Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 17, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | HUBG | ||
Entity Registrant Name | HUB GROUP INC | ||
Entity Central Index Key | 940,942 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1,400,902,186 | ||
Class A Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 34,988,704 | ||
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 | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 207,749 | $ 109,769 |
Accounts receivable trade, net | 379,987 | 401,803 |
Accounts receivable other | 10,344 | 24,886 |
Prepaid taxes | 362 | 14,937 |
Deferred taxes | 8,412 | 4,816 |
Prepaid expenses and other current assets | 17,756 | 14,355 |
TOTAL CURRENT ASSETS | 624,610 | 570,566 |
Restricted investments | 21,108 | 21,944 |
Property and equipment, net | 374,847 | 338,327 |
Other intangibles, net | 13,139 | 14,434 |
Goodwill, net | 262,594 | 262,813 |
Other assets | 4,848 | 4,043 |
TOTAL ASSETS | 1,301,146 | 1,212,127 |
CURRENT LIABILITIES: | ||
Accounts payable trade | 230,432 | 256,345 |
Accounts payable other | 21,495 | 21,333 |
Accrued payroll | 33,020 | 16,192 |
Accrued other | 38,733 | 43,523 |
Current portion of capital lease | 2,608 | 2,504 |
Current portion of long term debt | 32,409 | 19,619 |
TOTAL CURRENT LIABILITIES | 358,697 | 359,516 |
Long term debt | 100,895 | 72,460 |
Non-current liabilities | 20,233 | 22,929 |
Long term portion of capital lease | 13,299 | 15,937 |
Deferred taxes | $ 160,182 | $ 140,501 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock, $.01 par value; 2,000,000 shares authorized; no shares issued or outstanding in 2015 and 2014 | ||
Additional paid-in capital | $ 174,285 | $ 171,235 |
Purchase price in excess of predecessor basis, net of tax benefit of $10,306 | (15,458) | (15,458) |
Retained earnings | 660,758 | 589,809 |
Accumulated other comprehensive loss | (178) | (77) |
Treasury stock; at cost, 5,590,831 shares in 2015 and 4,977,468 shares in 2014 | (171,986) | (145,144) |
TOTAL STOCKHOLDERS' EQUITY | 647,840 | 600,784 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,301,146 | 1,212,127 |
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 | Dec. 31, 2015 | Dec. 31, 2014 |
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 | 5,590,831 | 4,977,468 |
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 | 35,633,961 | 36,247,324 |
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 ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Revenue | $ 3,525,595 | $ 3,571,126 | $ 3,373,898 |
Transportation costs | 3,112,900 | 3,200,691 | 3,002,875 |
Gross margin | 412,695 | 370,435 | 371,023 |
Costs and expenses: | |||
Salaries and benefits | 158,938 | 136,480 | 135,341 |
Agent fees and commissions | 68,724 | 62,041 | 55,789 |
General and administrative | 60,015 | 58,014 | 56,772 |
Depreciation and amortization | 7,988 | 7,799 | 6,470 |
Driver settlements and related costs | 10,343 | ||
Impairment of software | 11,881 | ||
Impairment of trade name | 2,904 | ||
Total costs and expenses | 295,665 | 286,558 | 257,276 |
Operating income | 117,030 | 83,877 | 113,747 |
Other income (expense): | |||
Interest expense | (2,971) | (1,785) | (1,246) |
Interest and dividend income | 83 | 32 | 82 |
Other, net | (2,560) | (257) | (28) |
Total other expense | (5,448) | (2,010) | (1,192) |
Income before provision for income taxes | 111,582 | 81,867 | 112,555 |
Provision for income taxes | 40,633 | 30,309 | 43,445 |
Net income | 70,949 | 51,558 | 69,110 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (101) | 8 | (86) |
Total comprehensive income | $ 70,848 | $ 51,566 | $ 69,024 |
Basic earnings per common share | $ 1.98 | $ 1.41 | $ 1.88 |
Diluted earnings per common share | $ 1.97 | $ 1.40 | $ 1.87 |
Basic weighted average number of shares outstanding | 35,876 | 36,590 | 36,829 |
Diluted weighted average number of shares outstanding | 35,968 | 36,732 | 36,982 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in Thousands | Total | Class A and B Common Stock [Member] | Additional Paid-in Capital [Member] | Purchase Price Of Excess Of Predecessor Basis, Net Of Tax [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] |
Beginning Balance at Dec. 31, 2012 | $ 500,897 | $ 419 | $ 167,765 | $ (15,458) | $ 469,141 | $ 1 | $ (120,971) |
Beginning Balance (in shares) at Dec. 31, 2012 | 41,887,088 | (4,457,307) | |||||
Purchase of treasury shares | (13,791) | $ (13,791) | |||||
Purchase of treasury shares (in shares) | (377,906) | ||||||
Stock tendered for payments of withholding taxes | (2,634) | $ (2,634) | |||||
Stock tendered for payments of withholding taxes (in shares) | (75,995) | ||||||
Issuance of restricted stock awards, net of forfeitures | (7,990) | $ 7,990 | |||||
Issuance of restricted stock awards, net of forfeitures (in shares) | 296,300 | ||||||
Share-based compensation expense | 7,667 | 7,667 | |||||
Exercise of non-qualified options | 41 | (408) | $ 449 | ||||
Exercise of non-qualified options (in shares) | 16,500 | ||||||
Tax benefit of share-based compensation plans | 323 | 323 | |||||
Net income | 69,110 | 69,110 | |||||
Foreign currency translation adjustment | (86) | (86) | |||||
Ending Balance at Dec. 31, 2013 | 561,527 | $ 419 | 167,357 | (15,458) | 538,251 | (85) | $ (128,957) |
Ending Balance (in shares) at Dec. 31, 2013 | 41,887,088 | (4,598,408) | |||||
Purchase of treasury shares | (18,024) | $ (18,024) | |||||
Purchase of treasury shares (in shares) | (501,271) | ||||||
Stock tendered for payments of withholding taxes | (3,195) | $ (3,195) | |||||
Stock tendered for payments of withholding taxes (in shares) | (80,772) | ||||||
Issuance of restricted stock awards, net of forfeitures | (5,032) | $ 5,032 | |||||
Issuance of restricted stock awards, net of forfeitures (in shares) | 202,983 | ||||||
Share-based compensation expense | 8,258 | 8,258 | |||||
Tax benefit of share-based compensation plans | 652 | 652 | |||||
Net income | 51,558 | 51,558 | |||||
Foreign currency translation adjustment | 8 | 8 | |||||
Ending Balance at Dec. 31, 2014 | 600,784 | $ 419 | 171,235 | (15,458) | 589,809 | (77) | $ (145,144) |
Ending Balance (in shares) at Dec. 31, 2014 | 41,887,088 | (4,977,468) | |||||
Purchase of treasury shares | $ (28,823) | $ (28,823) | |||||
Purchase of treasury shares (in shares) | (735,524) | (735,524) | |||||
Stock tendered for payments of withholding taxes | $ (2,916) | $ (2,916) | |||||
Stock tendered for payments of withholding taxes (in shares) | (77,732) | ||||||
Issuance of restricted stock awards, net of forfeitures | (4,897) | $ 4,897 | |||||
Issuance of restricted stock awards, net of forfeitures (in shares) | 199,893 | ||||||
Share-based compensation expense | 7,833 | 7,833 | |||||
Tax benefit of share-based compensation plans | 114 | 114 | |||||
Net income | 70,949 | 70,949 | |||||
Foreign currency translation adjustment | (101) | (101) | |||||
Ending Balance at Dec. 31, 2015 | $ 647,840 | $ 419 | $ 174,285 | $ (15,458) | $ 660,758 | $ (178) | $ (171,986) |
Ending Balance (in shares) at Dec. 31, 2015 | 41,887,088 | (5,590,831) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 70,949 | $ 51,558 | $ 69,110 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 37,042 | 29,380 | 21,302 |
Impairment of software | 11,881 | ||
Impairment of trade name | 2,904 | ||
Deferred taxes | 16,378 | 24,501 | 16,438 |
Compensation expense related to share-based compensation plans | 7,833 | 8,258 | 7,667 |
Gain on sale of assets | (129) | (46) | (167) |
Excess tax benefits from share based compensation | (81) | (13) | |
Changes in operating assets and liabilities: | |||
Restricted investments | 836 | (1,190) | (3,536) |
Accounts receivable, net | 36,373 | (28,621) | (25,420) |
Prepaid taxes | 14,575 | (14,533) | (308) |
Prepaid expenses and other current assets | (3,401) | (1,621) | (2,137) |
Other assets | (805) | (2,047) | (682) |
Accounts payable | (25,736) | 20,370 | 27,635 |
Accrued expenses | 20,505 | 367 | 1,736 |
Non-current liabilities | (2,642) | 284 | 2,888 |
Net cash provided by operating activities | 171,697 | 98,541 | 117,417 |
Cash flows from investing activities: | |||
Proceeds from sale of equipment | 2,309 | 612 | 1,837 |
Purchases of property and equipment | (83,042) | (119,171) | (110,917) |
Net cash used in investing activities | (80,733) | (118,559) | (109,080) |
Cash flows from financing activities: | |||
Proceeds from issuance of debt | 64,442 | 91,084 | 9,120 |
Repayments of long term debt | (23,217) | (7,251) | (874) |
Proceeds from stock options exercised | 0 | 0 | 41 |
Stock tendered for payments of withholding taxes | (2,916) | (3,195) | (2,634) |
Purchase of treasury stock | (28,823) | (18,024) | (13,791) |
Capital lease payments | (2,534) | (2,449) | (2,329) |
Excess tax benefits from share-based compensation | 195 | 652 | 336 |
Net cash provided by (used in) financing activities | 7,147 | 60,817 | (10,131) |
Effect of exchange rate changes on cash and cash equivalents | (131) | 6 | (2) |
Net increase (decrease) in cash and cash equivalents | 97,980 | 40,805 | (1,796) |
Cash and cash equivalents beginning of the year | 109,769 | 68,964 | 70,760 |
Cash and cash equivalents end of the year | 207,749 | 109,769 | 68,964 |
Supplemental disclosures of cash paid for: | |||
Interest | 2,977 | 1,532 | 1,201 |
Income taxes | $ 6,990 | $ 20,189 | $ 29,728 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | NOTE 1. Description of Business and Summary of Significant Accounting Policies Business : Hub Group, Inc. (“we”, “us” or “our”) provides intermodal transportation services utilizing primarily third party arrangements with railroads. Drayage can be provided by our subsidiary, Hub Group Trucking, Inc., or a third party company. We also arrange for transportation of freight by truck and perform logistics services. Transportation services are provided through our legacy business and our acquisition, Mode Transportation, LLC. We report two distinct business segments. The first segment is Mode, which includes the Mode business we acquired on April 1, 2011. The other segment is Hub, which is all business other than Mode. “Hub Group” includes both segments. Principles of Consolidation : The consolidated financial statements include our accounts and all entities in which we have more than a 50% equity ownership or otherwise exercise unilateral control. All significant intercompany balances and transactions have been eliminated. Cash and Cash Equivalents : We consider as cash equivalents all highly liquid instruments with an original maturity of three months or less. As of December 31, 2015 and 2014, our cash and temporary investments were with high quality financial institutions in DDAs (Demand Deposit Accounts) and Savings Accounts. Accounts Receivable and Allowance for Uncollectible Accounts: In the normal course of business, we extend credit to customers after a review of each customer’s credit history. An allowance for uncollectible trade accounts has been established through an analysis of the accounts receivable aging, an assessment of collectability based on historical trends and an evaluation based on current economic conditions. To be more specific, we reserve a portion of every account balance that has aged over one year, a portion of receivables for customers in bankruptcy and certain account balances specifically identified as uncollectible. On an annual basis, we perform a hindsight analysis on Hub and Mode separately to determine each segment’s experience in collecting account balances over one year old and account balances in bankruptcy. We then use this hindsight analysis to establish our reserves for receivables over one year and in bankruptcy. In establishing a reserve for certain account balances specifically identified as uncollectible, we consider the aging of the customer receivables, the specific details as to why the receivable has not been paid, the customer’s current and projected financial results, the customer’s ability to meet and sustain their financial commitments, the positive or negative effects of the current and projected industry outlook and the general economic conditions. The allowance for uncollectible accounts is reported on the balance sheet in net accounts receivable. Our reserve for uncollectible accounts was approximately $5.2 million and $7.0 million as of December 31, 2015 and 2014, respectively. Receivables are written off once collection efforts have been exhausted. Recoveries of receivables previously charged off are recorded when received. Property and Equipment : Property and equipment are stated at cost. Depreciation of property and equipment is computed using the straight-line method at rates adequate to depreciate the cost of the applicable assets over their expected useful lives: building and improvements, up to 40 years; leasehold improvements, the shorter of useful life or lease term; computer equipment and software, up to 10 years; furniture and equipment, up to 10 years; and transportation equipment up to 15 years. Direct costs related to internally developed software projects are capitalized and amortized over their expected useful life on a straight-line basis not to exceed 10 years. Interest is capitalized on qualifying assets under development for internal use. Maintenance and repairs are charged to operations as incurred and major improvements are capitalized. The cost of assets retired or otherwise disposed of and the accumulated depreciation thereon are removed from the accounts with any gain or loss realized upon sale or disposal charged or credited to operations. We review long-lived assets for impairment when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. In the event that the undiscounted future cash flows resulting from the use of the asset group is less than the carrying amount, an impairment loss equal to the excess of the assets carrying amount over its fair value, less cost to dispose, is recorded. Goodwill and Other Intangibles : Goodwill represents the excess of purchase price over the fair market value of net assets acquired in connection with our business combinations. Goodwill and intangible assets that have indefinite useful lives are not amortized but are subject to annual impairment tests. We test goodwill for impairment annually in the fourth quarter or when events or changes in circumstances indicate the carrying value of this asset might exceed the current fair value. We test goodwill for impairment at the reporting unit level. We assess qualitative factors such as current company performance and overall economic factors to determine if it is more-likely-than-not that the goodwill might be impaired and whether it is necessary to perform the quantitative goodwill impairment test. In the quantitative goodwill test, a company compares the carrying value of a reporting unit to its fair value. If the carrying value of the reporting unit exceeds the estimated fair value, a second step is performed, which compares the implied fair value of goodwill to the carrying value, to determine the amount of impairment. In 2015 and 2014, we performed the qualitative assessment on both the Hub and Mode reporting units. No impairment charge was recognized based on the results of the goodwill impairment tests. On January 1, 2013, we adopted the FASB’s new accounting guidance regarding indefinite-lived intangibles which permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of the indefinite lived intangible asset is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative test discussed above. As a result of our impairment analysis, we recorded an impairment charge of $2.9 million in 2013, which is included in the Impairment of Trade Name line item in the Consolidated Statements of Income and Comprehensive Income. See Note 6 to the consolidated financial statements for information on this impairment charge. We evaluate the potential impairment of finite-lived acquired intangible assets when impairment indicators exist. If the carrying value is no longer recoverable based upon the undiscounted future cash flows of the asset, the amount of the impairment is the difference between the carrying amount and the fair value of the asset. Concentration of Credit Risk : Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. We place our cash and temporary investments with high quality financial institutions in DDAs (Demand Deposit Accounts) and Savings Accounts. We primarily serve customers located throughout the United States with no significant concentration in any one region. No one customer accounted for more than 10% of revenue in 2015, 2014 or 2013. We review a customer’s credit history before extending credit. In addition, we routinely assess the financial strength of our customers and, as a consequence, believe that our trade accounts receivable risk is limited. Revenue Recognition : Revenue is recognized at the time 1) persuasive evidence of an arrangement exists, 2) services have been rendered, 3) the sales price is fixed and determinable and 4) collectability is reasonably assured. Revenue and related transportation costs are recognized based on relative transit time. Further, in most cases, we report our revenue on a gross basis because we are the primary obligor as we are responsible for providing the service desired by the customer. Our customers view us as responsible for fulfillment including the acceptability of the service. Services requirements may include, for example, on-time delivery, handling freight loss and damage claims, setting up appointments for pick-up and delivery and tracing shipments in transit. We have discretion in setting sales prices and as a result, the amount we earn varies. In addition, we have the discretion to select our vendors from multiple suppliers for the services ordered by our customers. Finally, we have credit risk for our receivables. These three factors, discretion in setting prices, discretion in selecting vendors and credit risk, further support reporting revenue on a gross basis for most of our revenue. Provision for Income Taxes : Deferred income taxes are recognized for the future tax effects of temporary differences between financial and income tax reporting using tax rates in effect for the years in which the differences are expected to reverse. We believe that it is more likely than not that our deferred tax assets will be realized based on future taxable income projections with the exception of $0.1 million related to state tax net operating losses for which a valuation allowance has been established. In the event the probability of realizing the remaining deferred tax assets do not meet the more likely than not threshold in the future, a valuation allowance would be established for the deferred tax assets deemed unrecoverable. Tax liabilities are recorded when, in management’s judgment, a tax position does not meet the more likely than not threshold for recognition as prescribed by the guidance. For tax positions that meet the more likely than not threshold, a tax liability may be recorded depending on management’s assessment of how the tax position will ultimately be settled. We recognize interest expense and penalties related to income tax liabilities in our provision for income taxes. Earnings Per Common Share : Basic earnings per common share are based on the average quarterly weighted average number of Class A and Class B shares of common stock outstanding. Diluted earnings per common share are adjusted for the assumed exercise of dilutive stock options and for restricted stock which are both computed using the treasury stock method. Stock Based Compensation: Share-based compensation includes the restricted stock awards expected to vest based on the grant date fair value. Compensation expense is amortized straight-line over the vesting period including an estimate of forfeitures and is included in salaries and benefits. We present excess tax benefits resulting from the exercise of share-based compensation as financing cash in-flows and as operating cash out-flows in the Consolidated Statements of Cash Flows. New Pronouncements: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Update No. 2014-09—Revenue from Contracts with Customers (Topic 606). This Standard provides guidance on how to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public organizations, the guidance in the update is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The update provides two transition methods to the new guidance: a retrospective approach and a modified retrospective approach. Early application is permitted for annual reporting periods beginning after December 15, 2016. We plan to adopt this standard January 1, 2018, as required. We are awaiting the Joint Transition Resource Group for Revenue Recognition’s (TRG) guidance on principal versus agent (reporting revenue gross versus net) to complete our assessment of the effect of this pronouncement on our consolidated financial statements. We are currently evaluating the transition method and effect this update will have on our consolidated financial statements. In November 2015, the Financial Accounting Standards Board (“FASB”) issued Update No. 2015-17—Income Taxes (Topic 740). This Standard provides guidance on the balance sheet classification of deferred taxes, amending the accounting for income taxes and requiring all deferred tax assets and liabilities to be classified as non-current on the consolidated balance sheet. We are currently evaluating the method of adoption and expect this Standard will have an impact on our consolidated balance sheets as our current deferred tax assets were $8.4 million as of December 31, 2015. Use of Estimates : The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Significant estimates include the allowance for doubtful accounts, revenue, the cost of transportation, commission expense and useful lives of equipment. Actual results could differ from those estimates. Reclassifications: Certain prior year immaterial amounts have been reclassified in the segment footnote to conform with the current year presentation. |
Capital Structure
Capital Structure | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Capital Structure | NOTE 2. Capital Structure We have authorized common stock comprised of Class A Common Stock and Class B Common Stock. The rights of holders of Class A Common Stock and Class B Common Stock are identical, except each share of Class B Common Stock entitles its holder to approximately 80 votes, while each share of Class A Common Stock entitles its holder to one vote. We have authorized 2,000,000 shares of preferred stock. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
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): Years Ended, December 31, 2015 2014 2013 Net income for basic and diluted earnings per share $ 70,949 $ 51,558 $ 69,110 Weighted average shares outstanding - basic 35,876 36,590 36,829 Dilutive effect of stock options and restricted stock 92 142 153 Weighted average shares outstanding - diluted 35,968 36,732 36,982 Earnings per share - basic $ 1.98 $ 1.41 $ 1.88 Earnings per share - diluted $ 1.97 $ 1.40 $ 1.87 |
Impairment of Software
Impairment of Software | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Impairment of Software | NOTE 4. Impairment of Software In 2014, the Hub segment recorded a full write-off of $11.9 million related to software development costs as a result of our decision to terminate a long-term technology project. Upon deployment in the third quarter of 2014, it was discovered that the software did not properly integrate with our current systems or meet the criteria for which it was designed. We did not believe the software could be cost effectively salvaged and it has no value on the open market. This charge is included in Impairment of software in the Consolidated Statements of Income and Comprehensive Income. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Business Segments | NOTE 5. Business Segments We report two distinct business segments. The first segment is Mode, which includes the Mode LLC business we acquired on April 1, 2011. The second segment is Hub, which is all business other than Mode. Hub offers comprehensive intermodal, truck brokerage and logistics services. Our employees operate the freight through a network of operating centers located in the United States, Canada and Mexico. Each operating center is strategically located in a market with a significant concentration of shipping customers and one or more railheads. Hub has full time employees located throughout the United States, Canada and Mexico. Mode LLC markets and operates its freight transportation services, consisting of intermodal, truck brokerage and logistics, primarily through agents who enter into contractual arrangements with Mode LLC. The following is a summary of operating results, which includes the results of operations of the Mode segment for the years ended December 31, 2015, 2014 and 2013, and certain other financial data for our business segments (in thousands): Twelve Months Twelve Months Ended December 31, 2015 Ended December 31, 2014 Inter- Hub Inter- Hub Segment Group Segment Group Hub Mode Elims Total Hub Mode Elims Total Revenue $ 2,679,318 $ 928,661 $ (82,384 ) $ 3,525,595 $ 2,722,799 $ 931,131 $ (82,804 ) $ 3,571,126 Transportation costs 2,385,197 810,087 (82,384 ) 3,112,900 2,461,144 822,351 (82,804 ) 3,200,691 Gross margin 294,121 118,574 - 412,695 261,655 108,780 - 370,435 Costs and expenses: Salaries and benefits 143,993 14,945 - 158,938 122,097 14,383 - 136,480 Agent fees and commissions 56 68,668 - 68,724 45 61,996 - 62,041 General and administrative 53,023 6,992 - 60,015 51,108 6,906 - 58,014 Depreciation and amortization 6,688 1,300 - 7,988 6,238 1,561 - 7,799 Driver settlements and related costs - - - - 10,343 - - 10,343 Impairment of software - - - - 11,881 - - 11,881 Total costs and expenses 203,760 91,905 - 295,665 201,712 84,846 - 286,558 Operating income $ 90,361 $ 26,669 $ - $ 117,030 59,943 23,934 - 83,877 Capital expenditures $ 79,860 $ 3,182 $ - $ 83,042 $ 118,640 $ 531 $ - $ 119,171 Twelve Months Ended December 31, 2013 Inter- Hub Segment Group Hub Mode Elims Total Revenue $ 2,599,763 $ 823,159 $ (49,024 ) $ 3,373,898 Transportation costs 2,325,512 726,387 (49,024 ) 3,002,875 Gross margin 274,251 96,772 - 371,023 Costs and expenses: Salaries and benefits 120,478 14,863 - 135,341 Agent fees and commissions 1,372 54,417 - 55,789 General and administrative 50,484 6,288 - 56,772 Depreciation and amortization 4,326 2,144 - 6,470 Impairment of trade name 2,904 - - 2,904 Total costs and expenses 179,564 77,712 - 257,276 Operating income $ 94,687 $ 19,060 $ - $ 113,747 Capital expenditures $ 109,412 $ 1,505 $ - $ 110,917 The following tables summarize our revenue by segment and business line (in thousands): As of December 31, 2015 As of December 31, 2014 Inter- Hub Inter- Hub Segment Group Segment Group Hub Mode Elims Total Hub Mode Elims Total Total assets $ 1,127,042 $ 181,514 $ (7,410 ) $ 1,301,146 $ 1,030,722 $ 189,787 $ (8,382 ) $ 1,212,127 Goodwill 233,205 29,389 - 262,594 233,424 29,389 - 262,813 Twelve Months Twelve Months Ended December 31, 2015 Ended December 31, 2014 Inter- Hub Inter- Hub Segment Group Segment Group Hub Mode Elims Total Hub Mode Elims Total Intermodal $ 1,792,046 $ 483,910 $ (78,688 ) $ 2,197,268 $ 1,815,842 $ 466,859 $ (79,406 ) $ 2,203,295 Truck brokerage 355,402 314,498 (1,908 ) 667,992 338,590 335,587 (946 ) 673,231 Logistics 531,870 130,253 (1,788 ) 660,335 568,367 128,685 (2,452 ) 694,600 Total revenue $ 2,679,318 $ 928,661 $ (82,384 ) $ 3,525,595 $ 2,722,799 $ 931,131 $ (82,804 ) $ 3,571,126 Twelve Months Ended December 31, 2013 Inter- Hub Segment Group Hub Mode Elims Total Intermodal $ 1,818,162 $ 389,186 $ (46,401 ) $ 2,160,947 Truck brokerage 333,027 311,930 (1,453 ) 643,504 Logistics 448,574 122,043 (1,170 ) 569,447 Total revenue $ 2,599,763 $ 823,159 $ (49,024 ) $ 3,373,898 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | NOTE 6. Goodwill and Other Intangible Assets In accordance with the FASB issued guidance in the Intangibles-Goodwill and Other Topic of the Codification, we completed the required annual impairment tests. We performed a qualitative assessment on both the Hub segment goodwill and the Mode segment goodwill. No impairment charges were recognized based on the results of the annual goodwill assessments and there were no accumulated impairment losses of goodwill at the beginning of the period. The following table presents the carrying amount of goodwill (in thousands): Hub Group Hub Mode Total Balance at January 1, 2014 $ 233,643 $ 29,389 $ 263,032 Other (219 ) - (219 ) Balance at December 31, 2014 233,424 29,389 262,813 Other (219 ) - (219 ) Balance at December 31, 2015 $ 233,205 $ 29,389 $ 262,594 The changes noted as “other” in the table above for both 2015 and 2014 refer to the amortization of the income tax benefit of tax goodwill in excess of financial statement goodwill. In December 2013, we decided to change our branding strategy for Comtrak Logistics which resulted in us retiring the Comtrak name. We decided to change the name of Comtrak to Hub Group Trucking, Inc. as we believed the name change would allow us to benefit from the valuable Hub Group name with customers, vendors and drivers. In conjunction with the strategy, the Comtrak name was no longer used, resulting in no fair value and a write off of the asset. We recorded an impairment charge of $2.9 million in 2013, which is included in the Impairment of trade name line item in the Consolidated Statements of Income and Comprehensive Income. The components of the “Other intangible assets” are as follows (in thousands): Accumulated Net Gross Accumulated Impairment Carrying As of December 31, 2015: Amount Amortization Loss Value Life Hub Customer relationships $ 5,181 $ (3,350 ) $ - $ 1,831 7-15 years Hub Total $ 5,181 $ (3,350 ) $ - $ 1,831 Mode Agency/customer relationships $ 15,362 $ (4,054 ) $ - $ 11,308 18 years Hub Group Total $ 20,543 $ (7,404 ) $ - $ 13,139 Accumulated Net Gross Accumulated Impairment Carrying As of December 31, 2014: Amount Amortization Loss Value Life Hub Customer relationships $ 5,181 $ (2,909 ) $ - $ 2,272 7-15 years Trade name 2,904 - (2,904 ) - Indefinite Hub Total $ 8,085 $ (2,909 ) $ (2,904 ) $ 2,272 Mode Agency/customer relationships $ 15,362 $ (3,200 ) $ - $ 12,162 18 years Hub Group Total $ 23,447 $ (6,109 ) $ (2,904 ) $ 14,434 The above intangible assets are amortized using the straight-line method. Amortization expense, excluding impairment, for each of the years ended December 31, 2015, 2014 and 2013 was $1.3 million, $1.3 million and $1.4 million, respectively. The remaining weighted average life of all definite lived intangible assets as of December 31, 2015 was 4.49 years and 13.25 years for Hub and Mode, respectively. Amortization expense for the next five years is as follows (in thousands): Hub Group Hub Mode Total 2016 $ 442 $ 853 $ 1,295 2017 442 853 1,295 2018 395 853 1,248 2019 255 853 1,108 2020 255 853 1,108 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 7. Income Taxes The following is a reconciliation of our effective tax rate to the federal statutory tax rate: Years Ended December 31, 2015 2014 2013 U.S. federal statutory rate 35.0 % 35.0 % 35.0 % State taxes, net of federal benefit 2.4 2.9 3.2 State incentives (0.5 ) (0.8) (0.6 ) State law changes (0.9 ) (0.9) 0.1 Nondeductible expenses 0.4 0.9 0.8 Other - (0.1) 0.1 Net effective rate 36.4 % 37.0 % 38.6 % The following is a summary of our provision for income taxes (in thousands): Years Ended December 31, 2015 2014 2013 Current Federal $ 21,363 $ 5,939 $ 22,880 State and local 2,900 445 3,817 Foreign 284 249 205 24,547 6,633 26,902 Deferred Federal 16,538 23,600 15,920 State and local (346 ) 191 627 Foreign (106 ) (115 ) (4 ) 16,086 23,676 16,543 Total provision $ 40,633 $ 30,309 $ 43,445 The following is a summary of our deferred tax assets and liabilities (in thousands): December 31, 2015 2014 Reserve for uncollectible accounts receivable $ 1,672 $ 2,101 Accrued compensation 11,436 7,161 Other reserves 3,245 2,036 Current deferred tax assets 16,353 11,298 Accrued compensation 7,012 6,829 Other reserves 659 764 Operating loss carryforwards 1,914 1,387 Less valuation allowance (108 ) (108 ) Non-current deferred tax assets 9,477 8,872 Total deferred tax assets $ 25,830 $ 20,170 Prepaids $ (3,448 ) $ (1,551 ) Other receivables (4,493 ) (4,931 ) Current deferred tax liabilities (7,941 ) (6,482 ) Property and equipment (87,148 ) (67,726 ) Goodwill (82,511 ) (81,647 ) Non-current deferred tax liabilities (169,659 ) (149,373 ) Total deferred tax liabilities $ (177,600 ) $ (155,855 ) We are subject to income taxation in the U.S., numerous state jurisdictions, Mexico and Canada. Because income tax return formats vary among the states, we file both unitary and separate company state income tax returns. Our state tax net operating losses of $1.9 million expire between December 31, 2016 and December 31, 2035. Management believes it is more likely than not that the deferred tax assets will be realized with the exception of $0.1 million related to state tax net operating losses for which a valuation allowance has been established. As of December 31, 2015 and December 31, 2014, the amount of unrecognized tax benefits was consistent at $1.1 million. Of these amounts, our income tax provision would decrease $0.7 million for each year, if recognized. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Balance at January 1, 2014 $ 459 Additions for tax positions taken in prior years 231 Additions for tax positions related to the current year 587 Reductions as a result of a lapse of the applicable statute of limitations (212 ) Balance at December 31, 2014 $ 1,065 Additions for tax positions taken in prior years 166 Additions for tax positions related to the current year 153 Reductions as a result of a lapse of the applicable statute of limitations (245 ) Balance at December 31, 2015 $ 1,139 We estimate it is reasonably possible that our reserve could either increase or decrease by $0.3 million during the next twelve months. We recognize interest expense and penalties related to income tax liabilities in our provision for income taxes. In our 2015 provision for income taxes we recognized approximately two Our most recent IRS examination reviewed our 2011 and 2012 tax years and closed in 2014 with no changes. No material examinations took place in 2015. Although no material examinations are currently in effect, tax years 2012 through 2014 generally remain open to examination by the major tax jurisdictions to which we are subject. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | NOTE 8. Fair Value Measurement The carrying value of cash and cash equivalents, accounts receivable, accounts payable and long term debt materially approximated fair value as of December 31, 2015 and 2014 due to their short-term nature. We consider as cash equivalents all highly liquid instruments with an original maturity of three months or less. As of December 31, 2015 and 2014, our cash and temporary investments were with high quality financial institutions in (DDAs) Demand Deposit Accounts and Savings Accounts. Restricted investments included $21.1 million and $21.9 million as of December 31, 2015 and 2014, respectively, of mutual funds which are reported at fair value. Our assets and liabilities measured at fair value are based on valuation techniques which consider prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. These valuation methods are based on either quoted market prices (Level 1) or inputs, other than quoted prices in active markets, that are observable either directly or indirectly (Level 2). Cash and cash equivalents, 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. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | NOTE 9. Property and Equipment Property and equipment consist of the following (in thousands): December 31, 2015 2014 Land $ 9,855 $ 9,855 Building and improvements 35,267 35,212 Leasehold improvements 4,419 4,241 Computer equipment and software 77,887 70,719 Furniture and equipment 13,260 12,931 Transportation equipment 405,322 346,055 546,010 479,013 Less: Accumulated depreciation and amortization (171,163 ) (140,686 ) Property and Equipment, net $ 374,847 $ 338,327 The increase in transportation equipment to $405.3 million in 2015 from $346.1 million in 2014 was due primarily to the purchase of tractors and containers. Included in the transportation equipment is a capital lease obligation entered into for $26.4 million in 2011. The balances as of December 31, 2015 and 2014, net of accumulated amortization, were $14.7 million and $17.4 million, respectively. Depreciation and amortization expense related to property and equipment was $35.9 million, $28.3 million and $20.2 million for 2015, 2014 and 2013, respectively, which includes $2.6 million of amortization expense associated with a capital lease for each of the years ending 2015, 2014 and 2013. This amortization expense is included in transportation costs. Transportation equipment depreciation is included in transportation costs. |
Long-Term Debt and Financing Ar
Long-Term Debt and Financing Arrangements | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Financing Arrangements | NOTE 10. Long-Term Debt and Financing Arrangements In December 2013, we amended our Credit Agreement to reduce the interest rate and commitment fees and extend the term until December 2018. The maximum unsecured borrowing capacity remained at $50.0 million. The interest rate under the Credit Agreement ranges from LIBOR plus 1.00% to 1.75% or Prime to Prime plus 0.75%. The commitment fees charged on the unused line of credit are between 0.10% and 0.25% per annum. The financial covenants require a total leverage ratio of not more than 3.0 to 1.0 and an interest coverage ratio of not less than 2.0 to 1.0. We have standby letters of credit that expire in 2016. As of December 31, 2015, our letters of credit were $8.2 million. Our unused and available borrowings under our bank revolving line of credit were $41.8 million as of December 31, 2015 and $43.9 million as of December 31, 2014. We were in compliance with our debt covenants as of December 31, 2015. We have entered into various Equipment Notes (“Notes”) for the purchase of tractors and containers. The Notes are secured by the underlying equipment financed in the agreements. Our outstanding debt is as follows (in thousands): Period Ended December 31, December 31, 2015 2014 Secured Equipment Notes due in December 2020 with monthly principal and interest payments of $0.6 million commencing in January 2016; interest is paid monthly at a fixed annual rate between 2.02% and 2.03% $ 33,066 $ - Secured Equipment Notes due in September 2020 with monthly principal and interest payments of $0.2 million commencing in October 2015; interest is paid monthly at a fixed annual rate of 1.84% 12,214 - Secured Equipment Notes due in July 2020 with monthly principal and interest payments of $0.1 million commencing in July 2015; interest is paid monthly at a fixed annual rate of 2.14% 6,395 - Secured Equipment Notes due in March 2020 with monthly principal and interest payments of $0.04 million commencing in April 2015; interest is paid monthly at a fixed annual rate of 2.14% 1,998 - Secured Equipment Notes due in January 2020 with monthly principal and interest payments of $0.2 million commencing in February 2015; interest is paid monthly at a fixed annual rate between 1.72% and 2.26% 7,533 - Secured Equipment Notes due in December 2019 with monthly principal and interest payments of $0.2 million commencing in January 2015; interest is paid monthly at a fixed annual rate of 2.24% 10,828 13,387 Secured Equipment Notes due in November 2019 with monthly principal and interest payments of $0.5 million commencing in December 2014; interest is paid monthly at a fixed annual rate of 2.05% 22,514 28,429 Secured Equipment Notes due in September 2019 with monthly principal and interest payments of $0.4 million commencing in September 2014; interest is paid monthly at a fixed annual rate of 2.15% 18,170 22,772 Secured Equipment Notes due in February 2019 with monthly principal and interest payments of $0.4 million commencing in January 2014; interest is paid monthly at a fixed annual rate between 1.87% and 1.93% 15,974 21,016 Secured Equipment Notes due in June 2018 with quarterly principal and interest payments of $0.5 million commencing in August 2013; interest is paid quarterly at a fixed annual rate between 1.9% and 2.0% 4,612 6,475 133,304 92,079 Less current portion (32,409 ) (19,619 ) Total long-term debt $ 100,895 $ 72,460 Aggregate principal payments, in thousands, due subsequent to December 31, 2015, are as follows: 2016 $ 32,409 2017 32,772 2018 32,449 2019 25,766 2020 9,908 $ 133,304 In 2011, we entered into a lease agreement for 3,126 chassis for a period of 10 years. We are accounting for this lease as a capital lease. Interest on this capital lease obligation is based on interest rates that approximate currently available interest rates; therefore, indebtedness under this capital lease obligation approximates fair value. We paid interest of $0.7 million, $0.8 million and $0.9 million in 2015, 2014 and 2013, respectively, related to this capital lease. |
Leases, User Charges and Commit
Leases, User Charges and Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Leases, User Charges and Commitments | NOTE 11. Leases, User Charges and Commitments Minimum annual capital and operating lease payments, as of December 31, 2015, under non-cancelable leases, principally for containers, chassis, other equipment and real estate, as well as other commitments are payable as follows (in thousands): Future Payments Due: Operating Leases and Capital Other Lease Commitments Total 2016 $ 3,182 $ 8,883 $ 12,065 2017 3,173 4,992 8,165 2018 3,173 2,841 6,014 2019 3,173 1,455 4,628 2020 3,182 1,405 4,587 2021 and thereafter 1,845 5,003 6,848 $ 17,728 $ 24,579 $ 42,307 Less: Imputed interest (1,821 ) Net capital lease liability $ 15,907 Total rental expense included in general and administrative expense, which relates primarily to real estate, was approximately $8.0 million in 2015, $8.1 million in 2014 and $10.1 million in 2013. Many of the real estate leases contain renewal options and escalation clauses which require payments of additional rent to the extent of increases in the related operating costs. We straight-line rental expense in accordance with the FASB guidance in the Leases Topic of the Codification. We incur rental expense for our leased containers, tractors and trailers that are included in transportation costs and totaled $11.9 million, $13.1 million, and $10.2 million for 2015, 2014 and 2013, respectively. We incur user charges for use of a fleet of rail owned chassis, chassis under capital lease and dedicated rail owned containers on the Union Pacific and Norfolk Southern railroads which are included in transportation costs. Such charges were $74.3 million, $67.8 million and $69.1 million for 2015, 2014 and 2013, respectively. As of December 31, 2013, we have the ability to return the majority of the containers and pay for the rail owned chassis only when we are using them under these agreements. As a result, no minimum commitments related to these rail owned chassis and containers have been included in the table above. In addition to the commitments above, in December 2015, we committed to acquire 1,000 53’ containers. We expect the . |
Guarantees
Guarantees | 12 Months Ended |
Dec. 31, 2015 | |
Guarantees [Abstract] | |
Guarantees | NOTE 12. Guarantees As a recruiting tool for our owner-operators, we are guaranteeing certain owner-operators’ lease payments for tractors. The guarantees expire at various dates through 2020. The potential maximum exposure under these lease guarantees was approximately $10.3 million and $27.2 million as of December 31, 2015 and 2014, respectively. The potential maximum exposure represents the amount of the remaining lease payments on all outstanding guaranteed leases as of December 31, 2015 and 2014. However, upon default, we have the option to purchase the tractors. We could then sell the tractors and use the proceeds to recover all or a portion of the amounts paid under the guarantees. Alternatively, we can contract with another owner operator who would assume the lease or continue to operate the leased tractor in our company fleet. There were no material defaults during the years ended December 31, 2015 and 2014 and no potential material defaults. We had a liability of approximately $0.1 million at December 31, 2015 and $0.3 million as of December 31, 2014, representing the fair value for estimated defaults of the guarantees, based on a discounted cash-flow analysis which is included in current and non-current liabilities in our Consolidated Balance Sheets. We are amortizing the amounts over the remaining lives of the respective guarantees. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation Plans | NOTE 13. Stock-Based Compensation Plans In 1996, we adopted a Long-Term Incentive Plan (the “1996 Incentive Plan”). The number of shares of Class A Common Stock reserved for issuance under the 1996 Incentive Plan was 1,800,000. In 1997, we adopted a second Long-Term Incentive Plan (the “1997 Incentive Plan”). The number of shares of Class A Common Stock reserved for issuance under the 1997 Incentive Plan was 600,000. In 1999 we adopted a third Long-Term Incentive Plan (the “1999 Incentive Plan”). The number of shares of Class A Common Stock reserved for issuance under the 1999 Incentive Plan was 2,400,000. In 2002, we adopted a fourth Long-Term Incentive Plan (the “2002 Incentive Plan”). The number of shares of Class A Common Stock reserved for issuance under the 2002 Incentive Plan was 2,400,000. In 2003, we amended our 2002 Incentive Plan to add an additional 2,000,000 shares of Class A Common Stock that are reserved for issuance. In 2007, we amended our 2002 Incentive Plan to add an additional 1,000,000 shares of Class A Common Stock that are reserved for issuance. Under the 2002 Incentive Plan, stock options, stock appreciation rights, restricted stock, restricted stock units and performance units may be granted for the purpose of attracting and motivating our key employees and non-employee directors. We have not granted any stock options since 2003 and have no stock options outstanding. Restricted stock vests over a three to five year period. As of December 31, 2015, 526,747 shares were available for future grant. When stock options are exercised, either new shares are issued or shares are issued out of treasury. Share-based compensation expense for 2015, 2014 and 2013 was $7.8 million, $8.3 million and $7.7 million or $5.0 million, $5.2 million and $4.6 million, net of taxes, respectively. Intrinsic value for stock options is defined as the difference between the current market value and the grant price. There were no options exercised during the year ended December 31, 2015 or 2014. The total intrinsic value of options exercised during the year ended December 31, 2013 was $0.6 million. Cash received from stock options exercised during the year ended December 31, 2013 was $0.04 million. The tax benefit realized for tax deductions from stock options exercised for the year ended December 31, 2013 was $0.2 million. The following table summarizes the non-vested restricted stock activity for the year ended December 31, 2015: Weighted Average Grant Date Non-vested restricted stock Shares Fair Value Non-vested January 1, 2015 728,670 $ 35.81 Granted 338,531 $ 37.60 Vested (232,466) $ 34.49 Forfeited (138,638) $ 36.33 Non-vested at December 31, 2015 696,097 $ 37.02 The following table summarizes the restricted stock granted during the respective years: Restricted stock grants 2015 2014 2013 Employees 316,531 273,910 280,900 Outside directors 22,000 20,000 20,000 Total 338,531 293,910 300,900 Weighted average grant date fair value $ 37.60 $ 39.66 $ 34.64 Vesting period 3-5 years 3-5 years 3-5 years The fair value of non-vested restricted stock is equal to the market price of our stock at the date of grant. The total fair value of restricted shares vested during the years ended December 31, 2015, 2014 and 2013 was $8.7 million, $9.4 million and $7.5 million, respectively. As of December 31, 2015, there was $19.3 million of unrecognized compensation cost related to non-vested share-based compensation that is expected to be recognized over a weighted average period of 2.94 years. During January 2016, we granted 339,852 shares of restricted stock to certain employees and 22,000 shares of restricted stock to outside directors with a weighted average grant date fair value of $32.95. The stock vests over a three to five year period. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | NOTE 14. Employee Benefit Plans We had one profit-sharing plan and trust as of December 31, 2015, 2014 and 2013, all under section 401(k) of the Internal Revenue Code. At our discretion, we partially match qualified contributions made by employees to the plan. We incurred expense of $1.9 million, $1.9 million and $1.8 million related to this plan in 2015, 2014, and 2013, respectively. In January 2005, we established the Hub Group, Inc. Nonqualified Deferred Compensation Plan (the “Plan”) to provide added incentive for the retention of certain key employees. Under the Plan, participants can elect to defer certain compensation. Accounts will grow on a tax-deferred basis to the participant. Restricted investments included in the Consolidated Balance Sheets represent the fair value of the mutual funds and other security investments related to the Plan as of December 31, 2015 and 2014. Both realized and unrealized gains and losses are included in income and expense and offset the change in the deferred compensation liability. We provide a 50% match on the first 6% of employee compensation deferred under the Plan, with a maximum match equivalent to 3% of base salary. In addition, we have a legacy deferred compensation plan. There are no new contributions being made into this legacy plan. We incurred expense of $0.3 million, $0.3 million and $0.4 million related to the employer match for these plans in 2015, 2014 and 2013, respectively. The liabilities related to these plans as of December 31, 2015 and 2014 were $21.3 million and $22.4 million, respectively. |
Legal Matters
Legal Matters | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Matters | NOTE 15. 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, Comtrak Logistics, Inc., now known as Hub Group Trucking, Inc. Mr. Robles drove a truck for Hub Group Trucking in California, first as an independent contractor and then as an employee. The action was brought on behalf of a class comprised of present and former California-based truck drivers for Hub Group Trucking who were classified as independent contractors, from January 2009 to August 2014. The complaint alleges Hub Group Trucking has misclassified such drivers as independent contractors and that such drivers were employees. The complaint asserts various violations of the California Labor Code and claims that Hub Group Trucking has engaged in unfair competition practices. The complaint seeks, among other things, declaratory and injunctive relief, compensatory 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 are only on behalf of Mr. Robles and not a putative class. The Company believes that the California independent contractor truck drivers were properly classified as independent contractors at all times. Nevertheless, because lawsuits are expensive, time-consuming and could interrupt our business operations, Hub Group Trucking decided to make settlement offers to individual drivers with respect to the claims alleged in this lawsuit, without admitting liability. As of December 31, 2015, 93% of the California drivers have accepted the settlement offers. In late 2014, Hub Group Trucking decided to convert its model from independent contractors to employee drivers in California. On April 3, 2015, the Robles case was transferred to the U.S. District Court for the Western District of Tennessee (Western Division) in Memphis. In May 2015, the plaintiffs in the Robles case filed a Second Amended Complaint (“SAC”) which names 334 current and former Hub Group Trucking drivers as “interested putative class members.” In addition to reasserting their existing claims, the SAC includes claims post-conversion, added two new plaintiffs and seeks a judicial declaration that the settlement agreements are unenforceable. In June 2015, Hub Group Trucking filed a motion to dismiss the SAC. This motion is fully briefed and Hub Group Trucking is awaiting a ruling from the Court. Adame, Et Al. v Hub Group, Inc., Et Al. On August 5, 2015, the Plaintiffs’ law firm in the Robles case filed a lawsuit 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 Robles and seeks monetary penalties under the Private Attorneys General Act. Of the 63 named Plaintiffs, at least 58 of them previously accepted the settlement offers referenced above. On October 29, 2015, Defendants filed a notice of removal to remove the case from state court in San Bernardino to federal court in the Central District of California. On November 19, 2015, Defendants filed a motion to transfer the case to federal court in Memphis, Tennessee and also filed a motion to dismiss the case pursuant to a clause in the independent contractor agreement stating that Tennessee law applies. Also on November 19, 2015, Plaintiffs filed a motion to remand the case back to state court, claiming that the federal court lacks jurisdiction over the case. Lubinski On September 12, 2014, a complaint was filed in the U.S. District Court for the Northern District of Illinois (Eastern Division) by Christian Lubinski against Hub Group Trucking. The action was brought on behalf of a class comprised of present and former owner-operators providing delivery services in Illinois for Hub Group Trucking. The complaint alleged Hub Group Trucking misclassified such drivers as independent contractors and that such drivers were employees. The complaint alleged that Hub Group Trucking made illegal deductions from the drivers’ pay and failed to properly compensate the drivers for all hours worked, reimburse business expenses, pay employment taxes, and provide workers’ compensation and other employment benefits. The complaint asserted various violations of the Illinois Wage Payment and Collections Act and claimed that Hub Group Trucking was unjustly enriched. The complaint sought, among other things, monetary damages for the relevant statutory period and attorneys’ fees. On October 24, 2014, the Lubinski case was transferred to the U.S. District Court for the Western District of Tennessee (Western Division), in Memphis. On September 22, 2015, the court granted Hub Group Trucking’s motion to dismiss Lubinski’s Illinois law claims with prejudice based on the contractual choice of law provision providing that Tennessee law governed. The court denied as moot Hub Group Trucking’s motion to dismiss based on federal preemption. On October 2, 2015, Lubinski appealed this order to the United States Court of Appeals for the Sixth Circuit in Cincinnati. We cannot reasonably estimate at this time the possible loss or range of loss, if any, that may arise from the remaining unresolved claims in the above mentioned lawsuits. We are a party to other litigation incident to our business, including claims for personal injury and/or property damage, bankruptcy preference claims, and claims regarding freight lost or damaged in transit, improperly shipped or improperly billed. Some of the lawsuits to which we are party are covered by insurance and are being defended by our insurance carriers. Some of the lawsuits are not covered by insurance and we defend those ourselves. We do not believe that the outcome of this litigation will have a materially adverse effect on our financial position or results of operations. |
Stock Buy Back Plans
Stock Buy Back Plans | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stock Buy Back Plans | NOTE 16. Stock Buy Back Plans On October 22, 2014, our Board of Directors authorized the purchase of up to $75.0 million of our Class A Common Stock. This authorization expired on December 31, 2015. We purchased 735,524 and 501,271 shares under this authorization during the years ended December 31, 2015 and 2014, respectively. We purchased 77,732 shares for $2.9 million and 80,772 shares for $3.2 million during the years ended December 31, 2015 and 2014, respectively, related to employee withholding upon vesting of restricted stock. The following table displays the number of shares purchased during 2015 and the maximum value of shares that may yet be purchased under the plan: Maximum Value of Total Total Number of Shares that May Yet Number of Average Shares Purchased as Be Purchased Under Shares Price Paid Part of Publicly the Plan Purchased Per Share Announced Plan (in 000’s) January 1 to January 31 - $ - - $ 56,977 February 1 to February 28 341,020 $ 39.35 341,020 $ 43,577 March 1 to March 31 - $ - - $ 43,577 April 1 to April 30 - $ - - $ 43,577 May 1 to May 31 - $ - - $ 43,577 June 1 to June 30 - $ - - $ 43,577 July 1 to July 31 114,352 $ 38.58 114,352 $ 39,145 August 1 to August 31 198,923 $ 39.97 198,923 $ 31,194 September 1 to September 30 81,229 $ 37.43 81,229 $ 28,154 October 1 to October 31 - $ - - $ 28,154 November 1 to November 30 - $ - - $ 28,154 December 1 to December 31 - $ - - $ - Total 735,524 $ 39.19 735,524 $ - This table excludes 77,732 shares we purchased for $2.9 million during the year ended December 31, 2015 related to employee withholding upon vesting of restricted stock. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | NOTE 17. Selected Quarterly Financial Data (Unaudited) The following table sets forth the selected quarterly financial data for each of the quarters in 2015 (in thousands, except per share amounts): Quarter Ended March 31, June 30, September 30, December 31, 2015 2015 2015 2015 Year Ended December 31, 2015: Revenue $ 835,941 $ 899,513 $ 899,869 $ 890,272 Gross margin 89,128 101,729 105,064 116,774 Operating income 18,795 29,476 33,418 35,341 Net income 10,276 18,467 19,832 22,374 Basic earnings per share $ 0.28 $ 0.51 $ 0.55 $ 0.63 Diluted earnings per share $ 0.28 $ 0.51 $ 0.55 $ 0.63 The following table sets forth the selected quarterly financial data for each of the quarters in 2014 (in thousands, except per share amounts): Quarter Ended March 31, June 30, September 30, December 31, 2014 2014 2014 2014 Year Ended December 31, 2014: Revenue $ 848,449 $ 893,930 $ 913,386 $ 915,361 Gross margin 88,744 98,585 93,196 89,910 Operating income 20,496 30,927 7,677 24,777 Net income 12,035 18,676 4,491 16,356 Basic earnings per share $ 0.33 $ 0.51 $ 0.12 $ 0.45 Diluted earnings per share $ 0.33 $ 0.51 $ 0.12 $ 0.45 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | NOTE 18. Subsequent Event On February 2, 2016, our Board of Directors authorized the purchases of up to $100 million of our Class A Common Stock. This authorization expires December 31, 2016. We may make purchases from time to time as market conditions warrant, and any repurchased shares are expected to be held in treasury for future use. As of February 23, 2016, we have purchased 916,773 shares for $31.1 million. |
VALUATION AND QUALIFYING ACCOUN
VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2015 | |
Valuation And Qualifying Accounts [Abstract] | |
VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II HUB GROUP, INC. VALUATION AND QUALIFYING ACCOUNTS AND RESERVES Allowance for uncollectible trade accounts Balance at Charged to Charged to Balance at Year Ended Beginning of Costs & Other End of December 31: Year Expenses Accounts (1) Deductions (2) Year 2015 $ 6,990,000 $ 270,000 $ (2,037,000 ) $ (8,000 ) $ 5,215,000 2014 $ 7,446,000 $ 129,000 $ (565,000 ) $ (20,000 ) $ 6,990,000 2013 $ 6,689,000 $ 662,000 $ 142,000 $ (47,000 ) $ 7,446,000 Deferred tax valuation allowance Balance at Charged to Balance at Year Ended Beginning of Costs & End of December 31: Year Expenses Year 2015 $ 108,000 $ - $ 108,000 2014 $ 108,000 $ - $ 108,000 2013 $ 122,000 $ (14,000 ) $ 108,000 (1) Expected customer account adjustments charged to revenue and write-offs, net of recoveries. (2) Represents bad debt recoveries. |
Description of Business and S26
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Business | Business : Hub Group, Inc. (“we”, “us” or “our”) provides intermodal transportation services utilizing primarily third party arrangements with railroads. Drayage can be provided by our subsidiary, Hub Group Trucking, Inc., or a third party company. We also arrange for transportation of freight by truck and perform logistics services. Transportation services are provided through our legacy business and our acquisition, Mode Transportation, LLC. We report two distinct business segments. The first segment is Mode, which includes the Mode business we acquired on April 1, 2011. The other segment is Hub, which is all business other than Mode. “Hub Group” includes both segments. |
Principles of Consolidation | Principles of Consolidation : The consolidated financial statements include our accounts and all entities in which we have more than a 50% equity ownership or otherwise exercise unilateral control. All significant intercompany balances and transactions have been eliminated. |
Cash and Cash Equivalents | Cash and Cash Equivalents : We consider as cash equivalents all highly liquid instruments with an original maturity of three months or less. As of December 31, 2015 and 2014, our cash and temporary investments were with high quality financial institutions in DDAs (Demand Deposit Accounts) and Savings Accounts. |
Accounts Receivable and Allowance for Uncollectible Accounts | Accounts Receivable and Allowance for Uncollectible Accounts: In the normal course of business, we extend credit to customers after a review of each customer’s credit history. An allowance for uncollectible trade accounts has been established through an analysis of the accounts receivable aging, an assessment of collectability based on historical trends and an evaluation based on current economic conditions. To be more specific, we reserve a portion of every account balance that has aged over one year, a portion of receivables for customers in bankruptcy and certain account balances specifically identified as uncollectible. On an annual basis, we perform a hindsight analysis on Hub and Mode separately to determine each segment’s experience in collecting account balances over one year old and account balances in bankruptcy. We then use this hindsight analysis to establish our reserves for receivables over one year and in bankruptcy. In establishing a reserve for certain account balances specifically identified as uncollectible, we consider the aging of the customer receivables, the specific details as to why the receivable has not been paid, the customer’s current and projected financial results, the customer’s ability to meet and sustain their financial commitments, the positive or negative effects of the current and projected industry outlook and the general economic conditions. The allowance for uncollectible accounts is reported on the balance sheet in net accounts receivable. Our reserve for uncollectible accounts was approximately $5.2 million and $7.0 million as of December 31, 2015 and 2014, respectively. Receivables are written off once collection efforts have been exhausted. Recoveries of receivables previously charged off are recorded when received. |
Property and Equipment | Property and Equipment : Property and equipment are stated at cost. Depreciation of property and equipment is computed using the straight-line method at rates adequate to depreciate the cost of the applicable assets over their expected useful lives: building and improvements, up to 40 years; leasehold improvements, the shorter of useful life or lease term; computer equipment and software, up to 10 years; furniture and equipment, up to 10 years; and transportation equipment up to 15 years. Direct costs related to internally developed software projects are capitalized and amortized over their expected useful life on a straight-line basis not to exceed 10 years. Interest is capitalized on qualifying assets under development for internal use. Maintenance and repairs are charged to operations as incurred and major improvements are capitalized. The cost of assets retired or otherwise disposed of and the accumulated depreciation thereon are removed from the accounts with any gain or loss realized upon sale or disposal charged or credited to operations. We review long-lived assets for impairment when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. In the event that the undiscounted future cash flows resulting from the use of the asset group is less than the carrying amount, an impairment loss equal to the excess of the assets carrying amount over its fair value, less cost to dispose, is recorded. |
Goodwill and Other Intangibles | Goodwill and Other Intangibles : Goodwill represents the excess of purchase price over the fair market value of net assets acquired in connection with our business combinations. Goodwill and intangible assets that have indefinite useful lives are not amortized but are subject to annual impairment tests. We test goodwill for impairment annually in the fourth quarter or when events or changes in circumstances indicate the carrying value of this asset might exceed the current fair value. We test goodwill for impairment at the reporting unit level. We assess qualitative factors such as current company performance and overall economic factors to determine if it is more-likely-than-not that the goodwill might be impaired and whether it is necessary to perform the quantitative goodwill impairment test. In the quantitative goodwill test, a company compares the carrying value of a reporting unit to its fair value. If the carrying value of the reporting unit exceeds the estimated fair value, a second step is performed, which compares the implied fair value of goodwill to the carrying value, to determine the amount of impairment. In 2015 and 2014, we performed the qualitative assessment on both the Hub and Mode reporting units. No impairment charge was recognized based on the results of the goodwill impairment tests. On January 1, 2013, we adopted the FASB’s new accounting guidance regarding indefinite-lived intangibles which permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of the indefinite lived intangible asset is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative test discussed above. As a result of our impairment analysis, we recorded an impairment charge of $2.9 million in 2013, which is included in the Impairment of Trade Name line item in the Consolidated Statements of Income and Comprehensive Income. See Note 6 to the consolidated financial statements for information on this impairment charge. We evaluate the potential impairment of finite-lived acquired intangible assets when impairment indicators exist. If the carrying value is no longer recoverable based upon the undiscounted future cash flows of the asset, the amount of the impairment is the difference between the carrying amount and the fair value of the asset. |
Concentration of Credit Risk | Concentration of Credit Risk : Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. We place our cash and temporary investments with high quality financial institutions in DDAs (Demand Deposit Accounts) and Savings Accounts. We primarily serve customers located throughout the United States with no significant concentration in any one region. No one customer accounted for more than 10% of revenue in 2015, 2014 or 2013. We review a customer’s credit history before extending credit. In addition, we routinely assess the financial strength of our customers and, as a consequence, believe that our trade accounts receivable risk is limited. |
Revenue Recognition | Revenue Recognition : Revenue is recognized at the time 1) persuasive evidence of an arrangement exists, 2) services have been rendered, 3) the sales price is fixed and determinable and 4) collectability is reasonably assured. Revenue and related transportation costs are recognized based on relative transit time. Further, in most cases, we report our revenue on a gross basis because we are the primary obligor as we are responsible for providing the service desired by the customer. Our customers view us as responsible for fulfillment including the acceptability of the service. Services requirements may include, for example, on-time delivery, handling freight loss and damage claims, setting up appointments for pick-up and delivery and tracing shipments in transit. We have discretion in setting sales prices and as a result, the amount we earn varies. In addition, we have the discretion to select our vendors from multiple suppliers for the services ordered by our customers. Finally, we have credit risk for our receivables. These three factors, discretion in setting prices, discretion in selecting vendors and credit risk, further support reporting revenue on a gross basis for most of our revenue. |
Provision for Income Taxes | Provision for Income Taxes : Deferred income taxes are recognized for the future tax effects of temporary differences between financial and income tax reporting using tax rates in effect for the years in which the differences are expected to reverse. We believe that it is more likely than not that our deferred tax assets will be realized based on future taxable income projections with the exception of $0.1 million related to state tax net operating losses for which a valuation allowance has been established. In the event the probability of realizing the remaining deferred tax assets do not meet the more likely than not threshold in the future, a valuation allowance would be established for the deferred tax assets deemed unrecoverable. Tax liabilities are recorded when, in management’s judgment, a tax position does not meet the more likely than not threshold for recognition as prescribed by the guidance. For tax positions that meet the more likely than not threshold, a tax liability may be recorded depending on management’s assessment of how the tax position will ultimately be settled. We recognize interest expense and penalties related to income tax liabilities in our provision for income taxes. |
Earnings Per Common Share | Earnings Per Common Share : Basic earnings per common share are based on the average quarterly weighted average number of Class A and Class B shares of common stock outstanding. Diluted earnings per common share are adjusted for the assumed exercise of dilutive stock options and for restricted stock which are both computed using the treasury stock method. |
Stock Based Compensation | Stock Based Compensation: Share-based compensation includes the restricted stock awards expected to vest based on the grant date fair value. Compensation expense is amortized straight-line over the vesting period including an estimate of forfeitures and is included in salaries and benefits. We present excess tax benefits resulting from the exercise of share-based compensation as financing cash in-flows and as operating cash out-flows in the Consolidated Statements of Cash Flows. |
New Pronouncements | New Pronouncements: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Update No. 2014-09—Revenue from Contracts with Customers (Topic 606). This Standard provides guidance on how to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public organizations, the guidance in the update is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The update provides two transition methods to the new guidance: a retrospective approach and a modified retrospective approach. Early application is permitted for annual reporting periods beginning after December 15, 2016. We plan to adopt this standard January 1, 2018, as required. We are awaiting the Joint Transition Resource Group for Revenue Recognition’s (TRG) guidance on principal versus agent (reporting revenue gross versus net) to complete our assessment of the effect of this pronouncement on our consolidated financial statements. We are currently evaluating the transition method and effect this update will have on our consolidated financial statements. In November 2015, the Financial Accounting Standards Board (“FASB”) issued Update No. 2015-17—Income Taxes (Topic 740). This Standard provides guidance on the balance sheet classification of deferred taxes, amending the accounting for income taxes and requiring all deferred tax assets and liabilities to be classified as non-current on the consolidated balance sheet. We are currently evaluating the method of adoption and expect this Standard will have an impact on our consolidated balance sheets as our current deferred tax assets were $8.4 million as of December 31, 2015. |
Use of Estimates | Use of Estimates : The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Significant estimates include the allowance for doubtful accounts, revenue, the cost of transportation, commission expense and useful lives of equipment. Actual results could differ from those estimates. |
Reclassifications | Reclassifications: Certain prior year immaterial amounts have been reclassified in the segment footnote to conform with the current year presentation. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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): Years Ended, December 31, 2015 2014 2013 Net income for basic and diluted earnings per share $ 70,949 $ 51,558 $ 69,110 Weighted average shares outstanding - basic 35,876 36,590 36,829 Dilutive effect of stock options and restricted stock 92 142 153 Weighted average shares outstanding - diluted 35,968 36,732 36,982 Earnings per share - basic $ 1.98 $ 1.41 $ 1.88 Earnings per share - diluted $ 1.97 $ 1.40 $ 1.87 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Summary of Operating Results | The following is a summary of operating results, which includes the results of operations of the Mode segment for the years ended December 31, 2015, 2014 and 2013, and certain other financial data for our business segments (in thousands): Twelve Months Twelve Months Ended December 31, 2015 Ended December 31, 2014 Inter- Hub Inter- Hub Segment Group Segment Group Hub Mode Elims Total Hub Mode Elims Total Revenue $ 2,679,318 $ 928,661 $ (82,384 ) $ 3,525,595 $ 2,722,799 $ 931,131 $ (82,804 ) $ 3,571,126 Transportation costs 2,385,197 810,087 (82,384 ) 3,112,900 2,461,144 822,351 (82,804 ) 3,200,691 Gross margin 294,121 118,574 - 412,695 261,655 108,780 - 370,435 Costs and expenses: Salaries and benefits 143,993 14,945 - 158,938 122,097 14,383 - 136,480 Agent fees and commissions 56 68,668 - 68,724 45 61,996 - 62,041 General and administrative 53,023 6,992 - 60,015 51,108 6,906 - 58,014 Depreciation and amortization 6,688 1,300 - 7,988 6,238 1,561 - 7,799 Driver settlements and related costs - - - - 10,343 - - 10,343 Impairment of software - - - - 11,881 - - 11,881 Total costs and expenses 203,760 91,905 - 295,665 201,712 84,846 - 286,558 Operating income $ 90,361 $ 26,669 $ - $ 117,030 59,943 23,934 - 83,877 Capital expenditures $ 79,860 $ 3,182 $ - $ 83,042 $ 118,640 $ 531 $ - $ 119,171 Twelve Months Ended December 31, 2013 Inter- Hub Segment Group Hub Mode Elims Total Revenue $ 2,599,763 $ 823,159 $ (49,024 ) $ 3,373,898 Transportation costs 2,325,512 726,387 (49,024 ) 3,002,875 Gross margin 274,251 96,772 - 371,023 Costs and expenses: Salaries and benefits 120,478 14,863 - 135,341 Agent fees and commissions 1,372 54,417 - 55,789 General and administrative 50,484 6,288 - 56,772 Depreciation and amortization 4,326 2,144 - 6,470 Impairment of trade name 2,904 - - 2,904 Total costs and expenses 179,564 77,712 - 257,276 Operating income $ 94,687 $ 19,060 $ - $ 113,747 Capital expenditures $ 109,412 $ 1,505 $ - $ 110,917 |
Summary of Revenue by Segment and Business Line | The following tables summarize our revenue by segment and business line (in thousands): Twelve Months Twelve Months Ended December 31, 2015 Ended December 31, 2014 Inter- Hub Inter- Hub Segment Group Segment Group Hub Mode Elims Total Hub Mode Elims Total Intermodal $ 1,792,046 $ 483,910 $ (78,688 ) $ 2,197,268 $ 1,815,842 $ 466,859 $ (79,406 ) $ 2,203,295 Truck brokerage 355,402 314,498 (1,908 ) 667,992 338,590 335,587 (946 ) 673,231 Logistics 531,870 130,253 (1,788 ) 660,335 568,367 128,685 (2,452 ) 694,600 Total revenue $ 2,679,318 $ 928,661 $ (82,384 ) $ 3,525,595 $ 2,722,799 $ 931,131 $ (82,804 ) $ 3,571,126 Twelve Months Ended December 31, 2013 Inter- Hub Segment Group Hub Mode Elims Total Intermodal $ 1,818,162 $ 389,186 $ (46,401 ) $ 2,160,947 Truck brokerage 333,027 311,930 (1,453 ) 643,504 Logistics 448,574 122,043 (1,170 ) 569,447 Total revenue $ 2,599,763 $ 823,159 $ (49,024 ) $ 3,373,898 |
Schedule of Assets | As of December 31, 2015 As of December 31, 2014 Inter- Hub Inter- Hub Segment Group Segment Group Hub Mode Elims Total Hub Mode Elims Total Total assets $ 1,127,042 $ 181,514 $ (7,410 ) $ 1,301,146 $ 1,030,722 $ 189,787 $ (8,382 ) $ 1,212,127 Goodwill 233,205 29,389 - 262,594 233,424 29,389 - 262,813 |
Goodwill and Other Intangible29
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Goodwill | The following table presents the carrying amount of goodwill (in thousands): Hub Group Hub Mode Total Balance at January 1, 2014 $ 233,643 $ 29,389 $ 263,032 Other (219 ) - (219 ) Balance at December 31, 2014 233,424 29,389 262,813 Other (219 ) - (219 ) Balance at December 31, 2015 $ 233,205 $ 29,389 $ 262,594 |
Components of Other Intangible Assets | The components of the “Other intangible assets” are as follows (in thousands): Accumulated Net Gross Accumulated Impairment Carrying As of December 31, 2015: Amount Amortization Loss Value Life Hub Customer relationships $ 5,181 $ (3,350 ) $ - $ 1,831 7-15 years Hub Total $ 5,181 $ (3,350 ) $ - $ 1,831 Mode Agency/customer relationships $ 15,362 $ (4,054 ) $ - $ 11,308 18 years Hub Group Total $ 20,543 $ (7,404 ) $ - $ 13,139 Accumulated Net Gross Accumulated Impairment Carrying As of December 31, 2014: Amount Amortization Loss Value Life Hub Customer relationships $ 5,181 $ (2,909 ) $ - $ 2,272 7-15 years Trade name 2,904 - (2,904 ) - Indefinite Hub Total $ 8,085 $ (2,909 ) $ (2,904 ) $ 2,272 Mode Agency/customer relationships $ 15,362 $ (3,200 ) $ - $ 12,162 18 years Hub Group Total $ 23,447 $ (6,109 ) $ (2,904 ) $ 14,434 |
Components of Other Intangible Assets | The components of the “Other intangible assets” are as follows (in thousands): Accumulated Net Gross Accumulated Impairment Carrying As of December 31, 2015: Amount Amortization Loss Value Life Hub Customer relationships $ 5,181 $ (3,350 ) $ - $ 1,831 7-15 years Hub Total $ 5,181 $ (3,350 ) $ - $ 1,831 Mode Agency/customer relationships $ 15,362 $ (4,054 ) $ - $ 11,308 18 years Hub Group Total $ 20,543 $ (7,404 ) $ - $ 13,139 Accumulated Net Gross Accumulated Impairment Carrying As of December 31, 2014: Amount Amortization Loss Value Life Hub Customer relationships $ 5,181 $ (2,909 ) $ - $ 2,272 7-15 years Trade name 2,904 - (2,904 ) - Indefinite Hub Total $ 8,085 $ (2,909 ) $ (2,904 ) $ 2,272 Mode Agency/customer relationships $ 15,362 $ (3,200 ) $ - $ 12,162 18 years Hub Group Total $ 23,447 $ (6,109 ) $ (2,904 ) $ 14,434 |
Amortization Expense | Amortization expense for the next five years is as follows (in thousands): Hub Group Hub Mode Total 2016 $ 442 $ 853 $ 1,295 2017 442 853 1,295 2018 395 853 1,248 2019 255 853 1,108 2020 255 853 1,108 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Effective Tax Rate to Federal Statutory Tax Rate | The following is a reconciliation of our effective tax rate to the federal statutory tax rate: Years Ended December 31, 2015 2014 2013 U.S. federal statutory rate 35.0 % 35.0 % 35.0 % State taxes, net of federal benefit 2.4 2.9 3.2 State incentives (0.5 ) (0.8) (0.6 ) State law changes (0.9 ) (0.9) 0.1 Nondeductible expenses 0.4 0.9 0.8 Other - (0.1) 0.1 Net effective rate 36.4 % 37.0 % 38.6 % |
Summary of Provision for Income Taxes | The following is a summary of our provision for income taxes (in thousands): Years Ended December 31, 2015 2014 2013 Current Federal $ 21,363 $ 5,939 $ 22,880 State and local 2,900 445 3,817 Foreign 284 249 205 24,547 6,633 26,902 Deferred Federal 16,538 23,600 15,920 State and local (346 ) 191 627 Foreign (106 ) (115 ) (4 ) 16,086 23,676 16,543 Total provision $ 40,633 $ 30,309 $ 43,445 |
Summary of Deferred Tax Assets and Liabilities | The following is a summary of our deferred tax assets and liabilities (in thousands): December 31, 2015 2014 Reserve for uncollectible accounts receivable $ 1,672 $ 2,101 Accrued compensation 11,436 7,161 Other reserves 3,245 2,036 Current deferred tax assets 16,353 11,298 Accrued compensation 7,012 6,829 Other reserves 659 764 Operating loss carryforwards 1,914 1,387 Less valuation allowance (108 ) (108 ) Non-current deferred tax assets 9,477 8,872 Total deferred tax assets $ 25,830 $ 20,170 Prepaids $ (3,448 ) $ (1,551 ) Other receivables (4,493 ) (4,931 ) Current deferred tax liabilities (7,941 ) (6,482 ) Property and equipment (87,148 ) (67,726 ) Goodwill (82,511 ) (81,647 ) Non-current deferred tax liabilities (169,659 ) (149,373 ) Total deferred tax liabilities $ (177,600 ) $ (155,855 ) |
Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Balance at January 1, 2014 $ 459 Additions for tax positions taken in prior years 231 Additions for tax positions related to the current year 587 Reductions as a result of a lapse of the applicable statute of limitations (212 ) Balance at December 31, 2014 $ 1,065 Additions for tax positions taken in prior years 166 Additions for tax positions related to the current year 153 Reductions as a result of a lapse of the applicable statute of limitations (245 ) Balance at December 31, 2015 $ 1,139 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Property and equipment consist of the following (in thousands): December 31, 2015 2014 Land $ 9,855 $ 9,855 Building and improvements 35,267 35,212 Leasehold improvements 4,419 4,241 Computer equipment and software 77,887 70,719 Furniture and equipment 13,260 12,931 Transportation equipment 405,322 346,055 546,010 479,013 Less: Accumulated depreciation and amortization (171,163 ) (140,686 ) Property and Equipment, net $ 374,847 $ 338,327 |
Long-Term Debt and Financing 32
Long-Term Debt and Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Debt | Our outstanding debt is as follows (in thousands): Period Ended December 31, December 31, 2015 2014 Secured Equipment Notes due in December 2020 with monthly principal and interest payments of $0.6 million commencing in January 2016; interest is paid monthly at a fixed annual rate between 2.02% and 2.03% $ 33,066 $ - Secured Equipment Notes due in September 2020 with monthly principal and interest payments of $0.2 million commencing in October 2015; interest is paid monthly at a fixed annual rate of 1.84% 12,214 - Secured Equipment Notes due in July 2020 with monthly principal and interest payments of $0.1 million commencing in July 2015; interest is paid monthly at a fixed annual rate of 2.14% 6,395 - Secured Equipment Notes due in March 2020 with monthly principal and interest payments of $0.04 million commencing in April 2015; interest is paid monthly at a fixed annual rate of 2.14% 1,998 - Secured Equipment Notes due in January 2020 with monthly principal and interest payments of $0.2 million commencing in February 2015; interest is paid monthly at a fixed annual rate between 1.72% and 2.26% 7,533 - Secured Equipment Notes due in December 2019 with monthly principal and interest payments of $0.2 million commencing in January 2015; interest is paid monthly at a fixed annual rate of 2.24% 10,828 13,387 Secured Equipment Notes due in November 2019 with monthly principal and interest payments of $0.5 million commencing in December 2014; interest is paid monthly at a fixed annual rate of 2.05% 22,514 28,429 Secured Equipment Notes due in September 2019 with monthly principal and interest payments of $0.4 million commencing in September 2014; interest is paid monthly at a fixed annual rate of 2.15% 18,170 22,772 Secured Equipment Notes due in February 2019 with monthly principal and interest payments of $0.4 million commencing in January 2014; interest is paid monthly at a fixed annual rate between 1.87% and 1.93% 15,974 21,016 Secured Equipment Notes due in June 2018 with quarterly principal and interest payments of $0.5 million commencing in August 2013; interest is paid quarterly at a fixed annual rate between 1.9% and 2.0% 4,612 6,475 133,304 92,079 Less current portion (32,409 ) (19,619 ) Total long-term debt $ 100,895 $ 72,460 |
Summary of Aggregate Principal Payments | Aggregate principal payments, in thousands, due subsequent to December 31, 2015, are as follows: 2016 $ 32,409 2017 32,772 2018 32,449 2019 25,766 2020 9,908 $ 133,304 |
Leases, User Charges and Comm33
Leases, User Charges and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Future Payments Due | Future Payments Due: Operating Leases and Capital Other Lease Commitments Total 2016 $ 3,182 $ 8,883 $ 12,065 2017 3,173 4,992 8,165 2018 3,173 2,841 6,014 2019 3,173 1,455 4,628 2020 3,182 1,405 4,587 2021 and thereafter 1,845 5,003 6,848 $ 17,728 $ 24,579 $ 42,307 Less: Imputed interest (1,821 ) Net capital lease liability $ 15,907 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Non-Vested Restricted Stock Activity | The following table summarizes the non-vested restricted stock activity for the year ended December 31, 2015: Weighted Average Grant Date Non-vested restricted stock Shares Fair Value Non-vested January 1, 2015 728,670 $ 35.81 Granted 338,531 $ 37.60 Vested (232,466) $ 34.49 Forfeited (138,638) $ 36.33 Non-vested at December 31, 2015 696,097 $ 37.02 |
Schedule of Restricted Stock Granted | The following table summarizes the restricted stock granted during the respective years: Restricted stock grants 2015 2014 2013 Employees 316,531 273,910 280,900 Outside directors 22,000 20,000 20,000 Total 338,531 293,910 300,900 Weighted average grant date fair value $ 37.60 $ 39.66 $ 34.64 Vesting period 3-5 years 3-5 years 3-5 years |
Stock Buy Back Plans (Tables)
Stock Buy Back Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Number of Shares Purchased and Maximum Value of Shares That yet be Purchased Under Plan | The following table displays the number of shares purchased during 2015 and the maximum value of shares that may yet be purchased under the plan: Maximum Value of Total Total Number of Shares that May Yet Number of Average Shares Purchased as Be Purchased Under Shares Price Paid Part of Publicly the Plan Purchased Per Share Announced Plan (in 000’s) January 1 to January 31 - $ - - $ 56,977 February 1 to February 28 341,020 $ 39.35 341,020 $ 43,577 March 1 to March 31 - $ - - $ 43,577 April 1 to April 30 - $ - - $ 43,577 May 1 to May 31 - $ - - $ 43,577 June 1 to June 30 - $ - - $ 43,577 July 1 to July 31 114,352 $ 38.58 114,352 $ 39,145 August 1 to August 31 198,923 $ 39.97 198,923 $ 31,194 September 1 to September 30 81,229 $ 37.43 81,229 $ 28,154 October 1 to October 31 - $ - - $ 28,154 November 1 to November 30 - $ - - $ 28,154 December 1 to December 31 - $ - - $ - Total 735,524 $ 39.19 735,524 $ - |
Selected Quarterly Financial 36
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Selected Quarterly Financial Data | The following table sets forth the selected quarterly financial data for each of the quarters in 2015 (in thousands, except per share amounts): Quarter Ended March 31, June 30, September 30, December 31, 2015 2015 2015 2015 Year Ended December 31, 2015: Revenue $ 835,941 $ 899,513 $ 899,869 $ 890,272 Gross margin 89,128 101,729 105,064 116,774 Operating income 18,795 29,476 33,418 35,341 Net income 10,276 18,467 19,832 22,374 Basic earnings per share $ 0.28 $ 0.51 $ 0.55 $ 0.63 Diluted earnings per share $ 0.28 $ 0.51 $ 0.55 $ 0.63 The following table sets forth the selected quarterly financial data for each of the quarters in 2014 (in thousands, except per share amounts): Quarter Ended March 31, June 30, September 30, December 31, 2014 2014 2014 2014 Year Ended December 31, 2014: Revenue $ 848,449 $ 893,930 $ 913,386 $ 915,361 Gross margin 88,744 98,585 93,196 89,910 Operating income 20,496 30,927 7,677 24,777 Net income 12,035 18,676 4,491 16,356 Basic earnings per share $ 0.33 $ 0.51 $ 0.12 $ 0.45 Diluted earnings per share $ 0.33 $ 0.51 $ 0.12 $ 0.45 |
Description of Business and S37
Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)Segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Reporting business segments | Segment | 2 | ||
Reserve for uncollectible accounts | $ 5,200,000 | $ 7,000,000 | |
Goodwill impairment | 0 | 0 | |
Impairment of trade name | $ 2,904,000 | ||
State tax net operating losses, valuation allowance | 100,000 | ||
Current deferred tax assets | $ 8,412,000 | $ 4,816,000 | |
Leasehold Improvements [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment estimated life, description | The shorter of useful life or lease term. | ||
Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Ownership percentage | 50.00% | ||
Maximum [Member] | Customer Concentration Risk [Member] | Revenue [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Minimum percentage of revenue accounted for by one customer | 10.00% | 10.00% | 10.00% |
Maximum [Member] | Building And Improvement [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment estimated life | 40 years | ||
Maximum [Member] | Computer Equipment and Software [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment estimated life | 10 years | ||
Maximum [Member] | Furniture and Equipment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment estimated life | 10 years | ||
Maximum [Member] | Transportation Equipment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment estimated life | 15 years | ||
Maximum [Member] | Software Development [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Intangible assets estimated useful life | 10 years |
Capital Structure - Additional
Capital Structure - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | ||
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Class B Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common stock, rights to vote | 80 | |
Class A Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common stock, rights to vote | one |
Reconciliation of Earnings Per
Reconciliation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net income for basic and diluted earnings per share | $ 22,374 | $ 19,832 | $ 18,467 | $ 10,276 | $ 16,356 | $ 4,491 | $ 18,676 | $ 12,035 | $ 70,949 | $ 51,558 | $ 69,110 |
Weighted average shares outstanding - basic | 35,876 | 36,590 | 36,829 | ||||||||
Dilutive effect of stock options and restricted stock | 92 | 142 | 153 | ||||||||
Weighted average shares outstanding - diluted | 35,968 | 36,732 | 36,982 | ||||||||
Earnings per share - basic | $ 0.63 | $ 0.55 | $ 0.51 | $ 0.28 | $ 0.45 | $ 0.12 | $ 0.51 | $ 0.33 | $ 1.98 | $ 1.41 | $ 1.88 |
Earnings per share - diluted | $ 0.63 | $ 0.55 | $ 0.51 | $ 0.28 | $ 0.45 | $ 0.12 | $ 0.51 | $ 0.33 | $ 1.97 | $ 1.40 | $ 1.87 |
Impairment of Software - Additi
Impairment of Software - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Asset Impairment Charges [Abstract] | |
Software development cost | $ 11,881 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015Segment | |
Segment Reporting [Abstract] | |
Reporting business segments | 2 |
Number of railheads | one or more |
Summary of Operating Results (D
Summary of Operating Results (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 890,272 | $ 899,869 | $ 899,513 | $ 835,941 | $ 915,361 | $ 913,386 | $ 893,930 | $ 848,449 | $ 3,525,595 | $ 3,571,126 | $ 3,373,898 |
Transportation costs | 3,112,900 | 3,200,691 | 3,002,875 | ||||||||
Gross margin | 116,774 | 105,064 | 101,729 | 89,128 | 89,910 | 93,196 | 98,585 | 88,744 | 412,695 | 370,435 | 371,023 |
Costs and expenses: | |||||||||||
Salaries and benefits | 158,938 | 136,480 | 135,341 | ||||||||
Agent fees and commissions | 68,724 | 62,041 | 55,789 | ||||||||
General and administrative | 60,015 | 58,014 | 56,772 | ||||||||
Depreciation and amortization | 7,988 | 7,799 | 6,470 | ||||||||
Driver settlements and related costs | 10,343 | ||||||||||
Impairment of software | 11,881 | ||||||||||
Total costs and expenses | 295,665 | 286,558 | 257,276 | ||||||||
Impairment of trade name | 2,904 | ||||||||||
Operating income | $ 35,341 | $ 33,418 | $ 29,476 | $ 18,795 | $ 24,777 | $ 7,677 | $ 30,927 | $ 20,496 | 117,030 | 83,877 | 113,747 |
Capital expenditures | 83,042 | 119,171 | 110,917 | ||||||||
Operating Segments [Member] | Hub [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 2,679,318 | 2,722,799 | 2,599,763 | ||||||||
Transportation costs | 2,385,197 | 2,461,144 | 2,325,512 | ||||||||
Gross margin | 294,121 | 261,655 | 274,251 | ||||||||
Costs and expenses: | |||||||||||
Salaries and benefits | 143,993 | 122,097 | 120,478 | ||||||||
Agent fees and commissions | 56 | 45 | 1,372 | ||||||||
General and administrative | 53,023 | 51,108 | 50,484 | ||||||||
Depreciation and amortization | 6,688 | 6,238 | 4,326 | ||||||||
Driver settlements and related costs | 10,343 | ||||||||||
Impairment of software | 11,881 | ||||||||||
Total costs and expenses | 203,760 | 201,712 | 179,564 | ||||||||
Impairment of trade name | 2,904 | ||||||||||
Operating income | 90,361 | 59,943 | 94,687 | ||||||||
Capital expenditures | 79,860 | 118,640 | 109,412 | ||||||||
Operating Segments [Member] | Mode [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 928,661 | 931,131 | 823,159 | ||||||||
Transportation costs | 810,087 | 822,351 | 726,387 | ||||||||
Gross margin | 118,574 | 108,780 | 96,772 | ||||||||
Costs and expenses: | |||||||||||
Salaries and benefits | 14,945 | 14,383 | 14,863 | ||||||||
Agent fees and commissions | 68,668 | 61,996 | 54,417 | ||||||||
General and administrative | 6,992 | 6,906 | 6,288 | ||||||||
Depreciation and amortization | 1,300 | 1,561 | 2,144 | ||||||||
Total costs and expenses | 91,905 | 84,846 | 77,712 | ||||||||
Operating income | 26,669 | 23,934 | 19,060 | ||||||||
Capital expenditures | 3,182 | 531 | 1,505 | ||||||||
Intersegment Elims [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | (82,384) | (82,804) | (49,024) | ||||||||
Transportation costs | $ (82,384) | $ (82,804) | $ (49,024) |
Schedule of Assets (Detail)
Schedule of Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | |||
Total assets | $ 1,301,146 | $ 1,212,127 | |
Goodwill | 262,594 | 262,813 | $ 263,032 |
Hub [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 233,205 | 233,424 | 233,643 |
Mode [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 29,389 | 29,389 | $ 29,389 |
Operating Segments [Member] | Hub [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,127,042 | 1,030,722 | |
Goodwill | 233,205 | 233,424 | |
Operating Segments [Member] | Mode [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 181,514 | 189,787 | |
Goodwill | 29,389 | 29,389 | |
Intersegment Elims [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ (7,410) | $ (8,382) |
Summary of Revenue by Segment a
Summary of Revenue by Segment and Business Line (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 890,272 | $ 899,869 | $ 899,513 | $ 835,941 | $ 915,361 | $ 913,386 | $ 893,930 | $ 848,449 | $ 3,525,595 | $ 3,571,126 | $ 3,373,898 |
Intermodal [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 2,197,268 | 2,203,295 | 2,160,947 | ||||||||
Truck brokerage [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 667,992 | 673,231 | 643,504 | ||||||||
Logistics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 660,335 | 694,600 | 569,447 | ||||||||
Operating Segments [Member] | Hub [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 2,679,318 | 2,722,799 | 2,599,763 | ||||||||
Operating Segments [Member] | Hub [Member] | Intermodal [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,792,046 | 1,815,842 | 1,818,162 | ||||||||
Operating Segments [Member] | Hub [Member] | Truck brokerage [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 355,402 | 338,590 | 333,027 | ||||||||
Operating Segments [Member] | Hub [Member] | Logistics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 531,870 | 568,367 | 448,574 | ||||||||
Operating Segments [Member] | Mode [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 928,661 | 931,131 | 823,159 | ||||||||
Operating Segments [Member] | Mode [Member] | Intermodal [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 483,910 | 466,859 | 389,186 | ||||||||
Operating Segments [Member] | Mode [Member] | Truck brokerage [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 314,498 | 335,587 | 311,930 | ||||||||
Operating Segments [Member] | Mode [Member] | Logistics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 130,253 | 128,685 | 122,043 | ||||||||
Intersegment Elims [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | (82,384) | (82,804) | (49,024) | ||||||||
Intersegment Elims [Member] | Intermodal [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | (78,688) | (79,406) | (46,401) | ||||||||
Intersegment Elims [Member] | Truck brokerage [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | (1,908) | (946) | (1,453) | ||||||||
Intersegment Elims [Member] | Logistics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ (1,788) | $ (2,452) | $ (1,170) |
Goodwill and Other Intangible45
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Intangible Assets [Line Items] | |||
Goodwill impairment | $ 0 | $ 0 | |
Goodwill accumulated impairment loss | 0 | ||
Impairment of trade name | $ 2,904,000 | ||
Intangible assets, Amortization expense | $ 1,300,000 | $ 1,300,000 | $ 1,400,000 |
Hub [Member] | Weighted Average [Member] | |||
Intangible Assets [Line Items] | |||
Weighted average life of definite lived intangible assets | 4 years 5 months 27 days | ||
Mode [Member] | Weighted Average [Member] | |||
Intangible Assets [Line Items] | |||
Weighted average life of definite lived intangible assets | 13 years 3 months |
Carrying Amount of Goodwill (De
Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 262,813 | $ 263,032 |
Other | (219) | (219) |
Goodwill, Ending Balance | 262,594 | 262,813 |
Hub [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 233,424 | 233,643 |
Other | (219) | (219) |
Goodwill, Ending Balance | 233,205 | 233,424 |
Mode [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 29,389 | 29,389 |
Other | 0 | 0 |
Goodwill, Ending Balance | $ 29,389 | $ 29,389 |
Components of Other Intangible
Components of Other Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Other Intangible Assets [Line Items] | ||
Intangible Assets, Gross Amount | $ 20,543 | $ 23,447 |
Finite-lived intangible assets, Accumulated Amortization | (7,404) | (6,109) |
Indefinite-lived intangible assets, Accumulated Impairment Loss | (2,904) | |
Intangible Assets, Net Carrying Value | 13,139 | 14,434 |
Hub [Member] | ||
Other Intangible Assets [Line Items] | ||
Intangible Assets, Gross Amount | 5,181 | 8,085 |
Finite-lived intangible assets, Accumulated Amortization | (3,350) | (2,909) |
Indefinite-lived intangible assets, Accumulated Impairment Loss | (2,904) | |
Intangible Assets, Net Carrying Value | 1,831 | 2,272 |
Hub [Member] | Trade Names [Member] | ||
Other Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets, Accumulated Impairment Loss | (2,904) | |
Indefinite-lived intangible assets, Gross Amount | 2,904 | |
Indefinite-lived intangible assets, Net Carrying Value | 0 | |
Hub [Member] | Customer Relationships [Member] | ||
Other Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Amount | 5,181 | 5,181 |
Finite-lived intangible assets, Accumulated Amortization | (3,350) | (2,909) |
Finite-lived intangible assets, Net Carrying Value | $ 1,831 | $ 2,272 |
Hub [Member] | Customer Relationships [Member] | Minimum [Member] | ||
Other Intangible Assets [Line Items] | ||
Intangible assets estimated useful life | 7 years | 7 years |
Hub [Member] | Customer Relationships [Member] | Maximum [Member] | ||
Other Intangible Assets [Line Items] | ||
Intangible assets estimated useful life | 15 years | 15 years |
Mode [Member] | Agency/Customer Relationships [Member] | ||
Other Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Amount | $ 15,362 | $ 15,362 |
Finite-lived intangible assets, Accumulated Amortization | (4,054) | (3,200) |
Finite-lived intangible assets, Net Carrying Value | $ 11,308 | $ 12,162 |
Intangible assets estimated useful life | 18 years | 18 years |
Amortization Expense (Detail)
Amortization Expense (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Finite Lived Intangible Assets [Line Items] | |
2,016 | $ 1,295 |
2,017 | 1,295 |
2,018 | 1,248 |
2,019 | 1,108 |
2,020 | 1,108 |
Hub [Member] | |
Finite Lived Intangible Assets [Line Items] | |
2,016 | 442 |
2,017 | 442 |
2,018 | 395 |
2,019 | 255 |
2,020 | 255 |
Mode [Member] | |
Finite Lived Intangible Assets [Line Items] | |
2,016 | 853 |
2,017 | 853 |
2,018 | 853 |
2,019 | 853 |
2,020 | $ 853 |
Reconciliation of Effective Tax
Reconciliation of Effective Tax Rate to Federal Statutory Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 2.40% | 2.90% | 3.20% |
State incentives | (0.50%) | (0.80%) | (0.60%) |
State law changes | (0.90%) | (0.90%) | 0.10% |
Nondeductible expenses | 0.40% | 0.90% | 0.80% |
Other | (0.10%) | 0.10% | |
Net effective rate | 36.40% | 37.00% | 38.60% |
Summary of Provision for Income
Summary of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current | |||
Federal | $ 21,363 | $ 5,939 | $ 22,880 |
State and local | 2,900 | 445 | 3,817 |
Foreign | 284 | 249 | 205 |
Current income tax expense, total | 24,547 | 6,633 | 26,902 |
Deferred | |||
Federal | 16,538 | 23,600 | 15,920 |
State and local | (346) | 191 | 627 |
Foreign | (106) | (115) | (4) |
Deferred income tax expense, total | 16,086 | 23,676 | 16,543 |
Total provision | $ 40,633 | $ 30,309 | $ 43,445 |
Summary of Deferred Tax Assets
Summary of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Reserve for uncollectible accounts receivable | $ 1,672 | $ 2,101 |
Accrued compensation | 11,436 | 7,161 |
Other reserves | 3,245 | 2,036 |
Current deferred tax assets | 16,353 | 11,298 |
Accrued compensation | 7,012 | 6,829 |
Other reserves | 659 | 764 |
Operating loss carryforwards | 1,914 | 1,387 |
Less valuation allowance | (108) | (108) |
Non-current deferred tax assets | 9,477 | 8,872 |
Total deferred tax assets | 25,830 | 20,170 |
Prepaids | (3,448) | (1,551) |
Other receivables | (4,493) | (4,931) |
Current deferred tax liabilities | (7,941) | (6,482) |
Property and equipment | (87,148) | (67,726) |
Goodwill | (82,511) | (81,647) |
Non-current deferred tax liabilities | (169,659) | (149,373) |
Total deferred tax liabilities | $ (177,600) | $ (155,855) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
Operating loss carryforwards | $ 1,914,000 | $ 1,387,000 | |
Valuation allowance for state tax net operating losses | 108,000 | 108,000 | |
Unrecognized tax benefits | 1,139,000 | 1,065,000 | $ 459,000 |
Potential increase (decrease) in income tax provision | 700,000 | $ 700,000 | |
Net Interest income related to income tax refunds | $ 2,500 | ||
Minimum [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards, expiration date | Dec. 31, 2016 | ||
Possible reduction in unrecognized tax benefits resulting from audit settlements | $ 300,000 | ||
Maximum [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards, expiration date | Dec. 31, 2035 | ||
Possible increase in unrecognized tax benefits resulting from audit settlements | $ 300,000 |
Unrecognized Tax Benefits (Deta
Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Beginning Balance | $ 1,065 | $ 459 |
Additions for tax positions taken in prior years | 166 | 231 |
Additions for tax positions related to the current year | 153 | 587 |
Reductions as a result of a lapse of the applicable statute of limitations | (245) | (212) |
Ending Balance | $ 1,139 | $ 1,065 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Restricted investments | $ 21.1 | $ 21.9 |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | $ 546,010 | $ 479,013 |
Less: Accumulated depreciation and amortization | (171,163) | (140,686) |
Property and Equipment, net | 374,847 | 338,327 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 9,855 | 9,855 |
Building And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 35,267 | 35,212 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 4,419 | 4,241 |
Computer Equipment And Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 77,887 | 70,719 |
Furniture And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 13,260 | 12,931 |
Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | $ 405,322 | $ 346,055 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ||||
Property and Equipment, gross | $ 546,010 | $ 479,013 | ||
Equipment, capital lease obligation | $ 26,400 | |||
Equipment, capital lease obligation, net | 14,700 | 17,400 | ||
Depreciation and amortization expense related to property and equipment | 35,900 | 28,300 | $ 20,200 | |
Amortization expense under capital lease obligation | 2,600 | 2,600 | $ 2,600 | |
Transportation Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and Equipment, gross | $ 405,322 | $ 346,055 |
Long-Term Debt and Financing 57
Long-Term Debt and Financing Arrangements - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2011Chassis | |
Line Of Credit Facility [Line Items] | ||||
Maximum unsecured borrowing capacity | $ 50,000,000 | |||
Line of credit, expiration date | Dec. 31, 2018 | |||
Number of chassis leased | Chassis | 3,126 | |||
Chassis, lease agreement period (years) | 10 years | |||
Capital lease interest paid | $ 700,000 | $ 800,000 | $ 900,000 | |
Standby Letters of Credit [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Outstanding letters of credit | $ 8,200,000 | |||
Letters of credit expiration, years | 2,016 | |||
Revolving Line of 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 | $ 41,800,000 | $ 43,900,000 | ||
Minimum [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Commitment fee charged on the unused line of credit | 0.10% | |||
Interest coverage ratio | 2.00% | |||
Maximum [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Commitment fee charged on the unused line of credit | 0.25% | |||
Total leverage ratio | 3.00% | |||
LIBOR rate [Member] | Minimum [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Interest rate under the Credit Agreement | 1.00% | |||
LIBOR rate [Member] | Maximum [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Interest rate under the Credit Agreement | 1.75% | |||
Prime Rate [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Interest rate under the Credit Agreement | 0.75% |
Schedule of Outstanding Debt (D
Schedule of Outstanding Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 133,304 | $ 92,079 |
Less current portion | (32,409) | (19,619) |
Total long-term debt | 100,895 | 72,460 |
Secured Equipment Notes due in December 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment note | 33,066 | |
Secured Equipment Notes due in September 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment note | 12,214 | |
Secured Equipment Notes due in July 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment note | 6,395 | |
Secured Equipment Notes due in March 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment note | 1,998 | |
Secured Equipment Notes due in January 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment note | 7,533 | |
Secured Equipment Notes due in December 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment note | 10,828 | 13,387 |
Secured Equipment Notes due in November 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment note | 22,514 | 28,429 |
Secured Equipment Notes due in September 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment note | 18,170 | 22,772 |
Secured Equipment Notes due in February 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment note | 15,974 | 21,016 |
Secured Equipment Notes due in June 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment note | $ 4,612 | $ 6,475 |
Schedule of Outstanding Debt (P
Schedule of Outstanding Debt (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Secured Equipment Notes due in December 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment notes due | Dec. 31, 2020 | |
Monthly payments | $ 600 | |
Equipment notes, date of first required payment | Jan. 31, 2016 | |
Fixed rate, minimum | 2.02% | |
Fixed rate, maximum | 2.03% | |
Secured Equipment Notes due in September 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment notes due | Sep. 30, 2020 | |
Monthly payments | $ 200 | |
Equipment notes, date of first required payment | Oct. 31, 2015 | |
Payment Frequency | Monthly | |
Interest rate secured debt | 1.84% | |
Secured Equipment Notes due in July 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment notes due | Jul. 31, 2020 | |
Monthly payments | $ 100 | |
Equipment notes, date of first required payment | Jul. 31, 2015 | |
Payment Frequency | Monthly | |
Interest rate secured debt | 2.14% | |
Secured Equipment Notes due in March 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment notes due | Mar. 31, 2020 | |
Monthly payments | $ 40 | |
Equipment notes, date of first required payment | Apr. 30, 2015 | |
Payment Frequency | Monthly | |
Interest rate secured debt | 2.14% | |
Secured Equipment Notes due in January 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment notes due | Jan. 31, 2020 | |
Monthly payments | $ 200 | |
Equipment notes, date of first required payment | Feb. 28, 2015 | |
Fixed rate, minimum | 1.72% | |
Fixed rate, maximum | 2.26% | |
Payment Frequency | Monthly | |
Secured Equipment Notes due in December 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment notes due | Dec. 31, 2019 | Dec. 31, 2019 |
Monthly payments | $ 200 | $ 200 |
Equipment notes, date of first required payment | Jan. 31, 2015 | Jan. 31, 2015 |
Payment Frequency | Monthly | |
Interest rate secured debt | 2.24% | 2.24% |
Secured Equipment Notes due in November 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment notes due | Nov. 30, 2019 | Nov. 30, 2019 |
Monthly payments | $ 500 | $ 500 |
Equipment notes, date of first required payment | Dec. 31, 2014 | Dec. 31, 2014 |
Payment Frequency | Monthly | |
Interest rate secured debt | 2.05% | 2.05% |
Secured Equipment Notes due in September 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment notes due | Sep. 30, 2019 | Sep. 30, 2019 |
Monthly payments | $ 400 | $ 400 |
Equipment notes, date of first required payment | Sep. 30, 2014 | Sep. 30, 2014 |
Payment Frequency | Monthly | |
Interest rate secured debt | 2.15% | 2.15% |
Secured Equipment Notes due in February 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment notes due | Feb. 28, 2019 | Feb. 28, 2019 |
Monthly payments | $ 400 | $ 400 |
Equipment notes, date of first required payment | Jan. 31, 2014 | Jan. 31, 2014 |
Fixed rate, minimum | 1.87% | 1.87% |
Fixed rate, maximum | 1.93% | 1.93% |
Payment Frequency | Monthly | |
Secured Equipment Notes due in June 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment notes due | Jun. 30, 2018 | Jun. 30, 2018 |
Monthly payments | $ 500 | $ 500 |
Equipment notes, date of first required payment | Aug. 31, 2013 | Aug. 31, 2013 |
Fixed rate, minimum | 1.90% | 1.90% |
Fixed rate, maximum | 2.00% | 2.00% |
Payment Frequency | Quarterly |
Summary of Aggregate Principal
Summary of Aggregate Principal Payments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
2,016 | $ 32,409 | |
2,017 | 32,772 | |
2,018 | 32,449 | |
2,019 | 25,766 | |
2,020 | 9,908 | |
Secured long-term debt | $ 133,304 | $ 92,079 |
Leases, User Charges and Comm61
Leases, User Charges and Commitments - Future Payments Due (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Leases [Abstract] | |
Future Payments Due, Capital Lease, 2016 | $ 3,182 |
Future Payments Due, Capital Lease, 2017 | 3,173 |
Future Payments Due, Capital Lease, 2018 | 3,173 |
Future Payments Due, Capital Lease, 2019 | 3,173 |
Future Payments Due, Capital Lease, 2020 | 3,182 |
Future Payments Due, Capital Lease, 2021 and thereafter | 1,845 |
Future Payments Due, Capital Lease, Total | 17,728 |
Less: Imputed interest | (1,821) |
Net capital lease liability | 15,907 |
Future Payments Due, Operating Leases and Other Commitments, 2016 | 8,883 |
Future Payments Due, Operating Leases and Other Commitments, 2017 | 4,992 |
Future Payments Due, Operating Leases and Other Commitments, 2018 | 2,841 |
Future Payments Due, Operating Leases and Other Commitments, 2019 | 1,455 |
Future Payments Due, Operating Leases and Other Commitments, 2020 | 1,405 |
Future Payments Due, Operating Leases and Other Commitments, 2021 and thereafter | 5,003 |
Future Payments Due, Operating Leases and Other Commitments, Total | 24,579 |
Future Payments Due, Total Leases, 2016 | 12,065 |
Future Payments Due, Total Leases, 2017 | 8,165 |
Future Payments Due, Total Leases, 2018 | 6,014 |
Future Payments Due, Total Leases, 2019 | 4,628 |
Future Payments Due, Total Leases, 2020 | 4,587 |
Future Payments Due, Total Leases, 2021 and thereafter | 6,848 |
Future Payments Due, Leases, Total | $ 42,307 |
Leases, User Charges and Comm62
Leases, User Charges and Commitments - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2015USD ($)Container | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Lease and Rental Expense [Line Items] | ||||
Rental expense | $ 8,000,000 | $ 8,100,000 | $ 10,100,000 | |
Rail transportation charges | 74,300,000 | 67,800,000 | 69,100,000 | |
Minimum commitments on rail owned chassis and containers | 0 | |||
Purchase contract units, containers | Container | 1,000 | |||
Cost of purchasing containers | $ 9,000,000 | |||
Transportation Costs [Member] | ||||
Lease and Rental Expense [Line Items] | ||||
Rental expense | $ 11,900,000 | $ 13,100,000 | $ 10,200,000 |
Guarantees - Additional Informa
Guarantees - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Guarantees [Abstract] | ||
Expiration dates of guarantees | 2,020 | |
Potential maximum exposure under these lease guarantees | $ 10.3 | $ 27.2 |
Liability representing fair value for estimated defaults of guarantees, based on discounted cash-flow analysis | $ 0.1 | $ 0.3 |
Stock-Based Compensation Plan64
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Jan. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2007 | Dec. 31, 2003 | Dec. 31, 2002 | Dec. 31, 1999 | Dec. 31, 1997 | Dec. 31, 1996 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of stock options granted since 2003 | 0 | |||||||||
Stock options outstanding | 0 | |||||||||
Shares available for future grant | 526,747 | |||||||||
Compensation expense related to share-based compensation plans | $ 7,833 | $ 8,258 | $ 7,667 | |||||||
Compensation expense related to share-based compensation plans, net of tax | 5,000 | 5,200 | 4,600 | |||||||
Total intrinsic value of options exercised | 0 | 0 | 600 | |||||||
Proceeds from stock options exercised | 0 | 0 | 41 | |||||||
Tax benefit from stock options exercised | $ 0 | 0 | 200 | |||||||
Unrecognized compensation cost weighted average period recognized (years) | 2 years 11 months 9 days | |||||||||
Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Total fair value of restricted shares vested | $ 8,700 | $ 9,400 | $ 7,500 | |||||||
Unrecognized compensation cost related to non-vested share-based compensation | $ 19,300 | |||||||||
Restricted stock grants | 338,531 | 293,910 | 300,900 | |||||||
Restricted stock grants, Weighted average grant date fair value | $ 37.60 | $ 39.66 | $ 34.64 | |||||||
Restricted Stock [Member] | Subsequent Event [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted stock grants, Weighted average grant date fair value | $ 32.95 | |||||||||
Minimum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted stock vesting period | 3 years | |||||||||
Minimum [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted stock vesting period | 3 years | 3 years | 3 years | |||||||
Minimum [Member] | Restricted Stock [Member] | Subsequent Event [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted stock vesting period | 3 years | |||||||||
Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted stock vesting period | 5 years | |||||||||
Maximum [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted stock vesting period | 5 years | 5 years | 5 years | |||||||
Maximum [Member] | Restricted Stock [Member] | Subsequent Event [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted stock vesting period | 5 years | |||||||||
1996 Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares reserved under long-term incentive plan | 1,800,000 | |||||||||
1997 Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares reserved under long-term incentive plan | 600,000 | |||||||||
1999 Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares reserved under long-term incentive plan | 2,400,000 | |||||||||
Two Thousand Two Stock Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares reserved under long-term incentive plan | 2,400,000 | |||||||||
Stock reserved under long-term incentive plan, number of additional shares distributed | 1,000,000 | 2,000,000 | ||||||||
Employees [Member] | Restricted Stock [Member] | Subsequent Event [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted stock grants | 339,852 | |||||||||
Outside Directors [Member] | Restricted Stock [Member] | Subsequent Event [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted stock grants | 22,000 |
Stock-Based Compensation Plan65
Stock-Based Compensation Plans - Schedule of Non-Vested Restricted Stock Activity (Detail) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value Non-vested, Beginning balance | $ 35.81 | ||
Weighted average grant date fair value, Granted | 37.60 | $ 39.66 | $ 34.64 |
Weighted average grant date fair value, Vested | 34.49 | ||
Weighted average grant date fair value, Forfeited | 36.33 | ||
Weighted average grant date fair value Non-vested, Ending balance | $ 37.02 | $ 35.81 | |
Shares Non-vested, Beginning balance | 728,670 | ||
Shares, Granted | 338,531 | 293,910 | 300,900 |
Shares, Vested | (232,466) | ||
Shares, Forfeited | (138,638) | ||
Shares Non-vested, Ending balance | 696,097 | 728,670 |
Stock-Based Compensation Plan66
Stock-Based Compensation Plans - Restricted Stock Granted (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock vesting period | 3 years | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock vesting period | 5 years | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock grants | 338,531 | 293,910 | 300,900 |
Restricted stock grants, Weighted average grant date fair value | $ 37.60 | $ 39.66 | $ 34.64 |
Restricted Stock [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock vesting period | 3 years | 3 years | 3 years |
Restricted Stock [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock vesting period | 5 years | 5 years | 5 years |
Restricted Stock [Member] | Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock grants | 316,531 | 273,910 | 280,900 |
Restricted Stock [Member] | Outside Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock grants | 22,000 | 20,000 | 20,000 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Expenses related to employer contributions | $ 1.9 | $ 1.9 | $ 1.8 |
Expenses related to deferred compensation plan | 0.3 | 0.3 | $ 0.4 |
Deferred compensation liability | $ 21.3 | $ 22.4 | |
Nonqualified Deferred Compensation Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Percent match by employer on the first 6% of employee compensation | 50.00% | ||
Maximum percent of compensation employer will match | 3.00% |
Legal Matters - Additional Info
Legal Matters - Additional Information (Detail) - Robles Lawsuits [Member] | Aug. 05, 2015PlaintiffEmployee | May. 31, 2015Plaintiff | Dec. 31, 2015 |
Loss Contingencies [Line Items] | |||
Percentage of California drivers who accepted settlement offers | 93.00% | ||
Number of plaintiffs | 2 | ||
Number of plaintiffs against hub group trucking | 63 | ||
Number of employees filed lawsuit | Employee | 5 | ||
Number of claims accepted settlement offers | 58 |
Stock Buy Back Plans - Addition
Stock Buy Back Plans - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2015 | Aug. 31, 2015 | Jul. 31, 2015 | Feb. 28, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 22, 2014 | |
Equity Class Of Treasury Stock [Line Items] | ||||||||
Purchase of treasury shares (in shares) | 81,229 | 198,923 | 114,352 | 341,020 | 735,524 | |||
Purchase of treasury shares | $ 28,823,000 | $ 18,024,000 | $ 13,791,000 | |||||
Class A Common Stock [Member] | ||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 75,000,000 | |||||||
Purchase of treasury shares (in shares) | 735,524 | 501,271 | ||||||
Class A Common Stock [Member] | Employee Restricted Stock Plan [Member] | ||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||
Stock tendered for payments of withholding taxes (in shares) | 77,732 | 80,772 | ||||||
Purchase of treasury shares | $ 2,900,000 | $ 3,200,000 |
Stock Buy Back Plans - Number o
Stock Buy Back Plans - Number of Shares Purchased and Maximum Value of Shares That yet be Purchased Under Plan (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2015 | Aug. 31, 2015 | Jul. 31, 2015 | Feb. 28, 2015 | Dec. 31, 2015 | Nov. 30, 2015 | Oct. 31, 2015 | Jun. 30, 2015 | May. 31, 2015 | Apr. 30, 2015 | Mar. 31, 2015 | Jan. 31, 2015 | |
Equity [Abstract] | ||||||||||||
Total Number of Shares Purchased | 81,229 | 198,923 | 114,352 | 341,020 | 735,524 | |||||||
Average Price Paid Per Share | $ 37.43 | $ 39.97 | $ 38.58 | $ 39.35 | $ 39.19 | |||||||
Total Number of Shares Purchased as Part of Publicly Announced Plan | 81,229 | 198,923 | 114,352 | 341,020 | 735,524 | |||||||
Maximum Value of Shares that May Yet Be Purchased Under the Plan | $ 28,154 | $ 31,194 | $ 39,145 | $ 43,577 | $ 28,154 | $ 28,154 | $ 43,577 | $ 43,577 | $ 43,577 | $ 43,577 | $ 56,977 |
Selected Quarterly Financial 71
Selected Quarterly Financial Data (Unaudited) - Summary of Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 890,272 | $ 899,869 | $ 899,513 | $ 835,941 | $ 915,361 | $ 913,386 | $ 893,930 | $ 848,449 | $ 3,525,595 | $ 3,571,126 | $ 3,373,898 |
Gross margin | 116,774 | 105,064 | 101,729 | 89,128 | 89,910 | 93,196 | 98,585 | 88,744 | 412,695 | 370,435 | 371,023 |
Operating income | 35,341 | 33,418 | 29,476 | 18,795 | 24,777 | 7,677 | 30,927 | 20,496 | 117,030 | 83,877 | 113,747 |
Net income | $ 22,374 | $ 19,832 | $ 18,467 | $ 10,276 | $ 16,356 | $ 4,491 | $ 18,676 | $ 12,035 | $ 70,949 | $ 51,558 | $ 69,110 |
Basic earnings per share | $ 0.63 | $ 0.55 | $ 0.51 | $ 0.28 | $ 0.45 | $ 0.12 | $ 0.51 | $ 0.33 | $ 1.98 | $ 1.41 | $ 1.88 |
Diluted earnings per share | $ 0.63 | $ 0.55 | $ 0.51 | $ 0.28 | $ 0.45 | $ 0.12 | $ 0.51 | $ 0.33 | $ 1.97 | $ 1.40 | $ 1.87 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - USD ($) | Feb. 23, 2016 | Feb. 02, 2016 | Sep. 30, 2015 | Aug. 31, 2015 | Jul. 31, 2015 | Feb. 28, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 22, 2014 |
Subsequent Event [Line Items] | ||||||||||
Purchase of treasury shares (in shares) | 81,229 | 198,923 | 114,352 | 341,020 | 735,524 | |||||
Purchase of treasury shares | $ 28,823,000 | $ 18,024,000 | $ 13,791,000 | |||||||
Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Purchase of treasury shares (in shares) | 916,773 | |||||||||
Purchase of treasury shares | $ 31,100,000 | |||||||||
Class A Common Stock [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Stock repurchase program, authorized amount | $ 75,000,000 | |||||||||
Purchase of treasury shares (in shares) | 735,524 | 501,271 | ||||||||
Class A Common Stock [Member] | Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Stock repurchase program expiration date | Dec. 31, 2016 | |||||||||
Class A Common Stock [Member] | Subsequent Event [Member] | Maximum [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Stock repurchase program, authorized amount | $ 100,000,000 |
Valuation and Qualifying Acco73
Valuation and Qualifying Accounts (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Allowance for Uncollectible Trade Accounts [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Year | $ 6,990,000 | $ 7,446,000 | $ 6,689,000 | |
Charged to Costs & Expenses | 270,000 | 129,000 | 662,000 | |
Charged to Other Accounts | [1] | (2,037,000) | (565,000) | 142,000 |
Deductions | [2] | (8,000) | (20,000) | (47,000) |
Balance at End of Year | 5,215,000 | 6,990,000 | 7,446,000 | |
Deferred tax valuation allowance [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Year | 108,000 | 108,000 | 122,000 | |
Charged to Costs & Expenses | 0 | 0 | (14,000) | |
Balance at End of Year | $ 108,000 | $ 108,000 | $ 108,000 | |
[1] | Expected customer account adjustments charged to revenue and write-offs, net of recoveries | |||
[2] | Represents bad debt recoveries |