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Note 10 - Leasing Activities | 12 Months Ended
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Dec. 31, 2018
Notes to Financial Statements |
Leases of Lessee Disclosure [Text Block] |
10. | LEAS ING 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 usually guarantees the residual value of vehicles under operating lease and capital lease arrangements. At December 31, 2018, the Company guaranteed vehicle residual values of approximately $38.0 million under operating lease and 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. Vehicle lease expenses were approximately $2.5 million for the year ended December 31, 2018, $0.9 million for the year ended December 31, 2017 and $1.3 million for the year ended December 31, 2016. 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 $72.8 million. Future minimum lease payments under capital and non-cancelable vehicle leases as of December 31, 2018, are as follows (in thousands):
|  | Capital Leases |  |  | Operating Leases |
2019 |  | $ | 22,033 |  |  | $ | 3,580 |
2020 |  |  | 19,113 |  |  |  | 3,264 |
2021 |  |  | 14,894 |  |  |  | 2,764 |
2022 |  |  | 11,062 |  |  |  | 2,479 |
2023 |  |  | 5,095 |  |  |  | 1,957 |
Thereafter |  |  | 2,963 |  |  |  | 1,246 |
Total minimum lease payments |  | $ | 75,160 |  |  | $ | 15,290 |
Less amount representing interest |  |  | (6,046 | ) |  |  |  |
Present value of net minimum capital lease payments |  |  | 69,114 |  |  |  |  |
Less current portion |  |  | (19,631 | ) |  |  |  |
Obligations under capital leases less current portion |  | $ | 49,483 |  |  |  |  |
Customer Vehicle Leases as Lessor The Company, through its PacLease and Idealease franchises, leases vehicles that the Company owns or leases to customers primarily over periods of one to ten years, under operating lease arrangements that require a minimum rental payment and a contingent rental payment based on usage. Rental income during the year ended December 31, 2018 consisted of minimum rental payments of approximately $209.3 million and contingent rental payments of $30.0 million. Rental income during the year ended December 31, 2017 consisted of minimum rental payments of approximately $187.4 million and contingent rental payments of $29.0 million. Rental income during the year ended December 31, 2016 consisted of minimum rental payments of approximately $182.1 million and contingent rental payments of $27.8 million. Minimum rental payments to be received for non-cancelable leases and subleases in effect as of December 31, 2018, are as follows (in thousands):
2019 |  | $ | 97,906 |
2020 |  |  | 79,784 |
2021 |  |  | 57,486 |
2022 |  |  | 37,212 |
2023 |  |  | 21,813 |
Thereafter |  |  | 12,980 |
Total |  | $ | 307,181 |
As of December 31, 2018, the Company had $576.0 million of lease and rental vehicles included in property and equipment, net of accumulated depreciation of $338.7 million. As of December 31, 2017, the Company had $584.4 million of lease and rental vehicles included in property and equipment, net of accumulated depreciation of $310.5 million. Other Leases - Land and Buildings The Company leases various assets under operating leases with expiration dates ranging from February 2019 through June 2102. Monthly rental payments range from approximately $275 per month to $38,091 per month. Rental expense was $10.7 million for the year ended December 31, 2018, $9.5 million for the year ended December 31, 2017, and $10.3 million for the year ended December 31, 2016. Future minimum lease payments under non-cancelable leases at December 31, 2018, are as follows (in thousands):
2019 |  | $ | 8,715 |
2020 |  |  | 7,202 |
2021 |  |  | 5,426 |
2022 |  |  | 4,599 |
2023 |  |  | 3,239 |
Thereafter |  |  | 21,217 |
Total |  | $ | 50,398 |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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