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Note 17 - Leases | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Lessor, Operating Leases [Text Block] |
17. | LEASES
Right-of-Use Leases The Company was party to operating leases that included initial terms ranging from three to five years. The initial terms of these leases have expired, and the leases are now subject to terms not exceeding one year. In accordance with the provisions of ASC Topic 842, because all of our leased properties are currently subject to leases not exceeding one year, we do not recognize any right-of-use assets or corresponding operating lease liability as of December 31, 2024. Cash Flows No new right-of-use assets were recognized as non-cash asset additions that resulted from new operating lease liabilities during the years ended December 31, 2024 and December 31, 2023, respectively. Cash paid for amounts included in the present value of right-of-use lease liabilities was $0.1 and $0.3 million during the years ended December 31, 2024 and December 31, 2023, respectively, and is included in operating cash flows. Cash Paid for Operating Leases
|  | Twelve Months Ended |
|  | December 31, |
|  | 2024 |  |  | 2023 |
|  | (in thousands) |
Right-of-Use leases |  | $ | 114 |  |  | $ | 330 |
Short-term leases (1) |  |  | 3,424 |  |  |  | 3,115 |
Total |  | $ | 3,538 |  |  | $ | 3,445 |
| (1) | Short-term lease cost includes leases with a term of twelve months or less and leases with options for early cancellation.
Lease Revenue The Company has a lease-purchase program whereby we offer independent contractors the opportunity to lease a Company-owned truck. The terms associated with these leases require weekly lease payments over the term of the leases which range from 5 to 60 months. The cost and carrying amount of Company-owned trucks in this program at December 31, 2024 were approximately $67,440,000 and $37,932,000, respectively. The cost and carrying amount of the Company-owned trucks in this program at December 31, 2023 were approximately $57,790,000 and $32,595,000, respectively. Payments under this program are classified in the Company’s financial statements under the consolidated statement of operations category Revenue. Leases in our lease-purchase program expire at various dates through 2027. Future minimum lease receipts related to these operating leases at December 31, 2024 and 2023 were approximately $21,111,000 and $14,268,000, respectively. Depreciation is calculated on a straight-line basis over the estimated useful life of the equipment, down to an estimated salvage value. In most cases, the Company has agreements in place with certain manufacturers whereby salvage values are guaranteed by the manufacturer. In other cases, where salvage values are not guaranteed, estimates of salvage value are based on the expected market values of equipment at the time of disposal. During the year ended December 31, 2024, the Company incurred $8.5 million of depreciation expense for these assets. The Company leases dock space to a related party at our Laredo, Texas terminal and warehouse and office space to an unrelated lessee at a second Laredo, Texas terminal. At December 31, 2024, the cost and carrying amount of the facilities leased were approximately $13,738,000 and $10,937,000, respectively. Future minimum lease receipts related to this operating lease at December 31, 2024 are approximately $67,750. See Note 19 – Related Party Transactions for additional information regarding the Company’s transactions with related persons. The Company's operating lease revenue is disclosed in the table below.
|  | Twelve Months Ended December 31, |
|  | 2024 |  |  | 2023 |
|  | (in thousands) |
Leased truck revenue (recorded in revenue, before fuel surcharge) |  | $ | 9,961 |  |  | $ | 7,850 |
Leased building space revenue (recorded in non-operating income) |  |  | 604 |  |  |  | 395 |
Total lease revenue |  | $ | 10,565 |  |  | $ | 8,245 |
Lease Receivable Future minimum operating lease payments receivable at December 31, 2024:
|  |  | (in thousands) |
2025 |  | $ | 12,372 |
2026 |  |  | 8,386 |
2027 |  |  | 353 |
2028 & Thereafter |  |  | - |
Total future minimum lease payments receivable |  | $ | 21,111 |
Lease Payments to Related Parties Payments to related parties of $1,349,261 were made for real estate leases during 2024 which include maintenance facilities in one state and trailer drop yards in nine states. The leases are generally month to month leases with automatic monthly renewal provisions. During 2024 the Company leased office, shop and parking spaces from various lessors, including a related party. The initial term for the majority of these leases is one year, with an option for early cancellation and an option to renew for subsequent one-month periods. These leases can be terminated by either party by providing notice to the other party of the intent to cancel or to not extend. Relatively short lease durations for these properties are intended to provide flexibility to the Company as changing operational needs and shifting opportunities often result in cancellation or non-renewal of these leases by the Company or the lessor. The minimum operating lease payable under these arrangements was approximately $111,000 as of December 31, 2024. The Company leases office and shop facilities to a related party. At December 31, 2024, the cost and carrying amount of the facilities leased were approximately $13,738,000 and $10,936,000, respectively. Future minimum lease receipts related to this lease at December 31, 2024 were approximately $67,750.

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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-30/tableOfContent + Details
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