Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 27, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | HUBG | |
Entity Registrant Name | HUB GROUP, INC. | |
Entity Central Index Key | 0000940942 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity File Number | 0-27754 | |
Entity Tax Identification Number | 36-4007085 | |
Entity Address, Address Line One | 2000 Clearwater Drive | |
Entity Address, City or Town | Oak Brook | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60523 | |
City Area Code | 630 | |
Local Phone Number | 271-3600 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Class A Common Stock | |
Security Exchange Name | NASDAQ | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 33,375,328 | |
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 | Sep. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 89,628 | $ 61,435 |
Accounts receivable trade, net | 434,552 | 477,088 |
Other receivables | 3,945 | 22,021 |
Prepaid taxes | 5,238 | 616 |
Prepaid expenses and other current assets | 26,234 | 27,533 |
TOTAL CURRENT ASSETS | 559,597 | 588,693 |
Restricted investments | 21,428 | 19,236 |
Property and equipment, net | 657,826 | 681,859 |
Right-of-use assets - operating leases | 37,509 | |
Right-of-use assets - financing leases | 6,432 | |
Other intangibles, net | 124,422 | 134,788 |
Goodwill, net | 484,514 | 483,584 |
Other assets | 18,955 | 16,738 |
TOTAL ASSETS | 1,910,683 | 1,924,898 |
CURRENT LIABILITIES: | ||
Accounts payable trade | 180,490 | 272,859 |
Accounts payable other | 13,487 | 10,906 |
Accrued payroll | 46,915 | 55,535 |
Accrued other | 96,575 | 82,900 |
Lease liability - operating leases | 8,665 | |
Lease liability - financing leases | 3,021 | 2,845 |
Current portion of long term debt | 95,772 | 101,713 |
TOTAL CURRENT LIABILITIES | 444,925 | 526,758 |
Long term debt | 192,422 | 229,071 |
Non-current liabilities | 35,011 | 29,619 |
Lease liability - operating leases | 30,444 | |
Lease liability - financing leases | 2,600 | 4,739 |
Deferred taxes | 160,725 | 153,877 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock, $.01 par value; 2,000,000 shares authorized; no shares issued or outstanding in 2019 and 2018 | ||
Additional paid-in capital | 175,749 | 172,220 |
Purchase price in excess of predecessor basis, net of tax benefit of $10,306 | (15,458) | (15,458) |
Retained earnings | 1,151,646 | 1,072,456 |
Accumulated other comprehensive loss | (211) | (182) |
Treasury stock; at cost, 7,849,464 shares in 2019 and 7,431,083 shares in 2018 | (267,589) | (248,621) |
TOTAL STOCKHOLDERS' EQUITY | 1,044,556 | 980,834 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,910,683 | 1,924,898 |
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 | Sep. 30, 2019 | Dec. 31, 2018 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Purchase price in excess of predecessor basis, tax benefit | $ 10,306 | |
Treasury stock, shares | 7,849,464 | 7,431,083 |
Class A Common Stock [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 97,337,700 | 97,337,700 |
Common stock, shares issued | 41,224,792 | 41,224,792 |
Common stock, shares outstanding | 33,375,328 | 33,793,709 |
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 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenue | $ 913,275 | $ 933,224 | $ 2,767,436 | $ 2,665,300 |
Transportation costs | 778,057 | 818,240 | 2,372,226 | 2,358,286 |
Gross margin | 135,218 | 114,984 | 395,210 | 307,014 |
Costs and expenses: | ||||
Salaries and benefits | 59,765 | 57,123 | 182,652 | 163,496 |
General and administrative | 30,906 | 19,327 | 77,852 | 55,557 |
Depreciation and amortization | 7,301 | 3,800 | 21,150 | 11,286 |
Total costs and expenses | 97,972 | 80,250 | 281,654 | 230,339 |
Operating income | 37,246 | 34,734 | 113,556 | 76,675 |
Other income (expense): | ||||
Interest expense | (2,780) | (2,411) | (8,526) | (6,702) |
Interest income | 613 | 340 | 1,581 | 365 |
Other, net | 56 | 251 | (14) | 20 |
Total other expense | (2,111) | (1,820) | (6,959) | (6,317) |
Income from continuing operations before income taxes | 35,135 | 32,914 | 106,597 | 70,358 |
Provision for income taxes | 9,030 | 7,150 | 27,381 | 16,371 |
Income from continuing operations | 26,105 | 25,764 | 79,216 | 53,987 |
Income from discontinued operations, net of income taxes | 88,846 | 98,842 | ||
Net income | 26,105 | 114,610 | 79,216 | 152,829 |
Other comprehensive income: | ||||
Foreign currency translation adjustments | (33) | 22 | (29) | 26 |
Total comprehensive income | $ 26,072 | $ 114,632 | $ 79,187 | $ 152,855 |
Earnings per share from continuing operations | ||||
Basic | $ 0.79 | $ 0.77 | $ 2.37 | $ 1.62 |
Diluted | 0.78 | 0.77 | 2.36 | 1.61 |
Earnings per share from discontinued operations | ||||
Basic | 2.66 | 2.96 | ||
Diluted | 2.64 | 2.95 | ||
Earnings per share net income | ||||
Basic | 0.79 | 3.43 | 2.37 | 4.58 |
Diluted | $ 0.78 | $ 3.41 | $ 2.36 | $ 4.56 |
Basic weighted average number of shares outstanding | 33,034 | 33,399 | 33,385 | 33,387 |
Diluted weighted average number of shares outstanding | 33,265 | 33,605 | 33,522 | 33,548 |
UNAUDITED CONSOLIDATED STATEM_2
UNAUDITED 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, 2017 | $ 769,872 | $ 419 | $ 173,011 | $ (15,458) | $ 870,716 | $ (194) | $ (258,622) |
Beginning Balance (in shares) at Dec. 31, 2017 | 41,887,088 | (7,777,722) | |||||
Stock tendered for payments of withholding taxes | (4,262) | $ (4,262) | |||||
Stock tendered for payments of withholding taxes (in shares) | (87,206) | ||||||
Issuance of restricted stock awards, net of forfeitures | (7,059) | $ 7,059 | |||||
Issuance of restricted stock awards, net of forfeitures (in shares) | 252,207 | ||||||
Share-based compensation expense | 9,490 | 9,490 | |||||
Net income | 152,829 | 152,829 | |||||
Foreign currency translation adjustment | 26 | 26 | |||||
Ending Balance at Sep. 30, 2018 | 927,955 | $ 419 | 175,442 | (15,458) | 1,023,545 | (168) | $ (255,825) |
Ending Balance (in shares) at Sep. 30, 2018 | 41,887,088 | (7,612,721) | |||||
Beginning Balance at Jun. 30, 2018 | 811,060 | $ 419 | 168,614 | (15,458) | 908,935 | (190) | $ (251,260) |
Beginning Balance (in shares) at Jun. 30, 2018 | 41,887,088 | (7,507,623) | |||||
Stock tendered for payments of withholding taxes | (245) | $ (245) | |||||
Stock tendered for payments of withholding taxes (in shares) | (4,941) | ||||||
Issuance of restricted stock awards, net of forfeitures | 4,320 | $ (4,320) | |||||
Issuance of restricted stock awards, net of forfeitures (in shares) | (100,157) | ||||||
Share-based compensation expense | 2,508 | 2,508 | |||||
Net income | 114,610 | 114,610 | |||||
Foreign currency translation adjustment | 22 | 22 | |||||
Ending Balance at Sep. 30, 2018 | 927,955 | $ 419 | 175,442 | (15,458) | 1,023,545 | (168) | $ (255,825) |
Ending Balance (in shares) at Sep. 30, 2018 | 41,887,088 | (7,612,721) | |||||
Beginning Balance at Dec. 31, 2018 | 980,834 | $ 419 | 172,220 | (15,458) | 1,072,456 | (182) | $ (248,621) |
Beginning Balance (in shares) at Dec. 31, 2018 | 41,887,088 | (7,431,083) | |||||
Purchase of treasury shares | (24,998) | $ (24,998) | |||||
Purchase of treasury shares (in shares) | (626,320) | ||||||
Stock tendered for payments of withholding taxes | (2,875) | $ (2,875) | |||||
Stock tendered for payments of withholding taxes (in shares) | (75,881) | ||||||
Issuance of restricted stock awards, net of forfeitures | (8,905) | $ 8,905 | |||||
Issuance of restricted stock awards, net of forfeitures (in shares) | 283,820 | ||||||
Share-based compensation expense | 12,434 | 12,434 | |||||
Net income | 79,216 | 79,216 | |||||
Adoption of ASU 2016-02 | ASU No. 2016-02 [Member] | (26) | (26) | |||||
Foreign currency translation adjustment | (29) | (29) | |||||
Ending Balance at Sep. 30, 2019 | 1,044,556 | $ 419 | 175,749 | (15,458) | 1,151,646 | (211) | $ (267,589) |
Ending Balance (in shares) at Sep. 30, 2019 | 41,887,088 | (7,849,464) | |||||
Beginning Balance at Jun. 30, 2019 | 1,032,582 | $ 419 | 170,619 | (15,458) | 1,125,541 | (178) | $ (248,361) |
Beginning Balance (in shares) at Jun. 30, 2019 | 41,887,088 | (7,369,052) | |||||
Purchase of treasury shares | (17,716) | $ (17,716) | |||||
Purchase of treasury shares (in shares) | (444,509) | ||||||
Stock tendered for payments of withholding taxes | (129) | $ (129) | |||||
Stock tendered for payments of withholding taxes (in shares) | (3,168) | ||||||
Issuance of restricted stock awards, net of forfeitures | 1,383 | $ (1,383) | |||||
Issuance of restricted stock awards, net of forfeitures (in shares) | (32,735) | ||||||
Share-based compensation expense | 3,747 | 3,747 | |||||
Net income | 26,105 | 26,105 | |||||
Foreign currency translation adjustment | (33) | (33) | |||||
Ending Balance at Sep. 30, 2019 | $ 1,044,556 | $ 419 | $ 175,749 | $ (15,458) | $ 1,151,646 | $ (211) | $ (267,589) |
Ending Balance (in shares) at Sep. 30, 2019 | 41,887,088 | (7,849,464) |
UNAUDITED CONSOLIDATED STATEM_3
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 79,216 | $ 152,829 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 86,719 | 59,184 |
Deferred taxes | 7,145 | 33,989 |
Compensation expense related to share-based compensation plans | 12,434 | 9,490 |
Contingent consideration adjustment | (4,703) | |
Gain on sale of assets | (1,313) | (1,458) |
Gain on Disposition | (113,601) | |
Changes in operating assets and liabilities: | ||
Restricted investments | (2,192) | (2,454) |
Accounts receivable, net | 41,000 | (44,138) |
Prepaid taxes | (4,622) | 11,918 |
Prepaid expenses and other current assets | 1,299 | 438 |
Other assets | (3,365) | 1,572 |
Accounts payable | (89,800) | 8,070 |
Accrued expenses | 2,408 | 30,952 |
Non-current liabilities | (225) | 4,358 |
Transaction costs for disposition | (5,665) | |
Net cash provided by operating activities | 128,704 | 140,781 |
Cash flows from investing activities: | ||
Proceeds from sale of equipment | 9,072 | 4,035 |
Purchases of property and equipment | (55,616) | (138,847) |
Acquisitions, net of cash acquired | (734) | |
Proceeds from the disposition of discontinued operations | 19,439 | 227,986 |
Net cash (used in) provided by investing activities | (27,839) | 93,174 |
Cash flows from financing activities: | ||
Proceeds from issuance of debt | 36,557 | 118,809 |
Repayments of long term debt | (79,147) | (107,341) |
Stock tendered for payments of withholding taxes | (2,875) | (4,262) |
Purchase of treasury stock | (24,998) | |
Finance lease payments | (2,206) | (2,181) |
Net cash (used in) provided by financing activities | (72,669) | 5,025 |
Effect of exchange rate changes on cash and cash equivalents | (3) | (30) |
Net increase in cash and cash equivalents | 28,193 | 238,950 |
Cash and cash equivalents beginning of the period | 61,435 | 28,557 |
Cash and cash equivalents end of the period | 89,628 | 267,507 |
Supplemental disclosures of cash paid for: | ||
Interest | 8,436 | 6,740 |
Income taxes | $ 32,917 | $ 2,759 |
Interim Financial Statements
Interim Financial Statements | 9 Months Ended |
Sep. 30, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Financial Statements | NOTE 1. Interim Financial Statements The accounting and financial reporting policies of Hub Group, Inc. and its subsidiaries (collectively referred to herein as “Hub”, or “we”, “us” or “our”) conform to accounting principles generally accepted in the United States (“GAAP”). Our accompanying unaudited consolidated financial statements have been prepared in accordance with instructions to Form 10-Q and , therefore, do not include all information and footnotes necessary for a fair presentation of financial position, results of operation and cash flows in conformity with GAAP. The financial statements in this Quarterly Report on Form 10-Q reflect, in management’s opinion, all material adjustments (which include only normal recurring accruals) necessary to fairly present our financial position as of September 30, 2019 and results of operations for the three and nine months ended September 30, 2019 and 2018. Certain amounts in prior periods have been reclassified to conform with current period presentation. These unaudited consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018. Results of operations in interim periods are not necessarily indicative of results to be expected for a full year due partially to seasonality. |
Acquisition
Acquisition | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisition | NOTE 2. Acquisition On December 3, 2018, we acquired CaseStack, Inc. (“CaseStack”). Total consideration for the transaction was $252.9 million, which included $249.4 million in cash, of which $248.7 million was paid in December 2018 and $0.7 million in April 2019. There was also a deferred purchase consideration of $3.5 million. The deferred purchase consideration is included in Accrued Other in our Consolidated Balance Sheet and is being paid equally over twenty-four months. The acquisition of CaseStack expanded our logistics service offering to include transportation and warehousing consolidation solutions for consumer packaged goods companies selling into the North American retail channel. The acquisition also added scale to our truck brokerage service offering, particularly in the less-than-truckload segment of the market. The following table summarizes the total purchase price allocated to the net assets acquired (in thousands): Cash paid $ 249,389 Deferred purchase consideration 3,469 Total consideration $ 252,858 The following table summarizes the allocation of the total consideration to the assets and liabilities assumed as of the date of the acquisition (in thousands): Accounts receivable trade $ 31,896 Prepaid expenses and other current assets 694 Property and equipment 3,247 Deferred tax assets 6,433 Goodwill 166,070 Other intangibles 75,600 Other assets 120 Total assets acquired $ 284,060 Accounts payable trade $ 24,542 Accrued payroll 2,811 Accrued other 3,849 Total liabilities assumed $ 31,202 Total consideration $ 252,858 The CaseStack acquisition was accounted for as a purchase business combination in accordance with ASC 805 “Business Combinations.” Assets acquired and liabilities assumed were recorded in the accompanying consolidated balance sheet at their estimated fair values as of December 3, 2018 with the remaining unallocated purchase price recorded as goodwill. The goodwill recognized in the CaseStack acquisition was primarily attributable to potential expansion and future development of the acquired business. Tax history and attributes including net operating loss carryovers and other deferred tax assets are inherited in an equity purchase such as this, while goodwill is not tax deductible. The components of “Other intangibles” listed in the above table as of the acquisition date are preliminarily estimated as follows (in thousands): Accumulated Balance at Estimated Useful Amount Amortization September 30, 2019 Life Customer relationships - logistics services $ 65,600 $ 5,467 $ 60,133 10 years Customer relationships - transportation services $ 8,700 $ 1,450 $ 7,250 5 years Trade name $ 1,300 $ 722 $ 578 18 months The above intangible assets are amortized using the straight-line method. Amortization expense related to this acquisition for the three and nine month periods ended September 30, 2019 was $2.3 million and $6.9 million. The intangible assets have a weighted average useful life of approximately 9 years. Amortization expense related to CaseStack for the next five years is as follows (in thousands): Total Remainder 2019 $ 2,292 2020 $ 8,661 2021 $ 8,300 2022 $ 8,300 2023 $ 8,155 The following unaudited pro forma consolidated results of operations presents the effects of CaseStack as though it had been acquired as of January 1, 2018 (in thousands, except for per share amounts): Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018 Revenue $ 996,848 $ 2,850,047 Income from continuing operations $ 27,788 $ 59,874 Earnings per share (1) Basic $ 0.83 $ 1.79 Diluted $ 0.83 $ 1.78 (1) Earnings per share is from continuing operations. The unaudited pro forma consolidated results for the periods shown were prepared using the acquisition method of accounting and are based on the historical financial information of Hub and CaseStack. The historical financial information has been adjusted to give effect to the pro forma adjustments that are: (i) directly attributable to the acquisition, (ii) factually supportable and (iii) expected to have a continuing impact on the combined results. The unaudited pro forma consolidated results are not necessarily indicative of what our consolidated results of operations actually would have been had we completed the acquisition on January 1, 2018. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | NOTE 3. Discontinued Operations On August 31, 2018, Hub agreed to sell Mode Transportation, LCC (“Mode”), then a direct wholly-owned subsidiary of the Company (the “Disposition”). Total consideration received by the Company for the Disposition in the third quarter of 2018 was $238.5 million in cash, subject to customary purchase price adjustments. An additional $19.4 million consideration receivable was recorded in other receivables in the Consolidated Balance Sheet in the fourth quarter of 2018 due to the settlement of the net working capital and other contractual adjustments. The $19.4 million receivable was received in the first quarter of 2019. During the three months ended September 30, 2018, Mode had revenue of $10.6 million from Hub and Hub had revenue of $2.7 million from Mode. During the nine months ended September 30, 2018 Mode had revenue of $42.2 million from Hub and Hub had revenue of $17.9 million from Mode. These intercompany transactions were eliminated in our Consolidated Statements of Income. In connection with the Disposition, the Company and Mode have entered into a transition services agreement pursuant to which both the Company and Mode provided certain immaterial transition services to the other party. The agreement was completed during the second quarter of 2019. The 2018 results associated with Mode are classified as income from discontinued operations, net of income taxes, in our Consolidated Statements of Income. Income from discontinued operations is comprised of the following: Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018 Revenue $ 196,546 $ 739,534 Transportation costs 172,949 648,986 Gross margin 23,597 90,548 Costs and expenses: Salaries and benefits 3,317 11,043 General and administrative 16,827 62,426 Depreciation and amortization 153 632 Total costs and expenses 20,297 74,101 Operating income from discontinued operations 3,300 16,447 Other income Interest income 3 22 Other, net (1 ) (15 ) Gain on Disposition 113,601 113,601 Total other income 113,603 113,608 Income from discontinued operations before income taxes 116,903 130,055 Provision for income taxes 28,057 31,213 Income from discontinued operations $ 88,846 $ 98,842 Selling, general and administrative expenses recorded in discontinued operations include corporate costs incurred directly in support of Mode. Proceeds from the sale of Mode have been presented in the Consolidated Statements of Cash Flows under investing activities for the nine months ended September 30, 2019. Total operating and investing cash flows of discontinued operations for the nine months ended September 30, 2018 are comprised of the following, which exclude the effect of income taxes: Nine Months Ended (in thousands) September 30, 2018 Net cash (used in) provided by operating activities (4,184 ) Net cash provided by investing activities 226,358 |
Revenue from Contract with Cust
Revenue from Contract with Customers | 9 Months Ended |
Sep. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from Contracts with Customers | NOTE 4. Revenue from Contracts with Customers On January 1, 2018, we adopted the Accounting Standards Codification (ASC) topic 606, Revenue from Contracts with Customers. The Company capitalizes commissions incurred in connection with obtaining a contract. Capitalized commission fees are amortized based on the transfer of services to which the assets relate and are included in selling, general and administrative expenses. In 2019 and 2018, the amount of commissions that were capitalized and the amortization were both immaterial. Costs incurred to obtain an intermodal, truck brokerage or logistics contract are expensed as incurred according to the practical expedient that allows contract acquisition costs to be recognized immediately if the deferral period is one year or less. Hub offers comprehensive multimodal solutions including intermodal, truck brokerage, logistics and dedicated services. Hub has full time employees located throughout the United States, Canada and Mexico. Intermodal. As an intermodal provider, we arrange for the movement of our customers’ freight in containers and trailers, typically over distances of 750 miles or more. We contract with railroads to provide transportation for the long-haul portion of the shipment between rail terminals. Local pickup and delivery services between origin or destination and rail terminals (referred to as “drayage”) are provided by our HGT subsidiary and third-party local trucking companies. Truck Brokerage. We operate one of the largest truck brokerage operations in the U.S., providing customers with an over the road service option for their transportation needs. Our brokerage does not operate any trucks; instead we match customers’ needs with carriers’ capacity to provide the most effective service and price combination. We have contracts with a substantial base of carriers allowing us to meet the varied needs of our customers. Logistics . Hub’s logistics business operates under the names Unyson Logistics (“Unyson”) and CaseStack. Unyson is comprised of a network of logistics professionals dedicated to developing, implementing and operating customized logistics solutions for customers. Unyson offers a wide range of transportation management services and technology solutions including shipment optimization, load consolidation, mode selection, carrier management, load planning and execution and web-based shipment visibility. Our multi-modal transportation capabilities include small parcel, heavyweight, expedited, less-than-truckload, truckload, intermodal, railcar and international shipping. Our CaseStack logistics business leverages proprietary technology along with collaborative relationships with retailers and logistics providers to deliver cost savings and performance-enhancing supply chain services to consumer-packaged goods clients. CaseStack contracts with third-party warehouse providers in seven markets across North America to which its customers ship their goods to be stored and eventually consolidated, along with goods from other CaseStack customers, into full truckload shipments destined to major North American retailers. CaseStack offers its customers shipment visibility, transportation cost savings, high service levels and compliance with retailers’ increasingly stringent supply chain requirements. Dedicated Trucking. Our dedicated operation contracts with customers who seek to outsource a portion of their trucking transportation needs. We offer a dedicated fleet of equipment and drivers to each customer, as well as the management and infrastructure to operate according to the customer’s service expectations. Contracts with customers generally include fixed and variable pricing arrangements and may include charges for early termination which serves to reduce the financial risk we bear with respect to the utilization of our equipment. The following table summarizes our disaggregated revenue by business line (in thousands) for the three and nine months ended September 30: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Intermodal $ 539,484 $ 582,878 $ 1,618,407 $ 1,615,453 Truck brokerage 109,543 122,059 334,211 357,013 Logistics 189,470 149,642 586,196 479,940 Dedicated 74,778 78,645 228,622 212,894 Total revenue $ 913,275 $ 933,224 $ 2,767,436 $ 2,665,300 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 5 . Earnings Per Share The following is a reconciliation of our earnings per share (in thousands, except for per share data): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income from continuing operations for basic and diluted earnings per share $ 26,105 $ 25,764 $ 79,216 $ 53,987 Net income from discontinued operations for basic and diluted earnings per share - 88,846 - 98,842 Net income 26,105 114,610 79,216 152,829 Weighted average shares outstanding - basic 33,034 33,399 33,385 33,387 Dilutive effect of stock options and restricted stock 231 206 137 161 Weighted average shares outstanding - diluted 33,265 33,605 33,522 33,548 Earnings per share from continuing operations Basic $ 0.79 $ 0.77 $ 2.37 $ 1.62 Diluted $ 0.78 $ 0.77 $ 2.36 $ 1.61 Earnings per share from discontinued operations Basic $ - $ 2.66 $ - $ 2.96 Diluted $ - $ 2.64 $ - $ 2.95 Earnings per share net income Basic $ 0.79 $ 3.43 $ 2.37 $ 4.58 Diluted $ 0.78 $ 3.41 $ 2.36 $ 4.56 |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | NOTE 6 . Fair Value Measurement The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximated fair value as of September 30, 2019 and December 31, 2018. As of September 30, 2019 and December 31, 2018, the fair value of the Company’s fixed-rate borrowings was $4.9 million more and $0.4 million less than the historical carrying value of $288.2 million and $330.8 million. The fair value of the fixed-rate borrowings was estimated using an income approach based on current interest rates available to the Company for borrowings on similar terms and maturities. We consider as cash equivalents all highly liquid instruments with an original maturity of three months or less. As of September 30, 2019 and December 31, 2018, our cash and temporary investments were with high quality financial institutions in demand deposit accounts (DDAs), savings accounts and an interest bearing checking account. Restricted investments, as of September 30, 2019 of $21.4 million and December 31, 2018 of $19.2 million, included 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), or unobservable inputs (Level 3). Cash and cash equivalents, mutual funds, accounts receivable and accounts payable are defined as “Level 1,” while long-term debt is defined as “Level 2” of the fair value hierarchy in the Fair Value Measurements and Disclosures Topic of the Codification. |
Long-Term Debt and Financing Ar
Long-Term Debt and Financing Arrangements | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Financing Arrangements | NOTE 7 . Long-Term Debt and Financing Arrangements At September 30, 2019, we were authorized to borrow up to $350 million under a revolving line of credit. We have standby letters of credit that expire at various dates in 2019 and 2020. As of September 30, 2019, our letters of credit were $30.6 million and we had no borrowings under our bank revolving line of credit. Our unused and available borrowings were $319.4 million as of September 30, 2019 and $323.0 million as of December 31, 2018. We were in compliance with our debt covenants as of September 30, 2019. We have entered into various Equipment Notes (“Notes”) for the purchase of tractors, trailers and containers. The Notes are secured by the underlying equipment financed in the agreements. September 30, December 31, 2019 2018 (in thousands except principal and interest payments) Secured Equipment Notes due on various dates in 2024 commencing on various dates in 2017, 2018 and 2019; interest is paid monthly at a fixed annual rate between 2.75% and 3.59% $ 45,354 $ 11,658 Secured Equipment Notes due on various dates in 2023 commencing on various dates in 2016, 2017, 2018 and 2019; interest is paid monthly at a fixed annual rate between 2.23% and 4.16% 163,536 192,858 Secured Equipment Notes due on various dates in 2022 commencing on various dates from 2015 to 2017; interest is paid monthly at a fixed annual rate of between 2.16% and 2.87% 18,654 24,092 Secured Equipment Notes due on various dates in 2021 commencing on various dates from 2014 to 2017; interest is paid monthly at a fixed annual rate between 2.04% and 2.96% 40,266 55,855 Secured Equipment Notes due on various dates in 2020 commencing on various dates from 2013 to 2016; interest is paid monthly at a fixed annual rate between 1.72% and 2.78% 18,645 32,904 Secured Equipment Notes due on various dates in 2019 commencing on various dates from 2013 to 2015; interest is paid monthly at a fixed annual rate between 2.05% and 2.62% 1,739 13,417 288,194 330,784 Less current portion (95,772 ) (101,713 ) Total long-term debt $ 192,422 $ 229,071 |
Leases, User Charges and Commit
Leases, User Charges and Commitments | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases, User Charges and Commitments | NOTE 8 . Leases, User Charges and Commitments In February 2016, the FASB issued ASC 842, Leases, (“ASC 842”) which requires lessees to recognize a right-of-use asset (“ROU”) and a lease obligation for all leases. We adopted ASC 842 as of January 1, 2019, in accordance with the standard. ASC 842 provides an option to apply the transition provisions as of the effective date. We elected this option when we adopted the new standard using a modified retrospective transition method and recognized a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption rather than in the earliest period presented. In addition, we elected to apply a package of practical expedients and as such did not reassess at the date of initial adoption (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, or (3) initial direct costs for existing leases. Lessees can also make an accounting policy election to not recognize an asset and liability for leases with a term of twelve months or less which we elected. As of September 30, 2019, Hub recognized $43.9 million of ROU assets and $44.7 million of Lease liabilities on our consolidated balance sheet. The lease liabilities recognized are measured based upon the present value of minimum future payments. The ROU assets are equal to lease liabilities, adjusted for prepaid and accrued rent balances which are recorded in the Consolidated Balance Sheets. Hub currently does not have any variable lease payments that depend on an index or a rate (such as the Consumer Price Index or a market interest rate). Some leases have options to extend or terminate the agreement, which Management assesses in determining the estimated lease term. If any of the options to extend a lease are exercised, this change will be reflected as a remeasurement of the ROU asset and lease liability accordingly. As of September 30, 2019, the ROU asset and lease liabilities do not reflect any options to extend or terminate a lease as management is not reasonably certain it will exercise any of these options. Also, current leases do not contain any restrictions or covenants imposed by the leases or residual value guarantees. Occasionally, Hub will sublease office space or parking spaces. The subleases do not relieve Hub of any of its primary obligations under the original agreement. Currently, Hub has subleases with an expected annual income totaling $0.6 million. As of September 30, 2019, Hub signed new property lease contracts which have not commenced. Based on the present value of the lease payments, the estimated ROU assets and lease liabilities related to these contracts will total approximately $11.2 million. Discount rates are not specified on the individual lease contracts at the commencement date. To determine the present value of the lease payments, Hub used its incremental borrowing rate which was determined based on Hub’s credit standing and factoring in the current 12-month LIBOR rate published at the time of the lease commencement. This incremental borrowing rate represents the rate of interest that Hub would have to pay to borrow on a collateralized basis over a similar term and amounts equal to the lease payments in a similar economic environment. The following table summarizes the lease costs for the three and nine months ended September 30, 2019 (in thousands), which are included in general and administrative costs in the accompanying consolidated statement of income: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Amortization of finance right-of-use assets $ 590 $ 1,760 Interest on finance lease liabilities 59 200 Finance lease cost 649 1,960 Operating lease cost 2,748 8,060 Short-term lease cost 92 154 Sublease income (124 ) (442 ) Total lease cost $ 3,365 $ 9,732 The table below summarizes the Company’s scheduled future minimum lease payments under operating and finance leases, recorded on the sheet, as of September 30, 2019 (in thousands): Operating Leases Finance Leases Less than 1 year $ 9,868 $ 3,186 1-3 years 16,205 2,645 3-5 years 9,194 2 Over 5 years 7,933 - Minimum lease payments 43,200 5,833 Imputed interest 4,091 212 Present value of minimum lease payments 39,109 5,621 Less: current lease liabilities 8,665 3,021 Long-term lease liabilities $ 30,444 $ 2,600 Other information: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Operating cash flows from operating leases $ 2,462 $ 7,178 Financing cash flows from finance leases 741 2,206 Operating cash flows from finance leases 60 200 Cash paid for lease liabilities $ 3,263 $ 9,584 Right-of-use assets obtained in exchange for new financing lease liabilities $ - $ 6 Rights-of-use assets obtained in exchange for new operating lease liabilities $ 7,748 $ 12,736 The weighted average remaining lease term and discount rates as of September 30, 2019 (in thousands) are as follows: Weighted average remaining lease term — finance leases 1.84 years Weighted average remaining lease term — operating leases 5.54 years Discount rate — finance leases 3.88 % Discount rate — operating leases 3.44 % |
Internal-Use Software
Internal-Use Software | 9 Months Ended |
Sep. 30, 2019 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Internal-use Software | NOTE 9. Internal-Use Software In August 2018, the FASB issued ASU No. 2018-15, Intangibles – Goodwill and Other – Internal-Use Software, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing (Hosting) Arrangement That Is a Service Contract. The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amendment is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period, for all entities and should be applied either retrospectively or prospectively. We early adopted the amendment in the fourth quarter of 2018 and applied prospectively to all implementation costs incurred after the date of adoption. In accordance with this ASU, we had capitalized implementation costs, net of amortization, of $14.2 million and $10.6 million from our hosting arrangements for various corporate software services as of September 30, 2019 and December 31, 2018, respectively. Prior to adoption, these costs were previously presented as part of Property and equipment and are included in Other assets in the consolidated balance sheet subsequent to adoption. The amount of capitalized implementation costs for the three and nine months ended September 30, 2019 was $0.9 million and $4.5 million. The corresponding cash flows from capitalized implementation costs incurred in our hosting arrangements is classified as a change in other assets in cash flows from operating activities. The capitalized implementation costs incurred in our hosting arrangements are amortized, once ready for intended use, over the term of the associated hosting arrangements of 3 to 10 years. The related amortization of capitalized implementation costs are classified as general and administrative expense in the same line item as the expense for fees for the associated hosting arrangement. |
Legal Matters
Legal Matters | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Matters | NOTE 10 . 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 Hub Group Trucking, Inc (“HGT”). The action was brought on behalf of a class comprised of present and former California-based truck drivers for HGT who, from January 2009 to September 2014 were classified as independent contractors. It alleged that HGT misclassified these drivers as independent contractors and that such drivers were employees. It asserted various violations of the California Labor Code and claimed that HGT engaged in unfair competition practices. The complaint sought, among other things, declaratory and injunctive relief, monetary damages and attorney’s fees. In May 2013, the complaint was amended to add similar claims based on Mr. Robles’ status as an employed company driver. These additional claims were only on behalf of Mr. Robles and not a putative class. Although the Company believes that the California drivers were properly classified as independent contractors at all times because litigation is expensive, time-consuming and could interrupt our business operations, HGT decided to make settlement offers to individual drivers with respect to the claims alleged in this lawsuit, without admitting liability. In late 2014, HGT decided to convert its model from independent contractors to employee drivers in California (the “Conversion”). In early 2016, HGT closed its operations in Southern California. Adame On August 5, 2015, a suit was filed in state court in San Bernardino County, California on behalf of 63 named Plaintiffs against HGT and five Company employees. The lawsuit alleges claims similar to those being made in the Robles case and seeks monetary penalties under the Private Attorneys General Act. As mentioned above, plaintiffs’ counsel and Hub Group agreed in principle to settle this and the Robles matters. Accordingly, this case is no longer material to HGT and the Company will no longer report on this case. Plaintiffs’ counsel and Hub agreed in principle to settle all claims under both the Robles and Adame matters for $4.8 million, which has been recorded as Accrued other in the Consolidated Balance Sheet and General and administrative costs in the Consolidated Statement of Income and Comprehensive Income. The settlements are subject to final court approval. We are involved in certain other claims and pending litigation arising from the normal conduct of business, including putative class-action lawsuits in which the plaintiffs are current and former California-based drivers who allege claims for unpaid wages, failure to provide meal and rest periods, failure to reimburse incurred business expenses and other items. Based on management's present knowledge, management does not believe that loss contingencies arising from these pending matters are likely to have a material adverse effect on the Company's overall financial position, operating results, or cash flows after taking into account any existing accruals. However, actual outcomes could be material to the Company's financial position, operating results, or cash flows for any particular period. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
New Accounting Pronouncements | NOTE 11. New Accounting Pronouncements In 2016, the FASB issued ASC 326, Financial Instruments – Credit Losses, (“ASC 326”) that requires credit losses on financial instruments measured at amortized cost basis to be presented at the net amount expected to be collected, not based on incurred losses . In January 2017, the FASB issued ASU No. 2017-04 Intangibles – Goodwill and other (Topic 350): simplifying the test for goodwill impairment. This ASU simplifies how all entities assess goodwill for impairment by eliminating step two from the goodwill impairment test. As amended, the goodwill impairment test will consist of one step comparing the fair value of a reporting unit with its carrying amount. An entity should recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The standard is effective for fiscal years beginning after December 15, 2019 and early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We plan to adopt this standard on January 1, 2020, as required. We do not believe the adoption of Topic 350 will have a material effect on our financial statements. In June 2018, the FASB issued ASU No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting. Under this new standard, companies will no longer be required to value non-employee awards differently from employee awards. This means that companies will value all equity classified awards at their grant-date and forgo revaluing the award after this date. The standard is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. This standard was adopted on January 1, 2019 and had no material impact on our consolidated financial statements. |
Acquisition (Tables)
Acquisition (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
CaseStack, Inc. [Member] | |
Summary of Total Purchase Price Allocated to Net Assets Acquired | The following table summarizes the total purchase price allocated to the net assets acquired (in thousands): Cash paid $ 249,389 Deferred purchase consideration 3,469 Total consideration $ 252,858 |
Preliminary Allocation of Total Consideration to Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of the total consideration to the assets and liabilities assumed as of the date of the acquisition (in thousands): Accounts receivable trade $ 31,896 Prepaid expenses and other current assets 694 Property and equipment 3,247 Deferred tax assets 6,433 Goodwill 166,070 Other intangibles 75,600 Other assets 120 Total assets acquired $ 284,060 Accounts payable trade $ 24,542 Accrued payroll 2,811 Accrued other 3,849 Total liabilities assumed $ 31,202 Total consideration $ 252,858 |
Components of Other Intangibles Acquired | The components of “Other intangibles” listed in the above table as of the acquisition date are preliminarily estimated as follows (in thousands): Accumulated Balance at Estimated Useful Amount Amortization September 30, 2019 Life Customer relationships - logistics services $ 65,600 $ 5,467 $ 60,133 10 years Customer relationships - transportation services $ 8,700 $ 1,450 $ 7,250 5 years Trade name $ 1,300 $ 722 $ 578 18 months |
Amortization Expense | Amortization expense related to CaseStack for the next five years is as follows (in thousands): Total Remainder 2019 $ 2,292 2020 $ 8,661 2021 $ 8,300 2022 $ 8,300 2023 $ 8,155 |
CaseStack, Inc. and Hub Group Dedicated [Member] | |
Unaudited Pro forma Consolidated Results of Operations | The following unaudited pro forma consolidated results of operations presents the effects of CaseStack as though it had been acquired as of January 1, 2018 (in thousands, except for per share amounts): Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018 Revenue $ 996,848 $ 2,850,047 Income from continuing operations $ 27,788 $ 59,874 Earnings per share (1) Basic $ 0.83 $ 1.79 Diluted $ 0.83 $ 1.78 (1) Earnings per share is from continuing operations. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Schedule of Discontinued Operations Relating to Income Statement, Balance Sheet and Cash Flow Activities | Income from discontinued operations is comprised of the following: Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018 Revenue $ 196,546 $ 739,534 Transportation costs 172,949 648,986 Gross margin 23,597 90,548 Costs and expenses: Salaries and benefits 3,317 11,043 General and administrative 16,827 62,426 Depreciation and amortization 153 632 Total costs and expenses 20,297 74,101 Operating income from discontinued operations 3,300 16,447 Other income Interest income 3 22 Other, net (1 ) (15 ) Gain on Disposition 113,601 113,601 Total other income 113,603 113,608 Income from discontinued operations before income taxes 116,903 130,055 Provision for income taxes 28,057 31,213 Income from discontinued operations $ 88,846 $ 98,842 Nine Months Ended (in thousands) September 30, 2018 Net cash (used in) provided by operating activities (4,184 ) Net cash provided by investing activities 226,358 |
Revenue from Contract with Cu_2
Revenue from Contract with Customers (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Disaggregated Revenue by Business Line | The following table summarizes our disaggregated revenue by business line (in thousands) for the three and nine months ended September 30: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Intermodal $ 539,484 $ 582,878 $ 1,618,407 $ 1,615,453 Truck brokerage 109,543 122,059 334,211 357,013 Logistics 189,470 149,642 586,196 479,940 Dedicated 74,778 78,645 228,622 212,894 Total revenue $ 913,275 $ 933,224 $ 2,767,436 $ 2,665,300 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings Per Share | The following is a reconciliation of our earnings per share (in thousands, except for per share data): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income from continuing operations for basic and diluted earnings per share $ 26,105 $ 25,764 $ 79,216 $ 53,987 Net income from discontinued operations for basic and diluted earnings per share - 88,846 - 98,842 Net income 26,105 114,610 79,216 152,829 Weighted average shares outstanding - basic 33,034 33,399 33,385 33,387 Dilutive effect of stock options and restricted stock 231 206 137 161 Weighted average shares outstanding - diluted 33,265 33,605 33,522 33,548 Earnings per share from continuing operations Basic $ 0.79 $ 0.77 $ 2.37 $ 1.62 Diluted $ 0.78 $ 0.77 $ 2.36 $ 1.61 Earnings per share from discontinued operations Basic $ - $ 2.66 $ - $ 2.96 Diluted $ - $ 2.64 $ - $ 2.95 Earnings per share net income Basic $ 0.79 $ 3.43 $ 2.37 $ 4.58 Diluted $ 0.78 $ 3.41 $ 2.36 $ 4.56 |
Long-Term Debt and Financing _2
Long-Term Debt and Financing Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Debt | September 30, December 31, 2019 2018 (in thousands except principal and interest payments) Secured Equipment Notes due on various dates in 2024 commencing on various dates in 2017, 2018 and 2019; interest is paid monthly at a fixed annual rate between 2.75% and 3.59% $ 45,354 $ 11,658 Secured Equipment Notes due on various dates in 2023 commencing on various dates in 2016, 2017, 2018 and 2019; interest is paid monthly at a fixed annual rate between 2.23% and 4.16% 163,536 192,858 Secured Equipment Notes due on various dates in 2022 commencing on various dates from 2015 to 2017; interest is paid monthly at a fixed annual rate of between 2.16% and 2.87% 18,654 24,092 Secured Equipment Notes due on various dates in 2021 commencing on various dates from 2014 to 2017; interest is paid monthly at a fixed annual rate between 2.04% and 2.96% 40,266 55,855 Secured Equipment Notes due on various dates in 2020 commencing on various dates from 2013 to 2016; interest is paid monthly at a fixed annual rate between 1.72% and 2.78% 18,645 32,904 Secured Equipment Notes due on various dates in 2019 commencing on various dates from 2013 to 2015; interest is paid monthly at a fixed annual rate between 2.05% and 2.62% 1,739 13,417 288,194 330,784 Less current portion (95,772 ) (101,713 ) Total long-term debt $ 192,422 $ 229,071 |
Leases, User Charges and Comm_2
Leases, User Charges and Commitments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Summary of Lease Costs | The following table summarizes the lease costs for the three and nine months ended September 30, 2019 (in thousands), which are included in general and administrative costs in the accompanying consolidated statement of income: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Amortization of finance right-of-use assets $ 590 $ 1,760 Interest on finance lease liabilities 59 200 Finance lease cost 649 1,960 Operating lease cost 2,748 8,060 Short-term lease cost 92 154 Sublease income (124 ) (442 ) Total lease cost $ 3,365 $ 9,732 |
Schedule of Future Minimum Lease Payments Under Operating and Finance Leases | The table below summarizes the Company’s scheduled future minimum lease payments under operating and finance leases, recorded on the sheet, as of September 30, 2019 (in thousands): Operating Leases Finance Leases Less than 1 year $ 9,868 $ 3,186 1-3 years 16,205 2,645 3-5 years 9,194 2 Over 5 years 7,933 - Minimum lease payments 43,200 5,833 Imputed interest 4,091 212 Present value of minimum lease payments 39,109 5,621 Less: current lease liabilities 8,665 3,021 Long-term lease liabilities $ 30,444 $ 2,600 |
Summary of Other Information | Other information: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Operating cash flows from operating leases $ 2,462 $ 7,178 Financing cash flows from finance leases 741 2,206 Operating cash flows from finance leases 60 200 Cash paid for lease liabilities $ 3,263 $ 9,584 Right-of-use assets obtained in exchange for new financing lease liabilities $ - $ 6 Rights-of-use assets obtained in exchange for new operating lease liabilities $ 7,748 $ 12,736 |
Summary of Weighted Average Remaining Lease Term and Discount Rates | The weighted average remaining lease term and discount rates as of September 30, 2019 (in thousands) are as follows: Weighted average remaining lease term — finance leases 1.84 years Weighted average remaining lease term — operating leases 5.54 years Discount rate — finance leases 3.88 % Discount rate — operating leases 3.44 % |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) - CaseStack, Inc. [Member] - USD ($) $ in Thousands | Dec. 03, 2018 | Apr. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2019 |
Business Acquisition [Line Items] | |||||
Consideration for transaction | $ 252,858 | ||||
Business acquisition, cash paid | 249,389 | $ 700 | $ 248,700 | ||
Deferred purchase consideration | $ 3,469 | ||||
Deferred purchase consideration payable term | 24 months | ||||
Amortization expense of intangible assets | $ 2,300 | $ 6,900 | |||
Intangible assets, weighted average useful life | 9 years |
Summary of Total Purchase Price
Summary of Total Purchase Price Allocated to Net Assets Acquired (Detail) - CaseStack, Inc. [Member] - USD ($) $ in Thousands | Dec. 03, 2018 | Apr. 30, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||
Cash paid | $ 249,389 | $ 700 | $ 248,700 |
Deferred purchase consideration | 3,469 | ||
Total consideration | $ 252,858 |
Summarizes the Preliminary Allo
Summarizes the Preliminary Allocation of Total Consideration to Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Dec. 03, 2018 |
Business Acquisition [Line Items] | |||
Goodwill | $ 484,514 | $ 483,584 | |
CaseStack, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Accounts receivable trade | $ 31,896 | ||
Prepaid expenses and other current assets | 694 | ||
Property and equipment | 3,247 | ||
Deferred tax assets | 6,433 | ||
Goodwill | 166,070 | ||
Other intangibles | 75,600 | ||
Other assets | 120 | ||
Total assets acquired | 284,060 | ||
Accounts payable trade | 24,542 | ||
Accrued payroll | 2,811 | ||
Accrued other | 3,849 | ||
Total liabilities assumed | 31,202 | ||
Total consideration | $ 252,858 |
Components of Other Intangible
Components of Other Intangible Acquired (Detail) - CaseStack, Inc. [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Customer Relationships [Member] | Logistics [Member] | |
Other Intangible Assets [Line Items] | |
Finite-lived intangible assets, Gross Amount | $ 65,600 |
Finite-lived intangible assets, Accumulated Amortization | 5,467 |
Finite-lived intangible assets, Net Carrying Value | $ 60,133 |
Intangible assets estimated useful life | 10 years |
Customer Relationships [Member] | Transportation [Member] | |
Other Intangible Assets [Line Items] | |
Finite-lived intangible assets, Gross Amount | $ 8,700 |
Finite-lived intangible assets, Accumulated Amortization | 1,450 |
Finite-lived intangible assets, Net Carrying Value | $ 7,250 |
Intangible assets estimated useful life | 5 years |
Trade Name [Member] | |
Other Intangible Assets [Line Items] | |
Finite-lived intangible assets, Gross Amount | $ 1,300 |
Finite-lived intangible assets, Accumulated Amortization | 722 |
Finite-lived intangible assets, Net Carrying Value | $ 578 |
Intangible assets estimated useful life | 18 months |
Amortization Expense of Intangi
Amortization Expense of Intangible Assets (Detail) - CaseStack, Inc. [Member] $ in Thousands | Sep. 30, 2019USD ($) |
Finite Lived Intangible Assets [Line Items] | |
Remainder 2019 | $ 2,292 |
2020 | 8,661 |
2021 | 8,300 |
2022 | 8,300 |
2023 | $ 8,155 |
Unaudited Pro forma Consolidate
Unaudited Pro forma Consolidated Results of Operations (Detail) - CaseStack, Inc. and Hub Group Dedicated [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Business Acquisition [Line Items] | ||
Revenue | $ 996,848 | $ 2,850,047 |
Income from continuing operations | $ 27,788 | $ 59,874 |
Earnings per share | ||
Basic | $ 0.83 | $ 1.79 |
Diluted | $ 0.83 | $ 1.78 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Revenue | $ 913,275 | $ 933,224 | $ 2,767,436 | $ 2,665,300 | ||
Hub Group , Inc [Member] | Consolidation, Eliminations [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Revenue | 2,700 | 17,900 | ||||
Mode [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Total consideration received | 238,500 | 238,500 | $ 19,400 | |||
Mode [Member] | Consolidation, Eliminations [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Revenue | $ 10,600 | $ 42,200 | ||||
Mode [Member] | Other Receivables [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Total consideration received | $ 19,400 |
Schedule of Income from Discont
Schedule of Income from Discontinued Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Other income | ||
Gain on Disposition | $ 113,601 | |
Income from discontinued operations | $ 88,846 | 98,842 |
Mode [Member] | Discontinued Operations Disposed of By Sale [Member] | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Revenue | 196,546 | 739,534 |
Transportation costs | 172,949 | 648,986 |
Gross margin | 23,597 | 90,548 |
Costs and expenses: | ||
Salaries and benefits | 3,317 | 11,043 |
General and administrative | 16,827 | 62,426 |
Depreciation and amortization | 153 | 632 |
Total costs and expenses | 20,297 | 74,101 |
Operating income from discontinued operations | 3,300 | 16,447 |
Other income | ||
Interest income | 3 | 22 |
Other, net | (1) | (15) |
Gain on Disposition | 113,601 | 113,601 |
Total other income | 113,603 | 113,608 |
Income from discontinued operations before income taxes | 116,903 | 130,055 |
Provision for income taxes | 28,057 | 31,213 |
Income from discontinued operations | $ 88,846 | $ 98,842 |
Schedule of Total Operating and
Schedule of Total Operating and Investing Cash Flows of Discontinued Operations (Detail) - Mode [Member] - Discontinued Operations Disposed of By Sale [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Net cash (used in) provided by operating activities | $ (4,184) |
Net cash provided by investing activities | $ 226,358 |
Summary of Disaggregated Revenu
Summary of Disaggregated Revenue by Business Line (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Revenue | $ 913,275 | $ 933,224 | $ 2,767,436 | $ 2,665,300 |
Intermodal [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | 539,484 | 582,878 | 1,618,407 | 1,615,453 |
Truck brokerage [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | 109,543 | 122,059 | 334,211 | 357,013 |
Logistics [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | 189,470 | 149,642 | 586,196 | 479,940 |
Dedicated [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | $ 74,778 | $ 78,645 | $ 228,622 | $ 212,894 |
Reconciliation of Earnings Per
Reconciliation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income from continuing operations for basic and diluted earnings per share | $ 26,105 | $ 25,764 | $ 79,216 | $ 53,987 |
Net income from discontinued operations for basic and diluted earnings per share | 88,846 | 98,842 | ||
Net income | $ 26,105 | $ 114,610 | $ 79,216 | $ 152,829 |
Weighted average shares outstanding - basic | 33,034 | 33,399 | 33,385 | 33,387 |
Dilutive effect of stock options and restricted stock | 231 | 206 | 137 | 161 |
Weighted average shares outstanding - diluted | 33,265 | 33,605 | 33,522 | 33,548 |
Earnings per share from continuing operations | ||||
Basic | $ 0.79 | $ 0.77 | $ 2.37 | $ 1.62 |
Diluted | 0.78 | 0.77 | 2.36 | 1.61 |
Earnings per share from discontinued operations | ||||
Basic | 2.66 | 2.96 | ||
Diluted | 2.64 | 2.95 | ||
Earnings per share net income | ||||
Basic | 0.79 | 3.43 | 2.37 | 4.58 |
Diluted | $ 0.78 | $ 3.41 | $ 2.36 | $ 4.56 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Fair Value Measurement [Line Items] | ||
Carrying value of debt | $ 288,194 | $ 330,784 |
Restricted investments | 21,400 | 19,200 |
Fixed-rate Borrowings [Member] | ||
Fair Value Measurement [Line Items] | ||
Increase (decrease) in fair value of debt | 4,900 | (400) |
Carrying value of debt | $ 288,200 | $ 330,800 |
Long-Term Debt and Financing _3
Long-Term Debt and Financing Arrangements - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Revolving Line of Credit Facility [Member] | ||
Line Of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 350,000,000 | |
Revolving Line of Credit Facility [Member] | Bank Revolving Line of Credit [Member] | ||
Line Of Credit Facility [Line Items] | ||
Borrowings under bank revolving line of credit | 0 | |
Unused and available borrowings under bank revolving line of credit | 319,400,000 | $ 323,000,000 |
Standby Letters of Credit [Member] | ||
Line Of Credit Facility [Line Items] | ||
Outstanding letters of credit | $ 30,600,000 | |
Standby Letters of Credit [Member] | Minimum [Member] | ||
Line Of Credit Facility [Line Items] | ||
Letters of credit expiration year | 2019 | |
Standby Letters of Credit [Member] | Maximum [Member] | ||
Line Of Credit Facility [Line Items] | ||
Letters of credit expiration year | 2020 |
Schedule of Outstanding Debt (D
Schedule of Outstanding Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 288,194 | $ 330,784 |
Less current portion | (95,772) | (101,713) |
Total long-term debt | 192,422 | 229,071 |
Secured Equipment Notes due in 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | 45,354 | 11,658 |
Secured Equipment Notes due in 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | 163,536 | 192,858 |
Secured Equipment Notes due in 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | 18,654 | 24,092 |
Secured Equipment Notes due in 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | 40,266 | 55,855 |
Secured Equipment Notes due in 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | 18,645 | 32,904 |
Secured Equipment Notes due in 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 1,739 | $ 13,417 |
Schedule of Outstanding Debt (P
Schedule of Outstanding Debt (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2019 | |
Secured Equipment Notes due in 2024 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes due period | 2024 |
Payment Frequency | monthly |
Secured Equipment Notes due in 2024 [Member] | Commencing on 2017 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2017 |
Secured Equipment Notes due in 2024 [Member] | Commencing on 2018 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2018 |
Secured Equipment Notes due in 2024 [Member] | Commencing on 2019 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2019 |
Secured Equipment Notes due in 2023 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes due period | 2023 |
Payment Frequency | monthly |
Secured Equipment Notes due in 2023 [Member] | Commencing on 2017 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2017 |
Secured Equipment Notes due in 2023 [Member] | Commencing on 2018 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2018 |
Secured Equipment Notes due in 2023 [Member] | Commencing on 2019 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2019 |
Secured Equipment Notes due in 2023 [Member] | Commencing on 2016 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2016 |
Secured Equipment Notes due in 2022 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes due period | 2022 |
Payment Frequency | monthly |
Secured Equipment Notes due in 2022 [Member] | Commencing on 2017 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2017 |
Secured Equipment Notes due in 2022 [Member] | Commencing on 2015 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2015 |
Secured Equipment Notes due in 2021 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes due period | 2021 |
Payment Frequency | monthly |
Secured Equipment Notes due in 2021 [Member] | Commencing on 2017 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2017 |
Secured Equipment Notes due in 2021 [Member] | Commencing on 2014 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2014 |
Secured Equipment Notes due in 2020 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes due period | 2020 |
Payment Frequency | monthly |
Secured Equipment Notes due in 2020 [Member] | Commencing on 2016 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2016 |
Secured Equipment Notes due in 2020 [Member] | Commencing on 2013 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2013 |
Secured Equipment Notes due in 2019 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes due period | 2019 |
Payment Frequency | monthly |
Secured Equipment Notes due in 2019 [Member] | Commencing on 2015 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2015 |
Secured Equipment Notes due in 2019 [Member] | Commencing on 2013 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2013 |
Minimum [Member] | Secured Equipment Notes due in 2024 [Member] | |
Debt Instrument [Line Items] | |
Interest rate secured debt | 2.75% |
Minimum [Member] | Secured Equipment Notes due in 2023 [Member] | |
Debt Instrument [Line Items] | |
Interest rate secured debt | 2.23% |
Minimum [Member] | Secured Equipment Notes due in 2022 [Member] | |
Debt Instrument [Line Items] | |
Interest rate secured debt | 2.16% |
Minimum [Member] | Secured Equipment Notes due in 2021 [Member] | |
Debt Instrument [Line Items] | |
Interest rate secured debt | 2.04% |
Minimum [Member] | Secured Equipment Notes due in 2020 [Member] | |
Debt Instrument [Line Items] | |
Interest rate secured debt | 1.72% |
Minimum [Member] | Secured Equipment Notes due in 2019 [Member] | |
Debt Instrument [Line Items] | |
Interest rate secured debt | 2.05% |
Maximum [Member] | Secured Equipment Notes due in 2024 [Member] | |
Debt Instrument [Line Items] | |
Interest rate secured debt | 3.59% |
Maximum [Member] | Secured Equipment Notes due in 2023 [Member] | |
Debt Instrument [Line Items] | |
Interest rate secured debt | 4.16% |
Maximum [Member] | Secured Equipment Notes due in 2022 [Member] | |
Debt Instrument [Line Items] | |
Interest rate secured debt | 2.87% |
Maximum [Member] | Secured Equipment Notes due in 2021 [Member] | |
Debt Instrument [Line Items] | |
Interest rate secured debt | 2.96% |
Maximum [Member] | Secured Equipment Notes due in 2020 [Member] | |
Debt Instrument [Line Items] | |
Interest rate secured debt | 2.78% |
Maximum [Member] | Secured Equipment Notes due in 2019 [Member] | |
Debt Instrument [Line Items] | |
Interest rate secured debt | 2.62% |
Leases, User Charges and Comm_3
Leases, User Charges and Commitments - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Lease And Rental Expense [Line Items] | |
Right-of-use asset | $ 43.9 |
Lease liability | 44.7 |
Expected annual subleases income | 0.6 |
ASU No. 2016-02 [Member] | |
Lease And Rental Expense [Line Items] | |
Estimated ROU assets and lease liabilities | $ 11.2 |
Leases, User Charges and Comm_4
Leases, User Charges and Commitments - Summary of Lease Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Amortization of finance right-of-use assets | $ 590 | $ 1,760 |
Interest on finance lease liabilities | 59 | 200 |
Finance lease cost | 649 | 1,960 |
Operating lease cost | 2,748 | 8,060 |
Short-term lease cost | 92 | 154 |
Sublease income | (124) | (442) |
Total lease cost | $ 3,365 | $ 9,732 |
Leases, User Charges and Comm_5
Leases, User Charges and Commitments - Schedule of Future Minimum Lease Payments Under Operating and Finance Leases (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Operating Leases Liability, Less Than 1 year | $ 9,868 | |
Operating Leases Liability, 1 - 3 years | 16,205 | |
Operating Leases Liability, 3 - 5 years | 9,194 | |
Operating Leases Liability, Over 5 years | 7,933 | |
Operating Leases Liability, Minimum lease payments | 43,200 | |
Operating Leases Liability, Imputed interest | 4,091 | |
Operating Leases Liability, Present value of minimum lease payments | 39,109 | |
Less: Operating Leases Liability, Current lease liabilities | 8,665 | |
Operating Leases Liability, Long-term lease liabilities | 30,444 | |
Finance Lease Liability, Less Than 1 Year | 3,186 | |
Finance Lease Liability, 1 - 3 Years | 2,645 | |
Finance Lease Liability, 3 - 5 years | 2 | |
Finance Leases Liability, Minimum lease payments | 5,833 | |
Finance Leases Liability, Imputed interest | 212 | |
Finance Leases Liability, Present value of minimum lease payments | 5,621 | |
Less: Finance Leases Liability, current lease liabilities | 3,021 | $ 2,845 |
Finance Leases Liability, Long-term lease liabilities | $ 2,600 | $ 4,739 |
Leases, User Charges and Comm_6
Leases, User Charges and Commitments - Summary of Other Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Leases [Abstract] | |||
Operating cash flows from operating leases | $ 2,462 | $ 7,178 | |
Financing cash flows from finance leases | 741 | 2,206 | $ 2,181 |
Operating cash flows from finance leases | 60 | 200 | |
Cash paid for lease liabilities | 3,263 | 9,584 | |
Right-of-use assets obtained in exchange for new financing lease liabilities | 6 | ||
Rights-of-use assets obtained in exchange for new operating lease liabilities | $ 7,748 | $ 12,736 |
Leases, User Charges and Comm_7
Leases, User Charges and Commitments - Summary of Weighted Average Remaining Lease Term and Discount Rates (Detail) | Sep. 30, 2019 |
Leases [Abstract] | |
Weighted average remaining lease term — finance leases | 1 year 10 months 2 days |
Weighted average remaining lease term — operating leases | 5 years 6 months 14 days |
Discount rate — finance leases | 3.88% |
Discount rate — operating leases | 3.44% |
Internal-Use Software - Additio
Internal-Use Software - Additional Information (Detail) - Early Adoption ASU 2018-15 [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | |||
Capitalized implementation costs net of amortizations, for software services | $ 14.2 | $ 14.2 | $ 10.6 |
Capitalized implementation costs during the period | $ 0.9 | $ 4.5 | |
Minimum [Member] | |||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | |||
Capitalized implementation costs amortization period | 3 years | ||
Maximum [Member] | |||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | |||
Capitalized implementation costs amortization period | 10 years |
Legal Matters - Additional Info
Legal Matters - Additional Information (Detail) $ in Millions | Aug. 05, 2015USD ($)PlaintiffEmployee |
Robles Lawsuits [Member] | |
Loss Contingencies [Line Items] | |
Number of plaintiffs against HGT | Plaintiff | 63 |
Number of employees filed lawsuit | Employee | 5 |
Robles And Adame Lawsuits | Accrued Other [Member] | |
Loss Contingencies [Line Items] | |
Claims settlement recorded in consolidated balance sheet | $ 4.8 |
Robles And Adame Lawsuits | General and Administrative Expense | |
Loss Contingencies [Line Items] | |
Claims settlement recorded in consolidated statement of income and comprehensive income | $ 4.8 |