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Note 11 - Equity Method Investment | 3 Months Ended
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Mar. 31, 2021
Notes to Financial Statements |
Equity Method Investment [Text Block] |
Note 11. | Equity Method Investment
We own a 49.0% interest in Transport Enterprise Leasing, LLC ("TEL"), a tractor and trailer equipment leasing company and used equipment reseller. There is no loss limitation on our 49.0% interest in TEL. 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. There are no current put rights to purchase or sell with any owners. TEL’s majority owners are generally restricted from transferring their interests in TEL, other than to certain permitted transferees, without our consent. There are no third party liquidity arrangements, guarantees, and/or other commitments that may affect the fair value or risk of our interest in TEL. We sold $0.8 million and no tractors or trailers to TEL during the three-months ended March 31, 2021 and 2020, respectively, and we received $0.3 million and $2.3 million, respectively, for providing various maintenance services, certain back-office functions, and for miscellaneous equipment. There was no equipment purchased from TEL during the three-months ended March 31, 2021 and 2020. Additionally, we paid less than $0.1 million to TEL for leases of revenue equipment during each of the three-months ended March 31, 2021 and 2020. We recognized a net deferral of gains totaling less than $0.1 million and net reversal of previously deferred gains totaling less than $0.1 million for the three-months ended March 31, 2021 and 2020, 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. Deferred gains, totaling $0.3 million and $0.2 million at March 31, 2021 and 2020, respectively, are being carried as a reduction in our investment in TEL. At March 31, 2021 and December 31, 2020, we had accounts receivable from TEL of $1.0 million and $0.7 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 2021 net income through March 31, 2021, or $3.0 million. We received no equity distributions from TEL during the three-months ended March 31, 2021 and 2020. Our accounts receivable from TEL and investment in TEL as of March 31, 2021 and 2020 are as follows:
Description: | Balance Sheet Line Item: | March 31, 2021 |  | December 31, 2020
Accounts receivable from TEL | Driver advances and other receivables | $ 1,023 |  | $ 661
Investment in TEL | Other assets | 37,281 |  | 34,365
Our accounts receivable from TEL related to cash disbursements made pursuant to our performance of certain back-office and maintenance functions on TEL’s behalf. See TEL's summarized financial information below:
(in thousands) |  | As of March 31, |  |  | As of December 31, |
|  | 2021 |  |  | 2020 |
Total Assets |  | $ | 322,254 |  |  | $ | 374,591 |
Total Liabilities |  |  | 255,059 |  |  |  | 318,743 |
Total Equity |  | $ | 67,195 |  |  | $ | 55,848 |
|  | Three Months Ended |
|  | March 31, |
|  | 2021 |  |  | 2020 |
Revenue |  | $ | 22,903 |  |  | $ | 25,221 |
Cost of Sales |  |  | 1,143 |  |  |  | 4,769 |
Operating Expenses |  |  | 13,905 |  |  |  | 18,875 |
Operating Income |  |  | 7,855 |  |  |  | 1,577 |
Net Income (Loss) |  | $ | 6,003 |  |  | $ | (1,442 | )

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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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