LONG-LIVED ASSET IMPAIRMENT

12 Months Ended

Dec. 31, 2020

LONG-LIVED ASSET IMPAIRMENT

LONG-LIVED ASSET IMPAIRMENT

NOTE 12. LONG-LIVED ASSET IMPAIRMENT

During 2020, the Company reviewed the values of its assets held for sale and determined a subset of older model year tractors required an impairment of approximately $0.5 million.  In order to determine the fair values of the tractors, auction data was used from recent sales of similar tractors which is a Level 2 fair value measurement under the fair value hierarchy.

During 2020, in response to the closure of our Van Buren, Arkansas terminal, the Company contracted with a third-party to appraise the terminal and the owned lands surrounding it.  As a result of the appraisal, an impairment was recorded for approximately $0.1 million for a parcel of land that had a book value in excess of its fair value.  The appraisal report is considered a Level 2 fair value measurement under the fair value hierarchy.

During 2019, the Company reviewed the values of its assets held for sale and determined subsets of tractors that the Company had recently experienced losses on disposal of similar tractors required an impairment of approximately $0.8 million.  The fair value was determined using quotes from third parties for the purchase of the tractors which is a Level 1 fair value measurement under the fair value hierarchy.