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Note 11 - Equity Method Investment | 9 Months Ended
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Sep. 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 nine-months ended September 30, 2020 and 2019, and we received $6.3 million and $7.1 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 nine-months ended September 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 $0.1 million and $0.2 million at September 30, 2020 and 2019, respectively, are being carried as a reduction in our investment in TEL. At September 30, 2020 and December 31, 2019, we had accounts receivable from TEL of $0.8 million and $1.2 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 income through September 30, 2020, or $1.0 million. We received no equity distribution from TEL during the nine-months ended September 30, 2020 and $1.2 million during the three and nine months ended September 30, 2019. Our investment in TEL, totaling $33.0 million and $32.4 million, as of September 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 September 30, |  |  | As of December 31, |
|  | 2020 |  |  | 2019 |
Total Assets |  | $ | 337,699 |  |  | $ | 374,591 |
Total Liabilities |  |  | 279,543 |  |  |  | 318,743 |
Total Equity |  | $ | 58,156 |  |  | $ | 55,848 |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Revenue |  | $ | 22,984 |  |  | $ | 30,709 |  |  | $ | 72,202 |  |  | $ | 82,683 |
Cost of Sales |  |  | 2,748 |  |  |  | 6,302 |  |  |  | 10,332 |  |  |  | 17,213 |
Operating Expenses |  |  | 15,184 |  |  |  | 16,634 |  |  |  | 51,708 |  |  |  | 42,775 |
Operating Income |  |  | 5,052 |  |  |  | 7,773 |  |  |  | 10,162 |  |  |  | 22,695 |
Net Income |  | $ | 2,729 |  |  | $ | 4,585 |  |  | $ | 2,308 |  |  | $ | 14,452 |

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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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