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Note 9 - Equity Method Investment | 9 Months Ended
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Sep. 30, 2016
Notes to Financial Statements |
Equity Method Investment [Text Block] |
Note 9. | Equity Method Investment
TEL is a tractor and trailer equipment leasing company and used equipment reseller. We have not guaranteed any of TEL's debt and have no obligation to provide funding, services, or assets. In May 2016, the operating agreement with TEL was amended to, among other things, remove the previously agreed to fixed date purchase options. Our option to acquire up to the remaining 51% of TEL would have expired May 31, 2016, and TEL's majority owners would have received the option to purchase our ownership in TEL. The options previously in effect were eliminated, and we are discussing with TEL's other owners a replacement option structure and alternatives. TEL’s majority owners are generally restricted from transferring their interests in TEL, other than to certain permitted transferees, without our consent. During the nine-month periods ended September 30, 2016 and 2015, we sold tractors and trailers to TEL totaling $0.4 million and $6.2 million, respectively, and received $1.3 million and $0.8 million, respectively, for providing various maintenance services, certain back-office functions, and for miscellaneous equipment. We recognized a net reversal of previously deferred gains totaling $0.2 million and less than $0.1 million for the nine months ended September 30, 2016 and 2015, respectively, representing 49% of the gains on units sold to TEL less any gains previously deferred and recognized when the equipment was subsequently sold to a third party. The deferred gains, totaling $0.6 million at September 30, 2016, are being carried as a reduction in our investment in TEL. At September 30, 2016 and December 31, 2015, we had a receivable from TEL for $6.9 million and $5.3 million, respectively, related to cash disbursements made pursuant to a cash management agreement and related to providing various maintenance services, certain back-office functions, and for miscellaneous equipment. 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 2016 net income through September 30, 2016, or $2.5 million. Our investment in TEL, totaling $17.9 million and $16.8 million, at September 30, 2016 and December 31, 2015, respectively, is included in other assets in the accompanying condensed consolidated balance sheets. See TEL’s summarized financial information below:
(in thousands) |  | As of September 30, 2016 |  |  | As of December 31, 2015 |
Current Assets |  | $ | 18,114 |  |  | $ | 14,275 |
Non-current Assets |  |  | 150,925 |  |  |  | 125,782 |
Current Liabilities |  |  | 14,181 |  |  |  | 29,644 |
Non-current Liabilities |  |  | 126,876 |  |  |  | 84,516 |
Total Equity |  | $ | 27,982 |  |  | $ | 25,897 |
|  | For the three months ended September 30, 2016 |  |  | For the three months ended September 30, 2015 |  |  | For the nine months ended September 30, 2016 |  |  | For the nine months ended September 30, 2015 |
Revenue |  | $ | 29,359 |  |  | $ | 23,196 |  |  | $ | 72,559 |  |  | $ | 86,611 |
Operating Expenses |  |  | 27,096 |  |  |  | 20,125 |  |  |  | 64,301 |  |  |  | 76,541 |
Operating Income |  |  | 2,263 |  |  |  | 3,071 |  |  |  | 8,258 |  |  |  | 10,070 |
Net Income |  | $ | 1,165 |  |  | $ | 2,180 |  |  | $ | 4,977 |  |  | $ | 7,694 |

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- Definition The entire disclosure for information about equity investment disclosure, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. + References No definition available. + Details
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