Note 11 - Leases

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Leases of Lessee Disclosure [Text Block]

11. Leases

The Company leases certain revenue and service equipment and office and terminal facilities under long-term noncancelable operating lease agreements expiring at various dates through

October 2027.

Rental expense under noncancelable operating leases was approximately

$78.5

million,

$75.7

million and

$111.0

million in

2018,

2017

and

2016,

respectively. Revenue equipment lease terms for new equipment are generally

three

to

five

years for tractors and

five

to

eight

years for trailers. The lease terms generally represent the estimated usage period of the equipment, which is generally substantially less than the economic lives. The Company leases certain of its revenue equipment under capital lease agreements. The terms of the capital leases expire at various dates through

April 

2024.

Certain revenue equipment leases provide for guarantees by the Company of a portion of the specified residual value at the end of the lease term. The maximum potential amount of future payments (undiscounted) under these guarantees is approximately

$28.2

million at

December 

31,

2018.

The residual value of a portion of the related leased revenue equipment is covered by repurchase or trade agreements between the Company and the equipment manufacturer.

Approximate aggregate minimum undiscounted future rentals payable under these capital and operating leases for each of the next

five

years and thereafter are as follows (in thousands) and exclude approximately

$9.3

million of future minimum lease payments related to Xpress Internacional:

	Capital			Operating
2019	$	7,797		$	60,303
2020		7,564			42,632
2021		4,086			35,302
2022		1,427			20,751
2023		1,427			15,884
Thereafter		297			14,080
		22,598		$	188,952
Less: Amount representing interest		(2,285	)
		20,313
Less: Current portion		(6,711	)
	$	13,602