Document And Entity Information
Document And Entity Information | 9 Months Ended |
Sep. 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 Emerging Growth Company | false |
Entity Small Business | false |
Entity Common Stock, Shares Outstanding (in shares) | 109,176,325 |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Operating revenues | $ 2,209,760 | $ 1,843,334 | $ 6,297,032 | $ 5,199,408 |
Operating expenses: | ||||
Rents and purchased transportation | 1,125,386 | 947,145 | 3,163,443 | 2,624,707 |
Salaries, wages and employee benefits | 495,350 | 408,340 | 1,410,942 | 1,178,524 |
Fuel and fuel taxes | 117,976 | 87,006 | 341,398 | 246,725 |
Depreciation and amortization | 108,801 | 95,959 | 321,807 | 281,198 |
Operating supplies and expenses | 79,225 | 67,578 | 226,352 | 190,085 |
General and administrative expenses, net of asset dispositions | 42,449 | 29,389 | 112,078 | 74,597 |
Insurance and claims | 45,594 | 26,463 | 102,464 | 76,930 |
Operating taxes and licenses | 13,203 | 10,744 | 37,025 | 32,329 |
Communication and utilities | 7,088 | 5,738 | 23,241 | 16,337 |
Total operating expenses | 2,035,072 | 1,678,362 | 5,738,750 | 4,721,432 |
Operating income | 174,688 | 164,972 | 558,282 | 477,976 |
Net interest expense | 9,961 | 8,310 | 28,969 | 22,521 |
Earnings before income taxes | 164,727 | 156,662 | 529,313 | 455,455 |
Income taxes | 33,617 | 56,277 | 128,409 | 154,499 |
Net earnings | $ 131,110 | $ 100,385 | $ 400,904 | $ 300,956 |
Weighted average basic shares outstanding (in shares) | 109,254 | 109,703 | 109,484 | 110,066 |
Basic earnings per share (in dollars per share) | $ 1.20 | $ 0.92 | $ 3.66 | $ 2.73 |
Weighted average diluted shares outstanding (in shares) | 110,235 | 110,628 | 110,591 | 111,154 |
Diluted earnings per share (in dollars per share) | $ 1.19 | $ 0.91 | $ 3.63 | $ 2.71 |
Dividends declared per common share (in dollars per share) | $ 0.24 | $ 0.23 | $ 0.72 | $ 0.69 |
Service Excluding Fuel Surcharge [Member] | ||||
Operating revenues | $ 1,936,653 | $ 1,657,380 | $ 5,523,974 | $ 4,670,200 |
Fuel Surcharge [Member] | ||||
Operating revenues | $ 273,107 | $ 185,954 | $ 773,058 | $ 529,208 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 7,587 | $ 14,612 |
Trade accounts receivable, net | 1,095,638 | 920,767 |
Prepaid expenses and other | 239,257 | 403,349 |
Total current assets | 1,342,482 | 1,338,728 |
Property and equipment, at cost | 5,064,126 | 4,670,464 |
Less accumulated depreciation | 1,822,619 | 1,687,133 |
Net property and equipment | 3,241,507 | 2,983,331 |
Other assets, net | 137,682 | 143,290 |
Total assets | 4,721,671 | 4,465,349 |
Current liabilities: | ||
Current portion of long-term debt | 248,680 | |
Trade accounts payable | 569,453 | 598,594 |
Claims accruals | 279,136 | 251,980 |
Accrued payroll | 74,802 | 42,382 |
Other accrued expenses | 40,589 | 28,888 |
Total current liabilities | 1,212,660 | 921,844 |
Long-term debt | 820,864 | 1,085,649 |
Other long-term liabilities | 89,141 | 76,661 |
Deferred income taxes | 518,428 | 541,870 |
Stockholders' equity | 2,080,578 | 1,839,325 |
Total liabilities and stockholders' equity | $ 4,721,671 | $ 4,465,349 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net earnings | $ 400,904 | $ 300,956 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 321,807 | 281,198 |
Share-based compensation | 37,184 | 30,953 |
Loss on sale of revenue equipment and other | 8,441 | 5,716 |
Deferred income taxes | (23,442) | (43,801) |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (174,871) | (113,432) |
Other assets | 4,647 | 58,230 |
Trade accounts payable | 77,257 | 100,020 |
Income taxes payable or receivable | 72,926 | 8,350 |
Claims accruals | 25,043 | 7,901 |
Accrued payroll and other accrued expenses | 27,707 | (7,542) |
Net cash provided by operating activities | 777,603 | 628,549 |
Cash flows from investing activities: | ||
Additions to property and equipment | (676,097) | (328,218) |
Net proceeds from sale of equipment | 91,120 | 13,380 |
Business acquisition | (137,630) | |
Changes in other assets | (1,278) | (3,641) |
Net cash used in investing activities | (586,255) | (456,109) |
Cash flows from financing activities: | ||
Proceeds from revolving lines of credit and other | 2,407,462 | 2,108,891 |
Payments on revolving lines of credit and other | (2,409,000) | (2,006,001) |
Purchase of treasury stock | (100,027) | (179,813) |
Stock repurchased for payroll taxes and other | (18,023) | (18,067) |
Dividends paid | (78,785) | (76,120) |
Net cash used in financing activities | (198,373) | (171,110) |
Net change in cash and cash equivalents | (7,025) | 1,330 |
Cash and cash equivalents at beginning of period | 14,612 | 6,377 |
Cash and cash equivalents at end of period | 7,587 | 7,707 |
Supplemental disclosure of cash flow information: | ||
Interest | 31,479 | 24,641 |
Income taxes | 81,334 | 187,313 |
Noncash investing activities | ||
Accruals for equipment received | $ 30,843 | $ 22,984 |
Note 1 - General
Note 1 - General | 9 Months Ended |
Sep. 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 January 1, 2019. July 2018, 2018 11, no The FASB has provided certain practical expedients in applying the standard. Of the allowed practical expedients within the standard applicable to our operations, we will elect the package of practical expedients, which among other things, allows us to carry forward the historical lease classification upon adoption of the standard. We will not not not Upon adoption of the standard we expect to record offsetting lease assets and lease liabilities on our Consolidated Balance Sheet. We do not no 10, 10 December 31, 2017 In August 2018, 2018 15, January 1, 2020, 2018 15 not 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 | 9 Months Ended |
Sep. 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 1.0 third 2018, 0.9 third 2017. nine September 30, 2018 2017, 1.1 |
Note 3 - Share-based Compensati
Note 3 - Share-based Compensation | 9 Months Ended |
Sep. 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Restricted share units: Pretax compensation expense $ 7,626 $ 5,977 $ 26,061 $ 22,987 Tax benefit 1,983 2,146 6,776 7,793 Restricted share unit expense, net of tax $ 5,643 $ 3,831 $ 19,285 $ 15,194 Performance share units: Pretax compensation expense $ 3,557 $ 1,867 $ 11,123 $ 7,966 Tax benefit 925 670 2,892 2,700 Performance share unit expense, net of tax $ 2,632 $ 1,197 $ 8,231 $ 5,266 As of September 30, 2018, $63.2 $17.1 3.6 2.5 nine September 30, 2018, 295,186 118,438 291,045 118,438 third 2018. |
Note 4 - Financing Arrangements
Note 4 - Financing Arrangements | 9 Months Ended |
Sep. 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): September 30, 2018 December 31, 2017 Senior revolving line of credit $ 239.0 $ 241.4 Senior notes 830.6 844.2 Less current portion of long-term debt (248.7 ) - Total long-term debt $ 820.9 $ 1,085.6 Senior Revolving Line of Credit On September 25, 2018, $500 September 30, 2015, $750 five September 25, 2023, $250 one September 30, 2018, $241 3.23% 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 September 30, 2018. 2019, |
Note 5 - Derivative Financial I
Note 5 - Derivative Financial Instruments | 9 Months Ended |
Sep. 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, 3.18% $250 2.40% 3.67% $350 3.30% September 30, 2018. September 30, 2018. 7, |
Note 6 - Capital Stock
Note 6 - Capital Stock | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6 . Capital Stock On October 22, 2015, $500 April 20, 2017, $500 September 30, 2018, $421 422,000 $50 three September 30, 2018 842,000 $100 nine September 30, 2018. July 19, 2018, $0.24, August 17, 2018, August 3, 2018. October 18, 2018, $0.24 November 16, 2018, November 9, 2018. |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurements | 9 Months Ended |
Sep. 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 September 30, 2018 ( Asset/(Liability) Balance September 30, 2018 December 31, 2017 Input Level Trading investments $ 17.5 $ 16.4 1 Interest rate swaps $ (16.0 ) $ (1.4 ) 2 Senior notes, net of unamortized discount and debt issuance costs $ (581.8 ) $ (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 September 30, 2018, 2 not $487.8 $489.6 The carrying amounts of all other instruments at September 30, 2018, |
Note 8 - Income Taxes
Note 8 - Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8 . Income Taxes Our effective income tax rate was 20.4% three September 30, 2018, 35.9% three September 30, 2017. 24.3% first nine 2018, 33.9% 2017. The Tax Cuts and Jobs Act (the Act) was enacted in December 2017. 2018, 35% 21%. No. 118 September 30, 2018, not may first nine 2017 one $13.6 2012 2016 At September 30, 2018, $43.2 $34.1 $4.1 September 30, 2018. |
Note 9 - Legal Proceedings
Note 9 - Legal Proceedings | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9 . Legal Proceedings We are a defendant in certain possible 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. In the lead class-action, the United States District Court for the Central District of California issued an Order in late July 2018 August 2018 September 2018 September 2018, $15 October 2018. In January 2017, May 1, 2016, October 5, 2018, $18.3 third 2018, April 2014 May 2018. not 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 | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 0 . Business Segments We reported four three nine September 30, 2018 2017. 13, Segment Information 10 December 31, 2017. Assets (Excludes intercompany accounts) As of September 30, 2018 December 31, 2017 JBI $ 2,243 $ 2,108 DCS 1,457 1,182 ICS 226 204 JBT 268 283 Other (includes corporate) 528 688 Total $ 4,722 $ 4,465 Operating Revenues Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 JBI $ 1,218 $ 1,048 $ 3,453 $ 2,987 DCS 543 438 1,567 1,242 ICS 346 269 989 701 JBT 106 93 300 281 Subtotal 2,213 1,848 6,309 5,211 Inter-segment eliminations (3 ) (5 ) (12 ) (12 ) Total $ 2,210 $ 1,843 $ 6,297 $ 5,199 Operating Income Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 JBI $ 120.3 109.1 $ 368.6 $ 314.1 DCS 35.0 42.9 134.0 136.2 ICS 10.2 7.3 34.0 11.5 JBT 9.2 5.7 21.8 16.2 Other (includes corporate) - - (0.1 ) - Total $ 174.7 $ 165.0 $ 558.3 $ 478.0 Depreciation and Amortization Expense Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 JBI $ 43.1 $ 40.4 $ 128.1 $ 121.2 DCS 50.3 40.4 146.4 114.1 ICS 0.4 0.3 1.1 0.9 JBT 9.3 10.2 29.5 30.7 Other (includes corporate) 5.7 4.7 16.7 14.3 Total $ 108.8 $ 96.0 $ 321.8 $ 281.2 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 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 January 1, 2019. July 2018, 2018 11, no The FASB has provided certain practical expedients in applying the standard. Of the allowed practical expedients within the standard applicable to our operations, we will elect the package of practical expedients, which among other things, allows us to carry forward the historical lease classification upon adoption of the standard. We will not not not Upon adoption of the standard we expect to record offsetting lease assets and lease liabilities on our Consolidated Balance Sheet. We do not no 10, 10 December 31, 2017 In August 2018, 2018 15, January 1, 2020, 2018 15 not 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 Compensa_2
Note 3 - Share-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Restricted share units: Pretax compensation expense $ 7,626 $ 5,977 $ 26,061 $ 22,987 Tax benefit 1,983 2,146 6,776 7,793 Restricted share unit expense, net of tax $ 5,643 $ 3,831 $ 19,285 $ 15,194 Performance share units: Pretax compensation expense $ 3,557 $ 1,867 $ 11,123 $ 7,966 Tax benefit 925 670 2,892 2,700 Performance share unit expense, net of tax $ 2,632 $ 1,197 $ 8,231 $ 5,266 |
Note 4 - Financing Arrangemen_2
Note 4 - Financing Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 30, 2018 December 31, 2017 Senior revolving line of credit $ 239.0 $ 241.4 Senior notes 830.6 844.2 Less current portion of long-term debt (248.7 ) - Total long-term debt $ 820.9 $ 1,085.6 |
Note 7 - Fair Value Measureme_2
Note 7 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Asset/(Liability) Balance September 30, 2018 December 31, 2017 Input Level Trading investments $ 17.5 $ 16.4 1 Interest rate swaps $ (16.0 ) $ (1.4 ) 2 Senior notes, net of unamortized discount and debt issuance costs $ (581.8 ) $ (595.6 ) 2 |
Note 10 - Business Segments (Ta
Note 10 - Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Assets (Excludes intercompany accounts) As of September 30, 2018 December 31, 2017 JBI $ 2,243 $ 2,108 DCS 1,457 1,182 ICS 226 204 JBT 268 283 Other (includes corporate) 528 688 Total $ 4,722 $ 4,465 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Operating Revenues Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 JBI $ 1,218 $ 1,048 $ 3,453 $ 2,987 DCS 543 438 1,567 1,242 ICS 346 269 989 701 JBT 106 93 300 281 Subtotal 2,213 1,848 6,309 5,211 Inter-segment eliminations (3 ) (5 ) (12 ) (12 ) Total $ 2,210 $ 1,843 $ 6,297 $ 5,199 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Operating Income Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 JBI $ 120.3 109.1 $ 368.6 $ 314.1 DCS 35.0 42.9 134.0 136.2 ICS 10.2 7.3 34.0 11.5 JBT 9.2 5.7 21.8 16.2 Other (includes corporate) - - (0.1 ) - Total $ 174.7 $ 165.0 $ 558.3 $ 478.0 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | Depreciation and Amortization Expense Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 JBI $ 43.1 $ 40.4 $ 128.1 $ 121.2 DCS 50.3 40.4 146.4 114.1 ICS 0.4 0.3 1.1 0.9 JBT 9.3 10.2 29.5 30.7 Other (includes corporate) 5.7 4.7 16.7 14.3 Total $ 108.8 $ 96.0 $ 321.8 $ 281.2 |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total | 1 | 0.9 | 1.1 | 1.1 |
Note 3 - Share-based Compensa_3
Note 3 - Share-based Compensation (Details Textual) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018USD ($)shares | Sep. 30, 2018USD ($)shares | |
Restricted Stock Units (RSUs) [Member] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ | $ 63.2 | $ 63.2 |
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 | 291,045 | 295,186 |
Performance Shares [Member] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ | $ 17.1 | $ 17.1 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 182 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | shares | 118,438 | 118,438 |
Note 3 - Share-based Compensa_4
Note 3 - Share-based Compensation - Components of Share-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Restricted Stock Units (RSUs) [Member] | ||||
Pretax compensation expense | $ 7,626 | $ 5,977 | $ 26,061 | $ 22,987 |
Tax benefit | 1,983 | 2,146 | 6,776 | 7,793 |
Share unit expense, net of tax | 5,643 | 3,831 | 19,285 | 15,194 |
Performance Shares [Member] | ||||
Pretax compensation expense | 3,557 | 1,867 | 11,123 | 7,966 |
Tax benefit | 925 | 670 | 2,892 | 2,700 |
Share unit expense, net of tax | $ 2,632 | $ 1,197 | $ 8,231 | $ 5,266 |
Note 4 - Financing Arrangemen_3
Note 4 - Financing Arrangements (Details Textual) - USD ($) $ in Millions | Sep. 30, 2018 | Sep. 25, 2018 | Sep. 24, 2018 |
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 | $ 750 | $ 500 | |
Line of Credit Facility, Maximum Borrowing Capacity, Optional Increase | $ 250 | ||
Long-term Line of Credit, Total | $ 241 | ||
Debt, Weighted Average Interest Rate | 3.23% |
Note 4 - Financing Arrangemen_4
Note 4 - Financing Arrangements - Outstanding Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Less current portion of long-term debt | $ (248,680) | |
Long-term debt | 820,864 | 1,085,649 |
Line of Credit [Member] | ||
Long-term Debt, Total | 239,000 | 241,400 |
Senior Notes [Member] | ||
Long-term Debt, Total | $ 830,600 | $ 844,200 |
Note 5 - Derivative Financial_2
Note 5 - Derivative Financial Instruments (Details Textual) $ in Millions | Sep. 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 | 3.18% |
Senior Notes, Third Issuance [Member] | Fair Value Hedging [Member] | Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Derivative, Variable Interest Rate | 3.67% |
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 | Oct. 18, 2018 | Jul. 19, 2018 | Apr. 20, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 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 | $ 421 | $ 421 | ||||||
Treasury Stock, Shares, Acquired | 422,000 | 842,000 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ 50 | $ 100 | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.24 | $ 0.24 | $ 0.23 | $ 0.72 | $ 0.69 | |||
Dividends Payable, Date to be Paid | Aug. 17, 2018 | |||||||
Dividends Payable, Date of Record | Aug. 3, 2018 | |||||||
Subsequent Event [Member] | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.24 | |||||||
Dividends Payable, Date to be Paid | Nov. 16, 2018 | |||||||
Dividends Payable, Date of Record | Nov. 9, 2018 |
Note 7 - Fair Value Measureme_3
Note 7 - Fair Value Measurements (Details Textual) - Senior Notes [Member] - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Long-term Debt, Total | $ 830.6 | $ 844.2 |
Fair Value, Measurements, Recurring [Member] | ||
Long-term Debt, Total | 487.8 | |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term Debt, Fair Value | $ 489.6 |
Note 7 - Fair Value Measureme_4
Note 7 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Inputs, Level 1 [Member] | ||
Trading investments | $ 17.5 | $ 16.4 |
Fair Value, Inputs, Level 2 [Member] | ||
Interest rate swaps, liabilities | (16) | (1.4) |
Senior notes, net of unamortized discount and debt issuance costs | $ (581.8) | $ (595.6) |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 20.40% | 35.90% | 24.30% | 33.90% | 35.00% | |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | $ 13.6 | |||||
Unrecognized Tax Benefits, Ending Balance | $ 43.2 | $ 43.2 | ||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 34.1 | 34.1 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 4.1 | $ 4.1 | ||||
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) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Lawsuit for Claims of Unpaid Wages, Failure to Provide Meal and Rest Periods, and Other Items [Member] | ||
Loss Contingency, Damages Sought, Value | $ 15 | |
Arbitration Case with BNSF [Member] | ||
Loss Contingency, Loss in Period | $ 18.3 |
Note 10 - Business Segments (De
Note 10 - Business Segments (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Number of Reportable Segments | 4 | 4 | 4 | 4 |
Note 10 - Business Segments - A
Note 10 - Business Segments - Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets | $ 4,721,671 | $ 4,465,349 |
Operating Segments [Member] | JBI [Member] | ||
Assets | 2,243,000 | 2,108,000 |
Operating Segments [Member] | DCS [Member] | ||
Assets | 1,457,000 | 1,182,000 |
Operating Segments [Member] | ICS [Member] | ||
Assets | 226,000 | 204,000 |
Operating Segments [Member] | JBT [Member] | ||
Assets | 268,000 | 283,000 |
Corporate and Reconciling Items [Member] | ||
Assets | $ 528,000 | $ 688,000 |
Note 10 - Business Segments - O
Note 10 - Business Segments - Operating Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues | $ 2,209,760 | $ 1,843,334 | $ 6,297,032 | $ 5,199,408 |
Operating Segments [Member] | ||||
Revenues | 2,213,000 | 1,848,000 | 6,309,000 | 5,211,000 |
Intersegment Eliminations [Member] | ||||
Revenues | (3,000) | (5,000) | (12,000) | (12,000) |
JBI [Member] | Operating Segments [Member] | ||||
Revenues | 1,218,000 | 1,048,000 | 3,453,000 | 2,987,000 |
DCS [Member] | Operating Segments [Member] | ||||
Revenues | 543,000 | 438,000 | 1,567,000 | 1,242,000 |
ICS [Member] | Operating Segments [Member] | ||||
Revenues | 346,000 | 269,000 | 989,000 | 701,000 |
JBT [Member] | Operating Segments [Member] | ||||
Revenues | $ 106,000 | $ 93,000 | $ 300,000 | $ 281,000 |
Note 10 - Business Segments -_2
Note 10 - Business Segments - Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Operating income | $ 174,688 | $ 164,972 | $ 558,282 | $ 477,976 |
Corporate and Reconciling Items [Member] | ||||
Operating income | (100) | |||
JBI [Member] | Operating Segments [Member] | ||||
Operating income | 120,300 | 109,100 | 368,600 | 314,100 |
DCS [Member] | Operating Segments [Member] | ||||
Operating income | 35,000 | 42,900 | 134,000 | 136,200 |
ICS [Member] | Operating Segments [Member] | ||||
Operating income | 10,200 | 7,300 | 34,000 | 11,500 |
JBT [Member] | Operating Segments [Member] | ||||
Operating income | $ 9,200 | $ 5,700 | $ 21,800 | $ 16,200 |
Note 10 - Business Segments - D
Note 10 - Business Segments - Depreciation and Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Depreciation and amortization | $ 108,801 | $ 95,959 | $ 321,807 | $ 281,198 |
Corporate and Reconciling Items [Member] | ||||
Depreciation and amortization | 5,700 | 4,700 | 16,700 | 14,300 |
JBI [Member] | Operating Segments [Member] | ||||
Depreciation and amortization | 43,100 | 40,400 | 128,100 | 121,200 |
DCS [Member] | Operating Segments [Member] | ||||
Depreciation and amortization | 50,300 | 40,400 | 146,400 | 114,100 |
ICS [Member] | Operating Segments [Member] | ||||
Depreciation and amortization | 400 | 300 | 1,100 | 900 |
JBT [Member] | Operating Segments [Member] | ||||
Depreciation and amortization | $ 9,300 | $ 10,200 | $ 29,500 | $ 30,700 |