Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 01, 2023 | Aug. 07, 2023 | |
Document Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 01, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | ULH | |
Entity Registrant Name | UNIVERSAL LOGISTICS HOLDINGS, INC. | |
Entity Central Index Key | 0001308208 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity File Number | 0-51142 | |
Entity Tax Identification Number | 38-3640097 | |
Entity Address, Address Line One | 12755 E. Nine Mile Road | |
Entity Address, City or Town | Warren | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 48089 | |
City Area Code | 586 | |
Local Phone Number | 920-0100 | |
Title of 12(b) Security | Common Stock, no par value | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | MI | |
Entity Common Stock, Shares Outstanding | 26,287,973 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 01, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 65,014 | $ 47,181 |
Marketable securities | 10,107 | 10,000 |
Accounts receivable - net of allowance for credit losses of $14,019 and $14,308, respectively | 317,254 | 350,720 |
Other receivables | 24,910 | 25,146 |
Prepaid expenses and other | $ 28,489 | $ 25,629 |
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration] | Affiliates [Member] | Affiliates [Member] |
Total current assets | $ 447,898 | $ 459,652 |
Property and equipment - net of accumulated depreciation of $347,388 and $121843, respectively | 438,663 | 391,154 |
Operating lease right-of-use asset | 100,093 | 99,731 |
Goodwill | 170,730 | 170,730 |
Intangible assets - net of accumulated amortization of $128,205 and $121,843, respectively | 67,604 | 73,967 |
Deferred income taxes | 1,394 | 1,394 |
Other assets | 8,984 | 7,050 |
Total assets | 1,235,366 | 1,203,678 |
Current liabilities: | ||
Accounts payable | 76,730 | 87,138 |
Current portion of long-term debt | 70,038 | 65,303 |
Current portion of operating lease liabilities | 29,614 | 28,227 |
Accrued expenses and other current liabilities | 41,774 | 43,106 |
Insurance and claims | 31,708 | 30,574 |
Due to affiliates | $ 27,300 | $ 20,600 |
Other Liability, Current, Related Party, Type [Extensible Enumeration] | Affiliates [Member] | Affiliates [Member] |
Income taxes payable | $ 9,154 | $ 11,926 |
Total current liabilities | 286,277 | 286,901 |
Long-term liabilities: | ||
Long-term debt, net of current portion | 308,005 | 313,197 |
Operating lease liabilities, net of current portion | 77,013 | 77,600 |
Deferred income taxes | 69,585 | 69,585 |
Other long-term liabilities | 5,096 | 9,465 |
Total long-term liabilities | 459,699 | 469,847 |
Shareholders' equity: | ||
Common stock, no par value. Authorized 100,000,000 shares; 31,006,629 and 30,996,205 shares issued; 26,287,973 and 26,277,549 shares outstanding,respectively | 31,006 | 30,997 |
Paid-in capital | 5,094 | 4,852 |
Treasury stock, at cost; 4,718,656 shares | (96,706) | (96,706) |
Retained earnings | 556,511 | 513,589 |
Accumulated other comprehensive (loss): | ||
Interest rate swaps, net of income taxes of $816 and $726, respectively | 2,418 | 2,156 |
Foreign currency translation adjustments | (8,933) | (7,958) |
Total shareholders’ equity | 489,390 | 446,930 |
Total liabilities and shareholders’ equity | 1,235,366 | 1,203,678 |
Affiliates [Member] | ||
Current assets: | ||
Due from Affiliate, Current | 2,124 | 976 |
Current liabilities: | ||
Due to affiliates | $ 27,259 | $ 20,627 |
Unaudited Consolidated Balanc_2
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jul. 01, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses | $ 14,019 | $ 14,308 |
Property and equipment, accumulated depreciation | 347,388 | 352,231 |
Intangible assets, accumulated amortization | $ 128,205 | $ 121,843 |
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 31,006,629 | 30,996,205 |
Common stock, shares outstanding | 26,287,973 | 26,277,549 |
Treasury stock,Shares | 4,718,656 | 4,718,656 |
Interest rate swaps, income taxes | $ 816 | $ 726 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Operating revenues: | ||||
Total operating revenues | $ 412,572 | $ 527,182 | $ 849,968 | $ 1,051,043 |
Operating expenses: | ||||
Purchased transportation and equipment rent | 139,879 | 227,215 | 295,964 | 459,346 |
Direct personnel and related benefits | 138,046 | 126,746 | 277,138 | 262,840 |
Operating supplies and expenses | 41,101 | 46,027 | 87,290 | 88,151 |
Commission expense | 7,643 | 10,757 | 15,815 | 20,780 |
Occupancy expense | 11,041 | 10,001 | 22,193 | 20,196 |
General and administrative | 13,418 | 12,129 | 25,334 | 22,765 |
Insurance and claims | 5,889 | 2,598 | 13,968 | 11,180 |
Depreciation and amortization | 19,160 | 27,058 | 37,675 | 43,286 |
Total operating expenses | 376,177 | 462,531 | 775,377 | 928,544 |
Income from operations | 36,395 | 64,651 | 74,591 | 122,499 |
Interest income | 621 | 6 | 1,373 | 6 |
Interest expense | (5,742) | (3,925) | (11,469) | (6,358) |
Other non-operating income (expense) | 284 | (823) | 299 | 130 |
Income before income taxes | 31,558 | 59,909 | 64,794 | 116,277 |
Income tax expense | 7,992 | 15,210 | 16,352 | 29,570 |
Net income | $ 23,566 | $ 44,699 | $ 48,442 | $ 86,707 |
Earnings per common share: | ||||
Basic | $ 0.9 | $ 1.69 | $ 1.84 | $ 3.25 |
Diluted | $ 0.9 | $ 1.69 | $ 1.84 | $ 3.25 |
Weighted average number of common shares outstanding: | ||||
Basic | 26,287 | 26,453 | 26,284 | 26,660 |
Diluted | 26,308 | 26,468 | 26,312 | 26,668 |
Dividends declared per common share | $ 0.105 | $ 0.105 | $ 0.21 | $ 0.21 |
Truckload services [Member] | ||||
Operating revenues: | ||||
Total operating revenues | $ 51,860 | $ 61,061 | $ 98,261 | $ 118,544 |
Brokerage services [Member] | ||||
Operating revenues: | ||||
Total operating revenues | 60,325 | 101,929 | 128,998 | 209,101 |
Intermodal services [Member] | ||||
Operating revenues: | ||||
Total operating revenues | 91,585 | 156,865 | 202,611 | 314,478 |
Dedicated services [Member] | ||||
Operating revenues: | ||||
Total operating revenues | 86,069 | 79,452 | 171,301 | 154,938 |
Value-added services [Member] | ||||
Operating revenues: | ||||
Total operating revenues | $ 122,733 | $ 127,875 | $ 248,797 | $ 253,982 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 23,566 | $ 44,699 | $ 48,442 | $ 86,707 |
Other comprehensive income (loss): | ||||
Unrealized changes in fair value of interest rate swaps, net of income taxes of $367, $(215), $90 and $(133), respectively | 1,082 | (630) | 262 | (389) |
Foreign currency translation adjustments | (886) | 1,012 | (975) | (1,822) |
Total other comprehensive income (loss) | 196 | 382 | (713) | (2,211) |
Total comprehensive income | $ 23,762 | $ 45,081 | $ 47,729 | $ 84,496 |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized changes in fair value of interest rate swaps, tax | $ 367 | $ (215) | $ 90 | $ (133) |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 01, 2023 | Jul. 02, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 48,442 | $ 86,707 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 37,675 | 43,286 |
Noncash lease expense | 15,295 | 14,337 |
Gain on marketable equity securities | (199) | (92) |
Gain on disposal of property and equipment | (1,519) | (2,743) |
Amortization of debt issuance costs | 378 | 207 |
Write-off of debt issuance costs | 583 | |
Stock-based compensation | 251 | 162 |
Provision for credit losses | 4,116 | 5,501 |
Deferred income taxes | 0 | 133 |
Change in assets and liabilities: | ||
Trade and other accounts receivable | 29,518 | (64,438) |
Prepaid expenses and other assets | (4,509) | (4,424) |
Principal reduction in operating lease liabilities | (15,117) | (13,085) |
Accounts payable, accrued expenses, income taxes payable, insurance and claims and other current liabilities | (10,484) | 8,154 |
Due to/from affiliates, net | 5,484 | (4,243) |
Other long-term liabilities | (4,369) | (727) |
Net cash provided by operating activities | 104,962 | 69,318 |
Cash flows from investing activities: | ||
Capital expenditures | (79,842) | (37,544) |
Proceeds from the sale of property and equipment | 2,540 | 5,567 |
Proceeds from sale of marketable securities | 92 | 0 |
Purchases of marketable securities | 0 | (114) |
Net cash used in investing activities | (77,210) | (32,091) |
Cash flows from financing activities: | ||
Proceeds from borrowing - revolving debt | 0 | 262,065 |
Repayments of debt - revolving debt | 0 | (274,828) |
Proceeds from borrowing - term debt | 33,738 | 193,926 |
Repayments of debt - term debt | (34,573) | (192,262) |
Dividends paid | (5,520) | (8,422) |
Capitalized financing costs | 0 | (1,723) |
Purchases of treasury stock | 0 | (14,305) |
Net cash used in financing activities | (6,355) | (35,549) |
Effect of exchange rate changes on cash and cash equivalents | (3,564) | (927) |
Net increase in cash | 17,833 | 751 |
Cash and cash equivalents – beginning of period | 47,181 | 13,932 |
Cash and cash equivalents – end of period | 65,014 | 14,683 |
Supplemental cash flow information: | ||
Cash paid for interest | 11,018 | 5,638 |
Cash paid for income taxes | $ 19,511 | $ 23,368 |
Unaudited Consolidated Statem_5
Unaudited Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common stock [Member] | Paid-in capital [Member] | Treasury stock [Member] | Retained earnings [Member] | Accumulated other comprehensive income (loss) [Member] |
Balances at Dec. 31, 2021 | $ 302,210 | $ 30,988 | $ 4,639 | $ (82,385) | $ 356,071 | $ (7,103) |
Net income | 42,008 | 42,008 | ||||
Comprehensive income (loss) | (2,593) | (2,593) | ||||
Purchases of treasury stock | (5,254) | (5,254) | ||||
Dividends paid | (2,819) | (2,819) | ||||
Stock based compensation | 162 | 7 | 155 | |||
Balances at Apr. 02, 2022 | 333,714 | 30,995 | 4,794 | (87,639) | 395,260 | (9,696) |
Balances at Dec. 31, 2021 | 302,210 | 30,988 | 4,639 | (82,385) | 356,071 | (7,103) |
Net income | 86,707 | |||||
Comprehensive income (loss) | (2,211) | |||||
Balances at Jul. 02, 2022 | 366,967 | 30,995 | 4,794 | (96,690) | 437,182 | (9,314) |
Balances at Apr. 02, 2022 | 333,714 | 30,995 | 4,794 | (87,639) | 395,260 | (9,696) |
Net income | 44,699 | 44,699 | ||||
Comprehensive income (loss) | 382 | 382 | ||||
Purchases of treasury stock | (9,051) | (9,051) | ||||
Dividends paid | (2,777) | (2,777) | ||||
Balances at Jul. 02, 2022 | 366,967 | 30,995 | 4,794 | (96,690) | 437,182 | (9,314) |
Balances at Dec. 31, 2022 | 446,930 | 30,997 | 4,852 | (96,706) | 513,589 | (5,802) |
Net income | 24,876 | 24,876 | ||||
Comprehensive income (loss) | (909) | (909) | ||||
Dividends paid | (2,759) | (2,759) | ||||
Stock based compensation | 161 | 6 | 155 | |||
Balances at Apr. 01, 2023 | 468,299 | 31,003 | 5,007 | (96,706) | 535,706 | (6,711) |
Balances at Dec. 31, 2022 | 446,930 | 30,997 | 4,852 | (96,706) | 513,589 | (5,802) |
Net income | 48,442 | |||||
Comprehensive income (loss) | (713) | |||||
Balances at Jul. 01, 2023 | 489,390 | 31,006 | 5,094 | (96,706) | 556,511 | (6,515) |
Balances at Apr. 01, 2023 | 468,299 | 31,003 | 5,007 | (96,706) | 535,706 | (6,711) |
Net income | 23,566 | 23,566 | ||||
Comprehensive income (loss) | 196 | 196 | ||||
Dividends paid | (2,761) | (2,761) | ||||
Stock based compensation | 90 | 3 | 87 | |||
Balances at Jul. 01, 2023 | $ 489,390 | $ 31,006 | $ 5,094 | $ (96,706) | $ 556,511 | $ (6,515) |
Unaudited Consolidated Statem_6
Unaudited Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |||
Jul. 01, 2023 | Apr. 01, 2023 | Jul. 02, 2022 | Apr. 02, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends paid per share | $ 0.105 | $ 0.105 | $ 0.105 | $ 0.105 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jul. 01, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (1) Basis of Presentation The accompanying unaudited consolidated financial statements of Universal Logistics Holdings, Inc. and its wholly-owned subsidiaries (“Universal”) have been prepared by the Company’s management. In these notes, the terms “us,” “we,” “our,” or the “Company” refer to Universal and its consolidated subsidiaries. In the opinion of management, the unaudited consolidated financial statements include all normal recurring adjustments necessary to present fairly the information required to be set forth therein. All intercompany transactions and balances have been eliminated in consolidation. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, should be read in conjunction with the consolidated financial statements as of December 31, 2022 and 2021 and for each of the years in the three-year period ended December 31, 2022 included in the Company’s Form 10-K filed with the Securities and Exchange Commission. The preparation of the consolidated financial statements requires the use of management’s estimates. Actual results could differ from those estimates. Our fiscal year ends on December 31 and consists of four quarters, each with thirteen weeks. The Company made certain immaterial reclassifications to items in its prior financial statements so that their presentation is consistent with the format in the financial statements for the period ended July 1, 2023. These reclassifications, however, had no effect on reported consolidated net income, comprehensive income, earnings per common share, cash flows, total assets or shareholders’ equity as previously reported. In June 2022, the Company made a change in an accounting estimate to revise the estimated useful life and salvage values of certain equipment. The change resulted in additional depreciation expense of $ 9.7 million recorded during the quarter ended July 2, 2022 ($ 7.2 million net of tax, or $ 0.27 per basic and diluted share). Current Economic Conditions The Company makes estimates and assumptions that affect reported amounts and disclosures included in its financial statements and accompanying notes and assesses certain accounting matters that require consideration of forecasted financial information. The Company's assumptions about future conditions important to these estimates and assumptions are subject to uncertainty, including the negative impact inflationary pressures can have on our operating costs. Prolonged periods of inflation could cause interest rates, equipment, maintenance, labor and other operating costs to continue to increase. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jul. 01, 2023 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | (2) Revenue Recognition Universal is a holding company that owns subsidiaries engaged in providing customized transportation and logistics services. For financial reporting, we broadly group the services provided by our consolidated subsidiaries into the following categories: truckload, brokerage, intermodal, dedicated and value-added. We disaggregate these categories and report our service lines separately on the Consolidated Statements of Income. Truckload services include dry van, flatbed, heavy-haul and refrigerated operations. We transport a wide variety of general commodities, including automotive parts, machinery, building materials, paper, food, consumer goods, furniture, steel and other metals on behalf of customers in various industries. To complement our available capacity, we provide customers with freight brokerage services by utilizing third-party transportation providers to move freight. Brokerage services also include full-service domestic and international freight forwarding and customs brokerage. Intermodal services include rail-truck, steamship-truck and support services. Our intermodal support services are primarily short- to medium-distance delivery of rail and steamship containers between the railhead or port and the customer. Dedicated services are primarily provided in support of automotive and retail customers using van equipment. Our dedicated services are primarily short-run or round-trip moves within a defined geographic area. Transportation services are short-term in nature; agreements governing their provision generally have a term of one year or less. They do not contain significant financing components. The Company recognizes revenue over the period transportation services are provided to the customer, including service performed as of the end of the reporting period for loads currently in-transit, in order to recognize the value that is transferred to a customer over the course of the transportation service. We determine revenue in-transit using the input method, under which revenue is recognized based on the duration of time that has lapsed from the departure date (start of transportation services) to the arrival date (completion of transportation services). Measurement of revenue in-transit requires the application of significant judgment. We calculate the estimated percentage of an order’s transit time that is complete at period end, and we apply that percentage of completion to the order’s estimated revenue. (2) Revenue Recognition - continued Value-added services, which are typically dedicated to individual customer requirements, include material handling, consolidation, sequencing, sub-assembly, cross-dock services, kitting, repacking, warehousing and returnable container management. Value-added revenues are substantially driven by the level of demand for outsourced logistics services. Major factors that affect value-added service revenue include changes in manufacturing supply chain requirements and production levels in specific industries, particularly the North American automotive and Class 8 heavy-truck industries. Revenue is recognized as control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration the Company expects to receive in exchange for its services. We have elected to use the “right to invoice” practical expedient to recognize revenue, reflecting that a customer obtains the benefit associated with value-added services as they are provided. The contracts in our value-added services businesses are negotiated agreements, which contain both fixed and variable components. The variability of revenues is driven by volumes and transactions, which are known as of an invoice date. Value-added service contracts typically have terms that extend beyond one year, and they do not include financing components. The following table provides information related to contract balances associated with our contracts with customers (in thousands): July 1, December 31, Prepaid expenses and other - contract assets $ 789 $ 839 We generally receive payment for performance obligations within 45 days of completion of transportation services and 65 days for completion of value-added services. Contract assets in the table above generally relate to revenue in-transit at the end of the reporting period. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jul. 01, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | (3) Marketable Securities The Company accounts for its marketable equity securities in accordance with ASC Topic 321 “ Investments- Equity Securities .” ASC Topic 321 requires companies to measure equity investments at fair value, with changes in fair value recognized in net income. The Company’s investments in marketable securities consist of equity securities with readily determinable fair values. The cost basis of securities sold is based on the specific identification method, and interest and dividends on securities are included in non-operating income (expense). Marketable equity securities are carried at fair value, with gains and losses in fair market value included in the determination of net income. The fair value of marketable equity securities is determined based on quoted market prices in active markets, as described in Note 6. The following table sets forth market value, cost basis, and unrealized gains on equity securities (in thousands): July 1, December 31, Fair value $ 10,107 $ 10,000 Cost basis 7,265 7,351 Unrealized gain $ 2,842 $ 2,649 The following table sets forth the gross unrealized gains and losses on the Company’s marketable securities (in thousands): July 1, December 31, Gross unrealized gains $ 3,658 $ 3,513 Gross unrealized losses ( 816 ) ( 864 ) Net unrealized gains $ 2,842 $ 2,649 The following table shows the Company's net realized gains (losses) on marketable equity securities (in thousands): Thirteen Weeks Ended Twenty-six Weeks Ended July 1, July 2, July 1, July 2, Realized gain Sale proceeds $ 92 $ — $ 92 $ — Cost basis of securities sold 1 — 1 — Realized gain $ 91 $ — $ 91 $ — Realized gain, net of taxes $ 68 $ — $ 68 $ — (3) Marketable Securities – continued The Company did no t sell marketable equity securities during the thirteen-week or twenty-six week period July 2, 2022. During the thirteen-week and twenty-six week periods ended July 1, 2023, our marketable equity securities portfolio experienced a net unrealized pre-tax gain (loss) in market value of approximately $ 121,000 and $ 108,000 , respectively, which was reported in other non-operating income (expense) for the period. During the thirteen-week and twenty-six week periods ended July 2, 2022, our marketable equity securities portfolio experienced a net unrealized pre-tax gain (loss) in market value of approximately $( 857,000 ) and $ 92,000 , respectively, which was reported in other non-operating income (expense) for the period. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jul. 01, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | (4) Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities are comprised of the following (in thousands): July 1, December 31, Accrued payroll $ 18,917 $ 15,889 Accrued payroll taxes 3,041 2,124 Driver escrow liabilities 3,983 4,101 Legal settlements and claims 4,850 5,850 Commissions, other taxes and other 10,983 15,142 Total $ 41,774 $ 43,106 |
Debt
Debt | 6 Months Ended |
Jul. 01, 2023 | |
Debt Disclosure [Abstract] | |
Debt | (5) Debt Debt is comprised of the following (in thousands): Interest Rates July 1, December 31, Outstanding Debt: Revolving Credit Facility (1) (2) 6.49 % $ — $ — UACL Credit Agreement (2) Term Loan 7.24 % 77,000 79,000 Revolver 7.24 % — — Equipment Financing (3) 2.25 % to 7.27 % 157,610 148,177 Real Estate Facility (4) 7.26 % 147,437 155,705 Margin Facility (5) 6.24 % — — Unamortized debt issuance costs ( 4,004 ) ( 4,382 ) 378,043 378,500 Less current portion of long-term debt 70,038 65,303 Total long-term debt, net of current portion $ 308,005 $ 313,197 (1) On September 30, 2022, we amended our Revolving Credit Facility by increasing the revolving credit commitment to up to $ 400.0 million. Borrowings under the Revolving Credit Facility may now be made until maturity on September 30, 2027 , and they bear interest at index-adjusted SOFR or a base rate plus an applicable margin for each based on the Company’s leverage ratio. The term loan proceeds were advanced on November 27, 2018 , and the Company repaid in full its then outstanding balance on the term loan on April 29, 2022 . The Revolving Credit Facility is secured by a first-priority pledge of the capital stock of applicable subsidiaries, as well as first-priority perfected security interests in cash, deposits, accounts receivable, and selected other assets of the applicable borrowers. The Revolving Credit Facility includes customary affirmative and negative covenants and events of default, as well as financial covenants requiring minimum fixed charge coverage and leverage ratios, and customary mandatory prepayments provisions. At July 1, 2023, we were in compliance with all covenants under the facility, and $ 400.0 million was available for borrowing on the revolver. (5) Debt – continued (2) Our UACL Credit and Security Agreement (the “UACL Credit Agreement”) provides for maximum borrowings of $ 90 million in the form of an $ 80.0 million term loan and a $ 10.0 million revolver. Term loan proceeds were advanced on September 30, 2022 and used to repay existing indebtedness under the Revolving Credit Facility. The term loan matures on September 30, 2027 and will be repaid in consecutive quarterly installments, as defined in the UACL Credit Agreement, commencing December 31, 2022. The remaining term loan balance is due at maturity. Borrowings under the revolving credit facility may be made until maturity on September 30, 2027 . Borrowings under the UACL Credit Agreement bear interest at index-adjusted SOFR, or a base rate, plus an applicable margin for each based on the borrower’s leverage ratio. The UACL Credit Agreement is secured by a first-priority pledge of the capital stock of applicable subsidiaries, as well as first-priority perfected security interest in cash, deposits, accounts receivable, and selected other assets of the applicable borrowers. The UACL Credit Agreement includes customary affirmative and negative covenants and events of default, as well as financial covenants requiring minimum fixed charge coverage and leverage ratios, and customary mandatory prepayments provisions. At July 1, 2023, $ 10.0 million was available for borrowing on the revolver, and the borrowers were in compliance with all covenants under the facility, provided that compliance with the fixed charge coverage ratio required application of a $ 2 million equity cure by Universal Logistics Holdings, Inc. as permitted by the agreement. After giving effect to application of net cash proceeds comprising the cure amount and recalculation of the financial covenant, the borrowers were in compliance with the fixed charge coverage ratio at July 1, 2023. (3) Our Equipment Financing consists of a series of promissory notes issued by a wholly owned subsidiary and a third party. The equipment notes, which are secured by liens on specific titled vehicles, are generally payable in 60 monthly installments and bear interest at fixed rates ranging from 2.25 % to 7.27 %. (4) Our Real Estate Facility provides for a $ 165.4 million term loan, the full amount of which was advanced on April 29, 2022. The Company used the facility’s proceeds to repay then existing balances under a term loan portion of the Revolving Credit Facility and certain other real estate financing obligations. The facility matures on April 29, 2032 . Obligations under the facility are secured by first-priority mortgages on specific parcels of real estate owned by the Company, including all land and real property improvements, and first-priority assignments of rents and related leases of the loan parties. The credit agreement includes customary affirmative and negative covenants, and principal and interest are payable on the facility on a monthly basis, based on an annual amortization of 10 %. The facility bears interest at Term SOFR , plus an applicable margin equal to 2.12 %. At July 1, 2023, we were in compliance with all covenants under the facility. (5) Our Margin Facility is a short-term line of credit secured by our portfolio of marketable securities. It bears interest at Term SOFR plus 1.10 % . The amount available under the line of credit is based on a percentage of the market value of the underlying securities. At July 1, 2023, the maximum available borrowings under the line of credit were $ 5.2 million. The Company is also party to an interest rate swap agreement that qualifies for hedge accounting. The Company executed the swap agreement to fix a portion of the interest rate on its variable rate debt. Under the swap agreement, the Company receives interest at Term SOFR and pays a fixed rate of 2.88 %. The swap agreement has an effective date of April 29, 2022, a maturity date of April 30, 2027 , and an amortizing notional amount of $ 88.3 million. At July 1, 2023, the fair value of the swap agreement was an asset of $ 3.2 million. Since the swap agreement qualifies for hedge accounting, the changes in fair value are recorded in other comprehensive income (loss), net of tax. See Note 6 for additional information pertaining to interest rate swaps. |
Fair Value Measurements and Dis
Fair Value Measurements and Disclosures | 6 Months Ended |
Jul. 01, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Disclosures | (6) Fair Value Measurements and Disclosures FASB ASC Topic 820, “ Fair Value Measurements and Disclosures, ” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date and expanded disclosures with respect to fair value measurements. FASB ASC Topic 820 also establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. (6) Fair Value Measurements and Disclosures – continued We have segregated all financial assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the tables below (in thousands): July 1, Level 1 Level 2 Level 3 Fair Value Measurement Assets Cash equivalents $ 151 $ — $ — $ 151 Marketable securities 10,107 — — 10,107 Interest rate swap — 3,234 — 3,234 Total $ 10,258 $ 3,234 $ — $ 13,492 December 31, Level 1 Level 2 Level 3 Fair Value Measurement Assets Cash equivalents $ 13 $ — $ — $ 13 Marketable securities 10,000 — — 10,000 Interest rate swap — 2,882 — 2,882 Total $ 10,013 $ 2,882 $ — $ 12,895 The valuation techniques used to measure fair value for the items in the tables above are as follows: • Cash equivalents – This category consists of money market funds which are listed as Level 1 assets and measured at fair value based on quoted prices for identical instruments in active markets. • Marketable securities – Marketable securities represent equity securities, which consist of common and preferred stocks, are actively traded on public exchanges and are listed as Level 1 assets. Fair value was measured based on quoted prices for these securities in active markets. • Interest rate swap – The fair value of our interest rate swap is determined using a methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments). The variable cash receipts (or payments) are based on the expectation of future interest rates (forward curves) derived from observed market interest rate curves. The fair value measurement also incorporates credit valuation adjustments to appropriately reflect both the Company’s nonperformance risk and the respective counterparty’s nonperformance risk. Our Revolving Credit Facility and our Real Estate Facility consist of variable rate borrowings. We categorize these borrowings as Level 2 in the fair value hierarchy. The carrying value of these borrowings approximate fair value because the applicable interest rates are adjusted frequently based on short-term market rates. For our Equipment Financing, the fair values are estimated using discounted cash flow analyses, based on our current incremental borrowing rates for similar types of borrowing arrangements. We categorize these borrowings as Level 2 in the fair value hierarchy. The carrying value and estimated fair value of these promissory notes at July 1, 2023 is summarized as follows: Carrying Value Estimated Fair Equipment promissory notes $ 157,610 $ 155,058 We have not elected the fair value option for any of our financial instruments. |
Leases
Leases | 6 Months Ended |
Jul. 01, 2023 | |
Leases [Abstract] | |
Leases | (7) Leases As of July 1, 2023, our obligations under operating lease arrangements primarily relate to the rental of office space, warehouses, freight distribution centers, terminal yards and equipment for which we recognize a right-of-use asset and a corresponding lease liability on our balance sheet. Right-of-use assets represent our right to use an underlying asset over the lease term and lease liabilities represent the obligation to make lease payments resulting from the lease agreement. We recognize a right-of-use asset and a lease liability on the effective date of a lease agreement. Our lease obligations typically do not include options to purchase the leased property, nor do they contain residual value guarantees or material restrictive covenants. Options to extend or terminate an agreement are included in the lease term when it becomes reasonably certain the option will be exercised. As of July 1, 2023, we were not reasonably certain of exercising any renewal or termination options, and as such, no adjustments were made to the right-of-use lease assets or corresponding liabilities. Leases with an initial term of 12 months or less, short-term leases, are not recorded on the balance sheet. Lease expense for short-term and long-term operating leases is recognized on a straight-line basis over the lease term. The following table summarizes our lease costs for the thirteen weeks and twenty-six weeks ended July 1, 2023 and July 2, 2022 (in thousands): Thirteen Weeks Ended July 1, 2023 With Affiliates With Third Parties Total Lease cost Operating lease cost $ 2,368 $ 6,836 $ 9,204 Short-term lease cost 19 4,921 4,940 Variable lease cost 223 834 1,057 Sublease income — — — Total lease cost $ 2,610 $ 12,591 $ 15,201 Thirteen Weeks Ended July 2, 2022 With Affiliates With Third Parties Total Lease cost Operating lease cost $ 2,371 $ 6,214 $ 8,585 Short-term lease cost 630 2,195 2,825 Variable lease cost 221 784 1,005 Sublease income — ( 28 ) ( 28 ) Total lease cost $ 3,222 $ 9,165 $ 12,387 (7) Leases – continued Twenty-six Weeks Ended July 1, 2023 With Affiliates With Third Parties Total Lease cost Operating lease cost $ 4,779 $ 13,455 $ 18,234 Short-term lease cost 26 8,950 8,976 Variable lease cost 422 1,433 1,855 Sublease income — — — Total lease cost $ 5,227 $ 23,838 $ 29,065 Twenty-six Weeks Ended July 2, 2022 With Affiliates With Third Parties Total Lease cost Operating lease cost $ 4,723 $ 12,492 $ 17,215 Short-term lease cost 1,277 6,435 7,712 Variable lease cost 415 1,691 2,106 Sublease income — ( 113 ) ( 113 ) Total lease cost $ 6,415 $ 20,505 $ 26,920 The following table summarizes other lease related information as of and for the twenty-six week periods ended July 1, 2023 and July 2, 2022 (in thousands): July 1, 2023 With With Third Total Other information Cash paid for amounts included in the measurement of operating leases $ 4,706 $ 13,315 $ 18,021 Right-of-use assets obtained in exchange for new operating lease liabilities $ 145 $ 13,897 $ 14,042 Right-of-use assets change due to lease termination $ ( 64 ) $ ( 66 ) $ ( 130 ) Weighted-average remaining lease term (in years) 4.6 3.6 3.9 Weighted-average discount rate 7.3 % 5.3 % 5.9 % July 2, 2022 With With Third Total Other information Cash paid for amounts included in the measurement of operating leases $ 4,559 $ 11,265 $ 15,824 Right-of-use assets obtained in exchange for new operating lease liabilities $ 545 $ 15,493 $ 16,038 Right-of-use assets change due to lease termination $ — $ ( 1,370 ) $ ( 1,370 ) Weighted-average remaining lease term (in years) 5.3 4.0 4.4 Weighted-average discount rate 6.6 % 4.7 % 5.4 % (7) Leases – continued Future minimum lease payments under these operating leases as of July 1, 2023, are as follows (in thousands): With Affiliates With Third Parties Total 2023 (remaining) $ 4,646 $ 13,449 $ 18,095 2024 9,104 23,831 32,935 2025 7,420 20,550 27,970 2026 4,868 16,940 21,808 2027 3,741 8,158 11,899 Thereafter 6,826 1,335 8,161 Total required lease payments $ 36,605 $ 84,263 $ 120,868 Less amounts representing interest ( 14,241 ) Present value of lease liabilities $ 106,627 |
Transactions with Affiliates
Transactions with Affiliates | 6 Months Ended |
Jul. 01, 2023 | |
Related Party Transactions [Abstract] | |
Transactions with Affiliates | (8) Transactions with Affiliates In the ordinary course of business, companies owned or controlled by our controlling shareholder, Matthew T. Moroun, provide us with certain supplementary administrative support services, including legal, human resources, tax, and IT infrastructure services. Universal’s audit committee reviews and approves related party transactions. The cost of these services is based on the actual or estimated utilization of the specific service. Universal also purchases other services from companies owned or controlled by our controlling shareholder. Following is a schedule of costs incurred and included in operating expenses for services provided by affiliates for the thirteen weeks and twenty-six weeks ended July 1, 2023 and July 2, 2022, respectively (in thousands): Thirteen Weeks Ended Twenty-six Weeks Ended July 1, July 2, July 1, July 2, Insurance $ 18,872 $ 17,334 $ 39,127 $ 34,831 Real estate rent and related costs 3,271 2,981 6,538 6,079 Administrative support services 624 1,112 2,228 2,294 Truck fuel, maintenance and other operating costs 1,856 2,010 3,794 3,080 Contracted transportation services 58 369 171 689 Total $ 24,681 $ 23,806 $ 51,858 $ 46,973 We pay the direct variable cost of maintenance, fueling and other operational support costs for services delivered at our affiliate’s trucking terminals that are geographically remote from our own facilities. Such costs are billed when incurred, paid on a routine basis, and reflect actual labor utilization, repair parts costs or quantities of fuel purchased. We lease 32 facilities from related parties. Our occupancy is based on either month-to-month or contractual, multi-year lease arrangements that are billed and paid monthly. Leasing properties from a related party affords us significant operating flexibility; however, we are not limited to such arrangements. See Note 7, “Leases” for further information regarding the cost of leased properties. We purchase employee medical, workers’ compensation, property and casualty, cargo, warehousing and other general liability insurance from an insurance company controlled by our controlling shareholder. In our Consolidated Balance Sheets, we record our insured claims liability and the related recovery in insurance and claims, and other receivables. At July 1, 2023 and December 31, 2022, there were $ 17.6 million and $ 16.2 million, respectively, included in each of these accounts for insured claims. (8) Transactions with Affiliates – continued Other services from affiliates, including contracted transportation services, are delivered to us on a per-transaction basis or pursuant to separate contractual arrangements provided in the ordinary course of business. At July 1, 2023 and December 31, 2022, amounts due to affiliates were $ 27.3 million and $ 20.6 million, respectively. During the twenty-six weeks ended July 1, 2023, we purchased used tractors from an affiliate totaling $ 6.3 million. There were no such purchases made during the twenty-six weeks ended July 2, 2022. In June 2022, we executed a real estate contract with an affiliate to acquire a multi-building, office complex located in Warren, Michigan for $ 8.3 million. The purchase price was established by an independent, third-party appraisal. The Company made an initial deposit of $ 0.2 million in 2022, and paid the balance at closing in the first quarter of 2023. Services provided by Universal to Affiliates We periodically assist companies that are owned by our controlling shareholder by providing selected transportation and logistics services in connection with their specific customer contracts or purchase orders. Truck fueling and administrative expenses are presented net in operating expense. Following is a schedule of services provided to affiliates for the thirteen weeks and twenty-six weeks ended July 1, 2023 and July 2, 2022 (in thousands): Thirteen Weeks Ended Twenty-six Weeks Ended July 1, July 2, July 1, July 2, Contracted transportation services $ 1,766 $ 447 $ 1,868 $ 602 Facilities and related support 60 60 120 120 Total $ 1,826 $ 507 $ 1,988 $ 722 At July 1, 2023 and December 31, 2022, amounts due from affiliates were $ 2.1 million and $ 1.0 million, respectively. In May 2022, we sold an inactive Mexican subsidiary to an affiliate for approximately $ 0.1 million. The purchase price was based on the book value of the net assets sold in the transaction, and as such, no gain or loss was recorded. On May 13, 2022, the Company commenced a “Dutch auction” tender offer to repurchase up to 100,000 shares of the Company’s outstanding common stock at a price of not greater than $ 28.00 nor less than $ 25.00 per share. Following the expiration of the tender offer on June 15, 2022 , we accepted 164,189 shares, including 64,189 oversubscribed shares tendered, of our common stock for purchase at $ 28.00 per share, for a total purchase price of approximately $ 4.6 million, excluding fees and expenses related to the offer. The total number of shares purchased in the tender offer includes 5,000 shares tendered by a director of the Company, Mr. H.E. “Scott” Wolfe. We paid for the accepted shares with available cash and funds borrowed under our existing line of credit. |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jul. 01, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Based Compensation | (9) Stock Based Compensation On April 23, 2014, our Board of Directors adopted our 2014 Amended and Restated Stock Incentive Plan. The Plan was approved at the 2014 annual meeting of shareholders and became effective as of the date our Board adopted it. In May 2022, the Company’s shareholders approved an amendment to the Plan to increase the number of shares of common stock authorized for issuance by 200,000 shares. Grants under the Plan may be made in the form of options, restricted stock awards, restricted stock purchase rights, stock appreciation rights, phantom stock units, restricted stock units or shares of unrestricted common stock. In May 2023, the Company granted 3,549 shares of common stock to non-employee directors. These restricted stock awards have a fair value of $ 25.42 per share, based on the closing price of the Company’s stock on the grant date, and vested immediately. In March 2023, the Company granted 34,611 shares of restricted stock to certain of its employees, including 9,134 shares to our Chief Executive Officer and 8,441 shares to our Chief Financial Officer. The restricted stock awards have a grant date fair value of $ 27.59 per share, based on the closing price of the Company’s stock. The shares will vest in four equal installments on each March 15 in 2024, 2025, 2026, and 2027, subject to continued employment with the Company. In September 2021, the Company granted 2,355 shares of restricted stock to an employee of the Company. The restricted stock award has a fair value of $ 20.46 per share, based on the closing price of the Company’s stock on the grant date. The unvested shares will vest in five equal increments on each August 9 in 2022, 2023, 2024, 2025 and 2026, subject to continued employment with the Company. In February 2020, the Company granted 5,000 shares of restricted stock to our Chief Financial Officer. The restricted stock award has a fair value of $ 17.74 per share, based on the closing price of the Company’s stock on the grant date. The shares will vest on February 20, 2024, subject to his continued employment with the Company. (9) Stock Based Compensation – continued In January 2020, the Company granted 60,000 shares of restricted stock to our Chief Executive Officer. The restricted stock award has a fair value of $ 18.82 per share, based on the closing price of the Company’s stock on the grant date. The shares will vest in installments of 20,000 shares on January 10, 2024 and January 10, 2026, and installments of 10,000 shares on January 10, 2027 and January 10, 2028, subject to his continued employment with the Company. A grantee’s vesting of restricted stock awards may be accelerated under certain conditions, including retirement. The following table summarizes the status of the Company’s non-vested shares and related information for the period indicated: Shares Weighted Grant Fair Value Non-vested at January 1, 2023 73,759 $ 19.23 Granted 38,160 $ 27.39 Vested ( 10,424 ) $ 24.19 Forfeited — $ — Balance at July 1, 2023 101,495 $ 21.79 In the twenty-six week periods ended July 1, 2023 and July 2, 2022 , the total grant date fair value of vested shares recognized as compensation costs was $ 0.3 million and $ 0.2 million, respectively. Included in compensation cost during the twenty-six week period ended July 1, 2023 was approximately $ 0.1 million recognized as a result of the grant of 3,549 shares of stock to non-employee directors. No non-employee directors compensation costs was recorded during the twenty-six week period ended July 2, 2022. As of July 1, 2023, there was approximately $ 2.2 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements. That cost is expected to be recognized on a straight-line basis over the remaining vesting period. As a result, the Company expects to recognize stock-based compensation expense of $ 0.7 million in 2024, $ 0.3 million in 2025, $ 0.6 million in 2026, $ 0.4 million in 2027, and $ 0.2 million in 2028. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jul. 01, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (10) Earnings Per Share Basic earnings per common share amounts are based on the weighted average number of common shares outstanding, excluding outstanding non-vested restricted stock. Diluted earnings per common share include dilutive common stock equivalents determined by the treasury stock method. For the thirteen weeks and twenty-six weeks ended July 1, 2023, there were 21,634 and 27,954 weighted average non-vested shares of restricted stock, respectively, included in the denominator for the calculation of diluted earnings per share. For the thirteen weeks and twenty-six weeks ended July 2, 2022, 14,554 and 8,247 weighted average non-vested shares of restricted stock, respectively, were included in the denominator for the calculation of diluted earnings per share. In the thirteen weeks and twenty-six weeks ended July 2, 2022, we excluded 0 and 6,875 shares, respectively, of non-vested restricted stock from the calculation of diluted earnings per share because such shares were anti-dilutive. No such shares were excluded from the calculation of diluted earnings per share during the thirteen weeks or twenty-six weeks ended July 1, 2023. |
Dividends
Dividends | 6 Months Ended |
Jul. 01, 2023 | |
Earnings Per Share [Abstract] | |
Dividends | (11) Dividends On April 27, 2023 , our Board of Directors declared a cash dividend of $ 0.105 per share of common stock, payable on July 3, 2023 to shareholders of record at the close of business on June 5, 2023 . Declaration of future cash dividends is subject to final determination by the Board of Directors each quarter after its review of our financial condition, results of operations, capital requirements, any legal or contractual restrictions on the payment of dividends and other factors the Board of Directors deems relevant. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jul. 01, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | (12) Segment Reporting We report our financial results in four distinct reportable segments: contract logistics, intermodal, trucking, and company-managed brokerage, which are based primarily on the services each segment provides. This presentation reflects the manner in which management evaluates our operating segments, including an evaluation of economic characteristics and applicable aggregation criteria. Operations aggregated in our contract logistics segment deliver value-added and/or dedicated transportation services to support in-bound logistics to original equipment manufacturers (OEMs) and major retailers on a contractual basis, generally pursuant to terms of one year or longer. Our intermodal segment is associated with local and regional drayage moves coordinated by company-managed terminals using a mix of owner-operators, company equipment and third-party capacity providers (broker carriers). Operations aggregated in our trucking segment are associated with individual freight shipments coordinated primarily by our agents using a mix of owner-operators, company equipment and broker carriers. Our company-managed brokerage segment provides for the pick-up and delivery of individual freight shipments using broker carriers, coordinated by our company-managed operations. Other non-reportable segments are comprised of the Company’s subsidiaries that provide support services to other subsidiaries. Separate balance sheets are not prepared by segment, and we do not provide asset information by segment to the chief operating decision maker. The following tables summarize information about our reportable segments for the thirteen week and twenty-six week periods ended July 1, 2023 and July 2, 2022 (in thousands): Operating Revenues Thirteen Weeks Ended Twenty-six Weeks Ended July 1, July 2, July 1, July 2, Contract logistics $ 208,802 $ 207,327 $ 420,098 $ 408,920 Intermodal 91,585 156,865 202,611 314,478 Trucking 81,243 106,545 160,958 204,030 Company-managed brokerage 29,595 55,119 63,551 120,325 Other 1,347 1,326 2,750 3,290 Total operating revenues $ 412,572 $ 527,182 $ 849,968 $ 1,051,043 Eliminated Inter-segment Revenues Thirteen Weeks Ended Twenty-six Weeks Ended July 1, July 2, July 1, July 2, Contract logistics $ 136 $ 1,500 $ 436 $ 3,219 Intermodal 844 2,594 1,809 6,054 Trucking 198 51 339 116 Company-managed brokerage 932 956 1,838 1,834 Total eliminated inter-segment revenues $ 2,110 $ 5,101 $ 4,422 $ 11,223 Income from Operations Thirteen Weeks Ended Twenty-six Weeks Ended July 1, July 2, July 1, July 2, Contract logistics $ 32,789 $ 29,425 $ 60,570 $ 52,900 Intermodal ( 246 ) 21,368 6,565 44,378 Trucking 4,423 9,611 8,212 17,030 Company-managed brokerage ( 786 ) 4,155 ( 1,160 ) 8,018 Other 215 92 404 173 Total income from operations $ 36,395 $ 64,651 $ 74,591 $ 122,499 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 01, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (13) Commitments and Contingencies Our principal commitments relate to long-term real estate leases and payment obligations to equipment vendors. The Company is involved in certain other claims and pending litigation arising from the ordinary conduct of business. We also provide accruals for claims within our self-insured retention amounts. Based on the knowledge of the facts, and in certain cases, opinions of outside counsel, in the Company’s opinion the resolution of these claims and pending litigation will not have a material effect on our financial position, results of operations or cash flows. However, if we experience claims that are not covered by our insurance or that exceed our estimated claim reserve, it could increase the volatility of our earnings and have a materially adverse effect on our financial condition, results of operations or cash flows. At July 1, 2023, approximately 32 % of our employees were subject to collective bargaining agreements that are renegotiated periodically, 18 % of which are subject to contracts that expire in 2023. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jul. 01, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | (14) Subsequent Events On July 7, 2023, the Company closed on the purchase of a terminal in Compton, Los Angeles County, California. The purchase price was $ 80.0 million. The Company previously made a deposit of $ 1.0 million and used a combination of available cash on hand and funds borrowed under its existing line of credit to fund the balance at closing. On July 27, 2023 , our Board of Directors declared a cash dividend of $ 0.105 per share of common stock, payable on October 2, 2023 to shareholders of record at the close of business on September 4, 2023 . Declaration of future cash dividends is subject to final determination by the Board of Directors each quarter after its review of our financial condition, results of operations, capital requirements, any legal or contractual restrictions on the payment of dividends and other factors the Board of Directors deems relevant. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
Revenue Recognition [Abstract] | |
Contacts Balances Associated with Customers | The following table provides information related to contract balances associated with our contracts with customers (in thousands): July 1, December 31, Prepaid expenses and other - contract assets $ 789 $ 839 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Market Value, Cost and Unrealized Gains on Equity Securities | The following table sets forth market value, cost basis, and unrealized gains on equity securities (in thousands): July 1, December 31, Fair value $ 10,107 $ 10,000 Cost basis 7,265 7,351 Unrealized gain $ 2,842 $ 2,649 |
Schedule of Gross Unrealized Gains and Losses on Marketable Securities | The following table sets forth the gross unrealized gains and losses on the Company’s marketable securities (in thousands): July 1, December 31, Gross unrealized gains $ 3,658 $ 3,513 Gross unrealized losses ( 816 ) ( 864 ) Net unrealized gains $ 2,842 $ 2,649 |
Summary of Net Realized Gains (Losses) on Marketable Equity Securities | The following table shows the Company's net realized gains (losses) on marketable equity securities (in thousands): Thirteen Weeks Ended Twenty-six Weeks Ended July 1, July 2, July 1, July 2, Realized gain Sale proceeds $ 92 $ — $ 92 $ — Cost basis of securities sold 1 — 1 — Realized gain $ 91 $ — $ 91 $ — Realized gain, net of taxes $ 68 $ — $ 68 $ — |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses and other current liabilities are comprised of the following (in thousands): July 1, December 31, Accrued payroll $ 18,917 $ 15,889 Accrued payroll taxes 3,041 2,124 Driver escrow liabilities 3,983 4,101 Legal settlements and claims 4,850 5,850 Commissions, other taxes and other 10,983 15,142 Total $ 41,774 $ 43,106 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
Debt Disclosure [Abstract] | |
Details of Debt | Debt is comprised of the following (in thousands): Interest Rates July 1, December 31, Outstanding Debt: Revolving Credit Facility (1) (2) 6.49 % $ — $ — UACL Credit Agreement (2) Term Loan 7.24 % 77,000 79,000 Revolver 7.24 % — — Equipment Financing (3) 2.25 % to 7.27 % 157,610 148,177 Real Estate Facility (4) 7.26 % 147,437 155,705 Margin Facility (5) 6.24 % — — Unamortized debt issuance costs ( 4,004 ) ( 4,382 ) 378,043 378,500 Less current portion of long-term debt 70,038 65,303 Total long-term debt, net of current portion $ 308,005 $ 313,197 (1) On September 30, 2022, we amended our Revolving Credit Facility by increasing the revolving credit commitment to up to $ 400.0 million. Borrowings under the Revolving Credit Facility may now be made until maturity on September 30, 2027 , and they bear interest at index-adjusted SOFR or a base rate plus an applicable margin for each based on the Company’s leverage ratio. The term loan proceeds were advanced on November 27, 2018 , and the Company repaid in full its then outstanding balance on the term loan on April 29, 2022 . The Revolving Credit Facility is secured by a first-priority pledge of the capital stock of applicable subsidiaries, as well as first-priority perfected security interests in cash, deposits, accounts receivable, and selected other assets of the applicable borrowers. The Revolving Credit Facility includes customary affirmative and negative covenants and events of default, as well as financial covenants requiring minimum fixed charge coverage and leverage ratios, and customary mandatory prepayments provisions. At July 1, 2023, we were in compliance with all covenants under the facility, and $ 400.0 million was available for borrowing on the revolver. (5) Debt – continued (2) Our UACL Credit and Security Agreement (the “UACL Credit Agreement”) provides for maximum borrowings of $ 90 million in the form of an $ 80.0 million term loan and a $ 10.0 million revolver. Term loan proceeds were advanced on September 30, 2022 and used to repay existing indebtedness under the Revolving Credit Facility. The term loan matures on September 30, 2027 and will be repaid in consecutive quarterly installments, as defined in the UACL Credit Agreement, commencing December 31, 2022. The remaining term loan balance is due at maturity. Borrowings under the revolving credit facility may be made until maturity on September 30, 2027 . Borrowings under the UACL Credit Agreement bear interest at index-adjusted SOFR, or a base rate, plus an applicable margin for each based on the borrower’s leverage ratio. The UACL Credit Agreement is secured by a first-priority pledge of the capital stock of applicable subsidiaries, as well as first-priority perfected security interest in cash, deposits, accounts receivable, and selected other assets of the applicable borrowers. The UACL Credit Agreement includes customary affirmative and negative covenants and events of default, as well as financial covenants requiring minimum fixed charge coverage and leverage ratios, and customary mandatory prepayments provisions. At July 1, 2023, $ 10.0 million was available for borrowing on the revolver, and the borrowers were in compliance with all covenants under the facility, provided that compliance with the fixed charge coverage ratio required application of a $ 2 million equity cure by Universal Logistics Holdings, Inc. as permitted by the agreement. After giving effect to application of net cash proceeds comprising the cure amount and recalculation of the financial covenant, the borrowers were in compliance with the fixed charge coverage ratio at July 1, 2023. (3) Our Equipment Financing consists of a series of promissory notes issued by a wholly owned subsidiary and a third party. The equipment notes, which are secured by liens on specific titled vehicles, are generally payable in 60 monthly installments and bear interest at fixed rates ranging from 2.25 % to 7.27 %. (4) Our Real Estate Facility provides for a $ 165.4 million term loan, the full amount of which was advanced on April 29, 2022. The Company used the facility’s proceeds to repay then existing balances under a term loan portion of the Revolving Credit Facility and certain other real estate financing obligations. The facility matures on April 29, 2032 . Obligations under the facility are secured by first-priority mortgages on specific parcels of real estate owned by the Company, including all land and real property improvements, and first-priority assignments of rents and related leases of the loan parties. The credit agreement includes customary affirmative and negative covenants, and principal and interest are payable on the facility on a monthly basis, based on an annual amortization of 10 %. The facility bears interest at Term SOFR , plus an applicable margin equal to 2.12 %. At July 1, 2023, we were in compliance with all covenants under the facility. (5) Our Margin Facility is a short-term line of credit secured by our portfolio of marketable securities. It bears interest at Term SOFR plus 1.10 % . The amount available under the line of credit is based on a percentage of the market value of the underlying securities. At July 1, 2023, the maximum available borrowings under the line of credit were $ 5.2 million. |
Fair Value Measurements and D_2
Fair Value Measurements and Disclosures (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | We have segregated all financial assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the tables below (in thousands): July 1, Level 1 Level 2 Level 3 Fair Value Measurement Assets Cash equivalents $ 151 $ — $ — $ 151 Marketable securities 10,107 — — 10,107 Interest rate swap — 3,234 — 3,234 Total $ 10,258 $ 3,234 $ — $ 13,492 December 31, Level 1 Level 2 Level 3 Fair Value Measurement Assets Cash equivalents $ 13 $ — $ — $ 13 Marketable securities 10,000 — — 10,000 Interest rate swap — 2,882 — 2,882 Total $ 10,013 $ 2,882 $ — $ 12,895 |
Summary of Carrying Values and Estimated Fair Values of Promissory Notes | The carrying value and estimated fair value of these promissory notes at July 1, 2023 is summarized as follows: Carrying Value Estimated Fair Equipment promissory notes $ 157,610 $ 155,058 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
Leases [Abstract] | |
Summary of Lease Costs | The following table summarizes our lease costs for the thirteen weeks and twenty-six weeks ended July 1, 2023 and July 2, 2022 (in thousands): Thirteen Weeks Ended July 1, 2023 With Affiliates With Third Parties Total Lease cost Operating lease cost $ 2,368 $ 6,836 $ 9,204 Short-term lease cost 19 4,921 4,940 Variable lease cost 223 834 1,057 Sublease income — — — Total lease cost $ 2,610 $ 12,591 $ 15,201 Thirteen Weeks Ended July 2, 2022 With Affiliates With Third Parties Total Lease cost Operating lease cost $ 2,371 $ 6,214 $ 8,585 Short-term lease cost 630 2,195 2,825 Variable lease cost 221 784 1,005 Sublease income — ( 28 ) ( 28 ) Total lease cost $ 3,222 $ 9,165 $ 12,387 (7) Leases – continued Twenty-six Weeks Ended July 1, 2023 With Affiliates With Third Parties Total Lease cost Operating lease cost $ 4,779 $ 13,455 $ 18,234 Short-term lease cost 26 8,950 8,976 Variable lease cost 422 1,433 1,855 Sublease income — — — Total lease cost $ 5,227 $ 23,838 $ 29,065 Twenty-six Weeks Ended July 2, 2022 With Affiliates With Third Parties Total Lease cost Operating lease cost $ 4,723 $ 12,492 $ 17,215 Short-term lease cost 1,277 6,435 7,712 Variable lease cost 415 1,691 2,106 Sublease income — ( 113 ) ( 113 ) Total lease cost $ 6,415 $ 20,505 $ 26,920 |
Summary of Other Lease Related Information | The following table summarizes other lease related information as of and for the twenty-six week periods ended July 1, 2023 and July 2, 2022 (in thousands): July 1, 2023 With With Third Total Other information Cash paid for amounts included in the measurement of operating leases $ 4,706 $ 13,315 $ 18,021 Right-of-use assets obtained in exchange for new operating lease liabilities $ 145 $ 13,897 $ 14,042 Right-of-use assets change due to lease termination $ ( 64 ) $ ( 66 ) $ ( 130 ) Weighted-average remaining lease term (in years) 4.6 3.6 3.9 Weighted-average discount rate 7.3 % 5.3 % 5.9 % July 2, 2022 With With Third Total Other information Cash paid for amounts included in the measurement of operating leases $ 4,559 $ 11,265 $ 15,824 Right-of-use assets obtained in exchange for new operating lease liabilities $ 545 $ 15,493 $ 16,038 Right-of-use assets change due to lease termination $ — $ ( 1,370 ) $ ( 1,370 ) Weighted-average remaining lease term (in years) 5.3 4.0 4.4 Weighted-average discount rate 6.6 % 4.7 % 5.4 % |
Schedule of Future Minimum Lease Payments Under Operating Leases | Future minimum lease payments under these operating leases as of July 1, 2023, are as follows (in thousands): With Affiliates With Third Parties Total 2023 (remaining) $ 4,646 $ 13,449 $ 18,095 2024 9,104 23,831 32,935 2025 7,420 20,550 27,970 2026 4,868 16,940 21,808 2027 3,741 8,158 11,899 Thereafter 6,826 1,335 8,161 Total required lease payments $ 36,605 $ 84,263 $ 120,868 Less amounts representing interest ( 14,241 ) Present value of lease liabilities $ 106,627 |
Transactions with Affiliates (T
Transactions with Affiliates (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Amounts Charged to UTSI | Following is a schedule of costs incurred and included in operating expenses for services provided by affiliates for the thirteen weeks and twenty-six weeks ended July 1, 2023 and July 2, 2022, respectively (in thousands): Thirteen Weeks Ended Twenty-six Weeks Ended July 1, July 2, July 1, July 2, Insurance $ 18,872 $ 17,334 $ 39,127 $ 34,831 Real estate rent and related costs 3,271 2,981 6,538 6,079 Administrative support services 624 1,112 2,228 2,294 Truck fuel, maintenance and other operating costs 1,856 2,010 3,794 3,080 Contracted transportation services 58 369 171 689 Total $ 24,681 $ 23,806 $ 51,858 $ 46,973 |
Schedule of Services Provided to Affiliates | Following is a schedule of services provided to affiliates for the thirteen weeks and twenty-six weeks ended July 1, 2023 and July 2, 2022 (in thousands): Thirteen Weeks Ended Twenty-six Weeks Ended July 1, July 2, July 1, July 2, Contracted transportation services $ 1,766 $ 447 $ 1,868 $ 602 Facilities and related support 60 60 120 120 Total $ 1,826 $ 507 $ 1,988 $ 722 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Status of Nonvested Shares | The following table summarizes the status of the Company’s non-vested shares and related information for the period indicated: Shares Weighted Grant Fair Value Non-vested at January 1, 2023 73,759 $ 19.23 Granted 38,160 $ 27.39 Vested ( 10,424 ) $ 24.19 Forfeited — $ — Balance at July 1, 2023 101,495 $ 21.79 In the twenty-six week periods ended July 1, 2023 and July 2, 2022 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
Segment Reporting [Abstract] | |
Summary of Company's Reportable Segment Information | The following tables summarize information about our reportable segments for the thirteen week and twenty-six week periods ended July 1, 2023 and July 2, 2022 (in thousands): Operating Revenues Thirteen Weeks Ended Twenty-six Weeks Ended July 1, July 2, July 1, July 2, Contract logistics $ 208,802 $ 207,327 $ 420,098 $ 408,920 Intermodal 91,585 156,865 202,611 314,478 Trucking 81,243 106,545 160,958 204,030 Company-managed brokerage 29,595 55,119 63,551 120,325 Other 1,347 1,326 2,750 3,290 Total operating revenues $ 412,572 $ 527,182 $ 849,968 $ 1,051,043 Eliminated Inter-segment Revenues Thirteen Weeks Ended Twenty-six Weeks Ended July 1, July 2, July 1, July 2, Contract logistics $ 136 $ 1,500 $ 436 $ 3,219 Intermodal 844 2,594 1,809 6,054 Trucking 198 51 339 116 Company-managed brokerage 932 956 1,838 1,834 Total eliminated inter-segment revenues $ 2,110 $ 5,101 $ 4,422 $ 11,223 Income from Operations Thirteen Weeks Ended Twenty-six Weeks Ended July 1, July 2, July 1, July 2, Contract logistics $ 32,789 $ 29,425 $ 60,570 $ 52,900 Intermodal ( 246 ) 21,368 6,565 44,378 Trucking 4,423 9,611 8,212 17,030 Company-managed brokerage ( 786 ) 4,155 ( 1,160 ) 8,018 Other 215 92 404 173 Total income from operations $ 36,395 $ 64,651 $ 74,591 $ 122,499 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Change In Accounting Estimate [Line Items] | ||||
Additional depreciation expense | $ 19,160 | $ 27,058 | $ 37,675 | $ 43,286 |
Basic per share | $ 0.9 | $ 1.69 | $ 1.84 | $ 3.25 |
Diluted per share | $ 0.9 | $ 1.69 | $ 1.84 | $ 3.25 |
Useful Life And Salvage Values Of Certain Equipment [Member] | ||||
Change In Accounting Estimate [Line Items] | ||||
Additional depreciation expense | $ 9,700 | |||
Depreciation expense,net of tax | $ 7,200 | |||
Basic per share | $ 0.27 | |||
Diluted per share | $ 0.27 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) | 6 Months Ended |
Jul. 01, 2023 | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Payment receivable obligation term for completion of transportation services | 45 days |
Payment receivable obligation for completion of value added services | 65 days |
Maximum [Member] | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Transportation services term | 1 year |
Revenue Recognition - Contact B
Revenue Recognition - Contact Balances Associated with Customers (Detail) - USD ($) $ in Thousands | Jul. 01, 2023 | Dec. 31, 2022 |
Other Current Assets [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Prepaid expenses and other - contract assets | $ 789 | $ 839 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Market Value, Cost and Unrealized Gains on Equity Securities (Detail) - USD ($) $ in Thousands | Jul. 01, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Fair value | $ 10,107 | $ 10,000 |
Cost basis | 7,265 | 7,351 |
Unrealized gain | $ 2,842 | $ 2,649 |
Marketable Securities - Sched_2
Marketable Securities - Schedule of Gross Unrealized Gains and Losses on Marketable Securities (Detail) - USD ($) $ in Thousands | Jul. 01, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Gross unrealized gains | $ 3,658 | $ 3,513 |
Gross unrealized losses | (816) | (864) |
Net unrealized gains | $ 2,842 | $ 2,649 |
Marketable Securities - Summary
Marketable Securities - Summary of Net Realized Gains (Losses) on Marketable Equity Securities (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Realized gain (loss) | ||||
Sale proceeds | $ 92,000 | $ 0 | $ 92,000 | $ 0 |
Cost basis of securities sold | 1,000 | 1,000 | ||
Realized gain | 91,000 | 91,000 | ||
Realized gain, net of taxes | $ 68,000 | $ 68,000 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Schedule Of Available For Sale Securities [Line Items] | ||||
Sale of marketable equity securities | $ 92,000 | $ 0 | $ 92,000 | $ 0 |
Other Nonoperating Income (Expense) | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Net unrealized pre-tax gain (loss) in market value | $ 121,000 | $ (857,000) | $ 108,000 | $ 92,000 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jul. 01, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued payroll | $ 18,917 | $ 15,889 |
Accrued payroll taxes | 3,041 | 2,124 |
Driver escrow liabilities | 3,983 | 4,101 |
Legal settlements and claims | 4,850 | 5,850 |
Commissions, other taxes and other | 10,983 | 15,142 |
Total | $ 41,774 | $ 43,106 |
Debt - Details of Debt (Detail)
Debt - Details of Debt (Detail) - USD ($) $ in Thousands | Jul. 01, 2023 | Dec. 31, 2022 | |
Outstanding Debt: | |||
Unamortized debt issuance costs | $ (4,004) | $ (4,382) | |
Outstanding Debt | 378,043 | 378,500 | |
Less current portion of long-term debt | 70,038 | 65,303 | |
Total long-term debt, net of current portion | $ 308,005 | 313,197 | |
Credit and Security Agreement [Member] | Revolver Credit Facility [Member] | |||
Outstanding Debt: | |||
Credit facility, Interest Rates | [1],[2] | 6.49% | |
UACL Credit and Security Agreement [Member] | Term Loan [Member] | |||
Outstanding Debt: | |||
Outstanding Debt | [2] | $ 77,000 | 79,000 |
Credit facility, Interest Rates | [2] | 7.24% | |
UACL Credit and Security Agreement [Member] | Revolver Credit Facility [Member] | |||
Outstanding Debt: | |||
Credit facility, Interest Rates | [2] | 7.24% | |
Real Estate Financing [Member] | |||
Outstanding Debt: | |||
Credit facility, Interest Rates | [3] | 7.26% | |
Equipment Financing [Member] | |||
Outstanding Debt: | |||
Outstanding Debt | [4] | $ 157,610 | 148,177 |
Equipment Financing [Member] | Minimum [Member] | |||
Outstanding Debt: | |||
Credit facility, Interest Rates | [4] | 2.25% | |
Equipment Financing [Member] | Maximum [Member] | |||
Outstanding Debt: | |||
Credit facility, Interest Rates | [4] | 7.27% | |
Margin Facility [Member] | |||
Outstanding Debt: | |||
Credit facility, Interest Rates | [5] | 6.24% | |
Real Estate Note [Member] | |||
Outstanding Debt: | |||
Outstanding Debt | [3] | $ 147,437 | $ 155,705 |
[1] On September 30, 2022, we amended our Revolving Credit Facility by increasing the revolving credit commitment to up to $ 400.0 million. Borrowings under the Revolving Credit Facility may now be made until maturity on September 30, 2027 , and they bear interest at index-adjusted SOFR or a base rate plus an applicable margin for each based on the Company’s leverage ratio. The term loan proceeds were advanced on November 27, 2018 , and the Company repaid in full its then outstanding balance on the term loan on April 29, 2022 . The Revolving Credit Facility is secured by a first-priority pledge of the capital stock of applicable subsidiaries, as well as first-priority perfected security interests in cash, deposits, accounts receivable, and selected other assets of the applicable borrowers. The Revolving Credit Facility includes customary affirmative and negative covenants and events of default, as well as financial covenants requiring minimum fixed charge coverage and leverage ratios, and customary mandatory prepayments provisions. At July 1, 2023, we were in compliance with all covenants under the facility, and $ 400.0 million was available for borrowing on the revolver. Our UACL Credit and Security Agreement (the “UACL Credit Agreement”) provides for maximum borrowings of $ 90 million in the form of an $ 80.0 million term loan and a $ 10.0 million revolver. Term loan proceeds were advanced on September 30, 2022 and used to repay existing indebtedness under the Revolving Credit Facility. The term loan matures on September 30, 2027 and will be repaid in consecutive quarterly installments, as defined in the UACL Credit Agreement, commencing December 31, 2022. The remaining term loan balance is due at maturity. Borrowings under the revolving credit facility may be made until maturity on September 30, 2027 . Borrowings under the UACL Credit Agreement bear interest at index-adjusted SOFR, or a base rate, plus an applicable margin for each based on the borrower’s leverage ratio. The UACL Credit Agreement is secured by a first-priority pledge of the capital stock of applicable subsidiaries, as well as first-priority perfected security interest in cash, deposits, accounts receivable, and selected other assets of the applicable borrowers. The UACL Credit Agreement includes customary affirmative and negative covenants and events of default, as well as financial covenants requiring minimum fixed charge coverage and leverage ratios, and customary mandatory prepayments provisions. At July 1, 2023, $ 10.0 million was available for borrowing on the revolver, and the borrowers were in compliance with all covenants under the facility, provided that compliance with the fixed charge coverage ratio required application of a $ 2 million equity cure by Universal Logistics Holdings, Inc. as permitted by the agreement. After giving effect to application of net cash proceeds comprising the cure amount and recalculation of the financial covenant, the borrowers were in compliance with the fixed charge coverage ratio at July 1, 2023. Our Real Estate Facility provides for a $ 165.4 million term loan, the full amount of which was advanced on April 29, 2022. The Company used the facility’s proceeds to repay then existing balances under a term loan portion of the Revolving Credit Facility and certain other real estate financing obligations. The facility matures on April 29, 2032 . Obligations under the facility are secured by first-priority mortgages on specific parcels of real estate owned by the Company, including all land and real property improvements, and first-priority assignments of rents and related leases of the loan parties. The credit agreement includes customary affirmative and negative covenants, and principal and interest are payable on the facility on a monthly basis, based on an annual amortization of 10 %. The facility bears interest at Term SOFR , plus an applicable margin equal to 2.12 %. At July 1, 2023, we were in compliance with all covenants under the facility. Our Equipment Financing consists of a series of promissory notes issued by a wholly owned subsidiary and a third party. The equipment notes, which are secured by liens on specific titled vehicles, are generally payable in 60 monthly installments and bear interest at fixed rates ranging from 2.25 % to 7.27 %. Our Margin Facility is a short-term line of credit secured by our portfolio of marketable securities. It bears interest at Term SOFR plus 1.10 % . The amount available under the line of credit is based on a percentage of the market value of the underlying securities. At July 1, 2023, the maximum available borrowings under the line of credit were $ 5.2 million. |
Debt - Details of Debt (Parenth
Debt - Details of Debt (Parenthetical) (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 USD ($) | Jul. 01, 2023 USD ($) Installment | |||
Credit and Security Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, borrowing capacity | $ 400 | $ 400 | ||
Credit facility available for borrowings | 400 | $ 400 | ||
Credit and Security Agreement [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
loan, expiration date | Apr. 29, 2022 | |||
Term loan, payment commencement date | Nov. 27, 2018 | |||
Credit and Security Agreement [Member] | Revolver Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, expiration date | Sep. 30, 2027 | |||
UACL Credit and Security Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, borrowing capacity | 90 | $ 90 | ||
Credit facility available for borrowings | 10 | $ 10 | ||
UACL Credit and Security Agreement [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
loan, expiration date | Sep. 30, 2027 | |||
Term loan, payment commencement date | Sep. 30, 2022 | |||
Term loan, face amount | 80 | $ 80 | ||
UACL Credit and Security Agreement [Member] | Revolver Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, borrowing capacity | $ 10 | $ 10 | ||
Credit facility, expiration date | Sep. 30, 2027 | |||
Equipment Financing [Member] | ||||
Debt Instrument [Line Items] | ||||
Number of installments | Installment | 60 | |||
Frequency of installments | monthly | |||
Equipment Financing [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, Interest Rates | 2.25% | [1] | 2.25% | [1] |
Equipment Financing [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, Interest Rates | 7.27% | [1] | 7.27% | [1] |
Real Estate Financing [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Frequency of installments | monthly | |||
Description of variable rate basis | SOFR | |||
Real Estate Financing [Member] | Secured Debt [Member] | SOFR [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate above variable base rate | 2.12% | |||
Real Estate Financing [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, borrowing capacity | $ 165.4 | $ 165.4 | ||
Credit facility, expiration date | Apr. 29, 2032 | |||
Percentage of annual amortization | 10% | |||
Line of credit facility covenant terms | The credit agreement includes customary affirmative and negative covenants, and principal and interest are payable on the facility on a monthly basis, based on an annual amortization of 10%. | |||
Margin Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility available for borrowings | 5.2 | $ 5.2 | ||
Description of variable rate basis | SOFR plus 1.10% | |||
Margin Facility [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate above variable base rate | 1.10% | |||
Universal Logistics Holdings, Inc [Member] | ||||
Debt Instrument [Line Items] | ||||
Net cash proceeds from equity cure to compliance with financial covenant | $ 2 | |||
[1] Our Equipment Financing consists of a series of promissory notes issued by a wholly owned subsidiary and a third party. The equipment notes, which are secured by liens on specific titled vehicles, are generally payable in 60 monthly installments and bear interest at fixed rates ranging from 2.25 % to 7.27 %. |
Debt - Additional Information (
Debt - Additional Information (Detail) - Interest Rate Swap $ in Millions | 6 Months Ended |
Jul. 01, 2023 USD ($) | |
Line Of Credit Facility [Line Items] | |
Notional amount | $ 88.3 |
Derivative maturity date | Apr. 30, 2027 |
Fair value asset of swap agreement | $ 3.2 |
SOFR [Member] | |
Line Of Credit Facility [Line Items] | |
Fixed rate | 2.88% |
Fair Value Measurements and D_3
Fair Value Measurements and Disclosures - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jul. 01, 2023 | Dec. 31, 2022 |
Assets | ||
Marketable securities | $ 10,107 | $ 10,000 |
Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Cash equivalents | 151 | 13 |
Marketable securities | 10,107 | 10,000 |
Interest rate swap | 3,234 | 2,882 |
Total | 13,492 | 12,895 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Cash equivalents | 151 | 13 |
Marketable securities | 10,107 | 10,000 |
Total | 10,258 | 10,013 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Interest rate swap | 3,234 | 2,882 |
Total | $ 3,234 | $ 2,882 |
Fair Value Measurements and D_4
Fair Value Measurements and Disclosures - Summary of Carrying Values and Estimated Fair Values of Promissory Notes (Detail) - Equipment Promissory Notes [Member] $ in Thousands | Jul. 01, 2023 USD ($) |
Carrying Value [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Debt instrument | $ 157,610 |
Estimated Fair Value [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Debt instrument | $ 155,058 |
Leases - Summary of Lease Costs
Leases - Summary of Lease Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Lease cost | ||||
Operating lease cost | $ 9,204 | $ 8,585 | $ 18,234 | $ 17,215 |
Short-term lease cost | 4,940 | 2,825 | 8,976 | 7,712 |
Variable lease cost | 1,057 | 1,005 | 1,855 | 2,106 |
Sublease income | (28) | (113) | ||
Total lease cost | 15,201 | 12,387 | 29,065 | 26,920 |
With Affiliates [Member] | ||||
Lease cost | ||||
Operating lease cost | 2,368 | 2,371 | 4,779 | 4,723 |
Short-term lease cost | 19 | 630 | 26 | 1,277 |
Variable lease cost | 223 | 221 | 422 | 415 |
Total lease cost | 2,610 | 3,222 | 5,227 | 6,415 |
With Third Parties [Member] | ||||
Lease cost | ||||
Operating lease cost | 6,836 | 6,214 | 13,455 | 12,492 |
Short-term lease cost | 4,921 | 2,195 | 8,950 | 6,435 |
Variable lease cost | 834 | 784 | 1,433 | 1,691 |
Sublease income | (28) | (113) | ||
Total lease cost | $ 12,591 | $ 9,165 | $ 23,838 | $ 20,505 |
Leases - Summary of Other Lease
Leases - Summary of Other Lease Related Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 01, 2023 | Jul. 02, 2022 | |
Other information | ||
Cash paid for amounts included in the measurement of operating leases | $ 18,021 | $ 15,824 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 14,042 | 16,038 |
Right-of-use assets change due to lease termination | $ (130) | $ (1,370) |
Weighted-average remaining lease term (in years) | 3 years 10 months 24 days | 4 years 4 months 24 days |
Weighted-average discount rate | 5.90% | 5.40% |
With Affiliates [Member] | ||
Other information | ||
Cash paid for amounts included in the measurement of operating leases | $ 4,706 | $ 4,559 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 145 | $ 545 |
Right-of-use assets change due to lease termination | $ (64) | |
Weighted-average remaining lease term (in years) | 4 years 7 months 6 days | 5 years 3 months 18 days |
Weighted-average discount rate | 7.30% | 6.60% |
With Third Parties [Member] | ||
Other information | ||
Cash paid for amounts included in the measurement of operating leases | $ 13,315 | $ 11,265 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 13,897 | 15,493 |
Right-of-use assets change due to lease termination | $ (66) | $ (1,370) |
Weighted-average remaining lease term (in years) | 3 years 7 months 6 days | 4 years |
Weighted-average discount rate | 5.30% | 4.70% |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments Under Operating Leases (Detail) $ in Thousands | Jul. 01, 2023 USD ($) |
Lease Disclosure [Line Items] | |
2023 (remaining) | $ 18,095 |
2024 | 32,935 |
2025 | 27,970 |
2026 | 21,808 |
2027 | 11,899 |
Thereafter | 8,161 |
Total required lease payments | 120,868 |
Less amounts representing interest | (14,241) |
Present value of lease liabilities | 106,627 |
With Affiliates [Member] | |
Lease Disclosure [Line Items] | |
2023 (remaining) | 4,646 |
2024 | 9,104 |
2025 | 7,420 |
2026 | 4,868 |
2027 | 3,741 |
Thereafter | 6,826 |
Total required lease payments | 36,605 |
With Third Parties [Member] | |
Lease Disclosure [Line Items] | |
2023 (remaining) | 13,449 |
2024 | 23,831 |
2025 | 20,550 |
2026 | 16,940 |
2027 | 8,158 |
Thereafter | 1,335 |
Total required lease payments | $ 84,263 |
Transactions with Affiliates -
Transactions with Affiliates - Schedule of Amounts Charged to UTSI (Detail) - Affiliates [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Related Party Transaction [Line Items] | ||||
Cost incurred for services provided by CenTra and affiliates | $ 24,681 | $ 23,806 | $ 51,858 | $ 46,973 |
Insurance [Member] | ||||
Related Party Transaction [Line Items] | ||||
Cost incurred for services provided by CenTra and affiliates | 18,872 | 17,334 | 39,127 | 34,831 |
Real estate rent and related costs [Member] | ||||
Related Party Transaction [Line Items] | ||||
Cost incurred for services provided by CenTra and affiliates | 3,271 | 2,981 | 6,538 | 6,079 |
Administrative support services [Member] | ||||
Related Party Transaction [Line Items] | ||||
Cost incurred for services provided by CenTra and affiliates | 624 | 1,112 | 2,228 | 2,294 |
Truck fuel, maintenance and other operating costs [Member] | ||||
Related Party Transaction [Line Items] | ||||
Cost incurred for services provided by CenTra and affiliates | 1,856 | 2,010 | 3,794 | 3,080 |
Contracted transportation services [Member] | ||||
Related Party Transaction [Line Items] | ||||
Cost incurred for services provided by CenTra and affiliates | $ 58 | $ 369 | $ 171 | $ 689 |
Transactions with Affiliates _2
Transactions with Affiliates - Additional Information (Detail) | 1 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) | May 31, 2022 USD ($) $ / shares shares | Jul. 01, 2023 USD ($) Facility | Jul. 02, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Related Party Transaction [Line Items] | |||||
Number of facilities leased from related parties occupied on monthly or contractual basis | Facility | 32 | ||||
Insurance, claims and other receivables | $ 17,600,000 | $ 16,200,000 | |||
Due to Affiliates, Current | $ 27,300,000 | $ 20,600,000 | |||
Other Liability, Current, Related Party, Type [Extensible Enumeration] | With Affiliates [Member] | With Affiliates [Member] | |||
Due from Affiliates, Current | $ 2,100,000 | $ 1,000,000 | |||
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration] | With Affiliates [Member] | With Affiliates [Member] | |||
Tender offer expire date | Jun. 15, 2022 | ||||
Common stock [Member] | |||||
Related Party Transaction [Line Items] | |||||
Shares accepted by company under tender offer, shares | shares | 164,189 | ||||
Number of over subscribed shares tendered | shares | 64,189 | ||||
Tender offer final purchase price, per share | $ / shares | $ 28 | ||||
Tender offer, total purchase price | $ 4,600,000 | ||||
Common stock [Member] | Director, H. E. "Scott" Wolfe [Member] | |||||
Related Party Transaction [Line Items] | |||||
Shares accepted by company under tender offer, shares | shares | 5,000 | ||||
Common stock [Member] | Maximum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Number of shares available for authorized to repurchase | shares | 100,000 | ||||
Shares outstanding price per share | $ / shares | $ 28 | ||||
Common stock [Member] | Minimum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Shares outstanding price per share | $ / shares | $ 25 | ||||
With Affiliates [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to Affiliates, Current | $ 27,259,000 | $ 20,627,000 | |||
Payment to acquire multi-building | $ 8,300,000 | ||||
Initial deposit | 200,000 | ||||
Proceeds from sale of business | $ 100,000 | ||||
Gain (loss) on sale of business | $ 0 | ||||
With Affiliates [Member] | Used Tractors [Member] | |||||
Related Party Transaction [Line Items] | |||||
Cost of purchase from an affiliate | $ 6,300,000 | $ 0 |
Transactions with Affiliates _3
Transactions with Affiliates - Schedule of Services Provided to Affiliates (Detail) - Affiliates [Member] - Related Party [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Related Party Transaction [Line Items] | ||||
Revenues | $ 1,826 | $ 507 | $ 1,988 | $ 722 |
Contracted transportation services [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenues | 1,766 | 447 | 1,868 | 602 |
Facilities and Related Support [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenues | $ 60 | $ 60 | $ 120 | $ 120 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended | |||||||
May 31, 2023 | Mar. 31, 2023 | Sep. 30, 2021 | Feb. 29, 2020 | Jan. 31, 2020 | Jul. 01, 2023 | Jul. 02, 2022 | Dec. 31, 2022 | May 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 200,000 | ||||||
Shares of restricted stock granted | 3,549 | ||||||||
Total fair value of shares vested | $ 0.3 | $ 0.2 | |||||||
Total unrecognized compensation cost | 2.2 | ||||||||
Share based compensation cost is expected to be recognized on a straight-line basis in fiscal 2024 | 0.7 | ||||||||
Share based compensation cost is expected to be recognized on a straight-line basis in fiscal 2025 | 0.3 | ||||||||
Share based compensation cost is expected to be recognized on a straight-line basis in fiscal 2026 | 0.6 | ||||||||
Share based compensation cost is expected to be recognized on a straight-line basis in fiscal 2027 | 0.4 | ||||||||
Share based compensation cost is expected to be recognized on a straight-line basis in fiscal 2028 | 0.2 | ||||||||
Compensation cost | $ 0.1 | ||||||||
Common Stock [Member] | Non-Employee Directors [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Shares of restricted stock granted | 3,549 | ||||||||
Restricted stock award grant date fair value per share | $ 25.42 | ||||||||
Restricted Stock [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Shares of restricted stock granted | 34,611 | 2,355 | 38,160 | ||||||
Restricted stock award grant date fair value per share | $ 27.59 | $ 20.46 | $ 27.39 | ||||||
Restricted Stock [Member] | Vesting on January 10, 2024 [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of shares expected to vest | 20,000 | ||||||||
Restricted Stock [Member] | Vesting on January 10, 2026 [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of shares expected to vest | 20,000 | ||||||||
Restricted Stock [Member] | Vesting on January 10, 2027 [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of shares expected to vest | 10,000 | ||||||||
Restricted Stock [Member] | Vesting on January 10, 2028 [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of shares expected to vest | 10,000 | ||||||||
Restricted Stock [Member] | Chief Financial Officer [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Shares of restricted stock granted | 8,441 | 5,000 | |||||||
Restricted stock award grant date fair value per share | $ 17.74 | ||||||||
Restricted Stock [Member] | Chief Executive Officer [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Shares of restricted stock granted | 9,134 | 60,000 | |||||||
Restricted stock award grant date fair value per share | $ 18.82 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Status of Nonvested Shares (Detail) - $ / shares | 1 Months Ended | 6 Months Ended | |
Mar. 31, 2023 | Sep. 30, 2021 | Jul. 01, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares, Granted | 3,549 | ||
Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares Non-vested, Beginning Balance | 73,759 | ||
Shares, Granted | 34,611 | 2,355 | 38,160 |
Shares, Vested | (10,424) | ||
Shares, Ending Balance | 101,495 | ||
Weighted Average Grant Date Fair Value, Beginning Balance | $ 19.23 | ||
Weighted Average Grant Date Fair Value, Granted | $ 27.59 | $ 20.46 | 27.39 |
Weighted Average Grant Date Fair Value, Vested | 24.19 | ||
Weighted Average Grant Date Fair Value, Ending Balance | $ 21.79 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Earnings Per Share [Abstract] | ||||
Weighted average non-vested shares of restricted shares | 21,634 | 14,554 | 27,954 | 8,247 |
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 0 | 0 | 6,875 |
Dividends - Additional Informat
Dividends - Additional Information (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | |||
Apr. 27, 2023 | Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Earnings Per Share [Abstract] | |||||
Dividends payable, date declared | Apr. 27, 2023 | ||||
Quarterly cash dividend declared per common stock | $ 0.105 | $ 0.105 | $ 0.105 | $ 0.21 | $ 0.21 |
Dividends payable, recorded date | Jun. 05, 2023 | ||||
Dividends payable, date to be paid | Jul. 03, 2023 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 6 Months Ended |
Jul. 01, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Segment Reporting - Summary of
Segment Reporting - Summary of Company's Reportable Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 412,572 | $ 527,182 | $ 849,968 | $ 1,051,043 |
Income from operations | 36,395 | 64,651 | 74,591 | 122,499 |
Operating Segments [Member] | Contract Logistics [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 208,802 | 207,327 | 420,098 | 408,920 |
Income from operations | 32,789 | 29,425 | 60,570 | 52,900 |
Operating Segments [Member] | Intermodal [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 91,585 | 156,865 | 202,611 | 314,478 |
Income from operations | (246) | 21,368 | 6,565 | 44,378 |
Operating Segments [Member] | Trucking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 81,243 | 106,545 | 160,958 | 204,030 |
Income from operations | 4,423 | 9,611 | 8,212 | 17,030 |
Operating Segments [Member] | Company-Managed Brokerage [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 29,595 | 55,119 | 63,551 | 120,325 |
Income from operations | (786) | 4,155 | (1,160) | 8,018 |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,347 | 1,326 | 2,750 | 3,290 |
Income from operations | 215 | 92 | 404 | 173 |
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,110 | 5,101 | 4,422 | 11,223 |
Intersegment Eliminations [Member] | Contract Logistics [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 136 | 1,500 | 436 | 3,219 |
Intersegment Eliminations [Member] | Intermodal [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 844 | 2,594 | 1,809 | 6,054 |
Intersegment Eliminations [Member] | Trucking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 198 | 51 | 339 | 116 |
Intersegment Eliminations [Member] | Company-Managed Brokerage [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 932 | $ 956 | $ 1,838 | $ 1,834 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - Workforce Subject to Collective Bargaining Arrangements [Member] - Unionized Employees Concentration Risk [Member] | 6 Months Ended |
Jul. 01, 2023 | |
Concentration Risk [Line Items] | |
Percentage of employees concentration | 32% |
Percentage of employees subject to contracts that expire in 2023 | 18% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jul. 27, 2023 | Jul. 07, 2023 | Apr. 27, 2023 | Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Subsequent Event [Line Items] | |||||||
Dividends payable, date declared | Apr. 27, 2023 | ||||||
Dividends declared per common share | $ 0.105 | $ 0.105 | $ 0.105 | $ 0.21 | $ 0.21 | ||
Dividends payable, recorded date | Jun. 05, 2023 | ||||||
Dividends payable, date to be paid | Jul. 03, 2023 | ||||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Dividends payable, date declared | Jul. 27, 2023 | ||||||
Dividends declared per common share | $ 0.105 | ||||||
Dividends payable, recorded date | Sep. 04, 2023 | ||||||
Dividends payable, date to be paid | Oct. 02, 2023 | ||||||
Purchase price of terminal | $ 80 | ||||||
Deposits | $ 1 |