Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Jun. 30, 2013 | Feb. 20, 2014 | Feb. 20, 2014 | |
Class A common stock [Member] | Class B common stock [Member] | |||
Document Information [Line Items] | ' | ' | ' | ' |
Entity Registrant Name | 'GENESEE & WYOMING INC. | ' | ' | ' |
Entity Registrant Name | '0001012620 | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 51,985,422 | 1,608,989 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Public Float | ' | $4,272,642,511 | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $62,876,000 | $64,772,000 |
Accounts receivable, net | 325,453,000 | 262,949,000 |
Materials and supplies | 31,295,000 | 32,389,000 |
Prepaid expenses and other | 52,584,000 | 33,586,000 |
Deferred income tax assets, net | 76,122,000 | 71,556,000 |
Total current assets | 548,330,000 | 465,252,000 |
PROPERTY AND EQUIPMENT, net | 3,440,744,000 | 3,396,295,000 |
GOODWILL | 630,462,000 | 634,953,000 |
INTANGIBLE ASSETS, net | 613,933,000 | 670,206,000 |
DEFERRED INCOME TAX ASSETS, net | 2,405,000 | 2,396,000 |
OTHER ASSETS, net | 83,947,000 | 57,013,000 |
Total assets | 5,319,821,000 | 5,226,115,000 |
CURRENT LIABILITIES: | ' | ' |
Current portion of long-term debt | 84,366,000 | 87,569,000 |
Accounts payable | 242,010,000 | 232,121,000 |
Accrued expenses | 130,132,000 | 93,971,000 |
Deferred income tax liabilities, net | 0 | 3,083,000 |
Total current liabilities | 456,508,000 | 416,744,000 |
LONG-TERM DEBT, less current portion | 1,540,346,000 | 1,770,566,000 |
DEFERRED INCOME TAX LIABILITIES, net | 863,051,000 | 862,734,000 |
DEFERRED ITEMS - grants from outside parties | 267,098,000 | 228,579,000 |
OTHER LONG-TERM LIABILITIES | 43,748,000 | 47,506,000 |
COMMITMENTS AND CONTINGENCIES | 0 | 0 |
SERIES A-1 PREFERRED STOCK | 0 | 399,524,000 |
EQUITY: | ' | ' |
Additional paid-in capital | 1,302,521,000 | 866,609,000 |
Retained earnings | 1,058,884,000 | 789,727,000 |
Accumulated other comprehensive income | 6,089,000 | 47,271,000 |
Treasury stock, at cost | -220,361,000 | -209,266,000 |
Total Genesee & Wyoming Inc. stockholders' equity | 2,147,795,000 | 1,494,937,000 |
Noncontrolling interest | 1,275,000 | 5,525,000 |
Total equity | 2,149,070,000 | 1,500,462,000 |
Total liabilities and equity | 5,319,821,000 | 5,226,115,000 |
Class A common stock, $0.01 par value, one vote per share; 180,000,000 shares authorized at December 31, 2013 and 2012; 64,584,102 and 57,882,442 shares issued and 51,934,137 and 45,359,083 shares outstanding (net of 12,649,965 and 12,523,359 shares in treasury) on December 31, 2013 and 2012, respectively | ' | ' |
EQUITY: | ' | ' |
Common Stock | 646,000 | 579,000 |
Class B common stock, $0.01 par value, ten votes per share; 30,000,000 shares authorized at December 31, 2013 and 2012; 1,608,989 and 1,728,952 shares issued and outstanding on December 31, 2013 and 2012, respectively | ' | ' |
EQUITY: | ' | ' |
Common Stock | $16,000 | $17,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Class A common stock [Member] | ' | ' |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 180,000,000 | 180,000,000 |
Common Stock, Shares, Issued | 64,584,102 | 57,882,442 |
Common Stock, Shares, Outstanding | 51,934,137 | 45,359,083 |
Treasury Stock, Shares | 12,649,965 | 12,523,359 |
Class B common stock [Member] | ' | ' |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 30,000,000 | 30,000,000 |
Common Stock, Shares, Issued | 1,608,989 | 1,728,952 |
Common Stock, Shares, Outstanding | 1,608,989 | 1,728,952 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING REVENUES | $1,569,011,000 | $874,916,000 | $829,096,000 |
OPERATING EXPENSES: | ' | ' | ' |
Labor and benefits | 441,318,000 | 257,618,000 | 236,152,000 |
Equipment rents | 77,825,000 | 37,322,000 | 43,885,000 |
Purchased services | 120,871,000 | 80,572,000 | 78,741,000 |
Depreciation and amortization | 141,644,000 | 73,405,000 | 66,481,000 |
Diesel fuel used in operations | 147,172,000 | 88,399,000 | 88,499,000 |
Diesel fuel sold to third parties | 368,000 | 11,322,000 | 16,986,000 |
Casualties and insurance | 40,781,000 | 24,858,000 | 22,469,000 |
Materials | 78,243,000 | 25,240,000 | 26,419,000 |
Trackage rights | 50,911,000 | 28,250,000 | 23,066,000 |
Net (gain)/loss on sale and impairment of assets | -4,677,000 | -11,225,000 | -5,660,000 |
Gain on insurance recoveries | -1,465,000 | -5,760,000 | -1,061,000 |
Other expenses | 78,797,000 | 44,549,000 | 41,340,000 |
RailAmerica acquisition-related costs | 360,000 | 18,592,000 | 0 |
RailAmerica integration costs | 16,675,000 | 11,452,000 | 0 |
Total operating expenses | 1,188,823,000 | 684,594,000 | 637,317,000 |
INCOME FROM OPERATIONS | 380,188,000 | 190,322,000 | 191,779,000 |
Gain on sale of investments | 0 | 0 | 907,000 |
Interest income | 3,971,000 | 3,725,000 | 3,243,000 |
Interest expense | -67,894,000 | -62,845,000 | -38,617,000 |
Contingent forward sale contract mark-to-market expense | 0 | -50,106,000 | 0 |
Other income, net | 2,122,000 | 2,182,000 | 703,000 |
Income before income taxes and income from equity investment | 318,387,000 | 83,278,000 | 158,015,000 |
Provision for income taxes | -46,296,000 | -46,402,000 | -38,531,000 |
Income from equity investment in RailAmerica, net | 0 | 15,557,000 | 0 |
Net income | 272,091,000 | 52,433,000 | 119,484,000 |
Less: Net income attributable to noncontrolling interest | 795,000 | 0 | 0 |
Less: Series A-1 Preferred Stock dividend | 2,139,000 | 4,375,000 | 0 |
Net income available to common stockholders | $269,157,000 | $48,058,000 | $119,484,000 |
Basic earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $5 | $1.13 | $2.99 |
Weighted average sharesbBasic | 53,788 | 42,693 | 39,912 |
Diluted earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $4.79 | $1.02 | $2.79 |
Weighted average sharesbDiluted | 56,679 | 51,316 | 42,772 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
NET INCOME | $272,091,000 | $52,433,000 | $119,484,000 |
OTHER COMPREHENSIVE (LOSS)/INCOME: | ' | ' | ' |
Foreign currency translation adjustment | -62,532,000 | 5,451,000 | -3,511,000 |
Net unrealized income on qualifying cash flow hedges, net of tax provision of $13,992, $2,702 and $759, respectively | 20,988,000 | 4,053,000 | 1,334,000 |
Changes in pension and other postretirement benefit, net of tax provision/(benefit) of $208, ($72) and ($24), respectively | 362,000 | -128,000 | -42,000 |
Other comprehensive (loss)/income | -41,182,000 | 9,376,000 | -2,219,000 |
COMPREHENSIVE INCOME | 230,909,000 | 61,809,000 | 117,265,000 |
Less: Comprehensive income attributable to noncontrolling interest | 795,000 | 0 | 0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO GENESEE & WYOMING INC. | $230,114,000 | $61,809,000 | $117,265,000 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flow hedge - tax provision/(benefit) | $13,992 | $2,702 | $759 |
Pension & postretirement benefits - tax (benefit)/provision | $208 | ($72) | ($24) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity Statement (USD $) | Total | Class A common stock [Member] | Class B common stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Non-controlling Interest [Member] |
BALANCE, at Dec. 31, 2011 | $960,634,000 | $527,000 | $22,000 | $385,473,000 | $741,669,000 | $37,895,000 | ($204,952,000) | $0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
NET INCOME | 52,433,000 | 0 | 0 | 0 | 52,433,000 | 0 | 0 | 0 |
Other comprehensive income/(loss) | 9,376,000 | 0 | 0 | 0 | 0 | 9,376,000 | 0 | 0 |
Dividends paid on Series A-1 Preferred Stock | -4,375,000 | 0 | 0 | 0 | -4,375,000 | 0 | 0 | 0 |
Proceeds from employee stock purchases | 19,320,000 | 9,000 | 0 | 19,311,000 | 0 | 0 | 0 | 0 |
Conversion of Class B common stock to Class A common stock | 0 | 5,000 | -5,000 | 0 | 0 | 0 | 0 | 0 |
Compensation cost related to equity awards | 12,151,000 | 0 | 0 | 12,151,000 | 0 | 0 | 0 | 0 |
Compensation costs related to equity awards included in income from equity investment in RailAmerica | 2,816,000 | 0 | 0 | 2,816,000 | 0 | 0 | 0 | 0 |
Tax benefits from share-based compensation | 4,795,000 | 0 | 0 | 4,795,000 | 0 | 0 | 0 | 0 |
Net proceeds from Class A common stock issuance | 234,340,000 | 38,000 | 0 | 234,302,000 | 0 | 0 | 0 | 0 |
TEU Purchase Contracts issuance proceeds, net of issuance costs | 191,428,000 | 0 | 0 | 191,428,000 | 0 | 0 | 0 | 0 |
RailAmerica acquisition consideration for share-based awards | 15,400,000 | 0 | 0 | 15,400,000 | 0 | 0 | 0 | 0 |
Treasury stock acquisitions from equity awards | -4,314,000 | 0 | 0 | 0 | 0 | 0 | -4,314,000 | 0 |
Settlement of deferred stock awards | 933,000 | 0 | 0 | 933,000 | 0 | 0 | 0 | 0 |
Noncontrolling interest | 5,525,000 | 0 | 0 | 0 | 0 | 0 | 0 | 5,525,000 |
BALANCE, at Dec. 31, 2012 | 1,500,462,000 | 579,000 | 17,000 | 866,609,000 | 789,727,000 | 47,271,000 | -209,266,000 | 5,525,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
NET INCOME | 272,091,000 | 0 | 0 | 0 | 271,296,000 | 0 | 0 | 795,000 |
Other comprehensive income/(loss) | -41,182,000 | 0 | 0 | 0 | 0 | -41,182,000 | 0 | 0 |
Dividends paid on Series A-1 Preferred Stock | -2,139,000 | 0 | 0 | 0 | -2,139,000 | 0 | 0 | 0 |
Proceeds from employee stock purchases | 12,510,000 | 6,000 | 0 | 12,504,000 | 0 | 0 | 0 | 0 |
Conversion of Class B common stock to Class A common stock | 0 | 1,000 | -1,000 | 0 | 0 | 0 | 0 | 0 |
Compensation cost related to equity awards | 16,951,000 | 0 | 0 | 16,951,000 | 0 | 0 | 0 | 0 |
Conversion of 5,984,232 shares Series A-1 Preferred Stock to Class A common stock | 399,389,000 | 60,000 | 0 | 399,329,000 | 0 | 0 | 0 | 0 |
Tax benefits from share-based compensation | 6,854,000 | 0 | 0 | 6,854,000 | 0 | 0 | 0 | 0 |
Treasury stock acquisitions from equity awards | -11,095,000 | 0 | 0 | 0 | 0 | 0 | -11,095,000 | 0 |
Settlement of deferred stock awards | 274,000 | 0 | 0 | 274,000 | 0 | 0 | 0 | 0 |
Noncontrolling interest | -5,045,000 | 0 | 0 | 0 | 0 | 0 | 0 | -5,045,000 |
BALANCE, at Dec. 31, 2013 | $2,149,070,000 | $646,000 | $16,000 | $1,302,521,000 | $1,058,884,000 | $6,089,000 | ($220,361,000) | $1,275,000 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Equity (Parentheticals) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
TEU Purchase Contracts issued during period, units | ' | 2,300,000 |
Treasury stock, shares, acquired | 126,606 | 63,462 |
Settlement of deferred stock awards, shares | 4,859 | 31,244 |
Class B common stock to Class A common stock [Member] | ' | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 119,963 | 273,021 |
Series A-1 Preferred Stock to Class A common stock [Member] | ' | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 5,984,232 | ' |
Class A common stock [Member] | ' | ' |
Stock issued during period, shares | ' | 3,791,004 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $272,091,000 | $52,433,000 | $119,484,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Income from equity investment in RailAmerica, net | 0 | -15,557,000 | 0 |
Depreciation and amortization | 141,644,000 | 73,405,000 | 66,481,000 |
Compensation cost related to equity awards | 16,951,000 | 12,151,000 | 7,776,000 |
Excess tax benefit from share-based compensation | -6,861,000 | -5,335,000 | -2,820,000 |
Deferred income taxes | 10,229,000 | 29,926,000 | 26,291,000 |
Net (gain)/loss on sale and impairment of assets | -4,677,000 | -11,225,000 | -5,660,000 |
Gain on sale of investments | 0 | 0 | -907,000 |
Gain on insurance recoveries | -1,465,000 | -5,760,000 | -1,061,000 |
Insurance proceeds received | 11,053,000 | 21,479,000 | 646,000 |
Contingent forward sale contract mark-to-market expense | 0 | 50,106,000 | 0 |
Changes in operating assets and liabilities which provided/(used) cash, net of effect of acquisitions: | ' | ' | ' |
Accounts receivable, net | -44,454,000 | -262,000 | -12,307,000 |
Materials and supplies | -1,839,000 | -567,000 | -1,206,000 |
Prepaid expenses and other | -22,000 | -5,384,000 | 3,543,000 |
Accounts payable and accrued expenses | 16,383,000 | -30,051,000 | -25,556,000 |
Other assets and liabilities, net | 4,471,000 | 5,320,000 | -1,235,000 |
Net cash provided by operating activities | 413,504,000 | 170,679,000 | 173,469,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchase of property and equipment | -249,318,000 | -231,694,000 | -178,668,000 |
Grant proceeds from outside parties | 33,913,000 | 39,632,000 | 22,642,000 |
Cash paid for acquisitions, net of cash acquired | 0 | -1,925,296,000 | -89,935,000 |
Insurance proceeds for the replacement of assets | 0 | 370,000 | 0 |
Proceeds from the sale of investments | 0 | 0 | 1,369,000 |
Proceeds from disposition of property and equipment | 6,687,000 | 15,298,000 | 9,464,000 |
Net cash used in investing activities | -208,718,000 | -2,101,690,000 | -235,128,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Principal payments on long-term borrowings, including capital leases | -471,957,000 | -1,013,166,000 | -533,544,000 |
Proceeds from issuance of long-term debt | 262,651,000 | 2,192,916,000 | 581,394,000 |
Debt amendment/issuance costs | -2,773,000 | -38,839,000 | -4,742,000 |
Net proceeds from Class A common stock issuance | 0 | 234,340,000 | 0 |
Net proceeds from TEU issuance | 0 | 222,856,000 | 0 |
Net proceeds from Series A-1 Preferred Stock issuance | 0 | 349,418,000 | 0 |
Dividends paid on Series A-1 Preferred Stock | -2,139,000 | -4,375,000 | 0 |
Proceeds from employee stock purchases | 12,510,000 | 19,320,000 | 17,433,000 |
Excess tax benefit from share-based compensation | 6,861,000 | 5,335,000 | 2,820,000 |
Treasury stock acquisitions | -11,095,000 | -4,314,000 | -1,326,000 |
Net cash (used in)/provided by financing activities | -205,942,000 | 1,963,491,000 | 62,035,000 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | -740,000 | 5,023,000 | -524,000 |
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS | -1,896,000 | 37,503,000 | -148,000 |
CASH AND CASH EQUIVALENTS, beginning of year | 64,772,000 | 27,269,000 | 27,417,000 |
CASH AND CASH EQUIVALENTS, end of year | $62,876,000 | $64,772,000 | $27,269,000 |
Business_and_Customers
Business and Customers | 12 Months Ended |
Dec. 31, 2013 | |
BUSINESS AND CUSTOMERS: [Abstract] | ' |
Business Description and Basis of Presentation | ' |
BUSINESS AND CUSTOMERS: | |
Unless the context otherwise requires, when used in these consolidated financial statements, the terms “Genesee & Wyoming,” “G&W” and the “Company” refer to Genesee & Wyoming Inc. and its subsidiaries, including RailAmerica, Inc. and its subsidiaries (RailAmerica). G&W acquired RailAmerica on October 1, 2012. However, the shares of RailAmerica were held in a 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 determination of fair values of the acquired assets and assumed liabilities has been included in its consolidated balance sheets since December 28, 2012. All references to currency amounts included in these consolidated financial statements are in United States dollars unless specifically noted otherwise. | |
The Company owns and operates short line and regional railroads in the United States, Australia, Canada, the Netherlands and Belgium. In addition, the Company operates the 1,400 mile Tarcoola to Darwin rail line, which links the Port of Darwin with the Australian interstate rail network in South Australia. Operations currently include 111 railroads organized into 11 regions, with approximately 14,700 miles of owned and leased track, approximately 4,800 employees and more than 2,000 customers. The Company provides rail service at 35 ports in North America, Australia and Europe and performs contract coal loading and railcar switching for industrial customers. See Note 3, Changes in Operations, for descriptions of the Company’s changes in operations in recent years. | |
The Company's railroads transport a wide variety of commodities. Revenues from the Company’s 10 largest customers accounted for approximately 24%, 31% and 29% of the Company’s operating revenues in 2013, 2012 and 2011, respectively. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
SIGNIFICANT ACCOUNTING POLICIES: [Abstract] | ' | ||||
Basis of Presentation and Significant Accounting Policies | ' | ||||
SIGNIFICANT ACCOUNTING POLICIES: | |||||
Principles of Consolidation and Basis of Presentation | |||||
The consolidated financial statements presented herein include the accounts of Genesee & Wyoming Inc. and its subsidiaries. The consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (U.S. GAAP) as codified in the Financial Accounting Standards Board (FASB) Accounting Standards Codification. All significant intercompany transactions and accounts have been eliminated in consolidation. | |||||
Revenue Recognition | |||||
Railroad revenues are estimated and recognized as shipments initially move onto the Company’s tracks, which, due to the relatively short duration of haul, is not materially different from the recognition of revenues as shipments progress. Industrial switching and other service revenues are recognized as such services are provided. | |||||
Cash and Cash Equivalents | |||||
The Company considers all highly liquid instruments with a maturity of three months or less when purchased to be cash equivalents. | |||||
Materials and Supplies | |||||
Materials and supplies consist primarily of purchased items for improvement and maintenance of road property and equipment and are stated at the lower of average cost or market. Materials and supplies are removed from inventory using the average cost method. | |||||
Business Combinations | |||||
The Company accounts for businesses it acquires using the acquisition method of accounting. Under this method, all acquisition-related costs are expensed as incurred. The Company records the underlying net assets at their respective acquisition-date fair values. As part of this process, the Company identifies and attributes values and estimated lives to property and equipment and intangible assets acquired. These determinations involve significant estimates and assumptions, including those with respect to future cash flows, discount rates and asset lives, and therefore require considerable judgment. These determinations affect the amount of depreciation and amortization expense recognized in future periods. The results of operations of acquired businesses are included in the consolidated statements of operations beginning on the respective business’s acquisition date. | |||||
Property and Equipment | |||||
Property and equipment are carried at cost. Major renewals or improvements to property and equipment are capitalized, while routine maintenance and repairs are expensed when incurred. The Company incurs maintenance and repair expenses to keep its operations safe and fit for existing purpose. Major renewals or improvements, however, are undertaken to extend the useful life or increase the functionality of the asset, or both. Other than a de minimis threshold under which costs are expensed as incurred, the Company does not apply pre-defined capitalization thresholds when assessing spending for classification among capital or expense. | |||||
Unlike the Class I railroads that operate over extensive contiguous rail networks, the Company’s short line and regional railroads are geographically dispersed businesses that transport freight over relatively short distances. As a result, the Company typically incurs minimal spending on self-constructed assets and, instead, the vast majority of its capital spending relates to purchased assets installed by professional contractors. In addition, the Company generally does not incur significant rail grinding or ballast cleaning expenses. However, if and when such costs are incurred, they are expensed. | |||||
The Company depreciates its property and equipment using the straight-line method over the useful lives of the property and equipment. The following table sets forth the estimated useful lives of the Company’s major classes of property and equipment: | |||||
Estimated Useful Life (in Years) | |||||
Property: | Minimum | Maximum | |||
Buildings and leasehold improvements (subject to term of lease) | 2 | 40 | |||
Bridges/tunnels/culverts | 20 | 50 | |||
Track property | 5 | 50 | |||
Equipment: | |||||
Computer equipment | 2 | 7 | |||
Locomotives and railcars | 2 | 30 | |||
Vehicles and mobile equipment | 2 | 10 | |||
Signals and crossing equipment | 4 | 30 | |||
Track equipment | 2 | 10 | |||
Other equipment | 2 | 20 | |||
The Company reviews its long-lived tangible assets for impairment whenever events and circumstances indicate that the carrying amounts of such assets may not be recoverable. When factors indicate that an asset may not be recoverable, the Company uses an estimate of the related undiscounted future cash flows over the remaining life of such asset in measuring whether or not impairment has occurred. If impairment is identified, a loss would be reported to the extent that the carrying value of the related assets exceeds the fair value of those assets as determined by valuation techniques applicable in the circumstances. Losses from impairment of assets are charged to net (gain)/loss on sale and impairment of assets within operating expenses. | |||||
Gains or losses on sales, including sales of assets removed during track and equipment upgrade projects, or losses incurred through other dispositions, such as unanticipated retirement or destruction, are credited or charged to net (gain)/loss on sale and impairment of assets within operating expenses. Gains are recorded when realized if the sale value exceeds the remaining carrying value of the respective property and equipment. If the estimated salvage value is less than the remaining carrying value, the Company records the loss incurred equal to the respective asset’s carrying value less salvage value. There were no material losses incurred through other dispositions from unanticipated or unusual events in the years ended December 31, 2013, 2012 or 2011. | |||||
Grants from Outside Parties | |||||
Grants from outside parties are recorded as long-term liabilities and are amortized as a reduction to depreciation expense over the same period during which the associated assets are depreciated. | |||||
Goodwill and Indefinite-Lived Intangible Assets | |||||
The Company reviews the carrying values of goodwill and identifiable intangible assets with indefinite lives at least annually to assess impairment since these assets are not amortized. If the carrying amount of the asset exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess. The Company performs its annual impairment test as of November 30 of each year. No impairment was recognized for the years ended December 31, 2013 or 2012. Additionally, the Company reviews the carrying value of any intangible asset or goodwill whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. The determination of fair value involves significant management judgment including assumptions about operating results, business plans, income projections, anticipated future cash flows and market data. Impairments are expensed when incurred. | |||||
Amortizable Intangible Assets | |||||
The Company performs an impairment test on amortizable intangible assets when specific impairment indicators are present. The Company has amortizable intangible assets valued primarily as service agreements, customer contracts or relationships and track access agreements. These intangible assets are generally amortized on a straight-line basis over the expected economic longevity of the facility served, the customer relationship, or the length of the contract or agreement including expected renewals. | |||||
Derailment and Property Damages, Personal Injuries and Third-Party Claims | |||||
The Company maintains liability and property insurance coverage to mitigate the financial risk of providing rail and rail-related services. On August 1, 2013, the Company renewed these annual insurance policies, which now cover all of the Company's operations under one insurance program. Incidents involving entities previously owned by RailAmerica that occurred prior to this renewal would be considered under RailAmerica’s legacy liability and property insurance policies. The Company’s primary liability policies currently have self-insured retentions of up to $1.0 million per occurrence. RailAmerica's prior primary liability policies' self-insured retentions were as high as $4.0 million per occurrence. With respect to the transportation of hazardous commodities, the liability policy covers third-party claims and damages associated with sudden releases of hazardous materials, including expenses related to evacuation, as a result of a railroad accident. Personal injuries associated with grade crossing accidents are also covered under the Company’s liability policies. The Company’s property damage policies currently have various self-insured retentions, which vary based on type and location of the incident, of up to $1.0 million per occurrence except in Australia where the Company's self-insurance retention for property damage due to a cyclone or flood is A$2.5 million. RailAmerica's primary property damage policies previously had self-insured retentions of up to $1.5 million per occurrence. The property damage policies also provide business interruption insurance arising from covered events. | |||||
Employees of the Company's United States railroads are covered by the Federal Employers' Liability Act (FELA), a fault-based system under which claims resulting from injuries and deaths of railroad employees are settled by negotiation or litigation. FELA-related claims are covered under the Company's liability policies. Employees of the Company's industrial switching and railroad construction businesses are covered under workers' compensation policies. | |||||
Accruals for FELA claims by the Company's railroad employees and third-party personal injury or other claims are recorded in the period when such claims are determined to be probable and estimable. These estimates are updated in future periods as information develops. | |||||
Income Taxes | |||||
The Company files a consolidated United States federal income tax return, which includes all of its United States subsidiaries. Each of the Company’s foreign subsidiaries files appropriate income tax returns in each of its respective countries. No provision is made for the United States income taxes applicable to the undistributed earnings of controlled foreign subsidiaries as it is the intention of management to fully utilize those earnings in the operations of foreign subsidiaries. The provision for, or benefit from, income taxes includes deferred taxes resulting from temporary differences using a balance sheet approach. Such temporary differences result primarily from differences in the carrying value of assets and liabilities for financial reporting and tax purposes. Future realization of deferred income tax assets is dependent upon the Company’s ability to generate sufficient taxable income. The Company evaluates on a quarterly basis whether, based on all available evidence, the deferred income tax assets will be realizable. Valuation allowances are established when it is estimated that it is more likely than not that the tax benefit of the deferred tax asset will not be realized. | |||||
Stock-Based Compensation | |||||
The Compensation Committee of the Company’s Board of Directors (Compensation Committee) has discretion to determine grantees, grant dates, amounts of grants, vesting and expiration dates for stock-based compensation awarded to the Company’s employees under the Company’s Second Amended and Restated 2004 Omnibus Incentive Plan (the Omnibus Plan). The Omnibus Plan permits the issuance of stock options, restricted stock, restricted stock units and any other form of award established by the Compensation Committee, in each case consistent with the Omnibus Plan’s purpose. Under the terms of the awards, equity grants for employees generally vest over three years and equity grants for directors vest over their respective remaining terms as directors. | |||||
The grant date fair value of non-vested shares, less estimated forfeitures, is recorded to compensation expense on a straight-line basis over the vesting period. The fair value of each option grant is estimated on the date of grant using the Black-Scholes pricing model and straight-line amortization of compensation expense is recorded over the requisite service period of the grant. Two assumptions in the Black-Scholes pricing model require management judgment: the life of the option and the volatility of the stock over the life of the option. The assumption for the life of the option is based on historical experience and is estimated for each grant. The assumption for the volatility of the stock is based on a combination of historical and implied volatility. The fair value of the Company's restricted stock and restricted stock units is based on the closing market price of the Company’s Class A common stock on the date of grant. | |||||
Fair Value of Financial Instruments | |||||
The Company applies the following three-level hierarchy of valuation inputs for measuring fair value: | |||||
• | Level 1 – Quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. | ||||
• | Level 2 – Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which all significant inputs are observable market data. | ||||
• | Level 3 – Valuations derived from valuation techniques in which one or more significant inputs are unobservable. | ||||
Foreign Currency | |||||
The consolidated financial statements of the Company’s foreign subsidiaries were prepared in the local currency of the respective subsidiary and translated into United States dollars based on the exchange rate at the end of the period for balance sheet items and, for the statement of operations, at the average rate for the statement period. Currency translation adjustments are reflected within the equity section of the balance sheet and are included in other comprehensive income. Cumulative translation adjustments are recognized in the consolidated statement of operations upon substantial or complete liquidation of the underlying investment in the foreign subsidiary. | |||||
Management Estimates | |||||
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to use judgment and to make estimates and assumptions that affect business combinations, reported assets, liabilities, revenues and expenses during the reporting period. Significant estimates using management judgment are made in the areas of recoverability and useful life of assets, as well as liabilities for casualty claims and income taxes. Actual results could differ from those estimates. | |||||
Risks and Uncertainties | |||||
Slower growth, an economic recession, or significant changes in commodity prices or regulation that affects the countries where the Company operates or their imports and exports, could negatively impact the Company's business. The Company is required to assess for potential impairment of non-current assets whenever events or changes in circumstances, including economic circumstances, indicate that the respective asset’s carrying amount may not be recoverable. A decline in current macroeconomic or financial conditions could have a material adverse effect on the Company’s results of operations, financial condition and liquidity. | |||||
Reclassifications | |||||
Certain prior year balances have been reclassified to conform to the 2013 presentation, most notably of which was the break out of trackage rights expense on the Company's consolidated statements of operations that had previously been included in other expenses. |
Changes_in_Operations
Changes in Operations | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Changes in Operations [Abstract] | ' | ||||||||||||||||
Changes in Operations | ' | ||||||||||||||||
CHANGES IN OPERATIONS: | |||||||||||||||||
United States | |||||||||||||||||
RailAmerica, Inc.: On October 1, 2012, the Company acquired 100% of RailAmerica's 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 Credit Facility Agreement (the Credit Agreement) (see Note 9, Long-Term Debt), $475.5 million of gross proceeds from the Company's public offerings of Class A common stock and Tangible Equity Units (TEUs) (see Note 4, Earnings Per Common Share) 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 4, Earnings Per Common Share, and Note 10, Derivative Financial Instruments). | |||||||||||||||||
Commencing on October 1, 2012, the shares of RailAmerica were held in an independent voting trust while the 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 acquisition date fair values of the acquired assets and assumed liabilities have been included in the Company's consolidated balance sheets since December 28, 2012. The results from RailAmerica's operations are included among the various line items in the Company's consolidated statement of operations for the year ended December 31, 2013 and are included in the Company's North American & European Operations segment. | |||||||||||||||||
In accordance with U.S. GAAP, a new accounting basis was established for RailAmerica on October 1, 2012 for its stand-alone financial statements. Condensed consolidated financial information for RailAmerica as of and for the period ended December 28, 2012 is included in Note 8, Equity Investment. | |||||||||||||||||
During the year ended December 31, 2012, as discussed more fully under Contingent Forward Sale Contract in Note 10, Derivative Financial Instruments, the Company recorded a $50.1 million non-cash mark-to-market expense related to an investment agreement governing the sale of the Series A-1 Preferred Stock to Carlyle in connection with the funding of the RailAmerica acquisition (the Investment Agreement). The expense resulted from the significant increase in the Company's share price between July 23, 2012 (the date the Company entered into the Investment Agreement) and September 28, 2012 (the last trading date prior to issuing the Series A-1 Preferred Stock). On February 13, 2013, the Company exercised its option to convert all of the outstanding Series A-1 Preferred Stock into 5,984,232 shares of the Company's Class A common stock. | |||||||||||||||||
The Company also incurred $17.0 million and $30.0 million of RailAmerica integration and acquisition-related costs during the years ended December 31, 2013 and 2012, respectively. The Company recognized $15.6 million of net income from the equity investment in RailAmerica during the three months ended December 31, 2012. The income from equity investment included $3.5 million of after-tax acquisition/integration costs incurred by RailAmerica in the three months ended December 31, 2012. | |||||||||||||||||
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. | |||||||||||||||||
Columbus & Chattahoochee Railroad, Inc.: In April 2012, the Company's newly formed subsidiary, Columbus & Chattahoochee Railroad, Inc. (CCH), signed an agreement with Norfolk Southern Railway Company (NS) to lease and operate a 26-mile segment of NS track that runs from Girard, Alabama to Mahrt, Alabama. Operations commenced on July 1, 2012. CCH interchanges with NS in Columbus, Georgia where the Company's Georgia Southwestern Railroad, Inc. also has operations. The results from CCH’s operations have been included in the Company’s consolidated statements of operations since July 1, 2012 and are included in the Company’s North American & European Operations segment. | |||||||||||||||||
Hilton & Albany Railroad, Inc.: In November 2011, the Company's newly formed subsidiary, Hilton & Albany Railroad, Inc. (HAL), signed an agreement with NS to lease and operate a 56-mile segment of NS track that runs from Hilton, Georgia to Albany, Georgia. Operations commenced on January 1, 2012. HAL handles primarily overhead traffic between NS and the Company's following railroads: The Bay Line Railroad, L.L.C.; Chattahoochee Bay Railroad, Inc.; Chattahoochee Industrial Railroad; and Georgia Southwestern Railroad, Inc. In addition, HAL serves several local agricultural and aggregate customers in southwest Georgia. The results from HAL’s operations have been included in the Company’s consolidated statements of operations since January 1, 2012 and are included in the Company’s North American & European Operations segment. | |||||||||||||||||
Arizona Eastern Railway Company: On September 1, 2011, the Company acquired all of the capital stock of Arizona Eastern Railway Company (AZER). The Company paid the seller $89.5 million in cash at closing, which included a reduction to the purchase price of $0.6 million based on the estimated working capital adjustment. Following the final working capital adjustment, the Company recorded an additional $0.8 million of purchase price in December 2011, which was paid to the seller in January 2012. The Company incurred $0.6 million of acquisition costs related to this transaction through December 31, 2011, which were expensed as incurred. The results from AZER’s operations have been included in the Company’s consolidated statements of operations since September 1, 2011 and are included in the Company’s North American & European Operations segment. | |||||||||||||||||
Headquartered near Miami, Arizona, with 43 employees and 10 locomotives, AZER owned and operated two rail lines totaling approximately 200 track miles in southeast Arizona and southwest New Mexico connected by 52 miles of trackage rights over the Union Pacific Railroad as of the September 1, 2011 acquisition date. The largest customer on AZER is Freeport-McMoRan Copper & Gold Inc. (Freeport-McMoRan). AZER provides rail service to Freeport-McMoRan’s largest North American copper mine and its North American smelter, hauling copper concentrate, copper anode, copper rod and sulfuric acid. In conjunction with the transaction, AZER and Freeport-McMoRan entered into a long-term operating agreement. | |||||||||||||||||
Determination of Fair Value | |||||||||||||||||
The Company accounted for the RailAmerica and AZER acquisitions 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 the Company's consolidated balance sheet in a single line item following the equity method of accounting as of that date (see RailAmerica as of October 1, 2012 column in the following table). | ||||||||||||||||
• | Upon approval by the STB for the Company to control RailAmerica, the preliminary determination of fair values of the acquired assets and assumed liabilities were consolidated with the Company's assets and liabilities as of December 28, 2012 (see RailAmerica as of December 28, 2012 Preliminary 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. | ||||||||||||||||
• | In 2013, the Company finalized its determination of fair values of RailAmerica's assets and liabilities (see RailAmerica as of December 28, 2012 Final column in the following table). The measurement period adjustments to the 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 $16.0 million, 4) noncontrolling interest decreased $5.0 million, 5) all other assets, net increased $1.3 million and 6) goodwill decreased $3.1 million as an offset to the above-mentioned changes. This resulted in additional annualized depreciation and amortization expense of approximately $4 million. The Company does not consider these adjustments material to its consolidated financial statements taken as a whole and as such, prior periods were not retroactively adjusted. | ||||||||||||||||
• | The assets and liabilities of AZER were recorded at their respective acquisition-date fair values and were consolidated with those of the Company as of the September 1, 2011 acquisition date (see AZER column in the following table). | ||||||||||||||||
The fair values assigned to the acquired net assets of RailAmerica and AZER were as follows (dollars in thousands): | |||||||||||||||||
RailAmerica | AZER | ||||||||||||||||
As of | As of December 28, 2012 | As of | |||||||||||||||
1-Oct-12 | Preliminary | Final | 1-Sep-11 | ||||||||||||||
Cash and cash equivalents | $ | 86,102 | $ | 107,922 | $ | 107,922 | $ | — | |||||||||
Accounts receivable | 104,839 | 91,424 | 90,659 | 3,096 | |||||||||||||
Materials and supplies | 6,406 | 7,325 | 7,325 | — | |||||||||||||
Prepaid expenses and other | 15,146 | 14,815 | 15,801 | 2,319 | |||||||||||||
Deferred income tax assets | 49,074 | 49,074 | 56,998 | — | |||||||||||||
Property and equipment | 1,579,321 | 1,588,612 | 1,599,282 | 90,129 | |||||||||||||
Goodwill | 474,115 | 474,115 | 471,028 | — | |||||||||||||
Intangible assets, net | 451,100 | 446,327 | 416,427 | — | |||||||||||||
Other assets | 116 | 116 | 116 | — | |||||||||||||
Total assets | 2,766,219 | 2,779,730 | 2,765,558 | 95,544 | |||||||||||||
Accounts payable and accrued expenses | 143,790 | 135,117 | 140,160 | 5,212 | |||||||||||||
Long-term debt | 12,158 | 12,010 | 12,010 | — | |||||||||||||
Deferred income tax liabilities, net | 542,210 | 551,856 | 535,864 | — | |||||||||||||
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 | $ | 90,332 | |||||||||
Pro Forma Financial Results (unaudited) | |||||||||||||||||
The following table summarizes the Company’s unaudited pro forma operating results for the years ended December 31, 2012 and 2011 as if the acquisition of RailAmerica had been consummated as of January 1, 2011. The pro forma operating 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): | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
Operating revenues | $ | 1,461,419 | $ | 1,365,804 | |||||||||||||
Net income attributable to Genesee & Wyoming Inc. | $ | 112,191 | $ | 128,122 | |||||||||||||
Less: Series A-1 Preferred Stock dividend | 17,500 | 17,500 | |||||||||||||||
Net income available to common stockholders | $ | 94,691 | $ | 110,622 | |||||||||||||
Basic earnings per common share attributable to Genesee & Wyoming Inc. common shareholders | $ | 1.99 | $ | 2.34 | |||||||||||||
Diluted earnings per common share attributable to Genesee & Wyoming Inc. common shareholders | $ | 1.89 | $ | 2.21 | |||||||||||||
The 2012 and 2011 unaudited pro forma operating results include the acquisition of RailAmerica adjusted, net of tax, for depreciation and amortization expense resulting from the determination of fair values of the acquired property and equipment and amortizable intangible assets, 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 and the elimination of RailAmerica's interest expense related to debt not assumed in the acquisition. | |||||||||||||||||
The unaudited pro forma statements of operations for the years ended December 31, 2012 and 2011 were based upon the Company’s historical consolidated statements of operations for the years ended December 31, 2012 and 2011 and RailAmerica's consolidated statements of operations for the nine months ended September 30, 2012, the three months ended December 28, 2012 and the year ended December 31, 2011. Since the pro forma financial results for 2012 and 2011 assume the acquisition of RailAmerica was consummated on January 1, 2011, the 2011 results included $20.3 million, net of tax, of acquisition-related costs and expenses related to change of control agreements incurred by the Company during the year ended December 31, 2012, $9.5 million, net of tax, of fees associated with the funding of the acquisition and $12.9 million, net of tax, of acquisition-related costs incurred by RailAmerica during the year ended December 31, 2012. The pro forma results for 2012 included approximately $55 million of costs incurred by RailAmerica associated with the redemption of senior secured notes in January 2012. In addition, the 2012 pro-forma results have been revised to eliminate the Company's $50.1 million mark-to-market expense related to the Investment Agreement in connection with the funding of the acquisition. | |||||||||||||||||
As a result of these charges, the numerator used in the calculation of pro forma diluted EPS attributable to G&W common shareholders was reduced by the Series A-1 Preferred Stock dividend and the denominator excluded approximately 6.0 million “if-converted” shares related to the Series A-1 Preferred Stock. | |||||||||||||||||
The pro forma financial information does not purport to be indicative of the results that actually would have been obtained had the transactions been completed as of the assumed dates and for the periods presented and are not intended to be a projection of future results or trends. | |||||||||||||||||
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 additional export iron ore in South Australia. To support the increased shipments under the two contracts, during the year ended December 31, 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 railcars 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 year ended December 31, 2013, GWA spent an additional A$22.3 million (or $19.9 million at the exchange rate on December 31, 2013) on these projects and does not expect to invest any additional capital in these projects in 2014. | |||||||||||||||||
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 GWA's 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 of 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). | |||||||||||||||||
Canada | |||||||||||||||||
Tata Steel Minerals Canada Ltd.: In August 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-Îles for export primarily to Tata Steel Limited'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 permitting. | |||||||||||||||||
Results from Operations | |||||||||||||||||
When comparing the Company’s results from 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, the Company's 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 (agricultural products). As a result of these and other factors, the Company’s results of operations in any reporting period may not be directly comparable to its results of operations in other reporting periods. |
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share Policy | ' | ||||||||||||
EARNINGS PER COMMON SHARE: | |||||||||||||
Common shares issuable under unexercised stock options calculated under the treasury stock method, weighted average Class B common shares outstanding and Series A-1 Preferred Stock were the only reconciling items between the Company’s basic and diluted weighted average shares outstanding. | |||||||||||||
The following table sets forth the computation of basic and diluted earnings per common share for the years ended December 31, 2013, 2012 and 2011 (in thousands, except per share amounts): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerators: | |||||||||||||
Net income attributable to Genesee & Wyoming Inc. common stockholders | $ | 271,296 | $ | 52,433 | $ | 119,484 | |||||||
Less: Series A-1 Preferred Stock dividend | 2,139 | 4,375 | — | ||||||||||
Net income available to common stockholders | $ | 269,157 | $ | 48,058 | $ | 119,484 | |||||||
Denominators: | |||||||||||||
Weighted average Class A common shares outstanding -Basic | 53,788 | 42,693 | 39,912 | ||||||||||
Weighted average Class B common shares outstanding | 1,675 | 2,038 | 2,257 | ||||||||||
Dilutive effect of employee stock-based awards | 494 | 601 | 603 | ||||||||||
Dilutive effect of Series A-1 Preferred Stock | 722 | 5,984 | — | ||||||||||
Weighted average shares - Diluted | 56,679 | 51,316 | 42,772 | ||||||||||
Earnings per common share attributable to Genesee & Wyoming Inc. common stockholders: | |||||||||||||
Basic earnings per common share | $ | 5 | $ | 1.13 | $ | 2.99 | |||||||
Diluted earnings per common share | $ | 4.79 | $ | 1.02 | $ | 2.79 | |||||||
The total number of options used to calculate weighted average share equivalents for diluted earnings per common share as of December 31, 2013, 2012 and 2011, was as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Options used to calculate weighted average share equivalents | 969 | 1,105 | 1,460 | ||||||||||
The following total number of shares of Class A common stock issuable under the assumed exercises and lapse of stock-based awards computed based on the treasury stock method were excluded from the calculation of diluted earnings per common share, as the effect of including these shares would have been anti-dilutive (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Anti-dilutive shares | 105 | 143 | 126 | ||||||||||
The following table sets forth the increase in the Company's weighted average basic shares outstanding for the years ended December 31, 2013 and 2012 as a result of the Company's public offering of Class A common stock in September 2012, shares issuable upon settlement of the prepaid stock purchase contract component of the TEUs issued in September 2012 based on the market price of the Company's Class A common stock at December 31, 2013 and 2012, respectively, and from the conversion of the Series A-1 Preferred Stock into the Company's Class A common stock in February 2013: | |||||||||||||
2013 | 2012 | ||||||||||||
Class A common stock offering | 3,791,004 | 1,066,867 | |||||||||||
Shares issuable upon settlement of the prepaid stock purchase contract component of the TEUs | 2,841,650 | 850,773 | |||||||||||
Conversion of Series A-1 Preferred Stock | 5,262,845 | — | |||||||||||
Common Stock | |||||||||||||
The authorized capital stock of the Company consists of two classes of common stock designated as Class A common stock and Class B common stock. The holders of Class A common stock and Class B common stock are entitled to one vote and 10 votes per share, respectively. Each share of Class B common stock is convertible into one share of Class A common stock at any time at the option of the holder, subject to the provisions of the Class B Stockholders’ Agreement dated as of May 20, 1996. In addition, pursuant to the Class B Stockholders’ Agreement, certain transfers of the Class B common stock, including transfers to persons other than our executive officers, will result in automatic conversion of Class B common stock into shares of Class A common stock. Holders of Class A common stock and Class B common stock shall have identical rights in the event of liquidation. | |||||||||||||
Dividends declared by the Company’s Board of Directors are payable on the outstanding shares of Class A common stock or both Class A common stock and Class B common stock, as determined by the Board of Directors. If the Board of Directors declares a dividend on both classes of stock, then the holder of each share of Class A common stock is entitled to receive a dividend that is 10% more than the dividend declared on each share of Class B common stock. Stock dividends declared can only be paid in shares of Class A common stock. The Company currently intends to retain all earnings to support its operations and future growth and, therefore, does not anticipate the declaration or payment of cash dividends on its common stock in the foreseeable future. | |||||||||||||
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. 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, with a stated amount of $100 per unit on September 19, 2012. | |||||||||||||
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 year ended December 31, 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 | 56,679 | |||||||||
Middle of range of common stock equivalents | $ | 73 | 3,151 | 56,988 | |||||||||
Maximum common stock equivalents | $ | 64.75 | 3,552 | 57,389 | |||||||||
The Company's basic and diluted earnings per common 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 exercised its option to convert 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 exercised its option to convert all of the Series A-1 Preferred Stock as described above into 5,984,232 shares of the Company's Class A common stock. 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. In November 2013, Carlyle sold all of these outstanding shares of the Company's Class A common stock in a public offering. | |||||||||||||
For basic earnings per common 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 common share) divided by the weighted average number of common shares outstanding during each period. For diluted earnings per common share, the Company used the if-converted method when calculating diluted earnings per share. |
Notes
(Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounts Receivable, Net [Abstract] | ' | ||||||||||||
Accounts Receivable | ' | ||||||||||||
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS: | |||||||||||||
Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses on existing accounts receivable. Management determines the allowance based on historical write-off experience within each of the Company’s regions. Management reviews material past due balances on a monthly basis. Account balances are charged off against the allowance when management determines it is probable that the receivable will not be recovered. | |||||||||||||
Accounts receivable consisted of the following at December 31, 2013 and 2012 (dollars in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Accounts receivable - trade | $ | 264,562 | $ | 216,694 | |||||||||
Accounts receivable - grants from outside parties | 33,003 | 25,036 | |||||||||||
Accounts receivable - insurance and other third-party claims | 31,643 | 23,912 | |||||||||||
Total accounts receivable | 329,208 | 265,642 | |||||||||||
Less: allowance for doubtful accounts | (3,755 | ) | (2,693 | ) | |||||||||
Accounts receivable, net | $ | 325,453 | $ | 262,949 | |||||||||
Grants from Outside Parties | |||||||||||||
The Company periodically receives grants for the upgrade and construction of rail lines and upgrades of locomotives from federal, provincial, state and local agencies and other outside parties (e.g., customers) in the United States and Australia and provinces in Canada in which the Company operates. These grants typically reimburse the Company for 50% to 100% of the actual cost of specific projects. In total, the Company received grant proceeds of $33.9 million, $39.6 million and $22.6 million in the years ended December 31, 2013, 2012 and 2011, respectively, from such grant programs. The proceeds were presented as cash inflows from investing activities within each of the applicable periods. | |||||||||||||
None of the Company’s grants represents a future liability of the Company unless the Company abandons the rehabilitated or new track structure within a specified period of time or fails to maintain the upgraded or new track to certain standards and to make certain minimum capital improvements or ceases use of the locomotives within the specified geographic area and time period, as defined in the respective agreements. As the Company intends to comply with these agreements, the Company has recorded additions to track property and locomotives and has deferred the amount of the grants. The amortization of deferred grants is a non-cash offset to depreciation expense over the useful lives of the related assets. During the years ended December 31, 2013, 2012 and 2011, the Company recorded offsets to depreciation expense from grant amortization of $9.3 million, $8.0 million and $7.9 million, respectively. | |||||||||||||
Insurance and Third-Party Claims | |||||||||||||
Accounts receivable from insurance and other third-party claims at December 31, 2013 included $16.8 million from the Company’s Australian Operations and $14.8 million from the Company’s North American & European Operations. The balance from the Company’s Australian Operations resulted predominately from a derailment in Australia’s Northern Territory (the Edith River Derailment) in December 2011. The balance from the Company’s North American & European Operations resulted predominately from a derailment in Alabama (the Aliceville Derailment) in November 2013. The Company received proceeds from insurance totaling $11.1 million, $21.8 million and $0.6 million for the years ended December 31, 2013, 2012 and 2011, respectively, and recorded related gains on insurance recoveries totaling $1.5 million, $5.8 million and $1.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Allowance for Doubtful Accounts | |||||||||||||
Activity in the Company’s allowance for doubtful accounts for the years ended December 31, 2013, 2012 and 2011 was as follows (dollars in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance, beginning of year | $ | 2,693 | $ | 2,807 | $ | 3,079 | |||||||
Provisions | 2,741 | 977 | 1,055 | ||||||||||
Charges | (1,679 | ) | (1,091 | ) | (1,327 | ) | |||||||
Balance, end of year | $ | 3,755 | $ | 2,693 | $ | 2,807 | |||||||
The Company’s business is subject to credit risk. There is a risk that a customer or counterparty will fail to meet its obligations when due. Customers and counterparties who owe the Company money have defaulted and may continue to default on their obligations to the Company due to bankruptcy, lack of liquidity, operational failure or other reasons. For interline traffic, one railroad typically invoices a customer on behalf of all railroads participating in the route. The invoicing railroad then pays the other railroads their portion of the total amount invoiced on a monthly basis. When the Company is the invoicing railroad it is exposed to customer credit risk for the total amount invoiced and is required to pay the other railroads participating in the route even if the Company is not paid by the customer. Although the Company has procedures for reviewing its receivables and credit exposures to specific customers and counterparties to address present credit concerns, default risk may arise from events or circumstances that are difficult to detect or foresee. Some of the Company’s risk management methods depend upon the evaluation of information regarding markets, customers or other matters that are not publicly available or otherwise accessible by the Company and this information may not, in all cases, be accurate, complete, up-to-date or properly evaluated. As a result, unexpected credit exposures could adversely affect the Company’s consolidated results of operations, financial condition and liquidity |
Property_and_Equipment_and_Lea
Property and Equipment and Leases Property and Equipment and Leases | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
PROPERTY AND EQUIPMENT AND LEASES [Abstract] | ' | ||||||||||||
Property, Plant and Equipment Disclosure | ' | ||||||||||||
PROPERTY AND EQUIPMENT AND LEASES: | |||||||||||||
Property and Equipment | |||||||||||||
Major classifications of property and equipment as of December 31, 2013 and 2012 were as follows (dollars in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Property: | |||||||||||||
Land and land improvements | $ | 547,539 | $ | 562,432 | |||||||||
Buildings and leasehold improvements | 122,919 | 90,149 | |||||||||||
Bridges/tunnels/culverts | 556,108 | 531,388 | |||||||||||
Track property | 2,078,084 | 2,010,511 | |||||||||||
Total property | 3,304,650 | 3,194,480 | |||||||||||
Equipment: | |||||||||||||
Computer equipment | 11,307 | 9,235 | |||||||||||
Locomotives and railcars | 493,977 | 458,404 | |||||||||||
Vehicles and mobile equipment | 42,127 | 38,226 | |||||||||||
Signals and crossing equipment | 63,208 | 30,564 | |||||||||||
Track equipment | 19,205 | 17,853 | |||||||||||
Other equipment | 28,524 | 22,673 | |||||||||||
Total equipment | 658,348 | 576,955 | |||||||||||
Construction-in-process | 30,395 | 69,505 | |||||||||||
Total property and equipment | 3,993,393 | 3,840,940 | |||||||||||
Less: accumulated depreciation | (552,649 | ) | (444,645 | ) | |||||||||
Property and equipment, net | $ | 3,440,744 | $ | 3,396,295 | |||||||||
Construction-in-process consisted primarily of costs associated with equipment purchases and track and equipment upgrades. Major classifications of construction-in-process as of December 31, 2013 and 2012 were as follows (dollars in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Property: | |||||||||||||
Buildings and leasehold improvements | $ | 92 | $ | 93 | |||||||||
Bridges/tunnels/culverts | 937 | 3,500 | |||||||||||
Track property | 21,912 | 24,252 | |||||||||||
Equipment: | |||||||||||||
Locomotives and railcars | 6,657 | 39,291 | |||||||||||
Other equipment | 797 | 2,369 | |||||||||||
Total construction-in-process | $ | 30,395 | $ | 69,505 | |||||||||
Track property upgrades typically involve the substantial replacement of rail, ties and/or other track material. Locomotive upgrades generally consist of major mechanical enhancements to the Company’s existing locomotive fleet. Upgrades to the Company’s railcars typically include rebuilding of car body structures and/or converting to an alternative type of freight car. | |||||||||||||
Depreciation expense for the years ended December 31, 2013, 2012 and 2011 totaled $119.2 million, $66.6 million and $59.7 million, respectively. | |||||||||||||
The Credit Agreement is collateralized by a substantial portion of the Company’s real and personal property assets of its domestic subsidiaries that have guaranteed the United States obligations under the Credit Agreement and a substantial portion of the personal property assets of its foreign subsidiaries that have guaranteed the foreign obligations under the Credit Agreement. See Note 9, Long-Term Debt, for more information on the Company's Credit Agreement. | |||||||||||||
Leases | |||||||||||||
The Company enters into operating leases for railcars, locomotives and other equipment as well as real property. The Company also enters into agreements with other railroads and other third parties to operate over certain sections of their track and pays a per car fee to use the track or an annual lease payment. The costs associated with operating leases are expensed as incurred and are not included in the property and equipment table above. | |||||||||||||
The number of railcars and locomotives leased by the Company, including 8,004 railcars and 175 locomotives acquired from RailAmerica in 2012, as of December 31, 2013 and 2012 was as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Railcars | 17,718 | 18,311 | |||||||||||
Locomotives | 100 | 182 | |||||||||||
The Company's operating lease expense for equipment and real property leases and expense for the use of other railroad and other third parties' track for the years ended December 31, 2013, 2012 and 2011 was as follows (2012 excludes lease expense related to RailAmerica's equipment and real property leases and trackage rights expense included in equity earnings for the period from October 1, 2012 to December 28, 2012) (dollars in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Equipment | $ | 32,050 | $ | 13,386 | $ | 19,328 | |||||||
Real property | $ | 8,062 | $ | 5,055 | $ | 4,632 | |||||||
Trackage rights | $ | 50,911 | $ | 28,250 | $ | 23,066 | |||||||
The Company is a party to several lease agreements with Class I carriers and other third parties to operate over various rail lines in North America, with varied expirations. Certain of these lease agreements have annual lease payments, which are included in the operating lease section of the schedule of future minimum lease payments shown below as well as the trackage rights expense in the table above. Revenues from railroads that the Company leases from Class I carriers and other third parties collectively accounted for approximately 9% of the Company's 2013 total operating revenues. Leases from Class I railroads and other third parties that are subject to expiration in each of the next 10 years represent less than 2% of the Company's annual revenues in the year of expiration based on the Company's operating revenues for the year ended December 31, 2013. | |||||||||||||
The following is a summary of future minimum lease payments under capital leases and operating leases as of December 31, 2013 (dollars in thousands): | |||||||||||||
Capital | Operating | Total | |||||||||||
2014 | $ | 876 | $ | 32,414 | $ | 33,290 | |||||||
2015 | 877 | 21,644 | 22,521 | ||||||||||
2016 | 881 | 17,305 | 18,186 | ||||||||||
2017 | 8,297 | 14,387 | 22,684 | ||||||||||
2018 | 27 | 12,420 | 12,447 | ||||||||||
Thereafter | 184 | 137,231 | 137,415 | ||||||||||
Total minimum payments | $ | 11,142 | $ | 235,401 | $ | 246,543 | |||||||
Intangible_Assets_Other_Assets
Intangible Assets, Other Assets, Net and Goodwill | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
INTANGIBLE ASSETS, OTHER ASSETS, NET AND GOODWILL: [Abstract] | ' | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||
INTANGIBLE ASSETS, OTHER ASSETS AND GOODWILL: | |||||||||||||||
Intangible Assets | |||||||||||||||
Intangible assets as of December 31, 2013 and 2012 were as follows (dollars in thousands): | |||||||||||||||
2013 | |||||||||||||||
Gross | Accumulated | Intangible Assets, Net | Weighted | ||||||||||||
Carrying | Amortization | Average | |||||||||||||
Amount | Amortization | ||||||||||||||
Period | |||||||||||||||
(in Years) | |||||||||||||||
Intangible assets: | |||||||||||||||
Amortizable intangible assets: | |||||||||||||||
Service agreements | $ | 37,622 | $ | 13,547 | $ | 24,075 | 28 | ||||||||
Customer contracts and relationships | 178,603 | 22,899 | 155,704 | 36 | |||||||||||
Track access agreements | 430,241 | 32,116 | 398,125 | 43 | |||||||||||
Total amortizable intangible assets | $ | 646,466 | $ | 68,562 | $ | 577,904 | 40 | ||||||||
Non-amortizable intangible assets: | |||||||||||||||
Perpetual track access agreements | 35,891 | ||||||||||||||
Operating license | 138 | ||||||||||||||
Total intangible assets, net | $ | 613,933 | |||||||||||||
2012 | |||||||||||||||
Gross | Accumulated | Intangible Assets, Net | Weighted | ||||||||||||
Carrying | Amortization | Average | |||||||||||||
Amount | Amortization | ||||||||||||||
Period | |||||||||||||||
(in Years) | |||||||||||||||
Intangible assets: | |||||||||||||||
Amortizable intangible assets: | |||||||||||||||
Service agreements | $ | 37,622 | $ | 12,214 | $ | 25,408 | 28 | ||||||||
Customer contracts and relationships | 150,532 | 17,421 | 133,111 | 35 | |||||||||||
Track access agreements | 492,494 | 16,830 | 475,664 | 44 | |||||||||||
Total amortizable intangible assets | $ | 680,648 | $ | 46,465 | $ | 634,183 | 41 | ||||||||
Non-amortizable intangible assets: | |||||||||||||||
Perpetual track access agreements | 35,891 | ||||||||||||||
Operating license | 132 | ||||||||||||||
Total intangible assets, net | $ | 670,206 | |||||||||||||
The Company expenses costs incurred to renew or extend the term of its track access agreements. | |||||||||||||||
In its final determination of fair values of the assets acquired from RailAmerica, the Company assigned $120.5 million to amortizable customer contracts and relationships and $300.7 million to amortizable track access agreements, which were included in the Company's intangible assets as of December 31, 2013. In its preliminary determination of fair values, the Company had assigned $92.6 million to amortizable customer contracts and relationships and $358.5 million to amortizable track access agreements, which were included in the Company's intangible assets as of December 31, 2012. Based on the Company's estimate of their expected economic life, these intangibles are being amortized on a straight-line basis over a weighted average life of 42 years. | |||||||||||||||
The perpetual track access agreements on one of the Company’s railroads have been determined to have an indefinite useful life and, therefore, are not subject to amortization. However, these assets are tested for impairment annually or in interim periods if events indicate possible impairment. | |||||||||||||||
In the years ended December 31, 2013, 2012 and 2011, the aggregate amortization expense associated with intangible assets was $22.5 million, $6.8 million and $6.8 million, respectively. The Company estimates the future aggregate amortization expense related to its intangible assets as of December 31, 2013 will be as follows for the periods presented (dollars in thousands): | |||||||||||||||
2014 | $ | 22,227 | |||||||||||||
2015 | 22,158 | ||||||||||||||
2016 | 22,109 | ||||||||||||||
2017 | 22,109 | ||||||||||||||
2018 | 20,303 | ||||||||||||||
Thereafter | 468,998 | ||||||||||||||
Total | $ | 577,904 | |||||||||||||
Other Assets | |||||||||||||||
Other assets as of December 31, 2013 and 2012 were as follows (dollars in thousands): | |||||||||||||||
2013 | |||||||||||||||
Gross | Accumulated | Other Assets, Net | Weighted | ||||||||||||
Carrying | Amortization | Average | |||||||||||||
Amount | Amortization | ||||||||||||||
Period | |||||||||||||||
(in Years) | |||||||||||||||
Other assets: | |||||||||||||||
Deferred financing costs | $ | 43,650 | $ | 11,930 | $ | 31,720 | 4 | ||||||||
Other assets | 52,241 | 14 | 52,227 | 0 | |||||||||||
Total other assets, net | $ | 95,891 | $ | 11,944 | $ | 83,947 | |||||||||
2012 | |||||||||||||||
Gross | Accumulated | Other Assets, Net | Weighted | ||||||||||||
Carrying | Amortization | Average | |||||||||||||
Amount | Amortization | ||||||||||||||
Period | |||||||||||||||
(in Years) | |||||||||||||||
Other assets: | |||||||||||||||
Deferred financing costs | $ | 42,844 | $ | 2,352 | $ | 40,492 | 5 | ||||||||
Other assets | 16,535 | 14 | 16,521 | 0 | |||||||||||
Total other assets, net | $ | 59,379 | $ | 2,366 | $ | 57,013 | |||||||||
In the years ended December 31, 2013, 2012 and 2011, the Company amortized $10.2 million, $7.0 million and $2.5 million of deferred financing costs as an adjustment to interest expense. Deferred financing costs are amortized as an adjustment to interest expense over the terms of the related debt using the effective-interest method for the term debt and the straight-line method for the revolving credit facility portion of debt. The 2013 amortization amount included $0.5 million associated with the write-off of deferred financing costs as a result of the prepayment of the remaining balance on the Canadian term loan. The 2012 amortization amount included $3.2 million associated with the write-off of deferred financing fees as a result of the October 2012 refinancing of the Company's senior credit facility and senior notes. The 2011 amortization amount included $0.5 million associated with the write-off of deferred financing fees as a result of the July 2011 refinancing of the Company's senior credit facility then in effect. | |||||||||||||||
As of December 31, 2013, the Company estimated the future interest expense related to amortization of its deferred financing costs will be as follows for the periods presented (dollars in thousands): | |||||||||||||||
2014 | $ | 9,202 | |||||||||||||
2015 | 8,639 | ||||||||||||||
2016 | 8,167 | ||||||||||||||
2017 | 5,712 | ||||||||||||||
Total | $ | 31,720 | |||||||||||||
Goodwill | |||||||||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 were as follows (dollars in thousands): | |||||||||||||||
2013 | 2012 | ||||||||||||||
Goodwill: | |||||||||||||||
Balance at beginning of period | $ | 634,953 | $ | 160,277 | |||||||||||
Goodwill acquired | — | 474,115 | |||||||||||||
Purchase accounting adjustments | (3,087 | ) | — | ||||||||||||
Currency translation adjustment | (1,404 | ) | 561 | ||||||||||||
Balance at end of period | $ | 630,462 | $ | 634,953 | |||||||||||
The Company’s goodwill for the years ended December 31, 2013 and 2012 was attributable to the Company’s North American & European operating segment. In its final determination of fair values of the assets and liabilities acquired from RailAmerica, the Company reduced goodwill by $3.1 million during the year ended December 31, 2013. In the preliminary determination of fair values of the assets and liabilities acquired from RailAmerica, the Company had assigned $474.1 million to goodwill as of December 31, 2012. Of the total amount of goodwill acquired from the RailAmerica acquisition, approximately $30 million will be deductible for income tax purposes. The Company tests its goodwill and other indefinite-lived intangibles for impairment annually or in interim periods if events indicate possible impairmen |
Equity_Investment
Equity Investment | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Equity Investment [Abstract] | ' | |||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' | |||
EQUITY INVESTMENT: | ||||
RailAmerica, Inc. | ||||
On October 1, 2012, the Company acquired 100% of RailAmerica's 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 (see Note 3, Changes in Operations). The shares of RailAmerica were held in a voting trust while the 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 determination of fair values of the acquired assets and assumed liabilities were included in the Company's consolidated balance sheet at December 31, 2012. | ||||
In accordance with U.S. GAAP, a new accounting basis was established for RailAmerica on October 1, 2012 for its stand-alone financial statements. The Company recognized $15.6 million ($15.8 million of net income reported by RailAmerica less $0.2 million to eliminate activity between RailAmerica and G&W) of net income from the equity investment in RailAmerica during the three months ended December 31, 2012, which was reported in the Company's consolidated statements of operations under the caption Income from equity investment in RailAmerica, net. The income from equity investment included $3.5 million of after-tax acquisition/integration costs incurred by RailAmerica in the three months ended December 31, 2012. | ||||
The following condensed consolidated financial data of RailAmerica is based on U.S. GAAP: | ||||
RAILAMERICA, INC. AND SUBSIDIARIES | ||||
CONDENSED CONSOLIDATED BALANCE SHEET | ||||
(dollars in thousands) | ||||
28-Dec-12 | ||||
Assets | ||||
Current assets | $ | 270,560 | ||
Property and equipment, net | 1,588,612 | |||
Goodwill | 474,115 | |||
Intangible assets, net | 446,327 | |||
Other assets, net | 116 | |||
Total assets | $ | 2,779,730 | ||
Liabilities and equity | ||||
Current liabilities | $ | 136,717 | ||
Long-term debt, less current portion | 10,410 | |||
Deferred income tax liabilities, net | 551,856 | |||
Other long-term liabilities | 19,618 | |||
Commitments and contingencies | — | |||
Total RailAmerica, Inc. stockholders' equity | 2,055,604 | |||
Noncontrolling interest | 5,525 | |||
Total equity | 2,061,129 | |||
Total liabilities and equity | $ | 2,779,730 | ||
RAILAMERICA, INC. AND SUBSIDIARIES | ||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | ||||
(dollars in thousands) | ||||
Period from October 1, 2012 (Acquisition) to | ||||
28-Dec-12 | ||||
Operating revenues | $ | 151,065 | ||
Operating expenses | 124,928 | |||
Income from operations | 26,137 | |||
Interest expense | (90 | ) | ||
Other income | 9 | |||
Income before income taxes | 26,056 | |||
Provision for income taxes | 10,250 | |||
Net income | 15,806 | |||
Less: Net income attributable to noncontrolling interest | — | |||
Net income attributable to RailAmerica. Inc. | $ | 15,806 | ||
RAILAMERICA, INC. AND SUBSIDIARIES | ||||
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||
(dollars in thousands) | ||||
Period from October 1, 2012 (Acquisition) to | ||||
28-Dec-12 | ||||
Net income | $ | 15,806 | ||
Other comprehensive income/(loss): | ||||
Foreign currency translation adjustment | (2,150 | ) | ||
Actuarial gain associated with pension and postretirement benefit plans, net of tax provision of $53 | 166 | |||
Other comprehensive loss | (1,984 | ) | ||
Comprehensive income | $ | 13,822 | ||
RAILAMERICA, INC. AND SUBSIDIARIES | ||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | ||||
(dollars in thousands) | ||||
Period from October 1, 2012 (Acquisition) to | ||||
December 28, 2012 | ||||
Net cash provided by operating activities | $ | 41,897 | ||
Net cash used in investing activities | (19,804 | ) | ||
Net cash used in financing activities | (144 | ) | ||
Effect of exchange rate changes on cash and cash equivalents | (129 | ) | ||
Increase in cash and cash equivalents | 21,820 | |||
Cash and cash equivalents, beginning of period | 86,102 | |||
Cash and cash equivalents, end of period | $ | 107,922 | ||
Longterm_Debt_Notes
Long-term Debt (Notes) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Long-term Debt, Unclassified [Abstract] | ' | ||||||||
Long-term Debt [Text Block] | ' | ||||||||
LONG-TERM DEBT: | |||||||||
Long-term debt consisted of the following as of December 31, 2013 and 2012 (dollars in thousands): | |||||||||
2013 | 2012 | ||||||||
Credit Agreement with variable interest rates (weighted average of 2.13% and 3.04% before impact of interest rate swaps at December 31, 2013 and 2012, respectively) due 2017 | $ | 1,583,798 | $ | 1,805,799 | |||||
Amortizing Notes component of TEUs with fixed interest rate of 5.00% due 2015 | 21,878 | 32,435 | |||||||
Other debt and capital leases with interest rates up to 10.00% and maturing at various dates up to 2054 | 19,036 | 19,901 | |||||||
Long-term debt | 1,624,712 | 1,858,135 | |||||||
Less: current portion | 84,366 | 87,569 | |||||||
Long-term debt, less current portion | $ | 1,540,346 | $ | 1,770,566 | |||||
Credit Agreement | |||||||||
As of October 1, 2012, the Senior Secured Syndicated Credit Facility Agreement (the Credit Agreement) included a $425.0 million revolving credit facility, a $1.6 billion United States term loan, a C$24.6 million ($25.0 million at the exchange rate on October 1, 2012) Canadian term loan and an A$202.9 million ($210.0 million at the exchange rate on October 1, 2012) Australian term loan. The revolving credit facility also includes borrowing capacity for letters of credit and for borrowings on same-day notice, referred to as swingline loans. The Credit Agreement has a maturity date of October 1, 2017. | |||||||||
The Credit Agreement allows for borrowings under the revolving credit facility in United States dollars, Euros, Canadian dollars and Australian dollars. Under the revolving credit facility, the applicable borrowing spread for the United States base rate loans and Canadian base rate loans under the Credit Agreement initially were 1.50% over the base rate through December 31, 2012 and ranged from 0.50% to 1.75% over the base rate depending upon the Company's total leverage ratio through March 27, 2013. The applicable borrowing spread in the case of the United States, Canadian and European loans is the London Interbank Offered Rate (LIBOR) and the Australian loans is the Bank Bill Swap Reference Rate (BBSW), which were initially 2.50% over the LIBOR and BBSW rate through December 31, 2012 and ranged from 1.50% to 2.75% over these rates depending upon the Company's total leverage ratio through March 27, 2013. BBSW is the wholesale interbank reference rate within Australia, which the Company believes is generally considered the Australian equivalent to LIBOR. On March 28, 2013, the Company entered into Amendment No. 1 (the Amendment) to the Credit Agreement. As a result of the Amendment, the applicable borrowing spread for the United States and Canadian base rate loans under the revolving credit facility were reduced to 0.25% to 1.50% over the base rate and the applicable borrowing spread for the United States, Canadian, European and Australian term loans were reduced to 1.25% to 2.50% over the respective LIBOR and BBSW rates depending upon the Company’s total leverage ratio. | |||||||||
The existing term loans and loans under the revolving credit facility are guaranteed by substantially all of the Company’s United States subsidiaries for the United States guaranteed obligations and by substantially all of its foreign subsidiaries for the foreign guaranteed obligations. The Credit Agreement is collateralized by a substantial portion of the Company’s real and personal property assets of its domestic subsidiaries that have guaranteed the United States obligations under the Credit Agreement and a substantial portion of the personal property assets of its foreign subsidiaries that have guaranteed the foreign obligations under the Credit Agreement. | |||||||||
During the three months ended December 31, 2012, the Company made prepayments on the United States term loan of $47.5 million, prepayments on the Canadian term loan of C$10.0 million (or $10.0 million at the exchange rate on the date it was paid) and prepayments on the Australian term loan of A$18.0 million (or $18.6 million at the exchange rate on the date it was paid). The Company also made scheduled quarterly principal payments of $16.4 million on the United States term loan, C$0.2 million (or $0.2 million at the average exchange rate during the period in which paid) on the Canadian term loan and A$2.0 million (or $2.1 million at the average exchange rate during the period in which paid) on the Australian term loan during the three months ended December 31, 2012. | |||||||||
In March 2013, the Company prepaid in full the remaining balance on the Canadian term loan, which resulted in the write-off of unamortized deferred financing costs of $0.5 million. In addition, during the year ended December 31, 2013, the Company made prepayments of $79.0 million and scheduled quarterly principal payments totaling $63.7 million on the United States term loan. During the year ended December 31, 2013, the Company made prepayments of A$24.0 million (or $23.6 million at the average exchange rates during the periods in which paid) and scheduled quarterly principal payments totaling A$8.1 million (or $7.7 million at the average exchange rates during the periods in which paid) on the Australian term loan. | |||||||||
As of December 31, 2013, the Company had outstanding term loans of $1.4 billion in the United States with an interest rate of 1.92% and A$150.8 million in Australia (or $134.4 million at the exchange rate on December 31, 2013) with an interest rate of 4.40%. As of December 31, 2013, the Company had outstanding revolving credit facilities of $11.0 million in the United States with an interest rate of 1.92% and €3.6 million in Europe (or $4.9 million at the exchange rate on December 31, 2013) with an interest rate of 1.97%. | |||||||||
In addition to paying interest on any outstanding borrowings under the Credit Agreement, the Company is required to pay a commitment fee in respect of the unutilized portion of the commitments under the revolving credit facility. The commitment fee rate initially was 0.50% per annum through December 31, 2012 and will range from 0.25% to 0.50% depending upon the Company's total leverage ratio thereafter. The Company also pays customary letter of credit and agency fees. | |||||||||
The Credit Agreement also includes (a) a $45.0 million sub-limit for the issuance of standby letters of credit and (b) sub-limits for swingline loans including (i) up to $30.0 million under the United States revolving credit facility, (ii) up to $15.0 million under each of the Canadian revolving credit facility and the Australian revolving credit facility and (iii) up to $10.0 million under the Euro revolving credit facility. | |||||||||
The Credit Agreement contains a number of customary affirmative and negative covenants that, among other things, limit or prohibit the Company's ability, subject to certain exceptions, to incur additional indebtedness; create liens; make investments; pay dividends on capital stock or redeem, repurchase or retire capital stock; consolidate or merge or make acquisitions or dispose of assets; enter into sale and leaseback transactions; engage in any business unrelated to the business currently conducted by the Company; sell or issue capital stock of any of the Company's restricted subsidiaries; change its fiscal year; enter into certain agreements containing negative pledges and upstream limitations and engage in certain transactions with affiliates. Under the Credit Agreement, the Company may not have an interest coverage ratio less than 3.50 to 1.00 as of the last day of any fiscal quarter. In addition, the Company may not exceed specified maximum total leverage ratios as described in the following table: | |||||||||
Period | Maximum Total Leverage Ratio | ||||||||
Closing Date through September 30, 2013 | 4.75 to 1.00 | ||||||||
October 1, 2013 through September 30, 2014 | 4.25 to 1.00 | ||||||||
October 1, 2014 through September 30, 2015 | 3.75 to 1.00 | ||||||||
October 1, 2015 and thereafter | 3.50 to 1.00 | ||||||||
As of December 31, 2013, the Company was in compliance with the covenants under the Credit Agreement. As of December 31, 2013, the Company's $425.0 million revolving credit facility consisted of $15.9 million of outstanding debt, subsidiary letters of credit guarantees of $3.1 million and $406.0 million of unused borrowing capacity. Subject to maintaining compliance with the covenants under the Credit Agreement, the $406.0 million of unused borrowing capacity as of December 31, 2013 is available for working capital, capital expenditures, permitted investments, permitted acquisitions, refinancing existing indebtedness and general corporate purposes. | |||||||||
On July 29, 2011, the Company entered into the Third Amended and Restated Revolving Credit and Term Loan Agreement (the Prior Credit Agreement), which replaced the Company's credit agreement then in effect. The Prior Credit Agreement had a borrowing capacity of $750.0 million and a maturity date of July 29, 2016. The Prior Credit Agreement included a $425.0 million revolving credit facility, a $200.0 million United States term loan, an A$92.2 million ($100.0 million at the July 29, 2011 exchange rate) Australian term loan and a C$23.6 million ($25.0 million at the July 29, 2011 exchange rate) Canadian term loan. In connection with the RailAmerica acquisition, on October 1, 2012, the Company repaid in full all outstanding loans, together with interest and all other amounts due under the Prior Credit Agreement. No penalties were due in connection with such repayments. In connection with the repayment of the Prior Credit Agreement, the Company wrote off $2.9 million of unamortized debt issuance costs and incurred $0.5 million of legal expenses in the year ended December 31, 2012. | |||||||||
Senior Notes | |||||||||
In 2005, the Company completed a private placement of $100.0 million of Series B senior notes and $25.0 million of Series C senior notes. The Series B senior notes bore interest at 5.36% and were due in July 2015. On October 1, 2012, the Company repaid the $100.0 million of outstanding Series B senior notes, along with an aggregate $12.6 million make-whole payment, with proceeds from the Credit Agreement. The Series C senior notes had a borrowing rate of three-month LIBOR plus 0.70% and were repaid in July 2012 through borrowings under the Prior Credit Agreement. In addition, the Company wrote off $0.3 million of unamortized debt issuance costs associated with the senior notes during the year ended December 31, 2012. | |||||||||
TEUs | |||||||||
On September 19, 2012, the Company issued 2,300,000 5.00% TEUs. Each TEU initially consisted of a prepaid stock purchase contract (Purchase Contract) and a senior amortizing note due October 1, 2015 (Amortizing Note) issued by the Company, which had an initial principal amount of $14.1023 per Amortizing Note. As of December 31, 2013, the Amortizing Notes had an aggregate principal amount of $21.9 million. On each January 1, April 1, July 1 and October 1, the Company is required to pay holders of Amortizing Notes equal quarterly installments of $1.25 per Amortizing Note (except for the January 1, 2013 installment payment, which was $1.4167 per Amortizing Note), which cash payments in the aggregate will be equivalent to a 5.00% cash payment per year with respect to each $100 stated amount of the TEUs. Each installment constitutes a payment of interest (at an annual rate of 4.50%) and a partial repayment of principal on the Amortizing Note. The Amortizing Notes have a scheduled final installment payment date of October 1, 2015. If the Company elects to settle the Purchase Contracts early, holders of the Amortizing Notes will have the right to require the Company to repurchase such holders' Amortizing Notes, except in certain circumstances as described in the indenture governing the Amortizing Notes. | |||||||||
Non-Interest Bearing Loan | |||||||||
In 2010, as part of the acquisition of FreightLink Pty Ltd, Asia Pacific Transport Pty Ltd and related corporate entities (FreightLink Acquisition), the Company assumed debt with a carrying value of A$1.8 million (or $1.7 million at the exchange rate on December 1, 2010), which represented the fair value of an A$50.0 million (or $48.2 million at the exchange rate on December 1, 2010) non-interest bearing loan due in 2054. As of December 31, 2013, the carrying value of the loan was A$2.3 million (or $2.0 million at the exchange rate on December 31, 2013) with a non-cash imputed interest rate of 8.0%. | |||||||||
Schedule of Future Payments Including Capital Leases | |||||||||
The following is a summary of the maturities of long-term debt, including capital leases, as of December 31, 2013 (dollars in thousands): | |||||||||
2014 | $ | 84,366 | |||||||
2015 | 106,022 | ||||||||
2016 | 112,407 | ||||||||
2017 | 1,320,643 | ||||||||
2018 | 319 | ||||||||
Thereafter (1) | 44,759 | ||||||||
Total | $ | 1,668,516 | |||||||
-1 | Includes the A$50.0 million (or $44.6 million at the exchange rate on December 31, 2013) non-interest bearing loan due in 2054 assumed in the FreightLink Acquisition with a carrying value of A$2.3 million (or $2.0 million at the exchange rate on December 31, 2013). |
Derivative_Financial_Instrumen
Derivative Financial Instruments (Notes) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Derivative Financial Instruments [Abstract] | ' | |||||||||||||
Derivative Financial Instruments | ' | |||||||||||||
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. 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 periods 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 | 9/29/14 | 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 | 9/29/15 | 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 | ||||||||
On November 9, 2012, the Company entered into multiple 10-year forward starting interest rate swap agreements to manage the exposure to changes in interest rates on the Company's variable rate debt. On the date of the hedge designation, September 30, 2016, it is probable that the Company will either issue $300.0 million of fixed-rate debt or have $300.0 million of variable-rate debt under the Company's commercial banking lines. The forward starting interest swap agreements are expected to settle in cash on September 30, 2016. The Company expects any gains or losses on settlement will be amortized over the life of the respective swaps. | ||||||||||||||
The following table summarizes the Company's interest rate swap agreements that expired during 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 | ||||||||
1/1/13 | $ | 1,350,000 | 0.25% | 1-month LIBOR | ||||||||||
4/1/13 | $ | 1,300,000 | 0.25% | 1-month LIBOR | ||||||||||
7/1/13 | $ | 1,250,000 | 0.25% | 1-month LIBOR | ||||||||||
The fair value of the interest rate swap agreements were estimated based on Level 2 inputs. The Company’s effectiveness testing during the year ended December 31, 2013 resulted in no amount of gain or loss reclassified from accumulated other comprehensive income/(loss) into earnings due to ineffectiveness. During the year ended December 31, 2013, $4.1 million of net losses were realized and recorded as interest expense in the consolidated statement of operations. Based on the Company's fair value assumptions as of December 31, 2013, it expects to realize $1.6 million of net losses that are reported in accumulated other comprehensive income into earnings within the next 12 months. See Note 16, Accumulated Other Comprehensive Income, for additional information regarding the Company's cash flow hedges. | ||||||||||||||
Foreign Currency Exchange Rate Risk | ||||||||||||||
As of December 31, 2013, $142.1 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, Canadian dollar and Euro. The debt service obligations associated with this foreign currency debt are generally funded directly from those 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, the Company may face exchange rate risk if the Australian or Canadian dollar 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 these derivative contracts 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. | ||||||||||||||
To mitigate the foreign currency exchange rate risk related to a non-functional currency intercompany loan between the United States and Australian entities, 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$105.0 million intercompany loan receivable in the United States into a $100.6 million loan receivable. As a result of the quarterly net settlement payments associated with this swap, the Company realized a net expense of $4.4 million within interest (expense)/income for the year ended December 31, 2012. In addition, the Company recognized $0.6 million within other income, net related to the settlement of the derivative agreement and the underlying intercompany debt instrument to the exchange rate for the year ended December 31, 2012. The Swap expired on December 1, 2012 and was settled for $9.1 million. | ||||||||||||||
On November 29, 2012, simultaneous with the termination of the previous swap, the Company entered into two new 2-year Australian dollar/United States dollar floating to floating cross-currency swap agreements (the Swaps), effective December 3, 2012. These agreements expire on December 1, 2014. The Swaps effectively convert the A$105.0 million intercompany loan receivable in the United States into a $109.6 million loan receivable. The Swaps require the Company to pay Australian dollar BBSW plus 3.25% based on a notional amount of A$105.0 million and allow the Company to receive United States 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 we believe is generally considered the Australian equivalent to LIBOR. As a result of these quarterly net settlement payments, the Company realized a net expense of $2.7 million within interest (expense)/income for the year ended December 31, 2013. In addition, the Company recognized $0.4 million within other income, net related to the settlement of the derivative agreement and the underlying intercompany debt instrument to the exchange rate for the year ended December 31, 2013. | ||||||||||||||
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, Carlyle agreed to purchase a minimum of $350.0 million of Series A-1 Preferred Stock, which Series A-1 Preferred Stock was convertible into the Company's Class A common stock in certain circumstances. 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. For the period between July 23, 2012 and September 30, 2012, this instrument 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. 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, and, accordingly, the Company recorded a $50.1 million non-cash mark-to-market expense related to the Investment Agreement for the year ended December 31, 2012. As discussed in Note 4, Earnings 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 December 31, 2013 and 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 derivative instruments recorded in the consolidated balance sheets as of December 31, 2013 and 2012 (dollars in thousands): | ||||||||||||||
Fair Value | ||||||||||||||
Balance Sheet Location | 2013 | 2012 | ||||||||||||
Asset Derivatives: | ||||||||||||||
Derivatives designated as hedges: | ||||||||||||||
Interest rate swap agreements | Other assets, net | $ | 36,987 | $ | 4,227 | |||||||||
Derivatives not designated as hedges: | ||||||||||||||
Cross-currency swap agreements | Prepaid expenses and other | $ | 16,056 | $ | 255 | |||||||||
Liability Derivatives: | ||||||||||||||
Derivatives designated as hedges: | ||||||||||||||
Interest rate swap agreements | Accrued expenses | $ | 1,601 | $ | 3,777 | |||||||||
Interest rate swap agreements | Other long-term liabilities | 838 | 882 | |||||||||||
Total derivatives designated as hedges | $ | 2,439 | $ | 4,659 | ||||||||||
Derivatives not designated as hedges: | ||||||||||||||
Cross-currency swap agreements | Other long-term liabilities | $ | — | $ | 143 | |||||||||
The following table shows the effect of the Company’s derivative instrument designated as a cash flow hedge for the years ended December 31, 2013, 2012 and 2011 in other comprehensive income/(loss) (OCI) (dollars in thousands): | ||||||||||||||
Total Cash Flow | ||||||||||||||
Hedge OCI Activity, | ||||||||||||||
Net of Tax | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Derivatives Designated as Cash Flow Hedges: | ||||||||||||||
Effective portion of changes in fair value recognized in OCI: | ||||||||||||||
Interest rate swap agreement | $ | 20,988 | $ | 4,053 | $ | 1,334 | ||||||||
The following table shows the effect of the Company’s derivative instruments not designated as hedges for the years ended December 31, 2013, 2012 and 2011 in the consolidated statements of operations (dollars in thousands): | ||||||||||||||
Amount Recognized in Earnings | ||||||||||||||
Location of Amount Recognized | 2013 | 2012 | 2011 | |||||||||||
in Earnings | ||||||||||||||
Derivative Instruments Not Designated as Hedges: | ||||||||||||||
Cross-currency swap agreements | Interest (expense)/income | $ | (2,696 | ) | $ | (4,638 | ) | $ | (5,935 | ) | ||||
Cross-currency swap agreements | Other income, net | 427 | 303 | 246 | ||||||||||
Contingent forward sale contract | Contingent forward sale contract mark-to-market expense | — | (50,106 | ) | — | |||||||||
$ | (2,269 | ) | $ | (54,441 | ) | $ | (5,689 | ) |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments (Notes) | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 consolidated balance sheet as either assets or liabilities measured at fair value. As of December 31, 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 December 31, 2013 and 2012 (dollars in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Financial instruments carried at fair value using Level 2 inputs: | |||||||||||||||||
Interest rate swap agreements | $ | 36,987 | $ | 4,227 | |||||||||||||
Cross-currency swap agreements | 16,056 | 255 | |||||||||||||||
Total financial assets carried at fair value | $ | 53,043 | $ | 4,482 | |||||||||||||
Interest rate swap agreements | $ | 2,439 | $ | 4,659 | |||||||||||||
Cross-currency swap agreements | — | 143 | |||||||||||||||
Total financial liabilities carried at fair value | $ | 2,439 | $ | 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 December 31, 2013 and 2012 (dollars in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
Value | Value | ||||||||||||||||
Financial liabilities carried at historical cost: | |||||||||||||||||
Revolving credit facility | $ | 15,949 | $ | 15,956 | $ | 25,153 | $ | 25,222 | |||||||||
United States term loan | 1,433,414 | 1,429,204 | 1,576,100 | 1,562,385 | |||||||||||||
Canadian term loan | — | — | 14,446 | 14,353 | |||||||||||||
Australia term loan | 134,436 | 135,491 | 190,100 | 191,057 | |||||||||||||
Amortizing Notes component of TEUs | 21,878 | 21,698 | 32,435 | 31,484 | |||||||||||||
Other debt | 19,035 | 18,996 | 19,901 | 19,759 | |||||||||||||
Total | $ | 1,624,712 | $ | 1,621,345 | $ | 1,858,135 | $ | 1,844,260 | |||||||||
Employee_Benefit_Programs
Employee Benefit Programs | 12 Months Ended |
Dec. 31, 2013 | |
EMPLOYEE BENEFIT PROGRAMS: [Abstract] | ' |
Compensation and Employee Benefit Plans | ' |
EMPLOYEE BENEFIT PROGRAMS: | |
Employee Bonus Programs | |
The Company has performance-based bonus programs that include a majority of non-union employees. Approximately $17.7 million, $14.2 million and $10.7 million were awarded under the various performance-based bonus plans in the years ended December 31, 2013, 2012 and 2011, respectively. | |
Defined Contribution Plans | |
Under the Genesee & Wyoming Inc. 401(k) Savings Plan, the Company matches participants’ contributions up to 4% of the participants’ salary on a pre-tax basis. Under the RailAmerica Employees' 401(k) Savings Plan, which remained in effect in 2013 for legacy RailAmerica employees that were employees of the Company during 2013, the Company made contributions to their plan at a rate of 50% of the employees’ contribution up to $2,500 for Railroad Retirement employees and up to $5,000 for employees covered under the Federal Insurance Contributions Act. The Company’s contributions to the plans in total for the years ended December 31, 2013, 2012 and 2011 were $3.8 million, $1.8 million and $1.7 million, respectively. The Company's contribution for the year ended December 31, 2012 does not include contributions made by RailAmerica to its 401(k) plan during the period while the shares of RailAmerica were held in a voting trust. | |
The Company’s Canadian subsidiaries administer three different retirement benefit plans. The plans qualify under Section 146 of the federal and provincial income tax law and are Registered Retirement Savings Plans (RRSP). Under each plan, employees may elect to contribute a certain percentage of their salary on a pre-tax basis. Under one plan, the Company matches 6% of gross salary up to a maximum of C$3,500 (or $3,295 at the December 31, 2013 exchange rate). Under the other two plans, the Company matches the employee’s contribution up to a maximum of 5% of gross salary. Company contributions to the plans in the years ended December 31, 2013, 2012 and 2011, were $1.3 million, $0.7 million and $0.6 million, respectively. The Company's contribution for the year ended December 31, 2012 does not include contributions made by RailAmerica to its retirement benefit plan during the period while the shares of RailAmerica were held in a voting trust. | |
The Company’s Australian subsidiary administers a statutory retirement benefit plan. The Company was required to contribute the equivalent of 9.25%, 9.00% and 9.00% of an employee’s base salary into a registered superannuation fund in each of the years ended December 31, 2013, 2012 and 2011, respectively. Employees may elect to make additional contributions either before or after tax. Company contributions were $4.4 million, $4.1 million and $2.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Defined Benefit Plans | |
The Company administers three United States noncontributory defined benefit plans for union and non-union employees and one Canadian noncontributory defined benefit plan. Benefits are determined based on a fixed amount per year of credited service. The Company’s funding policy requires contributions for pension benefits based on actuarial computations which reflect the long-term nature of the plans. The Company has met the minimum funding requirements according to the United States Employee Retirement Income Security Act (ERISA) and Canada's Pension Benefits Standards Act. As of December 31, 2013, there were approximately 253 employees participating under these plans. As of December 31, 2013, the Company’s consolidated balance sheet included a $3.9 million pension liability and a $0.4 million loss in accumulated other comprehensive income related to these plans. | |
The Company administers two plans which provide health care and life insurance benefits for certain retired employees in the United States. The Company funds the plans on a pay-as-you-go basis. As of December 31, 2013, there were approximately 69 employees participating under these plans. As of December 31, 2013, the Company’s consolidated balance sheet included a $7.0 million postretirement benefit liability and $0.6 million in accumulated other comprehensive income related to these plans. |
Income_Taxes_Notes
Income Taxes (Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
INCOME TAXES: | |||||||||||||
Included in the Company's net income for the year ended December 31, 2013 was a $25.9 million benefit associated with the extension of the United States Short Line Tax Credit for fiscal year 2013 and a $41.0 million benefit associated with the retroactive extension of the United States Short Line Tax Credit for fiscal year 2012. Since the extension became law in 2013, the 2012 impact was recorded in the first quarter of 2013. The Company's provision for income taxes was $87.2 million for the year ended December 31, 2013, which represented 27.4% of income before income taxes and income from equity investment excluding the retroactive benefit. Included in the Company's income before income taxes and income from equity investment for the year ended December 31, 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 10, Derivative Financial Instruments, for further details on the contingent forward sale contract. As a result, the Company's provision for income taxes was $46.4 million for the year ended December 31, 2012, which represents 34.8% of income before income taxes and income from equity investment other than the mark-to-market expense. The decrease in the effective income tax rate for the year ended December 31, 2013 as compared with the year ended December 31, 2012 was primarily attributable to the renewal of the United States Short Line Tax Credit through December 31, 2013. | |||||||||||||
The components of income before income taxes and income from equity investment for the years ended December 31, 2013, 2012 and 2011 were as follows (dollars in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States | $ | 211,889 | $ | 5,598 | $ | 98,041 | |||||||
Foreign | 106,498 | 77,680 | 59,974 | ||||||||||
Total | $ | 318,387 | $ | 83,278 | $ | 158,015 | |||||||
The Company files a consolidated United States federal income tax return that includes all of its United States subsidiaries. Each of the Company’s foreign subsidiaries files appropriate income tax returns in its respective country. No provision is made for the United States income taxes applicable to the undistributed earnings of controlled foreign subsidiaries as it is the intention of management to fully utilize those earnings in the operations of foreign subsidiaries. If the earnings were to be distributed in the future, those distributions may be subject to United States income taxes (appropriately reduced by available foreign tax credits) and withholding taxes payable to various foreign countries, however, the amount of the tax and credits is not practically determinable. The amount of undistributed earnings of the Company’s controlled foreign subsidiaries as of December 31, 2013 was $268.9 million. | |||||||||||||
The components of the provision for income taxes for the years ended December 31, 2013, 2012 and 2011 were as follows (dollars in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States: | |||||||||||||
Current | |||||||||||||
Federal | $ | 6,571 | $ | 3,582 | $ | 5,652 | |||||||
State | 6,031 | 3,752 | 3,686 | ||||||||||
Deferred | |||||||||||||
Federal | 62 | 17,382 | 12,578 | ||||||||||
State | 4,890 | 906 | 1,535 | ||||||||||
17,554 | 25,622 | 23,451 | |||||||||||
Foreign: | |||||||||||||
Current | 22,697 | 9,907 | 6,488 | ||||||||||
Deferred | 6,045 | 10,873 | 8,592 | ||||||||||
28,742 | 20,780 | 15,080 | |||||||||||
Total | $ | 46,296 | $ | 46,402 | $ | 38,531 | |||||||
The provision for income taxes differs from that which would be computed by applying the statutory United States federal income tax rate to income before taxes. The following is a summary of the effective tax rate reconciliation for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Tax provision at statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Effect of acquisitions/divestitures | — | % | 24.8 | % | (3.1 | )% | |||||||
Effect of foreign operations | (2.1 | )% | (7.7 | )% | (2.9 | )% | |||||||
State income taxes, net of federal income tax benefit | 2.2 | % | 3.8 | % | 2.3 | % | |||||||
Benefit of track maintenance credit | (21.0 | )% | — | % | (6.5 | )% | |||||||
Other, net | 0.4 | % | (0.3 | )% | (0.4 | )% | |||||||
Effective income tax rate | 14.5 | % | 55.6 | % | 24.4 | % | |||||||
The United States track maintenance credit is an income tax 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 and was extended for years 2012 and 2013 on January 2, 2013. | |||||||||||||
Deferred income taxes reflect the effect of temporary differences between the book and tax basis of assets and liabilities as well as available income tax credit and capital and net operating loss carryforwards. The components of net deferred income taxes as of December 31, 2013 and 2012 were as follows (dollars in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accruals and reserves not deducted for tax purposes until paid | $ | 20,183 | $ | 15,824 | |||||||||
Net operating loss carryforwards | 14,577 | 52,863 | |||||||||||
Nonshareholder contributions | 3,185 | 4,799 | |||||||||||
Deferred compensation | 2,974 | 2,175 | |||||||||||
Postretirement benefits | 811 | 2,328 | |||||||||||
Share-based compensation | 6,348 | 11,328 | |||||||||||
Foreign tax credit | 1,964 | 1,964 | |||||||||||
Track maintenance credit | 221,278 | 129,486 | |||||||||||
Alternative minimum tax credit | 1,592 | 1,356 | |||||||||||
Other | 119 | 451 | |||||||||||
273,031 | 222,574 | ||||||||||||
Valuation allowance | (12,194 | ) | (8,613 | ) | |||||||||
Deferred tax liabilities: | |||||||||||||
Interest rate swaps | (13,985 | ) | 7 | ||||||||||
Property basis difference | (1,029,492 | ) | (1,003,990 | ) | |||||||||
Other | (1,884 | ) | (1,843 | ) | |||||||||
Net deferred tax liabilities | $ | (784,524 | ) | $ | (791,865 | ) | |||||||
In the accompanying consolidated balance sheets, these deferred benefits and deferred obligations are classified as current or non-current based on the classification of the related asset or liability for financial reporting. A deferred tax obligation or benefit that is not related to an asset or liability for financial reporting, including deferred tax assets related to tax credit and loss carryforwards, are classified according to the expected reversal date of the temporary difference as of the end of the year. | |||||||||||||
As of December 31, 2013, the Company had United States net operating loss carryforwards in various state jurisdictions that totaled approximately $364.2 million and United States track maintenance credit carryforwards of $221.3 million. Some of the Company's net operating loss and credit carryforwards are subject to Section 382 limitations of the Internal Revenue Code (Section 382). Section 382 imposes limitations on a corporation's ability to utilize its net operating losses and credits if it experiences an “ownership change.” In general terms, an ownership change results from transactions increasing the ownership of certain existing stockholders or new stockholders in the stock of a corporation by more than 50% during a three year testing period. Any unused annual limitation may be carried over to later years, and the amount of the limitation may, under certain circumstances, be increased to reflect both recognized and deemed recognized “built-in gains” that occur during the sixty-month period after the ownership change. The state net operating losses exist in different states and expire between 2014 and 2033. The United States track maintenance credits expire between 2025 and 2033. | |||||||||||||
As of December 31, 2012, the Company had track maintenance credit carryforwards of $129.5 million. The 2012 tax credit carryforwards will expire between 2025 and 2032. | |||||||||||||
The Company maintains a valuation allowance on foreign tax credits and state net operating losses for which, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. It is management's belief that it is more likely than not that a portion of the deferred tax assets will not be realized. | |||||||||||||
A reconciliation of the beginning and ending amount of the Company's valuation allowance is as follows (dollars in thousands): | |||||||||||||
2013 | |||||||||||||
Balance at beginning of year | $ | 8,613 | |||||||||||
Increase for state net operating losses | 1,617 | ||||||||||||
Increase for foreign tax credits | 1,964 | ||||||||||||
Balance at end of year | $ | 12,194 | |||||||||||
A reconciliation of the beginning and ending amount of the Company’s liability for uncertain tax positions is as follows (dollars in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of year | $ | 3,155 | $ | — | $ | — | |||||||
Increase for acquired subsidiary | — | 3,370 | — | ||||||||||
Reductions for tax positions of prior years | — | (215 | ) | — | |||||||||
Balance at end of year | $ | 3,155 | $ | 3,155 | $ | — | |||||||
At December 31, 2013 and 2012, there was $3.2 million of unrecognized tax benefits that if recognized would affect the annual effective tax rate. The Company recognizes interest and penalties related to uncertain tax positions in its provision for income taxes. | |||||||||||||
As of December 31, 2013, the following tax years remain open to examination by the major taxing jurisdictions to which the Company is subject: | |||||||||||||
Open Tax Years | |||||||||||||
Jurisdiction | From | To | |||||||||||
United States | 2001 | - | 2013 | ||||||||||
Australia | 2009 | - | 2013 | ||||||||||
Canada | 2009 | - | 2013 | ||||||||||
Mexico | 2008 | - | 2013 | ||||||||||
Netherlands | 2012 | - | 2013 | ||||||||||
Belgium | 2013 | - | 2013 |
Commitments_and_Contingencies_
Commitments and Contingencies (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies [Text Block] | ' |
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. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
STOCK-BASED COMPENSATION PLANS: [Abstract] | ' | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments | ' | |||||||||||||
STOCK-BASED COMPENSATION PLANS: | ||||||||||||||
In May 2011, the Company's shareholders approved a 2,500,000 share increase in the number of shares of Class A common stock for awards which may be granted under the Omnibus Plan. As a result, the Omnibus Plan allows for the issuance of up to 6,187,500 shares of Class A common stock for awards, which include stock options, restricted stock, restricted stock units and any other form of award established by the Compensation Committee, in each case consistent with the plan’s purpose. Stock-based awards generally have three-year requisite service periods and five year contractual terms. Any shares of common stock available for issuance under the predecessor plans (Amended and Restated 1996 Stock Option Plan, Stock Option Plan for Directors and Deferred Stock Plan for Non-Employee Directors) as of May 12, 2004, plus any shares underlying awards that expire, are terminated or are canceled, are deemed available for issuance or reissuance under the Omnibus Plan. In total, at December 31, 2013, there remained 2,174,314 shares of Class A common stock available for future issuance under the Omnibus Plan. | ||||||||||||||
A summary of option activity under the Omnibus Plan as of December 31, 2013 and changes during the year then ended is presented below: | ||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual Term | (in thousands) | ||||||||||||
(in years) | ||||||||||||||
Outstanding at beginning of year | 1,105,411 | $ | 42.61 | |||||||||||
Granted | 199,209 | 90.3 | ||||||||||||
Exercised | (319,732 | ) | 35.88 | |||||||||||
Expired | (521 | ) | 39.08 | |||||||||||
Forfeited | (15,035 | ) | 63.19 | |||||||||||
Outstanding at end of year | 969,332 | $ | 54.32 | 2.5 | $ | 40,458 | ||||||||
Vested or expected to vest at end of year | 967,559 | $ | 54.26 | 2.5 | $ | 40,440 | ||||||||
Exercisable at end of year | 569,450 | $ | 40.17 | 1.6 | $ | 31,822 | ||||||||
The weighted average grant date fair value of options granted during the years ended December 31, 2013, 2012 and 2011 was $22.16, $16.25 and $15.76, respectively. The total intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 was $17.6 million, $17.3 million and $14.9 million, respectively. | ||||||||||||||
The Company determines the fair value of each option award on the date of grant using the Black-Scholes option pricing model. There are six input variables to the Black-Scholes model: stock price, strike price, volatility, term, risk-free interest rate and dividend yield. Both the stock price and strike price inputs are typically the closing stock price on the date of grant. The assumption for expected future volatility is based on a combination of historical and implied volatility of the Company’s Class A common stock. The expected term of options is derived from the vesting period of the award, as well as historical exercise data, and represents the period of time that options granted are expected to be outstanding. The expected risk-free rate is calculated using the United States Treasury yield curve over the expected term of the option. The expected dividend yield is 0% for all periods presented, based upon the Company’s historical practice of not paying cash dividends on its common stock. The Company uses historical data, as well as management’s current expectations, to estimate forfeitures. | ||||||||||||||
The following weighted average assumptions were used to estimate the grant date fair value of options granted during the years ended December 31, 2013, 2012 and 2011 using the Black-Scholes option pricing model: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Risk-free interest rate | 0.89 | % | 0.52 | % | 1.05 | % | ||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | ||||||||
Expected term (in years) | 4 | 4 | 3.9 | |||||||||||
Expected volatility | 29 | % | 33 | % | 35 | % | ||||||||
As required under the RailAmerica acquisition agreement, on October 1, 2012, the Company converted approximately 432,000 RailAmerica restricted stock awards and 775,000 RailAmerica restricted stock unit awards into approximately 180,000 and 322,000 G&W restricted stock awards and restricted stock unit awards, respectively, at a ratio of 0.4151 based upon the acquisition cash purchase price of $27.50 per share and the Company's average 10-day closing stock price prior to the RailAmerica acquisition closing date of $66.26 per share. | ||||||||||||||
The Company determines fair value of its restricted stock and restricted stock units based on the closing stock price on the date of grant. | ||||||||||||||
The following table summarizes the Company’s non-vested restricted stock outstanding as of December 31, 2013 and changes during the year then ended: | ||||||||||||||
Shares | Weighted Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Non-vested at beginning of year | 270,724 | $ | 59.54 | |||||||||||
Granted | 55,019 | 90.12 | ||||||||||||
Vested | (191,910 | ) | 59.05 | |||||||||||
Forfeited | (7,169 | ) | 64.88 | |||||||||||
Non-vested at end of year | 126,664 | $ | 73.25 | |||||||||||
The weighted average grant date fair value of restricted stock granted during the years ended December 31, 2013, 2012 and 2011 was $90.12, $65.70 and $56.03, respectively. The total fair value of restricted stock that vested during the years ended December 31, 2013, 2012 and 2011 was $11.3 million, $7.8 million and $4.4 million, respectively. | ||||||||||||||
The following table summarizes the Company’s non-vested restricted stock units outstanding as of December 31, 2013 and changes during the year then ended: | ||||||||||||||
Shares | Weighted Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Non-vested at beginning of year | 294,635 | $ | 66.86 | |||||||||||
Granted | 27,857 | 89.44 | ||||||||||||
Vested | (213,003 | ) | 66.97 | |||||||||||
Forfeited | (16,247 | ) | 70.24 | |||||||||||
Non-vested at end of year | 93,242 | $ | 72.78 | |||||||||||
The weighted average grant date fair value of restricted stock units granted during the years ended December 31, 2013, 2012 and 2011 was $89.44, $67.43 and $56.17, respectively. The total fair value of restricted stock units that vested during the years ended December 31, 2013, 2012 and 2011 was $14.3 million, $3.4 million and $0.3 million, respectively. | ||||||||||||||
For the year ended December 31, 2013, compensation cost from equity awards was $11.7 million. The Company also recorded an additional $5.1 million of costs from the acceleration of equity awards for terminated RailAmerica employees. Total compensation costs related to non-vested awards not yet recognized was $14.6 million as of December 31, 2013, which will be recognized over the next 3 years with a weighted average period of 1.3 years. The total income tax benefit recognized in the consolidated statement of operations for equity awards was $5.3 million for the year ended December 31, 2013. | ||||||||||||||
For the year ended December 31, 2012, compensation cost from equity awards was $7.9 million. The Company also recorded an additional $4.1 million of costs from the acceleration of equity awards for terminated RailAmerica employees. The total income tax benefit recognized in the consolidated statement of operations for equity awards was $4.5 million for the year ended December 31, 2012. | ||||||||||||||
For the year ended December 31, 2011, compensation cost from equity awards was $7.7 million. The total income tax benefit recognized in the consolidated statement of operations for equity awards was $2.6 million for the year ended December 31, 2011. | ||||||||||||||
The total income tax benefit realized from the exercise of equity awards was $17.7 million, $10.9 million and $5.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
The Company has reserved 1,265,625 shares of Class A common stock that the Company may sell to its full-time employees under its Employee Stock Purchase Plan (ESPP) at 90% of the stock’s market price on the date of purchase. At December 31, 2013, 197,375 shares had been purchased under this plan. The Company recorded compensation expense for the 10% purchase discount of approximately $0.1 million in each of the years ended December 31, 2013, 2012 and 2011. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Notes) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||||||
Comprehensive Income (Loss) [Text Block] | ' | ||||||||||||||||
16. ACCUMULATED OTHER COMPREHENSIVE INCOME: | |||||||||||||||||
The following table sets forth accumulated other comprehensive income included in the consolidated balance sheets as of December 31, 2013 and 2012, respectively (dollars in thousands): | |||||||||||||||||
Cumulative Foreign | Defined Benefit | Net | Accumulated | ||||||||||||||
Currency | Plans | Unrealized | Other | ||||||||||||||
Translation | Gain/(Loss) on | Comprehensive | |||||||||||||||
Adjustment | Cash Flow | Income/(Loss) | |||||||||||||||
Hedges | |||||||||||||||||
Balance, December 31, 2011 | $ | 42,394 | $ | (20 | ) | $ | (4,479 | ) | $ | 37,895 | |||||||
Other comprehensive income/(loss) before reclassifications | 5,451 | (128 | ) | 6,595 | 11,918 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax benefit of $1,695 | — | — | (2,542 | ) | (a) | (2,542 | ) | ||||||||||
Change in 2012 | 5,451 | (128 | ) | 4,053 | 9,376 | ||||||||||||
Balance, December 31, 2012 | $ | 47,845 | $ | (148 | ) | $ | (426 | ) | $ | 47,271 | |||||||
Other comprehensive (loss)/income before reclassifications | (62,532 | ) | 362 | 23,443 | (38,727 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax benefit of $1,637 | — | — | (2,455 | ) | (a) | (2,455 | ) | ||||||||||
Change in 2013 | (62,532 | ) | 362 | 20,988 | (41,182 | ) | |||||||||||
Balance, December 31, 2013 | $ | (14,687 | ) | $ | 214 | $ | 20,562 | $ | 6,089 | ||||||||
(a) Included in interest expense on the consolidated statements of operations. | |||||||||||||||||
The foreign currency translation adjustments for the years ended December 31, 2013, 2012 and 2011 related primarily to the Company’s operations with functional currencies of the Australian dollar and Canadian dollar. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information (Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Significant Non Cash Investing Activities [Abstract] | ' | ||||||||||||
Cash Flow, Supplemental Disclosures | ' | ||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION: | |||||||||||||
Interest and Taxes Paid | |||||||||||||
The following table sets forth the cash paid for interest and income taxes for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest paid, net | $ | 57,206 | $ | 57,012 | $ | 36,291 | |||||||
Income taxes | $ | 14,522 | $ | 11,187 | $ | 19,585 | |||||||
Significant Non-Cash Investing and Financing Activities | |||||||||||||
The Company had outstanding receivables from outside parties for the funding of capital expenditures of $33.0 million, $25.0 million and $20.8 million as of December 31, 2013, 2012 and 2011, respectively. At December 31, 2013, 2012 and 2011, $40.1 million, $22.6 million and $17.6 million, respectively, of purchases of property and equipment had not been paid and, accordingly, were accrued in accounts payable in the normal course of business. |
Segment_and_Geographic_Area_In
Segment and Geographic Area Information (Notes) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment Information [Table Block] | ' | ||||||||||||||||||||||||
SEGMENT AND GEOGRAPHIC AREA INFORMATION: | |||||||||||||||||||||||||
Segment Information | |||||||||||||||||||||||||
The Company’s various railroad lines are divided into 11 operating regions. Since all of the regions have similar characteristics, they previously had been aggregated into one reportable segment. Beginning January 1, 2011, the Company decided to present 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 Company acquired RailAmerica on October 1, 2012. However, the shares of RailAmerica were held in a voting trust while the 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 determination of fair values of the acquired assets and assumed liabilities were included in its consolidated balance sheets since December 28, 2012 and included within the Company's North American & European Operations segment. | |||||||||||||||||||||||||
The following tables set forth the Company's North American & European Operations and Australian Operations for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands): | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | |||||||||||||||||||||||
Operating revenues | $ | 1,243,847 | $ | 325,164 | $ | 1,569,011 | |||||||||||||||||||
Income from operations | $ | 284,122 | $ | 96,066 | $ | 380,188 | |||||||||||||||||||
Depreciation and amortization | $ | 114,542 | $ | 27,102 | $ | 141,644 | |||||||||||||||||||
Interest expense | $ | 52,740 | $ | 15,154 | $ | 67,894 | |||||||||||||||||||
Interest income | $ | 3,631 | $ | 340 | $ | 3,971 | |||||||||||||||||||
Provision for income taxes | $ | 24,038 | $ | 22,258 | $ | 46,296 | |||||||||||||||||||
Expenditures for additions to property & equipment, net of grants from outside parties | $ | 163,545 | $ | 51,860 | $ | 215,405 | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | |||||||||||||||||||||||
Operating revenues | $ | 585,893 | $ | 289,023 | $ | 874,916 | |||||||||||||||||||
Income from operations | $ | 115,387 | $ | 74,935 | $ | 190,322 | |||||||||||||||||||
Depreciation and amortization | $ | 50,156 | $ | 23,249 | $ | 73,405 | |||||||||||||||||||
Interest expense | $ | 45,996 | $ | 16,849 | $ | 62,845 | |||||||||||||||||||
Interest income | $ | 3,219 | $ | 506 | $ | 3,725 | |||||||||||||||||||
Contingent forward sale contract mark-to-market expense | $ | 50,106 | $ | — | $ | 50,106 | |||||||||||||||||||
Provision for income taxes | $ | 28,451 | $ | 17,951 | $ | 46,402 | |||||||||||||||||||
Income from equity investment in RailAmerica, net | $ | 15,557 | $ | — | $ | 15,557 | |||||||||||||||||||
Expenditures for additions to property & equipment, net of grants from outside parties | $ | 69,636 | $ | 122,426 | $ | 192,062 | |||||||||||||||||||
December 31, 2011 | |||||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | |||||||||||||||||||||||
Operating revenues | $ | 557,621 | $ | 271,475 | $ | 829,096 | |||||||||||||||||||
Income from operations | $ | 129,646 | $ | 62,133 | $ | 191,779 | |||||||||||||||||||
Depreciation and amortization | $ | 47,218 | $ | 19,263 | $ | 66,481 | |||||||||||||||||||
Interest expense | $ | 23,171 | $ | 15,446 | $ | 38,617 | |||||||||||||||||||
Interest income | $ | 2,950 | $ | 293 | $ | 3,243 | |||||||||||||||||||
Provision for income taxes | $ | 26,181 | $ | 12,350 | $ | 38,531 | |||||||||||||||||||
Expenditures for additions to property & equipment, net of grants from outside parties | $ | 59,383 | $ | 96,643 | $ | 156,026 | |||||||||||||||||||
The following table sets forth the property and equipment recorded in the consolidated balance sheets as of December 31, 2013 and 2012 (dollars in thousands): | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | North American & European Operations | Australian Operations | Total Operations | ||||||||||||||||||||
Property & equipment, net | $ | 2,883,452 | $ | 557,292 | $ | 3,440,744 | $ | 2,766,693 | $ | 629,602 | $ | 3,396,295 | |||||||||||||
Geographic Area Information | |||||||||||||||||||||||||
Operating revenues for each geographic area for the years ended December 31, 2013, 2012 and 2011 were as follows (dollars in thousands): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||||
United States | $ | 1,083,773 | 69.1 | % | $ | 489,157 | 55.9 | % | $ | 478,511 | 57.7 | % | |||||||||||||
Non-United States: | |||||||||||||||||||||||||
Australia | $ | 325,164 | 20.7 | % | $ | 289,023 | 33 | % | $ | 271,475 | 32.7 | % | |||||||||||||
Canada | 145,399 | 9.3 | % | 81,948 | 9.4 | % | 64,155 | 7.8 | % | ||||||||||||||||
Europe | 14,675 | 0.9 | % | 14,788 | 1.7 | % | 14,955 | 1.8 | % | ||||||||||||||||
Total Non-United States | $ | 485,238 | 30.9 | % | $ | 385,759 | 44.1 | % | $ | 350,585 | 42.3 | % | |||||||||||||
Total operating revenues | $ | 1,569,011 | 100 | % | $ | 874,916 | 100 | % | $ | 829,096 | 100 | % | |||||||||||||
Property and equipment for each geographic area as of December 31, 2013 and 2012 were as follows (dollars in thousands): | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||
Property and equipment located in: | |||||||||||||||||||||||||
United States | $ | 2,602,640 | 75.7 | % | $ | 2,487,782 | 73.2 | % | |||||||||||||||||
Non-United States: | |||||||||||||||||||||||||
Australia | $ | 557,292 | 16.2 | % | $ | 629,602 | 18.5 | % | |||||||||||||||||
Canada | 265,933 | 7.7 | % | 263,828 | 7.8 | % | |||||||||||||||||||
Europe | 14,879 | 0.4 | % | 15,083 | 0.5 | % | |||||||||||||||||||
Total Non-United States | $ | 838,104 | 24.3 | % | $ | 908,513 | 26.8 | % | |||||||||||||||||
Total property and equipment, net | $ | 3,440,744 | 100 | % | $ | 3,396,295 | 100 | % | |||||||||||||||||
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
QUARTERLY FINANCIAL DATA (unaudited): [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||
QUARTERLY FINANCIAL DATA (unaudited): | |||||||||||||||||
The following table sets forth the Company's quarterly results for the years ended December 31, 2013 and 2012 (dollars in thousands, except per share data): | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
2013 | |||||||||||||||||
Operating revenues | $ | 375,208 | $ | 400,741 | $ | 401,388 | $ | 391,674 | |||||||||
Income from operations | $ | 76,200 | $ | 107,417 | $ | 101,741 | $ | 94,830 | |||||||||
Net income | $ | 82,728 | $ | 65,050 | $ | 66,225 | $ | 58,088 | |||||||||
Diluted earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $ | 1.46 | $ | 1.14 | $ | 1.16 | $ | 1.03 | |||||||||
2012 | |||||||||||||||||
Operating revenues | $ | 207,436 | $ | 217,419 | $ | 222,745 | $ | 227,316 | |||||||||
Income from operations | $ | 41,314 | $ | 62,473 | $ | 52,875 | $ | 33,660 | |||||||||
Net income/(loss) | $ | 22,241 | $ | 36,363 | $ | (19,567 | ) | $ | 13,396 | ||||||||
Diluted earnings/(loss) per common share attributable to Genesee & Wyoming Inc. common stockholders | $ | 0.52 | $ | 0.84 | $ | (0.47 | ) | $ | 0.18 | ||||||||
The quarters shown were affected by the items below: | |||||||||||||||||
The first quarter of 2013 included (i) $41.0 million after-tax benefit, related to the retroactive extension of the United States Short Line Tax Credit for fiscal year 2012, (ii) $1.3 million after-tax gain on sale of assets, (iii) $8.0 million after-tax RailAmerica integration costs and (iv) $0.5 million after-tax business development and financing costs. | |||||||||||||||||
The second quarter of 2013 included (i) $0.7 million after-tax gain on sale of assets, (ii) $0.7 million after-tax RailAmerica integration and acquisition-related costs and (iii) $0.2 million after-tax business development costs. | |||||||||||||||||
The third quarter of 2013 included (i) $0.5 million after-tax gain on sale of assets, (ii) $1.3 million after-tax RailAmerica integration and acquisition-related costs and (iii) $1.3 million after-tax adjustment to depreciation and amortization expense as a result of finalizing the determination of fair values of the assets and liabilities acquired from RailAmerica. | |||||||||||||||||
The fourth quarter of 2013 included (i) $0.8 million after-tax gain on sale of assets, (ii) $2.0 million after-tax valuation allowance on foreign tax credits generated in prior years, (iii) $0.7 million after-tax business development and financing costs and (iv) $0.6 million after-tax RailAmerica integration and acquisition-related costs. | |||||||||||||||||
The first quarter of 2012 included (i) $0.8 million after-tax gain on sale of assets and (ii) $0.2 million after-tax business development costs. | |||||||||||||||||
The second quarter of 2012 included (i) $5.2 million after-tax gain on sale of assets, (ii) $0.5 million after-tax RailAmerica acquisition-related costs and (iii) $0.4 million after-tax business development costs. | |||||||||||||||||
The third quarter of 2012 included (i) $2.0 million after-tax gain on sale of assets, (ii) $50.1 million after-tax non-cash contingent forward sale contract mark-to-market expense, (iii) $3.1 million after-tax RailAmerica acquisition-related costs and (iv) $0.4 million after-tax business development costs. | |||||||||||||||||
The fourth quarter of 2012 included (i) $0.6 million after-tax gain on sale of assets, (ii) $17.7 million after-tax RailAmerica integration and acquisition-related costs, (iii) $9.8 million after-tax business development and financing costs, (iv) $3.5 million of acquisition and integration costs incurred by RailAmerica and (v) $0.8 million after-tax contract termination expense in Australia. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
RECENTLY ISSUED ACCOUNTING STANDARDS: [Abstract] | ' |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | ' |
RECENTLY ISSUED ACCOUNTING STANDARDS: | |
In December 2011, the 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 year ended December 31, 2013 but may impact the Company's evaluation of future risk management instruments. | |
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 early adopted this guidance effective July 2013. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. | |
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 in the event of future sales of investments or changes in control of foreign entities. | |
In January 2014, the FASB issued ASU 2014-05, Service Concession Arrangements (Topic 853), which specifies that an operating entity should not account for a service concession arrangement within the scope of this ASU as a lease in accordance with Topic 840, Leases. This guidance will be effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014, and should be applied on a modified retrospective basis. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
SUBSEQUENT EVENT: | |
On January 2, 2014, the Company and Canadian Pacific (CP) jointly announced their entry into an agreement pursuant to which the Company will purchase the assets comprising the western end of CP's Dakota, Minnesota & Eastern Railroad (DM&E) line for a cash purchase price of approximately $210 million, subject to certain adjustments including the purchase of materials and supplies, equipment and vehicles. The Company intends to fund the acquisition with borrowings under its existing Credit Agreement. | |
The asset acquisition is expected to close by mid-2014, subject to approval of the STB and the satisfaction of other customary closing conditions. Upon closing, the Company's new railroad will be named Rapid City, Pierre & Eastern Railroad (RCP&E). The Company expects to hire approximately 180 employees to staff the new railroad and anticipates these employees will come primarily from those currently working on the rail line. The western end encompasses approximately 670 miles of CP's current operations between Tracy, Minnesota and Rapid City, South Dakota; north of Rapid City to Colony, Wyoming; south of Rapid City to Dakota Junction, Nebraska; and connecting branch lines as well as trackage from Dakota Junction to Crawford, Nebraska, currently leased to the Nebraska Northwestern Railroad (NNW). |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
SIGNIFICANT ACCOUNTING POLICIES: [Abstract] | ' | ||||
Principles of Consolidation and Basis of Presentation Policy | ' | ||||
Principles of Consolidation and Basis of Presentation | |||||
The consolidated financial statements presented herein include the accounts of Genesee & Wyoming Inc. and its subsidiaries. The consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (U.S. GAAP) as codified in the Financial Accounting Standards Board (FASB) Accounting Standards Codification. All significant intercompany transactions and accounts have been eliminated in consolidation. | |||||
Revenue Recognition Policy | ' | ||||
Revenue Recognition | |||||
Railroad revenues are estimated and recognized as shipments initially move onto the Company’s tracks, which, due to the relatively short duration of haul, is not materially different from the recognition of revenues as shipments progress. Industrial switching and other service revenues are recognized as such services are provided. | |||||
Cash and Cash Equivalents Policy | ' | ||||
Cash and Cash Equivalents | |||||
The Company considers all highly liquid instruments with a maturity of three months or less when purchased to be cash equivalents. | |||||
Materials and Supplies Policy | ' | ||||
Materials and Supplies | |||||
Materials and supplies consist primarily of purchased items for improvement and maintenance of road property and equipment and are stated at the lower of average cost or market. Materials and supplies are removed from inventory using the average cost method. | |||||
Business Combinations Policy | ' | ||||
Business Combinations | |||||
The Company accounts for businesses it acquires using the acquisition method of accounting. Under this method, all acquisition-related costs are expensed as incurred. The Company records the underlying net assets at their respective acquisition-date fair values. As part of this process, the Company identifies and attributes values and estimated lives to property and equipment and intangible assets acquired. These determinations involve significant estimates and assumptions, including those with respect to future cash flows, discount rates and asset lives, and therefore require considerable judgment. These determinations affect the amount of depreciation and amortization expense recognized in future periods. The results of operations of acquired businesses are included in the consolidated statements of operations beginning on the respective business’s acquisition date. | |||||
Property and Equipment Policy | ' | ||||
Property and Equipment | |||||
Property and equipment are carried at cost. Major renewals or improvements to property and equipment are capitalized, while routine maintenance and repairs are expensed when incurred. The Company incurs maintenance and repair expenses to keep its operations safe and fit for existing purpose. Major renewals or improvements, however, are undertaken to extend the useful life or increase the functionality of the asset, or both. Other than a de minimis threshold under which costs are expensed as incurred, the Company does not apply pre-defined capitalization thresholds when assessing spending for classification among capital or expense. | |||||
Unlike the Class I railroads that operate over extensive contiguous rail networks, the Company’s short line and regional railroads are geographically dispersed businesses that transport freight over relatively short distances. As a result, the Company typically incurs minimal spending on self-constructed assets and, instead, the vast majority of its capital spending relates to purchased assets installed by professional contractors. In addition, the Company generally does not incur significant rail grinding or ballast cleaning expenses. However, if and when such costs are incurred, they are expensed. | |||||
The Company depreciates its property and equipment using the straight-line method over the useful lives of the property and equipment. The following table sets forth the estimated useful lives of the Company’s major classes of property and equipment: | |||||
Estimated Useful Life (in Years) | |||||
Property: | Minimum | Maximum | |||
Buildings and leasehold improvements (subject to term of lease) | 2 | 40 | |||
Bridges/tunnels/culverts | 20 | 50 | |||
Track property | 5 | 50 | |||
Equipment: | |||||
Computer equipment | 2 | 7 | |||
Locomotives and railcars | 2 | 30 | |||
Vehicles and mobile equipment | 2 | 10 | |||
Signals and crossing equipment | 4 | 30 | |||
Track equipment | 2 | 10 | |||
Other equipment | 2 | 20 | |||
The Company reviews its long-lived tangible assets for impairment whenever events and circumstances indicate that the carrying amounts of such assets may not be recoverable. When factors indicate that an asset may not be recoverable, the Company uses an estimate of the related undiscounted future cash flows over the remaining life of such asset in measuring whether or not impairment has occurred. If impairment is identified, a loss would be reported to the extent that the carrying value of the related assets exceeds the fair value of those assets as determined by valuation techniques applicable in the circumstances. Losses from impairment of assets are charged to net (gain)/loss on sale and impairment of assets within operating expenses. | |||||
Gains or losses on sales, including sales of assets removed during track and equipment upgrade projects, or losses incurred through other dispositions, such as unanticipated retirement or destruction, are credited or charged to net (gain)/loss on sale and impairment of assets within operating expenses. Gains are recorded when realized if the sale value exceeds the remaining carrying value of the respective property and equipment. If the estimated salvage value is less than the remaining carrying value, the Company records the loss incurred equal to the respective asset’s carrying value less salvage value. There were no material losses incurred through other dispositions from unanticipated or unusual events in the years ended December 31, 2013, 2012 or 2011. | |||||
Grants From Outside Parties Policy | ' | ||||
Grants from Outside Parties | |||||
Grants from outside parties are recorded as long-term liabilities and are amortized as a reduction to depreciation expense over the same period during which the associated assets are depreciated. | |||||
Goodwill and Indefinite-Lived Intangible Assets Policy | ' | ||||
Goodwill and Indefinite-Lived Intangible Assets | |||||
The Company reviews the carrying values of goodwill and identifiable intangible assets with indefinite lives at least annually to assess impairment since these assets are not amortized. If the carrying amount of the asset exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess. The Company performs its annual impairment test as of November 30 of each year. No impairment was recognized for the years ended December 31, 2013 or 2012. Additionally, the Company reviews the carrying value of any intangible asset or goodwill whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. The determination of fair value involves significant management judgment including assumptions about operating results, business plans, income projections, anticipated future cash flows and market data. Impairments are expensed when incurred. | |||||
Amortizable Intangible Assets Policy | ' | ||||
Amortizable Intangible Assets | |||||
The Company performs an impairment test on amortizable intangible assets when specific impairment indicators are present. The Company has amortizable intangible assets valued primarily as service agreements, customer contracts or relationships and track access agreements. These intangible assets are generally amortized on a straight-line basis over the expected economic longevity of the facility served, the customer relationship, or the length of the contract or agreement including expected renewals. | |||||
Derailment And Property Damages, Personal Injuries And Third-Party Claims Policy | ' | ||||
Derailment and Property Damages, Personal Injuries and Third-Party Claims | |||||
The Company maintains liability and property insurance coverage to mitigate the financial risk of providing rail and rail-related services. On August 1, 2013, the Company renewed these annual insurance policies, which now cover all of the Company's operations under one insurance program. Incidents involving entities previously owned by RailAmerica that occurred prior to this renewal would be considered under RailAmerica’s legacy liability and property insurance policies. The Company’s primary liability policies currently have self-insured retentions of up to $1.0 million per occurrence. RailAmerica's prior primary liability policies' self-insured retentions were as high as $4.0 million per occurrence. With respect to the transportation of hazardous commodities, the liability policy covers third-party claims and damages associated with sudden releases of hazardous materials, including expenses related to evacuation, as a result of a railroad accident. Personal injuries associated with grade crossing accidents are also covered under the Company’s liability policies. The Company’s property damage policies currently have various self-insured retentions, which vary based on type and location of the incident, of up to $1.0 million per occurrence except in Australia where the Company's self-insurance retention for property damage due to a cyclone or flood is A$2.5 million. RailAmerica's primary property damage policies previously had self-insured retentions of up to $1.5 million per occurrence. The property damage policies also provide business interruption insurance arising from covered events. | |||||
Employees of the Company's United States railroads are covered by the Federal Employers' Liability Act (FELA), a fault-based system under which claims resulting from injuries and deaths of railroad employees are settled by negotiation or litigation. FELA-related claims are covered under the Company's liability policies. Employees of the Company's industrial switching and railroad construction businesses are covered under workers' compensation policies. | |||||
Accruals for FELA claims by the Company's railroad employees and third-party personal injury or other claims are recorded in the period when such claims are determined to be probable and estimable. These estimates are updated in future periods as information develops. | |||||
Income Taxes Policy | ' | ||||
Income Taxes | |||||
The Company files a consolidated United States federal income tax return, which includes all of its United States subsidiaries. Each of the Company’s foreign subsidiaries files appropriate income tax returns in each of its respective countries. No provision is made for the United States income taxes applicable to the undistributed earnings of controlled foreign subsidiaries as it is the intention of management to fully utilize those earnings in the operations of foreign subsidiaries. The provision for, or benefit from, income taxes includes deferred taxes resulting from temporary differences using a balance sheet approach. Such temporary differences result primarily from differences in the carrying value of assets and liabilities for financial reporting and tax purposes. Future realization of deferred income tax assets is dependent upon the Company’s ability to generate sufficient taxable income. The Company evaluates on a quarterly basis whether, based on all available evidence, the deferred income tax assets will be realizable. Valuation allowances are established when it is estimated that it is more likely than not that the tax benefit of the deferred tax asset will not be realized | |||||
Stock-Based Compensation Policy | ' | ||||
Stock-Based Compensation | |||||
The Compensation Committee of the Company’s Board of Directors (Compensation Committee) has discretion to determine grantees, grant dates, amounts of grants, vesting and expiration dates for stock-based compensation awarded to the Company’s employees under the Company’s Second Amended and Restated 2004 Omnibus Incentive Plan (the Omnibus Plan). The Omnibus Plan permits the issuance of stock options, restricted stock, restricted stock units and any other form of award established by the Compensation Committee, in each case consistent with the Omnibus Plan’s purpose. Under the terms of the awards, equity grants for employees generally vest over three years and equity grants for directors vest over their respective remaining terms as directors. | |||||
The grant date fair value of non-vested shares, less estimated forfeitures, is recorded to compensation expense on a straight-line basis over the vesting period. The fair value of each option grant is estimated on the date of grant using the Black-Scholes pricing model and straight-line amortization of compensation expense is recorded over the requisite service period of the grant. Two assumptions in the Black-Scholes pricing model require management judgment: the life of the option and the volatility of the stock over the life of the option. The assumption for the life of the option is based on historical experience and is estimated for each grant. The assumption for the volatility of the stock is based on a combination of historical and implied volatility. The fair value of the Company's restricted stock and restricted stock units is based on the closing market price of the Company’s Class A common stock on the date of grant | |||||
Fair Value of Financial Instruments Policy | ' | ||||
Fair Value of Financial Instruments | |||||
The Company applies the following three-level hierarchy of valuation inputs for measuring fair value: | |||||
• | Level 1 – Quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. | ||||
• | Level 2 – Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which all significant inputs are observable market data. | ||||
• | Level 3 – Valuations derived from valuation techniques in which one or more significant inputs are unobservable | ||||
Foreign Currency Policy | ' | ||||
Foreign Currency | |||||
The consolidated financial statements of the Company’s foreign subsidiaries were prepared in the local currency of the respective subsidiary and translated into United States dollars based on the exchange rate at the end of the period for balance sheet items and, for the statement of operations, at the average rate for the statement period. Currency translation adjustments are reflected within the equity section of the balance sheet and are included in other comprehensive income. Cumulative translation adjustments are recognized in the consolidated statement of operations upon substantial or complete liquidation of the underlying investment in the foreign subsidiary | |||||
Management Estimates Policy | ' | ||||
Management Estimates | |||||
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to use judgment and to make estimates and assumptions that affect business combinations, reported assets, liabilities, revenues and expenses during the reporting period. Significant estimates using management judgment are made in the areas of recoverability and useful life of assets, as well as liabilities for casualty claims and income taxes. Actual results could differ from those estimates | |||||
Risks and Uncertainties Policy | ' | ||||
Risks and Uncertainties | |||||
Slower growth, an economic recession, or significant changes in commodity prices or regulation that affects the countries where the Company operates or their imports and exports, could negatively impact the Company's business. The Company is required to assess for potential impairment of non-current assets whenever events or changes in circumstances, including economic circumstances, indicate that the respective asset’s carrying amount may not be recoverable. A decline in current macroeconomic or financial conditions could have a material adverse effect on the Company’s results of operations, financial condition and liquidity | |||||
Reclassification Policy | ' | ||||
Reclassifications | |||||
Certain prior year balances have been reclassified to conform to the 2013 presentation, most notably of which was the break out of trackage rights expense on the Company's consolidated statements of operations that had previously been included in other expenses. | |||||
Property and Equipment Useful Life [Table Text Block] | ' | ||||
The Company depreciates its property and equipment using the straight-line method over the useful lives of the property and equipment. The following table sets forth the estimated useful lives of the Company’s major classes of property and equipment: | |||||
Estimated Useful Life (in Years) | |||||
Property: | Minimum | Maximum | |||
Buildings and leasehold improvements (subject to term of lease) | 2 | 40 | |||
Bridges/tunnels/culverts | 20 | 50 | |||
Track property | 5 | 50 | |||
Equipment: | |||||
Computer equipment | 2 | 7 | |||
Locomotives and railcars | 2 | 30 | |||
Vehicles and mobile equipment | 2 | 10 | |||
Signals and crossing equipment | 4 | 30 | |||
Track equipment | 2 | 10 | |||
Other equipment | 2 | 20 |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
SIGNIFICANT ACCOUNTING POLICIES: [Abstract] | ' | ||||
Property and equipment useful life [Table Text Block] | ' | ||||
The Company depreciates its property and equipment using the straight-line method over the useful lives of the property and equipment. The following table sets forth the estimated useful lives of the Company’s major classes of property and equipment: | |||||
Estimated Useful Life (in Years) | |||||
Property: | Minimum | Maximum | |||
Buildings and leasehold improvements (subject to term of lease) | 2 | 40 | |||
Bridges/tunnels/culverts | 20 | 50 | |||
Track property | 5 | 50 | |||
Equipment: | |||||
Computer equipment | 2 | 7 | |||
Locomotives and railcars | 2 | 30 | |||
Vehicles and mobile equipment | 2 | 10 | |||
Signals and crossing equipment | 4 | 30 | |||
Track equipment | 2 | 10 | |||
Other equipment | 2 | 20 |
Changes_in_Operations_Tables
Changes in Operations (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 fair values assigned to the acquired net assets of RailAmerica and AZER were as follows (dollars in thousands): | |||||||||||||||||
RailAmerica | AZER | ||||||||||||||||
As of | As of December 28, 2012 | As of | |||||||||||||||
1-Oct-12 | Preliminary | Final | 1-Sep-11 | ||||||||||||||
Cash and cash equivalents | $ | 86,102 | $ | 107,922 | $ | 107,922 | $ | — | |||||||||
Accounts receivable | 104,839 | 91,424 | 90,659 | 3,096 | |||||||||||||
Materials and supplies | 6,406 | 7,325 | 7,325 | — | |||||||||||||
Prepaid expenses and other | 15,146 | 14,815 | 15,801 | 2,319 | |||||||||||||
Deferred income tax assets | 49,074 | 49,074 | 56,998 | — | |||||||||||||
Property and equipment | 1,579,321 | 1,588,612 | 1,599,282 | 90,129 | |||||||||||||
Goodwill | 474,115 | 474,115 | 471,028 | — | |||||||||||||
Intangible assets, net | 451,100 | 446,327 | 416,427 | — | |||||||||||||
Other assets | 116 | 116 | 116 | — | |||||||||||||
Total assets | 2,766,219 | 2,779,730 | 2,765,558 | 95,544 | |||||||||||||
Accounts payable and accrued expenses | 143,790 | 135,117 | 140,160 | 5,212 | |||||||||||||
Long-term debt | 12,158 | 12,010 | 12,010 | — | |||||||||||||
Deferred income tax liabilities, net | 542,210 | 551,856 | 535,864 | — | |||||||||||||
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 | $ | 90,332 | |||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||||||||||
The following table summarizes the Company’s unaudited pro forma operating results for the years ended December 31, 2012 and 2011 as if the acquisition of RailAmerica had been consummated as of January 1, 2011. The pro forma operating 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): | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
Operating revenues | $ | 1,461,419 | $ | 1,365,804 | |||||||||||||
Net income attributable to Genesee & Wyoming Inc. | $ | 112,191 | $ | 128,122 | |||||||||||||
Less: Series A-1 Preferred Stock dividend | 17,500 | 17,500 | |||||||||||||||
Net income available to common stockholders | $ | 94,691 | $ | 110,622 | |||||||||||||
Basic earnings per common share attributable to Genesee & Wyoming Inc. common shareholders | $ | 1.99 | $ | 2.34 | |||||||||||||
Diluted earnings per common share attributable to Genesee & Wyoming Inc. common shareholders | $ | 1.89 | $ | 2.21 | |||||||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 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 per common share for the years ended December 31, 2013, 2012 and 2011 (in thousands, except per share amounts): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerators: | |||||||||||||
Net income attributable to Genesee & Wyoming Inc. common stockholders | $ | 271,296 | $ | 52,433 | $ | 119,484 | |||||||
Less: Series A-1 Preferred Stock dividend | 2,139 | 4,375 | — | ||||||||||
Net income available to common stockholders | $ | 269,157 | $ | 48,058 | $ | 119,484 | |||||||
Denominators: | |||||||||||||
Weighted average Class A common shares outstanding -Basic | 53,788 | 42,693 | 39,912 | ||||||||||
Weighted average Class B common shares outstanding | 1,675 | 2,038 | 2,257 | ||||||||||
Dilutive effect of employee stock-based awards | 494 | 601 | 603 | ||||||||||
Dilutive effect of Series A-1 Preferred Stock | 722 | 5,984 | — | ||||||||||
Weighted average shares - Diluted | 56,679 | 51,316 | 42,772 | ||||||||||
Earnings per common share attributable to Genesee & Wyoming Inc. common stockholders: | |||||||||||||
Basic earnings per common share | $ | 5 | $ | 1.13 | $ | 2.99 | |||||||
Diluted earnings per common share | $ | 4.79 | $ | 1.02 | $ | 2.79 | |||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||
The total number of options used to calculate weighted average share equivalents for diluted earnings per common share as of December 31, 2013, 2012 and 2011, was as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Options used to calculate weighted average share equivalents | 969 | 1,105 | 1,460 | ||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ' | ||||||||||||
The following total number of shares of Class A common stock issuable under the assumed exercises and lapse of stock-based awards computed based on the treasury stock method were excluded from the calculation of diluted earnings per common share, as the effect of including these shares would have been anti-dilutive (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Anti-dilutive shares | 105 | 143 | 126 | ||||||||||
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 years ended December 31, 2013 and 2012 as a result of the Company's public offering of Class A common stock in September 2012, shares issuable upon settlement of the prepaid stock purchase contract component of the TEUs issued in September 2012 based on the market price of the Company's Class A common stock at December 31, 2013 and 2012, respectively, and from the conversion of the Series A-1 Preferred Stock into the Company's Class A common stock in February 2013: | |||||||||||||
2013 | 2012 | ||||||||||||
Class A common stock offering | 3,791,004 | 1,066,867 | |||||||||||
Shares issuable upon settlement of the prepaid stock purchase contract component of the TEUs | 2,841,650 | 850,773 | |||||||||||
Conversion of Series A-1 Preferred Stock | 5,262,845 | — | |||||||||||
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 year ended December 31, 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 | 56,679 | |||||||||
Middle of range of common stock equivalents | $ | 73 | 3,151 | 56,988 | |||||||||
Maximum common stock equivalents | $ | 64.75 | 3,552 | 57,389 | |||||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
ACCOUNTS RECEIVABLE: [Abstract] | ' | ||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||||||
Accounts receivable consisted of the following at December 31, 2013 and 2012 (dollars in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Accounts receivable - trade | $ | 264,562 | $ | 216,694 | |||||||||
Accounts receivable - grants from outside parties | 33,003 | 25,036 | |||||||||||
Accounts receivable - insurance and other third-party claims | 31,643 | 23,912 | |||||||||||
Total accounts receivable | 329,208 | 265,642 | |||||||||||
Less: allowance for doubtful accounts | (3,755 | ) | (2,693 | ) | |||||||||
Accounts receivable, net | $ | 325,453 | $ | 262,949 | |||||||||
Allowance for doubtful accounts [Table Text Block] | ' | ||||||||||||
Activity in the Company’s allowance for doubtful accounts for the years ended December 31, 2013, 2012 and 2011 was as follows (dollars in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance, beginning of year | $ | 2,693 | $ | 2,807 | $ | 3,079 | |||||||
Provisions | 2,741 | 977 | 1,055 | ||||||||||
Charges | (1,679 | ) | (1,091 | ) | (1,327 | ) | |||||||
Balance, end of year | $ | 3,755 | $ | 2,693 | $ | 2,807 | |||||||
Property_and_Equipment_and_Lea1
Property and Equipment and Leases (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
PROPERTY AND EQUIPMENT AND LEASES [Abstract] | ' | ||||||||||||
Property and Equipment [Table Text Block] | ' | ||||||||||||
Major classifications of property and equipment as of December 31, 2013 and 2012 were as follows (dollars in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Property: | |||||||||||||
Land and land improvements | $ | 547,539 | $ | 562,432 | |||||||||
Buildings and leasehold improvements | 122,919 | 90,149 | |||||||||||
Bridges/tunnels/culverts | 556,108 | 531,388 | |||||||||||
Track property | 2,078,084 | 2,010,511 | |||||||||||
Total property | 3,304,650 | 3,194,480 | |||||||||||
Equipment: | |||||||||||||
Computer equipment | 11,307 | 9,235 | |||||||||||
Locomotives and railcars | 493,977 | 458,404 | |||||||||||
Vehicles and mobile equipment | 42,127 | 38,226 | |||||||||||
Signals and crossing equipment | 63,208 | 30,564 | |||||||||||
Track equipment | 19,205 | 17,853 | |||||||||||
Other equipment | 28,524 | 22,673 | |||||||||||
Total equipment | 658,348 | 576,955 | |||||||||||
Construction-in-process | 30,395 | 69,505 | |||||||||||
Total property and equipment | 3,993,393 | 3,840,940 | |||||||||||
Less: accumulated depreciation | (552,649 | ) | (444,645 | ) | |||||||||
Property and equipment, net | $ | 3,440,744 | $ | 3,396,295 | |||||||||
Construction In Process [Table Text Block] | ' | ||||||||||||
Construction-in-process consisted primarily of costs associated with equipment purchases and track and equipment upgrades. Major classifications of construction-in-process as of December 31, 2013 and 2012 were as follows (dollars in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Property: | |||||||||||||
Buildings and leasehold improvements | $ | 92 | $ | 93 | |||||||||
Bridges/tunnels/culverts | 937 | 3,500 | |||||||||||
Track property | 21,912 | 24,252 | |||||||||||
Equipment: | |||||||||||||
Locomotives and railcars | 6,657 | 39,291 | |||||||||||
Other equipment | 797 | 2,369 | |||||||||||
Total construction-in-process | $ | 30,395 | $ | 69,505 | |||||||||
Railcars and Locomotives Leased [Table Text Block] | ' | ||||||||||||
The number of railcars and locomotives leased by the Company, including 8,004 railcars and 175 locomotives acquired from RailAmerica in 2012, as of December 31, 2013 and 2012 was as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Railcars | 17,718 | 18,311 | |||||||||||
Locomotives | 100 | 182 | |||||||||||
Schedule of Rent Expense [Table Text Block] | ' | ||||||||||||
The Company's operating lease expense for equipment and real property leases and expense for the use of other railroad and other third parties' track for the years ended December 31, 2013, 2012 and 2011 was as follows (2012 excludes lease expense related to RailAmerica's equipment and real property leases and trackage rights expense included in equity earnings for the period from October 1, 2012 to December 28, 2012) (dollars in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Equipment | $ | 32,050 | $ | 13,386 | $ | 19,328 | |||||||
Real property | $ | 8,062 | $ | 5,055 | $ | 4,632 | |||||||
Trackage rights | $ | 50,911 | $ | 28,250 | $ | 23,066 | |||||||
Future Minimum Lease Payments [Table Text Block] | ' | ||||||||||||
The following is a summary of future minimum lease payments under capital leases and operating leases as of December 31, 2013 (dollars in thousands): | |||||||||||||
Capital | Operating | Total | |||||||||||
2014 | $ | 876 | $ | 32,414 | $ | 33,290 | |||||||
2015 | 877 | 21,644 | 22,521 | ||||||||||
2016 | 881 | 17,305 | 18,186 | ||||||||||
2017 | 8,297 | 14,387 | 22,684 | ||||||||||
2018 | 27 | 12,420 | 12,447 | ||||||||||
Thereafter | 184 | 137,231 | 137,415 | ||||||||||
Total minimum payments | $ | 11,142 | $ | 235,401 | $ | 246,543 | |||||||
Intangible_Assets_Other_Assets1
Intangible Assets, Other Assets, Net and Goodwill (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
INTANGIBLE ASSETS, OTHER ASSETS, NET AND GOODWILL: [Abstract] | ' | ||||||||||||||
Schedule Of Intangible Assets By Major Class [Table Text Block] | ' | ||||||||||||||
Intangible assets as of December 31, 2013 and 2012 were as follows (dollars in thousands): | |||||||||||||||
2013 | |||||||||||||||
Gross | Accumulated | Intangible Assets, Net | Weighted | ||||||||||||
Carrying | Amortization | Average | |||||||||||||
Amount | Amortization | ||||||||||||||
Period | |||||||||||||||
(in Years) | |||||||||||||||
Intangible assets: | |||||||||||||||
Amortizable intangible assets: | |||||||||||||||
Service agreements | $ | 37,622 | $ | 13,547 | $ | 24,075 | 28 | ||||||||
Customer contracts and relationships | 178,603 | 22,899 | 155,704 | 36 | |||||||||||
Track access agreements | 430,241 | 32,116 | 398,125 | 43 | |||||||||||
Total amortizable intangible assets | $ | 646,466 | $ | 68,562 | $ | 577,904 | 40 | ||||||||
Non-amortizable intangible assets: | |||||||||||||||
Perpetual track access agreements | 35,891 | ||||||||||||||
Operating license | 138 | ||||||||||||||
Total intangible assets, net | $ | 613,933 | |||||||||||||
2012 | |||||||||||||||
Gross | Accumulated | Intangible Assets, Net | Weighted | ||||||||||||
Carrying | Amortization | Average | |||||||||||||
Amount | Amortization | ||||||||||||||
Period | |||||||||||||||
(in Years) | |||||||||||||||
Intangible assets: | |||||||||||||||
Amortizable intangible assets: | |||||||||||||||
Service agreements | $ | 37,622 | $ | 12,214 | $ | 25,408 | 28 | ||||||||
Customer contracts and relationships | 150,532 | 17,421 | 133,111 | 35 | |||||||||||
Track access agreements | 492,494 | 16,830 | 475,664 | 44 | |||||||||||
Total amortizable intangible assets | $ | 680,648 | $ | 46,465 | $ | 634,183 | 41 | ||||||||
Non-amortizable intangible assets: | |||||||||||||||
Perpetual track access agreements | 35,891 | ||||||||||||||
Operating license | 132 | ||||||||||||||
Total intangible assets, net | $ | 670,206 | |||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||||
The Company estimates the future aggregate amortization expense related to its intangible assets as of December 31, 2013 will be as follows for the periods presented (dollars in thousands): | |||||||||||||||
2014 | $ | 22,227 | |||||||||||||
2015 | 22,158 | ||||||||||||||
2016 | 22,109 | ||||||||||||||
2017 | 22,109 | ||||||||||||||
2018 | 20,303 | ||||||||||||||
Thereafter | 468,998 | ||||||||||||||
Total | $ | 577,904 | |||||||||||||
Schedule of Other Assets [Table Text Block] | ' | ||||||||||||||
Other assets as of December 31, 2013 and 2012 were as follows (dollars in thousands): | |||||||||||||||
2013 | |||||||||||||||
Gross | Accumulated | Other Assets, Net | Weighted | ||||||||||||
Carrying | Amortization | Average | |||||||||||||
Amount | Amortization | ||||||||||||||
Period | |||||||||||||||
(in Years) | |||||||||||||||
Other assets: | |||||||||||||||
Deferred financing costs | $ | 43,650 | $ | 11,930 | $ | 31,720 | 4 | ||||||||
Other assets | 52,241 | 14 | 52,227 | 0 | |||||||||||
Total other assets, net | $ | 95,891 | $ | 11,944 | $ | 83,947 | |||||||||
2012 | |||||||||||||||
Gross | Accumulated | Other Assets, Net | Weighted | ||||||||||||
Carrying | Amortization | Average | |||||||||||||
Amount | Amortization | ||||||||||||||
Period | |||||||||||||||
(in Years) | |||||||||||||||
Other assets: | |||||||||||||||
Deferred financing costs | $ | 42,844 | $ | 2,352 | $ | 40,492 | 5 | ||||||||
Other assets | 16,535 | 14 | 16,521 | 0 | |||||||||||
Total other assets, net | $ | 59,379 | $ | 2,366 | $ | 57,013 | |||||||||
Schedule Of Amortization Of Deferred Financing Costs [Table Text Block] | ' | ||||||||||||||
As of December 31, 2013, the Company estimated the future interest expense related to amortization of its deferred financing costs will be as follows for the periods presented (dollars in thousands): | |||||||||||||||
2014 | $ | 9,202 | |||||||||||||
2015 | 8,639 | ||||||||||||||
2016 | 8,167 | ||||||||||||||
2017 | 5,712 | ||||||||||||||
Total | $ | 31,720 | |||||||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 were as follows (dollars in thousands): | |||||||||||||||
2013 | 2012 | ||||||||||||||
Goodwill: | |||||||||||||||
Balance at beginning of period | $ | 634,953 | $ | 160,277 | |||||||||||
Goodwill acquired | — | 474,115 | |||||||||||||
Purchase accounting adjustments | (3,087 | ) | — | ||||||||||||
Currency translation adjustment | (1,404 | ) | 561 | ||||||||||||
Balance at end of period | $ | 630,462 | $ | 634,953 | |||||||||||
Equity_Investment_Tables
Equity Investment (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity Investment [Abstract] | ' | ||||||||||||||||
Condensed Consolidated Balance Sheet [Table Text Block] | ' | ||||||||||||||||
The following condensed consolidated financial data of RailAmerica is based on U.S. GAAP: | |||||||||||||||||
RAILAMERICA, INC. AND SUBSIDIARIES | |||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEET | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
28-Dec-12 | |||||||||||||||||
Assets | |||||||||||||||||
Current assets | $ | 270,560 | |||||||||||||||
Property and equipment, net | 1,588,612 | ||||||||||||||||
Goodwill | 474,115 | ||||||||||||||||
Intangible assets, net | 446,327 | ||||||||||||||||
Other assets, net | 116 | ||||||||||||||||
Total assets | $ | 2,779,730 | |||||||||||||||
Liabilities and equity | |||||||||||||||||
Current liabilities | $ | 136,717 | |||||||||||||||
Long-term debt, less current portion | 10,410 | ||||||||||||||||
Deferred income tax liabilities, net | 551,856 | ||||||||||||||||
Other long-term liabilities | 19,618 | ||||||||||||||||
Commitments and contingencies | — | ||||||||||||||||
Total RailAmerica, Inc. stockholders' equity | 2,055,604 | ||||||||||||||||
Noncontrolling interest | 5,525 | ||||||||||||||||
Total equity | 2,061,129 | ||||||||||||||||
Total liabilities and equity | $ | 2,779,730 | |||||||||||||||
Condensed Consolidated Statement of Operations [Table Text Block] | ' | ||||||||||||||||
RAILAMERICA, INC. AND SUBSIDIARIES | |||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Period from October 1, 2012 (Acquisition) to | |||||||||||||||||
28-Dec-12 | |||||||||||||||||
Operating revenues | $ | 151,065 | |||||||||||||||
Operating expenses | 124,928 | ||||||||||||||||
Income from operations | 26,137 | ||||||||||||||||
Interest expense | (90 | ) | |||||||||||||||
Other income | 9 | ||||||||||||||||
Income before income taxes | 26,056 | ||||||||||||||||
Provision for income taxes | 10,250 | ||||||||||||||||
Net income | 15,806 | ||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | ||||||||||||||||
Net income attributable to RailAmerica. Inc. | $ | 15,806 | |||||||||||||||
Condensed Consolidated Statement of Comprehensive Income [Table Text Block] | ' | ||||||||||||||||
RAILAMERICA, INC. AND SUBSIDIARIES | |||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Period from October 1, 2012 (Acquisition) to | |||||||||||||||||
28-Dec-12 | |||||||||||||||||
Net income | $ | 15,806 | |||||||||||||||
Other comprehensive income/(loss): | |||||||||||||||||
Foreign currency translation adjustment | (2,150 | ) | |||||||||||||||
Actuarial gain associated with pension and postretirement benefit plans, net of tax provision of $53 | 166 | ||||||||||||||||
Other comprehensive loss | (1,984 | ) | |||||||||||||||
Comprehensive income | $ | 13,822 | |||||||||||||||
The following table sets forth accumulated other comprehensive income included in the consolidated balance sheets as of December 31, 2013 and 2012, respectively (dollars in thousands): | |||||||||||||||||
Cumulative Foreign | Defined Benefit | Net | Accumulated | ||||||||||||||
Currency | Plans | Unrealized | Other | ||||||||||||||
Translation | Gain/(Loss) on | Comprehensive | |||||||||||||||
Adjustment | Cash Flow | Income/(Loss) | |||||||||||||||
Hedges | |||||||||||||||||
Balance, December 31, 2011 | $ | 42,394 | $ | (20 | ) | $ | (4,479 | ) | $ | 37,895 | |||||||
Other comprehensive income/(loss) before reclassifications | 5,451 | (128 | ) | 6,595 | 11,918 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax benefit of $1,695 | — | — | (2,542 | ) | (a) | (2,542 | ) | ||||||||||
Change in 2012 | 5,451 | (128 | ) | 4,053 | 9,376 | ||||||||||||
Balance, December 31, 2012 | $ | 47,845 | $ | (148 | ) | $ | (426 | ) | $ | 47,271 | |||||||
Other comprehensive (loss)/income before reclassifications | (62,532 | ) | 362 | 23,443 | (38,727 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax benefit of $1,637 | — | — | (2,455 | ) | (a) | (2,455 | ) | ||||||||||
Change in 2013 | (62,532 | ) | 362 | 20,988 | (41,182 | ) | |||||||||||
Balance, December 31, 2013 | $ | (14,687 | ) | $ | 214 | $ | 20,562 | $ | 6,089 | ||||||||
Condensed Consolidated Statement of Cash Flows [Table Text Block] | ' | ||||||||||||||||
RAILAMERICA, INC. AND SUBSIDIARIES | |||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Period from October 1, 2012 (Acquisition) to | |||||||||||||||||
December 28, 2012 | |||||||||||||||||
Net cash provided by operating activities | $ | 41,897 | |||||||||||||||
Net cash used in investing activities | (19,804 | ) | |||||||||||||||
Net cash used in financing activities | (144 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (129 | ) | |||||||||||||||
Increase in cash and cash equivalents | 21,820 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 86,102 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 107,922 | |||||||||||||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Long-term Debt, Unclassified [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||
Long-term debt consisted of the following as of December 31, 2013 and 2012 (dollars in thousands): | |||||||||
2013 | 2012 | ||||||||
Credit Agreement with variable interest rates (weighted average of 2.13% and 3.04% before impact of interest rate swaps at December 31, 2013 and 2012, respectively) due 2017 | $ | 1,583,798 | $ | 1,805,799 | |||||
Amortizing Notes component of TEUs with fixed interest rate of 5.00% due 2015 | 21,878 | 32,435 | |||||||
Other debt and capital leases with interest rates up to 10.00% and maturing at various dates up to 2054 | 19,036 | 19,901 | |||||||
Long-term debt | 1,624,712 | 1,858,135 | |||||||
Less: current portion | 84,366 | 87,569 | |||||||
Long-term debt, less current portion | $ | 1,540,346 | $ | 1,770,566 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||
The following is a summary of the maturities of long-term debt, including capital leases, as of December 31, 2013 (dollars in thousands): | |||||||||
2014 | $ | 84,366 | |||||||
2015 | 106,022 | ||||||||
2016 | 112,407 | ||||||||
2017 | 1,320,643 | ||||||||
2018 | 319 | ||||||||
Thereafter (1) | 44,759 | ||||||||
Total | $ | 1,668,516 | |||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Derivative Financial 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 | 9/29/14 | 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 | 9/29/15 | 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 that expired during 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 | ||||||||
1/1/13 | $ | 1,350,000 | 0.25% | 1-month LIBOR | ||||||||||
4/1/13 | $ | 1,300,000 | 0.25% | 1-month LIBOR | ||||||||||
7/1/13 | $ | 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 derivative instruments recorded in the consolidated balance sheets as of December 31, 2013 and 2012 (dollars in thousands): | ||||||||||||||
Fair Value | ||||||||||||||
Balance Sheet Location | 2013 | 2012 | ||||||||||||
Asset Derivatives: | ||||||||||||||
Derivatives designated as hedges: | ||||||||||||||
Interest rate swap agreements | Other assets, net | $ | 36,987 | $ | 4,227 | |||||||||
Derivatives not designated as hedges: | ||||||||||||||
Cross-currency swap agreements | Prepaid expenses and other | $ | 16,056 | $ | 255 | |||||||||
Liability Derivatives: | ||||||||||||||
Derivatives designated as hedges: | ||||||||||||||
Interest rate swap agreements | Accrued expenses | $ | 1,601 | $ | 3,777 | |||||||||
Interest rate swap agreements | Other long-term liabilities | 838 | 882 | |||||||||||
Total derivatives designated as hedges | $ | 2,439 | $ | 4,659 | ||||||||||
Derivatives not designated as hedges: | ||||||||||||||
Cross-currency swap agreements | Other long-term liabilities | $ | — | $ | 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 instrument designated as a cash flow hedge for the years ended December 31, 2013, 2012 and 2011 in other comprehensive income/(loss) (OCI) (dollars in thousands): | ||||||||||||||
Total Cash Flow | ||||||||||||||
Hedge OCI Activity, | ||||||||||||||
Net of Tax | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Derivatives Designated as Cash Flow Hedges: | ||||||||||||||
Effective portion of changes in fair value recognized in OCI: | ||||||||||||||
Interest rate swap agreement | $ | 20,988 | $ | 4,053 | $ | 1,334 | ||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | ' | |||||||||||||
The following table shows the effect of the Company’s derivative instruments not designated as hedges for the years ended December 31, 2013, 2012 and 2011 in the consolidated statements of operations (dollars in thousands): | ||||||||||||||
Amount Recognized in Earnings | ||||||||||||||
Location of Amount Recognized | 2013 | 2012 | 2011 | |||||||||||
in Earnings | ||||||||||||||
Derivative Instruments Not Designated as Hedges: | ||||||||||||||
Cross-currency swap agreements | Interest (expense)/income | $ | (2,696 | ) | $ | (4,638 | ) | $ | (5,935 | ) | ||||
Cross-currency swap agreements | Other income, net | 427 | 303 | 246 | ||||||||||
Contingent forward sale contract | Contingent forward sale contract mark-to-market expense | — | (50,106 | ) | — | |||||||||
$ | (2,269 | ) | $ | (54,441 | ) | $ | (5,689 | ) |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 December 31, 2013 and 2012 (dollars in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Financial instruments carried at fair value using Level 2 inputs: | |||||||||||||||||
Interest rate swap agreements | $ | 36,987 | $ | 4,227 | |||||||||||||
Cross-currency swap agreements | 16,056 | 255 | |||||||||||||||
Total financial assets carried at fair value | $ | 53,043 | $ | 4,482 | |||||||||||||
Interest rate swap agreements | $ | 2,439 | $ | 4,659 | |||||||||||||
Cross-currency swap agreements | — | 143 | |||||||||||||||
Total financial liabilities carried at fair value | $ | 2,439 | $ | 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 December 31, 2013 and 2012 (dollars in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
Value | Value | ||||||||||||||||
Financial liabilities carried at historical cost: | |||||||||||||||||
Revolving credit facility | $ | 15,949 | $ | 15,956 | $ | 25,153 | $ | 25,222 | |||||||||
United States term loan | 1,433,414 | 1,429,204 | 1,576,100 | 1,562,385 | |||||||||||||
Canadian term loan | — | — | 14,446 | 14,353 | |||||||||||||
Australia term loan | 134,436 | 135,491 | 190,100 | 191,057 | |||||||||||||
Amortizing Notes component of TEUs | 21,878 | 21,698 | 32,435 | 31,484 | |||||||||||||
Other debt | 19,035 | 18,996 | 19,901 | 19,759 | |||||||||||||
Total | $ | 1,624,712 | $ | 1,621,345 | $ | 1,858,135 | $ | 1,844,260 | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ' | ||||||||||||
The components of income before income taxes and income from equity investment for the years ended December 31, 2013, 2012 and 2011 were as follows (dollars in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States | $ | 211,889 | $ | 5,598 | $ | 98,041 | |||||||
Foreign | 106,498 | 77,680 | 59,974 | ||||||||||
Total | $ | 318,387 | $ | 83,278 | $ | 158,015 | |||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
The components of the provision for income taxes for the years ended December 31, 2013, 2012 and 2011 were as follows (dollars in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States: | |||||||||||||
Current | |||||||||||||
Federal | $ | 6,571 | $ | 3,582 | $ | 5,652 | |||||||
State | 6,031 | 3,752 | 3,686 | ||||||||||
Deferred | |||||||||||||
Federal | 62 | 17,382 | 12,578 | ||||||||||
State | 4,890 | 906 | 1,535 | ||||||||||
17,554 | 25,622 | 23,451 | |||||||||||
Foreign: | |||||||||||||
Current | 22,697 | 9,907 | 6,488 | ||||||||||
Deferred | 6,045 | 10,873 | 8,592 | ||||||||||
28,742 | 20,780 | 15,080 | |||||||||||
Total | $ | 46,296 | $ | 46,402 | $ | 38,531 | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
The following is a summary of the effective tax rate reconciliation for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Tax provision at statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Effect of acquisitions/divestitures | — | % | 24.8 | % | (3.1 | )% | |||||||
Effect of foreign operations | (2.1 | )% | (7.7 | )% | (2.9 | )% | |||||||
State income taxes, net of federal income tax benefit | 2.2 | % | 3.8 | % | 2.3 | % | |||||||
Benefit of track maintenance credit | (21.0 | )% | — | % | (6.5 | )% | |||||||
Other, net | 0.4 | % | (0.3 | )% | (0.4 | )% | |||||||
Effective income tax rate | 14.5 | % | 55.6 | % | 24.4 | % | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
The components of net deferred income taxes as of December 31, 2013 and 2012 were as follows (dollars in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accruals and reserves not deducted for tax purposes until paid | $ | 20,183 | $ | 15,824 | |||||||||
Net operating loss carryforwards | 14,577 | 52,863 | |||||||||||
Nonshareholder contributions | 3,185 | 4,799 | |||||||||||
Deferred compensation | 2,974 | 2,175 | |||||||||||
Postretirement benefits | 811 | 2,328 | |||||||||||
Share-based compensation | 6,348 | 11,328 | |||||||||||
Foreign tax credit | 1,964 | 1,964 | |||||||||||
Track maintenance credit | 221,278 | 129,486 | |||||||||||
Alternative minimum tax credit | 1,592 | 1,356 | |||||||||||
Other | 119 | 451 | |||||||||||
273,031 | 222,574 | ||||||||||||
Valuation allowance | (12,194 | ) | (8,613 | ) | |||||||||
Deferred tax liabilities: | |||||||||||||
Interest rate swaps | (13,985 | ) | 7 | ||||||||||
Property basis difference | (1,029,492 | ) | (1,003,990 | ) | |||||||||
Other | (1,884 | ) | (1,843 | ) | |||||||||
Net deferred tax liabilities | $ | (784,524 | ) | $ | (791,865 | ) | |||||||
Summary of Valuation Allowance [Table Text Block] | ' | ||||||||||||
A reconciliation of the beginning and ending amount of the Company's valuation allowance is as follows (dollars in thousands): | |||||||||||||
2013 | |||||||||||||
Balance at beginning of year | $ | 8,613 | |||||||||||
Increase for state net operating losses | 1,617 | ||||||||||||
Increase for foreign tax credits | 1,964 | ||||||||||||
Balance at end of year | $ | 12,194 | |||||||||||
Summary of Income Tax Contingencies [Table Text Block] | ' | ||||||||||||
A reconciliation of the beginning and ending amount of the Company’s liability for uncertain tax positions is as follows (dollars in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of year | $ | 3,155 | $ | — | $ | — | |||||||
Increase for acquired subsidiary | — | 3,370 | — | ||||||||||
Reductions for tax positions of prior years | — | (215 | ) | — | |||||||||
Balance at end of year | $ | 3,155 | $ | 3,155 | $ | — | |||||||
Summary of Income Tax Examinations [Table Text Block] | ' | ||||||||||||
As of December 31, 2013, the following tax years remain open to examination by the major taxing jurisdictions to which the Company is subject: | |||||||||||||
Open Tax Years | |||||||||||||
Jurisdiction | From | To | |||||||||||
United States | 2001 | - | 2013 | ||||||||||
Australia | 2009 | - | 2013 | ||||||||||
Canada | 2009 | - | 2013 | ||||||||||
Mexico | 2008 | - | 2013 | ||||||||||
Netherlands | 2012 | - | 2013 | ||||||||||
Belgium | 2013 | - | 2013 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
STOCK-BASED COMPENSATION PLANS: [Abstract] | ' | |||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | |||||||||||||
A summary of option activity under the Omnibus Plan as of December 31, 2013 and changes during the year then ended is presented below: | ||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual Term | (in thousands) | ||||||||||||
(in years) | ||||||||||||||
Outstanding at beginning of year | 1,105,411 | $ | 42.61 | |||||||||||
Granted | 199,209 | 90.3 | ||||||||||||
Exercised | (319,732 | ) | 35.88 | |||||||||||
Expired | (521 | ) | 39.08 | |||||||||||
Forfeited | (15,035 | ) | 63.19 | |||||||||||
Outstanding at end of year | 969,332 | $ | 54.32 | 2.5 | $ | 40,458 | ||||||||
Vested or expected to vest at end of year | 967,559 | $ | 54.26 | 2.5 | $ | 40,440 | ||||||||
Exercisable at end of year | 569,450 | $ | 40.17 | 1.6 | $ | 31,822 | ||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||
The following weighted average assumptions were used to estimate the grant date fair value of options granted during the years ended December 31, 2013, 2012 and 2011 using the Black-Scholes option pricing model: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Risk-free interest rate | 0.89 | % | 0.52 | % | 1.05 | % | ||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | ||||||||
Expected term (in years) | 4 | 4 | 3.9 | |||||||||||
Expected volatility | 29 | % | 33 | % | 35 | % | ||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | |||||||||||||
The following table summarizes the Company’s non-vested restricted stock outstanding as of December 31, 2013 and changes during the year then ended: | ||||||||||||||
Shares | Weighted Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Non-vested at beginning of year | 270,724 | $ | 59.54 | |||||||||||
Granted | 55,019 | 90.12 | ||||||||||||
Vested | (191,910 | ) | 59.05 | |||||||||||
Forfeited | (7,169 | ) | 64.88 | |||||||||||
Non-vested at end of year | 126,664 | $ | 73.25 | |||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | |||||||||||||
The following table summarizes the Company’s non-vested restricted stock units outstanding as of December 31, 2013 and changes during the year then ended: | ||||||||||||||
Shares | Weighted Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Non-vested at beginning of year | 294,635 | $ | 66.86 | |||||||||||
Granted | 27,857 | 89.44 | ||||||||||||
Vested | (213,003 | ) | 66.97 | |||||||||||
Forfeited | (16,247 | ) | 70.24 | |||||||||||
Non-vested at end of year | 93,242 | $ | 72.78 | |||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
RAILAMERICA, INC. AND SUBSIDIARIES | |||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Period from October 1, 2012 (Acquisition) to | |||||||||||||||||
28-Dec-12 | |||||||||||||||||
Net income | $ | 15,806 | |||||||||||||||
Other comprehensive income/(loss): | |||||||||||||||||
Foreign currency translation adjustment | (2,150 | ) | |||||||||||||||
Actuarial gain associated with pension and postretirement benefit plans, net of tax provision of $53 | 166 | ||||||||||||||||
Other comprehensive loss | (1,984 | ) | |||||||||||||||
Comprehensive income | $ | 13,822 | |||||||||||||||
The following table sets forth accumulated other comprehensive income included in the consolidated balance sheets as of December 31, 2013 and 2012, respectively (dollars in thousands): | |||||||||||||||||
Cumulative Foreign | Defined Benefit | Net | Accumulated | ||||||||||||||
Currency | Plans | Unrealized | Other | ||||||||||||||
Translation | Gain/(Loss) on | Comprehensive | |||||||||||||||
Adjustment | Cash Flow | Income/(Loss) | |||||||||||||||
Hedges | |||||||||||||||||
Balance, December 31, 2011 | $ | 42,394 | $ | (20 | ) | $ | (4,479 | ) | $ | 37,895 | |||||||
Other comprehensive income/(loss) before reclassifications | 5,451 | (128 | ) | 6,595 | 11,918 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax benefit of $1,695 | — | — | (2,542 | ) | (a) | (2,542 | ) | ||||||||||
Change in 2012 | 5,451 | (128 | ) | 4,053 | 9,376 | ||||||||||||
Balance, December 31, 2012 | $ | 47,845 | $ | (148 | ) | $ | (426 | ) | $ | 47,271 | |||||||
Other comprehensive (loss)/income before reclassifications | (62,532 | ) | 362 | 23,443 | (38,727 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax benefit of $1,637 | — | — | (2,455 | ) | (a) | (2,455 | ) | ||||||||||
Change in 2013 | (62,532 | ) | 362 | 20,988 | (41,182 | ) | |||||||||||
Balance, December 31, 2013 | $ | (14,687 | ) | $ | 214 | $ | 20,562 | $ | 6,089 | ||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Significant Non Cash Investing Activities [Abstract] | ' | ||||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | ||||||||||||
The following table sets forth the cash paid for interest and income taxes for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest paid, net | $ | 57,206 | $ | 57,012 | $ | 36,291 | |||||||
Income taxes | $ | 14,522 | $ | 11,187 | $ | 19,585 | |||||||
Segment_and_Geographic_Area_In1
Segment and Geographic Area Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
SEGMENT AND GEOGRAPHIC AREA INFORMATION: [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||||||||||
The following tables set forth the Company's North American & European Operations and Australian Operations for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands): | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | |||||||||||||||||||||||
Operating revenues | $ | 1,243,847 | $ | 325,164 | $ | 1,569,011 | |||||||||||||||||||
Income from operations | $ | 284,122 | $ | 96,066 | $ | 380,188 | |||||||||||||||||||
Depreciation and amortization | $ | 114,542 | $ | 27,102 | $ | 141,644 | |||||||||||||||||||
Interest expense | $ | 52,740 | $ | 15,154 | $ | 67,894 | |||||||||||||||||||
Interest income | $ | 3,631 | $ | 340 | $ | 3,971 | |||||||||||||||||||
Provision for income taxes | $ | 24,038 | $ | 22,258 | $ | 46,296 | |||||||||||||||||||
Expenditures for additions to property & equipment, net of grants from outside parties | $ | 163,545 | $ | 51,860 | $ | 215,405 | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | |||||||||||||||||||||||
Operating revenues | $ | 585,893 | $ | 289,023 | $ | 874,916 | |||||||||||||||||||
Income from operations | $ | 115,387 | $ | 74,935 | $ | 190,322 | |||||||||||||||||||
Depreciation and amortization | $ | 50,156 | $ | 23,249 | $ | 73,405 | |||||||||||||||||||
Interest expense | $ | 45,996 | $ | 16,849 | $ | 62,845 | |||||||||||||||||||
Interest income | $ | 3,219 | $ | 506 | $ | 3,725 | |||||||||||||||||||
Contingent forward sale contract mark-to-market expense | $ | 50,106 | $ | — | $ | 50,106 | |||||||||||||||||||
Provision for income taxes | $ | 28,451 | $ | 17,951 | $ | 46,402 | |||||||||||||||||||
Income from equity investment in RailAmerica, net | $ | 15,557 | $ | — | $ | 15,557 | |||||||||||||||||||
Expenditures for additions to property & equipment, net of grants from outside parties | $ | 69,636 | $ | 122,426 | $ | 192,062 | |||||||||||||||||||
December 31, 2011 | |||||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | |||||||||||||||||||||||
Operating revenues | $ | 557,621 | $ | 271,475 | $ | 829,096 | |||||||||||||||||||
Income from operations | $ | 129,646 | $ | 62,133 | $ | 191,779 | |||||||||||||||||||
Depreciation and amortization | $ | 47,218 | $ | 19,263 | $ | 66,481 | |||||||||||||||||||
Interest expense | $ | 23,171 | $ | 15,446 | $ | 38,617 | |||||||||||||||||||
Interest income | $ | 2,950 | $ | 293 | $ | 3,243 | |||||||||||||||||||
Provision for income taxes | $ | 26,181 | $ | 12,350 | $ | 38,531 | |||||||||||||||||||
Expenditures for additions to property & equipment, net of grants from outside parties | $ | 59,383 | $ | 96,643 | $ | 156,026 | |||||||||||||||||||
Property and Equipment by Segment [Table Text Block] | ' | ||||||||||||||||||||||||
The following table sets forth the property and equipment recorded in the consolidated balance sheets as of December 31, 2013 and 2012 (dollars in thousands): | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | North American & European Operations | Australian Operations | Total Operations | ||||||||||||||||||||
Property & equipment, net | $ | 2,883,452 | $ | 557,292 | $ | 3,440,744 | $ | 2,766,693 | $ | 629,602 | $ | 3,396,295 | |||||||||||||
Operating Revenues by Geographic Area [Table Text Block] | ' | ||||||||||||||||||||||||
Operating revenues for each geographic area for the years ended December 31, 2013, 2012 and 2011 were as follows (dollars in thousands): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||||
United States | $ | 1,083,773 | 69.1 | % | $ | 489,157 | 55.9 | % | $ | 478,511 | 57.7 | % | |||||||||||||
Non-United States: | |||||||||||||||||||||||||
Australia | $ | 325,164 | 20.7 | % | $ | 289,023 | 33 | % | $ | 271,475 | 32.7 | % | |||||||||||||
Canada | 145,399 | 9.3 | % | 81,948 | 9.4 | % | 64,155 | 7.8 | % | ||||||||||||||||
Europe | 14,675 | 0.9 | % | 14,788 | 1.7 | % | 14,955 | 1.8 | % | ||||||||||||||||
Total Non-United States | $ | 485,238 | 30.9 | % | $ | 385,759 | 44.1 | % | $ | 350,585 | 42.3 | % | |||||||||||||
Total operating revenues | $ | 1,569,011 | 100 | % | $ | 874,916 | 100 | % | $ | 829,096 | 100 | % | |||||||||||||
Property and Equipment by Geographic Area [Table Text Block] | ' | ||||||||||||||||||||||||
Property and equipment for each geographic area as of December 31, 2013 and 2012 were as follows (dollars in thousands): | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||
Property and equipment located in: | |||||||||||||||||||||||||
United States | $ | 2,602,640 | 75.7 | % | $ | 2,487,782 | 73.2 | % | |||||||||||||||||
Non-United States: | |||||||||||||||||||||||||
Australia | $ | 557,292 | 16.2 | % | $ | 629,602 | 18.5 | % | |||||||||||||||||
Canada | 265,933 | 7.7 | % | 263,828 | 7.8 | % | |||||||||||||||||||
Europe | 14,879 | 0.4 | % | 15,083 | 0.5 | % | |||||||||||||||||||
Total Non-United States | $ | 838,104 | 24.3 | % | $ | 908,513 | 26.8 | % | |||||||||||||||||
Total property and equipment, net | $ | 3,440,744 | 100 | % | $ | 3,396,295 | 100 | % | |||||||||||||||||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
QUARTERLY FINANCIAL DATA (unaudited): [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||
The following table sets forth the Company's quarterly results for the years ended December 31, 2013 and 2012 (dollars in thousands, except per share data): | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
2013 | |||||||||||||||||
Operating revenues | $ | 375,208 | $ | 400,741 | $ | 401,388 | $ | 391,674 | |||||||||
Income from operations | $ | 76,200 | $ | 107,417 | $ | 101,741 | $ | 94,830 | |||||||||
Net income | $ | 82,728 | $ | 65,050 | $ | 66,225 | $ | 58,088 | |||||||||
Diluted earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $ | 1.46 | $ | 1.14 | $ | 1.16 | $ | 1.03 | |||||||||
2012 | |||||||||||||||||
Operating revenues | $ | 207,436 | $ | 217,419 | $ | 222,745 | $ | 227,316 | |||||||||
Income from operations | $ | 41,314 | $ | 62,473 | $ | 52,875 | $ | 33,660 | |||||||||
Net income/(loss) | $ | 22,241 | $ | 36,363 | $ | (19,567 | ) | $ | 13,396 | ||||||||
Diluted earnings/(loss) per common share attributable to Genesee & Wyoming Inc. common stockholders | $ | 0.52 | $ | 0.84 | $ | (0.47 | ) | $ | 0.18 | ||||||||
Business_and_Customers_Details
Business and Customers (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
customer | |||
region | |||
mile | |||
port | |||
railroad | |||
employee | |||
Entity Information [Line Items] | ' | ' | ' |
Track miles | 14,700 | ' | ' |
Number of railroads operated | 111 | ' | ' |
Number of operating regions | 11 | ' | ' |
Number of employees | 4,800 | ' | ' |
customers served | 2,000 | ' | ' |
Ports operated | 35 | ' | ' |
Percent of revenues from 10 largest customers | 24.00% | 31.00% | 29.00% |
GWA North [Member] | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Track miles | 1,400 | ' | ' |
Significant_Accounting_Policie3
Significant Accounting Policies Property and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Material losses incurred through dispositions from unanticipated or unusual events | $0 | $0 | $0 |
Minimum [Member] | Buildings and leasehold improvements (subject to term of lease) | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '2 years | ' | ' |
Minimum [Member] | Bridges/tunnels/culverts | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '20 years | ' | ' |
Minimum [Member] | Track property | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '5 years | ' | ' |
Minimum [Member] | Computer equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '2 years | ' | ' |
Minimum [Member] | Locomotives and railcars | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '2 years | ' | ' |
Minimum [Member] | Vehicles and mobile equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '2 years | ' | ' |
Minimum [Member] | Signals and crossing equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '4 years | ' | ' |
Minimum [Member] | Track equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '2 years | ' | ' |
Minimum [Member] | Other equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '2 years | ' | ' |
Maximum [Member] | Buildings and leasehold improvements (subject to term of lease) | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '40 years | ' | ' |
Maximum [Member] | Bridges/tunnels/culverts | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '50 years | ' | ' |
Maximum [Member] | Track property | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '50 years | ' | ' |
Maximum [Member] | Computer equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '7 years | ' | ' |
Maximum [Member] | Locomotives and railcars | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '30 years | ' | ' |
Maximum [Member] | Vehicles and mobile equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '10 years | ' | ' |
Maximum [Member] | Signals and crossing equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '30 years | ' | ' |
Maximum [Member] | Track equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '10 years | ' | ' |
Maximum [Member] | Other equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '20 years | ' | ' |
Significant_Accounting_Policie4
Significant Accounting Policies Goodwill and Indefinite-Lived Intangible Assets (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill and Indefinite-Lived Intangible Assets [Abstract] | ' | ' |
Impairment resulting from annual impairment test | $0 | $0 |
Significant_Accounting_Policie5
Significant Accounting Policies Insurance (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 02, 2012 | Oct. 02, 2012 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Liability policies [Member] | Property policies [Member] | RailAmerica [Member] | RailAmerica [Member] | Australian Operations [Member] |
USD ($) | USD ($) | Liability policies [Member] | Property policies [Member] | Property policies [Member] | |
USD ($) | USD ($) | AUD | |||
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items] | ' | ' | ' | ' | ' |
Self-insured retention, maximum per incident | $1 | $1 | ' | ' | 2.5 |
Prior self-insured retention, maximum per incident | ' | ' | $4 | $1.50 | ' |
Changes_in_Operations_United_S
Changes in Operations United States (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 02, 2012 | Nov. 30, 2011 | Mar. 31, 2013 | Sep. 02, 2011 | Dec. 31, 2011 | Oct. 02, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 19, 2012 | Oct. 02, 2012 | Dec. 31, 2012 | Dec. 28, 2012 | Dec. 31, 2012 | |
CCH [Member] | HAL [Member] | Series A-1 Preferred Stock [Member] | AZER [Member] | AZER [Member] | RailAmerica [Member] | RailAmerica [Member] | RailAmerica [Member] | RailAmerica [Member] | RailAmerica [Member] | Contingent forward sale contract [Member] | RailAmerica [Member] | RailAmerica [Member] | |||||||||||
mile | mile | The Carlyle Group [Member] | employee | province | Common stock and TEUs [Member] | Series A-1 Preferred Stock [Member] | |||||||||||||||||
mile | mile | The Carlyle Group [Member] | |||||||||||||||||||||
trackage_rights_mile | state | ||||||||||||||||||||||
locomotive | railroad | ||||||||||||||||||||||
rail_line | employee | ||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of RailAmerica's outstanding shares acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Cash purchase price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $27.50 | ' | ' | ' | ' | ' | ' | ' |
RailAmerica outstanding common stock as of October 1, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,934,000 | ' | ' | ' | ' | ' | ' | ' |
Equity purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $89,500,000 | ' | $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 | ' | ' | ' | ' | ' | ' | ' |
Acquisition refinancing of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000,000 | ' | ' | ' | ' | ' | ' | ' |
Amount of debt used to fund transaction and financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000,000 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock | ' | ' | ' | ' | ' | ' | ' | 0 | 234,340,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 475,500,000 | ' | ' | ' | ' |
Proceeds from issuance of stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | ' |
Contingent forward sale contract mark-to-market expense | ' | ' | ' | ' | ' | 50,100,000 | ' | 0 | 50,106,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,100,000 | ' | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,984,232 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition and integration related costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,000,000 | 30,000,000 | ' | ' | ' | ' | ' |
Income from equity investment in RailAmerica, net | ' | ' | ' | ' | ' | ' | ' | 0 | 15,557,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,600,000 | ' |
After-tax impact of RailAmerica integration and acquisition-related costs | 600,000 | 1,300,000 | 700,000 | 8,000,000 | 17,700,000 | 3,100,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 |
Number of employees acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43 | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' |
Number of railroads | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45 | ' | ' | ' | ' | ' | ' | ' |
Track miles acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200 | ' | 7,100 | ' | ' | ' | ' | ' | ' | ' |
Number of states in which entity operates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28 | ' | ' | ' | ' | ' | ' | ' |
Number of provinces in which entity operates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' |
Track miles leased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26 | 56 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Working capital adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -600,000 | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition related costs | ' | ' | ' | ' | ' | ' | ' | $360,000 | $18,592,000 | $0 | ' | ' | ' | ' | $600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of locomotives acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of rail lines acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trackage rights miles acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes_in_Operations_Purchase
Changes in Operations Purchase Price Allocation (Details) (USD $) | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 28, 2012 | Sep. 30, 2013 | Oct. 02, 2012 | Sep. 02, 2011 | Dec. 28, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 28, 2012 | Dec. 31, 2013 | Dec. 28, 2012 | |
RailAmerica [Member] | RailAmerica [Member] | RailAmerica [Member] | AZER [Member] | Preliminary allocation of fair values [Member] | Final allocation of fair values [Member] | Final allocation of fair values [Member] | Final allocation of fair values [Member] | Scenario, Forecast [Member] | RailAmerica [Member] | ||||
RailAmerica [Member] | RailAmerica [Member] | RailAmerica [Member] | RailAmerica [Member] | RailAmerica [Member] | |||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from equity investment in RailAmerica, net | $0 | $15,557,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,600,000 |
Other comprehensive loss from equity investment in RailAmerica | 41,182,000 | -9,376,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,984,000 |
Reduction in net cash paid for acquisition due to change in cash and cash equivalents | ' | ' | ' | -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 | ' | ' | ' | ' | -16,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
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 all other assets, net | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Measurement period adjustment to allocation of fair values to goodwill | ' | ' | ' | ' | -3,100,000 | ' | ' | ' | -3,087,000 | 474,115,000 | ' | ' | ' |
Additional depreciation and amortization expense as a result of the measurement period adjustment to the allocation of fair values | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' |
Allocation of Fair Value [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | ' | 86,102,000 | 0 | 107,922,000 | ' | ' | 107,922,000 | ' | ' |
Accounts receivable | ' | ' | ' | ' | ' | 104,839,000 | 3,096,000 | 91,424,000 | ' | ' | 90,659,000 | ' | ' |
Materials and supplies | ' | ' | ' | ' | ' | 6,406,000 | 0 | 7,325,000 | ' | ' | 7,325,000 | ' | ' |
Prepaid expenses and other | ' | ' | ' | ' | ' | 15,146,000 | 2,319,000 | 14,815,000 | ' | ' | 15,801,000 | ' | ' |
Deferred income tax assets | ' | ' | ' | ' | ' | 49,074,000 | 0 | 49,074,000 | ' | ' | 56,998,000 | ' | ' |
Property and equipment | ' | ' | ' | ' | ' | 1,579,321,000 | 90,129,000 | 1,588,612,000 | ' | ' | 1,599,282,000 | ' | ' |
Goodwill | 630,462,000 | 634,953,000 | 160,277,000 | ' | ' | 474,115,000 | 0 | 474,115,000 | ' | ' | 471,028,000 | ' | 474,115,000 |
Intangible assets, net | ' | ' | ' | ' | ' | 451,100,000 | 0 | 446,327,000 | ' | ' | 416,427,000 | ' | ' |
Other assets | ' | ' | ' | ' | ' | 116,000 | 0 | 116,000 | ' | ' | 116,000 | ' | ' |
Total assets | ' | ' | ' | ' | ' | 2,766,219,000 | 95,544,000 | 2,779,730,000 | ' | ' | 2,765,558,000 | ' | ' |
Accounts payable and accrued expenses | ' | ' | ' | ' | ' | 143,790,000 | 5,212,000 | 135,117,000 | ' | ' | 140,160,000 | ' | ' |
Long-term debt | ' | ' | ' | ' | ' | 12,158,000 | 0 | 12,010,000 | ' | ' | 12,010,000 | ' | ' |
Deferred income tax liabilities, net | ' | ' | ' | ' | ' | 542,210,000 | 0 | 551,856,000 | ' | ' | 535,864,000 | ' | ' |
Other long-term liabilities | ' | ' | ' | ' | ' | 20,754,000 | 0 | 19,618,000 | ' | ' | 21,439,000 | ' | ' |
Noncontrolling interest | ' | ' | ' | ' | ' | 5,525,000 | 0 | 5,525,000 | ' | ' | 481,000 | ' | ' |
Net assets | ' | ' | ' | ' | ' | $2,041,782,000 | $90,332,000 | $2,055,604,000 | ' | ' | $2,055,604,000 | ' | ' |
Changes_in_Operations_Pro_Form
Changes in Operations Pro Forma Financial Results (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Share data in Millions, except Per Share data, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pro Forma Information [Abstract] | ' | ' | ' | ' |
Operating revenues | ' | ' | $1,461,419,000 | $1,365,804,000 |
Net income attributable to Genesee & Wyoming Inc. | ' | ' | 112,191,000 | 128,122,000 |
Less: Series A-1 Preferred Stock dividend | ' | ' | 17,500,000 | 17,500,000 |
Net income available to common stockholders | ' | ' | 94,691,000 | 110,622,000 |
Basic earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | ' | ' | $1.99 | $2.34 |
Diluted earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | ' | ' | $1.89 | $2.21 |
Pro Forma, business combination, elimination of mark to market expense expense | 50,100,000 | 0 | 50,106,000 | 0 |
Pro Forma if converted shares excluded from diluted shares | ' | ' | 6 | ' |
RailAmerica [Member] | ' | ' | ' | ' |
Pro Forma Information [Abstract] | ' | ' | ' | ' |
Pro Forma acquisition related costs, net of tax | ' | ' | 20,300,000 | ' |
Pro Forma, business combination, financing related costs, net of tax | ' | ' | 9,500,000 | ' |
RailAmerica [Member] | ' | ' | ' | ' |
Pro Forma Information [Abstract] | ' | ' | ' | ' |
Pro Forma acquisition related costs, net of tax | ' | ' | 12,900,000 | ' |
Pro Forma costs incurred with redemption of senior secured notes | ' | ' | 55,000,000 | ' |
Contingent forward sale contract [Member] | ' | ' | ' | ' |
Pro Forma Information [Abstract] | ' | ' | ' | ' |
Pro Forma, business combination, elimination of mark to market expense expense | ' | ' | $50,100,000 | ' |
Changes_in_Operations_Australi
Changes in Operations Australia (Details) | 12 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | Cook [Member] | Cook [Member] | Alice Springs [Member] | Alice Springs [Member] | Arrium Limited [Member] | Arrium Limited [Member] | Arrium Limited [Member] | Arrium Limited [Member] | |
USD ($) | AUD | USD ($) | AUD | Narrow Gauge Locomotives And Wagons [Member] | Narrow Gauge Locomotives And Wagons [Member] | Narrow Gauge Locomotives And Wagons [Member] | Narrow Gauge Locomotives And Wagons [Member] | ||||
USD ($) | AUD | USD ($) | AUD | ||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of property and equipment | $249,318,000 | $231,694,000 | $178,668,000 | ' | ' | $9,200,000 | 9,000,000 | $19,900,000 | 22,300,000 | $54,100,000 | 52,100,000 |
Stamp duty | ' | ' | ' | ' | ' | 600,000 | 500,000 | ' | ' | ' | ' |
Proceeds from disposition of property and equipment | 6,687,000 | 15,298,000 | 9,464,000 | 4,100,000 | 4,000,000 | ' | ' | ' | ' | ' | ' |
Gain on sale of assets | $4,677,000 | $11,225,000 | $5,660,000 | $1,300,000 | 1,300,000 | ' | ' | ' | ' | ' | ' |
Changes_in_Operations_Canada_D
Changes in Operations Canada (Details) (TSMC [Member]) | 1 Months Ended |
Aug. 31, 2012 | |
km | |
TSMC [Member] | ' |
Business Acquisition [Line Items] | ' |
Track kilometers to be constructed | 21 |
Earnings_Per_Common_Share_Basi
Earnings Per Common Share Basic and Diluted EPS (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerators: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Genesee & Wyoming Inc. common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $271,296 | $52,433 | $119,484 |
Less: Series A-1 Preferred Stock dividend | ' | ' | ' | ' | ' | ' | ' | ' | 2,139 | 4,375 | 0 |
Net income available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $269,157 | $48,058 | $119,484 |
Denominators: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average number of shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 53,788,000 | 42,693,000 | 39,912,000 |
Dilutive effect of employee stock-based awards | ' | ' | ' | ' | ' | ' | ' | ' | 494,000 | 601,000 | 603,000 |
Dilutive effect of Series A-1 Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | 722,000 | 5,984,000 | 0 |
Weighted average sharesbDiluted | ' | ' | ' | ' | ' | ' | ' | ' | 56,679,000 | 51,316,000 | 42,772,000 |
Earnings per common share attributable to Genesee & Wyoming Inc. common stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per common share | ' | ' | ' | ' | ' | ' | ' | ' | $5 | $1.13 | $2.99 |
Diluted earnings per common share | $1.03 | $1.16 | $1.14 | $1.46 | $0.18 | ($0.47) | $0.84 | $0.52 | $4.79 | $1.02 | $2.79 |
Class A common stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Denominators: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average number of shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 53,788,000 | 42,693,000 | 39,912,000 |
Class B common stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Denominators: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average number of shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 1,675,000 | 2,038,000 | 2,257,000 |
Earnings_Per_Common_Share_Opti
Earnings Per Common Share Options Used to Calculate Weighted Average Share Equivalents (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Options used to calcualte weighted average share equivalents [Abstract] | ' | ' | ' |
Options used to calculate weighted average share equivalents | 969,332 | 1,105,411 | 1,460,000 |
Earnings_Per_Common_Share_Anti
Earnings Per Common Share Anti-dilutive Shares (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive shares | 105 | 143 | 126 |
Earnings_Per_Common_Share_Sche
Earnings Per Common Share Schedule of Increase in Weighted Average Shares (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Tangible Equity Units [Member] | ' | ' |
Schedule of Increase in Weighted Average Shares [Line Items] | ' | ' |
Weighted average shares issuable upon settlement of the prepaid stock purchase contract component of the TEUs | 2,841,650 | 850,773 |
Class A common stock [Member] | ' | ' |
Schedule of Increase in Weighted Average Shares [Line Items] | ' | ' |
Weighted average shares impact resulting from offerings during the period | 3,791,004 | 1,066,867 |
Series A-1 Preferred Stock [Member] | ' | ' |
Schedule of Increase in Weighted Average Shares [Line Items] | ' | ' |
Weighted average shares impact resulting from conversion of preferred stock | 5,262,845 | 0 |
Earnings_Per_Common_Share_Offe
Earnings Per Common Share Offerings (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 19, 2012 | Sep. 19, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 02, 2015 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 02, 2015 | Dec. 31, 2013 | Sep. 19, 2012 | Sep. 28, 2012 | |
Tangible Equity Units [Member] | Tangible Equity Units [Member] | Tangible Equity Units [Member] | Tangible Equity Units [Member] | Tangible Equity Units [Member] | Tangible Equity Units [Member] | Tangible Equity Units [Member] | Tangible Equity Units [Member] | Tangible Equity Units [Member] | Class A common stock [Member] | Class A common stock [Member] | |||||
Minimum [Member] | Middle [Member] | Maximum [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | ||||||||
Minimum [Member] | Minimum [Member] | Middle [Member] | Maximum [Member] | Maximum [Member] | |||||||||||
Shares issued in public offering | ' | ' | ' | ' | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | 3,791,004 | ' |
Stated amount per share | ' | ' | ' | $64.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued as a result of the underwriter's exercise of their over-allotment option | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | 525,000 | ' |
Stated amount per share | ' | ' | ' | ' | $100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumed market price of Class A common stock | ' | ' | ' | ' | ' | ' | ' | ' | $1.24 | $80.94 | $73 | ' | $64.75 | ' | $66.86 |
Tangible Equity Units number Of shares upon conversion per unit | ' | ' | ' | ' | ' | ' | ' | ' | 1.2355 | ' | ' | 1.5444 | ' | ' | ' |
TEU Common Stock Equivalents | ' | ' | ' | ' | ' | 2,842,000 | 3,151,000 | 3,552,000 | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Diluted Shares Outstanding | 56,679,000 | 51,316,000 | 42,772,000 | ' | ' | 56,679,000 | 56,988,000 | 57,389,000 | ' | ' | ' | ' | ' | ' | ' |
Earnings_Per_Common_Share_Seri
Earnings Per Common Share Series A-1 Preferred Stock (Details) (The Carlyle Group [Member], USD $) | Jul. 23, 2012 | Jul. 17, 2012 | Mar. 31, 2013 | Feb. 13, 2013 | Oct. 02, 2012 | Jul. 17, 2012 |
RailAmerica [Member] | RailAmerica [Member] | Series A-1 Preferred Stock [Member] | Series A-1 Preferred Stock [Member] | Series A-1 Preferred Stock [Member] | Series A-1 Preferred Stock [Member] | |
RailAmerica [Member] | RailAmerica [Member] | |||||
Series A-1 Preferred Stock shares issued | ' | ' | ' | ' | 350,000 | ' |
Stated amount per share | ' | ' | ' | ' | $1,000 | ' |
Net proceeds from issuance of Series A-1 Preferred Stock | ' | ' | ' | ' | $349,400,000 | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities | ' | ' | 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 | ' | ' | ' | ' | ' |
Preferred Stock conversion price | ' | 58.49 | ' | ' | ' | ' |
Premium on conversion price | ' | ' | ' | ' | ' | 4.50% |
Cash paid with conversion of preferred stock | ' | ' | ' | $2,100,000 | ' | ' |
Accounts_Receivable_Accounts_R
Accounts Receivable Accounts Receivable (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total accounts receivable | $329,208 | $265,642 | ' | ' |
Less: allowance for doubtful accounts | -3,755 | -2,693 | -2,807 | -3,079 |
Accounts receivable, net | 325,453 | 262,949 | ' | ' |
Accounts receivable - trade [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total accounts receivable | 264,562 | 216,694 | ' | ' |
Accounts receivable - grants from outside parties [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total accounts receivable | 33,003 | 25,036 | 20,800 | ' |
Accounts receivable - insurance and other third party claims [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total accounts receivable | $31,643 | $23,912 | ' | ' |
Accounts_Receivable_Grants_fro
Accounts Receivable Grants from Outside Parties (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
GRANTS FROM OUTSIDE PARTIES: [Abstract] | ' | ' | ' |
Grant proceeds from outside parties | $33,913,000 | $39,632,000 | $22,642,000 |
Amortization of deferred grants included as offset to depreciation expense | $9,300,000 | $8,000,000 | $7,900,000 |
Accounts_Receivable_Insurance_
Accounts Receivable Insurance and Third Party Claims (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounts Receivable, Gross, Current | $329,208,000 | $265,642,000 | ' |
Proceeds received from insurance | 11,100,000 | 21,800,000 | 600,000 |
Gain on insurance recoveries | 1,465,000 | 5,760,000 | 1,061,000 |
Accounts receivable - insurance and other third party claims [Member] | ' | ' | ' |
Accounts Receivable, Gross, Current | 31,643,000 | 23,912,000 | ' |
Australian Operations [Member] | Accounts receivable - insurance and other third party claims [Member] | ' | ' | ' |
Accounts Receivable, Gross, Current | 16,800,000 | ' | ' |
North American & European Operations [Member] | Accounts receivable - insurance and other third party claims [Member] | ' | ' | ' |
Accounts Receivable, Gross, Current | $14,800,000 | ' | ' |
Accounts_Receivable_Allowance_
Accounts Receivable Allowance for Doubtful Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' |
Balance, beginning of year | $2,693 | $2,807 | $3,079 |
Provisions | 2,741 | 977 | 1,055 |
Charges | -1,679 | -1,091 | -1,327 |
Balance, end of year | $3,755 | $2,693 | $2,807 |
Property_and_Equipment_and_Lea2
Property and Equipment and Leases Property and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property and equipment | $3,993,393,000 | $3,840,940,000 | ' |
Less: accumulated depreciation | -552,649,000 | -444,645,000 | ' |
Property and equipment, net | 3,440,744,000 | 3,396,295,000 | ' |
Depreciation expense | 119,200,000 | 66,600,000 | 59,700,000 |
Construction-in-process [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property and equipment | 30,395,000 | 69,505,000 | ' |
Computer equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property and equipment | 11,307,000 | 9,235,000 | ' |
Locomotives and railcars | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property and equipment | 493,977,000 | 458,404,000 | ' |
Vehicles and mobile equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property and equipment | 42,127,000 | 38,226,000 | ' |
Signals and crossing equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property and equipment | 63,208,000 | 30,564,000 | ' |
Track equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property and equipment | 19,205,000 | 17,853,000 | ' |
Other equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property and equipment | 28,524,000 | 22,673,000 | ' |
Total Equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property and equipment | 658,348,000 | 576,955,000 | ' |
Land and land improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property and equipment | 547,539,000 | 562,432,000 | ' |
Buildings and leasehold improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property and equipment | 122,919,000 | 90,149,000 | ' |
Bridges/tunnels/culverts | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property and equipment | 556,108,000 | 531,388,000 | ' |
Track property | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property and equipment | 2,078,084,000 | 2,010,511,000 | ' |
Total property | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property and equipment | $3,304,650,000 | $3,194,480,000 | ' |
Property_and_Equipment_and_Lea3
Property and Equipment and Leases Construction in Process (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | $3,993,393 | $3,840,940 |
Buildings and leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | 92 | 93 |
Bridges/tunnels/culverts | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | 937 | 3,500 |
Track property | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | 21,912 | 24,252 |
Locomotives and railcars | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | 6,657 | 39,291 |
Other equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | 797 | 2,369 |
Total construction-in-process | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | $30,395 | $69,505 |
Property_and_Equipment_and_Lea4
Property and Equipment and Leases Leases (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Leased Assets [Line Items] | ' | ' | ' |
Leased railcars | 17,718 | 18,311 | ' |
Leased locomotives | 100 | 182 | ' |
Revenues from leased railroads as a percentage of total operating revenues | 9.00% | ' | ' |
Revenues from leased railroads set to expire in each of the next 10 years as a percentage of annual total operating revenues | 2.00% | ' | ' |
Equipment [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating lease expense | $32,050 | $13,386 | $19,328 |
Real property [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating lease expense | 8,062 | 5,055 | 4,632 |
Trackage rights [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating lease expense | $50,911 | $28,250 | $23,066 |
RailAmerica [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Leased railcars | ' | 8,004 | ' |
Leased locomotives | ' | 175 | ' |
Property_and_Equipment_and_Lea5
Property and Equipment and Leases Future Minimum Lease Payments for Capital and Operating Leases (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2014 | $876 |
2015 | 877 |
2016 | 881 |
2017 | 8,297 |
2018 | 27 |
Thereafter | 184 |
Total minimum payments | 11,142 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2014 | 32,414 |
2015 | 21,644 |
2016 | 17,305 |
2017 | 14,387 |
2018 | 12,420 |
Thereafter | 137,231 |
Total minimum payments due | 235,401 |
Total Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2014 | 33,290 |
2015 | 22,521 |
2016 | 18,186 |
2017 | 22,684 |
2018 | 12,447 |
Thereafter | 137,415 |
Total minimum payments | $246,543 |
Intangible_Assets_Other_Assets2
Intangible Assets, Other Assets, Net and Goodwill Intangible Assets (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Gross carrying amount | $646,466 | $680,648 |
Accumulated amortization | 68,562 | 46,465 |
Finite-lived intangible assets, net | 577,904 | 634,183 |
Weighted average amortization period | '40 years | '41 years |
Total intangible assets, net | 613,933 | 670,206 |
Perpetual track access agreements | ' | ' |
Non-amortizable intangible assets | 35,891 | 35,891 |
Operating license | ' | ' |
Non-amortizable intangible assets | 138 | 132 |
Service agreements | ' | ' |
Gross carrying amount | 37,622 | 37,622 |
Accumulated amortization | 13,547 | 12,214 |
Finite-lived intangible assets, net | 24,075 | 25,408 |
Weighted average amortization period | '28 years | '28 years |
Customer contracts and relationships | ' | ' |
Gross carrying amount | 178,603 | 150,532 |
Accumulated amortization | 22,899 | 17,421 |
Finite-lived intangible assets, net | 155,704 | 133,111 |
Weighted average amortization period | '36 years | '35 years |
Track access agreements | ' | ' |
Gross carrying amount | 430,241 | 492,494 |
Accumulated amortization | 32,116 | 16,830 |
Finite-lived intangible assets, net | $398,125 | $475,664 |
Weighted average amortization period | '43 years | '44 years |
Intangible_Assets_Other_Assets3
Intangible Assets, Other Assets, Net and Goodwill Purchase Price Assigned to Intangibles (Details) (RailAmerica [Member], USD $) | 9 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2013 | Oct. 02, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 28, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 28, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
Final allocation of fair values [Member] | Final allocation of fair values [Member] | Final allocation of fair values [Member] | Final allocation of fair values [Member] | Final allocation of fair values [Member] | Preliminary allocation of fair values [Member] | Preliminary allocation of fair values [Member] | Preliminary allocation of fair values [Member] | ||||
Customer Contracts [Member] | Track Access Agreements [Member] | Customer Contracts [Member] | Track Access Agreements [Member] | ||||||||
Goodwill, purchase accounting adjustments | ($3,100) | ' | ' | ($3,087) | $474,115 | ' | ' | ' | ' | ' | ' |
Assignment of the final determination of fair values | ' | ' | $451,100 | ' | ' | $416,427 | $120,500 | $300,700 | $446,327 | $92,600 | $358,500 |
Weighted Average Amortization Period | ' | '42 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible_Assets_Other_Assets4
Intangible Assets, Other Assets, Net and Goodwill Future Amortization of Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Aggregate amortization expense associated with intangible assets | $22,500,000 | $6,800,000 | $6,800,000 |
2014 | 22,227,000 | ' | ' |
2015 | 22,158,000 | ' | ' |
2016 | 22,109,000 | ' | ' |
2017 | 22,109,000 | ' | ' |
2018 | 20,303,000 | ' | ' |
Thereafter | 468,998,000 | ' | ' |
Total | $577,904,000 | $634,183,000 | ' |
Intangible_Assets_Other_Assets5
Intangible Assets, Other Assets, Net and Goodwill Other Assets (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Deferred financing costs, gross | $43,650 | $42,844 |
Accumulated Amortization of deferred financing costs | 11,930 | 2,352 |
Deferred financing costs, net | 31,720 | 40,492 |
Weighted average amortization period | '40 years | '41 years |
Other assets, gross | 52,241 | 16,535 |
Accumulated amortization of other assets | 14 | 14 |
Other assets | 52,227 | 16,521 |
Total other assets gross | 95,891 | 59,379 |
Total other assets accumulated amortization | 11,944 | 2,366 |
Total other assets, net | $83,947 | $57,013 |
Deferred financing costs [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted average amortization period | '4 years | '5 years |
Other assets [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted average amortization period | '0 years | '0 years |
Intangible_Assets_Other_Assets6
Intangible Assets, Other Assets, Net and Goodwill Deferred Financing Costs (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amortization of deferred financing costs to interest expense | $10.20 | $7 | $2.50 |
Write off of deferred financing fees | $0.50 | $3.20 | $0.50 |
Intangible_Assets_Other_Assets7
Intangible Assets, Other Assets, Net and Goodwill Future Interest Expense For Amortization of Deferred Financing Costs (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
2014 | $22,227 | ' |
2015 | 22,158 | ' |
2016 | 22,109 | ' |
2017 | 22,109 | ' |
Deferred financing costs, net | 31,720 | 40,492 |
Deferred financing costs [Member] | ' | ' |
2014 | 9,202 | ' |
2015 | 8,639 | ' |
2016 | 8,167 | ' |
2017 | $5,712 | ' |
Intangible_Assets_Other_Assets8
Intangible Assets, Other Assets, Net and Goodwill Goodwill (Details) (USD $) | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 02, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 28, 2012 | Dec. 28, 2012 | |
RailAmerica [Member] | RailAmerica [Member] | RailAmerica [Member] | Final allocation of fair values [Member] | Final allocation of fair values [Member] | Final allocation of fair values [Member] | Preliminary allocation of fair values [Member] | |||
RailAmerica [Member] | RailAmerica [Member] | RailAmerica [Member] | RailAmerica [Member] | ||||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | $634,953,000 | $160,277,000 | ' | ' | $474,115,000 | ' | ' | $471,028,000 | $474,115,000 |
Goodwill acquired | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, purchase accounting adjustments | ' | ' | -3,100,000 | ' | ' | -3,087,000 | 474,115,000 | ' | ' |
Currency translation adjustment | -1,404,000 | 561,000 | ' | ' | ' | ' | ' | ' | ' |
Balance at end of period | 630,462,000 | 634,953,000 | ' | ' | 474,115,000 | ' | ' | 471,028,000 | 474,115,000 |
Goodwill expected tax deductible amount | ' | ' | ' | $30,000,000 | ' | ' | ' | ' | ' |
Equity_Investment_Equity_Inves
Equity Investment Equity Investment (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 02, 2012 | Dec. 28, 2012 | Dec. 31, 2012 | |
RailAmerica [Member] | RailAmerica [Member] | RailAmerica [Member] | ||||||||||||
Business acquisition, percentage of voting interests acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Business acquisition, share price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $27.50 | ' | ' |
Income from equity investment in RailAmerica, net | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $15,557,000 | $0 | ' | $15,600,000 | ' |
Net income available to RailAmerica, Inc. | 58,088,000 | 66,225,000 | 65,050,000 | 82,728,000 | 13,396,000 | -19,567,000 | 36,363,000 | 22,241,000 | 272,091,000 | 52,433,000 | 119,484,000 | ' | 15,806,000 | ' |
Equity investment intercompany elimination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' |
After-tax impact of RailAmerica integration and acquisition-related costs | $600,000 | $1,300,000 | $700,000 | $8,000,000 | $17,700,000 | $3,100,000 | $500,000 | ' | ' | ' | ' | ' | ' | $3,500,000 |
Equity_Investment_RailAmerica_
Equity Investment RailAmerica Condensed Consolidated Balance Sheet (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 28, 2012 |
RailAmerica [Member] | ||||
Assets [Abstract] | ' | ' | ' | ' |
Current assets | $548,330,000 | $465,252,000 | ' | $270,560,000 |
Property and equipment, net | 3,440,744,000 | 3,396,295,000 | ' | 1,588,612,000 |
Goodwill | 630,462,000 | 634,953,000 | 160,277,000 | 474,115,000 |
Total intangible assets, net | 613,933,000 | 670,206,000 | ' | 446,327,000 |
Other assets, net | ' | ' | ' | 116,000 |
Total assets | 5,319,821,000 | 5,226,115,000 | ' | 2,779,730,000 |
Liabilities and equity [Abstract] | ' | ' | ' | ' |
Current liabilities | 456,508,000 | 416,744,000 | ' | 136,717,000 |
Long-term debt, less current portion | ' | ' | ' | 10,410,000 |
Deferred income tax liabilities, net | 863,051,000 | 862,734,000 | ' | 551,856,000 |
Other long-term liabilities | 43,748,000 | 47,506,000 | ' | 19,618,000 |
Commitments and contingencies | 0 | 0 | ' | 0 |
Total RailAmerica, Inc. stockholders' equity | 2,147,795,000 | 1,494,937,000 | ' | 2,055,604,000 |
Noncontrolling interest | 1,275,000 | 5,525,000 | ' | 5,525,000 |
Total equity | 2,149,070,000 | 1,500,462,000 | 960,634,000 | 2,061,129,000 |
Total liabilities and equity | $5,319,821,000 | $5,226,115,000 | ' | $2,779,730,000 |
Equity_Investment_RailAmerica_1
Equity Investment RailAmerica Condensed Consolidated Statement of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 28, 2012 | |
RailAmerica [Member] | ||||||||||||
Operating revenues | $391,674,000 | $401,388,000 | $400,741,000 | $375,208,000 | $227,316,000 | $222,745,000 | $217,419,000 | $207,436,000 | $1,569,011,000 | $874,916,000 | $829,096,000 | $151,065,000 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,188,823,000 | 684,594,000 | 637,317,000 | 124,928,000 |
Income from operations | 94,830,000 | 101,741,000 | 107,417,000 | 76,200,000 | 33,660,000 | 52,875,000 | 62,473,000 | 41,314,000 | 380,188,000 | 190,322,000 | 191,779,000 | 26,137,000 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -67,894,000 | -62,845,000 | -38,617,000 | -90,000 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,056,000 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 46,296,000 | 46,402,000 | 38,531,000 | 10,250,000 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 271,296,000 | 52,433,000 | 119,484,000 | 15,806,000 |
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 795,000 | 0 | 0 | 0 |
Net income available to RailAmerica, Inc. | $58,088,000 | $66,225,000 | $65,050,000 | $82,728,000 | $13,396,000 | ($19,567,000) | $36,363,000 | $22,241,000 | $272,091,000 | $52,433,000 | $119,484,000 | $15,806,000 |
Equity_Investment_RailAmerica_2
Equity Investment RailAmerica Condensed Consolidated Statement of Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 28, 2012 | |
RailAmerica [Member] | ||||||||||||
Net income | $58,088,000 | $66,225,000 | $65,050,000 | $82,728,000 | $13,396,000 | ($19,567,000) | $36,363,000 | $22,241,000 | $272,091,000 | $52,433,000 | $119,484,000 | $15,806,000 |
Other comprehensive income/(loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -62,532,000 | 5,451,000 | ' | -2,150,000 |
Actuarial gain associated with pension and postretirement benefit plans, net of tax provision of $53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 166,000 |
Pension & postretirement benefits - tax (benefit)/provision | ' | ' | ' | ' | ' | ' | ' | ' | 208,000 | -72,000 | -24,000 | 53,000 |
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | 41,182,000 | -9,376,000 | ' | -1,984,000 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | $230,114,000 | $61,809,000 | $117,265,000 | $13,822,000 |
Equity_Investment_RailAmerica_3
Equity Investment RailAmerica Condensed Consolidated Statement of Cash Flows (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 28, 2012 | Oct. 02, 2012 |
RailAmerica [Member] | RailAmerica [Member] | |||||
Net cash provided by operating activities | $413,504 | $170,679 | $173,469 | ' | $41,897 | ' |
Net cash used in investing activities | -208,718 | -2,101,690 | -235,128 | ' | -19,804 | ' |
Net cash used in financing activities | -205,942 | 1,963,491 | 62,035 | ' | -144 | ' |
Effect of exchange rate changes on cash and cash equivalents | -740 | 5,023 | -524 | ' | -129 | ' |
Increase in cash and cash equivalents | -1,896 | 37,503 | -148 | ' | 21,820 | ' |
Cash and cash equivalents | $62,876 | $64,772 | $27,269 | $27,417 | $107,922 | $86,102 |
Longterm_Debt_Long_Term_Debt_D
Long-term Debt Long Term Debt (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Long-term debt | $1,624,712 | $1,858,135 |
Current portion of long-term debt | 84,366 | 87,569 |
Long-term debt, less current portion | 1,540,346 | 1,770,566 |
Credit Agreement [Member] | ' | ' |
Long-term debt | 1,583,798 | 1,805,799 |
Debt instrument, maturity date | 1-Oct-17 | ' |
Debt instrument, interest rate, stated percentage | 2.13% | 3.04% |
TEUs - amortizing note [Member] | ' | ' |
Long-term debt | 21,878 | 32,435 |
Debt instrument, maturity date | 1-Oct-15 | ' |
Coupon rate | 5.00% | 5.00% |
Debt instrument, interest rate, stated percentage | ' | 4.50% |
Other debt [Member] | ' | ' |
Long-term debt | $19,036 | $19,901 |
Debt instrument, maturity date | 1-Oct-54 | ' |
Debt instrument, interest rate, stated percentage | 10.00% | 10.00% |
Longterm_Debt_Credit_Agreement
Long-term Debt Credit Agreement (Details) | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 02, 2013 | Jan. 02, 2013 | Dec. 31, 2013 | Oct. 02, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Mar. 27, 2013 | Dec. 31, 2013 | Mar. 27, 2013 | Dec. 31, 2013 | Mar. 27, 2013 | Dec. 31, 2013 | Mar. 27, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 02, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Oct. 02, 2012 | Oct. 02, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 02, 2012 | Oct. 02, 2012 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 29, 2011 | Jul. 29, 2011 | Jul. 29, 2011 | Jul. 29, 2011 | Jul. 29, 2011 | Jul. 29, 2011 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
USD ($) | USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | United States Term Loan [Member] | United States Term Loan [Member] | United States Term Loan [Member] | Canadian term loan [Member] | Canadian term loan [Member] | Canadian term loan [Member] | Canadian term loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Total Credit Facility [Member] | United States Revolver [Member] | European revolver [Member] | European revolver [Member] | Letter of Credit [Member] | Swingline U.S. [Member] | Swingline Canada [Member] | Swingline Australia [Member] | Swingline Europe [Member] | Prior Credit Agreement [Member] | Prior Credit Agreement [Member] | Prior Credit Agreement [Member] | Prior United States Term Loan [Member] | Prior Australian Term Loan [Member] | Prior Australian Term Loan [Member] | Prior Canadian Term Loan [Member] | Prior Canadian Term Loan [Member] | Prepayment [Member] | Prepayment [Member] | Prepayment [Member] | Prepayment [Member] | Prepayment [Member] | Prepayment [Member] | Prepayment [Member] | Prepayment [Member] | Prepayment [Member] | |
USD ($) | USD ($) | Base Rate [Member] | LIBOR and BBSW Interest Rates [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | USD ($) | USD ($) | USD ($) | USD ($) | CAD | USD ($) | CAD | USD ($) | AUD | USD ($) | AUD | USD ($) | AUD | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | AUD | USD ($) | CAD | United States Term Loan [Member] | United States Term Loan [Member] | Canadian term loan [Member] | Canadian term loan [Member] | Canadian term loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | ||||||||
Base Rate [Member] | Base Rate [Member] | LIBOR and BBSW Interest Rates [Member] | LIBOR and BBSW Interest Rates [Member] | Base Rate [Member] | Base Rate [Member] | LIBOR and BBSW Interest Rates [Member] | LIBOR and BBSW Interest Rates [Member] | USD ($) | USD ($) | CAD | USD ($) | CAD | USD ($) | AUD | USD ($) | AUD | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | $425,000,000 | $425,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $45,000,000 | $30,000,000 | $15,000,000 | $15,000,000 | $10,000,000 | ' | ' | $750,000,000 | $200,000,000 | $100,000,000 | 92,200,000 | $25,000,000 | 23,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, amount outstanding | ' | ' | ' | ' | ' | 15,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | 24,600,000 | ' | ' | ' | ' | 210,000,000 | 202,900,000 | ' | 11,000,000 | 4,900,000 | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Oct-17 | ' | ' | ' | ' | ' | ' | ' | ' | 29-Jul-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | 1.50% | 2.50% | 0.50% | 0.25% | 1.50% | 1.25% | 1.75% | 1.50% | 2.75% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,500,000 | 79,000,000 | ' | 10,000,000 | 10,000,000 | 18,600,000 | 18,000,000 | ' | ' |
Scheduled repayments of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,400,000 | 63,700,000 | ' | 200,000 | 200,000 | ' | ' | 2,100,000 | 2,000,000 | 7,700,000 | 8,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,342,000 | ' | ' | ' | ' | 23,600,000 | 24,000,000 |
Write off of deferred financing fees | 500,000 | 3,200,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | 1,624,712,000 | 1,858,135,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate, stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.92% | ' | ' | ' | ' | ' | ' | ' | 4.40% | 4.40% | ' | ' | ' | 1.92% | 1.97% | 1.97% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit, Unused Borrowing Capacity, Commitment Fee Rate | ' | 0.50% | ' | 0.25% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unused Borrowing Capacity, Amount | ' | ' | ' | ' | ' | 406,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
penalties on early repayment of debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Legal Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Longterm_Debt_Credit_Agreement1
Long-term Debt Credit Agreement Covenants (Details) (USD $) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 02, 2012 |
Total Credit Facility [Member] | Total Credit Facility [Member] | Total Credit Facility [Member] | Total Credit Facility [Member] | Total Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||
Interest coverge ratio [Member] | Maximum Total Leverage Ratio [Member] | Maximum Total Leverage Ratio [Member] | Maximum Total Leverage Ratio [Member] | Maximum Total Leverage Ratio [Member] | ||||
Closing Date through September 30, 2013 [Member] | October 1, 2013 through September 30, 2014 [Member] | October 1, 2014 through September 30, 2015 [Member] | October 1, 2015 and thereafter [Member] | |||||
Debt Instrument, Covenant Description | ' | '3.50 to 1.00 | '4.75 to 1.00 | '4.25 to 1.00 | '3.75 to 1.00 | '3.50 to 1.00 | ' | ' |
Line of Credit Facility, Covenant Compliance | 'the Company was in compliance with the covenants under the Credit Agreement | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | $425,000 | $425,000 |
Longterm_Debt_Senior_Notes_Det
Long-term Debt Senior Notes (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 02, 2012 | Jul. 27, 2005 | Jul. 27, 2012 | Jul. 27, 2005 | Dec. 31, 2012 |
Series B senior notes [Member] | Series B senior notes [Member] | Series C senior notes [Member] | Series C senior notes [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | $100 | ' | $25 | ' |
Debt instrument, interest rate, stated percentage | ' | ' | ' | ' | 5.36% | ' | ' | ' |
Debt instrument, maturity date | ' | ' | ' | ' | 26-Jul-15 | 26-Jul-12 | ' | ' |
Repayments of notes payable | ' | ' | ' | 100 | ' | ' | ' | ' |
Prepayment Penalty On Debt | ' | ' | ' | 12.6 | ' | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | 'three-month LIBOR plus 0.70% | ' |
Write off of Deferred Debt Issuance Cost | $0.50 | $3.20 | $0.50 | ' | ' | ' | ' | $0.30 |
Longterm_Debt_TEUs_Details
Long-term Debt TEUs (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 19, 2012 | Sep. 19, 2012 |
TEUs - amortizing note [Member] | TEUs - amortizing note [Member] | TEUs - amortizing note [Member] | Tangible Equity Units [Member] | |||
Shares issued in public offering | ' | ' | ' | ' | ' | 2,300,000 |
Coupon rate | ' | ' | 5.00% | 5.00% | ' | ' |
Debt instrument, maturity date | ' | ' | 1-Oct-15 | ' | ' | ' |
Principal amount per amortizing note | ' | ' | ' | ' | $14.10 | ' |
Debt and Capital Lease Obligations | $1,624,712,000 | $1,858,135,000 | $21,878,000 | $32,435,000 | ' | ' |
Tangible Equity Units Cash Installment Per Note | ' | ' | ' | $1.25 | ' | ' |
Tangible Equity Units Cash Installment Per Note on January 1 2013 | ' | ' | ' | $1.42 | ' | ' |
Temporary Equity, Par or Stated Value Per Share | ' | ' | ' | ' | ' | $100 |
Debt instrument, interest rate, stated percentage | ' | ' | ' | 4.50% | ' | ' |
Longterm_Debt_NonInterest_Bear
Long-term Debt Non-Interest Bearing Loan (Details) (Non interest bearing note [Member], FreightLink [Member]) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 01, 2010 | Dec. 01, 2010 | |
USD ($) | AUD | USD ($) | AUD | |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Long-term debt | ' | ' | $1,700,000 | 1,800,000 |
Debt Instrument, Face Amount | 44,600,000 | 50,000,000 | 48,200,000 | ' |
Long-term debt | $2,000,000 | 2,300,000 | ' | ' |
Debt instrument, maturity date | 14-Jan-54 | 14-Jan-54 | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | 8.00% | 8.00% | ' | ' |
Longterm_Debt_Schedule_of_Futu
Long-term Debt Schedule of Future Payments Including Capital Leases (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 01, 2010 |
USD ($) | FreightLink [Member] | FreightLink [Member] | FreightLink [Member] | |
Non interest bearing note [Member] | Non interest bearing note [Member] | Non interest bearing note [Member] | ||
USD ($) | AUD | USD ($) | ||
Long-term Debt, Unclassified [Abstract] | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | $44,600,000 | 50,000,000 | $48,200,000 |
Schedule of Future Payments Including Capital Leases [Line Items] | ' | ' | ' | ' |
2014 | 84,366,000 | ' | ' | ' |
2015 | 106,022,000 | ' | ' | ' |
2016 | 112,407,000 | ' | ' | ' |
2017 | 1,320,643,000 | ' | ' | ' |
2018 | 319,000 | ' | ' | ' |
Thereafter | 44,759,000 | ' | ' | ' |
Total | 1,668,516,000 | ' | ' | ' |
Debt Instrument, Face Amount | ' | 44,600,000 | 50,000,000 | 48,200,000 |
Debt instrument, maturity date | ' | 14-Jan-54 | 14-Jan-54 | ' |
Long-term debt | ' | $2,000,000 | 2,300,000 | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments Outstanding Interest Rate Swap Agreements (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 9 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Interest Rate Swap 2 [Member] | Interest Rate Swap 2 [Member] | Interest Rate Swap 2 [Member] | Interest Rate Swap 2 [Member] | Interest Rate Swap 2 [Member] | Interest Rate Swap 3 [Member] | Interest Rate Swap 3 [Member] | Interest Rate Swap 3 [Member] | Interest Rate Swap 3 [Member] | Interest Rate Swap 3 [Member] | Interest Rate Swap 4 [Member] | Interest Rate Swap 4 [Member] | Interest Rate Swap 5 [Member] | Interest Rate Swap 5 [Member] | Interest Rate Swap 6 [Member] | Interest Rate Swap 6 [Member] | Interest Rate Swap 7 [Member] | Interest Rate Swap 7 [Member] | 1-month LIBOR [Member] | 1-month LIBOR [Member] | 1-month LIBOR [Member] | 1-month LIBOR [Member] | 1-month LIBOR [Member] | 1-month LIBOR [Member] | 1-month LIBOR [Member] | 1-month LIBOR [Member] | 1-month LIBOR [Member] | 3-month LIBOR [Member] | 3-month LIBOR [Member] | 3-month LIBOR [Member] | ||
Notional Period 1 [Member] | Notional Period 2 [Member] | Notional Period 3 [Member] | Notional Period 4 [Member] | Notional Period 1 [Member] | Notional Period 2 [Member] | Notional Period 3 [Member] | Notional Period 4 [Member] | Notional Period 1 [Member] | Notional Period 1 [Member] | Notional Period 1 [Member] | Notional Period 1 [Member] | Interest Rate Swap 2 [Member] | Interest Rate Swap 2 [Member] | Interest Rate Swap 2 [Member] | Interest Rate Swap 2 [Member] | Interest Rate Swap 3 [Member] | Interest Rate Swap 3 [Member] | Interest Rate Swap 3 [Member] | Interest Rate Swap 3 [Member] | Interest Rate Swap 4 [Member] | Interest Rate Swap 5 [Member] | Interest Rate Swap 6 [Member] | Interest Rate Swap 7 [Member] | ||||||||
Notional Period 1 [Member] | Notional Period 2 [Member] | Notional Period 3 [Member] | Notional Period 4 [Member] | Notional Period 1 [Member] | Notional Period 2 [Member] | Notional Period 3 [Member] | Notional Period 4 [Member] | Notional Period 1 [Member] | Notional Period 1 [Member] | Notional Period 1 [Member] | Notional Period 1 [Member] | ||||||||||||||||||||
Effective Date | ' | 30-Sep-13 | ' | ' | ' | ' | 30-Sep-14 | ' | ' | ' | ' | 30-Sep-15 | ' | 30-Sep-16 | ' | 30-Sep-16 | ' | 30-Sep-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration Date | ' | 29-Sep-14 | ' | ' | ' | ' | 29-Sep-15 | ' | ' | ' | ' | 30-Sep-16 | ' | 30-Sep-26 | ' | 30-Sep-26 | ' | 30-Sep-26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | ' | ' | $1,350,000,000 | $1,300,000,000 | $1,250,000,000 | $1,200,000,000 | ' | $1,150,000,000 | $1,100,000,000 | $1,050,000,000 | $1,000,000,000 | ' | $350,000,000 | ' | $100,000,000 | ' | $100,000,000 | ' | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pay Fixed Rate | ' | ' | 0.35% | 0.35% | 0.35% | 0.35% | ' | 0.54% | 0.54% | 0.54% | 0.54% | ' | 0.93% | ' | 2.79% | ' | 2.79% | ' | 2.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receive Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1-month LIBOR | '1-month LIBOR | '1-month LIBOR | '1-month LIBOR | '1-month LIBOR | '1-month LIBOR | '1-month LIBOR | '1-month LIBOR | '1-month LIBOR | '3-month LIBOR | '3-month LIBOR | '3-month LIBOR |
Probable Company issued fixed rate debt | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Probable future borrowings | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments Expired Interest Rate Swap Agreements (Details) (USD $) | 9 Months Ended | 9 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Interest Rate Swap 8 [Member] | Interest Rate Swap 1 [Member] | Notional Period 1 [Member] | Notional Period 1 [Member] | Notional Period 2 [Member] | Notional Period 3 [Member] | Notional Period 4 [Member] | 1-month LIBOR [Member] | 1-month LIBOR [Member] | 1-month LIBOR [Member] | 1-month LIBOR [Member] | 1-month LIBOR [Member] | |
Interest Rate Swap 8 [Member] | Interest Rate Swap 1 [Member] | Interest Rate Swap 1 [Member] | Interest Rate Swap 1 [Member] | Interest Rate Swap 1 [Member] | Notional Period 1 [Member] | Notional Period 1 [Member] | Notional Period 2 [Member] | Notional Period 3 [Member] | Notional Period 4 [Member] | |||
Interest Rate Swap 8 [Member] | Interest Rate Swap 1 [Member] | Interest Rate Swap 1 [Member] | Interest Rate Swap 1 [Member] | Interest Rate Swap 1 [Member] | ||||||||
Derivatives [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective Date | 6-Oct-08 | 4-Oct-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration Date | 30-Sep-13 | 30-Sep-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | ' | ' | $120,000 | $1,450,000 | $1,350,000 | $1,300,000 | $1,250,000 | ' | ' | ' | ' | ' |
Pay Fixed Rate | ' | ' | 3.88% | 0.25% | 0.25% | 0.25% | 0.25% | ' | ' | ' | ' | ' |
Receive Variable Rate | ' | ' | ' | ' | ' | ' | ' | '1-month LIBOR | '1-month LIBOR | '1-month LIBOR | '1-month LIBOR | '1-month LIBOR |
Derivative_Financial_Instrumen4
Derivative Financial Instruments Effectiveness Testing (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $0 |
Interest rate swap [Member] | ' |
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | -4,100,000 |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | ($1,600,000) |
Derivative_Financial_Instrumen5
Derivative Financial Instruments Foreign Currency Exchange Rate Risk (Details) | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 03, 2012 | Dec. 03, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 01, 2010 | Dec. 01, 2010 | |
USD ($) | USD ($) | USD ($) | The New 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] | The Swap [Member] | The Swap [Member] | The Swap [Member] | The Swap [Member] | |
USD ($) | AUD | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | AUD BBSW Interest Rate [Member] | LIBOR Interest Rate [Member] | USD ($) | USD ($) | USD ($) | AUD | ||||
USD ($) | USD ($) | USD ($) | ||||||||||||
Derivatives [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Third party debt related to foreign operations denominated in foreign currencies | $142,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | ' | ' | ' | 109,600,000 | 105,000,000 | ' | ' | ' | ' | ' | ' | ' | 100,600,000 | 105,000,000 |
Interest (expense)/income | ' | ' | ' | ' | ' | -2,696,000 | -4,638,000 | -5,935,000 | ' | ' | ' | -4,400,000 | ' | ' |
Other income, net | 2,122,000 | 2,182,000 | 703,000 | ' | ' | 427,000 | 303,000 | 246,000 | ' | ' | ' | 600,000 | ' | ' |
Derivative settlement payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,100,000 | ' | ' | ' |
Description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | 'Australian dollar BBSW plus 3.25% | 'LIBOR plus 2.82% | ' | ' | ' | ' |
Derivative_Financial_Instrumen6
Derivative Financial Instruments Contingent Forward Sale Contract (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Jul. 17, 2012 | Oct. 02, 2012 | Jul. 17, 2012 | Sep. 28, 2012 | |
Contingent forward sale contract [Member] | The Carlyle Group [Member] | Series A-1 Preferred Stock [Member] | Series A-1 Preferred Stock [Member] | Class A common stock [Member] | |||||
RailAmerica [Member] | The Carlyle Group [Member] | The Carlyle Group [Member] | |||||||
RailAmerica [Member] | RailAmerica [Member] | ||||||||
Derivatives [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of stock | ' | ' | ' | ' | ' | ' | $350,000,000 | ' | ' |
Preferred Stock conversion price | ' | ' | ' | ' | ' | 58.49 | ' | ' | ' |
Premium on conversion price | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' |
Share Price | ' | ' | ' | ' | ' | ' | ' | ' | $66.86 |
Contingent forward sale contract mark-to-market expense | $50,100,000 | $0 | $50,106,000 | $0 | $50,100,000 | ' | ' | ' | ' |
Derivative_Financial_Instrumen7
Derivative Financial Instruments Fair Value of Derivative Instrument (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Interest rate swap [Member] | Designated as hedging instrument [Member] | Accrued expenses [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Financial liabilities carried at fair value | $1,601,000 | $3,777,000 |
Interest rate swap [Member] | Designated as hedging instrument [Member] | Other long-term liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Financial liabilities carried at fair value | 838,000 | 882,000 |
Cross-currency swap agreement [Member] | Not Designated as Hedging Instrument [Member] | Other long-term liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Financial liabilities carried at fair value | 0 | 143,000 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 53,043,000 | 4,482,000 |
Financial liabilities carried at fair value | 2,439,000 | 4,802,000 |
Fair Value, Inputs, Level 2 [Member] | Interest rate swap [Member] | Designated as hedging instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Financial liabilities carried at fair value | 2,439,000 | 4,659,000 |
Fair Value, Inputs, Level 2 [Member] | Interest rate swap [Member] | Designated as hedging instrument [Member] | Other assets, net [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 36,987,000 | 4,227,000 |
Fair Value, Inputs, Level 2 [Member] | Cross-currency swap agreement [Member] | Not Designated as Hedging Instrument [Member] | Prepaid expenses and other [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $16,056,000 | $255,000 |
Derivative_Financial_Instrumen8
Derivative Financial Instruments Effect of Cash Flow Hedges in OCI (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivatives [Line Items] | ' | ' | ' |
Effective portion of changes in fair value recognized in OCI | $20,988 | $4,053 | $1,334 |
Designated as hedging instrument [Member] | Interest rate swap agreement [Member] | ' | ' | ' |
Derivatives [Line Items] | ' | ' | ' |
Effective portion of changes in fair value recognized in OCI | $20,988 | $4,053 | $1,334 |
Derivative_Financial_Instrumen9
Derivative Financial Instruments Effect of Derivative Instruments Not Designated as Hedges (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Other income, net | ' | $2,122,000 | $2,182,000 | $703,000 |
Contingent forward sale contract mark-to-market expense | -50,100,000 | 0 | -50,106,000 | 0 |
Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative instruments not designated as hedges | ' | -2,269,000 | -54,441,000 | -5,689,000 |
Fair Value, Inputs, Level 1 [Member] | 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 |
Cross-currency swap agreement [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Interest (expense)/income | ' | -2,696,000 | -4,638,000 | -5,935,000 |
Other income, net | ' | $427,000 | $303,000 | $246,000 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments Financial Instruments Carried at Fair Value(Details) (Fair Value, Inputs, Level 2 [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets carried at fair value | $53,043,000 | $4,482,000 |
Financial liabilities carried at fair value | 2,439,000 | 4,802,000 |
Derivatives not designated as hedges [Member] | Cross-currency swap agreement [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial liabilities carried at fair value | 0 | 143,000 |
Cross-currency swap agreement [Member] | Prepaid expenses and other [Member] | Derivatives not designated as hedges [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets carried at fair value | 16,056,000 | 255,000 |
Interest rate swap [Member] | Designated as hedging instrument [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial liabilities carried at fair value | 2,439,000 | 4,659,000 |
Interest rate swap [Member] | Other assets [Member] | Designated as hedging instrument [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets carried at fair value | $36,987,000 | $4,227,000 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments Financial Instruments Carried at Historical Cost(Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Value | $1,624,712,000 | $1,858,135,000 |
Fair Value | 1,621,345,000 | 1,844,260,000 |
Revolving Credit Facility [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Value | 15,949,000 | 25,153,000 |
Fair Value | 15,956,000 | 25,222,000 |
United States Term Loan [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Value | 1,433,414,000 | 1,576,100,000 |
Fair Value | 1,429,204,000 | 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 | 134,436,000 | 190,100,000 |
Fair Value | 135,491,000 | 191,057,000 |
Amortizing Notes component of TEUs [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Value | 21,878,000 | 32,435,000 |
Fair Value | 21,698,000 | 31,484,000 |
Other debt [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Value | 19,035,000 | 19,901,000 |
Fair Value | $18,996,000 | $19,759,000 |
Employee_Benefit_Programs_Empl
Employee Benefit Programs Employee Bonus Programs (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Bonus Programs [Abstract] | ' | ' | ' |
Amounts Awarded Under Performance-Based Bonus Programs | $17.70 | $14.20 | $10.70 |
Employee_Benefit_Programs_Defi
Employee Benefit Programs Defined Contribution Plans (Details) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
G&W 401k savings plan [Member] | G&W 401k savings plan [Member] | G&W 401k savings plan [Member] | RailAmerica employees' 401(k) savings plan for railroad retirement employees [Member] | RailAmerica employees' 401(k) savings plan for FICA employees [Member] | G&W 401k savings plan and RailAmerica employees' 401(k) savings plan [Member] | Canadian retirement benefit plan 1 [Member] | Canadian retirement benefit plan 1 [Member] | Canadian retirement benefit plan 2 [Member] | Canada [Member] | Canada [Member] | Canada [Member] | Australian retirement benefit plan [Member] | Australian retirement benefit plan [Member] | Australian retirement benefit plan [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||
Defined contribution plan, employer matching contribution, percent of employees' gross pay | 4.00% | ' | ' | ' | ' | ' | 6.00% | 6.00% | 5.00% | ' | ' | ' | 9.25% | 9.00% | 9.00% |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employee's Contribution | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined contribution plan, maximum annual contributions per employee, amount | ' | ' | ' | $2,500 | $5,000 | ' | $3,295 | 3,500 | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | ' | $1,800,000 | $1,700,000 | ' | ' | $3,800,000 | ' | ' | ' | $1,300,000 | $700,000 | $600,000 | $4,400,000 | $4,100,000 | $2,800,000 |
Employee_Benefit_Programs_Defi1
Employee Benefit Programs Defined Benefit Plans (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Accumulated other comprehensive income/(loss), pension and other postretirement benefit plans, net of tax | $214,000 | ($148,000) | ($20,000) |
Pension plans, defined benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Employees participating In defined benefit plan | 253 | ' | ' |
Accumulated other comprehensive income/(loss), pension and other postretirement benefit plans, net of tax | -400,000 | ' | ' |
Defined benefit plan, amounts recognized in balance sheet | 3,900,000 | ' | ' |
Defined benefit postretirement health care and life insurance benefits | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Employees participating In defined benefit plan | 69 | ' | ' |
Accumulated other comprehensive income/(loss), pension and other postretirement benefit plans, net of tax | 600,000 | ' | ' |
Defined benefit plan, amounts recognized in balance sheet | $7,000,000 | ' | ' |
Income_Taxes_Income_before_inc
Income Taxes Income before income taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | |
Related to current fiscal year [Member] | Related to prior fiscal year reported in current fiscal year [Member] | Related to prior fiscal year reported in current fiscal year [Member] | |||||
Tax benefit from extension of the short line tax credit | ' | ' | ' | ' | $25,900,000 | $41,000,000 | $41,000,000 |
Income tax expense, other than the 2012 retroactive benefit from the Short Line Tax Credit | ' | 87,200,000 | ' | ' | ' | ' | ' |
Provision for income tax as a percentage of income before income taxes and income from equity investment other than the 2012 retroactive benefit from the Short Line Tax Credit | ' | 27.40% | ' | ' | ' | ' | ' |
Contingent forward sale contract mark-to-market expense | 50,100,000 | 0 | 50,106,000 | 0 | ' | ' | ' |
Income tax expense | ' | 46,296,000 | 46,402,000 | 38,531,000 | ' | ' | ' |
Provision for income tax as a percentage of income before income taxes and income from equity investment other than non-deductible mark-to-market expense on contingent forward sale contract | ' | ' | 34.80% | ' | ' | ' | ' |
United States income before taxes | ' | 211,889,000 | 5,598,000 | 98,041,000 | ' | ' | ' |
Foreign income before taxes | ' | 106,498,000 | 77,680,000 | 59,974,000 | ' | ' | ' |
Total | ' | 318,387,000 | 83,278,000 | 158,015,000 | ' | ' | ' |
Provision for United States income taxes applicable to undistributed foreign earnings | ' | 0 | ' | ' | ' | ' | ' |
Undistributed foreign earnings | ' | $268,900,000 | ' | ' | ' | ' | ' |
Income_Taxes_Provision_for_Inc
Income Taxes Provision for Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
United States [Abstract] | ' | ' | ' |
Current Federal | $6,571 | $3,582 | $5,652 |
Current State | 6,031 | 3,752 | 3,686 |
Deferred Federal | 62 | 17,382 | 12,578 |
Deferred State | 4,890 | 906 | 1,535 |
Total United States provision for income taxes | 17,554 | 25,622 | 23,451 |
Foreign [Abstract] | ' | ' | ' |
Current Foreign | 22,697 | 9,907 | 6,488 |
Deferred Foreign | 6,045 | 10,873 | 8,592 |
Total foreign provision for income taxes | 28,742 | 20,780 | 15,080 |
Provision for income taxes | $46,296 | $46,402 | $38,531 |
Income_Taxes_Effective_Tax_Rat
Income Taxes Effective Tax Rate Reconciliation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Tax provision at statutory rate | 35.00% | 35.00% | 35.00% |
Effect of acquisitions/divestitures | 0.00% | 24.80% | -3.10% |
Effect of foreign operations | -2.10% | -7.70% | -2.90% |
State income taxes, net of federal income tax benefit | 2.20% | 3.80% | 2.30% |
Benefit of track maintenance credit | -21.00% | 0.00% | -6.50% |
Other, net | 0.40% | -0.30% | -0.40% |
Effective income tax rate | 14.50% | 55.60% | 24.40% |
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 | ' | ' |
Income_Taxes_Components_of_Net
Income Taxes Components of Net Deferred Income Taxes (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets, Gross [Abstract] | ' | ' |
Accruals and reserves not deducted for tax purposes until paid | $20,183 | $15,824 |
Net operating loss carryforwards | 14,577 | 52,863 |
Nonshareholder contributions | 3,185 | 4,799 |
Deferred compensation | 2,974 | 2,175 |
Postretirement benefits | 811 | 2,328 |
Share-based compensation | 6,348 | 11,328 |
Alternative minimum tax credit | 1,592 | 1,356 |
Other | 119 | 451 |
Total deferred tax assets | 273,031 | 222,574 |
Valuation allowance | -12,194 | -8,613 |
Deferred Tax Liabilities, Net [Abstract] | ' | ' |
Interest rate swaps | -13,985 | 7 |
Property basis difference | -1,029,492 | -1,003,990 |
Other | -1,884 | -1,843 |
Deferred Tax Liabilities, Net | -784,524 | -791,865 |
foreign tax credits [Member] | ' | ' |
Deferred Tax Assets, Gross [Abstract] | ' | ' |
Tax credit carryforward | 1,964 | 1,964 |
Short line tax credit [Member] | ' | ' |
Deferred Tax Assets, Gross [Abstract] | ' | ' |
Tax credit carryforward | $221,278 | $129,486 |
Income_Taxes_Valuation_allowan
Income Taxes Valuation allowance (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Net operating loss carryforwards | 364,200,000 | ' |
Valuation allowance, amount | 12,194,000 | 8,613,000 |
From [Member] | ' | ' |
Net operating loss carryforwards, expiration date | 31-Dec-14 | ' |
To [Member] | ' | ' |
Net operating loss carryforwards, expiration date | 31-Dec-33 | ' |
Short line tax credit [Member] | ' | ' |
Tax credit carryforward | 221,278,000 | 129,486,000 |
Short line tax credit [Member] | From [Member] | ' | ' |
United States track maintenance credit carryforward, expiration date | 31-Dec-25 | 31-Dec-25 |
Short line tax credit [Member] | To [Member] | ' | ' |
Net operating loss carryforwards, expiration date | ' | 31-Dec-32 |
United States track maintenance credit carryforward, expiration date | 31-Dec-33 | ' |
Net operating losses [Member] | ' | ' |
Valuation allowance, deferred tax asset, change in amount | 1,617,000 | ' |
foreign tax credits [Member] | ' | ' |
Valuation allowance, deferred tax asset, change in amount | 1,964,000 | ' |
Income_Taxes_Liability_for_Unc
Income Taxes Liability for Uncertain Tax Positions (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Contingency [Line Items] | ' | ' | ' |
Balance at beginning of year | $3,155,000 | $0 | $0 |
Increase for acquired subsidiary | 0 | ' | 0 |
Reductions for tax positions of prior years | 0 | -215,000 | 0 |
Balance at end of year | 3,155,000 | 3,155,000 | 0 |
RailAmerica [Member] | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Increase for acquired subsidiary | ' | $3,370,000 | ' |
Income_Taxes_Open_Tax_Years_by
Income Taxes Open Tax Years by Jurisdiction (Details) | 12 Months Ended |
Dec. 31, 2013 | |
From [Member] | UNITED STATES | ' |
Income Tax Examination [Line Items] | ' |
Income tax years open to examination from | '2001 |
From [Member] | AUSTRALIA | ' |
Income Tax Examination [Line Items] | ' |
Income tax years open to examination from | '2009 |
From [Member] | CANADA | ' |
Income Tax Examination [Line Items] | ' |
Income tax years open to examination from | '2009 |
From [Member] | MEXICO | ' |
Income Tax Examination [Line Items] | ' |
Income tax years open to examination from | '2008 |
From [Member] | NETHERLANDS | ' |
Income Tax Examination [Line Items] | ' |
Income tax years open to examination from | '2012 |
From [Member] | BELGIUM | ' |
Income Tax Examination [Line Items] | ' |
Income tax years open to examination from | '2013 |
To [Member] | UNITED STATES | ' |
Income Tax Examination [Line Items] | ' |
Income tax years open to examination from | '2013 |
To [Member] | AUSTRALIA | ' |
Income Tax Examination [Line Items] | ' |
Income tax years open to examination from | '2013 |
To [Member] | CANADA | ' |
Income Tax Examination [Line Items] | ' |
Income tax years open to examination from | '2013 |
To [Member] | MEXICO | ' |
Income Tax Examination [Line Items] | ' |
Income tax years open to examination from | '2013 |
To [Member] | NETHERLANDS | ' |
Income Tax Examination [Line Items] | ' |
Income tax years open to examination from | '2013 |
To [Member] | BELGIUM | ' |
Income Tax Examination [Line Items] | ' |
Income tax years open to examination from | '2013 |
StockBased_Compensation_Option
Stock-Based Compensation Options (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
31-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Additional shares of Class A common stock authorized for awards granted under the Omnibus Plan | 2,500,000 | ' | ' | ' |
Total shares of Class A common stock authorized for awards granted under the Omnibus Plan | ' | 6,187,500 | ' | ' |
Shares of Class A common stock available for future issuance under the Omnibus Plan Reserved for Future Issuance | ' | 2,174,314 | ' | ' |
Options Outstanding [Abstract] | ' | ' | ' | ' |
Outstanding at beginning of year | ' | 1,105,411 | 1,460,000 | ' |
Granted | ' | 199,209 | ' | ' |
Exercised | ' | -319,732 | ' | ' |
Expired | ' | -521 | ' | ' |
Forfeited | ' | -15,035 | ' | ' |
Outstanding at end of year | ' | 969,332 | 1,105,411 | 1,460,000 |
Vested or expected to vest at end of year | ' | 967,559 | ' | ' |
Exercisable at end of year | ' | 569,450 | ' | ' |
Weighted Average Exercise Price [Abstract] | ' | ' | ' | ' |
Beginning of year | ' | $42.61 | ' | ' |
Granted | ' | $90.30 | ' | ' |
Exercised | ' | $35.88 | ' | ' |
Expired | ' | $39.08 | ' | ' |
Forfeited | ' | $63.19 | ' | ' |
End of year | ' | $54.32 | $42.61 | ' |
Vested or expected to vest at end of year | ' | $54.26 | ' | ' |
Exercisable at end of year | ' | $40.17 | ' | ' |
Weighted Average Remaining Contractual Term (in Years) [Abstract] | ' | ' | ' | ' |
Outstanding at end of year | ' | '2 years 6 months | ' | ' |
Vested or expected to vest at end of year | ' | '2 years 6 months | ' | ' |
Exercisable at end of year | ' | '1 year 7 months 6 days | ' | ' |
Aggregate Intrinsic Value [Abstract] | ' | ' | ' | ' |
Outstanding at end of year | ' | $40,458,000 | ' | ' |
Vested or expected to vest at end of year | ' | 40,440,000 | ' | ' |
Exercisable at end of year | ' | 31,822,000 | ' | ' |
Weighted average grant date fair value of options | ' | $22.16 | $16.25 | $15.76 |
Total intrinsic value of options exercised during the year | ' | $17,600,000 | $17,300,000 | $14,900,000 |
StockBased_Compensation_Black_
Stock-Based Compensation Black Scholes Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Risk-free interest rate | 0.89% | 0.52% | 1.05% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected term (in years) | '4 years | '4 years | '3 years 10 months 24 days |
Expected volatility | 29.00% | 33.00% | 35.00% |
StockBased_Compensation_Conver
Stock-Based Compensation Converted Stock (Details) (USD $) | Oct. 02, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
RailAmerica restricted stock awards before conversion | 432,000 |
RailAmerica restricted stock units before conversion | 775,000 |
RailAmerica converted restricted stock awards | 180,000 |
Converted RailAmerica restricted stock units | 322,000 |
Conversion ratio | 0.4151 |
Equity awards conversion price for RailAmerica converted shares | $66.26 |
RailAmerica [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Business acquisition, share price | $27.50 |
StockBased_Compensation_Restri
Stock-Based Compensation Restricted Stock Awards (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ' |
Granted | $90.30 | ' | ' |
Restricted stock [Member] | ' | ' | ' |
Restricted Stock Shares [Abstract] | ' | ' | ' |
Non-vested at beginning of year | 270,724 | ' | ' |
Granted | 55,019 | ' | ' |
Vested | -191,910 | ' | ' |
Forfeited | -7,169 | ' | ' |
Non-vested at end of year | 126,664 | 270,724 | ' |
Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ' |
Non-vested at beginning of year | $59.54 | ' | ' |
Granted | $90.12 | ' | ' |
Vested | $59.05 | ' | ' |
Forfeited | $64.88 | ' | ' |
Non-vested at end of year | $73.25 | $59.54 | ' |
Weighted average grant date fair value of restricted stock granted during the year | $90.12 | $65.70 | $56.03 |
Total intrinsic value of restricted stock that vested during year | $11.30 | $7.80 | $4.40 |
StockBased_Compensation_Restri1
Stock-Based Compensation Restricted Stock Units (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
STOCK-BASED COMPENSATION PLANS: [Abstract] | ' | ' | ' |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Remaining Period For Recognition | '3 years | ' | ' |
Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ' |
Granted | $90.30 | ' | ' |
Restricted stock units (RSUs) [Member] | ' | ' | ' |
Restricted Stock Units [Abstract] | ' | ' | ' |
Non-vested at beginning of year | 294,635 | ' | ' |
Granted | 27,857 | ' | ' |
Vested | -213,003 | ' | ' |
Forfeited | -16,247 | ' | ' |
Non-vested at end of year | 93,242 | 294,635 | ' |
Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ' |
Non-vested at beginning of year | $66.86 | ' | ' |
Granted | $89.44 | ' | ' |
Vested | $66.97 | ' | ' |
Forfeited | $70.24 | ' | ' |
Non-vested at end of year | $72.78 | $66.86 | ' |
Weighted average grant date fair value of restricted stock granted during the year | $89.44 | $67.43 | $56.17 |
Total intrinsic value of restricted stock that vested during year | $14.30 | $3.40 | $0.30 |
StockBased_Compensation_Compen
Stock-Based Compensation Compensation Costs from Equity Awards (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | $11.70 | $7.90 | $7.70 |
Compensation costs related to non-vested awards not yet recognized | 14.6 | ' | ' |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Remaining Period For Recognition | '3 years | ' | ' |
Weighted average period over which non-vested awards will be recognized | '1 year 3 months 18 days | ' | ' |
Income tax benefit recognized | 5.3 | 4.5 | 2.6 |
Total income tax benefit realized from exercise of equity awards | 17.7 | 10.9 | 5 |
Acceleration of equity awards for terminations [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | $5.10 | $4.10 | ' |
StockBased_Compensation_ESPP_D
Stock-Based Compensation ESPP (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares of Class A common stock available for issuance under ESPP | 2,174,314 | ' | ' |
Total stock issued under ESPP since inception | 197,375 | ' | ' |
Compensation expense under ESPP | $0.10 | $0.10 | $0.10 |
Employee Stock Purchase Plan (ESPP) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares of Class A common stock available for issuance under ESPP | 1,265,625 | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' |
Foreign currency translation adjustment, beginning balance | $47,845,000 | $42,394,000 | ' |
Foreign currency translation adjustment, Other comprehensive income/(loss) before reclassifications | -62,532,000 | 5,451,000 | ' |
Foreign currency translation adjustment, amounts reclassified from accumulated other comprehensive income, net of tax | 0 | 0 | ' |
Other Comprehensive Income (Loss), Cumulative Foreign Currency Translation Adjustment, current period change | -62,532,000 | 5,451,000 | -3,511,000 |
Foreign currency translation adjustment, ending balance | -14,687,000 | 47,845,000 | 42,394,000 |
Defined benefit plans, beginning balance | -148,000 | -20,000 | ' |
Defined Benefit Plans, Other comprehensive income/(loss) before reclassifications | 362,000 | -128,000 | ' |
Definted benefit plans, amounts reclassified from accumulated other comprehensive income, net of tax | 0 | 0 | ' |
Defined benefit plans, other comprehensive income/(loss), current period change | 362,000 | -128,000 | -42,000 |
Defined benefit plans, ending balance | 214,000 | -148,000 | -20,000 |
Net unrealized gains/(losses) on cash flow hedges, beginning balance | -426,000 | -4,479,000 | ' |
Net unrealized losses on cash flow hedges, current period change | 20,988,000 | 4,053,000 | 1,334,000 |
Net unrealized gains/(losses) on cash flow hedges, ending balance | 20,562,000 | -426,000 | -4,479,000 |
Accumulated other comprehensive income, beginning balance | 47,271,000 | 37,895,000 | ' |
Accumulated other comprehensive income, current period change | -41,182,000 | 9,376,000 | -2,219,000 |
Accumulated other comprehensive income, ending balance | 6,089,000 | 47,271,000 | 37,895,000 |
Designated as hedging instrument [Member] | Interest rate swap [Member] | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 1,695,000 | 1,637,000 | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' |
Net unrealized losses on cash flow hedges, other comprehensive income/(loss) before reclassifications | 23,443,000 | 6,595,000 | ' |
Net unrealized losses on cash flow hedges, amounts reclassified from accumulated other comprehensive income, net of tax | -2,455,000 | -2,542,000 | ' |
Net unrealized losses on cash flow hedges, current period change | 20,988,000 | 4,053,000 | 1,334,000 |
OCI before reclassifications [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' |
Accumulated other comprehensive income, current period change | -38,727,000 | 11,918,000 | ' |
Reclassified from accumulated OCI [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' |
Accumulated other comprehensive income, current period change | ($2,455,000) | ($2,542,000) | ' |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information Interest and Taxes Paid(Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest paid, net | $57,206 | $57,012 | $36,291 |
Income taxes | $14,522 | $11,187 | $19,585 |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information Significant Non-Cash Investing Activities(Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Other Significant Noncash Transactions [Line Items] | ' | ' | ' |
Accounts Receivable, Gross, Current | $329,208,000 | $265,642,000 | ' |
Purchases of property and equipment accrued in accounts payable | 40,100,000 | 22,600,000 | 17,600,000 |
Accounts receivable - grants from outside parties [Member] | ' | ' | ' |
Other Significant Noncash Transactions [Line Items] | ' | ' | ' |
Accounts Receivable, Gross, Current | $33,003,000 | $25,036,000 | $20,800,000 |
Segment_and_Geographic_Area_In2
Segment and Geographic Area Information North American & European and Australian Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
region | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating regions | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' |
Operating revenues | $391,674,000 | $401,388,000 | $400,741,000 | $375,208,000 | $227,316,000 | $222,745,000 | $217,419,000 | $207,436,000 | $1,569,011,000 | $874,916,000 | $829,096,000 |
Income from operations | 94,830,000 | 101,741,000 | 107,417,000 | 76,200,000 | 33,660,000 | 52,875,000 | 62,473,000 | 41,314,000 | 380,188,000 | 190,322,000 | 191,779,000 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 141,644,000 | 73,405,000 | 66,481,000 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 67,894,000 | 62,845,000 | 38,617,000 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 3,971,000 | 3,725,000 | 3,243,000 |
Contingent forward sale contract mark-to-market expense | ' | ' | ' | ' | ' | 50,100,000 | ' | ' | 0 | 50,106,000 | 0 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 46,296,000 | 46,402,000 | 38,531,000 |
Income from equity investment in RailAmerica, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 15,557,000 | 0 |
Expenditures for additions to property & equipment, net of grants from outside parties | ' | ' | ' | ' | ' | ' | ' | ' | 215,405,000 | 192,062,000 | 156,026,000 |
North American & European Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,243,847,000 | 585,893,000 | 557,621,000 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 284,122,000 | 115,387,000 | 129,646,000 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 114,542,000 | 50,156,000 | 47,218,000 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 52,740,000 | 45,996,000 | 23,171,000 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 3,631,000 | 3,219,000 | 2,950,000 |
Contingent forward sale contract mark-to-market expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,106,000 | ' |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 24,038,000 | 28,451,000 | 26,181,000 |
Income from equity investment in RailAmerica, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,557,000 | ' |
Expenditures for additions to property & equipment, net of grants from outside parties | ' | ' | ' | ' | ' | ' | ' | ' | 163,545,000 | 69,636,000 | 59,383,000 |
Australian Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 325,164,000 | 289,023,000 | 271,475,000 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 96,066,000 | 74,935,000 | 62,133,000 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 27,102,000 | 23,249,000 | 19,263,000 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 15,154,000 | 16,849,000 | 15,446,000 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 340,000 | 506,000 | 293,000 |
Contingent forward sale contract mark-to-market expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 22,258,000 | 17,951,000 | 12,350,000 |
Income from equity investment in RailAmerica, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Expenditures for additions to property & equipment, net of grants from outside parties | ' | ' | ' | ' | ' | ' | ' | ' | $51,860,000 | $122,426,000 | $96,643,000 |
Segment_and_Geographic_Area_In3
Segment and Geographic Area Information Property and Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Property and equipment, net | $3,440,744 | $3,396,295 |
North American & European Operations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property and equipment, net | 2,883,452 | 2,766,693 |
Australian Operations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property and equipment, net | $557,292 | $629,602 |
Segment_and_Geographic_Area_In4
Segment and Geographic Area Information Operating Revenues by Geographic Area (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | $391,674 | $401,388 | $400,741 | $375,208 | $227,316 | $222,745 | $217,419 | $207,436 | $1,569,011 | $874,916 | $829,096 |
Percent of total operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,083,773 | 489,157 | 478,511 |
Percent of total operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 69.10% | 55.90% | 57.70% |
Australian Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 325,164 | 289,023 | 271,475 |
Percent of total operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 20.70% | 33.00% | 32.70% |
Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 145,399 | 81,948 | 64,155 |
Percent of total operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 9.30% | 9.40% | 7.80% |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 14,675 | 14,788 | 14,955 |
Percent of total operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0.90% | 1.70% | 1.80% |
Total Non-United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | $485,238 | $385,759 | $350,585 |
Percent of total operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 30.90% | 44.10% | 42.30% |
Segment_and_Geographic_Area_In5
Segment and Geographic Area Information Property and Equipment by Geographic Area (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Property and equipment, net | $3,440,744 | $3,396,295 |
Percent of total property and equipment | 100.00% | 100.00% |
United States [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property and equipment, net | 2,602,640 | 2,487,782 |
Percent of total property and equipment | 75.70% | 73.20% |
Australian Operations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property and equipment, net | 557,292 | 629,602 |
Percent of total property and equipment | 16.20% | 18.50% |
Canada [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property and equipment, net | 265,933 | 263,828 |
Percent of total property and equipment | 7.70% | 7.80% |
Europe [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property and equipment, net | 14,879 | 15,083 |
Percent of total property and equipment | 0.40% | 0.50% |
Total Non-United States | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property and equipment, net | $838,104 | $908,513 |
Percent of total property and equipment | 24.30% | 26.80% |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating revenues | $391,674 | $401,388 | $400,741 | $375,208 | $227,316 | $222,745 | $217,419 | $207,436 | $1,569,011 | $874,916 | $829,096 |
Income from operations | 94,830 | 101,741 | 107,417 | 76,200 | 33,660 | 52,875 | 62,473 | 41,314 | 380,188 | 190,322 | 191,779 |
Net income | $58,088 | $66,225 | $65,050 | $82,728 | $13,396 | ($19,567) | $36,363 | $22,241 | $272,091 | $52,433 | $119,484 |
Diluted earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $1.03 | $1.16 | $1.14 | $1.46 | $0.18 | ($0.47) | $0.84 | $0.52 | $4.79 | $1.02 | $2.79 |
Quarterly_Financial_Data_Detai1
Quarterly Financial Data (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
After-tax gain on sale of assets | $800,000 | $500,000 | $700,000 | $1,300,000 | $600,000 | $2,000,000 | $5,200,000 | $800,000 | ' | ' | ' |
After-tax impact of RailAmerica integration and acquisition-related costs | 600,000 | 1,300,000 | 700,000 | 8,000,000 | 17,700,000 | 3,100,000 | 500,000 | ' | ' | ' | ' |
After-tax business development and financing costs | 700,000 | ' | 200,000 | 500,000 | 9,800,000 | 400,000 | 400,000 | 200,000 | ' | ' | ' |
After tax impact of depreciation and amortization expense as a result of the finalization of the allocation of fair values to RailAmerica's assets and liabilities | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
After-tax valuation allowance on foreign tax credits generated in prior years | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent forward sale contract mark-to-market expense | ' | ' | ' | ' | ' | 50,100,000 | ' | ' | 0 | 50,106,000 | 0 |
After-tax contract termination expense | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' |
RailAmerica [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
After-tax impact of RailAmerica integration and acquisition-related costs | ' | ' | ' | ' | 3,500,000 | ' | ' | ' | ' | ' | ' |
Related to prior fiscal year reported in current fiscal year [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
After-tax benefit from extension of the short line tax credit | ' | ' | ' | $41,000,000 | ' | ' | ' | ' | $41,000,000 | ' | ' |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Event (Details) (USD $) | Dec. 31, 2013 | Jan. 31, 2014 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | mile | RCP&E [Member] | RCP&E [Member] |
employee | mile | ||
Subsequent Event [Line Items] | ' | ' | ' |
Cash purchase price | ' | $210,000 | ' |
Employees expected to hire | ' | 180 | ' |
Track miles | 14,700 | ' | 670 |