Divesture of Xpress Internacional

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

4. Divesture of Xpress Internacional

On January 17, 2019, we sold our 95% interest in Xpress Internacional as well as our equity method investments with operations in Mexico (Dylka Distribuciones Logisti-K, S.A. DE C.V. and XPS Logisti-K Systems, S.A.P.I. de C.V.). The purchase price was $4.5 million in cash, a $6.0 million note receivable and approximately $2.5 million in contingent consideration related to the completion of selling 110 tractors. The fair value of the tractors approximated $2.5 million on January 17, 2019. During 2019, we updated the fair value of the tractors to $1.7 million from the previously recorded $2.5 million and recorded an additional net cash receivable for $1.6 million as a result of lower than expected purchase expenses at Xpress Internacional. The results of operations from the business classified as assets held for sale were not material to our consolidated revenues or consolidated operating income. During 2018, we recognized a held for sale impairment in the amount of $11.6 million related to the disposal group as the net carrying value exceeded the fair value. We recognized a subsequent gain during 2019 of $0.8 million.

Amounts classified as assets and liabilities held for sale at December 31, 2018 related to the disposal group outlined above within the consolidated balance sheet are as follows (in thousands):


Total current assets of business held for sale	$	28,038
Property, plant and equipment		10,635
Other assets		994
Total disposal group assets held for sale	$	39,667
Total current liabilities associated with assets held for sale	$	6,856
Long-term liabilities associated with assets held for sale		8,353
Total liabilities associated with assets of business held for sale	$	15,209
Held for sale impairment charge		11,629
Fair value of disposal group held for sale	$	12,829