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Note 19 - Related Party Transactions | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Related Party Transactions Disclosure [Text Block] |
19. | RELATED PARTY TRANSACTIONS
In the normal course of business, transactions for transportation and repair services, equipment, property leases and other services are conducted between the Company and companies affiliated with our Chairman and controlling stockholder. The Company recognized approximately $2,691,000, $2,854,000 and $585,000 in operating revenue and approximately $9,190,000, $9,859,000 and $7,497,000 in operating expenses in 2019, 2018, and 2017, respectively. The Company purchased physical damage, auto liability, general liability, and workers’ compensation insurance through an unaffiliated insurance broker which was written by an insurance company affiliated with our Chairman and controlling stockholder. The premiums for physical damage coverage were approximately $0, $1,271,000 and $1,808,000 for 2019, 2018, and 2017, respectively. Premiums for auto liability coverage during 2019, 2018, and 2017 were approximately $10,345,000, $10,987,000, and $10,860,000, respectively. Premiums for general liability coverage during 2019, 2018, and 2017 were approximately $0, $24,000 and $35,000, respectively. Premiums for workers’ compensation coverage during 2019, 2018, and 2017 were approximately $266,000, $301,000 and $286,000, respectively. Amounts owed to the Company by these affiliates were approximately $1,052,000 and $149,000 at December 31, 2019 and 2018, respectively. Of the accounts receivable at December 31, 2019 and 2018, approximately $1,052,000 and $147,000 represent freight transportation and approximately $0 and $2,000 represent revenue resulting from maintenance performed in the Company’s maintenance facilities and charges paid by the Company to third parties on behalf of their affiliate and charged back at the amount paid, respectively. Amounts representing prepaid insurance premiums at December 31, 2019 and 2018 were approximately $0 and $29,000, respectively. Amounts payable to affiliates at December 31, 2019 and 2018 were approximately $961,000 and $2,161,000 respectively. An insurance company affiliated with our Chairman and controlling stockholder has specific knowledge, experience and expertise related to self-insured claims development and assists the Company in establishing fully developed reserve estimates related to certain auto liability claims in excess of $1.0 million.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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