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Note 10 - Equity Method Investment | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
Equity Method Investment [Text Block] | 10. EQUITY METHOD INVESTMENT In May 2011, we acquired a 49.0% interest in TEL for $1.5 million in cash. Additionally, TEL ' s majority owners were eligible to receive an earn-out of up to $4.5 million for TEL' s results through December 31, 2012, of which $1.0 million was earned based on TEL' s 2011 results and $2.4 million was earned based on TEL' s 2012 results. The earn-out payments increased our investment balance and there are no additional earn-outs payable for future results. 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 owners a replacement option structure and other alternatives. TEL’s majority owners are generally restricted from transferring their interests in TEL, other than to certain permitted transferees, without our consent. For the years ended December 31, 2017 and 2016, we sold tractors and trailers to TEL for $0.2 million and $0.4 million, respectively, and received $5.9 million and $5.0 million, respectively, for providing various maintenance services, certain back-office functions, and for miscellaneous equipment. Additionally, we paid $0.5 million to TEL for leases of revenue equipment in 2017 with no similar payments in 2016 . We reversed previously deferred gains of $0.2 million for each of the years ending December 31, 2017 and 2016, representing 49% of the gains on units sold to TEL less any gains previously deferred and recognized when the equipment was sold to a third party. Deferred gains totaling $0.4 million and $0.6 million at December 31, 2017 and December 31, 2016, respectively, are being carried as a reduction in our investment in TEL. At December 31, 2017 and 2016, we had accounts receivable from TEL of $8.6 million and $3.7 million, respectively, related to cash disbursements made pursuant to our performance of certain back-office and maintenance functions on TEL's behalf. 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 $3.4 million in 2017, $3.0 million in 2016, and $4.6 million in 2015. We received an equity distribution from TEL for $2.0 million in 2017, $1.5 million in 2016, and no equity distribution in 2015, which was distributed to each member based on its respective ownership percentage. Our investment in TEL, totaling $20.1 million and $18.5 million at December 31, 2017 and 2016, respectively, is included in other assets in the accompanying consolidated balance sheet. Our investment in TEL is comprised of the $4.9 million cash investment noted above 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, |
|  | 201 7 |  |  | 2016 |
Current Assets |  | $ | 19,660 |  |  | $ | 14,320 |
Non-current Assets |  |  | 183,905 |  |  |  | 146,081 |
Current Liabilities |  |  | 53,981 |  |  |  | 34,766 |
Non-current Liabilities |  |  | 117,135 |  |  |  | 96,140 |
Total Equity |  | $ | 32,449 |  |  | $ | 29,495 |
(in thousands) |  | As of the years ended December 31, |
|  | 201 7 |  |  | 2016 |  |  | 2015 |
Revenue |  | $ | 84,865 |  |  | $ | 94,432 |  |  | $ | 104,838 |
Operating Expenses |  |  | 72,868 |  |  |  | 83,475 |  |  |  | 91,644 |
Operating Income |  |  | 11,997 |  |  |  | 10,957 |  |  |  | 13,194 |
Net Income |  | $ | 6,954 |  |  | $ | 6,598 |  |  | $ | 9,061 |

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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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