XML 40 R26.htm IDEA: XBRL DOCUMENT v3.20.4
Note 19 - Related Party Transactions
 12 Months Ended
Dec. 31, 2020
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 $9,897,000, $2,691,000 and $2,854,000 in operating revenue and approximately $6,791,000, $9,190,000 and $9,859,000 in operating expenses in 2020, 2019, and 2018, 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, $0 and $1,271,000 for 2020, 2019, and 2018, respectively. Premiums for auto liability coverage during 2020, 2019, and 2018 were approximately $8,516,000, $10,345,000, and $10,987,000, respectively. Premiums for general liability coverage during 2020, 2019, and 2018 were approximately $0, $0 and $24,000, respectively. Premiums for workers’ compensation coverage during 2020, 2019, and 2018 were approximately $299,000, $266,000 and $301,000, respectively.

 

Amounts owed to the Company by these affiliates were approximately $2,348,000 and $1,052,000 at December 31, 2020 and 2019, respectively. Of the accounts receivable at December 31, 2020 and 2019, approximately $2,236,000 and $1,052,000 represent freight transportation and approximately $112,000 and $0 represent revenue resulting from other services performed for related parties. Amounts payable to affiliates at December 31, 2020 and 2019 were approximately $1,864,000 and $961,000 respectively.