Note 19 - Related Party Transactions

12 Months Ended

Dec. 31, 2021

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 stockholder. The Company recognized approximately $8,085,000, $9,897,000 and $2,691,000 in operating revenue and approximately $11,103,000, $6,791,000 and $9,190,000 in operating expenses in 2021, 2020, and 2019, respectively.

The Company purchased auto liability and workers’ compensation insurance through an unaffiliated insurance broker which was written by an insurance company affiliated with our Chairman and controlling stockholder. Premiums for auto liability coverage during 2021, 2020, and 2019 were approximately $9,851,000, $8,516,000, and $10,345,000, respectively. Premiums for workers’ compensation coverage during 2021, 2020, and 2019 were approximately $300,000, $299,000 and $266,000, respectively.

Amounts owed to the Company by these affiliates were approximately $636,000 and $2,348,000 at December 31, 2021 and 2020, respectively. Of the accounts receivable at December 31, 2021 and 2020, approximately $448,000 and $2,236,000 represent freight transportation and approximately $188,000 and $112,000 represent revenue resulting from other services performed for related parties. Amounts payable to affiliates at December 31, 2021 and 2020 were approximately $1,276,000 and $1,864,000 respectively.