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Note 9 - Leases | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Leases of Lessee and Lessor Disclosure [Text Block] | 9 – Leases Lease of Vehicles as Lessor The Company primarily leases commercial vehicles that the Company owns to customers primarily over periods of one to ten years. The Company does not separate lease and nonlease components. Nonlease components typically consist of maintenance and licensing for the commercial vehicle. The variable nonlease components are generally based on mileage. Some leases contain an option for the lessee to purchase the commercial vehicle at the end of the lease term. The Company’s policy is to depreciate its lease and rental fleet using a straight-line method over each customer’s contractual lease term. The lease unit is depreciated to a residual value that approximates fair value at the expiration of the lease term. This policy results in the Company realizing reasonable gross margins while the unit is in service and a corresponding gain or loss on sale when the unit is sold at the end of the lease term. Lease and rental income during the three and nine months ended September 30, 2023 and September 30, 2022 consisted of the following (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Minimum rental payments |  | $ | 77,685 |  |  | $ | 73,797 |  |  | $ | 229,276 |  |  | $ | 205,070 |
Nonlease payments |  |  | 11,781 |  |  |  | 11,891 |  |  |  | 35,405 |  |  |  | 32,491 |
Total |  | $ | 89,466 |  |  | $ | 85,688 |  |  | $ | 264,681 |  |  | $ | 237,561 |

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- Definition The entire disclosure for lessee and lessor 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 No definition available. + Details
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- References No definition available. + Details
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