Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | ||
Sep. 30, 2013 | Nov. 01, 2013 | Nov. 01, 2013 | |
Class A common shares [Member] | Class B common shares [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'GENESEE & WYOMING INC. | ' | ' |
Entity Central Index Key | '0001012620 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 51,847,980 | 1,636,089 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $31,954,000 | $64,772,000 |
Accounts receivable, net | 313,282,000 | 262,949,000 |
Materials and supplies | 31,256,000 | 32,389,000 |
Prepaid expenses and other | 63,690,000 | 33,586,000 |
Deferred income tax assets, net | 72,037,000 | 71,556,000 |
Total current assets | 512,219,000 | 465,252,000 |
PROPERTY AND EQUIPMENT, net | 3,424,680,000 | 3,396,295,000 |
GOODWILL | 635,531,000 | 634,953,000 |
INTANGIBLE ASSETS, net | 620,750,000 | 670,206,000 |
DEFERRED INCOME TAX ASSETS, net | 2,494,000 | 2,396,000 |
OTHER ASSETS, net | 77,052,000 | 57,013,000 |
Total assets | 5,272,726,000 | 5,226,115,000 |
CURRENT LIABILITIES: | ' | ' |
Current portion of long-term debt | 81,128,000 | 87,569,000 |
Accounts payable | 220,518,000 | 232,121,000 |
Accrued expenses | 115,313,000 | 93,971,000 |
Deferred income tax liabilities, net | 1,077,000 | 3,083,000 |
Total current liabilities | 418,036,000 | 416,744,000 |
LONG-TERM DEBT, less current portion | 1,586,188,000 | 1,770,566,000 |
DEFERRED INCOME TAX LIABILITIES, net | 850,576,000 | 862,734,000 |
DEFERRED ITEMS - grants from outside parties | 256,987,000 | 228,579,000 |
OTHER LONG-TERM LIABILITIES | 56,947,000 | 47,506,000 |
COMMITMENTS AND CONTINGENCIES | 0 | 0 |
SERIES A-1 PREFERRED STOCK | 0 | 399,524,000 |
EQUITY: | ' | ' |
Additional paid-in capital | 1,298,322,000 | 866,609,000 |
Retained earnings | 1,000,607,000 | 789,727,000 |
Accumulated other comprehensive income | 23,145,000 | 47,271,000 |
Treasury stock, at cost | -220,207,000 | -209,266,000 |
Total Genesee & Wyoming Inc. stockholdersb equity | 2,102,528,000 | 1,494,937,000 |
Noncontrolling interest | 1,464,000 | 5,525,000 |
Total equity | 2,103,992,000 | 1,500,462,000 |
Total liabilities and equity | 5,272,726,000 | 5,226,115,000 |
Class A common shares [Member] | ' | ' |
EQUITY: | ' | ' |
Common stock | 645,000 | 579,000 |
Class B common shares [Member] | ' | ' |
EQUITY: | ' | ' |
Common stock | $16,000 | $17,000 |
Balance_Sheet_Parenthetical_Pa
Balance Sheet Parenthetical (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Class A common shares [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common stock, par value per share | $0.01 | $0.01 |
Common stock, shares authorized | 180,000,000 | 180,000,000 |
Common stock, shares issued | 64,490,314 | 57,882,442 |
Common stock shares outstanding | 51,843,149 | 45,359,083 |
Shares in treasury | 12,647,165 | 12,523,359 |
Class B common shares [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common stock, par value per share | $0.01 | $0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 1,636,089 | 1,728,952 |
Common stock shares outstanding | 1,636,089 | 1,728,952 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING REVENUES | $401,388,000 | $222,745,000 | $1,177,337,000 | $647,600,000 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Labor and benefits | 110,609,000 | 64,022,000 | 329,696,000 | 191,145,000 |
Equipment rents | 20,457,000 | 9,289,000 | 58,158,000 | 28,073,000 |
Purchased services | 32,614,000 | 20,981,000 | 91,761,000 | 58,331,000 |
Depreciation and amortization | 37,334,000 | 18,980,000 | 105,718,000 | 54,947,000 |
Diesel fuel used in operations | 35,660,000 | 21,511,000 | 109,539,000 | 64,643,000 |
Diesel fuel sold to third parties | 11,000 | 1,359,000 | 362,000 | 10,460,000 |
Casualties and insurance | 10,439,000 | 6,237,000 | 28,433,000 | 17,727,000 |
Materials | 19,364,000 | 6,241,000 | 61,928,000 | 19,131,000 |
Trackage rights | 13,430,000 | 7,391,000 | 37,057,000 | 21,807,000 |
Net gain on sale of assets | -703,000 | -3,018,000 | -3,419,000 | -10,447,000 |
Gain on insurance recoveries | -1,465,000 | 0 | -1,465,000 | -5,186,000 |
Other expenses | 19,887,000 | 11,676,000 | 58,471,000 | 34,306,000 |
RailAmerica acquisition-related costs | 0 | 5,201,000 | 0 | 6,001,000 |
RailAmerica integration costs | 2,010,000 | 0 | 15,740,000 | 0 |
Total operating expenses | 299,647,000 | 169,870,000 | 891,979,000 | 490,938,000 |
INCOME FROM OPERATIONS | 101,741,000 | 52,875,000 | 285,358,000 | 156,662,000 |
Interest income | 992,000 | 928,000 | 2,985,000 | 2,759,000 |
Interest expense | -16,029,000 | -8,814,000 | -53,352,000 | -26,052,000 |
Contingent forward sale contract mark-to-market expense | 0 | -50,106,000 | 0 | -50,106,000 |
Other income, net | 1,786,000 | 853,000 | 1,589,000 | 1,852,000 |
Income/(loss) from continuing operations before income taxes | 88,490,000 | -4,264,000 | 236,580,000 | 85,115,000 |
Provision for income taxes | -22,240,000 | -15,303,000 | -22,534,000 | -46,051,000 |
Income/(loss) from continuing operations, net of tax | 66,250,000 | -19,567,000 | 214,046,000 | 39,064,000 |
Loss from discontinued operations, net of tax | -25,000 | 0 | -43,000 | -27,000 |
Net income/(loss) | 66,225,000 | -19,567,000 | 214,003,000 | 39,037,000 |
Less: Net income attributable to noncontrolling interest | 538,000 | 0 | 984,000 | 0 |
Less: Series A-1 Preferred Stock dividend | 0 | 0 | 2,139,000 | 0 |
Net income/(loss) available to common stockholders | $65,687,000 | ($19,567,000) | $210,880,000 | $39,037,000 |
Basic earnings/(loss) per common share attributable to Genesee & Wyoming Inc. common stockholders: | ' | ' | ' | ' |
Basic earnings/(loss) per common share from continuing operations | $1.20 | ($0.47) | $3.94 | $0.96 |
Basic loss per common share from discontinued operations | $0 | $0 | $0 | $0 |
Basic earnings/(loss) per common share | $1.20 | ($0.47) | $3.94 | $0.95 |
Weighted average shares - basic | 54,626 | 41,682 | 53,475 | 40,888 |
Diluted earnings/(loss) per common share attributable to Genesee & Wyoming Inc. common stockholders: | ' | ' | ' | ' |
Diluted earnings/(loss) per common share from continuing operations | $1.16 | ($0.47) | $3.76 | $0.90 |
Diluted loss per common share from discontinued operations | $0 | $0 | $0 | $0 |
Diluted earnings/(loss) per common share | $1.16 | ($0.47) | $3.76 | $0.90 |
Weighted average shares - diluted | 56,738 | 41,682 | 56,637 | 43,471 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income/(Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
NET INCOME/(LOSS) | $66,225,000 | ($19,567,000) | $214,003,000 | $39,037,000 |
OTHER COMPREHENSIVE INCOME/(LOSS): | ' | ' | ' | ' |
Foreign currency translation adjustment | 12,295,000 | 6,750,000 | -40,876,000 | 7,195,000 |
Net unrealized (loss)/gain on qualifying cash flow hedges, net of tax benefit/(provision) of $171, ($337), ($10,970) and ($941), respectively | -257,000 | 592,000 | 16,455,000 | 1,655,000 |
Changes in pension and other postretirement benefits, net of tax (provision)/benefit of ($56), ($24), ($169) and $190, respectively | 98,000 | 42,000 | 295,000 | -335,000 |
Other Comprehensive Income (Loss), Net of Tax | 12,136,000 | 7,384,000 | -24,126,000 | 8,515,000 |
COMPREHENSIVE INCOME/(LOSS) | 78,361,000 | -12,183,000 | 189,877,000 | 47,552,000 |
Less: Comprehensive income attributable to noncontrolling interest | 538,000 | 0 | 984,000 | 0 |
COMPREHENSIVE INCOME/(LOSS) ATTRIBUTABLE TO GENESEE & WYOMING INC. | $77,823,000 | ($12,183,000) | $188,893,000 | $47,552,000 |
Comprehensive_Income_Parenthet
Comprehensive Income Parenthetical (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flow hedge - tax benefit/(provision) | $171 | ($337) | ($10,970) | ($941) |
Pension and other post retirement benefits - tax (provision)/benefit | ($56) | ($24) | ($169) | $190 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $214,003,000 | $39,037,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Loss from discontinued operations | 43,000 | 27,000 |
Depreciation and amortization | 105,718,000 | 54,947,000 |
Compensation cost related to equity awards | 13,620,000 | 5,763,000 |
Excess tax benefit from share-based compensation | -7,487,000 | -2,842,000 |
Deferred income taxes | 622,000 | 29,735,000 |
Net gain on sale of assets | -3,419,000 | -10,447,000 |
Gain on insurance recoveries | -1,465,000 | -5,186,000 |
Insurance proceeds received | 10,353,000 | 21,479,000 |
Contingent forward sale contract mark-to-market expense | 0 | 50,106,000 |
Changes in assets and liabilities which provided/(used) cash, net of effect of acquisitions: | ' | ' |
Accounts receivable, net | -42,607,000 | -2,110,000 |
Materials and supplies | -1,105,000 | -1,063,000 |
Prepaid expenses and other | -9,910,000 | -3,081,000 |
Accounts payable and accrued expenses | -8,178,000 | -10,232,000 |
Other assets and liabilities, net | 8,538,000 | 3,405,000 |
Net cash provided by operating activities from continuing operations | 278,726,000 | 169,538,000 |
Net cash used in operating activities from discontinued operations | -43,000 | -27,000 |
Net cash provided by operating activities | 278,683,000 | 169,511,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of property and equipment | -170,435,000 | -170,529,000 |
Grant proceeds from outside parties | 23,878,000 | 24,929,000 |
Cash paid for acquisitions, net of cash acquired | 0 | -837,000 |
Insurance proceeds for the replacement of assets | 0 | 370,000 |
Proceeds from disposition of property and equipment | 3,954,000 | 13,673,000 |
Net cash used in investing activities from continuing operations | -142,603,000 | -132,394,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Principal payments on long-term borrowings, including capital leases | -388,018,000 | -215,439,000 |
Proceeds from issuance of long-term debt | 215,443,000 | 196,480,000 |
Debt amendment costs | -1,880,000 | 0 |
Net proceeds from Class A common stock issuance | 0 | 234,361,000 |
Net proceeds from TEU issuance | 0 | 222,856,000 |
Proceeds from employee stock purchases | 11,026,000 | 12,088,000 |
Treasury stock purchases | -10,941,000 | -1,770,000 |
Dividends paid on Series A-1 Preferred Stock | -2,139,000 | 0 |
Excess tax benefit from share-based compensation | 7,487,000 | 2,842,000 |
Net cash (used in)/provided by financing activities from continuing operations | -169,022,000 | 451,418,000 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 124,000 | 227,000 |
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS | -32,818,000 | 488,762,000 |
CASH AND CASH EQUIVALENTS, beginning of period | 64,772,000 | 27,269,000 |
CASH AND CASH EQUIVALENTS, end of period | $31,954,000 | $516,031,000 |
Principles_of_Consolidation_an
Principles of Consolidation and Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Principles of Consolidation and Basis of Presentation [Abstract] | ' |
Principles of Consolidation and Basis of Presentation [Text Block] | ' |
PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION: | |
The interim consolidated financial statements presented herein include the accounts of Genesee & Wyoming Inc. and its subsidiaries (the Company or Genesee & Wyoming). All references to currency amounts included in this Quarterly Report on Form 10-Q, including the consolidated financial statements, are in United States dollars unless specifically noted otherwise. All significant intercompany transactions and accounts have been eliminated in consolidation. These interim consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) and are unaudited. They do not contain all disclosures which would be required in a full set of financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). In the opinion of management, the unaudited financial statements for the three and nine months ended September 30, 2013 and 2012 are presented on a basis consistent with the audited financial statements and contain all adjustments, consisting only of normal recurring adjustments, necessary to provide a fair statement of the results for the interim periods presented. The results of operations for interim periods are not necessarily indicative of results of operations for the full year. The consolidated balance sheet data for 2012 was derived from the audited financial statements in the Company’s 2012 Annual Report on Form 10-K but does not include all disclosures required by U.S. GAAP. | |
The interim consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2012 included in the Company’s 2012 Annual Report on Form 10-K. |
Changes_in_Operations
Changes in Operations | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Significant Changes in Operations [Abstract] | ' | ||||||||||||
Changes in Operations [Text Block] | ' | ||||||||||||
CHANGES IN OPERATIONS: | |||||||||||||
United States | |||||||||||||
RailAmerica, Inc.: On October 1, 2012, the Company acquired 100% of RailAmerica, Inc.'s (RailAmerica) outstanding shares for cash at a price of $27.50 per share and, in connection with such acquisition, the Company repaid RailAmerica's term loan and revolving credit facility. The calculation of the total consideration for the RailAmerica acquisition is presented below (in thousands, except per share amount): | |||||||||||||
RailAmerica outstanding common stock as of October 1, 2012 | 49,934 | ||||||||||||
Cash purchase price per share | $ | 27.5 | |||||||||||
Equity purchase price | $ | 1,373,184 | |||||||||||
Payment of RailAmerica's outstanding term loan and revolving credit facility | 659,198 | ||||||||||||
Cash consideration | 2,032,382 | ||||||||||||
Impact of pre-acquisition share-based awards | 9,400 | ||||||||||||
Total consideration | $ | 2,041,782 | |||||||||||
The Company financed the $1.4 billion cash purchase price for RailAmerica's common stock, the refinancing of $1.2 billion of the Company's and RailAmerica's outstanding debt prior to the acquisition as well as transaction and financing related expenses with approximately $1.9 billion of debt from a new five-year Senior Secured Syndicated Facility Agreement (the New Credit Agreement), $475.5 million of gross proceeds from the Company's public offerings of Class A common stock and Tangible Equity Units (TEUs) and $350.0 million through a private issuance of mandatorily convertible Series A-1 Preferred Stock to affiliates of Carlyle Partners V, L.P. (collectively, Carlyle) (see Note 3, Earnings/(Loss) Per Common Share). | |||||||||||||
Commencing on October 1, 2012, the shares of RailAmerica were held in an independent voting trust while the United States Surface Transportation Board (STB) considered the Company's control application, which application was approved with an effective date of December 28, 2012. Accordingly, the Company accounted for the earnings of RailAmerica using the equity method of accounting while the shares were held in the voting trust and the Company's preliminary allocation of fair values to the acquired assets and assumed liabilities has been included in the Company's consolidated balance sheets since December 28, 2012. | |||||||||||||
During the three and nine months ended September 30, 2012, as discussed more fully under Contingent Forward Sale Contract in Note 5, Derivative Financial Instruments, the Company recorded a $50.1 million non-cash mark-to-market expense and corresponding liability related to an investment agreement governing the sale of $350.0 million of Series A-1 Preferred Stock issued to Carlyle in connection with the funding of the RailAmerica acquisition (the Investment Agreement). The expense was a result of the significant increase in G&W's share price between July 23, 2012 (the date the Company entered into the Investment Agreement) and September 30, 2012. | |||||||||||||
The results from RailAmerica's operations are included in the Company’s consolidated statements of operations for the three and nine months ended September 30, 2013 and are included in the Company's North American & European Operations segment. | |||||||||||||
Headquartered in Jacksonville, Florida with approximately 2,000 employees, RailAmerica owned and operated 45 short line freight railroads in North America with approximately 7,100 miles of track in 28 U.S. states and three Canadian provinces as of the October 1, 2012 acquisition date. | |||||||||||||
The Company accounted for the RailAmerica acquisition using the acquisition method of accounting under U.S. GAAP. Under the acquisition method of accounting: | |||||||||||||
• | The assets and liabilities of RailAmerica were recorded at their respective acquisition-date preliminary fair values by RailAmerica as of October 1, 2012, which is referred to as the application of push-down accounting, and were included in G&W's consolidated balance sheet in a single line item following the equity method of accounting as of that date (see As of October 1, 2012 column in the following table). | ||||||||||||
• | Upon approval by the STB for the Company to control RailAmerica, the preliminary allocation of fair value to the acquired assets and assumed liabilities were consolidated with the Company's assets and liabilities as of December 28, 2012 (see As of December 28, 2012 column in the following table). Between October 1, 2012 and December 28, 2012, the Company recognized income from its equity investment in RailAmerica of $15.6 million and other comprehensive loss of $2.0 million primarily resulting from foreign currency translation adjustments. In addition, the Company recognized $21.8 million, representing the change in RailAmerica's cash and cash equivalents from October 1, 2012 to December 28, 2012, as a reduction in net cash paid for the acquisition. | ||||||||||||
• | During the three months ended September 30, 2013, the Company finalized its allocation of fair values to RailAmerica's assets and liabilities (see Final column in the following table). The measurement period adjustments to the allocation of fair values were as follows: 1) property and equipment increased $10.7 million, 2) intangible assets decreased $29.9 million, 3) deferred income tax liabilities, net decreased $11.4 million, 4) noncontrolling interest decreased $5.0 million, 5) all other assets, net increased $1.3 million and 6) goodwill increased $1.5 million as an offset to the above-mentioned changes. This resulted in additional annualized depreciation and amortization expense of approximately $4.0 million, of which $3.0 million was recorded in the third quarter of 2013. The Company does not consider these adjustments material to its financial statements taken as a whole and as such, prior periods were not retroactively adjusted. | ||||||||||||
The final fair values assigned to the acquired net assets of RailAmerica were as follows (dollars in thousands): | |||||||||||||
As of | As of December 28, 2012 | ||||||||||||
1-Oct-12 | Preliminary | Final | |||||||||||
Cash and cash equivalents | $ | 86,102 | $ | 107,922 | $ | 107,922 | |||||||
Accounts receivable, net | 104,839 | 91,424 | 90,659 | ||||||||||
Materials and supplies | 6,406 | 7,325 | 7,325 | ||||||||||
Prepaid expenses and other | 15,146 | 14,815 | 15,801 | ||||||||||
Deferred income tax assets, net | 49,074 | 49,074 | 56,998 | ||||||||||
Property and equipment | 1,579,321 | 1,588,612 | 1,599,282 | ||||||||||
Goodwill | 474,115 | 474,115 | 475,584 | ||||||||||
Intangible assets, net | 451,100 | 446,327 | 416,427 | ||||||||||
Other assets, net | 116 | 116 | 116 | ||||||||||
Total assets | 2,766,219 | 2,779,730 | 2,770,114 | ||||||||||
Accounts payable and accrued expenses | 143,790 | 135,117 | 140,160 | ||||||||||
Long-term debt | 12,158 | 12,010 | 12,010 | ||||||||||
Deferred income tax liabilities, net | 542,210 | 551,856 | 540,420 | ||||||||||
Other long-term liabilities | 20,754 | 19,618 | 21,439 | ||||||||||
Noncontrolling interest | 5,525 | 5,525 | 481 | ||||||||||
Net assets | $ | 2,041,782 | $ | 2,055,604 | $ | 2,055,604 | |||||||
Pro Forma Financial Results | |||||||||||||
The following table summarizes the Company's unaudited pro forma financial results for the three and nine months ended September 30, 2012, as if the acquisition of RailAmerica had been consummated as of January 1, 2011. The following pro forma financial results do not include the impact of any potential operating efficiencies, savings from expected synergies, costs to integrate the operations or costs necessary to achieve savings from expected synergies or the impact of derivative instruments that the Company has entered into or may enter into to mitigate interest rate or currency exchange rate risk (dollars in thousands, except per share amounts): | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, 2012 | September 30, 2012 | ||||||||||||
Operating revenues | $ | 373,285 | $ | 1,088,274 | |||||||||
Net income attributable to Genesee & Wyoming Inc. | $ | 28,012 | $ | 55,182 | |||||||||
Less: Series A-1 Preferred Stock dividend | 4,375 | 13,125 | |||||||||||
Net income available to common stockholders | $ | 23,637 | $ | 42,057 | |||||||||
Income per common share attributable to Genesee & Wyoming Inc. common stockholders: | |||||||||||||
Basic income per common share from continuing operations | $ | 0.49 | $ | 0.88 | |||||||||
Diluted income per share from continuing operations | $ | 0.47 | $ | 0.83 | |||||||||
The unaudited pro forma financial results include the acquisition of RailAmerica adjusted, net of tax, for depreciation and amortization expense resulting from the property and equipment and amortizable intangible assets based on the allocation of fair values, the inclusion of interest expense related to borrowings used to fund the acquisition, the amortization of debt issuance costs related to amendments to the Company's prior credit agreement, the elimination of RailAmerica's interest expense related to debt not assumed in the acquisition and the elimination of the $50.1 million mark-to-market expense related to the Investment Agreement in connection with the funding of the acquisition. The unaudited pro forma financial results for the three and nine months ended September 30, 2012 were based upon the Company's and RailAmerica's historical consolidated statements of operations for the three and nine months ended September 30, 2012. The pro forma results for the nine months ended September 30, 2012 included approximately $55 million, net of tax, of costs incurred by RailAmerica associated with the redemption of senior secured notes in January 2012. | |||||||||||||
Australia | |||||||||||||
Arrium Limited: In July 2012, the Company's subsidiary, Genesee & Wyoming Australia Pty Ltd (GWA), announced that it had expanded two existing rail haulage contracts with Arrium Limited (formerly OneSteel) to transport an additional 2.7 million tons per year of export iron ore in South Australia. In 2012, GWA invested A$52.1 million (or $54.1 million at the exchange rate on December 31, 2012) to purchase narrow gauge locomotives and rail cars, as well as to construct a standard gauge rolling-stock maintenance facility in order to support the increased shipments under the two contracts. During the nine months ended September 30, 2013, GWA spent A$19.5 million (or $18.2 million at the exchange rate on September 30, 2013) on these projects and expects to invest an additional A$2.6 million (or $2.4 million at the exchange rate on September 30, 2013) over the remainder of 2013 to support the increased shipments. | |||||||||||||
Alice Springs and Cook: In May 2012, GWA entered into an agreement with Asciano Services Pty Ltd (AIO), a subsidiary of Asciano Pty Ltd, whereby GWA agreed to purchase an intermodal and freight terminal in Alice Springs, Northern Territory from AIO and GWA agreed to sell AIO certain assets in the township of Cook, South Australia that included its third-party fuel-sales business. GWA completed the purchase of the Alice Springs intermodal and freight terminal in June 2012 for A$9.0 million (or $9.2 million at the exchange rate on June 30, 2012) plus A$0.5 million (or $0.6 million at the exchange rate on June 30, 2012) tax liability for stamp duty (an Australian asset transfer tax). Previously, GWA had leased the facility from AIO. The sale of the assets in Cook closed in September 2012. The Company received A$4.0 million (or $4.1 million at the exchange rate on September 30, 2012) in pre-tax cash proceeds from the sale and recognized an after-tax book gain of A$1.3 million (or $1.3 million at the exchange rate on September 30, 2012), or approximately $0.03 per share. | |||||||||||||
Canada | |||||||||||||
Tata Steel Minerals Canada Ltd.: On August 2, 2012, the Company announced that its newly formed subsidiary, KeRail Inc. (KeRail), entered into a long-term agreement with Tata Steel Minerals Canada Ltd. (TSMC), for KeRail to provide rail transportation services to the direct shipping iron ore mine TSMC is developing near Schefferville, Quebec in the Labrador Trough (the Mine). In addition, KeRail plans to construct an approximately 21-kilometer rail line that will connect the Mine to the Tshiuetin Rail Transportation (TSH) interchange point in Schefferville. Operated as part of the Company's Canada Region, KeRail is expected to haul unit trains of iron ore from its rail connection with the Mine, which will then travel over three privately-owned railways to the Port of Sept-ÃŽles for export primarily to Tata Steel's European operations. The agreement and construction are contingent on certain conditions being met, including the receipt of necessary governmental permits and approvals. Once the track construction has commenced, the rail line is expected to be completed three to six months thereafter, weather conditions permitting. | |||||||||||||
Results from Continuing Operations | |||||||||||||
When comparing the Company's results from continuing operations from one reporting period to another, it is important to consider that the Company has historically experienced fluctuations in revenues and expenses due to acquisitions, changing economic conditions, competitive forces, changes in foreign currency exchange rates, one-time freight moves, fuel price fluctuations, customer plant expansions and shut-downs, sales of property and equipment, derailments and weather-related conditions, such as hurricanes, cyclones, tornadoes, droughts, heavy snowfall, unseasonably warm or cool weather, freezing and flooding. In periods when these events occur, results of operations are not easily comparable from one period to another. Finally, certain of the Company's railroads have commodity shipments that are sensitive to general economic conditions, such as steel products, paper products and lumber and forest products, as well as product specific economic conditions, such as the availability of lower priced alternative sources of power generation (coal). Other shipments are relatively less affected by economic conditions and are more closely affected by other factors, such as inventory levels maintained at customer plants (coal), winter weather (salt and coal) and seasonal rainfall (grain). As a result of these and other factors, the Company's operating results in any reporting period may not be directly comparable to its operating results in other reporting periods. |
Earnings_per_Share
Earnings per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||||
EARNINGS/(LOSS) PER COMMON SHARE: | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings/(loss) per common share for the three and nine months ended September 30, 2013 and 2012 (in thousands, except per share amounts): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerators: | ||||||||||||||||
Amounts attributable to Genesee & Wyoming Inc. common stockholders: | ||||||||||||||||
Income/(loss) from continuing operations, net of tax | $ | 65,712 | $ | (19,567 | ) | $ | 213,062 | $ | 39,064 | |||||||
Loss from discontinued operations, net of tax | (25 | ) | — | (43 | ) | (27 | ) | |||||||||
Less: Series A-1 Preferred Stock dividend | — | — | 2,139 | — | ||||||||||||
Net income/(loss) available to common stockholders | $ | 65,687 | $ | (19,567 | ) | $ | 210,880 | $ | 39,037 | |||||||
Denominators: | ||||||||||||||||
Weighted average Class A common shares outstanding - basic | 54,626 | 41,682 | 53,475 | 40,888 | ||||||||||||
Weighted average Class B common shares outstanding | 1,650 | — | 1,692 | 2,105 | ||||||||||||
Dilutive effect of employee stock-based awards | 462 | — | 506 | 478 | ||||||||||||
Dilutive effect of Series A-1 Preferred Stock | — | — | 964 | — | ||||||||||||
Weighted average shares - diluted | 56,738 | 41,682 | 56,637 | 43,471 | ||||||||||||
Earnings/(loss) per common share attributable to Genesee & Wyoming Inc. common stockholders: | ||||||||||||||||
Basic: | ||||||||||||||||
Earnings/(loss) per common share from continuing operations | $ | 1.2 | $ | (0.47 | ) | $ | 3.94 | $ | 0.96 | |||||||
Loss per common share from discontinued operations | — | — | — | — | ||||||||||||
Earnings/(loss) per common share | $ | 1.2 | $ | (0.47 | ) | $ | 3.94 | $ | 0.95 | |||||||
Diluted: | ||||||||||||||||
Earnings/(loss) per common share from continuing operations | $ | 1.16 | $ | (0.47 | ) | $ | 3.76 | $ | 0.9 | |||||||
Loss per common share from discontinued operations | — | — | — | — | ||||||||||||
Earnings/(loss) per common share | $ | 1.16 | $ | (0.47 | ) | $ | 3.76 | $ | 0.9 | |||||||
The following total number of Class A common stock issuable under the assumed exercise of stock options computed based on the treasury stock method were excluded from the calculation of diluted earnings/(loss) per common share, as the effect of including these shares would have been anti-dilutive (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Anti-dilutive shares | 129 | 665 | 90 | 264 | ||||||||||||
The following table sets forth the increase in the Company's weighted average basic shares outstanding for the three and nine months ended September 30, 2013 and 2012 as a result of the Company's public offering of Class A common stock, shares issuable upon settlement of the prepaid stock purchase contract component of the TEUs based on the market price of the Company's Class A common stock and from the February 13, 2013 conversion of the Series A-1 Preferred Stock into the Company's Class A common stock: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Class A common stock offering | 3,791,004 | 453,272 | 3,791,004 | 152,194 | ||||||||||||
Shares issuable upon settlement of the prepaid stock purchase contract component of the TEUs | 2,841,650 | 411,307 | 2,841,650 | 138,103 | ||||||||||||
Conversion of Series A-1 Preferred Stock | 5,984,232 | — | 5,019,740 | — | ||||||||||||
Offerings | ||||||||||||||||
On September 19, 2012, the Company completed a public offering of 3,791,004 shares of Class A common stock at $64.75 per share, which included 525,000 shares issued as a result of the underwriters' exercise of their over-allotment option. In addition, the Company also completed a public offering of 2,300,000 TEUs, which included 300,000 TEUs issued as a result of the underwriters' exercise of their over-allotment option, on September 19, 2012 with a stated amount of $100 per unit. | ||||||||||||||||
Each TEU consists of a prepaid stock purchase contract (Purchase Contract) and a senior amortizing note due October 1, 2015 (Amortizing Note) issued by the Company. Unless settled or redeemed earlier or extended, each Purchase Contract will automatically settle on October 1, 2015. If the applicable market value (as defined in the Purchase Contract) of the Company's Class A common stock is greater than or equal to $80.94, then the Company will deliver 1.2355 shares per Purchase Contract and if the applicable market value is less than or equal to $64.75, then the Company will deliver 1.5444 shares per Purchase Contract, with such share amounts subject to adjustment. Otherwise, the Company will deliver a number of shares of its Class A common stock per Purchase Contract equal to $100 divided by the applicable market value. Accordingly, for illustrative purposes, the following table provides the calculated impact on the Company's weighted average diluted shares outstanding for the three months ended September 30, 2013 assuming the conversion of the Company's outstanding TEUs into Class A common stock based on the assumptions for the Company's stock price stated in the table (in thousands, except per share amounts): | ||||||||||||||||
Assumed Market Price of Class A Common Stock | TEU Common Stock Equivalents | Weighted Average Diluted Shares Outstanding | ||||||||||||||
Minimum common stock equivalents | $ | 80.94 | 2,842 | 56,738 | ||||||||||||
Middle of range of common stock equivalents | $ | 73 | 3,151 | 57,047 | ||||||||||||
Maximum common stock equivalents | $ | 64.75 | 3,552 | 57,448 | ||||||||||||
The Company's basic and diluted earnings per share calculations reflect the weighted average shares issuable upon settlement of the prepaid stock purchase contract component of the TEUs. For purposes of determining the number of shares included in the calculation, the Company used the market price of its Class A common stock at the period end date. | ||||||||||||||||
Series A-1 Preferred Stock Converted into Common Stock on February 13, 2013 | ||||||||||||||||
On October 1, 2012, the Company completed the issuance of 350,000 shares of Series A-1 Preferred Stock at an issuance price of $1,000.00 per share for $349.4 million, net of issuance costs, to Carlyle pursuant to an Investment Agreement entered into by the Company and Carlyle in conjunction with the Company's announcement on July 23, 2012 of its plan to acquire RailAmerica in order to partially fund the acquisition. On February 13, 2013, the Company converted all of the outstanding Series A-1 Preferred Stock into 5,984,232 shares of the Company's Class A common stock. | ||||||||||||||||
Dividends on the Series A-1 Preferred Stock were cumulative and payable quarterly in arrears in an amount equal to 5.00% per annum of the issuance price per share. Each share of the Series A-1 Preferred Stock was convertible at any time, at the option of the holder, into approximately 17.1 shares of Class A common stock, subject to customary conversion adjustments. The Series A-1 Preferred Stock were also mandatorily convertible into the relevant number of shares of Class A common stock on the second anniversary of the date of issuance, subject to the satisfaction of certain conditions. The Company also had the ability to convert some or all of the Series A-1 Preferred Stock prior to the second anniversary of the date of issue of the Series A-1 Preferred Stock if the closing price of the Company's Class A common stock on the New York Stock Exchange exceeded 130% of the conversion price (or $76.03) for 30 consecutive trading days, subject to the satisfaction of certain conditions. The conversion price of the Series A-1 Preferred Stock was set at approximately $58.49, which was a 4.5% premium to the Company's stock price on the trading day prior to the announcement of the RailAmerica acquisition. As of February 12, 2013, the closing price of the Company's Class A common stock had exceeded $76.03 for 30 consecutive trading days. As a result, on February 13, 2013, the Company converted the Series A-1 Preferred Stock as described above. On the conversion date, the Company also paid to Carlyle cash in lieu of fractional shares and all accrued and unpaid dividends on the Series A-1 Preferred Stock totaling $2.1 million. | ||||||||||||||||
For basic earnings per share, the Company deducted the cumulative dividends on the Series A-1 Preferred Stock in calculating net income available to common stockholders (i.e., the numerator in the calculation of basic earnings per share) divided by the weighted average number of common shares outstanding during each period. For diluted earnings per share, the Company used the if-converted method when calculating diluted earnings per share prescribed under U.S. GAAP. |
Accounts_Receivable
Accounts Receivable | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Accounts Receivable, Net [Abstract] | ' | |||||||
Accounts Receivable [Text Block] | ' | |||||||
Accounts receivable consisted of the following as of September 30, 2013 and December 31, 2012 (dollars in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Accounts receivable - trade | $ | 264,958 | $ | 214,936 | ||||
Accounts receivable - grants | 33,183 | 26,794 | ||||||
Accounts receivable - insurance claims | 18,097 | 23,912 | ||||||
Total accounts receivable | 316,238 | 265,642 | ||||||
Less: Allowance for doubtful accounts | (2,956 | ) | (2,693 | ) | ||||
Accounts receivable, net | $ | 313,282 | $ | 262,949 | ||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Summary of Derivative Instruments [Abstract] | ' | ||||||||||||||||||
Derivative Financial Instruments [Text Block] | ' | ||||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS: | |||||||||||||||||||
The Company actively monitors its exposure to interest rate and foreign currency exchange rate risks and uses derivative financial instruments to manage the impact of certain of these risks. The Company uses derivatives only for purposes of managing risk associated with underlying exposures. The Company does not trade or use instruments with the objective of earning financial gains on the interest rate or exchange rate fluctuations alone, nor does the Company use derivative instruments where it does not have underlying exposures. Complex instruments involving leverage or multipliers are not used. The Company manages its hedging position and monitors the credit ratings of counterparties and does not anticipate losses due to counterparty nonperformance. Management believes its use of derivative instruments to manage risk is in the Company's best interest. However, the Company's use of derivative financial instruments may result in short-term gains or losses and increased earnings volatility. The Company's instruments are recorded in the consolidated balance sheets at fair value in prepaid expenses and other, other assets, net, accrued expenses or other long-term liabilities. | |||||||||||||||||||
The Company may designate derivatives as a hedge of a forecasted transaction or a hedge of the variability of the cash flows to be received or paid in the future related to a recognized asset or liability (cash flow hedge). The portion of the changes in the fair value of the derivative used as a cash flow hedge that is offset by changes in the expected cash flows related to a recognized asset or liability (the effective portion) is recorded in other comprehensive income/(loss). As the hedged item is realized, the gain or loss included in accumulated other comprehensive income is reported in the consolidated statements of operations on the same line item as the hedged item. The portion of the changes in the fair value of derivatives used as cash flow hedges that is not offset by changes in the expected cash flows related to a recognized asset or liability (the ineffective portion) is immediately recognized in earnings on the same line item as the hedged item. | |||||||||||||||||||
The Company matches the hedge instrument to the underlying hedged item (assets, liabilities, firm commitments or forecasted transactions). At inception of the hedge and at least quarterly thereafter, the Company assesses whether the derivatives used to hedge transactions are highly effective in offsetting changes in either the fair value or cash flows of the hedged item. When it is determined that a derivative ceases to be a highly effective hedge, the Company discontinues hedge accounting, and any gains or losses on the derivative instrument thereafter are recognized in earnings during the period it no longer qualifies as a hedge. | |||||||||||||||||||
From time to time, the Company may enter into certain derivative instruments that may not be designated as hedges for accounting purposes. For example, to mitigate currency exposures related to intercompany debt, cross-currency swap contracts may be entered into for periods consistent with the underlying debt. The Company believes such instruments are closely correlated with the underlying exposure, thus reducing the associated risk. The gains or losses from the changes in the fair value of derivative instruments not accounted for as hedges are recognized in current period earnings within other income, net. | |||||||||||||||||||
Interest Rate Risk Management | |||||||||||||||||||
The Company uses interest rate swap agreements to manage its exposure to changes in interest rates of the Company's variable rate debt. These swap agreements are recorded in the consolidated balance sheets at fair value. Changes in the fair value of the swap agreements are recorded in net income or other comprehensive income/(loss), based on whether the agreements are designated as part of a hedge transaction and whether the agreements are effective in offsetting the change in the value of the future interest payments attributable to the underlying portion of the Company's variable rate debt. Interest payments accrued each reporting period for these interest rate swaps are recognized in interest expense. The Company formally documents its hedge relationships, including identifying the hedge instruments and hedged items, as well as its risk management objectives and strategies for entering into the hedge transaction. | |||||||||||||||||||
The following table summarizes the terms of the Company's outstanding interest rate swap agreements entered into to manage the Company's exposure to changes in interest rates on its variable rate debt (dollars in thousands): | |||||||||||||||||||
Notional Amount | |||||||||||||||||||
Effective Date | Expiration Date | Date | Amount | Pay Fixed Rate | Receive Variable Rate | ||||||||||||||
9/30/13 | 9/30/14 | 9/30/13 | $ | 1,350,000 | 0.35% | 1-month LIBOR | |||||||||||||
12/31/13 | $ | 1,300,000 | 0.35% | 1-month LIBOR | |||||||||||||||
3/31/14 | $ | 1,250,000 | 0.35% | 1-month LIBOR | |||||||||||||||
6/30/14 | $ | 1,200,000 | 0.35% | 1-month LIBOR | |||||||||||||||
9/30/14 | 9/30/15 | 9/30/14 | $ | 1,150,000 | 0.54% | 1-month LIBOR | |||||||||||||
12/31/14 | $ | 1,100,000 | 0.54% | 1-month LIBOR | |||||||||||||||
3/31/15 | $ | 1,050,000 | 0.54% | 1-month LIBOR | |||||||||||||||
6/30/15 | $ | 1,000,000 | 0.54% | 1-month LIBOR | |||||||||||||||
9/30/15 | 9/30/16 | 9/30/15 | $ | 350,000 | 0.93% | 1-month LIBOR | |||||||||||||
9/30/16 | 9/30/26 | 9/30/26 | $ | 100,000 | 2.79% | 3-month LIBOR | |||||||||||||
9/30/16 | 9/30/26 | 9/30/26 | $ | 100,000 | 2.79% | 3-month LIBOR | |||||||||||||
9/30/16 | 9/30/26 | 9/30/26 | $ | 100,000 | 2.80% | 3-month LIBOR | |||||||||||||
The following table summarizes the Company's interest rate swap agreements which expired on September 30, 2013 (dollars in thousands): | |||||||||||||||||||
Notional Amount | |||||||||||||||||||
Effective Date | Expiration Date | Date | Amount | Paid Fixed Rate | Receive Variable Rate | ||||||||||||||
10/6/08 | 9/30/13 | 10/6/08 | $ | 120,000 | 3.88% | 1-month LIBOR | |||||||||||||
10/4/12 | 9/30/13 | 10/4/12 | $ | 1,450,000 | 0.25% | 1-month LIBOR | |||||||||||||
12/31/12 | $ | 1,350,000 | 0.25% | 1-month LIBOR | |||||||||||||||
3/28/13 | $ | 1,300,000 | 0.25% | 1-month LIBOR | |||||||||||||||
6/28/13 | $ | 1,250,000 | 0.25% | 1-month LIBOR | |||||||||||||||
The fair value of the Company's interest rate swap agreements were estimated based on Level 2 inputs. The Company's effectiveness testing during the three months ended September 30, 2013 resulted in no amount of gain or loss reclassified from accumulated other comprehensive income/(loss) into earnings due to ineffectiveness. During the three and nine months ended September 30, 2013, $1.3 million and $3.2 million, respectively, of existing net losses were realized and recorded as interest expense in the consolidated statements of operations. Based on the Company's fair value assumptions as of September 30, 2013, it expects to realize $1.5 million of existing net losses that are reported in accumulated other comprehensive income into earnings within the next 12 months. See Note 9, Accumulated Other Comprehensive Income, for additional information regarding the Company's cash flow hedges. | |||||||||||||||||||
Foreign Currency Exchange Rate Risk | |||||||||||||||||||
As of September 30, 2013, $155.9 million of third-party debt, related to the Company’s foreign operations, was denominated in the currencies in which its subsidiaries operate, including the Australian dollar and Euro. The debt service obligations associated with this foreign currency debt are generally funded directly from those foreign operations. As a result, foreign currency risk related to this portion of the Company's debt service payments is limited. However, in the event the foreign currency debt service is not paid from the Company's foreign operations and is paid from United States operations, the Company may face exchange rate risk if the Australian or Euro were to appreciate relative to the United States dollar and require higher United States dollar equivalent cash. | |||||||||||||||||||
The Company is also exposed to foreign currency exchange rate risk related to its foreign operations, including non-functional currency intercompany debt, typically from the Company's United States operations to its foreign subsidiaries, and any timing difference between announcement and closing of an acquisition of a foreign business to the extent such acquisition is funded with United States dollars. To mitigate currency exposures related to non-functional currency denominated intercompany debt, cross-currency swap contracts may be entered into for periods consistent with the underlying debt. In determining the fair value of the derivative contract, the significant inputs to valuation models are quoted market prices of similar instruments in active markets. To mitigate currency exposures of non-United States dollar denominated acquisitions, the Company may enter into foreign exchange forward contracts. Although cross-currency swap and foreign exchange forward derivative contracts used to mitigate exposures on foreign currency intercompany debt do not qualify for hedge accounting, the Company believes that such instruments are closely correlated with the underlying exposure, thus reducing the associated risk. The gains or losses from changes in the fair value of derivative instruments that are not accounted for as hedges are recognized in current period earnings within other income, net. | |||||||||||||||||||
On December 1, 2010, the Company completed the acquisition of the assets of FreightLink Pty Ltd, Asia Pacific Transport Pty Ltd and related corporate entities (together, FreightLink) for A$331.9 million (or $320.0 million at the exchange rate on December 1, 2010). The Company financed the acquisition through a combination of cash on hand and borrowings under its credit agreement then in effect. A portion of the funds were transferred from the United States to Australia through an intercompany loan with a notional amount of A$105 million (or $100.6 million at the exchange rate on December 1, 2010). To mitigate the foreign currency exchange rate risk related to this non-functional currency intercompany loan, the Company entered into an Australian dollar/United States dollar floating to floating cross-currency swap agreement (the Swap), effective as of December 1, 2010, which effectively converted the A$105 million intercompany loan receivable in the United States into a $100.6 million loan receivable. The Swap expired on December 1, 2012 and was settled for $9.1 million. | |||||||||||||||||||
On November 29, 2012, simultaneous with the expiration of the Swap, the Company entered into a new 2-year Australian dollar/United States dollar floating to floating cross-currency swap agreement (the New Swap), effective December 3, 2012. This agreement expires on December 1, 2014. The New Swap effectively converts the A$105 million intercompany loan receivable in the United States into a $109.6 million loan receivable. The New Swap requires the Company to pay Australian dollar BBSW plus 3.25% based on a notional amount of A$105 million and allows the Company to receive United States London Interbank Offered Rate (LIBOR) plus 2.82% based on a notional amount of $109.6 million on a quarterly basis. BBSW is the wholesale interbank reference rate within Australia, which the Company believes is generally considered the Australian equivalent to LIBOR. As a result of the quarterly net settlement payments for the New Swap, the Company realized a net expense of $0.6 million and $2.2 million within interest (expense)/income for the three and nine months ended September 30, 2013, respectively. | |||||||||||||||||||
Contingent Forward Sale Contract | |||||||||||||||||||
In conjunction with the Company's announcement on July 23, 2012 of its plan to acquire RailAmerica, the Company entered into the Investment Agreement with Carlyle in order to partially fund the acquisition of RailAmerica. Pursuant to the Investment Agreement, the Company agreed to sell to Carlyle a minimum of $350.0 million of Series A-1 Preferred Stock. For the period between July 23, 2012 and September 30, 2012, the Series A-1 Preferred Stock was accounted for as a contingent forward sale contract with mark-to-market non-cash income or expense included in the Company's consolidated financial results and the cumulative effect represented as an asset or liability. As a result of the significant increase in the Company's share price between July 23, 2012 and the end of the third quarter, the Company recorded a $50.1 million non-cash mark-to-market expense to the Investment Agreement for the three and nine months ended September 30, 2012. The closing price of the Company's Class A common stock was $66.86 on September 28, 2012, which was the last trading day prior to issuing the Series A-1 Preferred Stock. As discussed in Note 3, Earnings/(Loss) Per Common Share, the Company converted the Series A-1 Preferred Stock into Class A common stock on February 13, 2013. | |||||||||||||||||||
The Company's derivative instruments are subject to master netting arrangements between the Company and the respective counterparty. The Company presents its derivative instruments on a gross basis. As of September 30, 2013 and December 31, 2012, the differences between the gross values and net values under such master netting arrangements were not significant. The following table summarizes the fair value of the Company's derivative instruments recorded in the consolidated balance sheets as of September 30, 2013 and December 31, 2012 (dollars in thousands): | |||||||||||||||||||
Fair Value | |||||||||||||||||||
Balance Sheet Location | September 30, 2013 | December 31, 2012 | |||||||||||||||||
Asset Derivatives: | |||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||
Interest rate swap agreements | Other assets, net | $ | 28,759 | $ | 4,227 | ||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||
Cross-currency swap agreement | Prepaid expenses and other | $ | 18,926 | $ | 255 | ||||||||||||||
Liability Derivatives: | |||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||
Interest rate swap agreements | Accrued expenses | $ | 1,535 | $ | 3,777 | ||||||||||||||
Interest rate swap agreements | Other long-term liabilities | 144 | 882 | ||||||||||||||||
Total liability derivatives designated as hedges | $ | 1,679 | $ | 4,659 | |||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||
Cross-currency swap agreement | Other long-term liabilities | $ | 7,057 | $ | 143 | ||||||||||||||
The following table shows the effect of the Company’s derivative instruments designated as cash flow hedges for the three and nine months ended September 30, 2013 and 2012 in other comprehensive income (OCI) (dollars in thousands): | |||||||||||||||||||
Total Cash Flow Hedge OCI Activity, Net of Tax | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
Derivatives Designated as Cash Flow Hedges: | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Effective portion of changes in fair value recognized in OCI: | |||||||||||||||||||
Interest rate swap agreements | $ | (257 | ) | $ | 592 | $ | 16,455 | $ | 1,655 | ||||||||||
The following table shows the effect of the Company’s derivative instrument not designated as hedges for the three and nine months ended September 30, 2013 and 2012 in the consolidated statements of operations (dollars in thousands): | |||||||||||||||||||
Amount Recognized in Earnings | |||||||||||||||||||
Derivative Instrument Not Designated as Hedges: | Three Months Ended | Nine Months Ended | |||||||||||||||||
Location of Amount Recognized in Earnings | September 30, | September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Cross-currency swap agreement | Interest expense, net | $ | (640 | ) | $ | (1,051 | ) | $ | (2,172 | ) | $ | (3,572 | ) | ||||||
Cross-currency swap agreement | Other income, net | 485 | (70 | ) | 507 | 218 | |||||||||||||
Contingent forward sale contract | Contingent forward sale contract mark-to-market expense | — | (50,106 | ) | — | (50,106 | ) | ||||||||||||
$ | (155 | ) | $ | (51,227 | ) | $ | (1,665 | ) | $ | (53,460 | ) |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | |||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS: | ||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instrument held by the Company: | ||||||||||||||||
• | Financial Instruments Carried at Fair Value: Derivative instruments are recorded on the balance sheet as either assets or liabilities measured at fair value. As of September 30, 2013, the Company's derivative financial instruments consisted of interest rate swap agreements and cross-currency swap agreements. The Company estimated the fair value of its interest rate swap agreements based on Level 2 valuation inputs, including fixed interest rates, LIBOR implied forward interest rates and the remaining time to maturity. The Company estimated the fair value of its cross-currency swap agreements based on Level 2 valuation inputs, including LIBOR implied forward interest rates, AUD BBSW implied forward interest rates and the remaining time to maturity. | |||||||||||||||
• | Financial Instruments Carried at Historical Cost: Since the Company's long-term debt is not actively traded, fair value was estimated using a discounted cash flow analysis based on Level 2 valuation inputs, including borrowing rates the Company believes are currently available to it for loans with similar terms and maturities. | |||||||||||||||
The following table presents the Company's financial instruments that are carried at fair value using Level 2 inputs at September 30, 2013 and December 31, 2012 (dollars in thousands): | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Financial instruments carried at fair value using Level 2 inputs: | ||||||||||||||||
Interest rate swap agreements | $ | 28,759 | $ | 4,227 | ||||||||||||
Cross-currency swap agreement | 18,926 | 255 | ||||||||||||||
Total financial assets carried at fair value | $ | 47,685 | $ | 4,482 | ||||||||||||
Interest rate swap agreements | $ | 1,679 | $ | 4,659 | ||||||||||||
Cross-currency swap agreement | 7,057 | 143 | ||||||||||||||
Total financial liabilities carried at fair value | $ | 8,736 | $ | 4,802 | ||||||||||||
The following table presents the carrying value and fair value using Level 2 inputs of the Company’s financial instruments carried at historical cost at September 30, 2013 and December 31, 2012 (dollars in thousands): | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Financial liabilities carried at historical cost: | ||||||||||||||||
Revolving credit facility | $ | 15,869 | $ | 15,881 | $ | 25,153 | $ | 25,222 | ||||||||
United States term loan | 1,458,659 | 1,454,387 | 1,576,100 | 1,562,385 | ||||||||||||
Canadian term loan | — | — | 14,446 | 14,353 | ||||||||||||
Australian term loan | 148,980 | 149,092 | 190,100 | 191,057 | ||||||||||||
Amortizing notes component of TEUs | 24,477 | 24,205 | 32,435 | 31,484 | ||||||||||||
Other debt | 19,331 | 19,279 | 19,901 | 19,759 | ||||||||||||
Total | $ | 1,667,316 | $ | 1,662,844 | $ | 1,858,135 | $ | 1,844,260 | ||||||||
Credit Facilities | ||||||||||||||||
In March 2013, the Company prepaid in full its Canadian term loan, which resulted in the write-off of unamortized deferred financing costs of $0.5 million. | ||||||||||||||||
On March 28, 2013, the Company entered into Amendment No. 1 (the Amendment Agreement) to its New Credit Agreement, which provided for a 0.25% reduction in the applicable margins for the Company's existing term loans and loans under its revolving credit facility. | ||||||||||||||||
During the nine months ended September 30, 2013, the Company made prepayments on its United States term loan of $69.0 million and prepayments on its Australian term loan of A$17.0 million (or $17.0 million at the average exchange rates during the periods in which paid). |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES: | |
The Company's effective income tax rate in the three months ended September 30, 2013 was 25.1%. Included in the Company's net income for the nine months ended September 30, 2013 was a $41.0 million benefit associated with the retroactive extension of the United States Short Line Tax Credit for fiscal year 2012, which was signed into law on January 2, 2013. The Company's provision for income taxes was $63.5 million for the nine months ended September 30, 2013, which represented 26.8% of income from continuing operations other than the retroactive benefit. Included in the Company's income/(loss) from continuing operations before income taxes for the three and nine months ended September 30, 2012 was a $50.1 million mark-to-market expense associated with a contingent forward sale contract, which is a non-deductible expense for income tax purposes. See Note 5, Derivative Financial Instruments, for further details on the contingent forward sale contract. As a result, the Company's provision for income taxes was $15.3 million and $46.1 million for the three and nine months ended September 30, 2012, respectively, which represented 33.4% and 34.1%, respectively, of income from continuing operations other than the mark-to-market expense. The decrease in the effective income tax rate for the three and nine months ended September 30, 2013 as compared with the three and nine months ended September 30, 2012 was primarily attributable to the renewal of the United States Short Line Tax Credit through December 31, 2013. | |
The United States Short Line Tax Credit is an income tax track maintenance credit for Class II and Class III railroads to reduce their federal income tax based on qualified railroad track maintenance expenditures (the Short Line Tax Credit). Qualified expenditures include amounts incurred for maintaining track, including roadbed, bridges and related track structures owned or leased by a Class II or Class III railroad. The credit is equal to 50% of the qualified expenditures, subject to an annual limitation of $3,500 multiplied by the number of miles of railroad track owned or leased by the Class II or Class III railroad as of the end of their tax year. The Short Line Tax Credit was in existence from 2005 through 2011. On January 2, 2013, the United States Short Line Tax Credit was extended for 2012 and 2013. The extension of the Short Line Tax Credit produced book income tax benefits of $41.0 million for fiscal year 2012. Since the extension became law in 2013, the 2012 impact was recorded in the first quarter of 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
COMMITMENTS AND CONTINGENCIES: | |
From time to time, the Company is a defendant in certain lawsuits resulting from the Company's operations in the ordinary course. Management believes there are adequate provisions in the financial statements for any probable liabilities that may result from disposition of the pending lawsuits. Based upon currently available information, the Company does not believe it is reasonably possible that any such lawsuit or related lawsuits would be material to the Company's results of operations or have a material adverse effect on the Company's financial position or liquidity. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Income Note | ' | |||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME: | ||||||||||||||||
The following table sets forth accumulated other comprehensive income included in the consolidated balance sheets as of September 30, 2013 and December 31, 2012 (dollars in thousands): | ||||||||||||||||
Foreign Currency Translation Adjustment | Defined Benefit Plans | Net Unrealized(Loss)/Gain on Cash Flow Hedges | Accumulated Other Comprehensive Income/(Loss) | |||||||||||||
Balance, December 31, 2012 | $ | 47,845 | $ | (148 | ) | $ | (426 | ) | $ | 47,271 | ||||||
Other comprehensive (loss)/income before reclassifications | (40,876 | ) | 295 | 18,383 | (22,198 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax benefit of $1,286 | — | — | (1,928 | ) | (a) | (1,928 | ) | |||||||||
Current period change | (40,876 | ) | 295 | 16,455 | (24,126 | ) | ||||||||||
Balance, September 30, 2013 | $ | 6,969 | $ | 147 | $ | 16,029 | $ | 23,145 | ||||||||
(a) Included in interest expense on the consolidated statements of operations |
Significant_NonCash_Investing_
Significant Non-Cash Investing Activities | 9 Months Ended |
Sep. 30, 2013 | |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ' |
Significant Non-Cash Investing Activities | ' |
SIGNIFICANT NON-CASH INVESTING ACTIVITIES: | |
As of September 30, 2013 and 2012, the Company had outstanding receivables from outside parties for the funding of capital expenditures of $32.3 million and $23.2 million, respectively. At September 30, 2013 and 2012, the Company also had approximately $39.8 million and $20.5 million, respectively, of purchases of property and equipment that were not paid and, accordingly, were accrued in accounts payable in the normal course of business. |
Edith_River_Derailment
Edith River Derailment | 9 Months Ended |
Sep. 30, 2013 | |
EDITH RIVER DERAILMENT [Abstract] | ' |
Schedule of Insurance Claims Related to Specific Event | ' |
EDITH RIVER DERAILMENT: | |
On December 27, 2011, a train operated by GWA derailed on the Edith River Bridge in Australia's Northern Territory (the Edith River Derailment). Flood waters associated with heavy rainfall from Cyclone Grant washed away the southern portion of the Edith River Bridge while a northbound GWA intermodal train consisting of three locomotives, an unoccupied crew van and 33 rail cars was passing over the bridge en route to Darwin. The locomotives were damaged and the crew van and several intermodal containers and rail cars containing copper concentrate were derailed into the river. | |
The railroad segment between Katherine and Darwin remained out of service for approximately 60 days. The Edith River Bridge reopened on February 29, 2012. In June 2012, the Company recorded a gain on insurance recovery and a related insurance receivable of A$4.8 million (or $4.8 million at the average exchange rate in June 2012) for a business interruption claim. In September 2013, the Company recorded an additional gain on insurance recovery and a related insurance receivable of A$1.6 million (or $1.5 million at the average exchange rate in September 2013). | |
In December 2011, the Company recorded a liability of A$15.0 million (or $15.3 million at the exchange rate on December 31, 2011) for the estimated repair and related costs associated with the Edith River Derailment. Since the Company believes substantially all of these costs will be recovered through insurance, the Company also recorded a receivable of A$14.0 million (or $14.3 million at the exchange rate on December 31, 2011), with the difference representing the Company's insurance deductible. The Company increased its estimate of costs associated with the Edith River Derailment, as well as its estimate of insurance recovery, each by A$12.8 million (or $13.3 million at the exchange rate on December 31, 2012) during the twelve months ended December 31, 2012. During the twelve months ended December 31, 2012, the Company made cash payments of A$26.3 million (or $27.3 million at the average exchange rate during the period) as a result of the derailment and received cash proceeds from insurance of A$22.1 million (or $20.9 million at the exchange rate on the date received). During the nine months ended September 30, 2013, the Company recorded an additional net liability of A$1.8 million (or $1.6 million at the exchange rate on September 30, 2013), made cash payments of A$2.7 million (or $2.6 million at the average exchange rate during the period) and received cash proceeds from insurance of A$10.0 million (or $10.4 million at the average exchange rates during the periods in which the cash was collected) related to the derailment. | |
The Company believes it is possible that additional claims related to the Edith River Derailment may arise and additional costs may be incurred. The Company is unable to estimate the range of such claims based on currently available information. However, the Company does not anticipate that these additional claims or costs, if any, will have a material adverse effect on its operating results, financial condition or liquidity. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||
SEGMENT INFORMATION: | ||||||||||||||||||||||||
The Company's various railroad lines are divided into 11 operating regions. All of the regions have similar characteristics; however, the Company presents its financial information as two reportable segments, North American & European Operations and Australian Operations. | ||||||||||||||||||||||||
The results of operations of the foreign entities are maintained in the respective local currency (the Australian dollar, the Canadian dollar and the Euro) and then translated into United States dollars at the applicable exchange rates for inclusion in the consolidated financial statements. As a result, any appreciation or depreciation of these currencies against the United States dollar will impact the Company's results of operations. | ||||||||||||||||||||||||
The following table sets forth the Company's North American & European Operations and Australian Operations for the three months ended September 30, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | |||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | North American & European Operations | Australian Operations | Total Operations | |||||||||||||||||||
Operating revenues | $ | 319,079 | $ | 82,309 | $ | 401,388 | $ | 150,323 | $ | 72,422 | $ | 222,745 | ||||||||||||
Income from operations | 77,024 | 24,717 | 101,741 | 33,571 | 19,304 | 52,875 | ||||||||||||||||||
Depreciation and amortization | 30,704 | 6,630 | 37,334 | 12,495 | 6,485 | 18,980 | ||||||||||||||||||
Interest expense | (12,473 | ) | (3,556 | ) | (16,029 | ) | (4,621 | ) | (4,193 | ) | (8,814 | ) | ||||||||||||
Interest income | 926 | 66 | 992 | 783 | 145 | 928 | ||||||||||||||||||
Provision for income taxes | (17,296 | ) | (4,944 | ) | (22,240 | ) | (10,764 | ) | (4,539 | ) | (15,303 | ) | ||||||||||||
Expenditures for additions to property & equipment, net of grants from outside parties | 31,277 | 8,954 | 40,231 | 24,023 | 33,320 | 57,343 | ||||||||||||||||||
The following table sets forth the Company's North American & European Operations and Australian Operations for the nine months ended September 30, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | North American & European Operations | Australian Operations | Total Operations | |||||||||||||||||||
Operating revenues | $ | 935,390 | $ | 241,947 | $ | 1,177,337 | $ | 439,451 | $ | 208,149 | $ | 647,600 | ||||||||||||
Income from operations | 213,940 | 71,418 | 285,358 | 104,782 | 51,880 | 156,662 | ||||||||||||||||||
Depreciation and amortization | 85,503 | 20,215 | 105,718 | 37,354 | 17,593 | 54,947 | ||||||||||||||||||
Interest expense | (41,566 | ) | (11,786 | ) | (53,352 | ) | (14,107 | ) | (11,945 | ) | (26,052 | ) | ||||||||||||
Interest income | 2,730 | 255 | 2,985 | 2,407 | 352 | 2,759 | ||||||||||||||||||
Provision for income taxes | (6,634 | ) | (15,900 | ) | (22,534 | ) | (33,723 | ) | (12,328 | ) | (46,051 | ) | ||||||||||||
Expenditures for additions to property & equipment, net of grants from outside parties | 105,203 | 41,354 | 146,557 | 50,761 | 94,839 | 145,600 | ||||||||||||||||||
The following table sets forth the property and equipment recorded in the consolidated balance sheets for the Company's North American & European Operations and Australian Operations as of September 30, 2013 and December 31, 2012 (dollars in thousands): | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | North American & European Operations | Australian Operations | Total Operations | |||||||||||||||||||
Property & equipment, net | $ | 2,848,270 | $ | 576,410 | $ | 3,424,680 | $ | 2,766,693 | $ | 629,602 | $ | 3,396,295 | ||||||||||||
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2013 | |
RECENTLY ISSUED ACCOUNTING STANDARDS: [Abstract] | ' |
Description of New Accounting Pronouncements | ' |
RECENTLY ISSUED ACCOUNTING STANDARDS: | |
In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities, which requires an entity to disclose information about offsetting and related arrangements to enable users of financial statements to understand the effect of those arrangements on its financial position. In January 2013, the FASB issued ASU 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which narrows the scope of the disclosure requirements to derivatives, securities borrowings and securities lending transactions that are either offset or subject to a master netting arrangement. This guidance is effective for and was adopted by the Company in the first quarter of 2013 and required additional disclosures, but otherwise did not have a material impact on the Company's consolidated financial statements. | |
In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which requires entities to disclose additional information about reclassification adjustments, including changes in accumulated other comprehensive income by component and significant items reclassified out of accumulated other comprehensive income. This guidance is effective for and was adopted by the Company in the first quarter of 2013 and required additional disclosures, but otherwise did not have a material impact on the Company's consolidated financial statements. | |
In July 2013, the FASB issued ASU 2013-10, Derivative and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes, which permits the Fed Funds Effective Swap Rate (OIS) to be used as a United States benchmark interest rate for hedge accounting purposes, in addition to Treasury obligations of the United States government (UST) and LIBOR. The amendments also remove the restriction on using different benchmark rates for similar hedges. The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of this guidance did not have an impact on the Company as of and for the three and nine months ended September 30, 2013 but may impact the Company's evaluation of future risk management instruments. | |
Accounting Standards Not Yet Effective | |
In February 2013, the FASB issued ASU 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date, which specifies how an entity should measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the guidance is fixed at the reporting date and requires entities to disclose the nature and amount of the obligation as well as other information about those obligations. This guidance will be effective for annual reporting periods beginning on or after December 15, 2013, and the interim periods within those annual periods. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. | |
In March 2013, the FASB issued ASU 2013-05, Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment Upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity, which provides clarification of when to release the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets within a foreign entity. This guidance will be effective for annual reporting periods beginning on or after December 15, 2013, and the interim periods within those annual periods. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements, but it will have an impact on the accounting for future sales of investments or changes in control of foreign entities. | |
In April 2013, the FASB issued ASU 2013-07, Presentation of Financial Statements (Topic 205): The Liquidation Basis of Accounting, which clarifies when an entity should apply the liquidation basis of accounting and provides principles for the recognition and measurement of assets and liabilities using the liquidation basis of accounting. This guidance will be effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. The Company does not expect the adoption of this guidance to have an impact on its consolidated financial statements. | |
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which clarifies when an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 and early adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. |
Changes_in_Operations_Tables
Changes in Operations (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Changes in Operations [Abstract] | ' | ||||||||||||
Schedule of Business Combination Consideration [Table Text Block] | ' | ||||||||||||
The calculation of the total consideration for the RailAmerica acquisition is presented below (in thousands, except per share amount): | |||||||||||||
RailAmerica outstanding common stock as of October 1, 2012 | 49,934 | ||||||||||||
Cash purchase price per share | $ | 27.5 | |||||||||||
Equity purchase price | $ | 1,373,184 | |||||||||||
Payment of RailAmerica's outstanding term loan and revolving credit facility | 659,198 | ||||||||||||
Cash consideration | 2,032,382 | ||||||||||||
Impact of pre-acquisition share-based awards | 9,400 | ||||||||||||
Total consideration | $ | 2,041,782 | |||||||||||
Business Combination Assignment of Fair Values [Table Text Block] | ' | ||||||||||||
The final fair values assigned to the acquired net assets of RailAmerica were as follows (dollars in thousands): | |||||||||||||
As of | As of December 28, 2012 | ||||||||||||
1-Oct-12 | Preliminary | Final | |||||||||||
Cash and cash equivalents | $ | 86,102 | $ | 107,922 | $ | 107,922 | |||||||
Accounts receivable, net | 104,839 | 91,424 | 90,659 | ||||||||||
Materials and supplies | 6,406 | 7,325 | 7,325 | ||||||||||
Prepaid expenses and other | 15,146 | 14,815 | 15,801 | ||||||||||
Deferred income tax assets, net | 49,074 | 49,074 | 56,998 | ||||||||||
Property and equipment | 1,579,321 | 1,588,612 | 1,599,282 | ||||||||||
Goodwill | 474,115 | 474,115 | 475,584 | ||||||||||
Intangible assets, net | 451,100 | 446,327 | 416,427 | ||||||||||
Other assets, net | 116 | 116 | 116 | ||||||||||
Total assets | 2,766,219 | 2,779,730 | 2,770,114 | ||||||||||
Accounts payable and accrued expenses | 143,790 | 135,117 | 140,160 | ||||||||||
Long-term debt | 12,158 | 12,010 | 12,010 | ||||||||||
Deferred income tax liabilities, net | 542,210 | 551,856 | 540,420 | ||||||||||
Other long-term liabilities | 20,754 | 19,618 | 21,439 | ||||||||||
Noncontrolling interest | 5,525 | 5,525 | 481 | ||||||||||
Net assets | $ | 2,041,782 | $ | 2,055,604 | $ | 2,055,604 | |||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||||||
The following table summarizes the Company's unaudited pro forma financial results for the three and nine months ended September 30, 2012, as if the acquisition of RailAmerica had been consummated as of January 1, 2011. The following pro forma financial results do not include the impact of any potential operating efficiencies, savings from expected synergies, costs to integrate the operations or costs necessary to achieve savings from expected synergies or the impact of derivative instruments that the Company has entered into or may enter into to mitigate interest rate or currency exchange rate risk (dollars in thousands, except per share amounts): | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, 2012 | September 30, 2012 | ||||||||||||
Operating revenues | $ | 373,285 | $ | 1,088,274 | |||||||||
Net income attributable to Genesee & Wyoming Inc. | $ | 28,012 | $ | 55,182 | |||||||||
Less: Series A-1 Preferred Stock dividend | 4,375 | 13,125 | |||||||||||
Net income available to common stockholders | $ | 23,637 | $ | 42,057 | |||||||||
Income per common share attributable to Genesee & Wyoming Inc. common stockholders: | |||||||||||||
Basic income per common share from continuing operations | $ | 0.49 | $ | 0.88 | |||||||||
Diluted income per share from continuing operations | $ | 0.47 | $ | 0.83 | |||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||||
The following table sets forth the computation of basic and diluted earnings/(loss) per common share for the three and nine months ended September 30, 2013 and 2012 (in thousands, except per share amounts): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerators: | ||||||||||||||||
Amounts attributable to Genesee & Wyoming Inc. common stockholders: | ||||||||||||||||
Income/(loss) from continuing operations, net of tax | $ | 65,712 | $ | (19,567 | ) | $ | 213,062 | $ | 39,064 | |||||||
Loss from discontinued operations, net of tax | (25 | ) | — | (43 | ) | (27 | ) | |||||||||
Less: Series A-1 Preferred Stock dividend | — | — | 2,139 | — | ||||||||||||
Net income/(loss) available to common stockholders | $ | 65,687 | $ | (19,567 | ) | $ | 210,880 | $ | 39,037 | |||||||
Denominators: | ||||||||||||||||
Weighted average Class A common shares outstanding - basic | 54,626 | 41,682 | 53,475 | 40,888 | ||||||||||||
Weighted average Class B common shares outstanding | 1,650 | — | 1,692 | 2,105 | ||||||||||||
Dilutive effect of employee stock-based awards | 462 | — | 506 | 478 | ||||||||||||
Dilutive effect of Series A-1 Preferred Stock | — | — | 964 | — | ||||||||||||
Weighted average shares - diluted | 56,738 | 41,682 | 56,637 | 43,471 | ||||||||||||
Earnings/(loss) per common share attributable to Genesee & Wyoming Inc. common stockholders: | ||||||||||||||||
Basic: | ||||||||||||||||
Earnings/(loss) per common share from continuing operations | $ | 1.2 | $ | (0.47 | ) | $ | 3.94 | $ | 0.96 | |||||||
Loss per common share from discontinued operations | — | — | — | — | ||||||||||||
Earnings/(loss) per common share | $ | 1.2 | $ | (0.47 | ) | $ | 3.94 | $ | 0.95 | |||||||
Diluted: | ||||||||||||||||
Earnings/(loss) per common share from continuing operations | $ | 1.16 | $ | (0.47 | ) | $ | 3.76 | $ | 0.9 | |||||||
Loss per common share from discontinued operations | — | — | — | — | ||||||||||||
Earnings/(loss) per common share | $ | 1.16 | $ | (0.47 | ) | $ | 3.76 | $ | 0.9 | |||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ' | |||||||||||||||
The following total number of Class A common stock issuable under the assumed exercise of stock options computed based on the treasury stock method were excluded from the calculation of diluted earnings/(loss) per common share, as the effect of including these shares would have been anti-dilutive (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Anti-dilutive shares | 129 | 665 | 90 | 264 | ||||||||||||
Schedule of Increase in Weighted Average Shares [Table Text Block] | ' | |||||||||||||||
The following table sets forth the increase in the Company's weighted average basic shares outstanding for the three and nine months ended September 30, 2013 and 2012 as a result of the Company's public offering of Class A common stock, shares issuable upon settlement of the prepaid stock purchase contract component of the TEUs based on the market price of the Company's Class A common stock and from the February 13, 2013 conversion of the Series A-1 Preferred Stock into the Company's Class A common stock: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Class A common stock offering | 3,791,004 | 453,272 | 3,791,004 | 152,194 | ||||||||||||
Shares issuable upon settlement of the prepaid stock purchase contract component of the TEUs | 2,841,650 | 411,307 | 2,841,650 | 138,103 | ||||||||||||
Conversion of Series A-1 Preferred Stock | 5,984,232 | — | 5,019,740 | — | ||||||||||||
Schedule of TEU Impact on Weighted Average Dilutive Shares [Table Text Block] | ' | |||||||||||||||
Accordingly, for illustrative purposes, the following table provides the calculated impact on the Company's weighted average diluted shares outstanding for the three months ended September 30, 2013 assuming the conversion of the Company's outstanding TEUs into Class A common stock based on the assumptions for the Company's stock price stated in the table (in thousands, except per share amounts): | ||||||||||||||||
Assumed Market Price of Class A Common Stock | TEU Common Stock Equivalents | Weighted Average Diluted Shares Outstanding | ||||||||||||||
Minimum common stock equivalents | $ | 80.94 | 2,842 | 56,738 | ||||||||||||
Middle of range of common stock equivalents | $ | 73 | 3,151 | 57,047 | ||||||||||||
Maximum common stock equivalents | $ | 64.75 | 3,552 | 57,448 | ||||||||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
ACCOUNTS RECEIVABLE: [Abstract] | ' | |||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | |||||||
ACCOUNTS RECEIVABLE: | ||||||||
Accounts receivable consisted of the following as of September 30, 2013 and December 31, 2012 (dollars in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Accounts receivable - trade | $ | 264,958 | $ | 214,936 | ||||
Accounts receivable - grants | 33,183 | 26,794 | ||||||
Accounts receivable - insurance claims | 18,097 | 23,912 | ||||||
Total accounts receivable | 316,238 | 265,642 | ||||||
Less: Allowance for doubtful accounts | (2,956 | ) | (2,693 | ) | ||||
Accounts receivable, net | $ | 313,282 | $ | 262,949 | ||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Summary of Derivative Instruments [Abstract] | ' | ||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | ' | ||||||||||||||||||
The following table summarizes the terms of the Company's outstanding interest rate swap agreements entered into to manage the Company's exposure to changes in interest rates on its variable rate debt (dollars in thousands): | |||||||||||||||||||
Notional Amount | |||||||||||||||||||
Effective Date | Expiration Date | Date | Amount | Pay Fixed Rate | Receive Variable Rate | ||||||||||||||
9/30/13 | 9/30/14 | 9/30/13 | $ | 1,350,000 | 0.35% | 1-month LIBOR | |||||||||||||
12/31/13 | $ | 1,300,000 | 0.35% | 1-month LIBOR | |||||||||||||||
3/31/14 | $ | 1,250,000 | 0.35% | 1-month LIBOR | |||||||||||||||
6/30/14 | $ | 1,200,000 | 0.35% | 1-month LIBOR | |||||||||||||||
9/30/14 | 9/30/15 | 9/30/14 | $ | 1,150,000 | 0.54% | 1-month LIBOR | |||||||||||||
12/31/14 | $ | 1,100,000 | 0.54% | 1-month LIBOR | |||||||||||||||
3/31/15 | $ | 1,050,000 | 0.54% | 1-month LIBOR | |||||||||||||||
6/30/15 | $ | 1,000,000 | 0.54% | 1-month LIBOR | |||||||||||||||
9/30/15 | 9/30/16 | 9/30/15 | $ | 350,000 | 0.93% | 1-month LIBOR | |||||||||||||
9/30/16 | 9/30/26 | 9/30/26 | $ | 100,000 | 2.79% | 3-month LIBOR | |||||||||||||
9/30/16 | 9/30/26 | 9/30/26 | $ | 100,000 | 2.79% | 3-month LIBOR | |||||||||||||
9/30/16 | 9/30/26 | 9/30/26 | $ | 100,000 | 2.80% | 3-month LIBOR | |||||||||||||
Schedule of Notional Amounts of Expired Derivative [Table Text Block] | ' | ||||||||||||||||||
The following table summarizes the Company's interest rate swap agreements which expired on September 30, 2013 (dollars in thousands): | |||||||||||||||||||
Notional Amount | |||||||||||||||||||
Effective Date | Expiration Date | Date | Amount | Paid Fixed Rate | Receive Variable Rate | ||||||||||||||
10/6/08 | 9/30/13 | 10/6/08 | $ | 120,000 | 3.88% | 1-month LIBOR | |||||||||||||
10/4/12 | 9/30/13 | 10/4/12 | $ | 1,450,000 | 0.25% | 1-month LIBOR | |||||||||||||
12/31/12 | $ | 1,350,000 | 0.25% | 1-month LIBOR | |||||||||||||||
3/28/13 | $ | 1,300,000 | 0.25% | 1-month LIBOR | |||||||||||||||
6/28/13 | $ | 1,250,000 | 0.25% | 1-month LIBOR | |||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ||||||||||||||||||
The following table summarizes the fair value of the Company's derivative instruments recorded in the consolidated balance sheets as of September 30, 2013 and December 31, 2012 (dollars in thousands): | |||||||||||||||||||
Fair Value | |||||||||||||||||||
Balance Sheet Location | September 30, 2013 | December 31, 2012 | |||||||||||||||||
Asset Derivatives: | |||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||
Interest rate swap agreements | Other assets, net | $ | 28,759 | $ | 4,227 | ||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||
Cross-currency swap agreement | Prepaid expenses and other | $ | 18,926 | $ | 255 | ||||||||||||||
Liability Derivatives: | |||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||
Interest rate swap agreements | Accrued expenses | $ | 1,535 | $ | 3,777 | ||||||||||||||
Interest rate swap agreements | Other long-term liabilities | 144 | 882 | ||||||||||||||||
Total liability derivatives designated as hedges | $ | 1,679 | $ | 4,659 | |||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||
Cross-currency swap agreement | Other long-term liabilities | $ | 7,057 | $ | 143 | ||||||||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||
The following table shows the effect of the Company’s derivative instruments designated as cash flow hedges for the three and nine months ended September 30, 2013 and 2012 in other comprehensive income (OCI) (dollars in thousands): | |||||||||||||||||||
Total Cash Flow Hedge OCI Activity, Net of Tax | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
Derivatives Designated as Cash Flow Hedges: | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Effective portion of changes in fair value recognized in OCI: | |||||||||||||||||||
Interest rate swap agreements | $ | (257 | ) | $ | 592 | $ | 16,455 | $ | 1,655 | ||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Consolidated Statement of Operations [Table Text Block] | ' | ||||||||||||||||||
The following table shows the effect of the Company’s derivative instrument not designated as hedges for the three and nine months ended September 30, 2013 and 2012 in the consolidated statements of operations (dollars in thousands): | |||||||||||||||||||
Amount Recognized in Earnings | |||||||||||||||||||
Derivative Instrument Not Designated as Hedges: | Three Months Ended | Nine Months Ended | |||||||||||||||||
Location of Amount Recognized in Earnings | September 30, | September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Cross-currency swap agreement | Interest expense, net | $ | (640 | ) | $ | (1,051 | ) | $ | (2,172 | ) | $ | (3,572 | ) | ||||||
Cross-currency swap agreement | Other income, net | 485 | (70 | ) | 507 | 218 | |||||||||||||
Contingent forward sale contract | Contingent forward sale contract mark-to-market expense | — | (50,106 | ) | — | (50,106 | ) | ||||||||||||
$ | (155 | ) | $ | (51,227 | ) | $ | (1,665 | ) | $ | (53,460 | ) |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | |||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||
The following table presents the Company's financial instruments that are carried at fair value using Level 2 inputs at September 30, 2013 and December 31, 2012 (dollars in thousands): | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Financial instruments carried at fair value using Level 2 inputs: | ||||||||||||||||
Interest rate swap agreements | $ | 28,759 | $ | 4,227 | ||||||||||||
Cross-currency swap agreement | 18,926 | 255 | ||||||||||||||
Total financial assets carried at fair value | $ | 47,685 | $ | 4,482 | ||||||||||||
Interest rate swap agreements | $ | 1,679 | $ | 4,659 | ||||||||||||
Cross-currency swap agreement | 7,057 | 143 | ||||||||||||||
Total financial liabilities carried at fair value | $ | 8,736 | $ | 4,802 | ||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | |||||||||||||||
The following table presents the carrying value and fair value using Level 2 inputs of the Company’s financial instruments carried at historical cost at September 30, 2013 and December 31, 2012 (dollars in thousands): | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Financial liabilities carried at historical cost: | ||||||||||||||||
Revolving credit facility | $ | 15,869 | $ | 15,881 | $ | 25,153 | $ | 25,222 | ||||||||
United States term loan | 1,458,659 | 1,454,387 | 1,576,100 | 1,562,385 | ||||||||||||
Canadian term loan | — | — | 14,446 | 14,353 | ||||||||||||
Australian term loan | 148,980 | 149,092 | 190,100 | 191,057 | ||||||||||||
Amortizing notes component of TEUs | 24,477 | 24,205 | 32,435 | 31,484 | ||||||||||||
Other debt | 19,331 | 19,279 | 19,901 | 19,759 | ||||||||||||
Total | $ | 1,667,316 | $ | 1,662,844 | $ | 1,858,135 | $ | 1,844,260 | ||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||
The following table sets forth accumulated other comprehensive income included in the consolidated balance sheets as of September 30, 2013 and December 31, 2012 (dollars in thousands): | ||||||||||||||||
Foreign Currency Translation Adjustment | Defined Benefit Plans | Net Unrealized(Loss)/Gain on Cash Flow Hedges | Accumulated Other Comprehensive Income/(Loss) | |||||||||||||
Balance, December 31, 2012 | $ | 47,845 | $ | (148 | ) | $ | (426 | ) | $ | 47,271 | ||||||
Other comprehensive (loss)/income before reclassifications | (40,876 | ) | 295 | 18,383 | (22,198 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax benefit of $1,286 | — | — | (1,928 | ) | (a) | (1,928 | ) | |||||||||
Current period change | (40,876 | ) | 295 | 16,455 | (24,126 | ) | ||||||||||
Balance, September 30, 2013 | $ | 6,969 | $ | 147 | $ | 16,029 | $ | 23,145 | ||||||||
(a) Included in interest expense on the consolidated statements of operations |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||||||||
The following table sets forth the Company's North American & European Operations and Australian Operations for the three months ended September 30, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | |||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | North American & European Operations | Australian Operations | Total Operations | |||||||||||||||||||
Operating revenues | $ | 319,079 | $ | 82,309 | $ | 401,388 | $ | 150,323 | $ | 72,422 | $ | 222,745 | ||||||||||||
Income from operations | 77,024 | 24,717 | 101,741 | 33,571 | 19,304 | 52,875 | ||||||||||||||||||
Depreciation and amortization | 30,704 | 6,630 | 37,334 | 12,495 | 6,485 | 18,980 | ||||||||||||||||||
Interest expense | (12,473 | ) | (3,556 | ) | (16,029 | ) | (4,621 | ) | (4,193 | ) | (8,814 | ) | ||||||||||||
Interest income | 926 | 66 | 992 | 783 | 145 | 928 | ||||||||||||||||||
Provision for income taxes | (17,296 | ) | (4,944 | ) | (22,240 | ) | (10,764 | ) | (4,539 | ) | (15,303 | ) | ||||||||||||
Expenditures for additions to property & equipment, net of grants from outside parties | 31,277 | 8,954 | 40,231 | 24,023 | 33,320 | 57,343 | ||||||||||||||||||
The following table sets forth the Company's North American & European Operations and Australian Operations for the nine months ended September 30, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | North American & European Operations | Australian Operations | Total Operations | |||||||||||||||||||
Operating revenues | $ | 935,390 | $ | 241,947 | $ | 1,177,337 | $ | 439,451 | $ | 208,149 | $ | 647,600 | ||||||||||||
Income from operations | 213,940 | 71,418 | 285,358 | 104,782 | 51,880 | 156,662 | ||||||||||||||||||
Depreciation and amortization | 85,503 | 20,215 | 105,718 | 37,354 | 17,593 | 54,947 | ||||||||||||||||||
Interest expense | (41,566 | ) | (11,786 | ) | (53,352 | ) | (14,107 | ) | (11,945 | ) | (26,052 | ) | ||||||||||||
Interest income | 2,730 | 255 | 2,985 | 2,407 | 352 | 2,759 | ||||||||||||||||||
Provision for income taxes | (6,634 | ) | (15,900 | ) | (22,534 | ) | (33,723 | ) | (12,328 | ) | (46,051 | ) | ||||||||||||
Expenditures for additions to property & equipment, net of grants from outside parties | 105,203 | 41,354 | 146,557 | 50,761 | 94,839 | 145,600 | ||||||||||||||||||
Property and Equipment by Segment [Table Text Block] | ' | |||||||||||||||||||||||
The following table sets forth the property and equipment recorded in the consolidated balance sheets for the Company's North American & European Operations and Australian Operations as of September 30, 2013 and December 31, 2012 (dollars in thousands): | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | North American & European Operations | Australian Operations | Total Operations | |||||||||||||||||||
Property & equipment, net | $ | 2,848,270 | $ | 576,410 | $ | 3,424,680 | $ | 2,766,693 | $ | 629,602 | $ | 3,396,295 | ||||||||||||
Changes_in_Operations_United_S
Changes in Operations United States RailAmerica (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 02, 2012 | Dec. 28, 2012 | Sep. 30, 2012 | Oct. 02, 2012 | Oct. 02, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | |
RailAmerica [Member] | RailAmerica [Member] | RailAmerica [Member] | Common stock and TEUs [Member] | The Carlyle Group [Member] | Contingent forward sale contract [Member] | Contingent forward sale contract [Member] | Scenario, Forecast [Member] | |||||
employee | RailAmerica [Member] | Series A-1 Preferred Stock [Member] | RailAmerica [Member] | |||||||||
state | RailAmerica [Member] | |||||||||||
railroad | ||||||||||||
province | ||||||||||||
mile | ||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding shares acquired | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' |
RailAmerica outstanding common stock as of October 1, 2012 | ' | ' | ' | ' | 49,934,000 | ' | ' | ' | ' | ' | ' | ' |
Cash purchase price per share | ' | ' | ' | ' | $27.50 | ' | ' | ' | ' | ' | ' | ' |
Equity purchase price | ' | ' | ' | ' | $1,373,184,000 | ' | ' | ' | ' | ' | ' | ' |
Payment of RailAmerica's outstanding term loan and revolving credit facility | ' | ' | ' | ' | 659,198,000 | ' | ' | ' | ' | ' | ' | ' |
Cash consideration | ' | ' | ' | ' | 2,032,382,000 | ' | ' | ' | ' | ' | ' | ' |
Impact of pre-acquisition share-based awards | ' | ' | ' | ' | 9,400,000 | ' | ' | ' | ' | ' | ' | ' |
Total consideration | ' | ' | ' | ' | 2,041,782,000 | ' | ' | ' | ' | ' | ' | ' |
Refinancing of debt for business acquisition | ' | ' | ' | ' | 1,200,000,000 | ' | ' | ' | ' | ' | ' | ' |
Amount of debt used to fund business acquisition | ' | ' | ' | ' | 1,900,000,000 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance or sale of equity | ' | ' | 0 | 234,361,000 | ' | ' | ' | 475,500,000 | ' | ' | ' | ' |
Proceeds from issuance of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | ' |
Contingent forward sale contract mark-to-market expense | 0 | 50,106,000 | 0 | 50,106,000 | ' | ' | ' | ' | ' | 50,100,000 | 50,106,000 | ' |
Contingent forward sale contract liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,106,000 | 50,106,000 | ' |
Number of employees acquired | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' |
Number of railroads acquired | ' | ' | ' | ' | 45 | ' | ' | ' | ' | ' | ' | ' |
Track miles acquired | ' | ' | ' | ' | 7,100 | ' | ' | ' | ' | ' | ' | ' |
Number of U.S states in which entity operates | ' | ' | ' | ' | 28 | ' | ' | ' | ' | ' | ' | ' |
Canadian provinces operated in | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' |
Income/(loss) from equity method investments | ' | ' | ' | ' | ' | 15,600,000 | ' | ' | ' | ' | ' | ' |
Other comprehensive income/(loss) from equity method investment | ' | ' | ' | ' | ' | -2,000,000 | ' | ' | ' | ' | ' | ' |
Reduction in net cash paid for the acquisition | ' | ' | ' | ' | ' | 21,800,000 | ' | ' | ' | ' | ' | ' |
Measurement period adjustment to the allocation of fair values to property and equipment | ' | ' | ' | ' | ' | ' | 10,700,000 | ' | ' | ' | ' | ' |
Measurement period adjustment to the allocation of fair values to intangible assets | ' | ' | ' | ' | ' | ' | -29,900,000 | ' | ' | ' | ' | ' |
Measurement period adjustment to the allocation of fair values to deferred income tax liabilities, net | ' | ' | ' | ' | ' | ' | -11,400,000 | ' | ' | ' | ' | ' |
Measurement period adjustment to the allocation of fair values to noncontrolling interest | ' | ' | ' | ' | ' | ' | -5,000,000 | ' | ' | ' | ' | ' |
Measurement period adjustment to the allocation of fair values to other assets, net | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' |
Measurement period adjustment to the allocation of fair values to goodwill | ' | ' | ' | ' | ' | ' | -1,500,000 | ' | ' | ' | ' | ' |
Additional depreciation and amortization expense as a result of the measurement period adjustment to the allocation of fair values | ' | ' | ' | ' | ' | ' | $3,000,000 | ' | ' | ' | ' | $4,000,000 |
Changes_in_Operations_Allocati
Changes in Operations Allocation of Fair Values (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 02, 2012 | Dec. 28, 2012 | Dec. 28, 2012 |
In Thousands, unless otherwise specified | RailAmerica [Member] | Preliminary allocation of fair values [Member] | Final allocation of fair values [Member] | ||
RailAmerica [Member] | RailAmerica [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | $86,102 | $107,922 | $107,922 |
Accounts receivable, net | ' | ' | 104,839 | 91,424 | 90,659 |
Materials and supplies | ' | ' | 6,406 | 7,325 | 7,325 |
Prepaid expenses and other | ' | ' | 15,146 | 14,815 | 15,801 |
Deferred income tax assets, net | ' | ' | 49,074 | 49,074 | 56,998 |
Property and equipment | ' | ' | 1,579,321 | 1,588,612 | 1,599,282 |
Goodwill | 635,531 | 634,953 | 474,115 | 474,115 | 475,584 |
Intangible assets, net | ' | ' | 451,100 | 446,327 | 416,427 |
Other assets, net | ' | ' | 116 | 116 | 116 |
Total assets | ' | ' | 2,766,219 | 2,779,730 | 2,770,114 |
Accounts payable and accrued expenses | ' | ' | 143,790 | 135,117 | 140,160 |
Long-term debt | ' | ' | 12,158 | 12,010 | 12,010 |
Deferred income tax liabilities, net | ' | ' | 542,210 | 551,856 | 540,420 |
Other long-term liabilities | ' | ' | 20,754 | 19,618 | 21,439 |
Noncontrolling interest | ' | ' | 5,525 | 5,525 | 481 |
Net assets | ' | ' | $2,041,782 | $2,055,604 | $2,055,604 |
Changes_in_Operations_Pro_Form
Changes in Operations Pro Forma (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Business Combination Pro Forma Information [Line Items] | ' | ' | ' | ' |
Operating revenues | ' | $373,285,000 | ' | $1,088,274,000 |
Net income attributable to Genesee & Wyoming Inc. | ' | 28,012,000 | ' | 55,182,000 |
Less: Series A-1 Preferred Stock dividend | ' | 4,375,000 | ' | 13,125,000 |
Net income available to common stockholders | ' | 23,637,000 | ' | 42,057,000 |
Contingent forward sale contract mark-to-market expense eliminated from pro forma results | 0 | 50,106,000 | 0 | 50,106,000 |
Income per common share attributable to Genesee & Wyoming Inc. common stockholders: | ' | ' | ' | ' |
Basic income per common share from continuing operations | ' | $0.49 | ' | $0.88 |
Diluted income per share from continuing operations | ' | $0.47 | ' | $0.83 |
RailAmerica [Member] | ' | ' | ' | ' |
Business Combination Pro Forma Information [Line Items] | ' | ' | ' | ' |
Costs incurred, net of tax, for redemption of senior secured notes (included in pro forma results) | ' | ' | ' | 55,000,000 |
Contingent forward sale contract [Member] | ' | ' | ' | ' |
Business Combination Pro Forma Information [Line Items] | ' | ' | ' | ' |
Contingent forward sale contract mark-to-market expense eliminated from pro forma results | ' | $50,100,000 | ' | $50,106,000 |
Changes_in_Operations_Australi
Changes in Operations Australia (Details) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | |||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | Cook [Member] | Cook [Member] | Alice Springs intermodal and freight terminal [Member] | Alice Springs intermodal and freight terminal [Member] | Arrium Limited [Member] | Arrium Limited [Member] | Arrium Limited [Member] | Arrium Limited [Member] | Arrium Limited [Member] | Arrium Limited [Member] | Arrium Limited [Member] | |
USD ($) | AUD | USD ($) | AUD | Scenario, Forecast [Member] | Narrow gauge locomotives and rail cars [Member] | Narrow gauge locomotives and rail cars [Member] | Narrow gauge locomotives and rail cars [Member] | Narrow gauge locomotives and rail cars [Member] | Narrow gauge locomotives and rail cars [Member] | Narrow gauge locomotives and rail cars [Member] | |||||
tons | USD ($) | AUD | USD ($) | AUD | Scenario, Forecast [Member] | Scenario, Forecast [Member] | |||||||||
USD ($) | AUD | ||||||||||||||
Additional tons per year expected to ship | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | ' | ' | ' | ' | ' | ' |
Purchase of property and equipment | ' | ' | $170,435,000 | $170,529,000 | ' | ' | $9,200,000 | 9,000,000 | ' | $18,200,000 | 19,500,000 | $54,100,000 | 52,100,000 | $2,400,000 | 2,600,000 |
Tax liability for stamp duty | ' | ' | ' | ' | ' | ' | 600,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from disposition of property and equipment | ' | ' | 3,954,000 | 13,673,000 | 4,100,000 | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain/(loss) on sale of property and equipment | $703,000 | $3,018,000 | $3,419,000 | $10,447,000 | $1,300,000 | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EPS impact from gain on sale of property and equipment | ' | ' | ' | ' | $0.03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes_in_Operations_Canada_D
Changes in Operations Canada (Details) (Scenario, Forecast [Member], TSMC [Member]) | 6 Months Ended |
Jun. 30, 2014 | |
km | |
Scenario, Forecast [Member] | TSMC [Member] | ' |
Track kilometers to be constructed | 21 |
Earnings_per_Share_Basic_and_D
Earnings per Share Basic and Diluted EPS (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Numerators: | ' | ' | ' | ' |
Income/(loss) from continuing operations, net of tax | $65,712,000 | ($19,567,000) | $213,062,000 | $39,064,000 |
Loss from discontinued operations, net of tax | -25,000 | 0 | -43,000 | -27,000 |
Less: Series A-1 Preferred Stock dividend | 0 | 0 | 2,139,000 | 0 |
Net income/(loss) available to common stockholders | $65,687,000 | ($19,567,000) | $210,880,000 | $39,037,000 |
Denominators: | ' | ' | ' | ' |
Weighted average common shares outstanding - Basic | 54,626,000 | 41,682,000 | 53,475,000 | 40,888,000 |
Dilutive effect of employee stock-based awards | 462,000 | 0 | 506,000 | 478,000 |
Dilutive effect of Series A-1 Preferred Stock | 0 | 0 | 964,000 | 0 |
Weighted average shares - diluted | 56,738,000 | 41,682,000 | 56,637,000 | 43,471,000 |
Basic: | ' | ' | ' | ' |
Earnings/(loss) per common share from continuing operations | $1.20 | ($0.47) | $3.94 | $0.96 |
Loss per common share from discontinued operations | $0 | $0 | $0 | $0 |
Earnings/(loss) per common share | $1.20 | ($0.47) | $3.94 | $0.95 |
Diluted: | ' | ' | ' | ' |
Earnings/(loss) per common share from continuing operations | $1.16 | ($0.47) | $3.76 | $0.90 |
Loss per common share from discontinued operations | $0 | $0 | $0 | $0 |
Earnings/(loss) per common share | $1.16 | ($0.47) | $3.76 | $0.90 |
Class A common shares [Member] | ' | ' | ' | ' |
Denominators: | ' | ' | ' | ' |
Weighted average common shares outstanding - Basic | 54,626,000 | 41,682,000 | 53,475,000 | 40,888,000 |
Class B common shares [Member] | ' | ' | ' | ' |
Denominators: | ' | ' | ' | ' |
Weighted average common shares outstanding - Basic | 1,650,000 | 0 | 1,692,000 | 2,105,000 |
Earnings_per_Share_Antidilutiv
Earnings per Share Antidilutive Shares (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive-dilutive shares | 129 | 665 | 90 | 264 |
Earnings_per_Share_Increase_in
Earnings per Share Increase in Weighted Average Basic Shares (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Class A common shares [Member] | ' | ' | ' | ' |
Weighted average shares impact resulting from offerings | 3,791,004 | 453,272 | 3,791,004 | 152,194 |
Series A-1 Preferred Stock [Member] | ' | ' | ' | ' |
Weighted average shares impact resulting from conversion of Preferred Stock | 5,984,232 | 0 | 5,019,740 | 0 |
Tangible Equity Units [Member] | ' | ' | ' | ' |
Weighted average shares issuable upon settlement of the prepaid stock purchase contract component of the TEUs | 2,841,650 | 411,307 | 2,841,650 | 138,103 |
Earnings_per_Share_Offerings_D
Earnings per Share Offerings (Details) (USD $) | 0 Months Ended | 0 Months Ended | |||||
Sep. 19, 2012 | Sep. 20, 2012 | Oct. 02, 2015 | Oct. 02, 2015 | Sep. 19, 2012 | Sep. 28, 2012 | Sep. 20, 2012 | |
Tangible Equity Units [Member] | Tangible Equity Units [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Class A common shares [Member] | Class A common shares [Member] | Class A common shares [Member] | |
Tangible Equity Units [Member] | Tangible Equity Units [Member] | ||||||
Maximum [Member] | Minimum [Member] | ||||||
Schedule of Stock Offering [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Shares issued in public offering | 2,300,000 | ' | ' | ' | 3,791,004 | ' | ' |
Price per share in public offering | ' | ' | ' | ' | ' | ' | $64.75 |
Shares issued as a result of the underwriter's exercise of their over-allotment option | 300,000 | ' | ' | ' | 525,000 | ' | ' |
Stated par value per share | ' | $100 | ' | ' | ' | ' | ' |
Share Price | ' | ' | $64.75 | $80.94 | ' | $66.86 | ' |
Tangible Equity Units Number Of Shares Upon Conversion Per Unit | ' | ' | 1.5444 | 1.2355 | ' | ' | ' |
Earnings_per_Share_Impact_on_D
Earnings per Share Impact on Diluted Shares of Conversion of TEUs (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 02, 2015 | Oct. 02, 2015 | Oct. 02, 2015 |
Minimum [Member] | Middle [Member] | Maximum [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | |||||
Tangible Equity Units [Member] | Tangible Equity Units [Member] | Tangible Equity Units [Member] | Minimum [Member] | Middle [Member] | Maximum [Member] | |||||
Tangible Equity Units [Member] | Tangible Equity Units [Member] | Tangible Equity Units [Member] | ||||||||
Assumed Market Price of Class A Common Stock | ' | ' | ' | ' | ' | ' | ' | $80.94 | $73 | $64.75 |
Tangible Equity Units Number Of Shares Upon Conversion Total | ' | ' | ' | ' | 2,842 | 3,151 | 3,552 | ' | ' | ' |
Weighted Average Diluted Shares Outstanding | 56,738 | 41,682 | 56,637 | 43,471 | 56,738 | 57,047 | 57,448 | ' | ' | ' |
Earnings_per_Share_Series_A1_P
Earnings per Share Series A-1 Preferred Stock (Details) (Series A-1 Preferred Stock [Member], The Carlyle Group [Member], USD $) | 3 Months Ended | |||
Mar. 31, 2013 | Feb. 13, 2013 | Oct. 02, 2012 | Jul. 17, 2012 | |
RailAmerica [Member] | RailAmerica [Member] | |||
Series A-1 Preferred Stock [Line Items] | ' | ' | ' | ' |
Shares issued | ' | ' | 350,000 | ' |
Issuance price per share | ' | ' | $1,000 | ' |
Net proceeds from issuance of stock | ' | ' | $349,400,000 | ' |
Shares issued with conversion of Preferred Stock | 5,984,232 | ' | ' | ' |
Convertible Preferred Stock coupon rate | ' | ' | ' | 5.00% |
Preferred Stock conversion shares | ' | ' | ' | 17.1 |
Optional Preferred Stock conversion rate | ' | ' | ' | 130.00% |
Optional Preferred Stock conversion price | ' | ' | ' | $76.03 |
Conversions price of Series A-1 Preferred Stock | ' | ' | ' | 58.49 |
Premium on conversion price | ' | ' | ' | 4.50% |
Cash paid with conversion of Preferred Stock | ' | $2,100,000 | ' | ' |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total accounts receivable | $316,238 | $265,642 |
Less: Allowance for doubtful accounts | -2,956 | -2,693 |
Accounts receivable, net | 313,282 | 262,949 |
Accounts receivable - trade [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total accounts receivable | 264,958 | 214,936 |
Accounts receivable - grants [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total accounts receivable | 33,183 | 26,794 |
Accounts receivable - insurance claims [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total accounts receivable | $18,097 | $23,912 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments Outstanding Interest Rate Swap Agreements (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Interest Rate Swap 2 [Member] | ' |
Derivatives [Line Items] | ' |
Effective Date | 30-Sep-13 |
Expiration Date | 30-Sep-14 |
Interest Rate Swap 2 [Member] | Notional Period 1 [Member] | ' |
Derivatives [Line Items] | ' |
Notional Amount | 1,350,000 |
Pay Fixed Rate | 0.35% |
Interest Rate Swap 2 [Member] | Notional Period 2 [Member] | ' |
Derivatives [Line Items] | ' |
Notional Amount | 1,300,000 |
Pay Fixed Rate | 0.35% |
Interest Rate Swap 2 [Member] | Notional Period 3 [Member] | ' |
Derivatives [Line Items] | ' |
Notional Amount | 1,250,000 |
Pay Fixed Rate | 0.35% |
Interest Rate Swap 2 [Member] | Notional Period 4 [Member] | ' |
Derivatives [Line Items] | ' |
Notional Amount | 1,200,000 |
Pay Fixed Rate | 0.35% |
Interest Rate Swap 3 [Member] | ' |
Derivatives [Line Items] | ' |
Effective Date | 30-Sep-14 |
Expiration Date | 30-Sep-15 |
Interest Rate Swap 3 [Member] | Notional Period 1 [Member] | ' |
Derivatives [Line Items] | ' |
Notional Amount | 1,150,000 |
Pay Fixed Rate | 0.54% |
Interest Rate Swap 3 [Member] | Notional Period 2 [Member] | ' |
Derivatives [Line Items] | ' |
Notional Amount | 1,100,000 |
Pay Fixed Rate | 0.54% |
Interest Rate Swap 3 [Member] | Notional Period 3 [Member] | ' |
Derivatives [Line Items] | ' |
Notional Amount | 1,050,000 |
Pay Fixed Rate | 0.54% |
Interest Rate Swap 3 [Member] | Notional Period 4 [Member] | ' |
Derivatives [Line Items] | ' |
Notional Amount | 1,000,000 |
Pay Fixed Rate | 0.54% |
Interest Rate Swap 4 [Member] | ' |
Derivatives [Line Items] | ' |
Effective Date | 30-Sep-15 |
Expiration Date | 30-Sep-16 |
Interest Rate Swap 4 [Member] | Notional Period 1 [Member] | ' |
Derivatives [Line Items] | ' |
Notional Amount | 350,000 |
Pay Fixed Rate | 0.93% |
Interest Rate Swap 5 [Member] | ' |
Derivatives [Line Items] | ' |
Effective Date | 30-Sep-16 |
Expiration Date | 30-Sep-26 |
Interest Rate Swap 5 [Member] | Notional Period 1 [Member] | ' |
Derivatives [Line Items] | ' |
Notional Amount | 100,000 |
Pay Fixed Rate | 2.79% |
Interest Rate Swap 6 [Member] | ' |
Derivatives [Line Items] | ' |
Effective Date | 30-Sep-16 |
Expiration Date | 30-Sep-26 |
Interest Rate Swap 6 [Member] | Notional Period 1 [Member] | ' |
Derivatives [Line Items] | ' |
Notional Amount | 100,000 |
Pay Fixed Rate | 2.79% |
Interest Rate Swap 7 [Member] | ' |
Derivatives [Line Items] | ' |
Effective Date | 30-Sep-16 |
Expiration Date | 30-Sep-26 |
Interest Rate Swap 7 [Member] | Notional Period 1 [Member] | ' |
Derivatives [Line Items] | ' |
Notional Amount | 100,000 |
Pay Fixed Rate | 2.80% |
1-month LIBOR [Member] | Interest Rate Swap 2 [Member] | Notional Period 1 [Member] | ' |
Derivatives [Line Items] | ' |
Receive Variable Rate | '1-month LIBOR |
1-month LIBOR [Member] | Interest Rate Swap 2 [Member] | Notional Period 2 [Member] | ' |
Derivatives [Line Items] | ' |
Receive Variable Rate | '1-month LIBOR |
1-month LIBOR [Member] | Interest Rate Swap 2 [Member] | Notional Period 3 [Member] | ' |
Derivatives [Line Items] | ' |
Receive Variable Rate | '1-month LIBOR |
1-month LIBOR [Member] | Interest Rate Swap 2 [Member] | Notional Period 4 [Member] | ' |
Derivatives [Line Items] | ' |
Receive Variable Rate | '1-month LIBOR |
1-month LIBOR [Member] | Interest Rate Swap 3 [Member] | Notional Period 1 [Member] | ' |
Derivatives [Line Items] | ' |
Receive Variable Rate | '1-month LIBOR |
1-month LIBOR [Member] | Interest Rate Swap 3 [Member] | Notional Period 2 [Member] | ' |
Derivatives [Line Items] | ' |
Receive Variable Rate | '1-month LIBOR |
1-month LIBOR [Member] | Interest Rate Swap 3 [Member] | Notional Period 3 [Member] | ' |
Derivatives [Line Items] | ' |
Receive Variable Rate | '1-month LIBOR |
1-month LIBOR [Member] | Interest Rate Swap 3 [Member] | Notional Period 4 [Member] | ' |
Derivatives [Line Items] | ' |
Receive Variable Rate | '1-month LIBOR |
1-month LIBOR [Member] | Interest Rate Swap 4 [Member] | Notional Period 1 [Member] | ' |
Derivatives [Line Items] | ' |
Receive Variable Rate | '1-month LIBOR |
3-month LIBOR [Member] | Interest Rate Swap 5 [Member] | Notional Period 1 [Member] | ' |
Derivatives [Line Items] | ' |
Receive Variable Rate | '3-month LIBOR |
3-month LIBOR [Member] | Interest Rate Swap 6 [Member] | Notional Period 1 [Member] | ' |
Derivatives [Line Items] | ' |
Receive Variable Rate | '3-month LIBOR |
3-month LIBOR [Member] | Interest Rate Swap 7 [Member] | Notional Period 1 [Member] | ' |
Derivatives [Line Items] | ' |
Receive Variable Rate | '3-month LIBOR |
Derivative_Financial_Instrumen3
Derivative Financial Instruments Expired Interest Rate Derivative Instruments (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Interest Rate Swap 8 [Member] | ' |
Derivative Fair Value [Line Items] | ' |
Effective Date | 6-Oct-08 |
Expiration Date | 30-Sep-13 |
Interest Rate Swap 1 [Member] | ' |
Derivative Fair Value [Line Items] | ' |
Effective Date | 4-Oct-12 |
Expiration Date | 30-Sep-13 |
Notional Period 1 [Member] | Interest Rate Swap 8 [Member] | ' |
Derivative Fair Value [Line Items] | ' |
Notional Amount | 120,000 |
Paid Fixed Rate | 3.88% |
Notional Period 1 [Member] | Interest Rate Swap 1 [Member] | ' |
Derivative Fair Value [Line Items] | ' |
Notional Amount | 1,450,000 |
Paid Fixed Rate | 0.25% |
Notional Period 2 [Member] | Interest Rate Swap 1 [Member] | ' |
Derivative Fair Value [Line Items] | ' |
Notional Amount | 1,350,000 |
Paid Fixed Rate | 0.25% |
Notional Period 3 [Member] | Interest Rate Swap 1 [Member] | ' |
Derivative Fair Value [Line Items] | ' |
Notional Amount | 1,300,000 |
Paid Fixed Rate | 0.25% |
Notional Period 4 [Member] | Interest Rate Swap 1 [Member] | ' |
Derivative Fair Value [Line Items] | ' |
Notional Amount | 1,250,000 |
Paid Fixed Rate | 0.25% |
1-month LIBOR [Member] | Notional Period 1 [Member] | Interest Rate Swap 8 [Member] | ' |
Derivative Fair Value [Line Items] | ' |
Receive Variable Rate | '1-month LIBOR |
1-month LIBOR [Member] | Notional Period 1 [Member] | Interest Rate Swap 1 [Member] | ' |
Derivative Fair Value [Line Items] | ' |
Receive Variable Rate | '1-month LIBOR |
1-month LIBOR [Member] | Notional Period 2 [Member] | Interest Rate Swap 1 [Member] | ' |
Derivative Fair Value [Line Items] | ' |
Receive Variable Rate | '1-month LIBOR |
1-month LIBOR [Member] | Notional Period 3 [Member] | Interest Rate Swap 1 [Member] | ' |
Derivative Fair Value [Line Items] | ' |
Receive Variable Rate | '1-month LIBOR |
1-month LIBOR [Member] | Notional Period 4 [Member] | Interest Rate Swap 1 [Member] | ' |
Derivative Fair Value [Line Items] | ' |
Receive Variable Rate | '1-month LIBOR |
Derivative_Financial_Instrumen4
Derivative Financial Instruments Effectiveness Testing (Details) (Interest Rate Swap [Member], USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Interest Rate Swap [Member] | ' | ' |
Gain/(loss) reclassified from accumulated other comprehensive income/(loss) into earnings due to ineffectiveness | $0 | ' |
Existing net losses realized and recorded as interest expense | 1,300,000 | 3,200,000 |
Existing net losses expected to be realized within the next 12 months | ' | ($1,500,000) |
Derivative_Financial_Instrumen5
Derivative Financial Instruments Foreign Currency Exchange Rate Risk (Details) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 01, 2010 | Dec. 01, 2010 | Dec. 03, 2012 | Dec. 03, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2010 | Dec. 31, 2010 |
USD ($) | The Swap [Member] | The Swap [Member] | The Swap [Member] | The New Swap [Member] | The New Swap [Member] | The New Swap [Member] | The New Swap [Member] | The New Swap [Member] | The New Swap [Member] | FreightLink [Member] | FreightLink [Member] | |
USD ($) | USD ($) | AUD | USD ($) | AUD | AUD BBSW Interest Rate [Member] | LIBOR Interest Rate [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | USD ($) | AUD | ||
USD ($) | USD ($) | |||||||||||
Derivatives [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Third party debt related to foreign operations denominated in foreign currencies | $155,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 320,000,000 | 331,900,000 |
Notional amount | ' | ' | 100,600,000 | 105,000,000 | 109,600,000 | 105,000,000 | ' | ' | ' | ' | ' | ' |
Derivative settlement payment | ' | 9,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of variable rate basis | ' | ' | ' | ' | ' | ' | 'Australian dollar BBSW plus 3.25% | 'London Interbank Offered Rate (LIBOR) plus 2.82% | ' | ' | ' | ' |
Derivative, Basis Spread On Variable Rate on Cross Currency Derivative | ' | ' | ' | ' | ' | ' | 3.25% | 2.82% | ' | ' | ' | ' |
Realized net interest expense as a result of the quarterly net settlement payments | ' | ' | ' | ' | ' | ' | ' | ' | $640,000 | $2,172,000 | ' | ' |
Derivative_Financial_Instrumen6
Derivative Financial Instruments Contingent Forward Sale Contract (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Oct. 02, 2012 | Sep. 28, 2012 | |
Contingent forward sale contract [Member] | Contingent forward sale contract [Member] | Series A-1 Preferred Stock [Member] | Class A common shares [Member] | |||||
RailAmerica [Member] | ||||||||
The Carlyle Group [Member] | ||||||||
Proceeds from issuance of stock | ' | ' | ' | ' | ' | ' | $350,000,000 | ' |
Contingent forward sale contract mark-to-market expense | $0 | $50,106,000 | $0 | $50,106,000 | $50,100,000 | $50,106,000 | ' | ' |
Share Price | ' | ' | ' | ' | ' | ' | ' | $66.86 |
Derivative_Financial_Instrumen7
Derivative Financial Instruments Fair Value of the Company's Derivative Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Fair Value [Line Items] | ' | ' |
Fair value of derivative asset | $47,685 | $4,482 |
Fair value of derivative liability | 8,736 | 4,802 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Accrued expenses [Member] | ' | ' |
Derivative Fair Value [Line Items] | ' | ' |
Fair value of derivative liability | 1,535 | 3,777 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other long-term liabilities [Member] | ' | ' |
Derivative Fair Value [Line Items] | ' | ' |
Fair value of derivative liability | 144 | 882 |
Not Designated as Hedging Instrument [Member] | Cross-currency swap [Member] | Other long-term liabilities [Member] | ' | ' |
Derivative Fair Value [Line Items] | ' | ' |
Fair value of derivative liability | 7,057 | 143 |
Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other assets, net [Member] | ' | ' |
Derivative Fair Value [Line Items] | ' | ' |
Fair value of derivative asset | 28,759 | 4,227 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivative Fair Value [Line Items] | ' | ' |
Fair value of derivative liability | 1,679 | 4,659 |
Fair Value, Inputs, Level 2 [Member] | Cross-currency swap [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative Fair Value [Line Items] | ' | ' |
Fair value of derivative liability | 7,057 | 143 |
Fair Value, Inputs, Level 2 [Member] | Cross-currency swap [Member] | Not Designated as Hedging Instrument [Member] | Prepaid expenses and other [Member] | ' | ' |
Derivative Fair Value [Line Items] | ' | ' |
Fair value of derivative asset | $18,926 | $255 |
Derivative_Financial_Instrumen8
Derivative Financial Instruments Derivative Instruments Designated as Cash Flow Hedges OCI Activity (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivatives [Line Items] | ' | ' | ' | ' |
Effective portion of changes in fair value recognized in OCI | ($257) | $592 | $16,455 | $1,655 |
Derivative Designated as Cash Flow Hedges [Member] | Interest Rate Swap [Member] | ' | ' | ' | ' |
Derivatives [Line Items] | ' | ' | ' | ' |
Effective portion of changes in fair value recognized in OCI | ($257) | $592 | $16,455 | $1,655 |
Derivative_Financial_Instrumen9
Derivative Financial Instruments Derivative Instruments Not Designated as Hedges (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Other income, net | $1,786,000 | $853,000 | $1,589,000 | $1,852,000 |
Contingent forward sale contract mark-to-market expense | 0 | -50,106,000 | 0 | -50,106,000 |
Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments, gain (loss), net | -155,000 | -51,227,000 | -1,665,000 | -53,460,000 |
Not Designated as Hedging Instrument [Member] | Cross-currency swap [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Interest expense, net | ' | -1,051,000 | ' | -3,572,000 |
Other income, net | 485,000 | -70,000 | 507,000 | 218,000 |
Not Designated as Hedging Instrument [Member] | Contingent forward sale contract [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Contingent forward sale contract mark-to-market expense | $0 | ($50,106,000) | $0 | ($50,106,000) |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments Financial Instruments Carried at Fair Value (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets carried at fair value | $47,685 | $4,482 |
Financial liability carried at fair value | 8,736 | 4,802 |
Designated as Hedging Instrument [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial liability carried at fair value | 1,679 | 4,659 |
Not Designated as Hedging Instrument [Member] | Fair Value, Inputs, Level 2 [Member] | Cross-currency swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial liability carried at fair value | 7,057 | 143 |
Prepaid expenses and other [Member] | Not Designated as Hedging Instrument [Member] | Fair Value, Inputs, Level 2 [Member] | Cross-currency swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets carried at fair value | 18,926 | 255 |
Interest Rate Swap [Member] | Other assets, net [Member] | Designated as Hedging Instrument [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets carried at fair value | $28,759 | $4,227 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments Financial Instruments Carried at Historical Costs (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Value | $1,667,316,000 | $1,858,135,000 |
Fair Value | 1,662,844,000 | 1,844,260,000 |
Revolving credit facility [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Value | 15,869,000 | 25,153,000 |
Fair Value | 15,881,000 | 25,222,000 |
United States term loan [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Value | 1,458,659,000 | 1,576,100,000 |
Fair Value | 1,454,387,000 | 1,562,385,000 |
Canadian term loan [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Value | 0 | 14,446,000 |
Fair Value | 0 | 14,353,000 |
Australian term Loan [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Value | 148,980,000 | 190,100,000 |
Fair Value | 149,092,000 | 191,057,000 |
Amortizing notes component of TEUs [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Value | 24,477,000 | 32,435,000 |
Fair Value | 24,205,000 | 31,484,000 |
Other debt [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Value | 19,331,000 | 19,901,000 |
Fair Value | $19,279,000 | $19,759,000 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments Credit Facilities (Details) | 1 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
USD ($) | New Credit Agreement [Member] | United States term loan [Member] | Australian term Loan [Member] | Australian term Loan [Member] | |
Prepayment [Member] | Prepayment [Member] | Prepayment [Member] | |||
USD ($) | USD ($) | AUD | |||
Write off of unamortized deferred financing costs | $0.50 | ' | ' | ' | ' |
Reduction in applicable margins | ' | 0.25% | ' | ' | ' |
Prepayments of debt | ' | ' | ($69) | ($17) | -17 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Effective income tax rate | 25.10% | ' | ' | ' |
Retroactive tax benefit from extension of the short line tax credit for fiscal year 2012 | ' | ' | $41,000,000 | ' |
Income tax expense, other than the 2012 retroactive benefit from the Short Line Tax Credit | ' | ' | 63,500,000 | ' |
Provision for income taxes as a percentage of income from continuing operations other than 2012 retroactive benefit from the Short Line Tax Credit | ' | ' | 26.80% | ' |
Contingent forward sale contract mark-to-market expense | 0 | 50,106,000 | 0 | 50,106,000 |
Provision for income taxes | 22,240,000 | 15,303,000 | 22,534,000 | 46,051,000 |
Provision for income taxes as a percentage of income from continuing operations other than non-deductible mark-to-market expense | ' | 33.40% | ' | 34.10% |
Tax credits percentage of qualified maintenance expenditures to reduce federal income tax | 50.00% | ' | ' | ' |
Tax credits limitation per mile on maintenance expenditures to reduce federal income tax | 3,500 | ' | ' | ' |
Contingent forward sale contract [Member] | ' | ' | ' | ' |
Contingent forward sale contract mark-to-market expense | ' | $50,100,000 | ' | $50,106,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Accumulated Other Comprehensive Income/(Loss) [Roll Forward] | ' | ' | ' | ' |
Foreign Currency Translation Adjustment, Beginning Balance | ' | ' | $47,845,000 | ' |
Foreign Currency Translation Adjustment, Other comprehensive (loss)/income before reclassifications | ' | ' | -40,876,000 | ' |
Foreign Currency Translation Adjustment, Amounts reclassified from accumulated other comprehensive income | ' | ' | 0 | ' |
Foreign Currency Translation Adjustment, Current period change | 12,295,000 | 6,750,000 | -40,876,000 | 7,195,000 |
Foreign Currency Translation Adjustment, Ending Balance | 6,969,000 | ' | 6,969,000 | ' |
Defined Benefit Plans, Beginning Balance | ' | ' | -148,000 | ' |
Defined Benefit Plans, Other comprehensive income before reclassifications | ' | ' | 295,000 | ' |
Defined Benefit Plans, Amounts reclassified from accumulated other comprehensive income | ' | ' | 0 | ' |
Defined Benefit Plans, Current Period Change | 98,000 | 42,000 | 295,000 | -335,000 |
Defined Benefit Plans, Ending Balance | 147,000 | ' | 147,000 | ' |
Net Unrealized (Loss)/Gain on Cash Flow Hedges, Beginning Balance | ' | ' | -426,000 | ' |
Net Unrealized (Loss)/Gain on Cash Flow Hedges, Current Period Change | -257,000 | 592,000 | 16,455,000 | 1,655,000 |
Net Unrealized (Loss)/Gain on Cash Flow Hedges, Ending Balance | 16,029,000 | ' | 16,029,000 | ' |
Accumulated Other Comprehensive Income/(Loss), Beginning Balance | ' | ' | 47,271,000 | ' |
Accumulated Other Comprehensive Income/(Loss), Current Period Change | 12,136,000 | 7,384,000 | -24,126,000 | 8,515,000 |
Accumulated Other Comprehensive Income/(Loss), Ending Balance | 23,145,000 | ' | 23,145,000 | ' |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income/(Loss) [Roll Forward] | ' | ' | ' | ' |
Net Unrealized (Loss)/Gain on Cash Flow Hedges, Other comprehensive income before reclassifications | ' | ' | 18,383,000 | ' |
Net Unrealized (Loss)/Gain on Cash Flow Hedges reclassed from accumulated other comprehensive income | ' | ' | -1,928,000 | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | ' | ' | 1,286,000 | ' |
Net Unrealized (Loss)/Gain on Cash Flow Hedges, Current Period Change | -257,000 | 592,000 | 16,455,000 | 1,655,000 |
OCI before reclassifications [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income/(Loss) [Roll Forward] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income/(Loss), Current Period Change | ' | ' | -22,198,000 | ' |
Reclassified from accumulated OCI [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income/(Loss) [Roll Forward] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income/(Loss), Current Period Change | ' | ' | ($1,928,000) | ' |
Significant_NonCash_Investing_1
Significant Non-Cash Investing Activities (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ' | ' |
Receivables from outside parties for the funding of capital expenditures | $32.30 | $23.20 |
Purchases of property and equipment accrued in accounts payable but not yet paid | $39.80 | $20.50 |
Edith_River_Derailment_Details
Edith River Derailment (Details) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Edith River Derailment [Member] | Edith River Derailment [Member] | Edith River Derailment [Member] | Edith River Derailment [Member] | Edith River Derailment [Member] | Edith River Derailment [Member] | Edith River Derailment [Member] | Edith River Derailment [Member] | Edith River Derailment [Member] | Edith River Derailment [Member] | Accounts receivable insurance claims [Member] | Accounts receivable insurance claims [Member] | Accounts receivable insurance claims [Member] | Accounts receivable insurance claims [Member] | Accounts receivable insurance claims [Member] | Accounts receivable insurance claims [Member] | |
USD ($) | AUD | USD ($) | AUD | USD ($) | AUD | USD ($) | AUD | USD ($) | AUD | USD ($) | USD ($) | Edith River Derailment [Member] | Edith River Derailment [Member] | Edith River Derailment [Member] | Edith River Derailment [Member] | ||||||
USD ($) | AUD | USD ($) | AUD | ||||||||||||||||||
Gain on business interruption insurance recovery | ' | ' | ' | ' | ' | $4,800,000 | 4,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Insurance recovery | 1,465,000 | 0 | 1,465,000 | 5,186,000 | ' | ' | ' | 1,500,000 | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated accrued repair costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,300,000 | 15,000,000 | 1,600,000 | 1,800,000 | 13,300,000 | 12,800,000 | ' | ' | ' | ' | ' | ' |
Accounts receivable | 316,238,000 | ' | 316,238,000 | ' | 265,642,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,097,000 | 23,912,000 | 4,800,000 | 4,804,000 | 14,300,000 | 14,000,000 |
Insurance deductible | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,021,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of derailment costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | 2,700,000 | 27,300,000 | 26,300,000 | ' | ' | ' | ' | ' | ' |
Insurance proceeds received | ' | ' | $10,353,000 | $21,479,000 | ' | ' | ' | ' | ' | ' | ' | $10,400,000 | 10,000,000 | $20,900,000 | 22,100,000 | ' | ' | ' | ' | ' | ' |
Segment_Information_Segments_D
Segment Information Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
region | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of operating regions | 11 | ' | ' | ' |
Operating revenues | $401,388 | $222,745 | $1,177,337 | $647,600 |
Income from operations | 101,741 | 52,875 | 285,358 | 156,662 |
Depreciation and amortization | 37,334 | 18,980 | 105,718 | 54,947 |
Interest expense | -16,029 | -8,814 | -53,352 | -26,052 |
Interest income | 992 | 928 | 2,985 | 2,759 |
Provision for income taxes | -22,240 | -15,303 | -22,534 | -46,051 |
Expenditures for additions to property & equipment, net of grants from outside parties | 40,231 | 57,343 | 146,557 | 145,600 |
North American & European Operations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 319,079 | 150,323 | 935,390 | 439,451 |
Income from operations | 77,024 | 33,571 | 213,940 | 104,782 |
Depreciation and amortization | 30,704 | 12,495 | 85,503 | 37,354 |
Interest expense | -12,473 | -4,621 | -41,566 | -14,107 |
Interest income | 926 | 783 | 2,730 | 2,407 |
Provision for income taxes | -17,296 | -10,764 | -6,634 | -33,723 |
Expenditures for additions to property & equipment, net of grants from outside parties | 31,277 | 24,023 | 105,203 | 50,761 |
Australian Operations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 82,309 | 72,422 | 241,947 | 208,149 |
Income from operations | 24,717 | 19,304 | 71,418 | 51,880 |
Depreciation and amortization | 6,630 | 6,485 | 20,215 | 17,593 |
Interest expense | -3,556 | -4,193 | -11,786 | -11,945 |
Interest income | 66 | 145 | 255 | 352 |
Provision for income taxes | -4,944 | -4,539 | -15,900 | -12,328 |
Expenditures for additions to property & equipment, net of grants from outside parties | $8,954 | $33,320 | $41,354 | $94,839 |
Segment_Information_Property_E
Segment Information Property & Equipment (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Property & equipment, net | $3,424,680 | $3,396,295 |
North American & European Operations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property & equipment, net | 2,848,270 | 2,766,693 |
Australian Operations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property & equipment, net | $576,410 | $629,602 |