Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 01, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | OLD DOMINION FREIGHT LINE, INC. | |
Entity Central Index Key | 0000878927 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ODFL | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 117,948,168 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 0-19582 | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 56-0751714 | |
Entity Address, Postal Zip Code | 27360 | |
Entity Address, Address Line One | 500 Old Dominion Way | |
Entity Address, City or Town | Thomasville | |
Entity Address, State or Province | NC | |
City Area Code | 336 | |
Local Phone Number | 889-5000 | |
Security Exchange Name | NASDAQ | |
Title of 12(b) Security | Common Stock ($0.10 par value) | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 356,972 | $ 403,571 |
Customer receivables, less allowances of $9,464 and $8,866, respectively | 419,128 | 397,579 |
Other receivables | 8,485 | 10,586 |
Prepaid expenses and other current assets | 46,421 | 55,098 |
Total current assets | 831,006 | 866,834 |
Property and equipment: | ||
Revenue equipment | 1,898,633 | 1,898,999 |
Land and structures | 2,082,960 | 2,039,937 |
Other fixed assets | 486,408 | 482,425 |
Leasehold improvements | 11,822 | 11,709 |
Total property and equipment | 4,479,823 | 4,433,070 |
Accumulated depreciation | (1,525,833) | (1,464,235) |
Net property and equipment | 2,953,990 | 2,968,835 |
Goodwill | 19,463 | 19,463 |
Other assets | 130,527 | 140,436 |
Total assets | 3,934,986 | 3,995,568 |
Current liabilities: | ||
Accounts payable | 55,097 | 70,254 |
Compensation and benefits | 176,150 | 192,524 |
Claims and insurance accruals | 53,768 | 54,330 |
Other accrued liabilities | 44,597 | 46,130 |
Income taxes payable | 53,683 | 2,847 |
Current maturities of long-term debt | 45,000 | |
Total current liabilities | 428,295 | 366,085 |
Long-term liabilities: | ||
Long-term debt | 45,000 | |
Other non-current liabilities | 228,678 | 241,802 |
Deferred income taxes | 261,964 | 261,964 |
Total long-term liabilities | 490,642 | 548,766 |
Total liabilities | 918,937 | 914,851 |
Commitments and contingent liabilities | ||
Shareholders’ equity: | ||
Common stock - $0.10 par value, 140,000,000 shares authorized, 118,133,507 and 119,532,534 shares outstanding at March 31, 2020 and December 31, 2019, respectively | 11,813 | 11,953 |
Capital in excess of par value | 217,187 | 218,462 |
Retained earnings | 2,787,049 | 2,850,302 |
Total shareholders’ equity | 3,016,049 | 3,080,717 |
Total liabilities and shareholders’ equity | $ 3,934,986 | $ 3,995,568 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Customer receivables, allowances | $ 9,464 | $ 8,866 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 140,000,000 | 140,000,000 |
Common stock, shares outstanding | 118,133,507 | 119,532,534 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Revenue from operations | $ 987,364 | $ 990,782 |
Operating expenses: | ||
Salaries, wages and benefits | 524,483 | 522,344 |
Operating supplies and expenses | 107,693 | 121,357 |
General supplies and expenses | 33,608 | 31,560 |
Operating taxes and licenses | 29,314 | 29,071 |
Insurance and claims | 9,850 | 11,172 |
Communications and utilities | 8,191 | 7,839 |
Depreciation and amortization | 65,435 | 63,073 |
Purchased transportation | 20,800 | 20,687 |
Miscellaneous expenses, net | 4,820 | 5,253 |
Total operating expenses | 804,194 | 812,356 |
Operating income | 183,170 | 178,426 |
Non-operating expense (income): | ||
Interest expense | 100 | 122 |
Interest income | (1,248) | (1,483) |
Other expense (income), net | 3,617 | (600) |
Total non-operating expense (income) | 2,469 | (1,961) |
Income before income taxes | 180,701 | 180,387 |
Provision for income taxes | 47,524 | 47,064 |
Net income | $ 133,177 | $ 133,323 |
Earnings per share: | ||
Basic | $ 1.12 | $ 1.10 |
Diluted | $ 1.11 | $ 1.10 |
Weighted average shares outstanding: | ||
Basic | 119,050,174 | 121,549,706 |
Diluted | 119,805,572 | 121,715,331 |
Dividends declared per share | $ 0.15 | $ 0.11 |
Condensed Statements of Changes
Condensed Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital In Excess Of Par Value [Member] | Retained Earnings [Member] |
Balance at Dec. 31, 2018 | $ 12,185 | $ 138,210 | $ 2,530,088 | |
Share repurchases | (33) | (30,563) | ||
Cash dividends declared | (13,792) | |||
Share-based compensation and restricted share issuances | 10 | 1,923 | ||
Taxes paid in exchange for shares withheld | (1) | (979) | ||
Net income | 133,323 | |||
Balance at Mar. 31, 2019 | $ 2,770,371 | 12,161 | 139,154 | 2,619,056 |
Balance at Dec. 31, 2019 | 3,080,717 | 11,953 | 218,462 | 2,850,302 |
Share repurchases | (143) | (178,151) | ||
Cash dividends declared | (18,279) | |||
Share-based compensation and restricted share issuances | 6 | 2,067 | ||
Taxes paid in exchange for shares withheld | (2) | (2,731) | ||
Cash paid for fractional shares | (1) | (611) | ||
Net income | 133,177 | |||
Balance at Mar. 31, 2020 | $ 3,016,049 | $ 11,813 | $ 217,187 | $ 2,787,049 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 133,177 | $ 133,323 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 65,435 | 63,073 |
Loss on disposal of property and equipment | 78 | 477 |
Share-based compensation | 2,073 | 1,933 |
Other operating activities, net | 3,255 | 7,369 |
Net cash provided by operating activities | 204,018 | 206,175 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (52,211) | (70,741) |
Proceeds from sale of property and equipment | 1,543 | 277 |
Net cash used in investing activities | (50,668) | (70,464) |
Cash flows from financing activities: | ||
Payments for share repurchases | (178,294) | (30,596) |
Dividends paid | (18,310) | (13,790) |
Other financing activities, net | (3,345) | (980) |
Net cash used in financing activities | (199,949) | (45,366) |
(Decrease) Increase in cash and cash equivalents | (46,599) | 90,345 |
Cash and cash equivalents at beginning of period | 403,571 | 190,282 |
Cash and cash equivalents at end of period | $ 356,972 | $ 280,627 |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 1. Significant Accounting Policies Business We are a leading, less-than-truckload (“LTL”), union-free motor carrier providing regional, inter-regional and national LTL services through a single integrated organization. Our service offerings, which include expedited transportation, are provided through an expansive network of service centers located throughout the continental United States. Through strategic alliances, we also provide LTL services throughout North America. In addition to our core LTL services, we offer a range of value-added services including container drayage, truckload brokerage and supply chain consulting. We have one operating segment and the composition of our revenue is summarized below: Three Months Ended March 31, (In thousands) 2020 2019 LTL services $ 974,431 $ 976,563 Other services 12,933 14,219 Total revenue from operations $ 987,364 $ 990,782 Basis of Presentation The accompanying unaudited, interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and, in management’s opinion, contain all adjustments (consisting of normal recurring items) necessary for a fair presentation, in all material respects, of the financial position and results of operations for the periods presented. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The preparation of condensed financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Our operating results are subject to seasonal trends; therefore, the results of operations for the interim period ended March 31, 2020 are not necessarily indicative of the results that may be expected for the subsequent quarterly periods or the year ending December 31, 2020. The condensed financial statements should be read in conjunction with the financial statements and related notes, which appear in our Annual Report on Form 10-K for the year ended December 31, 2019. There have been no significant changes in the accounting principles and policies, long-term contracts or estimates inherent in the preparation of the condensed financial statements of Old Dominion Freight Line, Inc. as previously described in our Annual Report on Form 10-K for the year ended December 31, 2019, other than those disclosed in this Form 10-Q. Certain amounts in prior years have been reclassified to conform prior years’ financial statements to the current presentation. Unless the context requires otherwise, references in these Notes to “Old Dominion,” the “Company,” “we,” “us” and “our” refer to Old Dominion Freight Line, Inc. Common Stock Split On February 21, 2020, we announced that our Board of Directors approved a three All references in this report to shares outstanding, weighted average shares outstanding, earnings per share, and dividends per share amounts have been restated retroactively to reflect this stock split. Fair Values of Financial Instruments The carrying values of financial instruments in current assets and current liabilities approximate their fair value due to the short maturities of these instruments. The carrying value of our total long-term debt, including current maturities, was $45.0 million at each of March 31, 2020 and December 31, 2019. The estimated fair value of our total long-term debt, including current maturities, was $45.5 million and $46.1 million at March 31, 2020 and December 31, 2019, respectively. The fair value measurement of our senior notes was determined using a discounted cash flow analysis that factors in current market yields for comparable borrowing arrangements under our credit profile. Since this methodology is based upon market yields for comparable arrangements, the measurement is categorized as Level 2 under the three-level fair value hierarchy as established by the Financial Accounting Standards Board (the “FASB”). Stock Repurchase Program On May 16, 2019, we announced that our Board of Directors had approved a two-year stock repurchase program authorizing us to repurchase up to an aggregate of $350.0 million of our outstanding common stock (the “Repurchase Program”). Under the Repurchase Program, which became effective upon the completion of our prior stock repurchase program in May 2019, we may repurchase shares from time to time in open market purchases or through privately negotiated transactions. Shares of our common stock repurchased under the Repurchase Program are canceled at the time of repurchase and are classified as authorized but unissued shares of our common stock. During the three months ended March 31, 2020, we repurchased 1,434,716 shares of our common stock for $178.3 million. As of March 31, 2020, we had $62.5 million remaining authorized under the Repurchase Program. Recent Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Statements” (Topic 326). This ASU modified the loss methodology for establishing a provision against financial assets, including customer receivables, to include an expected future performance component. We adopted ASU 2016-13 on January 1, 2020. The adoption did not have a material impact to our financial position, results of operations, or cash flow. We maintain an allowance for uncollectible accounts for estimated losses resulting from the inability of our customers to make required payments. We estimate this allowance by analyzing the aging of our customer receivables, our historical loss experience and other trends and factors affecting the credit risk of our customers, including anticipated changes to future performance. Write-offs occur when we determine an account to be uncollectible and could differ from our allowance estimate as a result of factors such as changes in the overall economic environment or risks surrounding our customers. Additional allowances may be required if the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments. We periodically review the underlying assumptions in our estimate of the allowance for uncollectible accounts to ensure that the allowance reflects the most recent trends and factors. Our allowance for uncollectible accounts was $3.6 million at March 31, 2020. There were no material write-offs to our allowance for uncollectible accounts during the first quarter of 2020. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 2. Earnings Per Share Basic earnings per share is computed by dividing net income by the daily weighted average number of shares of our common stock outstanding for the period, excluding unvested restricted stock. Unvested restricted stock is included in common shares outstanding on our Condensed Balance Sheets. Diluted earnings per share is computed using the treasury stock method. The denominator used in calculating diluted earnings per share includes the impact of unvested restricted stock and other dilutive, non-participating securities under our equity award agreements. The denominator excludes contingently-issuable shares under performance-based award agreements when the performance target has not yet been deemed achieved. The following table provides a reconciliation of the number of shares of common stock used in computing basic and diluted earnings per share: Three Months Ended March 31, 2020 2019 Weighted average shares outstanding - basic 119,050,174 121,549,706 Dilutive effect of share-based awards 755,398 165,625 Weighted average shares outstanding - diluted 119,805,572 121,715,331 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 3. Long-Term Debt Long-term debt consisted of the following: (In thousands) March 31, 2020 December 31, 2019 Senior notes $ 45,000 $ 45,000 Revolving credit facility — — Total long-term debt 45,000 45,000 Less: Current maturities (45,000 ) — Total maturities due after one year $ — $ 45,000 We have an unsecured senior note agreement with an amount outstanding of $45.0 million at each of March 31, 2020 and December 31, 2019 (the “Senior Notes”). The agreement for the Senior Notes calls for a scheduled principal payment of $45.0 million, with an interest rate of 4.79%, on January 3, 2021. On November 21, 2019, we entered into a second amended and restated credit agreement with Wells Fargo Bank, National Association serving as administrative agent for the lenders (the “Credit Agreement”). The Credit Agreement provides for a five-year, $250.0 million senior unsecured revolving line of credit and a $150.0 million accordion feature, w hich if fully exercised and approved, would expand the total borrowing capacity up to an aggregate of $400.0 million. Of the $250.0 million line of credit commitments under the Credit Agreement, up to $100.0 million may be used for letters of credit. At our option, borrowings under the Credit Agreement bear interest at either: (i) LIBOR (including applicable successor provisions) plus an applicable margin (based on our ratio of net debt-to-total capitalization) that ranges from 1.000 a Base Rate plus an applicable margin (based on our ratio of net debt-to-total capitalization) that ranges from 0.000% to 0.375%. Letter of credit fees equal to the applicable margin for LIBOR loans are charged quarterly in arrears on the daily average aggregate stated amount of all letters of credit outstanding during the quarter. Commitment fees ranging from 0.100% to 0.175% (based upon the ratio of net debt-to-total capitalization) are charged quarterly in arrears on the aggregate unutilized portion of the Credit Agreement. For periods covered under the Credit Agreement, the applicable margin on LIBOR loans and letter of credit fees were 1.000 The Credit Agreement replaced our previous five-year, $300.0 million senior unsecured revolving credit agreement dated as of December 15, 2015, as amended on September 9, 2016 (the “Prior Credit Agreement”). For periods in 2019 and 2018 covered under the Prior Credit Agreement, the applicable margin on LIBOR loans and letter of credit fees were 1.000% and commitment fees were 0.125%. There were $45.7 million and $48.9 million of outstanding letters of credit at March 31, 2020 and December 31, 2019, respectively. The Credit Agreement includes a provision limiting our ability to make restricted payments, including dividends and payments for share repurchases, unless, among other conditions, no defaults or events of default under the Credit Agreement are ongoing (or would be caused by such restricted payment). Our Senior Notes and Credit Agreement contain customary covenants, including financial covenants that require us to observe a maximum ratio of debt to total capital and a minimum fixed charge coverage ratio. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 4. Commitments and Contingencies We are involved in or addressing various legal proceedings and claims, governmental inquiries, notices and investigations that have arisen in the ordinary course of our business and have not been fully adjudicated, some of which may be covered in whole or in part by insurance. Certain of these matters include collective and/or class-action allegations. We do not believe that the resolution of any of these matters will have a material adverse effect upon our financial position, results of operations or cash flows. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 5. Subsequent Events On May 1, 2020, we announced that our Board of Directors approved On May 4, 2020, we entered into a Note Purchase and Private Shelf Agreement with PGIM, Inc. (“Prudential”) and certain affiliates and managed accounts of Prudential (the “Note Agreement”). The Note Agreement provides for the issuance of senior promissory notes with an aggregate principal amount of up to $350.0 million through May 4, 2023. Pursuant to the Note Agreement, the Company issued $100.0 million aggregate principal amount of senior promissory notes (the “Series B Notes”), the proceeds of which will be available for capital expenditures, share repurchases, dividends, acquisitions, or general corporate purposes. Borrowing availability under the Note Agreement is reduced by our existing Senior Notes, the Series B Notes, and all other senior promissory notes issued pursuant to the Note Agreement. The Series B Notes |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Business | Business We are a leading, less-than-truckload (“LTL”), union-free motor carrier providing regional, inter-regional and national LTL services through a single integrated organization. Our service offerings, which include expedited transportation, are provided through an expansive network of service centers located throughout the continental United States. Through strategic alliances, we also provide LTL services throughout North America. In addition to our core LTL services, we offer a range of value-added services including container drayage, truckload brokerage and supply chain consulting. We have one operating segment and the composition of our revenue is summarized below: Three Months Ended March 31, (In thousands) 2020 2019 LTL services $ 974,431 $ 976,563 Other services 12,933 14,219 Total revenue from operations $ 987,364 $ 990,782 |
Basis of Presentation | Basis of Presentation The accompanying unaudited, interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and, in management’s opinion, contain all adjustments (consisting of normal recurring items) necessary for a fair presentation, in all material respects, of the financial position and results of operations for the periods presented. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The preparation of condensed financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Our operating results are subject to seasonal trends; therefore, the results of operations for the interim period ended March 31, 2020 are not necessarily indicative of the results that may be expected for the subsequent quarterly periods or the year ending December 31, 2020. The condensed financial statements should be read in conjunction with the financial statements and related notes, which appear in our Annual Report on Form 10-K for the year ended December 31, 2019. There have been no significant changes in the accounting principles and policies, long-term contracts or estimates inherent in the preparation of the condensed financial statements of Old Dominion Freight Line, Inc. as previously described in our Annual Report on Form 10-K for the year ended December 31, 2019, other than those disclosed in this Form 10-Q. Certain amounts in prior years have been reclassified to conform prior years’ financial statements to the current presentation. Unless the context requires otherwise, references in these Notes to “Old Dominion,” the “Company,” “we,” “us” and “our” refer to Old Dominion Freight Line, Inc. |
Common Stock Split | Common Stock Split On February 21, 2020, we announced that our Board of Directors approved a three All references in this report to shares outstanding, weighted average shares outstanding, earnings per share, and dividends per share amounts have been restated retroactively to reflect this stock split. |
Fair Values of Financial Instruments | Fair Values of Financial Instruments The carrying values of financial instruments in current assets and current liabilities approximate their fair value due to the short maturities of these instruments. The carrying value of our total long-term debt, including current maturities, was $45.0 million at each of March 31, 2020 and December 31, 2019. The estimated fair value of our total long-term debt, including current maturities, was $45.5 million and $46.1 million at March 31, 2020 and December 31, 2019, respectively. The fair value measurement of our senior notes was determined using a discounted cash flow analysis that factors in current market yields for comparable borrowing arrangements under our credit profile. Since this methodology is based upon market yields for comparable arrangements, the measurement is categorized as Level 2 under the three-level fair value hierarchy as established by the Financial Accounting Standards Board (the “FASB”). |
Stock Repurchase Program | Stock Repurchase Program On May 16, 2019, we announced that our Board of Directors had approved a two-year stock repurchase program authorizing us to repurchase up to an aggregate of $350.0 million of our outstanding common stock (the “Repurchase Program”). Under the Repurchase Program, which became effective upon the completion of our prior stock repurchase program in May 2019, we may repurchase shares from time to time in open market purchases or through privately negotiated transactions. Shares of our common stock repurchased under the Repurchase Program are canceled at the time of repurchase and are classified as authorized but unissued shares of our common stock. During the three months ended March 31, 2020, we repurchased 1,434,716 shares of our common stock for $178.3 million. As of March 31, 2020, we had $62.5 million remaining authorized under the Repurchase Program. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Statements” (Topic 326). This ASU modified the loss methodology for establishing a provision against financial assets, including customer receivables, to include an expected future performance component. We adopted ASU 2016-13 on January 1, 2020. The adoption did not have a material impact to our financial position, results of operations, or cash flow. We maintain an allowance for uncollectible accounts for estimated losses resulting from the inability of our customers to make required payments. We estimate this allowance by analyzing the aging of our customer receivables, our historical loss experience and other trends and factors affecting the credit risk of our customers, including anticipated changes to future performance. Write-offs occur when we determine an account to be uncollectible and could differ from our allowance estimate as a result of factors such as changes in the overall economic environment or risks surrounding our customers. Additional allowances may be required if the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments. We periodically review the underlying assumptions in our estimate of the allowance for uncollectible accounts to ensure that the allowance reflects the most recent trends and factors. Our allowance for uncollectible accounts was $3.6 million at March 31, 2020. There were no material write-offs to our allowance for uncollectible accounts during the first quarter of 2020. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Disaggregated Revenue | We have one operating segment and the composition of our revenue is summarized below: Three Months Ended March 31, (In thousands) 2020 2019 LTL services $ 974,431 $ 976,563 Other services 12,933 14,219 Total revenue from operations $ 987,364 $ 990,782 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of Number of Common Stock used in Computing Basic and Diluted Earning Per Share | The following table provides a reconciliation of the number of shares of common stock used in computing basic and diluted earnings per share: Three Months Ended March 31, 2020 2019 Weighted average shares outstanding - basic 119,050,174 121,549,706 Dilutive effect of share-based awards 755,398 165,625 Weighted average shares outstanding - diluted 119,805,572 121,715,331 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consisted of the following: (In thousands) March 31, 2020 December 31, 2019 Senior notes $ 45,000 $ 45,000 Revolving credit facility — — Total long-term debt 45,000 45,000 Less: Current maturities (45,000 ) — Total maturities due after one year $ — $ 45,000 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | ||
Mar. 31, 2020USD ($)Segmentshares | Dec. 31, 2019USD ($) | May 16, 2019USD ($) | |
Significant Accounting Policies [Line Items] | |||
Number of operating segment | Segment | 1 | ||
Common stock split, description | On February 21, 2020, we announced that our Board of Directors approved a three-for-two split of our common stock for shareholders of record as of the close of business on the record date of March 10, 2020. On March 24, 2020, those shareholders received one additional share of common stock for every two shares owned. | ||
Common stock split, conversion ratio | 1.5 | ||
Debt and capital lease obligations | $ 45,000,000 | $ 45,000,000 | |
Long-term debt, fair value | 45,500,000 | $ 46,100,000 | |
Allowance for uncollectible accounts | $ 3,600,000 | ||
2019 Share Repurchase Program [Member] | |||
Significant Accounting Policies [Line Items] | |||
Stock repurchased and retired during period, shares | shares | 1,434,716 | ||
Stock repurchased and retired during period, value | $ 178,300,000 | ||
Stock repurchase program, remaining authorized repurchase amount | $ 62,500,000 | ||
2019 Share Repurchase Program [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Stock repurchase program, authorized amount | $ 350,000,000 |
Significant Accounting Polici_5
Significant Accounting Policies - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from operations | $ 987,364 | $ 990,782 |
LTL Service Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from operations | 974,431 | 976,563 |
Other Service Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from operations | $ 12,933 | $ 14,219 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Number of Common Stock used in Computing Basic and Diluted Earning Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Weighted Average Number Of Shares Outstanding [Abstract] | ||
Weighted average shares outstanding - basic | 119,050,174 | 121,549,706 |
Dilutive effect of share-based awards | 755,398 | 165,625 |
Weighted average shares outstanding - diluted | 119,805,572 | 121,715,331 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Senior notes | $ 45,000 | $ 45,000 |
Revolving credit facility | 0 | 0 |
Total long-term debt | 45,000 | 45,000 |
Less: Current maturities | $ (45,000) | 0 |
Total maturities due after one year | $ 45,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Senior notes | $ 45,000,000 | $ 45,000,000 | |
Fixed interest rate | 4.79% | ||
Debt instrument, due date | Jan. 3, 2021 | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.10% | ||
Letter of Credit Fee in Percentage | 1.00% | ||
Letters of Credit Outstanding, Amount | $ 45,700,000 | 48,900,000 | |
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate Spread added to Rate | 0.00% | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.10% | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate Spread added to Rate | 0.375% | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.175% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate Spread added to Rate | 1.00% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate Spread added to Rate | 1.375% | ||
2019 Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Original borrowing capacity | $ 250,000,000 | ||
Line of Credit Facility Accordion | 150,000,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 400,000,000 | ||
Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | 100,000,000 | ||
Prior Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000,000 | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.125% | 0.125% | |
Letter of Credit Fee in Percentage | 1.00% | 1.00% | |
Unsecured Senior Note Due January 3, 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Scheduled principal payment | $ 45,000,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ in Millions | May 04, 2020 | Mar. 31, 2020 | May 01, 2020 |
Subsequent Event [Line Items] | |||
Debt instrument, due date | Jan. 3, 2021 | ||
Subsequent Event [Member] | Series B Notes [Member] | |||
Subsequent Event [Line Items] | |||
Notes interest | 3.10% | ||
Scheduled principal payment | $ 20 | ||
Maturity date, description | The Series B Notes bear interest at 3.10% per annum and mature on May 4, 2027, unless earlier paid by the Company | ||
Debt instrument, due date | May 4, 2027 | ||
Subsequent Event [Member] | Prudential [Member] | Series B Notes [Member] | |||
Subsequent Event [Line Items] | |||
Proceeds from issuance of senior promissory notes | $ 100 | ||
Maximum [Member] | Subsequent Event [Member] | Prudential [Member] | Note Agreement [Member] | |||
Subsequent Event [Line Items] | |||
Aggregate amount on promissory notes issued | $ 350 | ||
2020 Share Repurchase Program [Member] | Maximum [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Stock repurchase program, authorized amount | $ 700 |