Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | HUBG | |
Entity Registrant Name | HUB GROUP, INC. | |
Entity Central Index Key | 0000940942 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Class A Common Stock, par value $.01 per share | |
Security Exchange Name | NASDAQ | |
Entity File Number | 0-27754 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-4007085 | |
Entity Address, Address Line One | 2000 Clearwater Drive | |
Entity Address, City or Town | Oak Brook | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60523 | |
City Area Code | 630 | |
Local Phone Number | 271-3600 | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 33,709,310 | |
Class B Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 662,296 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 246,021 | $ 124,506 |
Accounts receivable trade, net | 533,198 | 518,975 |
Other receivables | 4,283 | 1,265 |
Prepaid taxes | 1,731 | 1,336 |
Prepaid expenses and other current assets | 14,483 | 26,753 |
TOTAL CURRENT ASSETS | 799,716 | 672,835 |
Restricted investments | 23,305 | 23,353 |
Property and equipment, net | 632,236 | 671,101 |
Right-of-use assets - operating leases | 42,191 | 43,573 |
Right-of-use assets - financing leases | 2,337 | 3,557 |
Other intangibles, net | 146,724 | 163,953 |
Goodwill, net | 522,360 | 508,555 |
Other assets | 17,350 | 18,469 |
TOTAL ASSETS | 2,186,219 | 2,105,396 |
CURRENT LIABILITIES: | ||
Accounts payable trade | 331,836 | 285,320 |
Accounts payable other | 37,478 | 12,680 |
Accrued payroll | 35,492 | 23,044 |
Accrued other | 87,934 | 102,613 |
Lease liability - operating leases | 10,400 | 10,093 |
Lease liability - financing leases | 2,222 | 1,793 |
Current portion of long-term debt | 86,868 | 93,562 |
TOTAL CURRENT LIABILITIES | 592,230 | 529,105 |
Long-term debt | 143,101 | 176,797 |
Non-current liabilities | 42,805 | 42,910 |
Lease liability - operating leases | 33,898 | 36,328 |
Lease liability - financing leases | 187 | 8 |
Deferred taxes | 166,922 | 162,325 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock, $.01 par value; 2,000,000 shares authorized; no shares issued or outstanding in 2021 and 2020 | ||
Additional paid-in capital | 186,210 | 186,058 |
Purchase price in excess of predecessor basis, net of tax benefit of $10,306 | (15,458) | (15,458) |
Retained earnings | 1,296,982 | 1,253,160 |
Accumulated other comprehensive loss | (176) | (191) |
Treasury stock; at cost, 7,519,741 shares in 2021 and 7,675,084 shares in 2020 | (260,901) | (266,065) |
TOTAL STOCKHOLDERS' EQUITY | 1,207,076 | 1,157,923 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 2,186,219 | 2,105,396 |
Class A Common Stock [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Common stock | 412 | 412 |
Class B Common Stock [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Common stock | $ 7 | $ 7 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Purchase price in excess of predecessor basis, tax benefit | $ 10,306 | |
Treasury stock, shares | 7,519,741 | 7,675,084 |
Class A Common Stock [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 97,337,700 | 97,337,700 |
Common stock, shares issued | 41,224,792 | 41,224,792 |
Common stock, shares outstanding | 33,705,051 | 33,549,708 |
Class B Common Stock [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 662,300 | 662,300 |
Common stock, shares issued | 662,296 | 662,296 |
Common stock, shares outstanding | 662,296 | 662,296 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 981,320 | $ 779,243 | $ 1,900,873 | $ 1,618,102 |
Transportation costs | 860,759 | 671,994 | 1,671,565 | 1,406,259 |
Gross margin | 120,561 | 107,249 | 229,308 | 211,843 |
Costs and expenses: | ||||
Salaries and benefits | 54,375 | 49,676 | 111,326 | 100,552 |
General and administrative | 20,370 | 28,970 | 39,613 | 55,306 |
Depreciation and amortization | 8,868 | 7,625 | 17,370 | 15,248 |
Total costs and expenses | 83,613 | 86,271 | 168,309 | 171,106 |
Operating income | 36,948 | 20,978 | 60,999 | 40,737 |
Other income (expense): | ||||
Interest expense | (1,859) | (3,006) | (3,764) | (5,461) |
Other, net | (192) | 47 | (284) | 228 |
Total other expense | (2,051) | (2,959) | (4,048) | (5,233) |
Income before provision for income taxes | 34,897 | 18,019 | 56,951 | 35,504 |
Income tax expense | 8,305 | 4,865 | 13,129 | 9,114 |
Net income | 26,592 | 13,154 | 43,822 | 26,390 |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustments | 25 | 37 | 15 | (97) |
Total comprehensive income | $ 26,617 | $ 13,191 | $ 43,837 | $ 26,293 |
Basic earnings per common share | $ 0.80 | $ 0.40 | $ 1.31 | $ 0.80 |
Diluted earnings per common share | $ 0.78 | $ 0.39 | $ 1.30 | $ 0.79 |
Basic weighted average number of shares outstanding | 33,428 | 33,171 | 33,423 | 33,165 |
Diluted weighted average number of shares outstanding | 33,879 | 33,455 | 33,827 | 33,472 |
CONSOLIDATED STATEMENTS STOCKHO
CONSOLIDATED STATEMENTS STOCKHOLDERS EQUITY - USD ($) $ in Thousands | Total | Class A and B Common Stock [Member] | Additional Paid-in Capital [Member] | Purchase Price in Excess Of Predecessor Basis, Net Of Tax [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] |
Beginning Balance at Dec. 31, 2019 | $ 1,075,279 | $ 419 | $ 179,637 | $ (15,458) | $ 1,179,601 | $ (186) | $ (268,734) |
Beginning Balance (in shares) at Dec. 31, 2019 | 41,887,088 | 7,870,888 | |||||
Stock withheld for payments of withholding taxes | (3,944) | $ (3,944) | |||||
Stock withheld for payments of withholding taxes (in shares) | (75,595) | ||||||
Issuance of restricted stock awards, net of forfeitures | (8,932) | $ 8,932 | |||||
Issuance of restricted stock awards, net of forfeitures (in shares) | 239,845 | ||||||
Share-based compensation expense | 8,209 | 8,209 | |||||
Net income | 26,390 | 26,390 | |||||
Foreign currency translation adjustment | (97) | (97) | |||||
Ending Balance at Jun. 30, 2020 | 1,105,837 | $ 419 | 178,914 | (15,458) | 1,205,991 | (283) | $ (263,746) |
Ending Balance (in shares) at Jun. 30, 2020 | 41,887,088 | 7,706,638 | |||||
Beginning Balance at Mar. 31, 2020 | 1,088,709 | $ 419 | 175,370 | (15,458) | 1,192,837 | (320) | $ (264,139) |
Beginning Balance (in shares) at Mar. 31, 2020 | 41,887,088 | 7,680,505 | |||||
Stock withheld for payments of withholding taxes | (175) | $ (175) | |||||
Stock withheld for payments of withholding taxes (in shares) | (3,878) | ||||||
Issuance of restricted stock awards, net of forfeitures | (568) | $ 568 | |||||
Issuance of restricted stock awards, net of forfeitures (in shares) | (22,255) | ||||||
Share-based compensation expense | 4,112 | 4,112 | |||||
Net income | 13,154 | 13,154 | |||||
Foreign currency translation adjustment | 37 | 37 | |||||
Ending Balance at Jun. 30, 2020 | 1,105,837 | $ 419 | 178,914 | (15,458) | 1,205,991 | (283) | $ (263,746) |
Ending Balance (in shares) at Jun. 30, 2020 | 41,887,088 | 7,706,638 | |||||
Beginning Balance at Dec. 31, 2020 | 1,157,923 | $ 419 | 186,058 | (15,458) | 1,253,160 | (191) | $ (266,065) |
Beginning Balance (in shares) at Dec. 31, 2020 | 41,887,088 | 7,675,084 | |||||
Stock withheld for payments of withholding taxes | (3,973) | $ (3,973) | |||||
Stock withheld for payments of withholding taxes (in shares) | (69,208) | ||||||
Issuance of restricted stock awards, net of forfeitures | (9,137) | $ 9,137 | |||||
Issuance of restricted stock awards, net of forfeitures (in shares) | 224,551 | ||||||
Share-based compensation expense | 9,289 | 9,289 | |||||
Net income | 43,822 | 43,822 | |||||
Foreign currency translation adjustment | 15 | 15 | |||||
Ending Balance at Jun. 30, 2021 | 1,207,076 | $ 419 | 186,210 | (15,458) | 1,296,982 | (176) | $ (260,901) |
Ending Balance (in shares) at Jun. 30, 2021 | 41,887,088 | 7,519,741 | |||||
Beginning Balance at Mar. 31, 2021 | 1,176,501 | $ 419 | 182,005 | (15,458) | 1,270,390 | (201) | $ (260,654) |
Beginning Balance (in shares) at Mar. 31, 2021 | 41,887,088 | 7,469,756 | |||||
Stock withheld for payments of withholding taxes | (214) | $ (214) | |||||
Stock withheld for payments of withholding taxes (in shares) | (3,229) | ||||||
Issuance of restricted stock awards, net of forfeitures | 33 | $ (33) | |||||
Issuance of restricted stock awards, net of forfeitures (in shares) | (46,756) | ||||||
Share-based compensation expense | 4,172 | 4,172 | |||||
Net income | 26,592 | 26,592 | |||||
Foreign currency translation adjustment | 25 | 25 | |||||
Ending Balance at Jun. 30, 2021 | $ 1,207,076 | $ 419 | $ 186,210 | $ (15,458) | $ 1,296,982 | $ (176) | $ (260,901) |
Ending Balance (in shares) at Jun. 30, 2021 | 41,887,088 | 7,519,741 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 43,822 | $ 26,390 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 64,033 | 61,759 |
Deferred taxes | 4,428 | 4,989 |
Compensation expense related to share-based compensation plans | 9,289 | 8,209 |
(Gain) loss on sale of assets | (4,033) | 96 |
Other operating activities | 0 | 5,626 |
Changes in operating assets and liabilities: | ||
Restricted investments | 48 | 1,640 |
Accounts receivable, net | (20,088) | (2,392) |
Prepaid taxes | (395) | (83) |
Prepaid expenses and other current assets | 12,231 | 10,350 |
Other assets | (316) | (637) |
Accounts payable | 71,314 | 4,989 |
Accrued expenses | (1,652) | (9,440) |
Non-current liabilities | (4,762) | 21 |
Net cash provided by operating activities | 173,919 | 111,517 |
Cash flows from investing activities: | ||
Proceeds from sale of equipment | 19,912 | 521 |
Purchases of property and equipment | (26,337) | (49,271) |
Cash used in acquisition | (90) | 0 |
Net cash used in investing activities | (6,515) | (48,750) |
Cash flows from financing activities: | ||
Proceeds from issuance of debt | 17,464 | 127,462 |
Repayments of long-term debt | (57,854) | (150,282) |
Stock withheld for payments of withholding taxes | (3,973) | (3,944) |
Finance lease payments | (1,524) | (1,493) |
Net cash used in financing activities | (45,887) | (28,257) |
Effect of exchange rate changes on cash and cash equivalents | (2) | (66) |
Net increase in cash and cash equivalents | 121,515 | 34,444 |
Cash and cash equivalents beginning of the period | 124,506 | 168,729 |
Cash and cash equivalents end of the period | 246,021 | 203,173 |
Supplemental disclosures of cash paid for: | ||
Interest | 3,883 | 5,323 |
Income taxes | $ 11,375 | $ 822 |
Interim Financial Statements
Interim Financial Statements | 6 Months Ended |
Jun. 30, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Financial Statements | NOTE 1. Interim Financial Statements The accompanying unaudited consolidated financial statements of Hub Group, Inc. (the “Company,” “Hub,” “we”, “us” or “our”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements have been omitted pursuant to those rules and regulations. However, we believe that the disclosures contained herein are adequate to make the information presented not misleading. The financial statements reflect, in our opinion, all material adjustments (which include only normal recurring adjustments) necessary to fairly present our financial position as of June 30, 2021 and results of operations for the three and six months ended June 30, 2021 and 2020. These unaudited consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020 . Results of operations in interim periods are not necessarily indicative of results to be expected for a full year due partially to seasonality. Certain prior year immaterial amounts have been reclassified in Note 4, Revenue from Contracts with Customers, to conform with the current year presentation. |
Acquisition
Acquisition | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Acquisition | Note 2. Acquisition On December 9, 2020 , we acquired 100 % of the equity interest of NonstopDelivery, LLC ("NSD"). Total consideration for the transaction was $ 105.9 million which consisted of cash paid of $ 89.8 million, of which $ 0.1 million was paid in the second quarter of 2021 as part of the post-closing true-up, and the settlement of Hub’s accounts receivable due from NSD of $ 16.1 million. The acquisition of NSD expanded our logistics service offering to include residential last mile logistics. NSD operates through a non-asset business model, working with a network of over 170 carriers throughout the country. The financial results of NSD since the acquisition date are included in our logistics line of business. The following table summarizes the total purchase price allocated to the net assets acquired and liabilities assumed as of the date of acquisition (in thousands): December 9, 2020 Cash and cash equivalents $ 4,775 Accounts receivable trade 25,927 Prepaid expenses and other current assets 207 Property and equipment 1,018 Right of use assets - operating leases 1,295 Goodwill, net 38,156 Other intangibles 47,700 Other assets 14 Total assets acquired $ 119,092 Accounts payable trade $ 9,972 Accrued payroll 1,324 Accrued other 578 Lease liability - operating leases short-term 373 Lease liability - operating leases long-term 922 Total liabilities assumed $ 13,169 Total consideration $ 105,923 Cash paid, net $ 84,989 The NSD acquisition was accounted for as a purchase business combination in accordance with ASC 805 “Business Combinations.” Assets acquired and liabilities assumed were recorded in the accompanying consolidated balance sheet at their estimated fair values as of December 9, 2020 with the remaining unallocated purchase price recorded as goodwill. The goodwill recognized in the NSD acquisition was primarily attributable to potential expansion and future development of the acquired business. The following table presents the carrying amount of goodwill (in thousands): Total Balance at January 1, 2021 $ 508,555 Acquisition 13,841 Other ( 36 ) Balance at June 30, 2021 $ 522,360 The changes noted as "acquisition" in the above table refer to adjustments to other intangibles, property and equipment and other immaterial purchase accounting adjustments related to the NSD acquisition. The changes noted as "other" in the above table refer to the amortization of the income tax benefit of tax goodwill in excess of financial statement goodwill. Tax history and attributes are not inherited in an equity purchase of this kind; however, the goodwill and other intangibles recognized in this purchase will be fully tax deductible over a period of 15 years . The components of “Other intangibles” listed in the above table as of the acquisition date are summarized as follows (in thousands): Accumulated Balance at Estimated Useful Amount Amortization June 30, 2021 Life Customer relationships $ 46,200 $ 1,796 $ 44,404 15 years Agent relationships $ 600 $ 88 $ 512 4 years Trade name $ 900 $ 350 $ 550 18 months The above intangible assets are amortized using the straight-line method. Amortization expense related to this acquisition for the three and six months ended June 30, 2021 was $ 1.0 million and $ 1.8 million. The intangible assets have a weighted average useful life of approximately 14.13 years. Amortization expense related to NSD for the next five years is as follows (in thousands): Total Remainder of 2021 $ 1,915 2022 3,480 2023 3,230 2024 3,218 2025 3,080 The following unaudited pro forma consolidated results of operations present the effects of NSD as though it had been acquired as of January 1, 2020 (in thousands, except for per share amounts): Three Months Ended Six Months Ended June 30, 2020 June 30, 2020 Revenue $ 800,868 $ 1,655,827 Net income $ 15,946 $ 29,735 Earnings per share Basic $ 0.48 $ 0.90 Diluted $ 0.48 $ 0.89 The unaudited pro forma consolidated results for the periods shown were prepared using the acquisition method of accounting and are based on the historical financial information of Hub and NSD. The historical financial information has been adjusted to give effect to the pro forma adjustments that are: (i) directly attributable to the acquisition, (ii) factually supportable and (iii) expected to have a continuing impact on the combined results. The unaudited pro forma consolidated results are not necessarily indicative of what our consolidated results of operations actually would have been had we completed the acquisition on January 1, 2020. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 3. Earnings Per Share The following is a reconciliation of our earnings per share (in thousands, except for per share data): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income for basic and diluted earnings per share $ 26,592 $ 13,154 $ 43,822 $ 26,390 Weighted average shares outstanding - basic 33,428 33,171 33,423 33,165 Dilutive effect of restricted stock 451 284 404 307 Weighted average shares outstanding - diluted 33,879 33,455 33,827 33,472 Earnings per share - basic $ 0.80 $ 0.40 $ 1.31 $ 0.80 Earnings per share - diluted $ 0.78 $ 0.39 $ 1.30 $ 0.79 |
Revenue from Contract with Cust
Revenue from Contract with Customers | 6 Months Ended |
Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from Contracts with Customers | NOTE 4. Revenue from Contracts with Customers Hub offers comprehensive multimodal solutions including intermodal, logistics, truck brokerage and dedicated services. Hub has full time employees located throughout the United States, Canada and Mexico. Intermodal. As an intermodal provider, we arrange for the movement of our customers’ freight in containers, typically over long distances of 750 miles or more. We contract with railroads to provide transportation for the long-haul portion of the shipment between rail terminals. Local pickup and delivery services between origin or destination and rail terminals (referred to as “drayage”) are provided by our subsidiary Hub Group Trucking, Inc. (“HGT”) and third-party local trucking companies. Logistics. Hub’s logistics operation offers a wide range of transportation management services and technology solutions including shipment optimization, load consolidation, mode selection, carrier management, load planning and execution and web-based shipment visibility. Our multi-modal transportation capabilities include small parcel, heavyweight, expedited, less-than-truckload, truckload, intermodal, last mile delivery, railcar and international shipping. We leverage proprietary technology along with collaborative relationships with retailers and logistics providers to deliver cost savings and performance-enhancing supply chain services to consumer-packaged goods clients. We contract with third-party warehouse providers in seven markets across North America to which our customers ship their goods to be stored and eventually consolidated, along with goods from other customers into full truckload shipments destined to major North American retailers. These services offer our customers shipment visibility, transportation cost savings, high service levels and compliance with retailers’ increasingly stringent supply chain requirements On December 9, 2020, we acquired NSD. NSD provides residential last mile delivery services through a non-asset business model, working with a network of over 170 carriers throughout the country. The financial results of NSD since the acquisition are included in our logistics line of business. Truck Brokerage. Our truck brokerage operation provides customers with an over the road service option for their transportation needs. Our brokerage service does not operate any trucks; instead we match customers’ needs with carriers’ capacity to provide the most effective service and price combination. We have contracts with a substantial base of carriers allowing us to meet the varied needs of our customers. Dedicated. Our dedicated operation contracts with customers who seek to outsource a portion of their trucking transportation needs. We offer a dedicated fleet of equipment and drivers to each customer, as well as the management and infrastructure to operate according to the customer’s high service expectations. Contracts with customers generally include fixed and variable pricing arrangements and may include charges for early termination which serves to reduce the financial risk we bear with respect to the utilization of our equipment. The following table summarizes our revenue by business line (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Intermodal $ 550,185 $ 447,126 $ 1,056,189 $ 925,160 Logistics 222,449 177,293 439,484 377,495 Truck brokerage 139,991 86,675 267,253 184,692 Dedicated 68,695 68,149 137,947 130,755 Total revenue $ 981,320 $ 779,243 $ 1,900,873 $ 1,618,102 |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | NOTE 5. Fair Value Measurement The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximated fair value as of June 30, 2021 and December 31, 2020. As of June 30, 2021 and December 31, 2020, the fair value of the Company’s fixed-rate borrowings was $ 3.0 million and $ 6.1 million more than the historical carrying value of $ 230.0 million and $ 270.4 million, respectively. The fair value of the fixed-rate borrowings was estimated using an income approach based on current interest rates available to the Company for borrowings on similar terms and maturities. We consider as cash equivalents all highly liquid instruments with an original maturity of three months or less. As of June 30, 2021 and December 31, 2020, our cash is with high quality financial institutions in demand deposit accounts, savings accounts and an interest-bearing checking account. Restricted investments included $ 23.3 million and $ 23.4 million as of June 30, 2021 and December 31, 2020, respectively, of mutual funds which are reported at fair value. These investments relate to our nonqualified deferred compensation plan. Our assets and liabilities measured at fair value are based on valuation techniques that 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) or inputs, other than quoted prices in active markets, that are observable either directly or indirectly (Level 2), or unobservable inputs (Level 3). Cash and cash equivalents, mutual funds, accounts receivable and accounts payable are defined as “Level 1,” while long-term debt is defined as “Level 2” of the fair value hierarchy in the Fair Value Measurements and Disclosures Topic of the Codification. |
Long-Term Debt and Financing Ar
Long-Term Debt and Financing Arrangements | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Financing Arrangements | NOTE 6. Long-Term Debt and Financing Arrangements On July 1, 2017, we entered into a $ 350 million unsecured credit agreement (the “Credit Agreement”) that matures on July 1, 2022 . At June 30, 2021, we had standby letters of credit that expire at various dates in 2021 and 2022. As of June 30, 2021 , our letters of credit were $ 37.4 million. Our unused and available borrowings were $ 312.6 million as of June 30, 2021 and $ 312.3 million as of December 31, 2020. We were in compliance with our debt covenants as of June 30, 2021 and December 31, 2020. We have entered into various Equipment Notes (“Notes”) to fund the purchase of tractors, trailers, containers and other equipment. The Notes are secured by the underlying equipment financed with proceeds from the Notes. June 30, December 31, 2021 2020 (in thousands) Interim funding for equipment received and expected to be converted to an equipment note in subsequent period; interest paid at a variable rate 8,656 8,902 Secured Equipment Notes due on various dates in 2026 commencing on various dates in 2021 ; interest is paid monthly at a fixed annual rate between 1.72 % and 1.83 % 17,058 - Secured Equipment Notes due on various dates in 2025 commencing on various dates in 2020 ; interest is paid monthly at a fixed annual rate between 1.51 % and 1.80 % 66,988 74,494 Secured Equipment Notes due on various dates in 2024 commencing on various dates in 2017 , 2019 and 2020 ; interest is paid monthly at a fixed annual rate between 2.50 % and 3.59 % 42,804 49,920 Secured Equipment Notes due on various dates in 2023 commencing on various dates in 2016 through 2019 ; interest is paid monthly at a fixed annual rate of between 2.20 % and 4.20 % 82,650 112,668 Secured Equipment Notes due on various dates in 2022 commencing on various dates in 2015 through 2017 ; interest is paid monthly at a fixed annual rate between 2.20 % and 2.90 % 6,238 8,943 Secured Equipment Notes due on various dates in 2021 commencing on various dates in 2014 through 2017 ; interest is paid monthly at a fixed annual rate between 2.02 % and 2.96 % 5,575 15,432 229,969 270,359 Less current portion ( 86,868 ) ( 93,562 ) Total long-term debt $ 143,101 $ 176,797 |
Legal Matters
Legal Matters | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Matters | NOTE 7. Legal Matters Robles On January 25, 2013 , a complaint was filed in the U.S. District Court for the Eastern District of California (Sacramento Division) by Salvador Robles against our subsidiary HGT. The action was brought on behalf of a class comprised of present and former California-based truck drivers for HGT who, from January 2009 to September 2014, were classified as independent contractors. It alleged that HGT misclassified these drivers as independent contractors and that such drivers were employees. It asserted various violations of the California Labor Code and claimed that HGT engaged in unfair competition practices. The complaint sought, among other things, declaratory and injunctive relief, monetary damages and attorney’s fees. In May 2013, the complaint was amended to add similar claims based on Mr. Robles’ status as an employed company driver. These additional claims were only on behalf of Mr. Robles and not a putative class. Although the Company believes that the California drivers were properly classified as independent contractors at all times, because litigation is expensive, time-consuming and could interrupt our business operations, HGT decided to make settlement offers to individual drivers with respect to the claims alleged in this lawsuit, without admitting liability. In late 2014, HGT converted its model from independent contractors to employee drivers in California. In early 2016, HGT closed its operations in Southern California. Adame On August 5, 2015, a suit was filed in state court in San Bernardino County, California on behalf of 63 named Plaintiffs against Hub Group Trucking and five Company employees. The lawsuit alleges claims similar to those being made in the Robles case and seeks monetary penalties under the Private Attorneys General Act. In September 2019, the Plaintiffs’ counsel and Hub agreed in principle to settle all claims under both the Robles and Adame matters for $ 4.8 million, which was recorded in the third quarter of 2019 and is included in Accrued other on the accompanying Consolidated Balance Sheet. The settlements are subject to final court approval. We are involved in certain other claims and pending litigation arising from the normal conduct of business, including putative 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, failure to reimburse incurred business expenses and other items. Based on management's present knowledge, management does not believe that loss contingencies arising from these pending matters are likely to have a material adverse effect on the Company's overall financial position, operating results, or cash flows after taking into account any existing accruals. However, actual outcomes could be material to the Company's financial position, operating results, or cash flows for any particular period . |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | NOTE 8. New Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU clarifies and simplifies accounting for income taxes by eliminating certain exceptions for intraperiod tax allocation principles, the methodology for calculating income tax rates in an interim period, and recognition of deferred taxes for outside basis differences in an investment, among other updates. We adopted this standard on January 1, 2021, as required, but it did not have a material impact on our consolidated financial statements. |
Acquisition (Tables)
Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Acquisition [Line Items] | |
Schedule of Components of Other Intangibles Acquired | The components of “Other intangibles” listed in the above table as of the acquisition date are summarized as follows (in thousands): Accumulated Balance at Estimated Useful Amount Amortization June 30, 2021 Life Customer relationships $ 46,200 $ 1,796 $ 44,404 15 years Agent relationships $ 600 $ 88 $ 512 4 years Trade name $ 900 $ 350 $ 550 18 months |
Nonstop Delivery, LLC [Member] | |
Business Acquisition [Line Items] | |
Schedule of Total Purchase Price Allocated to Net Assets Acquired and Liabilities Assumed | The following table summarizes the total purchase price allocated to the net assets acquired and liabilities assumed as of the date of acquisition (in thousands): December 9, 2020 Cash and cash equivalents $ 4,775 Accounts receivable trade 25,927 Prepaid expenses and other current assets 207 Property and equipment 1,018 Right of use assets - operating leases 1,295 Goodwill, net 38,156 Other intangibles 47,700 Other assets 14 Total assets acquired $ 119,092 Accounts payable trade $ 9,972 Accrued payroll 1,324 Accrued other 578 Lease liability - operating leases short-term 373 Lease liability - operating leases long-term 922 Total liabilities assumed $ 13,169 Total consideration $ 105,923 Cash paid, net $ 84,989 |
Schedule of Carrying Amount of Goodwill | The following table presents the carrying amount of goodwill (in thousands): Total Balance at January 1, 2021 $ 508,555 Acquisition 13,841 Other ( 36 ) Balance at June 30, 2021 $ 522,360 |
Schedule of Amortization Expense | Amortization expense related to NSD for the next five years is as follows (in thousands): Total Remainder of 2021 $ 1,915 2022 3,480 2023 3,230 2024 3,218 2025 3,080 |
Schedule of Unaudited Pro forma Consolidated Results of Operations | The following unaudited pro forma consolidated results of operations present the effects of NSD as though it had been acquired as of January 1, 2020 (in thousands, except for per share amounts): Three Months Ended Six Months Ended June 30, 2020 June 30, 2020 Revenue $ 800,868 $ 1,655,827 Net income $ 15,946 $ 29,735 Earnings per share Basic $ 0.48 $ 0.90 Diluted $ 0.48 $ 0.89 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings Per Share | The following is a reconciliation of our earnings per share (in thousands, except for per share data): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income for basic and diluted earnings per share $ 26,592 $ 13,154 $ 43,822 $ 26,390 Weighted average shares outstanding - basic 33,428 33,171 33,423 33,165 Dilutive effect of restricted stock 451 284 404 307 Weighted average shares outstanding - diluted 33,879 33,455 33,827 33,472 Earnings per share - basic $ 0.80 $ 0.40 $ 1.31 $ 0.80 Earnings per share - diluted $ 0.78 $ 0.39 $ 1.30 $ 0.79 |
Revenue from Contract with Cu_2
Revenue from Contract with Customers (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Disaggregated Revenue by Business Line | The following table summarizes our revenue by business line (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Intermodal $ 550,185 $ 447,126 $ 1,056,189 $ 925,160 Logistics 222,449 177,293 439,484 377,495 Truck brokerage 139,991 86,675 267,253 184,692 Dedicated 68,695 68,149 137,947 130,755 Total revenue $ 981,320 $ 779,243 $ 1,900,873 $ 1,618,102 |
Long-Term Debt and Financing _2
Long-Term Debt and Financing Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Debt | June 30, December 31, 2021 2020 (in thousands) Interim funding for equipment received and expected to be converted to an equipment note in subsequent period; interest paid at a variable rate 8,656 8,902 Secured Equipment Notes due on various dates in 2026 commencing on various dates in 2021 ; interest is paid monthly at a fixed annual rate between 1.72 % and 1.83 % 17,058 - Secured Equipment Notes due on various dates in 2025 commencing on various dates in 2020 ; interest is paid monthly at a fixed annual rate between 1.51 % and 1.80 % 66,988 74,494 Secured Equipment Notes due on various dates in 2024 commencing on various dates in 2017 , 2019 and 2020 ; interest is paid monthly at a fixed annual rate between 2.50 % and 3.59 % 42,804 49,920 Secured Equipment Notes due on various dates in 2023 commencing on various dates in 2016 through 2019 ; interest is paid monthly at a fixed annual rate of between 2.20 % and 4.20 % 82,650 112,668 Secured Equipment Notes due on various dates in 2022 commencing on various dates in 2015 through 2017 ; interest is paid monthly at a fixed annual rate between 2.20 % and 2.90 % 6,238 8,943 Secured Equipment Notes due on various dates in 2021 commencing on various dates in 2014 through 2017 ; interest is paid monthly at a fixed annual rate between 2.02 % and 2.96 % 5,575 15,432 229,969 270,359 Less current portion ( 86,868 ) ( 93,562 ) Total long-term debt $ 143,101 $ 176,797 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) $ in Thousands | Dec. 09, 2020USD ($)Carrier | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) |
Business Acquisition [Line Items] | |||||
Business acquisition, cash paid | $ 89,800 | ||||
Post-Closing Activities | $ 100 | ||||
Revenue | 981,320 | $ 779,243 | $ 1,900,873 | $ 1,618,102 | |
Operating income | 36,948 | $ 20,978 | 60,999 | $ 40,737 | |
Nonstop Delivery, LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition date | Dec. 9, 2020 | ||||
Percentage of equity interests acquired | 100.00% | ||||
Consideration for transaction | $ 105,900 | ||||
Settlement of accounts receivable due from subsidiary | $ 16,100 | ||||
Number of network carriers | Carrier | 170 | ||||
Goodwill and other intangible assets tax deductible, period | 15 years | ||||
Amortization expense of intangible assets | $ 1,000 | $ 1,800 | |||
Intangible assets, weighted average useful life | 14 years 1 month 17 days |
Acquisition - Summarizes the To
Acquisition - Summarizes the Total Purchase Price Allocated to Net Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 09, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||||
Goodwill, net | $ 522,360 | $ 508,555 | ||
Cash paid, net | 90 | $ 0 | ||
Nonstop Delivery, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 4,775 | |||
Accounts receivable trade | 25,927 | |||
Prepaid expenses and other current assets | 207 | |||
Property and equipment | 1,018 | |||
Right of use assets - operating leases | 1,295 | |||
Goodwill, net | 38,156 | $ 522,360 | $ 508,555 | |
Other intangibles | 47,700 | |||
Other assets | 14 | |||
Total assets acquired | 119,092 | |||
Accounts payable trade | 9,972 | |||
Accrued payroll | 1,324 | |||
Accrued other | 578 | |||
Lease liability - operating leases short-term | 373 | |||
Lease liability - operating leases long-term | 922 | |||
Total liabilities assumed | 13,169 | |||
Total consideration | 105,923 | |||
Cash paid, net | $ 84,989 |
Acquisition - Components of Oth
Acquisition - Components of Other Intangible Acquired (Detail) - Nonstop Delivery, LLC [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Customer Relationships [Member] | |
Other Intangible Assets [Line Items] | |
Finite-lived intangible assets, Gross Amount | $ 46,200 |
Finite-lived intangible assets, Accumulated Amortization | 1,796 |
Finite-lived intangible assets, Net Carrying Value | $ 44,404 |
Intangible assets estimated useful life | 15 years |
Agent Relationships [Member] | |
Other Intangible Assets [Line Items] | |
Finite-lived intangible assets, Gross Amount | $ 600 |
Finite-lived intangible assets, Accumulated Amortization | 88 |
Finite-lived intangible assets, Net Carrying Value | $ 512 |
Intangible assets estimated useful life | 4 years |
Trade Name [Member] | |
Other Intangible Assets [Line Items] | |
Finite-lived intangible assets, Gross Amount | $ 900 |
Finite-lived intangible assets, Accumulated Amortization | 350 |
Finite-lived intangible assets, Net Carrying Value | $ 550 |
Intangible assets estimated useful life | 18 months |
Acquisition - Schedule of Carry
Acquisition - Schedule of Carrying Amount of Goodwill (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Business Acquisition [Line Items] | |
Goodwill, Beginning Balance | $ 508,555 |
Goodwill, Ending Balance | 522,360 |
Nonstop Delivery, LLC [Member] | |
Business Acquisition [Line Items] | |
Goodwill, Beginning Balance | 508,555 |
Acquisition | 13,841 |
Other | (36) |
Goodwill, Ending Balance | $ 522,360 |
Acquisition - Amortization Expe
Acquisition - Amortization Expense (Detail) - Nonstop Delivery L L C [Member] $ in Thousands | Jun. 30, 2021USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2021 | $ 1,915 |
2022 | 3,480 |
2023 | 3,230 |
2024 | 3,218 |
2025 | $ 3,080 |
Acquisition - Unaudited Pro for
Acquisition - Unaudited Pro forma Consolidated Results of Operations (Detail) - Nonstop Delivery L L C [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Business Acquisition [Line Items] | ||
Revenue | $ 800,868 | $ 1,655,827 |
Net Income | $ 15,946 | $ 29,735 |
Earnings per share | ||
Basic | $ 0.48 | $ 0.90 |
Diluted | $ 0.48 | $ 0.89 |
Reconciliation of Earnings Per
Reconciliation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income for basic and diluted earnings per share | $ 26,592 | $ 13,154 | $ 43,822 | $ 26,390 |
Weighted average shares outstanding - basic | 33,428 | 33,171 | 33,423 | 33,165 |
Dilutive effect of restricted stock | 451 | 284 | 404 | 307 |
Weighted average shares outstanding - diluted | 33,879 | 33,455 | 33,827 | 33,472 |
Earnings per share - basic | $ 0.80 | $ 0.40 | $ 1.31 | $ 0.80 |
Earnings per share - diluted | $ 0.78 | $ 0.39 | $ 1.30 | $ 0.79 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers - Additional Information (Detail) | Dec. 09, 2020Carrier |
Nonstop Delivery, LLC [Member] | |
Revenue From Contracts With Customers [Line Items] | |
Number of network carriers | 170 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers - Summary of Disaggregated Revenue by Business Line (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 981,320 | $ 779,243 | $ 1,900,873 | $ 1,618,102 |
Intermodal [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 550,185 | 447,126 | 1,056,189 | 925,160 |
Logistics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 222,449 | 177,293 | 439,484 | 377,495 |
Truck brokerage [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 139,991 | 86,675 | 267,253 | 184,692 |
Dedicated [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 68,695 | $ 68,149 | $ 137,947 | $ 130,755 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value Measurement [Line Items] | ||
Carrying value of debt | $ 229,969 | $ 270,359 |
Restricted investments | 23,300 | 23,400 |
Fixed-rate Borrowings [Member] | ||
Fair Value Measurement [Line Items] | ||
Increase (decrease) in fair value of debt | 3,000 | 6,100 |
Carrying value of debt | $ 230,000 | $ 270,400 |
Long-Term Debt and Financing _3
Long-Term Debt and Financing Arrangements - Additional Information (Detail) - USD ($) $ in Millions | Jul. 01, 2017 | Jun. 30, 2021 | Dec. 31, 2020 |
Standby Letters of Credit [Member] | |||
Line Of Credit Facility [Line Items] | |||
Outstanding letters of credit | $ 37.4 | ||
Revolving Credit Facility [Member] | Bank Revolving Line Of Credit [Member] | |||
Line Of Credit Facility [Line Items] | |||
Unused and available borrowings under bank revolving line of credit and credit agreement | $ 312.6 | $ 312.3 | |
Credit Agreement [Member] | |||
Line Of Credit Facility [Line Items] | |||
Amount of credit agreement | $ 350 | ||
Line of Credit Facility, Expiration Date | Jul. 1, 2022 |
Schedule of Outstanding Debt (D
Schedule of Outstanding Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Interim funding for equipment received and expected to be converted to an equipment note in subsequent year; interest paid at a variable rate | $ 8,656 | $ 8,902 |
Secured long-term debt | 229,969 | 270,359 |
Less current portion | (86,868) | (93,562) |
Total long-term debt | 143,101 | 176,797 |
Secured Equipment Notes due in 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | 17,058 | 0 |
Secured Equipment Notes due in 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | 66,988 | 74,494 |
Secured Equipment Notes due in 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | 42,804 | 49,920 |
Secured Equipment Notes due in 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | 82,650 | 112,668 |
Secured Equipment Notes due in 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | 6,238 | 8,943 |
Secured Equipment Notes due in 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 5,575 | $ 15,432 |
Schedule of Outstanding Debt (P
Schedule of Outstanding Debt (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2021 | |
Secured Equipment Notes due in 2026 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes due period | 2026 |
Payment Frequency | monthly |
Secured Equipment Notes due in 2026 [Member] | Commencing on 2021 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2021 |
Secured Equipment Notes due in 2025 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes due period | 2025 |
Payment Frequency | monthly |
Secured Equipment Notes due in 2025 [Member] | Commencing on 2020 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2020 |
Secured Equipment Notes due in 2024 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes due period | 2024 |
Payment Frequency | monthly |
Secured Equipment Notes due in 2024 [Member] | Commencing on 2020 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2020 |
Secured Equipment Notes due in 2024 [Member] | Commencing on 2019 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2019 |
Secured Equipment Notes due in 2024 [Member] | Commencing on 2017 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2017 |
Secured Equipment Notes due in 2021 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes due period | 2021 |
Payment Frequency | monthly |
Secured Equipment Notes due in 2021 [Member] | Commencing on 2017 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2017 |
Secured Equipment Notes due in 2021 [Member] | Commencing on 2014 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2014 |
Secured Equipment Notes due in 2023 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes due period | 2023 |
Payment Frequency | monthly |
Secured Equipment Notes due in 2023 [Member] | Commencing on 2019 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2019 |
Secured Equipment Notes due in 2023 [Member] | Commencing on 2016 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2016 |
Secured Equipment Notes due in 2022 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes due period | 2022 |
Payment Frequency | monthly |
Secured Equipment Notes due in 2022 [Member] | Commencing on 2017 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2017 |
Secured Equipment Notes due in 2022 [Member] | Commencing on 2015 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2015 |
Minimum [Member] | Secured Equipment Notes due in 2026 [Member] | |
Debt Instrument [Line Items] | |
Interest rate secured debt | 1.72% |
Minimum [Member] | Secured Equipment Notes due in 2025 [Member] | |
Debt Instrument [Line Items] | |
Interest rate secured debt | 1.51% |
Minimum [Member] | Secured Equipment Notes due in 2024 [Member] | |
Debt Instrument [Line Items] | |
Interest rate secured debt | 2.50% |
Minimum [Member] | Secured Equipment Notes due in 2021 [Member] | |
Debt Instrument [Line Items] | |
Interest rate secured debt | 2.02% |
Minimum [Member] | Secured Equipment Notes due in 2023 [Member] | |
Debt Instrument [Line Items] | |
Interest rate secured debt | 2.20% |
Minimum [Member] | Secured Equipment Notes due in 2022 [Member] | |
Debt Instrument [Line Items] | |
Interest rate secured debt | 2.20% |
Maximum [Member] | Secured Equipment Notes due in 2026 [Member] | |
Debt Instrument [Line Items] | |
Interest rate secured debt | 1.83% |
Maximum [Member] | Secured Equipment Notes due in 2025 [Member] | |
Debt Instrument [Line Items] | |
Interest rate secured debt | 1.80% |
Maximum [Member] | Secured Equipment Notes due in 2024 [Member] | |
Debt Instrument [Line Items] | |
Interest rate secured debt | 3.59% |
Maximum [Member] | Secured Equipment Notes due in 2021 [Member] | |
Debt Instrument [Line Items] | |
Interest rate secured debt | 2.96% |
Maximum [Member] | Secured Equipment Notes due in 2023 [Member] | |
Debt Instrument [Line Items] | |
Interest rate secured debt | 4.20% |
Maximum [Member] | Secured Equipment Notes due in 2022 [Member] | |
Debt Instrument [Line Items] | |
Interest rate secured debt | 2.90% |
Legal Matters - Additional Info
Legal Matters - Additional Information (Detail) $ in Millions | Aug. 05, 2015EmployeePlaintiff | Jun. 30, 2021 | Sep. 30, 2019USD ($) |
Robles Lawsuits [Member] | |||
Loss Contingencies [Line Items] | |||
Complaint filed date | January 25, 2013 | ||
Number of plaintiffs against HGT | Plaintiff | 63 | ||
Number of employees filed lawsuit | Employee | 5 | ||
Robles and Adame Lawsuits | Accrued Other [Member] | |||
Loss Contingencies [Line Items] | |||
Claims settlement recorded in consolidated balance sheet | $ | $ 4.8 |