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Note 10 - Leasing Activities | 12 Months Ended
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Dec. 31, 2015
Notes to Financial Statements |
Leases of Lessee Disclosure [Text Block] |
10. | LEASING ACTIVITIES :
Vehicle Leases as Lessee The Company leases vehicles, as lessee, primarily over periods ranging from one to ten years under operating lease and capital lease arrangements. Generally, the Company is required to incur all operating costs and pay a minimum rental. The Company guarantees the residual value of vehicles under operating lease and capital lease arrangements. At December 31, 2015, the Company guaranteed vehicle residual values of $1.8 million under operating lease arrangements and $32.2 million under capital lease arrangements. Historically, the Company purchases these vehicles at the end of the lease term and recognizes a gain on the subsequent sale of the vehicle. The residual values are not reflected in the future minimum lease payments for operating leases. Vehicle lease expenses were approximately $2.4 million for the year ended December 31, 2015, $4.1 million for the year ended December 31, 2014, and $2.3 million for the year ended December 31, 2013. As discussed below, these vehicles are then subleased by the Company to customers under various agreements. Future minimum sublease rentals to be received by the Company under non-cancelable subleases, as described below, are $75.9 million. Future minimum lease payments under capital and non-cancelable vehicle leases as of December 31, 2015, are as follows (in thousands):
|  | Capital Leases |  |  | Operating Leases |
2016 |  | $ | 17,181 |  |  | $ | 761 |
2017 |  |  | 18,522 |  |  |  | 276 |
2018 |  |  | 15,085 |  |  |  | 119 |
2019 |  |  | 13,528 |  |  |  | 29 |
2020 |  |  | 13,830 |  |  |  | — |
Thereafter |  |  | 13,770 |  |  |  | — |
Total minimum lease payments |  | $ | 91,916 |  |  | $ | 1,185 |
Less amount representing interest |  |  | (8,151 | ) |  |  |  |
Present value of net minimum capital lease payments |  |  | 83,765 |  |  |  |  |
Less current portion |  |  | (14,691 | ) |  |  |  |
Obligations under capital leases less current portion |  | $ | 69,074 |  |  |  |  |
Customer Vehicle Leases as Lessor The Company leases both owned and leased vehicles to customers, through its PacLease and Idealease franchises, primarily over periods of one to ten years under operating lease arrangements, which require a minimum rental payment and a contingent rental payment based on mileage. Rental income during the year ended December 31, 2015, consisted of minimum rental payments of approximately $175.0 million and contingent rental payments of $27.4 million. Rental income during the year ended December 31, 2014, consisted of minimum rental payments of approximately $154.8 million and contingent rental payments of $24.5 million. Rental income during the year ended December 31, 2013, consisted of minimum rental payments of approximately $112.0 million and contingent rental payments of $18.1 million. Minimum rental payments to be received for non-cancelable leases and subleases in effect at December 31, 2015, are as follows (in thousands):
2016 |  | $ | 118,853 |
2017 |  |  | 102,943 |
2018 |  |  | 81,462 |
2019 |  |  | 59,800 |
2020 |  |  | 38,659 |
Thereafter |  |  | 22,042 |
Total |  | $ | 423,759 |
As of December 31, 2015, the Company had $592.0 million of lease vehicles included in property and equipment, net of accumulated depreciation of $233.8 million. As of December 31, 2014, the Company had $512.1 million of lease vehicles included in property and equipment, net of accumulated depreciation of $185.0 million. Other Leases - Land and Buildings The Company leases various assets under operating leases with expiration dates ranging from January 2016 through May 2045. Monthly rental payments range from approximately $275 per month to $48,466 per month. Rental expense was $11.8 million for the year ended December 31, 2015, $12.8 million for the year ended December 31, 2014, and $9.1 million for the year ended December 31, 2013. Future minimum lease payments under non-cancelable leases at December 31, 2015, are as follows (in thousands):
2016 |  | $ | 9,198 |
2017 |  |  | 6,540 |
2018 |  |  | 4,934 |
2019 |  |  | 3,697 |
2020 |  |  | 2,611 |
Thereafter |  |  | 16,489 |
Total |  | $ | 43,469 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6452660&loc=d3e36991-112694 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41499-112717 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 1,3) -URI http://asc.fasb.org/extlink&oid=6584154&loc=d3e38371-112697 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12069-110248 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717 + Details
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