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Note 19 - Related Party Transactions | 12 Months Ended
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Dec. 31, 2024
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 shareholders. The Company recognized approximately $13,319,000, $,321,000 and $1,363,000 in operating revenue and approximately $30,140,000, $27,286,000 and $21,438,000 in operating expenses in 2024, 2023, and 2022, respectively from related party transactions. The Company purchased auto liability and workers’ compensation insurance through an insurance company affiliated with our Chairman and controlling shareholders. Premiums for auto liability coverage during 2024, 2023, and 2022 were approximately $14,404,000, $13,307,000, and $11,437,000, respectively. Premiums for workers’ compensation coverage during 2024, 2023, and 2022 were approximately $267,000, $298,000 and $338,000, respectively. Amounts owed to the Company by these affiliates were approximately $3,724,000 and $1,809,000 at December 31, 2024 and 2023, respectively. Of the accounts receivable at December 31, 2024 and 2023, approximately $3,275,000 and $1,418,000 represent freight transportation and approximately $449,000 and $391,000 represent revenue resulting from other services performed for related parties. Amounts payable to affiliates at December 31, 2024 and 2023 were approximately $1,196,000 and $1,101,000 respectively.

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