Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2017shares | |
Document Information [Line Items] | |
Entity Registrant Name | HUNT J B TRANSPORT SERVICES INC |
Entity Central Index Key | 728,535 |
Trading Symbol | jbht |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | Yes |
Entity Common Stock, Shares Outstanding (in shares) | 109,435,453 |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Operating revenues, excluding fuel surcharge revenues | $ 1,551,051 | $ 1,483,354 | $ 3,012,820 | $ 2,910,008 |
Fuel surcharge revenues | 175,864 | 131,672 | 343,253 | 233,730 |
Total operating revenues | 1,726,915 | 1,615,026 | 3,356,073 | 3,143,738 |
Operating expenses: | ||||
Rents and purchased transportation | 871,122 | 794,907 | 1,677,562 | 1,535,310 |
Salaries, wages and employee benefits | 389,873 | 371,969 | 770,184 | 734,480 |
Depreciation and amortization | 93,050 | 90,364 | 185,238 | 178,716 |
Fuel and fuel taxes | 79,072 | 71,489 | 159,719 | 130,903 |
Operating supplies and expenses | 64,486 | 56,495 | 122,507 | 111,031 |
Insurance and claims | 27,461 | 19,094 | 50,466 | 36,522 |
General and administrative expenses, net of asset dispositions | 21,728 | 18,711 | 45,209 | 40,545 |
Operating taxes and licenses | 10,905 | 11,365 | 21,585 | 22,491 |
Communication and utilities | 5,603 | 4,840 | 10,599 | 10,058 |
Total operating expenses | 1,563,300 | 1,439,234 | 3,043,069 | 2,800,056 |
Operating income | 163,615 | 175,792 | 313,004 | 343,682 |
Net interest expense | 7,393 | 6,420 | 14,211 | 12,862 |
Earnings before income taxes | 156,222 | 169,372 | 298,793 | 330,820 |
Income taxes | 58,353 | 64,361 | 98,222 | 125,711 |
Net earnings | $ 97,869 | $ 105,011 | $ 200,571 | $ 205,109 |
Weighted average basic shares outstanding (in shares) | 109,630 | 112,669 | 110,250 | 112,871 |
Basic earnings per share (in dollars per share) | $ 0.89 | $ 0.93 | $ 1.82 | $ 1.82 |
Weighted average diluted shares outstanding (in shares) | 110,822 | 113,761 | 111,420 | 113,882 |
Diluted earnings per share (in dollars per share) | $ 0.88 | $ 0.92 | $ 1.80 | $ 1.80 |
Dividends declared per common share (in dollars per share) | $ 0.23 | $ 0.22 | $ 0.46 | $ 0.44 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 7,274 | $ 6,377 |
Trade accounts receivable, net | 749,042 | 745,288 |
Prepaid expenses and other | 152,035 | 194,016 |
Total current assets | 908,351 | 945,681 |
Property and equipment, at cost | 4,384,981 | 4,258,915 |
Less accumulated depreciation | 1,564,951 | 1,440,124 |
Net property and equipment | 2,820,030 | 2,818,791 |
Other assets | 50,001 | 64,516 |
Total assets | 3,778,382 | 3,828,988 |
Current liabilities: | ||
Trade accounts payable | 419,306 | 384,308 |
Claims accruals | 114,073 | 109,745 |
Accrued payroll | 46,288 | 51,929 |
Other accrued expenses | 28,425 | 27,152 |
Total current liabilities | 608,092 | 573,134 |
Long-term debt | 943,174 | 986,278 |
Other long-term liabilities | 66,118 | 64,881 |
Deferred income taxes | 753,277 | 790,634 |
Stockholders' equity | 1,407,721 | 1,414,061 |
Total liabilities and stockholders' equity | $ 3,778,382 | $ 3,828,988 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net earnings | $ 200,571 | $ 205,109 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 185,238 | 178,716 |
Share-based compensation | 23,110 | 22,915 |
Loss on sale of revenue equipment and other | 3,393 | 1,030 |
Benefit from deferred income taxes | (37,357) | 2,354 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (3,754) | (75,703) |
Other assets | 47,274 | 33,501 |
Trade accounts payable | 13,269 | 11,267 |
Income taxes payable or receivable | 11,370 | 72,041 |
Claims accruals | 4,329 | 11,408 |
Accrued payroll and other accrued expenses | (3,996) | 11,500 |
Net cash provided by operating activities | 443,447 | 474,138 |
Cash flows from investing activities: | ||
Additions to property and equipment | (176,660) | (351,507) |
Net proceeds from sale of equipment | 11,568 | 93,549 |
Changes in other assets | (3,464) | (7) |
Net cash used in investing activities | (168,556) | (257,965) |
Cash flows from financing activities: | ||
Proceeds from revolving lines of credit and other | 1,247,227 | 676,687 |
Payments on revolving lines of credit and other | (1,291,200) | (738,198) |
Purchase of treasury stock | (179,813) | (100,000) |
Stock option exercises and other | 1,100 | 1,342 |
Stock repurchased for payroll taxes | (431) | (975) |
Tax benefit of stock options exercised | 280 | |
Dividends paid | (50,877) | (49,598) |
Net cash used in financing activities | (273,994) | (210,462) |
Net change in cash and cash equivalents | 897 | 5,711 |
Cash and cash equivalents at beginning of period | 6,377 | 5,566 |
Cash and cash equivalents at end of period | 7,274 | 11,277 |
Supplemental disclosure of cash flow information: | ||
Interest | 14,477 | 12,855 |
Income taxes | $ 122,718 | $ 49,039 |
Note 1 - General
Note 1 - General | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. General Basis of Presentation The accompanying unaudited interim Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. We believe such statements include all adjustments (consisting only of normal recurring adjustments) necessary for the fair presentation of our financial position, results of operations and cash flows at the dates and for the periods indicated. Pursuant to the requirements of the Securities and Exchange Commission (SEC) applicable to quarterly reports on Form 10 not not 10 December 31, 2016. not may December 31, 2017, August November Recent Accounting Pronouncements In May 2014, No. 2014 09, In August 2015, 2015 14, 2014 09, one December 15, 2017. December 15, 2016. We have selected an implementation team and are in the process of contract review and documentation in accordance with the standard. We intend to adopt this new standard in the first 2018, not In February 2016, 2016 02, 2016 02 December 15, 2018, Accounting Prono uncement Adopted in 201 7 In March 2016, 2016 09, December 15, 2016. 2016 09 first 2017, third no |
Note 2 - Earnings Per Share
Note 2 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 2. Earnings Per Share We compute basic earnings per share by dividing net earnings available to common stockholders by the actual weighted average number of common shares outstanding for the reporting period. Diluted earnings per share reflects the potential dilution that could occur if holders of unvested restricted and performance share units or vested and unvested stock options exercised or converted their holdings into common stock. The dilutive effect of restricted and performance share units and stock options was 1.2 second 2017, 1.1 second 2016. six June 30, 2017 2016, 1.2 1.0 |
Note 3 - Share-based Compensati
Note 3 - Share-based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 3. Share-based Compensation The following table summarizes the components of our share-based compensation program expense (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Restricted share units: Pretax compensation expense $ 8,873 $ 8,939 $ 17,010 $ 16,907 Tax benefit 3,314 3,397 5,596 6,425 Restricted share unit expense, net of tax $ 5,559 $ 5,542 $ 11,414 $ 10,482 Performance share units: Pretax compensation expense $ 3,067 $ 3,004 $ 6,100 $ 6,008 Tax benefit 1,146 1,142 2,007 2,283 Performance share unit expense, net of tax $ 1,921 $ 1,862 $ 4,093 $ 3,725 As of June 30, 2017, $59.0 $13.3 3.8 2.4 six June 30, 2017, 14,623 5,514 second 2017. |
Note 4 - Financing Arrangements
Note 4 - Financing Arrangements | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. Financing Arrangements Outstanding borrowings, net of unamortized discount and debt issuance cost, under our current financing arrangements consist of the following (in millions): June 30, 2017 December 31, 2016 Senior revolving line of credit $ 94.4 $ 139.0 Senior notes 848.8 847.3 Total long-term debt $ 943.2 $ 986.3 Senior Revolving Line of Credit At June 30, 2017, $500 September 2020. $250 one June 30, 2017, $95 2.33% Seni or Notes Our senior notes consist of three first second $250 2.40% March 2019 $250 3.85% March 2024, March 2014. March September September 2014. third $350 3.30% August 2022, August 2015. February August February 2016. three no 1933, February 2014. may 5, $250 2.40% March 2019 $350 3.30% August 2022. Our financing arrangements require us to maintain certain covenants and financial ratios. We were in compliance with all covenants and financial ratios at June 30, 2017. |
Note 5 - Derivative Financial I
Note 5 - Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 5. Derivative Financial Instruments We periodically utilize derivative instruments for hedging and non-trading purposes to manage exposure to changes in interest rates and to maintain an appropriate mix of fixed and variable-rate debt. At inception of a derivative contract, we document relationships between derivative instruments and hedged items, as well as our risk-management objective and strategy for undertaking various derivative transactions, and assess hedge effectiveness. If it is determined that a derivative is not We entered into receive fixed-rate and pay variable-rate interest rate swap agreements simultaneously with the issuance of our $250 2.40% March 2019 $350 3.30% August 2022, 2.09% $250 2.40% 2.54% $350 3.30% June 30, 2017. June 30, 2017. 7, |
Note 6 - Capital Stock
Note 6 - Capital Stock | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6. Capital Stock On October 22, 2015, $500 April 20, 2017, $500 June 30, 2017, $521 1,892,000 $180 six June 30, 2017. April 20, 2017, $0.23 May 19, 2017 May 5, 2017 July 20, 2017, $0.23 August 18, 2017 August 7, 2017 |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 7. Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis Our assets and liabilities measured at fair value are based on valuation techniques which consider prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. These valuation methods are based on either quoted market prices (Level 1 2 June 30, 2017 ( Asset/(Liability) Balance Input Level Trading investments $ 15.6 1 Interest rate swap $ 3.7 2 Senior notes $ (600.3 ) 2 The fair value of trading investments has been measured using the market approach (Level 1 2 Financial Instruments The carrying amount and estimated fair value at June 30, 2017, 2 not $342.9 $358.7 The carrying amounts of all other instruments at June 30, 2017, |
Note 8 - Income Taxes
Note 8 - Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. Income Taxes 37.4% three June 30, 2017, 38.0% three June 30, 2016. 32.9% first six 2017, 38.0% 2016. first six 2017 one $13.6 2012 2016 first 2017. At June 30, 2017, $35.2 $22.9 $5.2 June 30, 2017. |
Note 9 - Legal Proceedings
Note 9 - Legal Proceedings | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. Legal Proceedings We are a defendant in certain class-action lawsuits in which the plaintiffs are current and former California-based drivers who allege claims for unpaid wages, failure to provide meal and rest periods, and other items. During the first 2014, may In January, 2017, May 1, 2016, no We are involved in certain other claims and pending litigation arising from the normal conduct of business. Based on present knowledge of the facts and, in certain cases, opinions of outside counsel, we believe the resolution of these claims and pending litigation will not |
Note 10 - Subsequent Event
Note 10 - Subsequent Event | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 10. Subsequent Event On July 20, 2017, $136 no |
Note 11 - Business Segments
Note 11 - Business Segments | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 1 . Business Segments We reported four three six June 30, 2017 2016. 11, Segment Information 10 December 31, 2016. Assets (Excludes intercompany accounts) As of June 30, 2017 December 31, 2016 JBI $ 2,026 $ 2,032 DCS 942 951 ICS 130 136 JBT 270 279 Other (includes corporate) 410 431 Total $ 3,778 $ 3,829 Operating Revenues Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 JBI $ 1,001 $ 933 $ 1,939 $ 1,829 DCS 412 383 804 741 ICS 222 204 432 387 JBT 95 98 188 194 Subtotal 1,730 1,618 3,363 3,151 Inter-segment eliminations (3 ) (3 ) (7 ) (7 ) Total $ 1,727 $ 1,615 $ 3,356 $ 3,144 Operating Income Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 JBI $ 109.7 $ 105.6 $ 205.0 $ 208.8 DCS 48.6 50.5 93.3 95.2 ICS (0.2 ) 10.9 4.2 21.7 JBT 5.5 8.8 10.5 18.0 Other (includes corporate) - - - - Total $ 163.6 $ 175.8 $ 313.0 $ 343.7 Depreciation and Amortization Expense Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 JBI $ 40.4 $ 40.0 $ 80.8 $ 79.0 DCS 37.2 35.8 73.6 70.6 ICS 0.3 0.1 0.6 0.2 JBT 10.3 10.1 20.5 20.2 Other (includes corporate) 4.9 4.4 9.7 8.7 Total $ 93.1 $ 90.4 $ 185.2 $ 178.7 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited interim Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. We believe such statements include all adjustments (consisting only of normal recurring adjustments) necessary for the fair presentation of our financial position, results of operations and cash flows at the dates and for the periods indicated. Pursuant to the requirements of the Securities and Exchange Commission (SEC) applicable to quarterly reports on Form 10 not not 10 December 31, 2016. not may December 31, 2017, August November |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, No. 2014 09, In August 2015, 2015 14, 2014 09, one December 15, 2017. December 15, 2016. We have selected an implementation team and are in the process of contract review and documentation in accordance with the standard. We intend to adopt this new standard in the first 2018, not In February 2016, 2016 02, 2016 02 December 15, 2018, Accounting Prono uncement Adopted in 201 7 In March 2016, 2016 09, December 15, 2016. 2016 09 first 2017, third no |
Note 3 - Share-based Compensa17
Note 3 - Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Restricted share units: Pretax compensation expense $ 8,873 $ 8,939 $ 17,010 $ 16,907 Tax benefit 3,314 3,397 5,596 6,425 Restricted share unit expense, net of tax $ 5,559 $ 5,542 $ 11,414 $ 10,482 Performance share units: Pretax compensation expense $ 3,067 $ 3,004 $ 6,100 $ 6,008 Tax benefit 1,146 1,142 2,007 2,283 Performance share unit expense, net of tax $ 1,921 $ 1,862 $ 4,093 $ 3,725 |
Note 4 - Financing Arrangemen18
Note 4 - Financing Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June 30, 2017 December 31, 2016 Senior revolving line of credit $ 94.4 $ 139.0 Senior notes 848.8 847.3 Total long-term debt $ 943.2 $ 986.3 |
Note 7 - Fair Value Measureme19
Note 7 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Asset/(Liability) Balance Input Level Trading investments $ 15.6 1 Interest rate swap $ 3.7 2 Senior notes $ (600.3 ) 2 |
Note 11 - Business Segments (Ta
Note 11 - Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Assets (Excludes intercompany accounts) As of June 30, 2017 December 31, 2016 JBI $ 2,026 $ 2,032 DCS 942 951 ICS 130 136 JBT 270 279 Other (includes corporate) 410 431 Total $ 3,778 $ 3,829 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Operating Revenues Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 JBI $ 1,001 $ 933 $ 1,939 $ 1,829 DCS 412 383 804 741 ICS 222 204 432 387 JBT 95 98 188 194 Subtotal 1,730 1,618 3,363 3,151 Inter-segment eliminations (3 ) (3 ) (7 ) (7 ) Total $ 1,727 $ 1,615 $ 3,356 $ 3,144 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Operating Income Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 JBI $ 109.7 $ 105.6 $ 205.0 $ 208.8 DCS 48.6 50.5 93.3 95.2 ICS (0.2 ) 10.9 4.2 21.7 JBT 5.5 8.8 10.5 18.0 Other (includes corporate) - - - - Total $ 163.6 $ 175.8 $ 313.0 $ 343.7 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | Depreciation and Amortization Expense Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 JBI $ 40.4 $ 40.0 $ 80.8 $ 79.0 DCS 37.2 35.8 73.6 70.6 ICS 0.3 0.1 0.6 0.2 JBT 10.3 10.1 20.5 20.2 Other (includes corporate) 4.9 4.4 9.7 8.7 Total $ 93.1 $ 90.4 $ 185.2 $ 178.7 |
Note 2 - Earnings Per Share (De
Note 2 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 1.2 | 1.1 | 1.2 | 1 |
Note 3 - Share-based Compensa22
Note 3 - Share-based Compensation (Details Textual) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017USD ($)shares | Jun. 30, 2017USD ($)shares | |
Restricted Stock Units (RSUs) [Member] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 59 | $ 59 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 292 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | shares | 5,514 | 14,623 |
Performance Shares [Member] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 13.3 | $ 13.3 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 146 days |
Note 3 - Share-based Compensa23
Note 3 - Share-based Compensation - Components of Share-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Restricted Stock Units (RSUs) [Member] | ||||
Pretax compensation expense | $ 8,873 | $ 8,939 | $ 17,010 | $ 16,907 |
Tax benefit | 3,314 | 3,397 | 5,596 | 6,425 |
Restricted share unit expense, net of tax | 5,559 | 5,542 | 11,414 | 10,482 |
Performance Shares [Member] | ||||
Pretax compensation expense | 3,067 | 3,004 | 6,100 | 6,008 |
Tax benefit | 1,146 | 1,142 | 2,007 | 2,283 |
Restricted share unit expense, net of tax | $ 1,921 | $ 1,862 | $ 4,093 | $ 3,725 |
Note 4 - Financing Arrangemen24
Note 4 - Financing Arrangements (Details Textual) $ in Millions | Jun. 30, 2017USD ($) |
Senior Notes [Member] | Senior Notes, First Issuance [Member] | |
Unsecured Debt | $ 250 |
Debt Instrument, Interest Rate, Stated Percentage | 2.40% |
Senior Notes [Member] | Senior Notes, Second Issuance [Member] | |
Unsecured Debt | $ 250 |
Debt Instrument, Interest Rate, Stated Percentage | 3.85% |
Senior Notes [Member] | Senior Notes, Third Issuance [Member] | |
Unsecured Debt | $ 350 |
Debt Instrument, Interest Rate, Stated Percentage | 3.30% |
Senior Debt Obligations [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 |
Line of Credit Facility, Maximum Borrowing Capacity Increase | 250 |
Senior Debt Obligations [Member] | Line of Credit [Member] | |
Long-term Line of Credit | $ 95 |
Debt, Weighted Average Interest Rate | 2.33% |
Note 4 - Financing Arrangemen25
Note 4 - Financing Arrangements - Outstanding Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Long-term debt | $ 943,174 | $ 986,278 |
Senior Debt Obligations [Member] | Line of Credit [Member] | ||
Long-term Debt | 94,400 | 139,000 |
Senior Debt Obligations [Member] | Senior Notes [Member] | ||
Long-term Debt | $ 848,800 | $ 847,300 |
Note 5 - Derivative Financial26
Note 5 - Derivative Financial Instruments (Details Textual) $ in Millions | Jun. 30, 2017USD ($) |
Senior Notes, First Issuance [Member] | Fair Value Hedging [Member] | Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Derivative, Variable Interest Rate | 2.09% |
Senior Notes, Third Issuance [Member] | Fair Value Hedging [Member] | Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Derivative, Variable Interest Rate | 2.54% |
Senior Notes [Member] | Senior Notes, First Issuance [Member] | |
Unsecured Debt | $ 250 |
Debt Instrument, Interest Rate, Stated Percentage | 2.40% |
Senior Notes [Member] | Senior Notes, Third Issuance [Member] | |
Unsecured Debt | $ 350 |
Debt Instrument, Interest Rate, Stated Percentage | 3.30% |
Note 6 - Capital Stock (Details
Note 6 - Capital Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Jul. 20, 2017 | Apr. 20, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Oct. 22, 2015 |
Stock Repurchase Program, Authorized Amount | $ 500 | ||||||
Stock Repurchase Program, Additional Authorized Amount | $ 500 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 521 | $ 521 | |||||
Treasury Stock, Shares, Acquired | 1,892,000 | ||||||
Dividends Payable, Date of Record | May 5, 2017 | ||||||
Treasury Stock, Value, Acquired | $ 180 | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.23 | $ 0.23 | $ 0.22 | $ 0.46 | $ 0.44 | ||
Dividends Payable, Date to be Paid | May 19, 2017 | ||||||
Subsequent Event [Member] | |||||||
Dividends Payable, Date of Record | Aug. 7, 2017 | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.23 | ||||||
Dividends Payable, Date to be Paid | Aug. 18, 2017 |
Note 7 - Fair Value Measureme28
Note 7 - Fair Value Measurements (Details Textual) - Senior Notes [Member] - Fair Value, Measurements, Recurring [Member] $ in Millions | Jun. 30, 2017USD ($) |
Long-term Debt | $ 342.9 |
Estimate of Fair Value Measurement [Member] | |
Long-term Debt, Fair Value | $ 358.7 |
Note 7 - Fair Value Measureme29
Note 7 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring [Member] $ in Millions | Jun. 30, 2017USD ($) |
Fair Value, Inputs, Level 1 [Member] | |
Trading investments | $ 15.6 |
Fair Value, Inputs, Level 2 [Member] | |
Interest rate swap | 3.7 |
Senior notes | $ (600.3) |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Effective Income Tax Rate Reconciliation, Percent | 37.40% | 38.00% | 32.90% | 38.00% |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | $ 13.6 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 22.9 | 22.9 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 5.2 | 5.2 | ||
Other Noncurrent Liabilities [Member] | ||||
Unrecognized Tax Benefits | $ 35.2 | $ 35.2 |
Note 10 - Subsequent Event (Det
Note 10 - Subsequent Event (Details Textual) - Subsequent Event [Member] - Special Logistics Dedicated, LLC [Member] $ in Thousands | Jul. 20, 2017USD ($) |
Business Combination, Consideration Transferred | $ 136,000 |
Business Combination, Consideration Transferred, Liabilities Incurred | $ 0 |
Note 11 - Business Segments (De
Note 11 - Business Segments (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Number of Reportable Segments | 4 | 4 | 4 | 4 |
Note 11 - Business Segments - A
Note 11 - Business Segments - Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | $ 3,778,382 | $ 3,828,988 |
Operating Segments [Member] | JBI [Member] | ||
Assets | 2,026,000 | 2,032,000 |
Operating Segments [Member] | DCS [Member] | ||
Assets | 942,000 | 951,000 |
Operating Segments [Member] | ICS [Member] | ||
Assets | 130,000 | 136,000 |
Operating Segments [Member] | JBT [Member] | ||
Assets | 270,000 | 279,000 |
Operating Segments [Member] | Corporate and Other [Member] | ||
Assets | $ 410,000 | $ 431,000 |
Note 11 - Business Segments - O
Note 11 - Business Segments - Operating Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues | $ 1,726,915 | $ 1,615,026 | $ 3,356,073 | $ 3,143,738 |
Operating Segments [Member] | ||||
Revenues | 1,730,000 | 1,618,000 | 3,363,000 | 3,151,000 |
Operating Segments [Member] | JBI [Member] | ||||
Revenues | 1,001,000 | 933,000 | 1,939,000 | 1,829,000 |
Operating Segments [Member] | DCS [Member] | ||||
Revenues | 412,000 | 383,000 | 804,000 | 741,000 |
Operating Segments [Member] | ICS [Member] | ||||
Revenues | 222,000 | 204,000 | 432,000 | 387,000 |
Operating Segments [Member] | JBT [Member] | ||||
Revenues | 95,000 | 98,000 | 188,000 | 194,000 |
Intersegment Eliminations [Member] | ||||
Revenues | $ (3,000) | $ (3,000) | $ (7,000) | $ (7,000) |
Note 11 - Business Segments -35
Note 11 - Business Segments - Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Operating income | $ 163,615 | $ 175,792 | $ 313,004 | $ 343,682 |
JBI [Member] | Operating Segments [Member] | ||||
Operating income | 109,700 | 105,600 | 205,000 | 208,800 |
DCS [Member] | Operating Segments [Member] | ||||
Operating income | 48,600 | 50,500 | 93,300 | 95,200 |
ICS [Member] | Operating Segments [Member] | ||||
Operating income | (200) | 10,900 | 4,200 | 21,700 |
JBT [Member] | Operating Segments [Member] | ||||
Operating income | 5,500 | 8,800 | 10,500 | 18,000 |
Corporate and Other [Member] | Operating Segments [Member] | ||||
Operating income |
Note 11 - Business Segments - D
Note 11 - Business Segments - Depreciation and Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Depreciation and amortization | $ 93,050 | $ 90,364 | $ 185,238 | $ 178,716 |
JBI [Member] | Operating Segments [Member] | ||||
Depreciation and amortization | 40,400 | 40,000 | 80,800 | 79,000 |
DCS [Member] | Operating Segments [Member] | ||||
Depreciation and amortization | 37,200 | 35,800 | 73,600 | 70,600 |
ICS [Member] | Operating Segments [Member] | ||||
Depreciation and amortization | 300 | 100 | 600 | 200 |
JBT [Member] | Operating Segments [Member] | ||||
Depreciation and amortization | 10,300 | 10,100 | 20,500 | 20,200 |
Corporate and Other [Member] | Operating Segments [Member] | ||||
Depreciation and amortization | $ 4,900 | $ 4,400 | $ 9,700 | $ 8,700 |