Document_and_Entity_Informatio
Document and Entity Information Document | 6 Months Ended | ||
Jun. 30, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | |
Class A common shares [Member] | Class B common shares [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'GENESEE & WYOMING INC. | ' | ' |
Entity Central Index Key | '0001012620 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 52,719,471 | 1,062,985 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $33,032 | $62,876 |
Accounts receivable, net | 352,283 | 325,453 |
Materials and supplies | 36,214 | 31,295 |
Prepaid expenses and other | 45,113 | 52,584 |
Deferred income tax assets, net | 68,031 | 76,122 |
Total current assets | 534,673 | 548,330 |
PROPERTY AND EQUIPMENT, net | 3,778,487 | 3,440,744 |
GOODWILL | 632,905 | 630,462 |
INTANGIBLE ASSETS, net | 602,805 | 613,933 |
DEFERRED INCOME TAX ASSETS, net | 3,007 | 2,405 |
OTHER ASSETS, net | 58,491 | 83,947 |
Total assets | 5,610,368 | 5,319,821 |
CURRENT LIABILITIES: | ' | ' |
Current portion of long-term debt | 31,099 | 84,366 |
Accounts payable | 249,426 | 242,010 |
Accrued expenses | 123,272 | 130,132 |
Total current liabilities | 403,797 | 456,508 |
LONG-TERM DEBT, less current portion | 1,731,939 | 1,540,346 |
DEFERRED INCOME TAX LIABILITIES, net | 882,616 | 863,051 |
DEFERRED ITEMS - grants from outside parties | 283,537 | 267,098 |
OTHER LONG-TERM LIABILITIES | 40,797 | 43,748 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
EQUITY: | ' | ' |
Additional paid-in capital | 1,319,645 | 1,302,521 |
Retained earnings | 1,159,616 | 1,058,884 |
Accumulated other comprehensive income | 10,982 | 6,089 |
Treasury stock, at cost | -223,887 | -220,361 |
Total Genesee & Wyoming Inc. stockholders' equity | 2,267,021 | 2,147,795 |
Noncontrolling interest | 661 | 1,275 |
Total equity | 2,267,682 | 2,149,070 |
Total liabilities and equity | 5,610,368 | 5,319,821 |
Class A common stock, $0.01 par value, one vote per share; 180,000,000 shares authorized at June 30, 2014 and December 31, 2013; 65,403,360 and 64,584,102 shares issued and 52,716,419 and 51,934,137 shares outstanding (net of 12,686,941 and 12,649,965 shares in treasury) on June 30, 2014 and December 31, 2013, respectively | ' | ' |
EQUITY: | ' | ' |
Common Stock | 654 | 646 |
Class B common stock, $0.01 par value, ten votes per share; 30,000,000 shares authorized at June 30, 2014 and December 31, 2013; 1,062,985 and 1,608,989 shares issued and outstanding on June 30, 2014 and December 31, 2013, respectively | ' | ' |
EQUITY: | ' | ' |
Common Stock | $11 | $16 |
Balance_Sheet_Parenthetical_Pa
Balance Sheet Parenthetical (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Class A common shares [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common stock, par value per share | $0.01 | $0.01 |
Common stock, shares authorized | 180,000,000 | 180,000,000 |
Common stock, shares issued | 65,403,360 | 64,584,102 |
Common stock shares outstanding | 52,716,419 | 51,934,137 |
Shares in treasury | 12,686,941 | 12,649,965 |
Class B common shares [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common stock, par value per share | $0.01 | $0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 1,062,985 | 1,608,989 |
Common stock shares outstanding | 1,062,985 | 1,608,989 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
OPERATING REVENUES | $414,563,000 | $400,648,000 | $790,842,000 | $775,598,000 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Labor and benefits | 116,556,000 | 109,781,000 | 233,303,000 | 219,087,000 |
Equipment rents | 19,874,000 | 18,993,000 | 38,932,000 | 37,701,000 |
Purchased services | 23,868,000 | 30,598,000 | 51,678,000 | 59,993,000 |
Depreciation and amortization | 38,212,000 | 34,161,000 | 75,853,000 | 68,384,000 |
Diesel fuel used in operations | 37,379,000 | 34,694,000 | 79,314,000 | 73,879,000 |
Casualties and insurance | 12,752,000 | 10,043,000 | 22,385,000 | 17,994,000 |
Materials | 19,325,000 | 22,784,000 | 35,444,000 | 41,714,000 |
Trackage rights | 14,021,000 | 12,770,000 | 26,287,000 | 23,627,000 |
Net gain on sale of assets | -1,369,000 | -1,009,000 | -2,207,000 | -2,716,000 |
Other expenses | 23,836,000 | 20,416,000 | 44,869,000 | 52,318,000 |
Total operating expenses | 304,454,000 | 293,231,000 | 605,858,000 | 591,981,000 |
INCOME FROM OPERATIONS | 110,109,000 | 107,417,000 | 184,984,000 | 183,617,000 |
Interest income | 241,000 | 950,000 | 1,275,000 | 1,993,000 |
Interest expense | -17,814,000 | -17,203,000 | -31,455,000 | -37,323,000 |
Other income/(loss), net | 920,000 | -896,000 | 1,186,000 | -223,000 |
Income before income taxes | 93,456,000 | 90,268,000 | 155,990,000 | 148,064,000 |
Provision for income taxes | -32,567,000 | -25,218,000 | -55,467,000 | -286,000 |
Net income | 60,889,000 | 65,050,000 | 100,523,000 | 147,778,000 |
Less: Net income/(loss) attributable to noncontrolling interest | 161,000 | 280,000 | -209,000 | 446,000 |
Less: Series A-1 Preferred Stock dividend | 0 | 0 | 0 | 2,139,000 |
Net income available to common stockholders | $60,728,000 | $64,770,000 | $100,732,000 | $145,193,000 |
Basic earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $1.10 | $1.19 | $1.83 | $2.75 |
Weighted average shares - Basic | 55,054 | 54,434 | 54,949 | 52,891 |
Diluted earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $1.07 | $1.14 | $1.77 | $2.60 |
Weighted average shares - Diluted | 56,948 | 56,676 | 56,910 | 56,633 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
NET INCOME | $60,889 | $65,050 | $100,523 | $147,778 |
OTHER COMPREHENSIVE INCOME/(LOSS): | ' | ' | ' | ' |
Foreign currency translation adjustment | 14,423 | -47,824 | 18,177 | -53,171 |
Net unrealized (loss)/gain on qualifying cash flow hedges, net of tax benefit/(provision) of $4,307, ($8,182), $8,946 and ($11,141), respectively | -6,460 | 12,274 | -13,419 | 16,712 |
Changes in pension and other postretirement benefits, net of tax (provision) of ($38), ($56), ($76) and ($113), respectively | 67 | 98 | 135 | 196 |
Other comprehensive income/(loss) | 8,030 | -35,452 | 4,893 | -36,263 |
COMPREHENSIVE INCOME | 68,919 | 29,598 | 105,416 | 111,515 |
Less: Comprehensive income/(loss) attributable to noncontrolling interest | 161 | 280 | -209 | 446 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO GENESEE & WYOMING INC. | $68,758 | $29,318 | $105,625 | $111,069 |
Comprehensive_Income_Parenthet
Comprehensive Income Parenthetical (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Tax benefit/(provision) on net unrealized (loss)/gain on qualifying cash flow hedges | $4,307 | ($8,182) | $8,946 | ($11,141) |
Tax (provision) on changes in pension and other postretirement benefits | ($38) | ($56) | ($76) | ($113) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $100,523,000 | $147,778,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 75,853,000 | 68,384,000 |
Compensation cost related to equity awards | 6,011,000 | 10,749,000 |
Excess tax benefit from share-based compensation | -4,182,000 | -5,666,000 |
Deferred income taxes | 36,453,000 | -18,802,000 |
Net gain on sale of assets | -2,207,000 | -2,716,000 |
Insurance proceeds received | 0 | 10,353,000 |
Changes in assets and liabilities which provided/(used) cash, net of effect of acquisitions: | ' | ' |
Accounts receivable, net | -26,616,000 | -45,254,000 |
Materials and supplies | -1,288,000 | -1,842,000 |
Prepaid expenses and other | 7,620,000 | -2,111,000 |
Accounts payable and accrued expenses | 6,454,000 | -13,412,000 |
Other assets and liabilities, net | 1,442,000 | 5,242,000 |
Net cash provided by operating activities | 200,063,000 | 152,703,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of property and equipment | -174,921,000 | -112,334,000 |
Grant proceeds from outside parties | 27,644,000 | 6,008,000 |
Cash paid for acquisitions, net of cash acquired | -220,542,000 | 0 |
Insurance proceeds for the replacement of assets | 1,172,000 | 0 |
Proceeds from disposition of property and equipment | 3,365,000 | 3,198,000 |
Net cash used in investing activities | -363,282,000 | -103,128,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Principal payments on long-term borrowings, including capital leases | -187,945,000 | -267,961,000 |
Proceeds from issuance of long-term debt | 318,171,000 | 168,998,000 |
Debt amendment costs | -3,880,000 | -1,880,000 |
Proceeds from employee stock purchases | 6,928,000 | 9,177,000 |
Treasury stock purchases | -3,526,000 | -7,735,000 |
Dividends paid on Series A-1 Preferred Stock | 0 | -2,139,000 |
Excess tax benefit from share-based compensation | 4,182,000 | 5,666,000 |
Net cash provided by/(used in) financing activities | 133,930,000 | -95,874,000 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | -555,000 | 64,000 |
DECREASE IN CASH AND CASH EQUIVALENTS | -29,844,000 | -46,235,000 |
CASH AND CASH EQUIVALENTS, beginning of period | 62,876,000 | 64,772,000 |
CASH AND CASH EQUIVALENTS, end of period | $33,032,000 | $18,537,000 |
Principles_of_Consolidation_an
Principles of Consolidation and Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Principles of Consolidation and Basis of Presentation [Abstract] | ' |
Principles of Consolidation and Basis of Presentation [Text Block] | ' |
PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION: | |
The interim consolidated financial statements presented herein include the accounts of Genesee & Wyoming Inc. and its subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation. These interim consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) and are unaudited. They do not contain all disclosures which would be required in a full set of financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). In the opinion of management, the unaudited financial statements for the three and six months ended June 30, 2014 and 2013 are presented on a basis consistent with the audited financial statements and contain all adjustments, consisting only of normal recurring adjustments, necessary to provide a fair statement of the results for the interim periods presented. The results of operations for interim periods are not necessarily indicative of results of operations for the full year. The consolidated balance sheet data for 2013 was derived from the audited financial statements in the Company's 2013 Annual Report on Form 10-K but does not include all disclosures required by U.S. GAAP. | |
The interim consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2013 included in the Company's 2013 Annual Report on Form 10-K. |
Changes_in_Operations
Changes in Operations | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Significant Changes in Operations [Abstract] | ' | ||||
Changes in Operations [Text Block] | ' | ||||
CHANGES IN OPERATIONS: | |||||
United States | |||||
Rapid City, Pierre & Eastern Railroad: On May 30, 2014, the Company's new subsidiary, Rapid City, Pierre & Eastern Railroad, Inc. (RCP&E), purchased the assets comprising the western end of Canadian Pacific Railway Limited's (CP) Dakota, Minnesota & Eastern Railroad Corporation (DM&E) rail line for a cash purchase price of $217.7 million, including the purchase of materials and supplies, railcars, equipment and vehicles. RCP&E commenced freight service on the line on June 1, 2014. The results of operations from RCP&E have been included in the Company's statement of operations since the acquisition date within the Company's North American & European Operations segment. | |||||
RCP&E operates approximately 670 miles of rail line 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 Inc. (NNW). Customers on the RCP&E ship approximately 52,000 carloads annually of grain, bentonite clay, ethanol, fertilizer and other products. RCP&E has the ability to interchange with CP, Union Pacific Railroad, BNSF Railway Company and NNW. RCP&E has approximately 180 employees, most of whom were hired from the DM&E operations. | |||||
The Company accounted for the acquisition as a business combination using the acquisition method of accounting under U.S. GAAP. The following preliminary acquisition-date fair values assigned to the acquired net assets will be finalized upon the completion of the Company's fair value analysis (dollars in thousands): | |||||
Materials and supplies | $ | 2,572 | |||
Prepaid expenses and other | 116 | ||||
Property and equipment | 215,116 | ||||
Total assets | 217,804 | ||||
Accounts payable and accrued expenses | 108 | ||||
Net assets | $ | 217,696 | |||
RailAmerica, Inc.: As further described in the Company's 2013 Annual Report on Form 10-K, on October 1, 2012, the Company acquired 100% of RailAmerica, Inc.'s (RailAmerica) outstanding shares for cash at a price of $27.50 per share, or total consideration of $2.0 billion (equity purchase price of $1.4 billion plus net debt of $659.2 million). Headquartered in Jacksonville, Florida with approximately 2,000 employees, RailAmerica owned and operated 45 short line freight railroads in North America with approximately 7,100 miles of track in 28 U.S. states and three Canadian provinces as of the October 1, 2012 acquisition date. The Company incurred $1.2 million and $14.0 million of RailAmerica integration and acquisition costs during the three and six months ended June 30, 2013, respectively. | |||||
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 June 2014, KeRail completed construction of an approximately 25-kilometer rail line that connects the Mine to the Tshiuetin Rail Transportation 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. Upon receipt of the necessary permits from the Canadian and provincial governments, the Company expects to commence shipments in the third quarter of 2014. | |||||
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 hot or cold 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 shipments that are sensitive to general economic conditions, such as steel products, paper products and lumber and forest products, as well as product specific market conditions, such as the availability of lower priced alternative sources of power generation (coal) or energy commodity price differentials (crude oil). Other shipments are relatively less affected by economic conditions and are more closely affected by other factors, such as winter weather (salt) 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_Share
Earnings per Share | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||||
EARNINGS PER COMMON SHARE: | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2014 and 2013 (in thousands, except per share amounts): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerators: | ||||||||||||||||
Net income attributable to Genesee & Wyoming Inc. common stockholders | $ | 60,728 | $ | 64,770 | $ | 100,732 | $ | 147,332 | ||||||||
Less: Series A-1 Preferred Stock dividend | — | — | — | 2,139 | ||||||||||||
Net income available to common stockholders | $ | 60,728 | $ | 64,770 | $ | 100,732 | $ | 145,193 | ||||||||
Denominators: | ||||||||||||||||
Weighted average Class A common shares outstanding - Basic | 55,054 | 54,434 | 54,949 | 52,891 | ||||||||||||
Weighted average Class B common shares outstanding | 1,519 | 1,700 | 1,564 | 1,713 | ||||||||||||
Dilutive effect of employee stock-based awards | 375 | 542 | 397 | 574 | ||||||||||||
Dilutive effect of Series A-1 Preferred Stock | — | — | — | 1,455 | ||||||||||||
Weighted average shares - Diluted | 56,948 | 56,676 | 56,910 | 56,633 | ||||||||||||
Earnings per common share attributable to Genesee & Wyoming Inc. common stockholders: | ||||||||||||||||
Basic earnings per common share | $ | 1.1 | $ | 1.19 | $ | 1.83 | $ | 2.75 | ||||||||
Diluted earnings per common share | $ | 1.07 | $ | 1.14 | $ | 1.77 | $ | 2.6 | ||||||||
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 Company's Tangible Equity Units (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. | ||||||||||||||||
The following total number of Class A common stock issuable under the assumed exercise of stock options computed based on the treasury stock method were excluded from the calculation of diluted earnings per common share, as the effect of including these shares would have been antidilutive (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Antidilutive shares | 256 | 98 | 215 | 87 | ||||||||||||
Series A-1 Preferred Stock Converted into Common Stock on February 13, 2013 | ||||||||||||||||
On February 13, 2013, the Company converted all of its outstanding Series A-1 Preferred Stock into 5,984,232 shares of the Company's Class A common stock. The conversion resulted in an increase in the Company's weighted average basic shares outstanding of 5,984,232 and 4,529,502 for the six months ended June 30, 2014 and 2013, respectively. | ||||||||||||||||
For basic earnings per common share for the six months ended June 30, 2013, 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 common share prescribed under U.S. GAAP. |
Accounts_Receivable
Accounts Receivable | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Accounts Receivable, Net [Abstract] | ' | |||||||
Accounts Receivable [Text Block] | ' | |||||||
ACCOUNTS RECEIVABLE: | ||||||||
Accounts receivable consisted of the following as of June 30, 2014 and December 31, 2013 (dollars in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Accounts receivable - trade | $ | 294,717 | $ | 264,562 | ||||
Accounts receivable - grants from outside parties | 25,928 | 33,003 | ||||||
Accounts receivable - insurance and other third-party claims | 36,473 | 31,643 | ||||||
Total accounts receivable | 357,118 | 329,208 | ||||||
Less: Allowance for doubtful accounts | (4,835 | ) | (3,755 | ) | ||||
Accounts receivable, net | $ | 352,283 | $ | 325,453 | ||||
Grants from Outside Parties | ||||||||
The Company periodically receives grants for the upgrade and construction of rail lines and the upgrade of locomotives from federal, provincial, state and local agencies and other outside parties in the United States, Canada and Australia. 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 $27.6 million and $6.0 million in the six months ended June 30, 2014 and 2013, 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 represent a future liability of the Company unless the Company abandons the rehabilitated or new track structure within a specified period of time, 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. The Company recorded offsets to depreciation expense from grant amortization of $2.8 million and $2.2 million during the three months ended June 30, 2014 and 2013, respectively, and $5.4 million and $4.4 million during the six months ended June 30, 2014 and 2013, respectively. | ||||||||
Insurance and Third-Party Claims | ||||||||
Accounts receivable from insurance and other third-party claims at June 30, 2014 included $21.4 million from the Company's North American & European Operations and $15.1 million from the Company's Australian Operations. The balance from the Company's North American & European Operations resulted predominately from the Company's anticipated insurance recoveries associated with a derailment in Alabama (the Aliceville Derailment in November 2013). The balance from the Company's Australian Operations resulted predominately from the Company's anticipated insurance recoveries associated with two derailments in Australia's Northern Territory (the Muckaty Derailment in June 2012 and the Edith River Derailment in December 2011). The Company received proceeds from insurance totaling $1.2 million and $10.4 million for the six months ended June 30, 2014 and 2013, respectively. |
LongTerm_Debt_Notes
Long-Term Debt (Notes) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Long-term Debt, Unclassified [Abstract] | ' | ||||||
Long-term Debt [Text Block] | ' | ||||||
LONG-TERM DEBT: | |||||||
Credit Facilities | |||||||
On May 27, 2014, the Company entered into Amendment No. 2 to the Senior Secured Syndicated Credit Facility Agreement (Amendment No. 2), dated October 1, 2012, as amended by Amendment No. 1, dated March 28, 2013, pursuant to which the Company's Senior Secured Syndicated Credit Facility Agreement was amended and restated (Amended and Restated Credit Agreement). The credit facilities under the Amended and Restated Credit Agreement are comprised of a $1,520.0 million United States term loan, an A$216.8 million (or $200.3 million at the exchange rate on May 27, 2014) Australian term loan and a $625.0 million revolving credit facility. Amendment No. 2 also extended the maturity date of each of the Company's credit facilities to May 31, 2019. The revolving credit facility includes borrowing capacity for letters of credit and swingline loans. | |||||||
The Amended and Restated Credit Agreement provides that borrowings under the revolving credit facility may be denominated in United States dollars, Australian dollars, Canadian dollars and Euros. At the Company's election, at the time of entering into specific borrowings, interest on borrowings is calculated under a "Base Rate" or "LIBOR/BBSW Rate." LIBOR is the London Interbank Offered Rate. BBSW is the Bank Bill Swap Reference Rate within Australia, which the Company believes is generally considered the Australian equivalent to LIBOR. The applicable borrowing spread for the Base Rate loans will initially be 0.75% over the base rate, and, following the Company's first quarterly compliance certificate will range from 0.0% to 1.0% depending upon the Company's total leverage ratio. The applicable borrowing spread for LIBOR/BBSW Rate loans, will initially be 1.75% over the LIBOR or BBSW, and, following the Company's first quarterly compliance certificate will range from 1.0% to 2.0% depending upon the Company's total leverage ratio. | |||||||
In addition to paying interest on any outstanding borrowings under the Amended and Restated Credit Agreement, the Company is required to pay a commitment fee related to the unutilized portion of the commitments under the revolving credit facility. The commitment fee rate will initially be 0.3%, and, following the Company's first quarterly compliance certificate will range from 0.2% to 0.3% depending upon the Company's total leverage ratio. | |||||||
In connection with the Amended and Restated Credit Agreement, the Company wrote-off $4.7 million of unamortized deferred financing fees and capitalized an additional $3.6 million of new fees. Deferred financing costs are amortized as additional interest expense over the terms of the related debt using the effective-interest method for the term loan debt and the straight-line method for the revolving credit facility. | |||||||
During the three months ended June 30, 2014, the Company made prepayments on its United States term loan of $30.0 million and prepayments on the Australian term loan of A$12.0 million (or $11.3 million at the exchange rate on June 30, 2014). As of June 30, 2014, the Company had outstanding term loans of $1,490.0 million with an interest rate of 1.90% and A$204.8 million (or $193.0 million at the exchange rate on June 30, 2014) with an interest rate of 4.46%. | |||||||
The United States dollar-denominated and Australian dollar-denominated term loans will amortize in quarterly installments commencing with the quarter ending September 30, 2015, with the remaining principal balance payable upon maturity, as set forth below (dollars in thousands): | |||||||
Quarterly Payment Date | Principal Amount of Each Quarterly Installment | ||||||
United States: | September 30, 2015 through June 30, 2017 | $ | 19,000 | ||||
September 30, 2017 through March 31, 2019 | $ | 38,000 | |||||
Maturity date - May 31, 2019 | $ | 1,072,000 | |||||
Australia: | September 30, 2015 through June 30, 2017 | A$ | 2,710 | ||||
September 30, 2017 through March 31, 2019 | A$ | 5,420 | |||||
Maturity date - May 31, 2019 | A$ | 145,180 | |||||
The revolving credit facility under the Amended and Restated Credit Agreement includes sub-limits for revolving loans denominated in various currencies, including as of June 30, 2014 (a) up to $275.0 million under the United States dollar-denominated portion of the revolving credit facility, (b) up to $200.0 million under the Australian dollar-denominated portion of the revolving credit facility, (c) up to $100.0 million under the Canadian dollar-denominated portion of the revolving credit facility and (d) up to $50.0 million under the Euro-denominated portion of the revolving credit facility, with the ability to reallocate commitments among the sub-limits, provided that the total amount of all Australian dollar, Canadian dollar and Euro sub-limits cannot exceed US$400.0 million. In addition, the existing swingline credit facility portion of the revolving credit facility available under the United States dollar-denominated revolving credit facility increased from $30.0 million to $50.0 million. | |||||||
The Amended and Restated Credit Agreement contains a number of customary affirmative and negative covenants, which are substantially consistent with the terms of the credit agreement prior to giving effect to Amendment No. 2 under the Amended and Restated Credit Agreement with respect to which the Company must maintain compliance. Those covenants, 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 the Company's fiscal year; enter into certain agreements containing negative pledges and upstream limitations and engage in certain transactions with affiliates. Under the Amended and Restated 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. Amendment No. 2 modified the leverage ratios. Under the Amended and Restated Credit Agreement, the Company may not exceed specified maximum total leverage ratios as described in the following table: | |||||||
Period | Maximum Total Leverage Ratio | ||||||
May 27, 2014 through June 30, 2015 | 4.25 to 1.00 | ||||||
July 1, 2015 through June 30, 2016 | 3.75 to 1.00 | ||||||
July 1, 2016 through May 31, 2019 | 3.50 to 1.00 | ||||||
As of June 30, 2014, the Company was in compliance with the covenants under the Amended and Restated Credit Agreement, including the maximum total leverage covenant noted above. As of June 30, 2014, the Company's usage under its $625.0 million revolving credit facility consisted of $44.4 million in borrowings, $3.0 million in letter of credit guarantees and $577.5 million of unused borrowing capacity. As of June 30, 2014, the Company had outstanding revolving loans of $11.0 million in United States dollar-denominated borrowings with an interest rate of 1.90%, A$15.0 million in Australian dollar-denominated borrowings (or $14.1 million at the exchange rate on June 30, 2014) with an interest rate of 6.47%, C$14.0 million in Canadian dollar-denominated borrowings (or $13.1 million at the exchange rate on June 30, 2014) with an interest rate of 2.99% and €4.5 million in Euro-denominated borrowings (or $6.2 million at the exchange rate on June 30, 2014) with an interest rate of 1.83%. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Summary of Derivative Instruments [Abstract] | ' | ||||||||||||||||||
Derivative Financial Instruments [Text Block] | ' | ||||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS: | |||||||||||||||||||
The Company actively monitors its exposure to interest rate and foreign currency exchange rate risks and uses derivative financial instruments to manage the impact of these risks. The Company uses derivatives only for purposes of managing risk associated with underlying exposures. The Company does not trade or use derivative instruments with the objective of earning financial gains on the interest rate or exchange rate fluctuations alone, nor does the Company use derivative instruments where it does not have underlying exposures. Complex instruments involving leverage or multipliers are not used. The Company manages its hedging position and monitors the credit ratings of counterparties and does not anticipate losses due to counterparty nonperformance. Management believes its use of derivative instruments to manage risk is in the Company's best interest. However, the Company's use of derivative financial instruments may result in short-term gains or losses and increased earnings volatility. The Company's instruments are recorded in the consolidated balance sheets at fair value in prepaid expenses and other, other assets, net, accrued expenses or other long-term liabilities. | |||||||||||||||||||
The Company may designate derivatives as a hedge of a forecasted transaction or a hedge of the variability of the cash flows to be received or paid in the future related to a recognized asset or liability (cash flow hedge). The portion of the changes in the fair value of the derivative used as a cash flow hedge that is offset by changes in the expected cash flows related to a recognized asset or liability (the effective portion) is recorded in other comprehensive income/(loss). As the hedged item is realized, the gain or loss included in accumulated other comprehensive income is reported in the consolidated statements of operations on the same line item as the hedged item. The portion of the changes in the fair value of derivatives used as cash flow hedges that is not offset by changes in the expected cash flows related to a recognized asset or liability (the ineffective portion) is immediately recognized in earnings on the same line item as the hedged item. | |||||||||||||||||||
The Company matches the hedge instrument to the underlying hedged item (assets, liabilities, firm commitments or forecasted transactions). At inception of the hedge and at least quarterly thereafter, the Company assesses whether the derivatives used to hedge transactions are highly effective in offsetting changes in either the fair value or cash flows of the hedged item. When it is determined that a derivative ceases to be a highly effective hedge, the Company discontinues hedge accounting, and any gains or losses on the derivative instrument thereafter are recognized in earnings during the period it no longer qualifies for hedge accounting. | |||||||||||||||||||
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 using hedge accounting are recognized in current period earnings within other income/(loss), net. | |||||||||||||||||||
Interest Rate Risk Management | |||||||||||||||||||
The Company uses interest rate swap agreements to manage its exposure to the changes in interest rates on the Company's variable rate debt. These swap agreements are recorded in the consolidated balance sheets at fair value. Changes in the fair value of the swap agreements are recorded in net income or other comprehensive income/(loss), based on whether the agreements are designated as part of a hedge transaction and whether the agreements are effective in offsetting the change in the value of the future interest payments attributable to the underlying portion of the Company's variable rate debt. Interest payments accrued each reporting period for these interest rate swaps are recognized in interest expense. The Company formally documents its hedge relationships, including identifying the hedge instruments and hedged items, as well as its risk management objectives and strategies for entering into the hedge transaction. | |||||||||||||||||||
The following table summarizes the terms of the Company's outstanding interest rate swap agreements entered into to manage the Company's exposure to changes in interest rates on its variable rate debt (dollars in thousands): | |||||||||||||||||||
Notional Amount | |||||||||||||||||||
Effective Date | Expiration Date | Date | Amount | Pay Fixed Rate | Receive Variable Rate | ||||||||||||||
9/30/13 | 9/30/14 | 9/30/13 | $ | 1,350,000 | 0.35% | 1-month LIBOR | |||||||||||||
12/31/13 | $ | 1,300,000 | 0.35% | 1-month LIBOR | |||||||||||||||
3/31/14 | $ | 1,250,000 | 0.35% | 1-month LIBOR | |||||||||||||||
6/30/14 | $ | 1,200,000 | 0.35% | 1-month LIBOR | |||||||||||||||
9/30/14 | 9/30/15 | 9/30/14 | $ | 1,150,000 | 0.54% | 1-month LIBOR | |||||||||||||
12/31/14 | $ | 1,100,000 | 0.54% | 1-month LIBOR | |||||||||||||||
3/31/15 | $ | 1,050,000 | 0.54% | 1-month LIBOR | |||||||||||||||
6/30/15 | $ | 1,000,000 | 0.54% | 1-month LIBOR | |||||||||||||||
9/30/15 | 9/30/16 | 9/30/15 | $ | 350,000 | 0.93% | 1-month LIBOR | |||||||||||||
9/30/16 | 9/30/26 | 9/30/26 | $ | 100,000 | 2.79% | 3-month LIBOR | |||||||||||||
9/30/16 | 9/30/26 | 9/30/26 | $ | 100,000 | 2.79% | 3-month LIBOR | |||||||||||||
9/30/16 | 9/30/26 | 9/30/26 | $ | 100,000 | 2.80% | 3-month LIBOR | |||||||||||||
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. It remains 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 rate 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 values of the Company's interest rate swap agreements were estimated based on Level 2 inputs. The Company's effectiveness testing during the three and six months ended June 30, 2014 resulted in no amount of gain or loss reclassified from accumulated other comprehensive income into earnings due to ineffectiveness. During the three and six months ended June 30, 2014, $0.6 million and $1.0 million, respectively, of existing net losses were realized and recorded as interest expense in the consolidated statements of operations. During the three and six months ended June 30, 2013, $1.2 million and $1.9 million, respectively, of existing net losses were realized and recorded as interest expense in the consolidated statements of operations. Based on the Company's fair value assumptions as of June 30, 2014, it expects to realize $2.8 million of existing net losses that are reported in accumulated other comprehensive income into earnings within the next 12 months. See Note 10, Accumulated Other Comprehensive Income, for additional information regarding the Company's cash flow hedges. | |||||||||||||||||||
Foreign Currency Exchange Rate Risk | |||||||||||||||||||
As of June 30, 2014, the Company's foreign subsidiaries had $228.9 million of third-party debt denominated in the local currencies in which the Company's foreign subsidiaries operate, including the Australian dollar, Canadian dollar and the Euro. The debt service obligations associated with this foreign currency debt are generally funded directly from those foreign operations. As a result, foreign currency risk related to this portion of the Company's debt service payments is limited. However, in the event the foreign currency debt service is not paid by the Company's foreign subsidiaries and is paid by United States subsidiaries, the Company may face exchange rate risk if the Australian dollar, 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 subsidiaries, including non-functional currency intercompany debt, typically associated with intercompany debt from the Company's United States subsidiaries to its foreign subsidiaries associated with acquisitions and any timing difference between announcement and closing of an acquisition of a foreign business. To mitigate currency exposures related to non-functional currency denominated intercompany debt, cross-currency swap contracts may be entered into for periods consistent with the underlying debt. In determining the fair value of the derivative contract, the significant inputs to valuation models are quoted market prices of similar instruments in active markets. To mitigate currency exposures of non-United States dollar-denominated acquisitions, the Company may enter into foreign exchange forward contracts. Although cross-currency swap and foreign exchange forward derivative contracts used to mitigate exposures on foreign currency intercompany debt do not qualify for hedge accounting, the Company believes that such instruments are closely correlated with the underlying exposure, thus reducing the associated risk. The gains or losses from changes in the fair value of derivative instruments that do not qualify for hedge accounting are recognized in current period earnings within other income/(loss), 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 two Australian dollar/United States dollar floating to floating cross-currency swap agreements (the Swaps), effective as of December 3, 2012 and originally set to expire on December 1, 2014. On May 23, 2014, the intercompany loan was repaid and the Company terminated the Swaps. In connection with the termination, the Company paid A$105 million and received $108.9 million, net of the Company's quarterly settlement payments of $0.6 million. The Swaps required the Company to pay Australian dollar BBSW plus 3.25% based on a notional amount of A$105.0 million and allowed the Company to receive United States LIBOR plus 2.82% based on a notional amount of $109.6 million on a quarterly basis. As a result of the quarterly net settlement payments, the Company realized a net expense of $0.6 million and $1.2 million within interest expense for the three and six months ended June 30, 2014, respectively and $0.7 million and $1.5 million for the three and six months ended June 30, 2013, respectively. In addition, the Company recognized a net expense of $0.3 million and $0.1 million within other income/(loss), net related to the settlement of the derivative agreement and the mark-to-market of the underlying intercompany debt instrument to the exchange rate for the three and six months ended June 30, 2014, respectively. | |||||||||||||||||||
The following table summarizes the fair value of the Company's derivative instruments recorded in the consolidated balance sheets as of June 30, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||
Fair Value | |||||||||||||||||||
Balance Sheet Location | June 30, 2014 | December 31, 2013 | |||||||||||||||||
Asset Derivatives: | |||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||
Interest rate swap agreements | Other assets, net | $ | 15,686 | $ | 36,987 | ||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||
Cross-currency swap agreement | Prepaid expenses and other | $ | — | $ | 16,056 | ||||||||||||||
Liability Derivatives: | |||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||
Interest rate swap agreements | Accrued expenses | $ | 2,781 | $ | 1,601 | ||||||||||||||
Interest rate swap agreements | Other long-term liabilities | 724 | 838 | ||||||||||||||||
Total liability derivatives designated as hedges | $ | 3,505 | $ | 2,439 | |||||||||||||||
The following table shows the effect of the Company's derivative instruments designated as cash flow hedges for the three and six months ended June 30, 2014 and 2013 in other comprehensive income/(loss) (OCI) (dollars in thousands): | |||||||||||||||||||
Total Cash Flow Hedge OCI Activity, Net of Tax | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Derivatives Designated as Cash Flow Hedges: | |||||||||||||||||||
Effective portion of changes in fair value recognized in OCI: | |||||||||||||||||||
Interest rate swap agreements | $ | (6,460 | ) | $ | 12,274 | $ | (13,419 | ) | $ | 16,712 | |||||||||
The following table shows the effect of the Company's derivative instruments not designated as hedges for the three and six months ended June 30, 2014 and 2013 in the consolidated statements of operations (dollars in thousands): | |||||||||||||||||||
Amount Recognized in Earnings | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
Location of Amount Recognized in Earnings | June 30, | June 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Derivative Instruments Not Designated as Hedges: | |||||||||||||||||||
Cross-currency swap agreement | Interest (expense)/income | $ | (630 | ) | $ | (717 | ) | $ | (1,184 | ) | $ | (1,532 | ) | ||||||
Cross-currency swap agreement | Other income/(loss), net | (262 | ) | 26 | (86 | ) | 22 | ||||||||||||
$ | (892 | ) | $ | (691 | ) | $ | (1,270 | ) | $ | (1,510 | ) |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments [Text Block] | ' | ||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS: | |||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instruments held by the Company: | |||||||||||||||||
• | Financial Instruments Carried at Fair Value: Derivative instruments are recorded on the balance sheet as either assets or liabilities measured at fair value. During the reporting period, 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, Australian dollar BBSW implied forward interest rates and the remaining time to maturity. | ||||||||||||||||
• | Financial Instruments Carried at Historical Cost: The fair value of the Company's long-term debt 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 June 30, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Financial instruments carried at fair value using Level 2 inputs: | |||||||||||||||||
Financial assets carried at fair value: | |||||||||||||||||
Interest rate swap agreements | $ | 15,686 | $ | 36,987 | |||||||||||||
Cross-currency swap agreement | — | 16,056 | |||||||||||||||
Total financial assets carried at fair value | $ | 15,686 | $ | 53,043 | |||||||||||||
Financial liabilities carried at fair value: | |||||||||||||||||
Interest rate swap agreements | $ | 3,505 | $ | 2,439 | |||||||||||||
Total financial liabilities carried at fair value | $ | 3,505 | $ | 2,439 | |||||||||||||
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 June 30, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||
Financial liabilities carried at historical cost: | |||||||||||||||||
United States term loan | $ | 1,490,000 | $ | 1,477,987 | $ | 1,433,414 | $ | 1,429,204 | |||||||||
Australian term loan | 193,004 | 191,128 | 134,436 | 135,491 | |||||||||||||
Revolving credit facility | 44,422 | 44,658 | 15,949 | 15,956 | |||||||||||||
Amortizing notes component of tangible equity units | 16,591 | 16,562 | 21,878 | 21,698 | |||||||||||||
Other debt | 19,021 | 18,872 | 19,035 | 18,996 | |||||||||||||
Total | $ | 1,763,038 | $ | 1,749,207 | $ | 1,624,712 | $ | 1,621,345 | |||||||||
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes [Text Block] | ' |
INCOME TAXES: | |
The United States Short Line Tax Credit is an income tax track maintenance credit for Class II and Class III railroads to reduce their federal income tax based on qualified railroad track maintenance expenditures. 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 railroads as of the end of their tax year. The United States Short Line Tax Credit was in existence from 2005 through 2011. On January 2, 2013, the United States Short Line Tax Credit was extended for 2012 and 2013. The extension of the United States Short Line Tax Credit produced book income tax benefits of $7.5 million and $52.4 million for the three and six months ended June 30, 2013, respectively. The total tax credit impact in the six months ended June 30, 2013 included $41.0 million for the retroactive fiscal year 2012 tax benefit and $11.5 million associated with the six months ended June 30, 2013. Since the extension became law in 2013, the 2012 impact was recorded in the first quarter of 2013. | |
The Company's effective income tax rate in the three months ended June 30, 2014 was 34.8%, compared with 27.9% in the three months ended June 30, 2013. The Company's provision for income tax for the six months ended June 30, 2014 was $55.5 million, which represented 35.6% of income before income taxes and included a benefit of $1.0 million as a result of adjusting the Company's deferred income taxes to reflect the impact of the RCP&E acquisition. Excluding the $41.0 million retroactive income tax benefit from the United States Short Line Tax Credit, the Company's provision for income tax for the six months ended June 30, 2013 was $41.2 million, which represented 27.9% of income before income taxes other than the retroactive benefit from the United States Short Line Tax Credit. The increase in the effective income tax rates for the three and six months ended June 30, 2014 was primarily attributable to the expiration of the Short Line Tax Credit on December 31, 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
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. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Income [Text Block] | ' | |||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME: | ||||||||||||||||
The following tables set forth accumulated other comprehensive income included in the consolidated balance sheets (dollars in thousands): | ||||||||||||||||
Foreign Currency Translation Adjustment | Defined Benefit Plans | Net Unrealized Gain/(Loss) on Cash Flow Hedges | Accumulated Other Comprehensive Income/(Loss) | |||||||||||||
Balance, December 31, 2013 | $ | (14,687 | ) | $ | 214 | $ | 20,562 | $ | 6,089 | |||||||
Other comprehensive income/(loss) before reclassifications | 18,177 | 135 | (12,810 | ) | 5,502 | |||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax benefit of $406 | — | — | (609 | ) | (a) | (609 | ) | |||||||||
Current period change | 18,177 | 135 | (13,419 | ) | 4,893 | |||||||||||
Balance, June 30, 2014 | $ | 3,490 | $ | 349 | $ | 7,143 | $ | 10,982 | ||||||||
Foreign Currency Translation Adjustment | Defined Benefit Plans | Net Unrealized Gain/(Loss) on Cash Flow Hedges | Accumulated Other Comprehensive Income/(Loss) | |||||||||||||
Balance, December 31, 2012 | $ | 47,845 | $ | (148 | ) | $ | (426 | ) | $ | 47,271 | ||||||
Other comprehensive income/(loss) before reclassifications | (53,171 | ) | 196 | 17,851 | (35,124 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax benefit of $759 | — | — | (1,139 | ) | (a) | (1,139 | ) | |||||||||
Current period change | (53,171 | ) | 196 | 16,712 | (36,263 | ) | ||||||||||
Balance, June 30, 2013 | $ | (5,326 | ) | $ | 48 | $ | 16,286 | $ | 11,008 | |||||||
(a) Existing net losses realized and recorded in interest expense on the consolidated statements of operations (see Note 6, Derivative Financial Instruments). |
Significant_NonCash_Investing_
Significant Non-Cash Investing Activities | 6 Months Ended |
Jun. 30, 2014 | |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ' |
Significant Non-Cash Investing Activities [Text Block] | ' |
SIGNIFICANT NON-CASH INVESTING AND FINANCING ACTIVITIES: | |
As of June 30, 2014 and 2013, the Company had outstanding receivables from outside parties for the funding of capital expenditures of $25.9 million and $34.1 million, respectively. At June 30, 2014 and 2013, the Company also had $27.8 million and $26.7 million, respectively, of purchases of property and equipment that were not paid and, accordingly, were accrued in accounts payable in the normal course of business. |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Segment Information [Text Block] | ' | |||||||||||||||||||||||
SEGMENT INFORMATION: | ||||||||||||||||||||||||
The Company's various railroad lines are divided into 11 operating regions. All of the regions have similar characteristics; however, the Company presents its financial information as two reportable segments, North American & European Operations and Australian Operations. | ||||||||||||||||||||||||
The results of operations of the foreign entities are maintained in the respective local currency (the Australian dollar, the Canadian dollar and the Euro) and then translated into United States dollars at the applicable exchange rates for inclusion in the consolidated financial statements. As a result, any appreciation or depreciation of these currencies against the United States dollar will impact the Company's results of operations. | ||||||||||||||||||||||||
The following tables set forth the Company's North American & European Operations and Australian Operations for the three and six months ended June 30, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||
Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | |||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | North American & European Operations | Australian Operations | Total Operations | |||||||||||||||||||
Operating revenues | $ | 331,444 | $ | 83,119 | $ | 414,563 | $ | 317,216 | $ | 83,432 | $ | 400,648 | ||||||||||||
Income from operations | $ | 84,528 | $ | 25,581 | $ | 110,109 | $ | 82,122 | $ | 25,295 | $ | 107,417 | ||||||||||||
Depreciation and amortization | $ | 31,040 | $ | 7,172 | $ | 38,212 | $ | 27,388 | $ | 6,773 | $ | 34,161 | ||||||||||||
Interest expense | $ | 14,280 | $ | 3,534 | $ | 17,814 | $ | 13,282 | $ | 3,921 | $ | 17,203 | ||||||||||||
Interest income | $ | 192 | $ | 49 | $ | 241 | $ | 915 | $ | 35 | $ | 950 | ||||||||||||
Provision for income taxes | $ | (26,007 | ) | $ | (6,560 | ) | $ | (32,567 | ) | $ | (19,379 | ) | $ | (5,839 | ) | $ | (25,218 | ) | ||||||
Expenditures for additions to property & equipment, net of grants from outside parties | $ | 85,412 | $ | 3,047 | $ | 88,459 | $ | 59,215 | $ | 13,558 | $ | 72,773 | ||||||||||||
Six Months Ended June 30, 2014 | Six Months Ended June 30, 2013 | |||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | North American & European Operations | Australian Operations | Total Operations | |||||||||||||||||||
Operating revenues | $ | 631,431 | $ | 159,411 | $ | 790,842 | $ | 616,311 | $ | 159,287 | $ | 775,598 | ||||||||||||
Income from operations | $ | 140,218 | $ | 44,766 | $ | 184,984 | $ | 136,916 | $ | 46,701 | $ | 183,617 | ||||||||||||
Depreciation and amortization | $ | 61,619 | $ | 14,234 | $ | 75,853 | $ | 54,799 | $ | 13,585 | $ | 68,384 | ||||||||||||
Interest expense | $ | 23,725 | $ | 7,730 | $ | 31,455 | $ | 29,093 | $ | 8,230 | $ | 37,323 | ||||||||||||
Interest income | $ | 1,094 | $ | 181 | $ | 1,275 | $ | 1,804 | $ | 189 | $ | 1,993 | ||||||||||||
(Provision for)/benefit from income taxes | $ | (44,464 | ) | $ | (11,003 | ) | $ | (55,467 | ) | $ | 10,670 | $ | (10,956 | ) | $ | (286 | ) | |||||||
Expenditures for additions to property & equipment, net of grants from outside parties | $ | 139,397 | $ | 7,880 | $ | 147,277 | $ | 73,926 | $ | 32,400 | $ | 106,326 | ||||||||||||
The following table sets forth the property and equipment recorded in the consolidated balance sheets for the Company's North American & European Operations and Australian Operations as of June 30, 2014 and December 31, 2013 (dollars in thousands): | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | North American & European Operations | Australian Operations | Total Operations | |||||||||||||||||||
Property & equipment, net | $ | 3,200,523 | $ | 577,964 | $ | 3,778,487 | $ | 2,883,452 | $ | 557,292 | $ | 3,440,744 | ||||||||||||
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recently Issued Accounting Standards [Text Block] | ' |
RECENTLY ISSUED ACCOUNTING STANDARDS: | |
In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 is effective for and was adopted by the Company in the first quarter of 2014 and did not have a material impact on the Company's 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 is effective for and was adopted by the Company in the first quarter of 2014 and did not have a material impact on the Company's consolidated financial statements. However, it could impact the accounting for potential future sales of investments or changes in control of foreign entities. | |
In April 2013, the FASB issued ASU 2013-07, Presentation of Financial Statements (Topic 205): The Liquidation Basis of Accounting, which clarifies when an entity should apply the liquidation basis of accounting and provides principles for the recognition and measurement of assets and liabilities using the liquidation basis of accounting. This guidance is effective for and was adopted by the Company in the first quarter of 2014 and did not have an impact on the Company's consolidated financial statements. | |
Accounting Standards Not Yet Effective | |
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 that is within the scope of this guidance as a lease in accordance with Topic 840. This guidance will be effective for annual reporting periods beginning on or after December 15, 2014, 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 April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the requirements for reporting discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on the entity's operations and financial results. This guidance should be applied prospectively and will be effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years, and for all businesses that, on acquisition, are classified as held for sale that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and includes the specific steps for recognizing revenue and disclosure requirements. This guidance should be applied retrospectively and will be effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual periods. The Company is currently assessing the impact of adopting this guidance on its consolidated financial statements. | |
In June 2014, the FASB issued ASU 2014-12, Compensation — Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, which requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. This guidance should be applied either prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The amendments in this guidance are effective for annual reporting periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. The Company does not expect the adoption of this guidance to have an impact on its consolidated financial statements. |
Principles_of_Consolidation_an1
Principles of Consolidation and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Principles of Consolidation and Basis of Presentation [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
The interim consolidated financial statements presented herein include the accounts of Genesee & Wyoming Inc. and its subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation. These interim consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) and are unaudited. They do not contain all disclosures which would be required in a full set of financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). In the opinion of management, the unaudited financial statements for the three and six months ended June 30, 2014 and 2013 are presented on a basis consistent with the audited financial statements and contain all adjustments, consisting only of normal recurring adjustments, necessary to provide a fair statement of the results for the interim periods presented. The results of operations for interim periods are not necessarily indicative of results of operations for the full year. The consolidated balance sheet data for 2013 was derived from the audited financial statements in the Company's 2013 Annual Report on Form 10-K but does not include all disclosures required by U.S. GAAP. |
Changes_in_Operations_Tables
Changes in Operations (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Significant Changes in Operations [Abstract] | ' | ||||
Schedule of Business Combination Consideration [Table Text Block] | ' | ||||
The following preliminary acquisition-date fair values assigned to the acquired net assets will be finalized upon the completion of the Company's fair value analysis (dollars in thousands): | |||||
Materials and supplies | $ | 2,572 | |||
Prepaid expenses and other | 116 | ||||
Property and equipment | 215,116 | ||||
Total assets | 217,804 | ||||
Accounts payable and accrued expenses | 108 | ||||
Net assets | $ | 217,696 | |||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 three and six months ended June 30, 2014 and 2013 (in thousands, except per share amounts): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerators: | ||||||||||||||||
Net income attributable to Genesee & Wyoming Inc. common stockholders | $ | 60,728 | $ | 64,770 | $ | 100,732 | $ | 147,332 | ||||||||
Less: Series A-1 Preferred Stock dividend | — | — | — | 2,139 | ||||||||||||
Net income available to common stockholders | $ | 60,728 | $ | 64,770 | $ | 100,732 | $ | 145,193 | ||||||||
Denominators: | ||||||||||||||||
Weighted average Class A common shares outstanding - Basic | 55,054 | 54,434 | 54,949 | 52,891 | ||||||||||||
Weighted average Class B common shares outstanding | 1,519 | 1,700 | 1,564 | 1,713 | ||||||||||||
Dilutive effect of employee stock-based awards | 375 | 542 | 397 | 574 | ||||||||||||
Dilutive effect of Series A-1 Preferred Stock | — | — | — | 1,455 | ||||||||||||
Weighted average shares - Diluted | 56,948 | 56,676 | 56,910 | 56,633 | ||||||||||||
Earnings per common share attributable to Genesee & Wyoming Inc. common stockholders: | ||||||||||||||||
Basic earnings per common share | $ | 1.1 | $ | 1.19 | $ | 1.83 | $ | 2.75 | ||||||||
Diluted earnings per common share | $ | 1.07 | $ | 1.14 | $ | 1.77 | $ | 2.6 | ||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ' | |||||||||||||||
The following total number of Class A common stock issuable under the assumed exercise of stock options computed based on the treasury stock method were excluded from the calculation of diluted earnings per common share, as the effect of including these shares would have been antidilutive (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Antidilutive shares | 256 | 98 | 215 | 87 | ||||||||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Accounts Receivable, Net [Abstract] | ' | |||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | |||||||
Accounts receivable consisted of the following as of June 30, 2014 and December 31, 2013 (dollars in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Accounts receivable - trade | $ | 294,717 | $ | 264,562 | ||||
Accounts receivable - grants from outside parties | 25,928 | 33,003 | ||||||
Accounts receivable - insurance and other third-party claims | 36,473 | 31,643 | ||||||
Total accounts receivable | 357,118 | 329,208 | ||||||
Less: Allowance for doubtful accounts | (4,835 | ) | (3,755 | ) | ||||
Accounts receivable, net | $ | 352,283 | $ | 325,453 | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Long-term Debt, Unclassified [Abstract] | ' | ||||||
Principal amount of each quarterly installment [Table Text Block] | ' | ||||||
The United States dollar-denominated and Australian dollar-denominated term loans will amortize in quarterly installments commencing with the quarter ending September 30, 2015, with the remaining principal balance payable upon maturity, as set forth below (dollars in thousands): | |||||||
Quarterly Payment Date | Principal Amount of Each Quarterly Installment | ||||||
United States: | September 30, 2015 through June 30, 2017 | $ | 19,000 | ||||
September 30, 2017 through March 31, 2019 | $ | 38,000 | |||||
Maturity date - May 31, 2019 | $ | 1,072,000 | |||||
Australia: | September 30, 2015 through June 30, 2017 | A$ | 2,710 | ||||
September 30, 2017 through March 31, 2019 | A$ | 5,420 | |||||
Maturity date - May 31, 2019 | A$ | 145,180 | |||||
Maximum total leverage ratio [Table Text Block] | ' | ||||||
Amendment No. 2 modified the leverage ratios. Under the Amended and Restated Credit Agreement, the Company may not exceed specified maximum total leverage ratios as described in the following table: | |||||||
Period | Maximum Total Leverage Ratio | ||||||
May 27, 2014 through June 30, 2015 | 4.25 to 1.00 | ||||||
July 1, 2015 through June 30, 2016 | 3.75 to 1.00 | ||||||
July 1, 2016 through May 31, 2019 | 3.50 to 1.00 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Summary of Derivative Instruments [Abstract] | ' | ||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | ' | ||||||||||||||||||
The following table summarizes the terms of the Company's outstanding interest rate swap agreements entered into to manage the Company's exposure to changes in interest rates on its variable rate debt (dollars in thousands): | |||||||||||||||||||
Notional Amount | |||||||||||||||||||
Effective Date | Expiration Date | Date | Amount | Pay Fixed Rate | Receive Variable Rate | ||||||||||||||
9/30/13 | 9/30/14 | 9/30/13 | $ | 1,350,000 | 0.35% | 1-month LIBOR | |||||||||||||
12/31/13 | $ | 1,300,000 | 0.35% | 1-month LIBOR | |||||||||||||||
3/31/14 | $ | 1,250,000 | 0.35% | 1-month LIBOR | |||||||||||||||
6/30/14 | $ | 1,200,000 | 0.35% | 1-month LIBOR | |||||||||||||||
9/30/14 | 9/30/15 | 9/30/14 | $ | 1,150,000 | 0.54% | 1-month LIBOR | |||||||||||||
12/31/14 | $ | 1,100,000 | 0.54% | 1-month LIBOR | |||||||||||||||
3/31/15 | $ | 1,050,000 | 0.54% | 1-month LIBOR | |||||||||||||||
6/30/15 | $ | 1,000,000 | 0.54% | 1-month LIBOR | |||||||||||||||
9/30/15 | 9/30/16 | 9/30/15 | $ | 350,000 | 0.93% | 1-month LIBOR | |||||||||||||
9/30/16 | 9/30/26 | 9/30/26 | $ | 100,000 | 2.79% | 3-month LIBOR | |||||||||||||
9/30/16 | 9/30/26 | 9/30/26 | $ | 100,000 | 2.79% | 3-month LIBOR | |||||||||||||
9/30/16 | 9/30/26 | 9/30/26 | $ | 100,000 | 2.80% | 3-month LIBOR | |||||||||||||
Schedule of Notional Amounts of Expired Derivative [Table Text Block] | ' | ||||||||||||||||||
The following table summarizes the Company's interest rate swap agreements 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 the Company's derivative instruments recorded in the consolidated balance sheets as of June 30, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||
Fair Value | |||||||||||||||||||
Balance Sheet Location | June 30, 2014 | December 31, 2013 | |||||||||||||||||
Asset Derivatives: | |||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||
Interest rate swap agreements | Other assets, net | $ | 15,686 | $ | 36,987 | ||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||
Cross-currency swap agreement | Prepaid expenses and other | $ | — | $ | 16,056 | ||||||||||||||
Liability Derivatives: | |||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||
Interest rate swap agreements | Accrued expenses | $ | 2,781 | $ | 1,601 | ||||||||||||||
Interest rate swap agreements | Other long-term liabilities | 724 | 838 | ||||||||||||||||
Total liability derivatives designated as hedges | $ | 3,505 | $ | 2,439 | |||||||||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||
The following table shows the effect of the Company's derivative instruments designated as cash flow hedges for the three and six months ended June 30, 2014 and 2013 in other comprehensive income/(loss) (OCI) (dollars in thousands): | |||||||||||||||||||
Total Cash Flow Hedge OCI Activity, Net of Tax | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Derivatives Designated as Cash Flow Hedges: | |||||||||||||||||||
Effective portion of changes in fair value recognized in OCI: | |||||||||||||||||||
Interest rate swap agreements | $ | (6,460 | ) | $ | 12,274 | $ | (13,419 | ) | $ | 16,712 | |||||||||
Schedule of Derivative Instruments, Gain (Loss) in Consolidated Statement of Operations [Table Text Block] | ' | ||||||||||||||||||
The following table shows the effect of the Company's derivative instruments not designated as hedges for the three and six months ended June 30, 2014 and 2013 in the consolidated statements of operations (dollars in thousands): | |||||||||||||||||||
Amount Recognized in Earnings | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
Location of Amount Recognized in Earnings | June 30, | June 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Derivative Instruments Not Designated as Hedges: | |||||||||||||||||||
Cross-currency swap agreement | Interest (expense)/income | $ | (630 | ) | $ | (717 | ) | $ | (1,184 | ) | $ | (1,532 | ) | ||||||
Cross-currency swap agreement | Other income/(loss), net | (262 | ) | 26 | (86 | ) | 22 | ||||||||||||
$ | (892 | ) | $ | (691 | ) | $ | (1,270 | ) | $ | (1,510 | ) |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value, Assets and 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 June 30, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Financial instruments carried at fair value using Level 2 inputs: | |||||||||||||||||
Financial assets carried at fair value: | |||||||||||||||||
Interest rate swap agreements | $ | 15,686 | $ | 36,987 | |||||||||||||
Cross-currency swap agreement | — | 16,056 | |||||||||||||||
Total financial assets carried at fair value | $ | 15,686 | $ | 53,043 | |||||||||||||
Financial liabilities carried at fair value: | |||||||||||||||||
Interest rate swap agreements | $ | 3,505 | $ | 2,439 | |||||||||||||
Total financial liabilities carried at fair value | $ | 3,505 | $ | 2,439 | |||||||||||||
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 June 30, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||
Financial liabilities carried at historical cost: | |||||||||||||||||
United States term loan | $ | 1,490,000 | $ | 1,477,987 | $ | 1,433,414 | $ | 1,429,204 | |||||||||
Australian term loan | 193,004 | 191,128 | 134,436 | 135,491 | |||||||||||||
Revolving credit facility | 44,422 | 44,658 | 15,949 | 15,956 | |||||||||||||
Amortizing notes component of tangible equity units | 16,591 | 16,562 | 21,878 | 21,698 | |||||||||||||
Other debt | 19,021 | 18,872 | 19,035 | 18,996 | |||||||||||||
Total | $ | 1,763,038 | $ | 1,749,207 | $ | 1,624,712 | $ | 1,621,345 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||
The following tables set forth accumulated other comprehensive income included in the consolidated balance sheets (dollars in thousands): | ||||||||||||||||
Foreign Currency Translation Adjustment | Defined Benefit Plans | Net Unrealized Gain/(Loss) on Cash Flow Hedges | Accumulated Other Comprehensive Income/(Loss) | |||||||||||||
Balance, December 31, 2013 | $ | (14,687 | ) | $ | 214 | $ | 20,562 | $ | 6,089 | |||||||
Other comprehensive income/(loss) before reclassifications | 18,177 | 135 | (12,810 | ) | 5,502 | |||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax benefit of $406 | — | — | (609 | ) | (a) | (609 | ) | |||||||||
Current period change | 18,177 | 135 | (13,419 | ) | 4,893 | |||||||||||
Balance, June 30, 2014 | $ | 3,490 | $ | 349 | $ | 7,143 | $ | 10,982 | ||||||||
Foreign Currency Translation Adjustment | Defined Benefit Plans | Net Unrealized Gain/(Loss) on Cash Flow Hedges | Accumulated Other Comprehensive Income/(Loss) | |||||||||||||
Balance, December 31, 2012 | $ | 47,845 | $ | (148 | ) | $ | (426 | ) | $ | 47,271 | ||||||
Other comprehensive income/(loss) before reclassifications | (53,171 | ) | 196 | 17,851 | (35,124 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax benefit of $759 | — | — | (1,139 | ) | (a) | (1,139 | ) | |||||||||
Current period change | (53,171 | ) | 196 | 16,712 | (36,263 | ) | ||||||||||
Balance, June 30, 2013 | $ | (5,326 | ) | $ | 48 | $ | 16,286 | $ | 11,008 | |||||||
(a) Existing net losses realized and recorded in interest expense on the consolidated statements of operations (see Note 6, Derivative Financial Instruments). |
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Segment Reporting [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 three and six months ended June 30, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||
Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | |||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | North American & European Operations | Australian Operations | Total Operations | |||||||||||||||||||
Operating revenues | $ | 331,444 | $ | 83,119 | $ | 414,563 | $ | 317,216 | $ | 83,432 | $ | 400,648 | ||||||||||||
Income from operations | $ | 84,528 | $ | 25,581 | $ | 110,109 | $ | 82,122 | $ | 25,295 | $ | 107,417 | ||||||||||||
Depreciation and amortization | $ | 31,040 | $ | 7,172 | $ | 38,212 | $ | 27,388 | $ | 6,773 | $ | 34,161 | ||||||||||||
Interest expense | $ | 14,280 | $ | 3,534 | $ | 17,814 | $ | 13,282 | $ | 3,921 | $ | 17,203 | ||||||||||||
Interest income | $ | 192 | $ | 49 | $ | 241 | $ | 915 | $ | 35 | $ | 950 | ||||||||||||
Provision for income taxes | $ | (26,007 | ) | $ | (6,560 | ) | $ | (32,567 | ) | $ | (19,379 | ) | $ | (5,839 | ) | $ | (25,218 | ) | ||||||
Expenditures for additions to property & equipment, net of grants from outside parties | $ | 85,412 | $ | 3,047 | $ | 88,459 | $ | 59,215 | $ | 13,558 | $ | 72,773 | ||||||||||||
Six Months Ended June 30, 2014 | Six Months Ended June 30, 2013 | |||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | North American & European Operations | Australian Operations | Total Operations | |||||||||||||||||||
Operating revenues | $ | 631,431 | $ | 159,411 | $ | 790,842 | $ | 616,311 | $ | 159,287 | $ | 775,598 | ||||||||||||
Income from operations | $ | 140,218 | $ | 44,766 | $ | 184,984 | $ | 136,916 | $ | 46,701 | $ | 183,617 | ||||||||||||
Depreciation and amortization | $ | 61,619 | $ | 14,234 | $ | 75,853 | $ | 54,799 | $ | 13,585 | $ | 68,384 | ||||||||||||
Interest expense | $ | 23,725 | $ | 7,730 | $ | 31,455 | $ | 29,093 | $ | 8,230 | $ | 37,323 | ||||||||||||
Interest income | $ | 1,094 | $ | 181 | $ | 1,275 | $ | 1,804 | $ | 189 | $ | 1,993 | ||||||||||||
(Provision for)/benefit from income taxes | $ | (44,464 | ) | $ | (11,003 | ) | $ | (55,467 | ) | $ | 10,670 | $ | (10,956 | ) | $ | (286 | ) | |||||||
Expenditures for additions to property & equipment, net of grants from outside parties | $ | 139,397 | $ | 7,880 | $ | 147,277 | $ | 73,926 | $ | 32,400 | $ | 106,326 | ||||||||||||
Property and Equipment by Segment [Table Text Block] | ' | |||||||||||||||||||||||
The following table sets forth the property and equipment recorded in the consolidated balance sheets for the Company's North American & European Operations and Australian Operations as of June 30, 2014 and December 31, 2013 (dollars in thousands): | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | North American & European Operations | Australian Operations | Total Operations | |||||||||||||||||||
Property & equipment, net | $ | 3,200,523 | $ | 577,964 | $ | 3,778,487 | $ | 2,883,452 | $ | 557,292 | $ | 3,440,744 | ||||||||||||
Changes_in_Operations_United_S
Changes in Operations United States RCP&E (Details) (RCP&E [Member], USD $) | 0 Months Ended | |
31-May-14 | 30-May-14 | |
employee | carload | |
carload | mile | |
mile | ||
Cash purchase price | $217,700,000 | ' |
Track miles | ' | 670 |
Carloads shipped annually | ' | 52,000 |
Number of employees | 180 | ' |
Preliminary allocation of fair values [Member] | ' | ' |
Purchase Price Allocations [Abstract] | ' | ' |
Materials and supplies | ' | 2,572,000 |
Prepaid expenses and other | ' | 116,000 |
Property and equipment | ' | 215,116,000 |
Total assets | ' | 217,804,000 |
Accounts payable and accrued expenses | ' | 108,000 |
Net assets | ' | 217,696,000 |
Changes_in_Operations_United_S1
Changes in Operations United States RailAmerica (Details) (RailAmerica [Member], USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended |
Oct. 02, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | |
states | |||
provinces | |||
employee | |||
railroad | |||
mile | |||
RailAmerica [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Percentage of outstanding shares acquired | 100.00% | ' | ' |
Cash purchase price per share | $27.50 | ' | ' |
Total consideration | $2,000,000,000 | ' | ' |
Equity purchase price | 1,400,000,000 | ' | ' |
Net debt acquired | 659,200,000 | ' | ' |
Number of employees | 2,000 | ' | ' |
Number of railroads acquired | 45 | ' | ' |
Track miles acquired | 7,100 | ' | ' |
Number of U.S states in which entity operates | 28 | ' | ' |
Canadian provinces operated in | 3 | ' | ' |
RailAmerica integration costs | ' | $1,200,000 | $14,000,000 |
Changes_in_Operations_Canada_D
Changes in Operations Canada (Details) (TSMC [Member]) | 3 Months Ended |
Jun. 30, 2014 | |
km | |
TSMC [Member] | ' |
Track kilometers constructed | 25 |
Earnings_per_Share_Basic_and_D
Earnings per Share Basic and Diluted EPS (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Numerators: | ' | ' | ' | ' |
Net income attributable to Genesee & Wyoming Inc. common stockholders | $60,728,000 | $64,770,000 | $100,732,000 | $147,332,000 |
Less: Series A-1 Preferred Stock dividend | 0 | 0 | 0 | 2,139,000 |
Net income available to common stockholders | $60,728,000 | $64,770,000 | $100,732,000 | $145,193,000 |
Denominators: | ' | ' | ' | ' |
Weighted average Class A common shares outstanding - Basic | 55,054,000 | 54,434,000 | 54,949,000 | 52,891,000 |
Weighted average Class B common shares outstanding | 1,519,000 | 1,700,000 | 1,564,000 | 1,713,000 |
Dilutive effect of employee stock-based awards | 375,000 | 542,000 | 397,000 | 574,000 |
Dilutive effect of Series A-1 Preferred Stock | 0 | 0 | 0 | 1,455,000 |
Weighted average shares - Diluted | 56,948,000 | 56,676,000 | 56,910,000 | 56,633,000 |
Earnings per common share attributable to Genesee & Wyoming Inc. common stockholders: | ' | ' | ' | ' |
Basic earnings per common share | $1.10 | $1.19 | $1.83 | $2.75 |
Diluted earnings per common share | $1.07 | $1.14 | $1.77 | $2.60 |
Class A common shares [Member] | ' | ' | ' | ' |
Denominators: | ' | ' | ' | ' |
Weighted average Class A common shares outstanding - Basic | 55,054,000 | 54,434,000 | 54,949,000 | 52,891,000 |
Earnings_per_Share_Antidilutiv
Earnings per Share Antidilutive Shares (Details) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive shares | 256 | 98 | 215 | 87 |
Earnings_per_Share_Series_A1_P
Earnings per Share Series A-1 Preferred Stock (Details) (Series A-1 Preferred Stock [Member]) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Series A-1 Preferred Stock [Member] | ' | ' |
Series A-1 Preferred Stock [Line Items] | ' | ' |
Shares issued with conversion of Preferred Stock | ' | 5,984,232 |
Weighted average basic shares impact resulting from conversion of preferred stock | 5,984,232 | 4,529,502 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total accounts receivable | $357,118 | $329,208 | ' |
Less: Allowance for doubtful accounts | -4,835 | -3,755 | ' |
Accounts receivable, net | 352,283 | 325,453 | ' |
Accounts receivable - trade | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total accounts receivable | 294,717 | 264,562 | ' |
Accounts receivable - grants from outside parties | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total accounts receivable | 25,928 | 33,003 | 34,100 |
Accounts receivable - insurance and other third-party claims | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total accounts receivable | $36,473 | $31,643 | ' |
Accounts_Receivable_Grants_fro
Accounts Receivable Grants from Outside Parties (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
GRANTS FROM OUTSIDE PARTIES: [Abstract] | ' | ' | ' | ' |
Grant proceeds from outside parties | ' | ' | $27,644,000 | $6,008,000 |
Amortization of deferred grants | $2,800,000 | $2,200,000 | $5,400,000 | $4,400,000 |
Accounts_Receivable_Insurance_
Accounts Receivable Insurance and Third-Party Claims (Details) (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total accounts receivable | $357,118,000 | ' | $329,208,000 |
Proceeds received from insurance | 1,200,000 | 10,400,000 | ' |
Accounts receivable - insurance and other third-party claims | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total accounts receivable | 36,473,000 | ' | 31,643,000 |
North American & European Operations [Member] | Accounts receivable - insurance and other third-party claims | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total accounts receivable | 21,400,000 | ' | ' |
Australia Operations [Member] | Accounts receivable - insurance and other third-party claims | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total accounts receivable | $15,100,000 | ' | ' |
LongTerm_Debt_Details
Long-Term Debt (Details) | 6 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | 27-May-14 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | 27-May-14 | 27-May-14 | Dec. 31, 2013 | Jun. 30, 2014 | 27-May-14 | Dec. 31, 2013 | Jun. 30, 2014 | 27-May-14 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
USD ($) | USD ($) | United States Term Loan [Member] | United States Term Loan [Member] | United States Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Amended and Restated Credit Agreement [Member] | Amended and Restated Credit Agreement [Member] | United States Revolving Loan [Member] | Australia Revolving Loan [Member] | Australia Revolving Loan [Member] | Canadian Revolving Loan [Member] | Canadian Revolving Loan [Member] | European Revolving Loan [Member] | European Revolving Loan [Member] | Maximum Sub-limit of Australian Dollar, Canadian Dollar and Euro Revolving Loans [Member] | Swingline U.S. [Member] | Swingline U.S. [Member] | Prepayment [Member] | Prepayment [Member] | Prepayment [Member] | Minimum [Member] | Maximum [Member] | Base Rate [Member] | Base Rate [Member] | Base Rate [Member] | LIBOR Interest Rate [Member] | LIBOR Interest Rate [Member] | LIBOR Interest Rate [Member] | LIBOR Interest Rate [Member] | LIBOR Interest Rate [Member] | LIBOR Interest Rate [Member] | LIBOR Interest Rate [Member] | LIBOR Interest Rate [Member] | LIBOR Interest Rate [Member] | BBSW Interest Rate [Member] | BBSW Interest Rate [Member] | BBSW Interest Rate [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | AUD | USD ($) | AUD | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | AUD | USD ($) | CAD | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | United States Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Maximum [Member] | United States Revolving Loan [Member] | Canadian Revolving Loan [Member] | European Revolving Loan [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Australia Revolving Loan [Member] | Minimum [Member] | Maximum [Member] | |||
USD ($) | USD ($) | AUD | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | |||||||||||||||||||||||||||||||||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | United States Revolving Loan [Member] | Canadian Revolving Loan [Member] | European Revolving Loan [Member] | United States Revolving Loan [Member] | Canadian Revolving Loan [Member] | European Revolving Loan [Member] | Australia Revolving Loan [Member] | Australia Revolving Loan [Member] | ||||||||||||||||||||||||||||||||||||
Principal Amount of Debt | ' | ' | ' | $1,520,000,000 | ' | ' | ' | $200,300,000 | 216,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 625,000,000 | ' | ' | ' | 275,000,000 | 200,000,000 | ' | 100,000,000 | ' | 50,000,000 | ' | 400,000,000 | 50,000,000 | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | 31-May-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | 0.00% | 1.00% | 1.75% | 1.75% | 1.75% | 1.00% | 1.00% | 1.00% | 2.00% | 2.00% | 2.00% | 1.75% | 1.00% | 2.00% |
Line Of Credit, Unused Borrowing Capacity, Commitment Fee Rate | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of Deferred Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Finance Costs, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayments of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | 11,300,000 | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | 1,763,038,000 | 1,624,712,000 | 1,490,000,000 | ' | 1,433,414,000 | 193,004,000 | 204,800,000 | ' | ' | 134,436,000 | 44,422,000 | ' | 15,949,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 1.90% | ' | ' | 4.46% | 4.46% | ' | ' | ' | ' | ' | ' | ' | ' | 1.90% | 6.47% | 6.47% | 2.99% | 2.99% | 1.83% | 1.83% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,400,000 | ' | ' | ' | ' | 11,000,000 | 14,100,000 | 15,000,000 | 13,100,000 | 14,000,000 | 6,200,000 | 4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unused Borrowing Capacity, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $577,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Amortization_of_
Long-Term Debt Amortization of Term Loans (Details) | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
United States Term Loan [Member] | United States Term Loan [Member] | United States Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | |
September 30, 2015 through June 30, 2017 [Member] | September 30, 2017 through March 31, 2019 [Member] | Maturity date - May 31, 2019 [Member] | September 30, 2015 through June 30, 2017 [Member] | September 30, 2017 through March 31, 2019 [Member] | Maturity date - May 31, 2019 [Member] | |
USD ($) | USD ($) | USD ($) | AUD | AUD | AUD | |
Principal amount of each quarterly installment | $19,000 | $38,000 | $1,072,000 | 2,710 | 5,420 | 145,180 |
LongTerm_Debt_Credit_Agreement
Long-Term Debt Credit Agreement Covenants (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Line of Credit Facility, Covenant Compliance | 'the Company was in compliance with the covenants under the Amended and Restated Credit Agreement |
Total Credit Facility [Member] | Minimum Interest Coverage Ratio [Member] | ' |
Debt Instrument, Covenant Description | '3.50 to 1.00 |
Total Credit Facility [Member] | Maximum Total Leverage Ratio [Member] | May 27, 2014 through June 30, 2015 [Member] | ' |
Debt Instrument, Covenant Description | '4.25 to 1.00 |
Total Credit Facility [Member] | Maximum Total Leverage Ratio [Member] | September 30, 2015 through June 30, 2016 [Member] | ' |
Debt Instrument, Covenant Description | '3.75 to 1.00 |
Total Credit Facility [Member] | Maximum Total Leverage Ratio [Member] | September 30, 2016 through May 31, 2019 [Member] | ' |
Debt Instrument, Covenant Description | '3.50 to 1.00 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments Outstanding Interest Rate Swap Agreements (Details) (USD $) | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2016 | |
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] | Scenario, Forecast [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] | |||||||||
Derivatives [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective date | ' | 30-Sep-13 | ' | ' | ' | ' | 30-Sep-14 | ' | ' | ' | ' | 30-Sep-15 | ' | 30-Sep-16 | ' | 30-Sep-16 | ' | 30-Sep-16 | ' | ' |
Expiration date | ' | 30-Sep-14 | ' | ' | ' | ' | 30-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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pay fixed rate, forward interest rate | ' | ' | ' | ' | ' | ' | ' | 0.54% | 0.54% | 0.54% | 0.54% | ' | 0.93% | ' | 2.79% | ' | 2.79% | ' | 2.80% | ' |
Probable Company issued fixed rate debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 |
Probable future borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000,000 |
Derivative settlement date | 30-Sep-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments Expired Interest Rate Derivative Instruments (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Interest Rate Swap 8 [Member] | ' |
Derivative Fair Value [Line Items] | ' |
Effective date | 6-Oct-08 |
Expiration date | 30-Sep-13 |
Interest Rate Swap 1 [Member] | ' |
Derivative Fair Value [Line Items] | ' |
Effective date | 4-Oct-12 |
Expiration date | 30-Sep-13 |
Notional Period 1 [Member] | Interest Rate Swap 8 [Member] | ' |
Derivative Fair Value [Line Items] | ' |
Notional amount | 120,000 |
Paid fixed rate | 3.88% |
Notional Period 1 [Member] | Interest Rate Swap 1 [Member] | ' |
Derivative Fair Value [Line Items] | ' |
Notional amount | 1,450,000 |
Paid fixed rate | 0.25% |
Notional Period 2 [Member] | Interest Rate Swap 1 [Member] | ' |
Derivative Fair Value [Line Items] | ' |
Notional amount | 1,350,000 |
Paid fixed rate | 0.25% |
Notional Period 3 [Member] | Interest Rate Swap 1 [Member] | ' |
Derivative Fair Value [Line Items] | ' |
Notional amount | 1,300,000 |
Paid fixed rate | 0.25% |
Notional Period 4 [Member] | Interest Rate Swap 1 [Member] | ' |
Derivative Fair Value [Line Items] | ' |
Notional amount | 1,250,000 |
Paid fixed rate | 0.25% |
Derivative_Financial_Instrumen4
Derivative Financial Instruments Effectiveness Testing (Details) (Interest rate swap [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Gain/(loss) reclassified from accumulated other comprehensive income/(loss) into earnings due to ineffectiveness | $0 | ' | $0 | ' |
Existing net losses realized and recorded as interest expense | 600,000 | 1,200,000 | 1,000,000 | 1,900,000 |
Scenario, Forecast [Member] | ' | ' | ' | ' |
Existing net losses expected to be realized within the next 12 months | ' | ' | $2,800,000 | ' |
Derivative_Financial_Instrumen5
Derivative Financial Instruments Foreign Currency Exchange Rate Risk (Details) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 03, 2012 | Dec. 03, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | Cross-currency swap [Member] | Cross-currency swap [Member] | Cross-currency swap [Member] | Cross-currency swap [Member] | Cross-currency swap [Member] | Cross-currency swap [Member] | Cross-currency swap [Member] | Cross-currency swap [Member] | Foreign Subsidiary Third Party Debt [Member] | |
USD ($) | AUD | USD ($) | AUD | Not designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | USD ($) | |||||
USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||
Derivatives [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign subsidiaries third-party debt denominated in local currencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $228,900,000 |
Payments in connection with termination of cross-currency swap | ' | ' | ' | ' | ' | 105,000,000 | ' | ' | ' | ' | ' | ' | ' |
Proceeds in connection with termination of cross-currency swap | ' | ' | ' | ' | 108,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly derivative settlement payment | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount | ' | ' | ' | ' | ' | ' | 109,600,000 | 105,000,000 | ' | ' | ' | ' | ' |
Realized net interest expense as a result of the quarterly net settlement payments | ' | ' | ' | ' | ' | ' | ' | ' | 630,000 | 717,000 | 1,184,000 | 1,532,000 | ' |
Net expense recognized within other income/(loss), net | ($920,000) | $896,000 | ($1,186,000) | $223,000 | ' | ' | ' | ' | $262,000 | ($26,000) | $86,000 | ($22,000) | ' |
Derivative_Financial_Instrumen6
Derivative Financial Instruments Fair Value of the Company's Derivative Instruments (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Designated as hedging instrument [Member] | Interest rate swap [Member] | Accrued expenses [Member] | ' | ' |
Derivative Fair Value [Line Items] | ' | ' |
Fair value of derivative liabilities | $2,781,000 | $1,601,000 |
Designated as hedging instrument [Member] | Interest rate swap [Member] | Other long-term liabilities [Member] | ' | ' |
Derivative Fair Value [Line Items] | ' | ' |
Fair value of derivative liabilities | 724,000 | 838,000 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Derivative Fair Value [Line Items] | ' | ' |
Fair value of derivative asset | 15,686,000 | 53,043,000 |
Fair value of derivative liabilities | 3,505,000 | 2,439,000 |
Fair Value, Inputs, Level 2 [Member] | Designated as hedging instrument [Member] | Interest rate swap [Member] | ' | ' |
Derivative Fair Value [Line Items] | ' | ' |
Fair value of derivative liabilities | 3,505,000 | 2,439,000 |
Fair Value, Inputs, Level 2 [Member] | Designated as hedging instrument [Member] | Interest rate swap [Member] | Other assets, net [Member] | ' | ' |
Derivative Fair Value [Line Items] | ' | ' |
Fair value of derivative asset | 15,686,000 | 36,987,000 |
Fair Value, Inputs, Level 2 [Member] | Not designated as hedging instrument [Member] | Cross-currency swap [Member] | Prepaid expenses and other [Member] | ' | ' |
Derivative Fair Value [Line Items] | ' | ' |
Fair value of derivative asset | $0 | $16,056,000 |
Derivative_Financial_Instrumen7
Derivative Financial Instruments Derivative Instruments Designated as Cash Flow Hedges OCI Activity (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivatives [Line Items] | ' | ' | ' | ' |
Effective portion of changes in fair value recognized in OCI | ($6,460) | $12,274 | ($13,419) | $16,712 |
Derivative designated as cash flow hedges [Member] | Interest rate swap [Member] | ' | ' | ' | ' |
Derivatives [Line Items] | ' | ' | ' | ' |
Effective portion of changes in fair value recognized in OCI | ($6,460) | $12,274 | ($13,419) | $16,712 |
Derivative_Financial_Instrumen8
Derivative Financial Instruments Derivative Instruments Not Designated as Hedges (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Other income/(loss), net | $920 | ($896) | $1,186 | ($223) |
Not designated as hedging instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments, gain (loss), net | -892 | -691 | -1,270 | -1,510 |
Cross-currency swap [Member] | Not designated as hedging instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Interest (expense)/income | -630 | -717 | -1,184 | -1,532 |
Other income/(loss), net | ($262) | $26 | ($86) | $22 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments Financial Instruments Carried at Fair Value (Details) (Fair Value, Inputs, Level 2 [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets carried at fair value | $15,686,000 | $53,043,000 |
Financial liabilities carried at fair value | 3,505,000 | 2,439,000 |
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 | 3,505,000 | 2,439,000 |
Interest rate swap [Member] | Other assets, net [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 | 15,686,000 | 36,987,000 |
Cross-currency swap [Member] | Prepaid expenses and other [Member] | Not designated as hedging instrument [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets carried at fair value | $0 | $16,056,000 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments Financial Instruments Carried at Historical Costs (Details) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | United States Term Loan [Member] | United States Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Amortizing notes component of TEUs [Member] | Amortizing notes component of TEUs [Member] | Other debt [Member] | Other debt [Member] |
USD ($) | USD ($) | USD ($) | AUD | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying Value | $1,763,038 | $1,624,712 | $1,490,000 | $1,433,414 | $193,004 | 204,800 | $134,436 | $44,422 | $15,949 | $16,591 | $21,878 | $19,021 | $19,035 |
Fair Value | $1,749,207 | $1,621,345 | $1,477,987 | $1,429,204 | $191,128 | ' | $135,491 | $44,658 | $15,956 | $16,562 | $21,698 | $18,872 | $18,996 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
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 | ' |
Tax benefit from short line tax credit | ' | 7,500,000 | ' | 52,400,000 |
Effective income tax rate | 34.80% | 27.90% | 35.60% | ' |
Provision for income taxes | 32,567,000 | 25,218,000 | 55,467,000 | 286,000 |
Provision for income taxes, other than the retroactive short line tax credit | ' | ' | ' | 41,200,000 |
Provision for income tax as a percentage of income before income taxes other than the retroactive short line tax credits | ' | ' | ' | 27.90% |
Related to full year 2012 [Member] | ' | ' | ' | ' |
Retroactive tax benefit from extension of the short line tax credit | ' | ' | ' | 41,000,000 |
Related to 2013 [Member] | ' | ' | ' | ' |
Tax benefit from short line tax credit | ' | ' | ' | 11,500,000 |
RCP&E [Member] | ' | ' | ' | ' |
Tax benefit from adjustment to deferred income tax assets | ' | ' | $1,000,000 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Accumulated Other Comprehensive Income/(Loss) [Roll Forward] | ' | ' | ' | ' |
Foreign currency translation adjustment, beginning balance | ' | ' | ($14,687,000) | $47,845,000 |
Foreign currency translation adjustment, other comprehensive income before reclassifications | ' | ' | 18,177,000 | -53,171,000 |
Foreign currency translation adjustment, amounts reclassified from accumulated other comprehensive income | ' | ' | 0 | 0 |
Foreign currency translation adjustment, current period change | 14,423,000 | -47,824,000 | 18,177,000 | -53,171,000 |
Foreign currency translation adjustment, ending balance | 3,490,000 | -5,326,000 | 3,490,000 | -5,326,000 |
Defined benefit plans, beginning balance | ' | ' | 214,000 | -148,000 |
Defined benefit plans, other comprehensive income before reclassifications | ' | ' | 135,000 | 196,000 |
Defined benefit plans, amounts reclassified from accumulated other comprehensive income | ' | ' | 0 | 0 |
Defined benefit plans, current period change | 67,000 | 98,000 | 135,000 | 196,000 |
Defined benefit plans, ending balance | 349,000 | 48,000 | 349,000 | 48,000 |
Net unrealized gain (loss) on cash flow hedges, beginning balance | ' | ' | 20,562,000 | -426,000 |
Net unrealized gain (loss) on cash flow hedges, current period change | -6,460,000 | 12,274,000 | -13,419,000 | 16,712,000 |
Net unrealized gain (loss) on cash flow hedges, ending balance | 7,143,000 | 16,286,000 | 7,143,000 | 16,286,000 |
Accumulated other comprehensive income, beginning balance | ' | ' | 6,089,000 | 47,271,000 |
Other comprehensive income (loss), before reclassifications, net of tax | ' | ' | 5,502,000 | -35,124,000 |
Reclassification from accumulated other comprehensive income, current period, net of tax | ' | ' | -609,000 | -1,139,000 |
Accumulated other comprehensive gain (loss), current period change | 8,030,000 | -35,452,000 | 4,893,000 | -36,263,000 |
Accumulated other comprehensive income, ending balance | 10,982,000 | 11,008,000 | 10,982,000 | 11,008,000 |
Designated as hedging instrument [Member] | Interest rate swap [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income/(Loss) [Roll Forward] | ' | ' | ' | ' |
Net unrealized gain (loss) on cash flow hedges, other comprehensive income before reclassifications | ' | ' | -12,810,000 | 17,851,000 |
Net unrealized loss on cash flow hedges reclassed from accumulated other comprehensive income | ' | ' | -609,000 | -1,139,000 |
Net unrealized gain on cash flow hedges, amounts reclassified from AOCI on derivatives, tax benefit | ' | ' | 406,000 | 759,000 |
Net unrealized gain (loss) on cash flow hedges, current period change | ($6,460,000) | $12,274,000 | ($13,419,000) | $16,712,000 |
Significant_NonCash_Investing_1
Significant Non-Cash Investing Activities (Details) (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Other Significant Noncash Transactions [Line Items] | ' | ' | ' |
Accounts receivable, gross, current | $357,118,000 | ' | $329,208,000 |
Purchases of property and equipment accrued in accounts payable but not yet paid | 27,800,000 | 26,700,000 | ' |
Accounts receivable - grants from outside parties | ' | ' | ' |
Other Significant Noncash Transactions [Line Items] | ' | ' | ' |
Accounts receivable, gross, current | $25,928,000 | $34,100,000 | $33,003,000 |
Segment_Information_Segments_D
Segment Information Segments (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
region | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of operating regions | ' | ' | 11 | ' |
Operating revenues | $414,563 | $400,648 | $790,842 | $775,598 |
Income from operations | 110,109 | 107,417 | 184,984 | 183,617 |
Depreciation and amortization | 38,212 | 34,161 | 75,853 | 68,384 |
Interest expense | 17,814 | 17,203 | 31,455 | 37,323 |
Interest income | 241 | 950 | 1,275 | 1,993 |
(Provision for)/benefit from income taxes | -32,567 | -25,218 | -55,467 | -286 |
Expenditures for additions to property & equipment, net of grants from outside parties | 88,459 | 72,773 | 147,277 | 106,326 |
North American & European Operations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 331,444 | 317,216 | 631,431 | 616,311 |
Income from operations | 84,528 | 82,122 | 140,218 | 136,916 |
Depreciation and amortization | 31,040 | 27,388 | 61,619 | 54,799 |
Interest expense | 14,280 | 13,282 | 23,725 | 29,093 |
Interest income | 192 | 915 | 1,094 | 1,804 |
(Provision for)/benefit from income taxes | -26,007 | -19,379 | -44,464 | 10,670 |
Expenditures for additions to property & equipment, net of grants from outside parties | 85,412 | 59,215 | 139,397 | 73,926 |
Australian Operations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 83,119 | 83,432 | 159,411 | 159,287 |
Income from operations | 25,581 | 25,295 | 44,766 | 46,701 |
Depreciation and amortization | 7,172 | 6,773 | 14,234 | 13,585 |
Interest expense | 3,534 | 3,921 | 7,730 | 8,230 |
Interest income | 49 | 35 | 181 | 189 |
(Provision for)/benefit from income taxes | -6,560 | -5,839 | -11,003 | -10,956 |
Expenditures for additions to property & equipment, net of grants from outside parties | $3,047 | $13,558 | $7,880 | $32,400 |
Segment_Information_Property_E
Segment Information Property & Equipment (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Property & equipment, net | $3,778,487 | $3,440,744 |
North American & European Operations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property & equipment, net | 3,200,523 | 2,883,452 |
Australian Operations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property & equipment, net | $577,964 | $557,292 |