XML 40 R26.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Note 20 - Acquisition of Assets from Metropolitan Trucking, Inc. | 12 Months Ended
--- | ---
Dec. 31, 2023
Notes to Financial Statements |
Business Combination Disclosure [Text Block] |
20. | Acquisition of Assets from Metropolitan Trucking, Inc.
On June 14, 2022, subsidiaries of the Company, Met Express, Inc. and Costar Equipment, Inc. (collectively, the “Buyer”), entered into an Asset Purchase Agreement with Metropolitan Trucking, Inc., and related subsidiaries. Metropolitan Trucking, Inc. was a truckload carrier headquartered in Saddle Brook, New Jersey, providing asset-based dry van truckload transportation services, including local, regional, and dedicated services. The acquisition has been determined to be a business combination. Pursuant to the Asset Purchase Agreement, the Buyer acquired substantially all the assets and assumed certain specified liabilities of Metropolitan Trucking, Inc., and its related entities (the “Transaction”). The Buyer paid $79.9 million of total consideration, including cash and certain assumed indebtedness of Metropolitan Trucking, Inc., and its related entities. The Transaction closed on June 14, 2022, subject to working capital adjustments. Total cash paid of $64.3 million was funded out of the Company’s available cash. The Transaction included the assumption of $12.6 million of indebtedness and $2.9 million of other current liabilities. The Asset Purchase Agreement contains customary representations, warranties, covenants, escrow, and indemnification provisions. The results of the acquired business have been included in the consolidated financial statements since the date of acquisition and represented 2.1% of consolidated total assets as of December 31, 2023 and represented 9.7% of revenues excluding fuel surcharge for the year ended December 31, 2023, respectively. Acquisition related expenses of $0.4 million were included in the condensed consolidated statements of operations for the year ended December 31, 2022. The assets and liabilities associated with the acquisition were recorded at their fair values as of the acquisition date and the amounts are as follows:
|  | (in thousands) |
Trade and other accounts receivable |  | $ | 10,821 |
Other current assets |  |  | 316 |
Property and equipment |  |  | 68,722 |
Total assets |  |  | 79,859 |
Accounts payable |  |  | (2,915 | )
Long-term debt |  |  | (12,627 | )
Total cash paid |  | $ | 64,317 |

X
- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
Name: | us-gaap_BusinessCombinationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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