,756 |
Note 9 - Leases - Summary of Re
Note 9 - Leases - Summary of Rental Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Total rental expense | $ 24,091 | $ 25,965 |
Revenue Equipment [Member] | ||
Total rental expense | 20,114 | 22,505 |
Land and Building [Member] | ||
Total rental expense | 3,651 | 2,982 |
Other Machinery and Equipment [Member] | ||
Total rental expense | $ 326 | $ 478 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | |
Deferred Tax Liabilities, Difference in Cumulative Book Value of Depreciation of Property and Equipment | $ 84,700 | ||
Deferred Tax Assets, Valuation Allowance, Total | 0 | $ 242 | |
Liability for Uncertainty in Income Taxes, Current | 600 | $ 900 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 100 | $ 100 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 600 | 900 | |
Open Tax Year | 2016 2017 2018 2019 2020 | ||
Tax Credit Carryforward, Amount | $ 2,100 | ||
State and Local Jurisdiction [Member] | |||
Tax Credit Carryforward, Amount | 400 | ||
Operating Loss Carryforwards, Total | 86,800 | ||
Deferred Tax Assets Related to State Net Operating Loss Carry Forwards [Member] | State and Local Jurisdiction [Member] | |||
Deferred Tax Assets, Valuation Allowance, Total | 0 | ||
Transport Financial Services [Member] | |||
Discontinued Operation, Tax Effect of Discontinued Operation, Total | $ 800 | $ 9,500 |
Note 10 - Income Taxes - Compon
Note 10 - Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Federal, current | $ 9,875 | $ 63 |
Federal, deferred | 6,584 | (2,391) |
State, current | 2,777 | 2,349 |
State, deferred | 1,727 | (2,825) |
Income tax (benefit) expense | $ 20,962 | $ (2,804) |
Note 10 - Income Taxes - Income
Note 10 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Computed "expected" income tax expense | $ 16,643 | $ (3,554) |
State income taxes, net of federal income tax effect | 3,787 | (227) |
831(b) election | (8) | (123) |
Per diem allowances | 0 | 1,028 |
Tax contingency accruals | (295) | 65 |
Valuation allowance, net | (242) | (139) |
Tax credits | (295) | (403) |
Excess tax benefits on share-based compensation | (259) | 129 |
Change in prior year estimates | (86) | 288 |
Executive compensation disallowance | 1,705 | 0 |
Other, net | 11 | 132 |
Income tax (benefit) expense | $ 20,962 | $ (2,804) |
Note 10 - Income Taxes - Deferr
Note 10 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Insurance and claims | $ 9,453 | $ 10,970 |
Net operating loss carryovers | 4,448 | 7,759 |
Tax credits | 2,499 | 11,395 |
Leased liability | 9,599 | 9,969 |
Finance lease obligation | 2,800 | 3,848 |
State bonus | 2,165 | 4,860 |
Other | 2,361 | 4,917 |
Valuation allowance | 0 | (242) |
Total deferred tax assets | 33,325 | 53,476 |
Deferred tax liabilities: | ||
Property and equipment | (68,090) | (78,682) |
Investment in partnership | (34,400) | (31,585) |
ROU Asset- leases | (9,178) | (9,697) |
Other | (783) | (4,353) |
481(a) - finance leases | (2,177) | (588) |
Prepaid expenses | (3,358) | (3,124) |
Total deferred tax liabilities | (117,986) | (128,029) |
Net deferred tax liability | $ (84,661) | $ (74,553) |
Note 10 - Income Taxes - Unreco
Note 10 - Income Taxes - Unrecognized Tax Benefits Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 887 | $ 823 |
Increases related to prior year tax positions | 0 | 0 |
Decreases related to prior year positions | 0 | 0 |
Increases related to current year tax positions | 0 | 98 |
Decreases related to settlements with taxing authorities | 0 | 0 |
Decreases related to lapsing of statute of limitations | (291) | (34) |
Balance | $ 596 | $ 887 |
Note 11 - Equity Method Inves_3
Note 11 - Equity Method Investment (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 44,134 | $ 122,278 | |
Payments to Acquire Property, Plant, and Equipment, Total | 35,285 | 94,049 | |
Income (Loss) from Equity Method Investments, Total | $ 14,782 | 3,944 | |
Transport Enterprise Leasing LLC [Member] | |||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | |
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 300 | 2,100 | |
Revenue from Related Parties | 900 | 6,600 | |
Payments to Acquire Property, Plant, and Equipment, Total | $ 0 | ||
Payments for Rent | 600 | 600 | |
Deferred Gain on Sale of Property | 100 | 0 | |
Income (Loss) from Equity Method Investments, Total | 14,800 | 3,900 | |
Proceeds from Equity Method Investment, Distribution | 4,900 | 1,500 | |
Equity Method Investment, Aggregate Cost | 4,900 | ||
Transport Enterprise Leasing LLC [Member] | Reduction in TEL Investment [Member] | |||
Deferred Gain on Sale of Property | $ 200 | $ 200 |
Note 11 - Equity Method Inves_4
Note 11 - Equity Method Investment - TEL's Summarized Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts Receivable, after Allowance for Credit Loss, Total | $ 142,400 | $ 91,300 |
Investment in TEL | 44,196 | 34,365 |
Current Assets | 188,527 | 147,796 |
Current Liabilities | 142,745 | 133,381 |
Other Assets [Member] | ||
Investment in TEL | 44,196 | 34,365 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Transport Enterprise Leasing LLC [Member] | ||
Current Assets | 32,948 | 27,167 |
Non-current Assets | 313,270 | 283,913 |
Current Liabilities | 63,330 | 66,495 |
Non-current Liabilities | 201,618 | 183,393 |
Total Equity | 81,270 | 61,192 |
Revenue | 104,873 | 95,016 |
Cost of Sales | 8,876 | 11,617 |
Operating Expenses | 58,627 | 64,581 |
Operating Income | 37,370 | 18,818 |
Net Income | 30,078 | 8,344 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Transport Enterprise Leasing LLC [Member] | Driver Advances and Other Receivable [Member] | ||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 802 | $ 661 |
Note 12 - Deferred Profit Sha_2
Note 12 - Deferred Profit Sharing Employee Benefit Plan (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Contribution Plan, Cost | $ 1.9 | $ 0.7 |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingent Liabilities (Details Textual) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Letters of Credit Outstanding, Amount | $ 26.4 | $ 29.7 |
Revenue Equipment [Member] | ||
Purchase Commitment, Remaining Minimum Amount Committed | 73.8 | $ 34.8 |
Draw Note [Member] | TBK Bank [Member] | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 45 |
Note 15 - Segment Information_2
Note 15 - Segment Information (Details Textual) | 12 Months Ended |
Dec. 31, 2021 | |
Number of Asset-based Operating Fleets Aggregated in a Segment | 4 |
Note 15 - Segment Information -
Note 15 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Freight revenue | $ 1,046,003 | $ 838,561 |
Operating income (loss) | 67,162 | (14,027) |
Operating Segments [Member] | ||
Freight revenue | 1,046,003 | 838,561 |
Operating income (loss) | 67,162 | (14,027) |
Depreciation and amortization | 53,881 | 65,472 |
Intersegment Eliminations [Member] | ||
Freight revenue | 7,429 | 11,630 |
Consolidation, Eliminations [Member] | ||
Freight revenue | (7,429) | (11,630) |
Highway Services [Member] | Operating Segments [Member] | ||
Freight revenue | 337,063 | 320,202 |
Operating income (loss) | 33,064 | (7,038) |
Depreciation and amortization | 25,364 | 31,969 |
Highway Services [Member] | Intersegment Eliminations [Member] | ||
Freight revenue | 7,429 | 11,630 |
Dedicated [Member] | ||
Freight revenue | 324,541 | 288,652 |
Dedicated [Member] | Operating Segments [Member] | ||
Freight revenue | 324,541 | 288,652 |
Operating income (loss) | (1,357) | (15,534) |
Depreciation and amortization | 25,960 | 29,610 |
Dedicated [Member] | Intersegment Eliminations [Member] | ||
Freight revenue | 0 | 0 |
Managed Freight [Member] | ||
Freight revenue | 321,236 | 177,579 |
Managed Freight [Member] | Operating Segments [Member] | ||
Freight revenue | 321,236 | 177,579 |
Operating income (loss) | 32,461 | 4,482 |
Depreciation and amortization | 595 | 829 |
Managed Freight [Member] | Intersegment Eliminations [Member] | ||
Freight revenue | 0 | 0 |
Factoring [Member] | Operating Segments [Member] | ||
Freight revenue | 63,163 | 52,128 |
Operating income (loss) | 2,994 | 4,063 |
Depreciation and amortization | 1,962 | 3,064 |
Factoring [Member] | Intersegment Eliminations [Member] | ||
Freight revenue | $ 0 | $ 0 |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions | Feb. 09, 2022 | Feb. 10, 2022 | Jan. 26, 2022 |
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.0625 | ||
The 10b5-1 Plan [Member] | |||
Stock Repurchase Program, Authorized Amount | $ 30 | ||
Class A Common Stock [Member] | |||
Stock Repurchase Program, Authorized Amount | $ 38 | ||
AAT Carriers [Member] | |||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | $ 25 | ||
AAT Carriers [Member] | Minimum [Member] | |||
Expected Purchase Price Including Earnout Achieved | 35 | ||
AAT Carriers [Member] | Maximum [Member] | |||
Expected Purchase Price Including Earnout Achieved | $ 55 |