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Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]
Basis of Presentation
 
The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned and majority owned subsidiaries. All significant intercompany transactions and accounts have been eliminated.
 
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with Article
10
of Regulation S-
X
promulgated under the Securities Act of
1933,
as amended. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and such differences could be material. In the opinion of management, the accompanying financial statements include all adjustments that are necessary for a fair statement of the results of the interim periods presented, such adjustments being of a normal recurring nature.
 
Certain information and footnote disclosures have been condensed or omitted pursuant to such rules and regulations. The
December 31, 2017
balance sheet was derived from our audited balance sheet as of that date. The Company’s operating results are subject to seasonal trends when measured on a quarterly basis; therefore operating results for the
three
and
nine
months ended
September 30, 2018
are
not
necessarily indicative of the results that
may
be expected for the year ending
December 31, 2018.
These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto for the year ended
December 31, 2017.
Revenue Recognition, Policy [Policy Text Block]
Recognition
of Revenue
 
The Company generates revenues primarily from shipments executed by the Company’s Truckload and Brokerage operations. Those shipments are the Company’s performance obligations, arising under contracts we have entered into with customers. Under such contracts, revenue is recognized when obligations are satisfied, which occurs over time with the transit of shipments from origin to destination. This is appropriate as the customer simultaneously receives and consumes the benefits as the Company performs its obligation. Revenue is measured as the amount of consideration the Company expects to receive in exchange for providing services. The most significant judgment used in recognition of revenue is the determination of miles driven as the basis for determining the amount of revenue to be recognized for partially fulfilled obligations. Accessorial charges for fuel surcharge, loading and unloading, stop charges, and other immaterial charges are part of the consideration we receive for the single performance obligation of delivering shipments. Contracts entered into with our customers do
not
contain material financing components.
 
Certain incremental revenue-related costs associated with obtaining a contract are capitalized. The majority of revenue contracts with our customers have a duration of
one
year or less and do
not
require any significant start-up costs, and as such, costs incurred to obtain contracts associated with these contracts are expensed as incurred. For contracts with durations exceeding
one
year, incremental start-up costs are capitalized and amortized on a straight line basis over the contract period which materially represents the period of revenue generation. Incremental capitalized start-up costs totaled
$3.1
million with accumulated amortization of
$1.0
million at
September 30, 2018
and are included in other currents assets in our unaudited condensed consolidated balance sheets.
 
Through the Company’s Brokerage operations, the Company outsources the transportation of the loads to
third
-party carriers. The Company is a principal in these arrangements, and therefore records revenue associated with these contracts on a gross basis. The Company has the primary responsibility to meet the customer’s requirements. The Company invoices and collects from its customers and also maintains discretion over pricing. Additionally, the Company is responsible for selection of
third
-party transportation providers to the extent used to satisfy customer freight requirements.
 
The timing of revenue recognition, billings, cash collections, and allowance for doubtful accounts results in billed and unbilled receivables on the unaudited condensed consolidated balance sheet. The Company receives the unconditional right to bill when shipments are delivered to their destination. We generally receive payment within
40
days of completion of performance obligations. Unbilled receivables recorded on the unaudited condensed consolidated balance sheet were
$4.7
million and
$3.9
million at
September 30, 2018
and
December 31, 2017,
respectively and are included in customer receivables in the condensed consolidated balance sheets. The amount of revenue to be recognized related to the Company’s remaining performance obligations was
$2.5
million at
September 30, 2018.
 
The following table presents the effect of the adoption of Accounting Standard Codification
606
“Revenue from Contracts with Customers” (ASC
606
) on our unaudited condensed consolidated financial statements for the
three
and
nine
months ended
September 30, 2018 (
in thousands, except per share amounts):
 
(in thousands, except for per share amounts)
 
As Reported
   
 
 
 
 
Under ASC 605
   
As Reported
   
 
 
 
 
Under ASC 605
 
   
for the Three
   
Adjustments
   
For the Three
   
for the Nine
   
Adjustments
   
Fpr the Nine
 
   
Months Ended
   
Due to
   
Months Ended
   
Months Ended
   
Due to
   
Months Ended
 
   
September 30, 2018
   
ASC 606
   
September 30, 2018
   
September 30, 2018
   
ASC 606
   
September 30, 2018
 
                                                 
Consolidated Statement of Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating revenues
   
460,227
     
(708
)    
459,519
     
1,335,693
     
(859
)    
1,334,834
 
Total operating expenses
   
437,335
     
(658
)    
436,677
     
1,277,929
     
883
     
1,278,812
 
Operating income
   
22,892
     
(50
)    
22,842
     
57,764
     
(1,742
)    
56,022
 
Income (loss) before income tax benefit
   
18,137
     
(50
)    
18,087
     
19,956
     
(1,742
)    
18,214
 
Income tax provision (benefit)
   
1,679
     
(15
)    
1,665
     
1,081
     
(505
)    
576
 
Net income (loss)
   
16,458
     
(36
)    
16,423
     
18,875
     
(1,237
)    
17,638
 
Net income (loss) attributable to controlling interest
   
16,129
     
(36
)    
16,094
     
17,903
     
(1,237
)    
16,666
 
Basic earnings (loss) per share
   
0.33
     
(0.00
)    
0.33
     
0.77
     
(0.05
)    
0.72
 
Basic weighted average shares outstanding
   
48,296
     
48,296
     
48,296
     
23,118
     
23,118
     
23,118
 
Diluted earnings (loss) per share
   
0.33
     
(0.00
)    
0.32
     
0.76
     
(0.05
)    
0.71
 
Diluted weighted average shares outstanding
   
49,597
     
49,597
     
49,597
     
23,638
     
23,638
     
23,638
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
Reported
   
Adjustments
   
Under ASC 605
 
   
 
 
 
 
 
 
 
 
 
 
 
 
Balance at
   
Due to
   
Balance at
 
   
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2018
   
ASC 606
   
September 30, 2018
 
                                                 
Consolidated Balance Sheet
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Customer receivables
                          $
216,814
    $
(4,711
)   $
212,103
 
Other current assets
                           
16,462
     
(2,036
)    
14,426
 
Total current assets
                           
299,992
     
(6,747
)    
293,245
 
Total assets
                           
882,607
     
(6,747
)    
875,860
 
Accounts payable
                           
80,019
     
(3,079
)    
76,940
 
Other accrued liabilities
                           
5,993
     
(349
)    
5,644
 
Deferred income taxes
                           
19,204
     
(622
)    
18,582
 
Accumulated deficit
                           
(24,331
)    
(2,697
)    
(27,028
)
Stockholders' equity (deficit)
                           
227,072
     
(2,697
)    
224,375
 
Total stockholder's equity (deficit)
                           
230,333
     
(2,697
)    
227,636
 
Total liabilities, redeemable restricted units and stockholder's equity (deficit)
                           
882,607
     
(6,746
)    
875,861
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
As Reported
   
 
 
 
 
Under ASC 605
 
   
 
 
 
 
 
 
 
 
 
 
 
 
for the Nine
   
Adjustments
   
Fpr the Nine
 
   
 
 
 
 
 
 
 
 
 
 
 
 
Months Ended
   
Due to
   
Months Ended
 
   
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2018
   
ASC 606
   
September 30, 2018
 
                                                 
Operating Cash Flows
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
                           
18,875
     
(1,237
)    
17,638
 
Receivables
                           
(30,102
)    
(859
)    
(30,961
)
Other assets
                           
(4,190
)    
(1,571
)    
(5,761
)
Accounts payable and other accrued liabilities
                           
(11,531
)    
688
     
(10,843
)
Deferred income tax provision
                           
3,458
     
506
     
3,964
 
New Accounting Pronouncements, Policy [Policy Text Block]
Recently Issued Accounting Standards
 
In
February 2018,
the Financial Accounting Standards Board (“FASB”) issued ASU
2018
-
02,
“Income Statement - Reporting Comprehensive Income (Topic
220
): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” which permits stranded tax effects resulting from the passing of the Tax Cuts and Jobs Act of
2017
(the “Act”) to be reclassified to retained earnings. The provisions of this update are effective for fiscal years and interim periods beginning after
December 15, 2018,
with early adoption permitted. The Company has evaluated the provisions of the pronouncement and does
not
expect the adoption of ASU
2018
-
02
will have a material impact on the consolidated financial statements.
 
In
January 2017,
the FASB issued ASU
2017
-
04,
“Intangibles—Goodwill and Other (Topic
350
): Simplifying the Test for Goodwill Impairment,” which eliminates Step
2
from the goodwill impairment testing process. Step
2
measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount. Under the new standard, a goodwill impairment loss is measured as the excess of the carrying value of a reporting unit over its fair value. The provisions of this update are effective for fiscal years beginning after
December 15, 2019.
The Company has evaluated the provisions of the pronouncement and does
not
expect the adoption of ASU
2018
-
02
will have a material impact on the consolidated financial statements.
 
In
February 2016,
the FASB issued ASU
2016
-
02,
“Leases (Topic
842
),” to increase transparency and comparability by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The provisions of this update are effective for fiscal years beginning after
December 15, 2018.
The Company intends to elect the optional transition method described under ASU
2018
-
11,
and recognize a cumulative effect adjustment to the opening balance of stockholders’ equity in the period of adoption, with
no
restatement of comparative periods required. While the Company is currently evaluating the provisions of the pronouncement and assessing the impact on the condensed consolidated financial statements, the Company expects the recognition of right-of-use assets and lease obligations will have a material impact to the consolidated balance sheet.
 
Recently Adopted Accounting Standards
 
In
March 2018,
the Financial Accounting Standards Board (FASB) issued ASU
2018
-
05,
“Income Taxes (Topic
740
): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin
No.
118.”
The standard adds SEC paragraphs pursuant to the SEC Staff Accounting Bulletin
No.
118,
which expresses the view of the SEC Staff regarding application of Topic
740,
Income Taxes, in the reporting period that includes
December 22, 2017 -
the date on which the Act was signed into law. The application of this guidance did
not
have a material impact on the condensed consolidated financial statements.
 
In
August 2016,
the FASB issued ASU
2016
-
15,
“Statement of Cash Flows (Topic
230
): Classification of Certain Cash Receipts and Cash Payments,” which addresses
eight
specific cash flow issues with the objective of reducing the existing diversity in practice. Entities must apply the guidance retrospectively to all periods presented but
may
apply it prospectively if retrospective application would be impracticable. The provisions of this update are effective for fiscal years beginning after
December 15, 2017.
The Company adopted ASU
2016
-
15
effective
January 1, 2018.
The application of this guidance did
not
have a material impact on the condensed consolidated financial statements.
 
In
April 2015,
the FASB issued ASU
2015
-
14,
“Revenue from Contracts with Customers (Topic
606
): Deferral of the Effective Date,” which defers the effective date of ASU
2014
-
09.
The new standard introduces a
five
-step model to determine when and how revenue is recognized. The premise of the new model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard is effective for annual periods, and interim periods within those annual periods, beginning after
December 15, 2017.
Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. The Company adopted ASU
2014
-
09
effective
January 1, 2018
by using the modified retrospective transition approach and recognizing the cumulative effect of the change in retained earnings. The primary impact of adopting ASC
606
is the earlier recognition of revenue for loads that are in route as of the balance sheet date. Prior to adopting ASC
606,
the Company recognized revenue and direct costs when shipments were delivered. Under ASC
606,
the Company is required to recognize revenue and related direct costs over time as the shipment is being delivered. ASC
606
also requires substantial new disclosures regarding the nature, amount, timing and uncertainty of recognized revenue, which are provided under the heading “Recognition of Revenue” above. The adoption of ASC
606
resulted in a cumulative positive adjustment to opening equity at
December 31, 2017
of approximately
$1.5
million.