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ODFL Old Dominion Freight Line

Document And Entity Information

Document And Entity Information - shares6 Months Ended
Jun. 30, 2021Aug. 03, 2021
Cover [Abstract]
Entity Registrant NameOLD DOMINION FREIGHT LINE, INC.
Entity Central Index Key0000878927
Document Type10-Q
Amendment Flagfalse
Document Period End DateJun. 30,
2021
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ2
Trading SymbolODFL
Current Fiscal Year End Date--12-31
Entity Filer CategoryLarge Accelerated Filer
Entity Emerging Growth Companyfalse
Entity Small Businessfalse
Entity Common Stock, Shares Outstanding115,810,083
Document Quarterly Reporttrue
Document Transition Reportfalse
Entity File Number0-19582
Entity Incorporation, State or Country CodeVA
Entity Tax Identification Number56-0751714
Entity Address, Postal Zip Code27360
Entity Address, Address Line One500 Old Dominion Way
Entity Address, City or TownThomasville
Entity Address, State or ProvinceNC
City Area Code336
Local Phone Number889-5000
Security Exchange NameNASDAQ
Title of 12(b) SecurityCommon Stock ($0.10 par value)
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Shell Companyfalse

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Current assets:
Cash and cash equivalents $ 484,204 $ 401,430
Short-term investments165,254 330,274
Customer receivables, less allowances of $9,915 and $8,979, respectively548,749 444,653
Other receivables51,307 9,569
Prepaid expenses and other current assets61,601 57,413
Total current assets1,311,115 1,243,339
Property and equipment:
Revenue equipment1,991,845 1,885,649
Land and structures2,297,101 2,218,290
Other fixed assets493,870 475,264
Leasehold improvements12,904 12,226
Total property and equipment4,795,720 4,591,429
Accumulated depreciation(1,796,993)(1,677,398)
Net property and equipment2,998,727 2,914,031
Other assets224,604 212,040
Total assets4,534,446 4,369,410
Current liabilities:
Accounts payable90,956 68,511
Compensation and benefits245,762 191,303
Claims and insurance accruals55,620 53,092
Other accrued liabilities89,680 51,513
Income taxes payable8,711
Total current liabilities482,018 373,130
Long-term liabilities:
Long-term debt99,939 99,931
Other non-current liabilities329,901 349,851
Deferred income taxes220,210 220,210
Total long-term liabilities650,050 669,992
Total liabilities1,132,068 1,043,122
Commitments and contingent liabilities
Shareholders’ equity:
Common stock - $0.10 par value, 280,000,000 shares authorized, 115,810,083 and 117,057,696 shares outstanding at June 30, 2021 and December 31, 2020, respectively11,581 11,706
Capital in excess of par value160,204 226,451
Retained earnings3,230,593 3,088,131
Total shareholders’ equity3,402,378 3,326,288
Total liabilities and shareholders’ equity $ 4,534,446 $ 4,369,410

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Statement Of Financial Position [Abstract]
Customer receivables, allowances $ 9,915 $ 8,979
Common stock, par value $ 0.10 $ 0.10
Common stock, shares authorized280,000,000 280,000,000
Common stock, shares outstanding115,810,083 117,057,696

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Income Statement [Abstract]
Revenue from operations $ 1,319,409 $ 896,210 $ 2,445,924 $ 1,883,574
Operating expenses:
Salaries, wages and benefits611,518 460,906 1,157,177 985,389
Operating supplies and expenses137,577 75,412 261,733 183,105
General supplies and expenses34,427 25,881 65,595 59,489
Operating taxes and licenses33,256 27,043 64,522 56,357
Insurance and claims14,983 10,910 27,905 20,760
Communications and utilities8,390 7,262 16,586 15,453
Depreciation and amortization63,947 65,735 127,934 131,170
Purchased transportation43,927 18,983 78,641 39,783
Miscellaneous expenses, net5,340 4,912 10,130 9,732
Total operating expenses953,365 697,044 1,810,223 1,501,238
Operating income366,044 199,166 635,701 382,336
Non-operating expense (income):
Interest expense465 765 972 865
Interest income(196)(231)(482)(1,479)
Other expense (income), net1,387 (373)1,515 3,244
Total non-operating expense1,656 161 2,005 2,630
Income before income taxes364,388 199,005 633,696 379,706
Provision for income taxes94,812 51,200 164,761 98,724
Net income $ 269,576 $ 147,805 $ 468,935 $ 280,982
Earnings per share:
Basic $ 2.33 $ 1.26 $ 4.04 $ 2.37
Diluted $ 2.31 $ 1.25 $ 4.01 $ 2.36
Weighted average shares outstanding:
Basic115,820,522 117,610,178 116,157,336 118,330,176
Diluted116,561,242 118,359,884 116,906,572 119,082,728
Dividends declared per share $ 0.20 $ 0.15 $ 0.40 $ 0.30

Condensed Statements of Changes

Condensed Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in ThousandsTotalCommon Stock [Member]Capital In Excess Of Par Value [Member]Retained Earnings [Member]
Balance at Dec. 31, 2019 $ 11,953 $ 218,462 $ 2,850,302
Share repurchases(223)(306,568)
Cash dividends declared(35,877)
Share-based compensation and share issuances7 4,275
Taxes paid in exchange for shares withheld(2)(2,731)
Forward contract for accelerated share repurchases(37,500)
Cash paid for fractional shares(1)(611)
Net income280,982
Balance at Jun. 30, 2020 $ 2,982,468 11,734 181,895 2,788,839
Balance at Mar. 31, 202011,813 217,187 2,787,049
Share repurchases(80)(128,417)
Cash dividends declared(17,598)
Share-based compensation and share issuances1 2,208
Forward contract for accelerated share repurchases(37,500)
Net income147,805
Balance at Jun. 30, 20202,982,468 11,734 181,895 2,788,839
Balance at Dec. 31, 20203,326,288 11,706 226,451 3,088,131
Share repurchases(129)(280,086)
Cash dividends declared(46,387)
Share-based compensation and share issuances6 7,042
Taxes paid in exchange for shares withheld(2)(4,539)
Forward contract for accelerated share repurchases(68,750)
Net income468,935
Balance at Jun. 30, 20213,402,378 11,581 160,204 3,230,593
Balance at Mar. 31, 202111,596 156,126 3,024,195
Share repurchases(16)(39,984)
Cash dividends declared(23,194)
Share-based compensation and share issuances1 4,078
Net income269,576
Balance at Jun. 30, 2021 $ 3,402,378 $ 11,581 $ 160,204 $ 3,230,593

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)6 Months Ended
Jun. 30, 2021Jun. 30, 2020
Cash flows from operating activities:
Net income $ 468,935,000 $ 280,982,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization127,942,000 131,170,000
Loss on disposal of property and equipment701,000 140,000
Other, net15,352,000 (9,118,000)
Changes in operating assets and liabilities, net(104,639,000)113,042,000
Net cash provided by operating activities508,291,000 516,216,000
Cash flows from investing activities:
Purchase of property and equipment(206,109,000)(120,128,000)
Proceeds from sale of property and equipment15,512,000 2,570,000
Purchase of short-term investments(89,965,000)
Proceeds from maturities of short-term investments255,072,000
Net cash used in investing activities(25,490,000)(117,558,000)
Cash flows from financing activities:
Proceeds from issuance of long-term debt99,923,000
Payments for share repurchases(280,215,000)(306,791,000)
Forward contract for accelerated share repurchases(68,750,000)(37,500,000)
Dividends paid(46,408,000)(35,892,000)
Other financing activities, net(4,654,000)(3,345,000)
Net cash used in financing activities(400,027,000)(283,605,000)
Increase in cash and cash equivalents82,774,000 115,053,000
Cash and cash equivalents at beginning of period401,430,000 403,571,000
Cash and cash equivalents at end of period $ 484,204,000 $ 518,624,000

Significant Accounting Policies

Significant Accounting Policies6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]
Significant Accounting PoliciesNote 1. Significant Accounting Policies Business We are one of the largest North American less-than-truckload (“LTL”) motor carriers. We provide regional, inter-regional and national LTL services through a single integrated, union-free 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
Six Months Ended
June 30,
June 30,
(In thousands)
2021
2020
2021
2020
LTL services
$
1,299,760
$
884,069
$
2,409,382
$
1,858,500
Other services
19,649
12,141
36,542
25,074
Total revenue from operations
$
1,319,409
$
896,210
$
2,445,924
$
1,883,574
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 June 30, 2021 are not necessarily indicative of the results that may be expected for the subsequent quarterly periods or the year ending December 31, 2021. 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, 2020. 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, 2020, other than those disclosed in this Form 10-Q. 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. Stock Repurchase Program On May 1, 2020, we announced that our Board of Directors had approved a two-year stock repurchase program authorizing us to repurchase up to an aggregate of $700.0 million of our outstanding common stock (the “2020 Repurchase Program”). The 2020 Repurchase Program became effective upon the termination of our $350.0 million repurchase program on May 29, 2020. Under our repurchase programs, we may repurchase shares from time to time in open market purchases or through privately negotiated transactions. Shares of our common stock repurchased under our repurchase programs are canceled at the time of repurchase and are classified as authorized but unissued shares of our common stock. On February 25, 2021, we entered into an accelerated share repurchase agreement (the “ASR Agreement”) with a third-party financial institution as part of our 2020 Repurchase Program. Under the ASR Agreement, we paid the third-party financial institution $275.0 million and received an initial delivery of 960,330 shares of our common stock for $206.3 million, representing approximately 75% of the total value of shares to be received by us under the ASR Agreement. The remaining shares are expected to settle during the third quarter of 2021. At final settlement, we may receive additional shares of our common stock, or, under certain circumstances, we may be required to provide the third-party financial institution additional shares or may elect to make a cash payment to the third-party financial institution as part of the final settlement. The total shares repurchased will be based on the daily volume-weighted average share price of our common stock during the term of the ASR Agreement, less a negotiated discount. The ASR Agreement was accounted for as a settled treasury stock purchase and a forward stock purchase contract. The par value of the initial share delivery was recorded as a reduction to common stock, with the excess purchase price recorded as a reduction to retained earnings. The forward stock purchase contract is accounted for as a contract indexed to our own stock and is classified within capital in excess of par value on our Condensed Statements of Changes in Shareholders’ Equity. During the three and six months ended June 30, 2021, we repurchased 159,485 shares of our common stock for $40.0 million and 1,286,517 shares of our common stock for $280.2 million under our 2020 Repurchase Program, respectively, including shares repurchased under the ASR Agreement. At June 30, 2021, our 2020 Repurchase Program had $275.0 million remaining available, including $68.7 million that is deferred until the third quarter when the final settlement occurs on our current ASR Agreement, leaving $206.3 million remaining available and uncommitted. On July 28, 2021, we announced that our Board of Directors had approved a new stock repurchase program authorizing us to repurchase up to an aggregate of $2.0 billion of our outstanding common stock. The new repurchase program, which does not have an expiration date, will be effective upon the completion of our 2020 Repurchase Program.

Earnings Per Share

Earnings Per Share6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per ShareNote 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
Six Months Ended
June 30,
June 30,
2021
2020
2021
2020
Weighted average shares outstanding - basic
115,820,522
117,610,178
116,157,336
118,330,176
Dilutive effect of share-based awards
740,720
749,706
749,236
752,552
Weighted average shares outstanding - diluted
116,561,242
118,359,884
116,906,572
119,082,728

Long-Term Debt

Long-Term Debt6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]
Long-Term DebtNote 3. Long-Term Debt Long-term debt, net of unamortized debt issuance costs, consisted of the following:
(In thousands)
June 30, 2021
December 31, 2020
Senior notes
$
99,939
$
99,931
Revolving credit facility


Total long-term debt
99,939
99,931
Less: Current maturities


Total maturities due after one year
$
99,939
$
99,931
Senior Note Agreement 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, which is uncommitted and subject to Prudential’s sole discretion, 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, we issued $100.0 million aggregate principal amount of senior promissory notes (the “Series B Notes”), the proceeds of which are available for capital expenditures, share repurchases, dividends, acquisitions, or general corporate purposes. Borrowing availability under the Note Agreement is reduced by the outstanding amount of the existing Series B Notes, and all other senior promissory notes issued pursuant to the Note Agreement. The Series B Notes bear interest at 3.10% per annum and mature on May 4, 2027, unless prepaid. Principal payments are required annually beginning on May 4, 2023 in equal installments of $20.0 million through May 4, 2027. The Series B Notes are senior unsecured obligations and rank pari passu with borrowings under our Credit Agreement or Note Agreement. Credit Agreement 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, as defined in the Credit Agreement, 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 There were $39.2 million and $42.1 million of outstanding letters of credit at June 30, 2021 and December 31, 2020, respectively. General Debt Provisions The Credit Agreement and Note 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. The Credit Agreement and Note Agreement also include 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 are ongoing (or would be caused by such restricted payment).

Commitments and Contingencies

Commitments and Contingencies6 Months Ended
Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and ContingenciesNote 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.

Fair Value Measurements

Fair Value Measurements6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value MeasurementsNote 5. Fair Value Measurements Short-term Investments A summary of the fair value of our short-term investments as of June 30, 2021 is shown in the table below.
(In thousands)
Total
Level 1
Level 2
Level 3
Certificates of deposit
$
45,062
$

$
45,062
$

U.S. government securities
50,211
50,211


Commercial paper
69,981

69,981

Total
$
165,254
$
50,211
$
115,043
$

Our certificates of deposit are measured at carrying value including accrued interest, which approximates fair value due to their short-term nature. Our commercial paper is valued using broker quotes that utilize observable market inputs. Long-term Debt The carrying value of our total long-term debt was $ 99.9 million at June 30, 2021 and December 31, 20 20 . The estimated fair value of our total long-term debt was $ million and $ 105.4 million at June 30, 2021 and December 31, 2020 , respectively. The fair value measurement of our Series B 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.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]
BusinessBusiness We are one of the largest North American less-than-truckload (“LTL”) motor carriers. We provide regional, inter-regional and national LTL services through a single integrated, union-free 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:
Basis of PresentationBasis 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 June 30, 2021 are not necessarily indicative of the results that may be expected for the subsequent quarterly periods or the year ending December 31, 2021. 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, 2020. 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, 2020, other than those disclosed in this Form 10-Q. 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.
Stock Repurchase ProgramStock Repurchase Program On May 1, 2020, we announced that our Board of Directors had approved a two-year stock repurchase program authorizing us to repurchase up to an aggregate of $700.0 million of our outstanding common stock (the “2020 Repurchase Program”). The 2020 Repurchase Program became effective upon the termination of our $350.0 million repurchase program on May 29, 2020. Under our repurchase programs, we may repurchase shares from time to time in open market purchases or through privately negotiated transactions. Shares of our common stock repurchased under our repurchase programs are canceled at the time of repurchase and are classified as authorized but unissued shares of our common stock. On February 25, 2021, we entered into an accelerated share repurchase agreement (the “ASR Agreement”) with a third-party financial institution as part of our 2020 Repurchase Program. Under the ASR Agreement, we paid the third-party financial institution $275.0 million and received an initial delivery of 960,330 shares of our common stock for $206.3 million, representing approximately 75% of the total value of shares to be received by us under the ASR Agreement. The remaining shares are expected to settle during the third quarter of 2021. At final settlement, we may receive additional shares of our common stock, or, under certain circumstances, we may be required to provide the third-party financial institution additional shares or may elect to make a cash payment to the third-party financial institution as part of the final settlement. The total shares repurchased will be based on the daily volume-weighted average share price of our common stock during the term of the ASR Agreement, less a negotiated discount. The ASR Agreement was accounted for as a settled treasury stock purchase and a forward stock purchase contract. The par value of the initial share delivery was recorded as a reduction to common stock, with the excess purchase price recorded as a reduction to retained earnings. The forward stock purchase contract is accounted for as a contract indexed to our own stock and is classified within capital in excess of par value on our Condensed Statements of Changes in Shareholders’ Equity. During the three and six months ended June 30, 2021, we repurchased 159,485 shares of our common stock for $40.0 million and 1,286,517 shares of our common stock for $280.2 million under our 2020 Repurchase Program, respectively, including shares repurchased under the ASR Agreement. At June 30, 2021, our 2020 Repurchase Program had $275.0 million remaining available, including $68.7 million that is deferred until the third quarter when the final settlement occurs on our current ASR Agreement, leaving $206.3 million remaining available and uncommitted. On July 28, 2021, we announced that our Board of Directors had approved a new stock repurchase program authorizing us to repurchase up to an aggregate of $2.0 billion of our outstanding common stock. The new repurchase program, which does not have an expiration date, will be effective upon the completion of our 2020 Repurchase Program.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]
Disaggregated RevenueWe have one operating segment and the composition of our revenue is summarized below:
Three Months Ended
Six Months Ended
June 30,
June 30,
(In thousands)
2021
2020
2021
2020
LTL services
$
1,299,760
$
884,069
$
2,409,382
$
1,858,500
Other services
19,649
12,141
36,542
25,074
Total revenue from operations
$
1,319,409
$
896,210
$
2,445,924
$
1,883,574

Earnings Per Share (Tables)

Earnings Per Share (Tables)6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]
Reconciliation of Number of Common Stock used in Computing Basic and Diluted Earning Per ShareThe 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
Six Months Ended
June 30,
June 30,
2021
2020
2021
2020
Weighted average shares outstanding - basic
115,820,522
117,610,178
116,157,336
118,330,176
Dilutive effect of share-based awards
740,720
749,706
749,236
752,552
Weighted average shares outstanding - diluted
116,561,242
118,359,884
116,906,572
119,082,728

Long-Term Debt (Tables)

Long-Term Debt (Tables)6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt, Net of Unamortized Debt Issuance CostsLong-term debt, net of unamortized debt issuance costs, consisted of the following:
(In thousands)
June 30, 2021
December 31, 2020
Senior notes
$
99,939
$
99,931
Revolving credit facility


Total long-term debt
99,939
99,931
Less: Current maturities


Total maturities due after one year
$
99,939
$
99,931

Fair Value Measurements (Tables

Fair Value Measurements (Tables)6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Short-term InvestmentsA summary of the fair value of our short-term investments as of June 30, 2021 is shown in the table below.
(In thousands)
Total
Level 1
Level 2
Level 3
Certificates of deposit
$
45,062
$

$
45,062
$

U.S. government securities
50,211
50,211


Commercial paper
69,981

69,981

Total
$
165,254
$
50,211
$
115,043
$

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Details)Feb. 25, 2021USD ($)sharesJun. 30, 2021USD ($)sharesJun. 30, 2021USD ($)SegmentsharesJun. 30, 2020USD ($)Jul. 28, 2021USD ($)May 01, 2020USD ($)
Significant Accounting Policies [Line Items]
Number of operating segment | Segment1
Payments made to third party financial institution for share repurchase under the ASR agreement $ 275,000,000
Number of shares received under stock repurchase ASR agreement | shares960,330
Payments for repurchase of common stock recieved under stock repurchase ASR agreement $ 206,300,000 $ 280,215,000 $ 306,791,000
Percentage of shares received under stock repurchase ASR agreement75.00%
2019 Share Repurchase Program [Member] | Maximum [Member]
Significant Accounting Policies [Line Items]
Stock repurchase program, authorized amount $ 350,000,000
2020 Share Repurchase Program [Member]
Significant Accounting Policies [Line Items]
Stock repurchased and retired during period, shares | shares159,485 1,286,517
Stock repurchased and retired during period, value $ 40,000,000 $ 280,200,000
Stock repurchase program, remaining authorized repurchase amount275,000,000 275,000,000
Stock repurchase program remaining authorized deferred repurchase amount68,700 68,700
Stock repurchase program remaining available and uncommitted repurchase amount $ 206,300 $ 206,300
2020 Share Repurchase Program [Member] | Maximum [Member]
Significant Accounting Policies [Line Items]
Stock repurchase program, authorized amount $ 700,000,000
2021 Share Repurchase Program [Member] | Maximum [Member] | Subsequent Event
Significant Accounting Policies [Line Items]
Stock repurchase program, authorized amount $ 2,000,000,000

Significant Accounting Polici_5

Significant Accounting Policies - Disaggregated Revenue (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue from operations $ 1,319,409 $ 896,210 $ 2,445,924 $ 1,883,574
LTL Service Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue from operations1,299,760 884,069 2,409,382 1,858,500
Other Service Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue from operations $ 19,649 $ 12,141 $ 36,542 $ 25,074

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Number of Common Stock used in Computing Basic and Diluted Earning Per Share (Details) - shares3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Weighted Average Number Of Shares Outstanding [Abstract]
Weighted average shares outstanding - basic115,820,522 117,610,178 116,157,336 118,330,176
Dilutive effect of share-based awards740,720 749,706 749,236 752,552
Weighted average shares outstanding - diluted116,561,242 118,359,884 116,906,572 119,082,728

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-term Debt, Net of Unamortized Debt Issuance Costs (Details) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Debt Disclosure [Abstract]
Senior notes $ 99,939 $ 99,931
Revolving credit facility0 0
Total long-term debt99,939 99,931
Less: Current maturities0 0
Total maturities due after one year $ 99,939 $ 99,931

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($)May 04, 2023May 04, 2020Jun. 30, 2021Jun. 30, 2020Dec. 30, 2020
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt $ 99,923,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage0.10%
Letter of Credit Fee in Percentage1.00%
Letters of Credit Outstanding, Amount $ 39,200,000 $ 42,100,000
2019 Credit Agreement [Member]
Debt Instrument [Line Items]
Original borrowing capacity250,000,000
Line of Credit Facility Accordion150,000,000
Line of Credit Facility, Maximum Borrowing Capacity400,000,000
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
Series B [Member] | Forecast [Member]
Debt Instrument [Line Items]
Maturity Date DescriptionThe Series B Notes bear interest at 3.10% per annum and mature on May 4, 2027, unless prepaid.
Notes interest3.10%
Scheduled principal payment $ 20,000,000
Debt instrument, due dateMay 4,
2027
P G I M I N C [Member] | Series B Notes [Member]
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt $ 100,000,000
Maximum [Member]
Debt Instrument [Line Items]
Interest Rate Spread added to Rate0.375%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage0.175%
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate Spread added to Rate1.375%
Minimum [Member]
Debt Instrument [Line Items]
Interest Rate Spread added to Rate0.00%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage0.10%
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate Spread added to Rate1.00%
Note Agreement [Member] | Maximum [Member] | P G I M I N C [Member]
Debt Instrument [Line Items]
Aggregate amount on promissory notes issued $ 350,000,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Short-term Investments (Details) $ in ThousandsJun. 30, 2021USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair value $ 165,254
U.S. government securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair value50,211
Certificates of deposit [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair value45,062
Commercial paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair value69,981
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair value50,211
Level 1 [Member] | U.S. government securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair value50,211
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair value115,043
Level 2 [Member] | Certificates of deposit [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair value45,062
Level 2 [Member] | Commercial paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair value $ 69,981

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Fair Value Disclosures [Abstract]
Debt and capital lease obligations $ 99,939 $ 99,931
Long-term debt, fair value $ 104,000 $ 105,400