XML 30 R16.htm IDEA: XBRL DOCUMENT
v3.21.1

Note 8 - Lease Obligations | 3 Months Ended
--- | ---
Mar. 31, 2021
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] |
Note 8. | Lease Obligations
The finance leases in effect at March 31, 2021 terminate from September 2021 through November 2023 and contain guarantees of the residual value of the related equipment by us. A summary of our lease obligations at March 31, 2021 and 2020 are as follows:
(dollars in thousands) |  | Three Months Ended |  |  | Three Months Ended |
|  | March 31, 2021 |  |  | March 31, 2020 |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 1,007 |  |  | $ | 1,037 |
Interest on lease liabilities |  |  | 174 |  |  |  | 247 |
Operating lease cost |  |  | 5,911 |  |  |  | 6,602 |
Variable lease cost |  |  | 63 |  |  |  | 158 |
Total lease cost |  | $ | 7,155 |  |  | $ | 8,044 |
Other information |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from finance leases |  |  | 1,007 |  |  |  | 1,037 |
Operating cash flows from operating leases |  |  | 5,974 |  |  |  | 6,760 |
Financing cash flows from finance leases |  |  | 633 |  |  |  | 1,305 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  |  | 224 |  |  |  | 461 |
Weighted-average remaining lease term—finance leases |  | 1.8 years |  |  |  |  |
Weighted-average remaining lease term—operating leases |  | 2.1 years |  |  |  |  |
Weighted-average discount rate—finance leases |  |  | 4.3 | % |  |  |  |
Weighted-average discount rate—operating leases |  |  | 5.3 | % |  |  |  |
As of March 31, 2021 and December 31, 2020, right-of-use assets of $33.4 million and $37.4 million for operating leases and $25.1 million and $29.4 million for finance leases, respectively, are included in net property and equipment in our condensed consolidated balance sheets. Operating lease right-of-use asset amortization is included in revenue equipment rentals and purchased transportation, communication and utilities, and general supplies and expenses, depending on the underlying asset, in the condensed consolidated statement of operations. Amortization of finance leased assets is included in depreciation and amortization expense in the condensed consolidated statement of operations. Our future minimum lease payments as of March 31, 2021, are summarized as follows by lease category:
(in thousands) |  | Operating |  |  | Finance |
2021 (1) |  | $ | 13,837 |  |  | $ | 6,736 |
2022 |  |  | 15,613 |  |  |  | 7,678 |
2023 |  |  | 6,852 |  |  |  | 1,607 |
2024 |  |  | 49 |  |  |  | - |
2025 |  |  | 9 |  |  |  | - |
Thereafter |  |  | - |  |  |  | - |
Total minimum lease payments |  | $ | 36,360 |  |  | $ | 16,021 |
Less: amount representing interest |  |  | (1,984 | ) |  |  | (211 | )
Present value of minimum lease payments |  | $ | 34,376 |  |  | $ | 15,810 |
Less: current portion |  |  | (16,844 | ) |  |  | (6,147 | )
Lease obligations, long-term |  | $ | 17,532 |  |  | $ | 9,663 |
(1) Excludes the three months ended March 31, 2021.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration