Note 5 - Assets Held for Sale

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

5. Assets Held for Sale

During

December 2018,

we entered into a letter of intent to sell 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 transaction closed on

January 17, 2019.

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.

The results of operations from the business classified as assets held for sale were

not

material to our consolidated revenues or consolidated operating income. 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.

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

The amount of the impairment is equal to carrying value of the long-term assets.