Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2018shares | |
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) | 109,344,030 |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2018 |
Document Fiscal Year Focus | 2,018 |
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Operating revenues | $ 2,139,027 | $ 1,726,915 | $ 4,087,272 | $ 3,356,073 |
Operating expenses: | ||||
Rents and purchased transportation | 1,073,164 | 871,122 | 2,038,057 | 1,677,562 |
Salaries, wages and employee benefits | 465,326 | 389,873 | 915,592 | 770,184 |
Fuel and fuel taxes | 115,541 | 79,072 | 223,422 | 159,719 |
Depreciation and amortization | 107,423 | 93,050 | 213,006 | 185,238 |
Operating supplies and expenses | 76,446 | 64,486 | 147,126 | 122,507 |
General and administrative expenses, net of asset dispositions | 37,306 | 21,728 | 69,630 | 45,209 |
Insurance and claims | 28,371 | 27,461 | 56,870 | 50,466 |
Operating taxes and licenses | 12,234 | 10,905 | 23,822 | 21,585 |
Communication and utilities | 8,404 | 5,603 | 16,153 | 10,599 |
Total operating expenses | 1,924,215 | 1,563,300 | 3,703,678 | 3,043,069 |
Operating income | 214,812 | 163,615 | 383,594 | 313,004 |
Net interest expense | 9,855 | 7,393 | 19,008 | 14,211 |
Earnings before income taxes | 204,957 | 156,222 | 364,586 | 298,793 |
Income taxes | 53,305 | 58,353 | 94,792 | 98,222 |
Net earnings | $ 151,652 | $ 97,869 | $ 269,794 | $ 200,571 |
Weighted average basic shares outstanding (in shares) | 109,449 | 109,630 | 109,601 | 110,250 |
Basic earnings per share (in dollars per share) | $ 1.39 | $ 0.89 | $ 2.46 | $ 1.82 |
Weighted average diluted shares outstanding (in shares) | 110,682 | 110,822 | 110,771 | 111,420 |
Diluted earnings per share (in dollars per share) | $ 1.37 | $ 0.88 | $ 2.44 | $ 1.80 |
Dividends declared per common share (in dollars per share) | $ 0.24 | $ 0.23 | $ 0.48 | $ 0.46 |
Service Excluding Fuel Surcharge [Member] | ||||
Operating revenues | $ 1,874,388 | $ 1,551,051 | $ 3,587,321 | $ 3,012,820 |
Fuel Surcharge [Member] | ||||
Operating revenues | $ 264,639 | $ 175,864 | $ 499,951 | $ 343,253 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 15,191 | $ 14,612 |
Trade accounts receivable, net | 1,019,622 | 920,767 |
Prepaid expenses and other | 272,608 | 403,349 |
Total current assets | 1,307,421 | 1,338,728 |
Property and equipment, at cost | 4,924,684 | 4,670,464 |
Less accumulated depreciation | 1,782,297 | 1,687,133 |
Net property and equipment | 3,142,387 | 2,983,331 |
Other assets, net | 139,435 | 143,290 |
Total assets | 4,589,243 | 4,465,349 |
Current liabilities: | ||
Current portion of long-term debt | 249,436 | |
Trade accounts payable | 551,715 | 598,594 |
Claims accruals | 259,078 | 251,980 |
Accrued payroll | 63,792 | 42,382 |
Other accrued expenses | 34,516 | 28,888 |
Total current liabilities | 1,158,537 | 921,844 |
Long-term debt | 755,575 | 1,085,649 |
Other long-term liabilities | 88,903 | 76,661 |
Deferred income taxes | 552,866 | 541,870 |
Stockholders' equity | 2,033,362 | 1,839,325 |
Total liabilities and stockholders' equity | $ 4,589,243 | $ 4,465,349 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net earnings | $ 269,794 | $ 200,571 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 213,006 | 185,238 |
Share-based compensation | 26,001 | 23,110 |
Loss on sale of revenue equipment and other | 6,459 | 3,393 |
Deferred income taxes | 10,996 | (37,357) |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (98,855) | (3,754) |
Other assets | (26,693) | 47,274 |
Trade accounts payable | 33,716 | 13,269 |
Income taxes payable or receivable | 54,392 | 11,370 |
Claims accruals | 12,150 | 4,329 |
Accrued payroll and other accrued expenses | 28,067 | (3,996) |
Net cash provided by operating activities | 529,033 | 443,447 |
Cash flows from investing activities: | ||
Additions to property and equipment | (411,744) | (176,660) |
Net proceeds from sale of equipment | 57,613 | 11,568 |
Changes in other assets | (1,293) | (3,464) |
Net cash used in investing activities | (355,424) | (168,556) |
Cash flows from financing activities: | ||
Proceeds from revolving lines of credit and other | 1,421,328 | 1,247,227 |
Payments on revolving lines of credit and other | (1,492,600) | (1,291,200) |
Purchase of treasury stock | (50,027) | (179,813) |
Stock repurchased for payroll taxes and other | 852 | 669 |
Dividends paid | (52,583) | (50,877) |
Net cash used in financing activities | (173,030) | (273,994) |
Net change in cash and cash equivalents | 579 | 897 |
Cash and cash equivalents at beginning of period | 14,612 | 6,377 |
Cash and cash equivalents at end of period | 15,191 | 7,274 |
Supplemental disclosure of cash flow information: | ||
Interest | 19,027 | 14,477 |
Income taxes | 27,762 | 122,718 |
Noncash investing activities | ||
Accruals for equipment received | $ 56,645 | $ 35,252 |
Note 1 - General
Note 1 - General | 6 Months Ended |
Jun. 30, 2018 | |
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, 2017. not may December 31, 2018, August November Recent Accounting Pronouncements In February 2016, 2016 02, 2016 02 December 15, 2018, 10, 10 December 31, 2017 Accounting Prono uncement Adopted in 201 8 In May 2014, No. 2014 09, 2014 09 first 2018, not We record revenues on the gross basis at amounts charged to our customers because we control and are primarily responsible for the fulfillment of promised services. Accordingly, we serve as a principal in the transaction. We invoice our customers, and we maintain discretion over pricing. Additionally, we are responsible for selection of third Revenue Our revenue is earned through the service offerings of our four 10, Intermodal (JBI) - third one Dedicated Contract Services® (DCS) Integrated Capacity Solutions (ICS) third one Truckload (JBT) not We recognize revenue from customer contracts based on relative transit time in each reporting period and as other performance obligations are provided, with related expenses recognized as incurred. Accordingly, a portion of the total revenue that will be billed to the customer is recognized in each reporting period based on the percentage of the freight pickup and delivery performance obligation that has been completed at the end of the reporting period. |
Note 2 - Earnings Per Share
Note 2 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2018 | |
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 converted their holdings into common stock. The dilutive effect of restricted and performance share units was 1.2 second 2018 2017. six June 30, 2018 2017, 1.2 |
Note 3 - Share-based Compensati
Note 3 - Share-based Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 3 . Share-b ased 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, 2018 2017 2018 2017 Restricted share units: Pretax compensation expense $ 9,844 $ 8,873 $ 18,435 $ 17,010 Tax benefit 2,559 3,314 4,793 5,596 Restricted share unit expense, net of tax $ 7,285 $ 5,559 $ 13,642 $ 11,414 Performance share units: Pretax compensation expense $ 4,121 $ 3,067 $ 7,566 $ 6,100 Tax benefit 1,071 1,146 1,967 2,007 Performance share unit expense, net of tax $ 3,050 $ 1,921 $ 5,599 $ 4,093 As of June 30, 2018, $68.5 $20.7 3.6 2.5 six June 30, 2018, 4,141 709 second 2018. |
Note 4 - Financing Arrangements
Note 4 - Financing Arrangements | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. Financing Arrangements Outstanding borrowings, net of unamortized discount, unamortized debt issuance cost, and fair value swap, under our current financing arrangements consist of the following (in millions): June 30, 2018 December 31, 2017 Senior revolving line of credit $ 169.6 $ 241.4 Senior notes 835.4 844.2 Less current portion of long-term debt (249.4 ) - Total long-term debt $ 755.6 $ 1,085.6 Senior Revolving Line of Credit At June 30, 2018, $500 September 2020. $250 one June 30, 2018, $170.2 3.61% 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, 2018. 2019, |
Note 5 - Derivative Financial I
Note 5 - Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
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, 3.19% $250 2.40% 3.70% $350 3.30% June 30, 2018. June 30, 2018. 7, |
Note 6 - Capital Stock
Note 6 - Capital Stock | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6 . Capital Stock On October 22, 2015, $500 April 20, 2017, $500 June 30, 2018, $471 420,000 $50 six June 30, 2018. April 19, 2018, $0.24 May 18, 2018 May 4, 2018 July 19, 2018, $0.24 August 17, 2018 August 3, 2018 |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 ( Asset/(Liability) Balance June 30, 2018 December 31, 2017 Input Level Trading investments $ 16.7 $ 16.4 1 Interest rate swaps $ (10.8 ) $ (1.4 ) 2 Senior notes, net of unamortized discount and debt issuance costs $ (586.7 ) $ (595.6 ) 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, 2018, 2 not $418.3 $423.5 The carrying amounts of all other instruments at June 30, 2018, |
Note 8 - Income Taxes
Note 8 - Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8 . Income Taxes Our effective income tax rate was 26.0% three June 30, 2018, 37.4% three June 30, 2017. 26.0% first six 2018, 32.9% 2017. The Tax Cuts and Jobs Act (the Act) was enacted in December 2017. 2018, 35% 21%. No. 118 June 30, 2018, not may first six 2017 one $13.6 2012 2016 At June 30, 2018, $46.9 $37.1 $4.7 June 30, 2018. |
Note 9 - Legal Proceedings
Note 9 - Legal Proceedings | 6 Months Ended |
Jun. 30, 2018 | |
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, July 2017, November 2017. June 2018. June 11, 2018. July 23, 2018 July 2, 2018. not third 2018. may 2017, $10 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 - Business Segments
Note 10 - Business Segments | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 0 . Business Segments We reported four three six June 30, 2018 2017. 13, Segment Information 10 December 31, 2017. Assets (Excludes intercompany accounts) As of June 30, 2018 December 31, 2017 JBI $ 2,163 $ 2,108 DCS 1,370 1,182 ICS 228 204 JBT 278 283 Other (includes corporate) 550 688 Total $ 4,589 $ 4,465 Operating Revenues Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 JBI $ 1,165 $ 1,001 $ 2,235 $ 1,939 DCS 530 412 1,024 804 ICS 347 222 643 432 JBT 101 95 194 188 Subtotal 2,143 1,730 4,096 3,363 Inter-segment eliminations (4 ) (3 ) (9 ) (7 ) Total $ 2,139 $ 1,727 $ 4,087 $ 3,356 Operating Income Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 JBI $ 134.0 $ 109.7 $ 248.2 $ 205.0 DCS 58.5 48.6 99.0 93.3 ICS 14.9 (0.2 ) 23.8 4.2 JBT 7.5 5.5 12.6 10.5 Other (includes corporate) (0.1 ) - - - Total $ 214.8 $ 163.6 $ 383.6 $ 313.0 Depreciation and Amortization Expense Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 JBI $ 42.4 $ 40.4 $ 85.0 $ 80.8 DCS 49.2 37.2 96.1 73.6 ICS 0.3 0.3 0.8 0.6 JBT 10.0 10.3 20.2 20.5 Other (includes corporate) 5.5 4.9 10.9 9.7 Total $ 107.4 $ 93.1 $ 213.0 $ 185.2 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2017. not may December 31, 2018, August November |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In February 2016, 2016 02, 2016 02 December 15, 2018, 10, 10 December 31, 2017 Accounting Prono uncement Adopted in 201 8 In May 2014, No. 2014 09, 2014 09 first 2018, not We record revenues on the gross basis at amounts charged to our customers because we control and are primarily responsible for the fulfillment of promised services. Accordingly, we serve as a principal in the transaction. We invoice our customers, and we maintain discretion over pricing. Additionally, we are responsible for selection of third |
Revenue Recognition, Policy [Policy Text Block] | Revenue Our revenue is earned through the service offerings of our four 10, Intermodal (JBI) - third one Dedicated Contract Services® (DCS) Integrated Capacity Solutions (ICS) third one Truckload (JBT) not We recognize revenue from customer contracts based on relative transit time in each reporting period and as other performance obligations are provided, with related expenses recognized as incurred. Accordingly, a portion of the total revenue that will be billed to the customer is recognized in each reporting period based on the percentage of the freight pickup and delivery performance obligation that has been completed at the end of the reporting period. |
Note 3 - Share-based Compensa16
Note 3 - Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 2017 2018 2017 Restricted share units: Pretax compensation expense $ 9,844 $ 8,873 $ 18,435 $ 17,010 Tax benefit 2,559 3,314 4,793 5,596 Restricted share unit expense, net of tax $ 7,285 $ 5,559 $ 13,642 $ 11,414 Performance share units: Pretax compensation expense $ 4,121 $ 3,067 $ 7,566 $ 6,100 Tax benefit 1,071 1,146 1,967 2,007 Performance share unit expense, net of tax $ 3,050 $ 1,921 $ 5,599 $ 4,093 |
Note 4 - Financing Arrangemen17
Note 4 - Financing Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June 30, 2018 December 31, 2017 Senior revolving line of credit $ 169.6 $ 241.4 Senior notes 835.4 844.2 Less current portion of long-term debt (249.4 ) - Total long-term debt $ 755.6 $ 1,085.6 |
Note 7 - Fair Value Measureme18
Note 7 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Asset/(Liability) Balance June 30, 2018 December 31, 2017 Input Level Trading investments $ 16.7 $ 16.4 1 Interest rate swaps $ (10.8 ) $ (1.4 ) 2 Senior notes, net of unamortized discount and debt issuance costs $ (586.7 ) $ (595.6 ) 2 |
Note 10 - Business Segments (Ta
Note 10 - Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Assets (Excludes intercompany accounts) As of June 30, 2018 December 31, 2017 JBI $ 2,163 $ 2,108 DCS 1,370 1,182 ICS 228 204 JBT 278 283 Other (includes corporate) 550 688 Total $ 4,589 $ 4,465 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Operating Revenues Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 JBI $ 1,165 $ 1,001 $ 2,235 $ 1,939 DCS 530 412 1,024 804 ICS 347 222 643 432 JBT 101 95 194 188 Subtotal 2,143 1,730 4,096 3,363 Inter-segment eliminations (4 ) (3 ) (9 ) (7 ) Total $ 2,139 $ 1,727 $ 4,087 $ 3,356 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Operating Income Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 JBI $ 134.0 $ 109.7 $ 248.2 $ 205.0 DCS 58.5 48.6 99.0 93.3 ICS 14.9 (0.2 ) 23.8 4.2 JBT 7.5 5.5 12.6 10.5 Other (includes corporate) (0.1 ) - - - Total $ 214.8 $ 163.6 $ 383.6 $ 313.0 |
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, 2018 2017 2018 2017 JBI $ 42.4 $ 40.4 $ 85.0 $ 80.8 DCS 49.2 37.2 96.1 73.6 ICS 0.3 0.3 0.8 0.6 JBT 10.0 10.3 20.2 20.5 Other (includes corporate) 5.5 4.9 10.9 9.7 Total $ 107.4 $ 93.1 $ 213.0 $ 185.2 |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Number of Reportable Segments | 4 | 4 | 4 | 4 |
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total | 1.2 | 1.2 | 1.2 | 1.2 |
Note 3 - Share-based Compensa22
Note 3 - Share-based Compensation (Details Textual) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018USD ($)shares | Jun. 30, 2018USD ($)shares | |
Restricted Stock Units (RSUs) [Member] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 68.5 | $ 68.5 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 219 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | shares | 709 | 4,141 |
Performance Shares [Member] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 20.7 | $ 20.7 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 182 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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Restricted Stock Units (RSUs) [Member] | ||||
Pretax compensation expense | $ 9,844 | $ 8,873 | $ 18,435 | $ 17,010 |
Tax benefit | 2,559 | 3,314 | 4,793 | 5,596 |
Share unit expense, net of tax | 7,285 | 5,559 | 13,642 | 11,414 |
Performance Shares [Member] | ||||
Pretax compensation expense | 4,121 | 3,067 | 7,566 | 6,100 |
Tax benefit | 1,071 | 1,146 | 1,967 | 2,007 |
Share unit expense, net of tax | $ 3,050 | $ 1,921 | $ 5,599 | $ 4,093 |
Note 4 - Financing Arrangemen24
Note 4 - Financing Arrangements (Details Textual) $ in Millions | Jun. 30, 2018USD ($) |
Senior Notes [Member] | Senior Notes, First Issuance [Member] | |
Unsecured Debt, Total | $ 250 |
Debt Instrument, Interest Rate, Stated Percentage | 2.40% |
Senior Notes [Member] | Senior Notes, Second Issuance [Member] | |
Unsecured Debt, Total | $ 250 |
Debt Instrument, Interest Rate, Stated Percentage | 3.85% |
Senior Notes [Member] | Senior Notes, Third Issuance [Member] | |
Unsecured Debt, Total | $ 350 |
Debt Instrument, Interest Rate, Stated Percentage | 3.30% |
Revolving Credit Facility [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 |
Line of Credit Facility, Maximum Borrowing Capacity, Optional Increase | 250 |
Long-term Line of Credit, Total | $ 170.2 |
Debt, Weighted Average Interest Rate | 3.61% |
Note 4 - Financing Arrangemen25
Note 4 - Financing Arrangements - Outstanding Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Less current portion of long-term debt | $ (249,436) | |
Long-term debt | 755,575 | 1,085,649 |
Line of Credit [Member] | ||
Long-term Debt, Total | 169,600 | 241,400 |
Senior Notes [Member] | ||
Long-term Debt, Total | $ 835,400 | $ 844,200 |
Note 5 - Derivative Financial26
Note 5 - Derivative Financial Instruments (Details Textual) $ in Millions | Jun. 30, 2018USD ($) |
Senior Notes, First Issuance [Member] | Fair Value Hedging [Member] | Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Derivative, Variable Interest Rate | 3.19% |
Senior Notes, Third Issuance [Member] | Fair Value Hedging [Member] | Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Derivative, Variable Interest Rate | 3.70% |
Senior Notes [Member] | Senior Notes, First Issuance [Member] | |
Unsecured Debt, Total | $ 250 |
Debt Instrument, Interest Rate, Stated Percentage | 2.40% |
Senior Notes [Member] | Senior Notes, Third Issuance [Member] | |
Unsecured Debt, Total | $ 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. 19, 2018 | Apr. 19, 2018 | Apr. 20, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Oct. 22, 2015 |
Stock Repurchase Program, Authorized Amount | $ 500 | |||||||
Stock Repurchase Program, Additional Authorized Amount | $ 500 | |||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 471 | $ 471 | ||||||
Treasury Stock, Shares, Acquired | 420,000 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ 50 | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.24 | $ 0.24 | $ 0.23 | $ 0.48 | $ 0.46 | |||
Dividends Payable, Date to be Paid | May 18, 2018 | |||||||
Dividends Payable, Date of Record | May 4, 2018 | |||||||
Subsequent Event [Member] | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.24 | |||||||
Dividends Payable, Date to be Paid | Aug. 17, 2018 | |||||||
Dividends Payable, Date of Record | Aug. 3, 2018 |
Note 7 - Fair Value Measureme28
Note 7 - Fair Value Measurements (Details Textual) - Senior Notes [Member] - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Long-term Debt, Total | $ 835.4 | $ 844.2 |
Fair Value, Measurements, Recurring [Member] | ||
Long-term Debt, Total | 418.3 | |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term Debt, Fair Value | $ 423.5 |
Note 7 - Fair Value Measureme29
Note 7 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Inputs, Level 1 [Member] | ||
Trading investments | $ 16.7 | $ 16.4 |
Fair Value, Inputs, Level 2 [Member] | ||
Interest rate swaps, liabilities | (10.8) | (1.4) |
Senior notes, net of unamortized discount and debt issuance costs | $ (586.7) | $ (595.6) |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 26.00% | 37.40% | 26.00% | 32.90% | 35.00% | |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | $ 13.6 | |||||
Unrecognized Tax Benefits, Ending Balance | $ 46.9 | $ 46.9 | ||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 37.1 | 37.1 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 4.7 | $ 4.7 | ||||
Scenario, Forecast [Member] | ||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 9 - Legal Proceedings (Det
Note 9 - Legal Proceedings (Details Textual) $ in Millions | Dec. 31, 2017USD ($) |
Estimated Litigation Liability | $ 10 |
Note 10 - Business Segments (De
Note 10 - Business Segments (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Number of Reportable Segments | 4 | 4 | 4 | 4 |
Note 10 - Business Segments - A
Note 10 - Business Segments - Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets | $ 4,589,243 | $ 4,465,349 |
Operating Segments [Member] | JBI [Member] | ||
Assets | 2,163,000 | 2,108,000 |
Operating Segments [Member] | DCS [Member] | ||
Assets | 1,370,000 | 1,182,000 |
Operating Segments [Member] | ICS [Member] | ||
Assets | 228,000 | 204,000 |
Operating Segments [Member] | JBT [Member] | ||
Assets | 278,000 | 283,000 |
Corporate and Reconciling Items [Member] | ||
Assets | $ 550,000 | $ 688,000 |
Note 10 - Business Segments - O
Note 10 - Business Segments - Operating Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues | $ 2,139,027 | $ 1,726,915 | $ 4,087,272 | $ 3,356,073 |
Operating Segments [Member] | ||||
Revenues | 2,143,000 | 1,730,000 | 4,096,000 | 3,363,000 |
Intersegment Eliminations [Member] | ||||
Revenues | (4,000) | (3,000) | (9,000) | (7,000) |
JBI [Member] | Operating Segments [Member] | ||||
Revenues | 1,165,000 | 1,001,000 | 2,235,000 | 1,939,000 |
DCS [Member] | Operating Segments [Member] | ||||
Revenues | 530,000 | 412,000 | 1,024,000 | 804,000 |
ICS [Member] | Operating Segments [Member] | ||||
Revenues | 347,000 | 222,000 | 643,000 | 432,000 |
JBT [Member] | Operating Segments [Member] | ||||
Revenues | $ 101,000 | $ 95,000 | $ 194,000 | $ 188,000 |
Note 10 - Business Segments -35
Note 10 - Business Segments - Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Operating income | $ 214,812 | $ 163,615 | $ 383,594 | $ 313,004 |
Corporate and Reconciling Items [Member] | ||||
Operating income | (100) | |||
JBI [Member] | Operating Segments [Member] | ||||
Operating income | 134,000 | 109,700 | 248,200 | 205,000 |
DCS [Member] | Operating Segments [Member] | ||||
Operating income | 58,500 | 48,600 | 99,000 | 93,300 |
ICS [Member] | Operating Segments [Member] | ||||
Operating income | 14,900 | (200) | 23,800 | 4,200 |
JBT [Member] | Operating Segments [Member] | ||||
Operating income | $ 7,500 | $ 5,500 | $ 12,600 | $ 10,500 |
Note 10 - Business Segments - D
Note 10 - Business Segments - Depreciation and Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Depreciation and amortization | $ 107,423 | $ 93,050 | $ 213,006 | $ 185,238 |
Corporate and Reconciling Items [Member] | ||||
Depreciation and amortization | 5,500 | 4,900 | 10,900 | 9,700 |
JBI [Member] | Operating Segments [Member] | ||||
Depreciation and amortization | 42,400 | 40,400 | 85,000 | 80,800 |
DCS [Member] | Operating Segments [Member] | ||||
Depreciation and amortization | 49,200 | 37,200 | 96,100 | 73,600 |
ICS [Member] | Operating Segments [Member] | ||||
Depreciation and amortization | 300 | 300 | 800 | 600 |
JBT [Member] | Operating Segments [Member] | ||||
Depreciation and amortization | $ 10,000 | $ 10,300 | $ 20,200 | $ 20,500 |