XML 32 R19.htm IDEA: XBRL DOCUMENT v3.20.2

Note 11 - Equity Method Investment

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Equity Method Investment [Text Block]

Note 11. Equity Method Investment

We own a minority investment in Transport Enterprise Leasing, LLC ("TEL"). 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. TEL’s majority owners are generally restricted from transferring their interests in TEL, other than to certain permitted transferees, without our consent. We sold no tractors or trailers to TEL during the six-months ended June 30, 2020 and 2019, and we received $4.4 million and $4.6 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 less than $0.1 million for the six-months ended June 30, 2020 and 2019, 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.  Deferred gains, totaling $0.2 million at  June 30, 2020, are being carried as a reduction in our investment in TEL.  At  June 30, 2020 and  December 31, 2019, we had accounts receivable from TEL of $1.2 million and $1.3 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 2020 net loss through June 30, 2020, or $0.2 million. We received no equity distribution from TEL during the six-months ended June 30, 2020 and 2019.  Our investment in TEL, totaling $31.7 million and $31.9 million, at June 30, 2020 and December 31, 2019, respectively, is included in other assets in the accompanying condensed consolidated balance sheets.

See TEL's summarized financial information below:

(in thousands)		As of June 30,				As of December 31,
		2020				2019
Total Assets		$	348,506			$	374,591
Total Liabilities			293,079				318,743
Total Equity		$	55,427			$	55,848

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2020				2019				2020				2019
Revenue		$	23,997			$	24,505			$	49,218			$	48,715
Cost of Sales			2,815				3,417				7,584				10,911
Operating Expenses			17,649				13,635				36,525				28,088
Operating Income			3,533				7,453				5,109				9,716
Net Income (Loss)		$	1,021			$	4,792			$	(421	)		$	6,482

X

- 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

Name:	cvlg_EquityMethodInvestmentTextBlock
Namespace Prefix:	cvlg_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_DisclosureTextBlockAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration