Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 30, 2014 | Feb. 18, 2015 | |
Document Information [Line Items] | |||
Entity Registrant Name | GENESEE & WYOMING INC. | ||
Entity Central Index Key | 1012620 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $5,399,103,465 | ||
Class A Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 52,953,492 | ||
Class B Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,020,485 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $59,727,000 | $62,876,000 |
Accounts receivable, net | 357,278,000 | 336,271,000 |
Materials and supplies | 30,251,000 | 31,295,000 |
Prepaid expenses and other | 24,176,000 | 41,766,000 |
Deferred income tax assets, net | 76,994,000 | 76,122,000 |
Total current assets | 548,426,000 | 548,330,000 |
PROPERTY AND EQUIPMENT, net | 3,788,482,000 | 3,440,744,000 |
GOODWILL | 628,815,000 | 630,462,000 |
INTANGIBLE ASSETS, net | 587,663,000 | 613,933,000 |
DEFERRED INCOME TAX ASSETS, net | 2,500,000 | 2,405,000 |
OTHER ASSETS, net | 39,867,000 | 83,947,000 |
Total assets | 5,595,753,000 | 5,319,821,000 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt | 67,398,000 | 84,366,000 |
Accounts payable | 290,746,000 | 242,010,000 |
Accrued expenses | 106,094,000 | 130,132,000 |
Total current liabilities | 464,238,000 | 456,508,000 |
LONG-TERM DEBT, less current portion | 1,548,051,000 | 1,540,346,000 |
DEFERRED INCOME TAX LIABILITIES, net | 908,852,000 | 863,051,000 |
DEFERRED ITEMS - grants from outside parties | 279,286,000 | 267,098,000 |
OTHER LONG-TERM LIABILITIES | 37,346,000 | 43,748,000 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY: | ||
Additional paid-in capital | 1,333,353,000 | 1,302,521,000 |
Retained earnings | 1,319,639,000 | 1,058,884,000 |
Accumulated other comprehensive (loss)/income | -72,252,000 | 6,089,000 |
Treasury stock, at cost | -224,547,000 | -220,361,000 |
Total Genesee & Wyoming Inc. stockholders' equity | 2,356,859,000 | 2,147,795,000 |
Noncontrolling interest | 1,121,000 | 1,275,000 |
Total equity | 2,357,980,000 | 2,149,070,000 |
Total liabilities and equity | 5,595,753,000 | 5,319,821,000 |
Class A Common Stock, $0.01 par value, one vote per share; 180,000,000 shares authorized at December 31, 2014 and 2013; 65,632,309 and 64,584,102 shares issued and 52,938,267 and 51,934,137 shares outstanding (net of 12,694,042 and 12,649,965 shares in treasury) on December 31, 2014 and 2013, respectively | ||
EQUITY: | ||
Common Stock | 656,000 | 646,000 |
Class B Common Stock, $0.01 par value, ten votes per share; 30,000,000 shares authorized at December 31, 2014 and 2013; 1,020,485 and 1,608,989 shares issued and outstanding on December 31, 2014 and 2013, respectively | ||
EQUITY: | ||
Common Stock | $10,000 | $16,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Class A Common Stock [Member] | ||
Common Stock, Par Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 180,000,000 | 180,000,000 |
Common Stock, Shares, Issued | 65,632,309 | 64,584,102 |
Common Stock, Shares, Outstanding | 52,938,267 | 51,934,137 |
Treasury Stock, Shares | 12,694,042 | 12,649,965 |
Class B Common Stock [Member] | ||
Common Stock, Par Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 30,000,000 | 30,000,000 |
Common Stock, Shares, Issued | 1,020,485 | 1,608,989 |
Common Stock, Shares, Outstanding | 1,020,485 | 1,608,989 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING REVENUES | $1,639,012,000 | $1,568,643,000 | $874,916,000 |
OPERATING EXPENSES: | |||
Labor and benefits | 471,713,000 | 441,312,000 | 257,615,000 |
Equipment rents | 82,730,000 | 77,595,000 | 37,077,000 |
Purchased services | 98,704,000 | 122,584,000 | 80,559,000 |
Depreciation and amortization | 157,081,000 | 141,644,000 | 73,405,000 |
Diesel fuel used in operations | 149,047,000 | 147,172,000 | 88,399,000 |
Diesel fuel sold to third parties | 0 | 0 | 11,322,000 |
Casualties and insurance | 41,568,000 | 38,564,000 | 24,858,000 |
Materials | 78,624,000 | 76,454,000 | 25,485,000 |
Trackage rights | 53,783,000 | 50,911,000 | 28,250,000 |
Net gain on sale of assets | -5,100,000 | -4,677,000 | -11,225,000 |
Gain on insurance recoveries | 0 | 0 | -5,760,000 |
Other expenses | 89,291,000 | 96,896,000 | 74,609,000 |
Total operating expenses | 1,217,441,000 | 1,188,455,000 | 684,594,000 |
INCOME FROM OPERATIONS | 421,571,000 | 380,188,000 | 190,322,000 |
Interest income | 1,445,000 | 3,971,000 | 3,725,000 |
Interest expense | -56,162,000 | -67,894,000 | -62,845,000 |
Contingent forward sale contract mark-to-market expense | 0 | 0 | -50,106,000 |
Other income, net | 1,259,000 | 2,122,000 | 2,182,000 |
Income before income taxes and income from equity investment | 368,113,000 | 318,387,000 | 83,278,000 |
Provision for income taxes | -107,107,000 | -46,296,000 | -46,402,000 |
Income from equity investment in RailAmerica, net | 0 | 0 | 15,557,000 |
Net income | 261,006,000 | 272,091,000 | 52,433,000 |
Less: Net income attributable to noncontrolling interest | 251,000 | 795,000 | 0 |
Less: Series A-1 Preferred Stock dividend | 0 | 2,139,000 | 4,375,000 |
Net income available to common stockholders | $260,755,000 | $269,157,000 | $48,058,000 |
Basic earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $4.71 | $5 | $1.13 |
Weighted average shares—Basic | 55,305 | 53,788 | 42,693 |
Diluted earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $4.58 | $4.79 | $1.02 |
Weighted average shares—Diluted | 56,972 | 56,679 | 51,316 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
NET INCOME | $261,006 | $272,091 | $52,433 |
OTHER COMPREHENSIVE (LOSS)/INCOME: | |||
Foreign currency translation adjustment | -56,059 | -62,532 | 5,451 |
Net unrealized (loss)/income on qualifying cash flow hedges, net of tax (benefit)/provision of ($15,649), $13,992 and $2,702, respectively | -23,473 | 20,988 | 4,053 |
Changes in pension and other postretirement benefit, net of tax provision/(benefit) of $670, $208 and ($72), respectively | 1,191 | 362 | -128 |
Other comprehensive (loss)/income | -78,341 | -41,182 | 9,376 |
COMPREHENSIVE INCOME | 182,665 | 230,909 | 61,809 |
Less: Comprehensive income attributable to noncontrolling interest | 251 | 795 | 0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO GENESEE & WYOMING INC. | $182,414 | $230,114 | $61,809 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flow hedge - tax provision/(benefit) | ($15,649) | $13,992 | $2,702 |
Pension & postretirement benefits - tax provision/(benefit) | $670 | $208 | ($72) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity Statement (USD $) | Total | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Non-controlling Interest [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Conversion Class B Common Stock to Class A Common Stock [Member] | Conversion Class B Common Stock to Class A Common Stock [Member] | Conversion Class B Common Stock to Class A Common Stock [Member] | Conversion Class B Common Stock to Class A Common Stock [Member] | Conversion Class B Common Stock to Class A Common Stock [Member] | Conversion Class B Common Stock to Class A Common Stock [Member] | Conversion Class B Common Stock to Class A Common Stock [Member] | Conversion Class B Common Stock to Class A Common Stock [Member] | Conversion of Series A-1 Preferred Stock to Class A Common Stock [Member] | Conversion of Series A-1 Preferred Stock to Class A Common Stock [Member] | Conversion of Series A-1 Preferred Stock to Class A Common Stock [Member] | Conversion of Series A-1 Preferred Stock to Class A Common Stock [Member] | Conversion of Series A-1 Preferred Stock to Class A Common Stock [Member] | Conversion of Series A-1 Preferred Stock to Class A Common Stock [Member] | Conversion of Series A-1 Preferred Stock to Class A Common Stock [Member] | Conversion of Series A-1 Preferred Stock to Class A Common Stock [Member] | RailAmerica [Member] | RailAmerica [Member] | RailAmerica [Member] | RailAmerica [Member] | RailAmerica [Member] | RailAmerica [Member] | RailAmerica [Member] | RailAmerica [Member] |
Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Non-controlling Interest [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Non-controlling Interest [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Non-controlling Interest [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | ||||||||||
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | |||||||||||||||||||||||||||
BALANCE, at Dec. 31, 2011 | $960,634,000 | $385,473,000 | $741,669,000 | $37,895,000 | ($204,952,000) | $0 | $527,000 | $22,000 | ||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||
Net income | 52,433,000 | 0 | 52,433,000 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Other comprehensive income/(loss) | 9,376,000 | 0 | 0 | 9,376,000 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Dividends paid on Series A-1 Preferred Stock | -4,375,000 | 0 | -4,375,000 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Value of stock issued for stock-based compensation | 19,320,000 | 19,311,000 | 0 | 0 | 0 | 0 | 9,000 | 0 | ||||||||||||||||||||||||
Value of stock issued - Class A Common Stock | 234,340,000 | 234,302,000 | 0 | 0 | 0 | 0 | 38,000 | 0 | ||||||||||||||||||||||||
Value of TEU Purchase Contracts issued | 191,428,000 | 191,428,000 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
RailAmerica acquisition consideration for stock-based awards | 15,400,000 | 15,400,000 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Conversion of Shares to Class A Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 5,000 | -5,000 | ||||||||||||||||||||||||
Compensation costs related to stock-based compensation included in income from equity investment in RailAmerica | 2,816,000 | 2,816,000 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Compensation cost related to stock-based compensation | 12,151,000 | 12,151,000 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Settlement of deferred stock awards | 933,000 | 933,000 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Excess tax benefits from stock-based compensation | 4,795,000 | 4,795,000 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Value of treasury stock repurchased | -4,314,000 | 0 | 0 | 0 | -4,314,000 | 0 | 0 | 0 | ||||||||||||||||||||||||
Noncontrolling interest - increase from RailAmerica acquisition | 5,525,000 | 0 | 0 | 0 | 0 | 5,525,000 | 0 | 0 | ||||||||||||||||||||||||
BALANCE, at Dec. 31, 2012 | 1,500,462,000 | 866,609,000 | 789,727,000 | 47,271,000 | -209,266,000 | 5,525,000 | 579,000 | 17,000 | ||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||
Net income | 272,091,000 | 0 | 271,296,000 | 0 | 0 | 795,000 | 0 | 0 | ||||||||||||||||||||||||
Other comprehensive income/(loss) | -41,182,000 | 0 | 0 | -41,182,000 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Dividends paid on Series A-1 Preferred Stock | -2,139,000 | 0 | -2,139,000 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Value of stock issued for stock-based compensation | 12,510,000 | 12,504,000 | 0 | 0 | 0 | 0 | 6,000 | 0 | ||||||||||||||||||||||||
Conversion of Shares to Class A Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 1,000 | -1,000 | 399,389,000 | 399,329,000 | 0 | 0 | 0 | 0 | 60,000 | 0 | ||||||||||||||||
Compensation cost related to stock-based compensation | 16,951,000 | 16,951,000 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Settlement of deferred stock awards | 274,000 | 274,000 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Excess tax benefits from stock-based compensation | 6,854,000 | 6,854,000 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Value of treasury stock repurchased | -11,095,000 | 0 | 0 | 0 | -11,095,000 | 0 | 0 | 0 | ||||||||||||||||||||||||
Noncontrolling interest, change in fair value | -5,045,000 | 0 | 0 | 0 | 0 | -5,045,000 | 0 | 0 | ||||||||||||||||||||||||
BALANCE, at Dec. 31, 2013 | 2,149,070,000 | 1,302,521,000 | 1,058,884,000 | 6,089,000 | -220,361,000 | 1,275,000 | 646,000 | 16,000 | ||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||
Net income | 261,006,000 | 0 | 260,755,000 | 0 | 0 | 251,000 | 0 | 0 | ||||||||||||||||||||||||
Other comprehensive income/(loss) | -78,341,000 | 0 | 0 | -78,341,000 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Value of stock issued for stock-based compensation | 11,819,000 | 11,815,000 | 0 | 0 | 0 | 0 | 4,000 | 0 | ||||||||||||||||||||||||
Conversion of Shares to Class A Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 6,000 | -6,000 | ||||||||||||||||||||||||
Compensation cost related to stock-based compensation | 12,819,000 | 12,819,000 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Excess tax benefits from stock-based compensation | 6,198,000 | 6,198,000 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Value of treasury stock repurchased | -4,186,000 | 0 | 0 | 0 | -4,186,000 | 0 | 0 | 0 | ||||||||||||||||||||||||
Cash distribution to non-controlling interest | -405,000 | 0 | 0 | 0 | 0 | -405,000 | 0 | 0 | ||||||||||||||||||||||||
BALANCE, at Dec. 31, 2014 | $2,357,980,000 | $1,333,353,000 | $1,319,639,000 | ($72,252,000) | ($224,547,000) | $1,121,000 | $656,000 | $10,000 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Equity (Parentheticals) | 0 Months Ended | 12 Months Ended | ||
Sep. 19, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
TEU Purchase Contracts issued during period, units | 2,300,000 | |||
Treasury Stock repurchased, shares | 44,077 | 126,606 | 63,462 | |
Settlement of deferred stock awards, shares | 4,859 | 31,244 | ||
Class A Common Stock [Member] | ||||
Stock issued for stock compensation, shares | 472,982 | 600,949 | 880,868 | |
Stock issued during period, shares | 3,791,004 | 3,791,004 | ||
Common Stock [Member] | Class B Common Stock to Class A Common Stock [Member] | ||||
Conversion of shares to Class A Common Stock, shares | 588,504 | 119,963 | 463,521 | |
Common Stock [Member] | Series A-1 Preferred Stock to Class A Common Stock [Member] | ||||
Conversion of shares to Class A Common Stock, shares | 5,984,232 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $261,006,000 | $272,091,000 | $52,433,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Income from equity investment in RailAmerica, net | 0 | 0 | -15,557,000 |
Depreciation and amortization | 157,081,000 | 141,644,000 | 73,405,000 |
Stock-based compensation | 12,858,000 | 16,951,000 | 12,151,000 |
Excess tax benefit from share-based compensation | -6,221,000 | -6,861,000 | -5,335,000 |
Deferred income taxes | 70,131,000 | 10,229,000 | 29,926,000 |
Net gain on sale of assets | -5,100,000 | -4,677,000 | -11,225,000 |
Gain on insurance recoveries | 0 | 0 | -5,760,000 |
Insurance proceeds received | 5,527,000 | 11,053,000 | 21,479,000 |
Contingent forward sale contract mark-to-market expense | 0 | 0 | 50,106,000 |
Changes in operating assets and liabilities which provided/(used) cash, net of effect of acquisitions: | |||
Accounts receivable, net | -39,107,000 | -47,780,000 | -6,133,000 |
Materials and supplies | 2,600,000 | -1,839,000 | -567,000 |
Prepaid expenses and other | 17,451,000 | 3,304,000 | 487,000 |
Accounts payable and accrued expenses | 14,703,000 | 16,383,000 | -30,051,000 |
Other assets and liabilities, net | 535,000 | 3,006,000 | 5,320,000 |
Net cash provided by operating activities | 491,464,000 | 413,504,000 | 170,679,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of property and equipment | -331,499,000 | -249,318,000 | -231,694,000 |
Grant proceeds from outside parties | 27,980,000 | 33,913,000 | 39,632,000 |
Cash paid for acquisitions, net of cash acquired | -221,451,000 | 0 | -1,925,296,000 |
Insurance proceeds for the replacement of assets | 8,029,000 | 0 | 370,000 |
Proceeds from disposition of property and equipment | 7,096,000 | 6,687,000 | 15,298,000 |
Net cash used in investing activities | -509,845,000 | -208,718,000 | -2,101,690,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Principal payments on long-term borrowings, including capital leases | -538,035,000 | -471,957,000 | -1,013,166,000 |
Proceeds from issuance of long-term debt | 543,300,000 | 262,651,000 | 2,192,916,000 |
Debt amendment/issuance costs | -3,880,000 | -2,773,000 | -38,839,000 |
Net proceeds from Class A Common Stock issuance | 0 | 0 | 234,340,000 |
Net proceeds from TEU issuance | 0 | 0 | 222,856,000 |
Net proceeds from Series A-1 Preferred Stock issuance | 0 | 0 | 349,418,000 |
Dividends paid on Series A-1 Preferred Stock | 0 | -2,139,000 | -4,375,000 |
Proceeds from employee stock purchases | 11,819,000 | 12,510,000 | 19,320,000 |
Excess tax benefit from share-based compensation | 6,221,000 | 6,861,000 | 5,335,000 |
Treasury stock acquisitions | -4,186,000 | -11,095,000 | -4,314,000 |
Net cash provided by/(used in) financing activities | 15,239,000 | -205,942,000 | 1,963,491,000 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | -7,000 | -740,000 | 5,023,000 |
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS | -3,149,000 | -1,896,000 | 37,503,000 |
CASH AND CASH EQUIVALENTS, beginning of year | 62,876,000 | 64,772,000 | 27,269,000 |
CASH AND CASH EQUIVALENTS, end of year | $59,727,000 | $62,876,000 | $64,772,000 |
Business_and_Customers
Business and Customers | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description and Basis of Presentation [Text Block] | BUSINESS AND CUSTOMERS: |
Unless the context otherwise requires, when used in these consolidated financial statements, the terms "Genesee & Wyoming," "G&W" and the "Company" refer to Genesee & Wyoming Inc. and its subsidiaries. The Company owns and operates short line and regional railroads and provides railcar switching and other rail-related services in the United States, Australia, Canada, the Netherlands and Belgium. In addition, the Company operates the 1,400 mile Tarcoola to Darwin rail line, which links the Port of Darwin with the Australian interstate rail network in South Australia. Operations currently include 116 railroads organized into 11 regions, with approximately 15,600 miles of owned and leased track, approximately 3,300 additional miles under contractual track access arrangements, approximately 5,200 employees and more than 2,000 customers. The Company provides rail service at 37 ports in North America, Australia and Europe and performs contract coal loading and railcar switching for industrial customers. See Note 3, Changes in Operations, for descriptions of the Company's changes in operations in recent years. | |
The Company's railroads transport a wide variety of commodities. Revenues from the Company's 10 largest customers accounted for approximately 24%, 24% and 31% of the Company's operating revenues in 2014, 2013 and 2012, respectively. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accounting Policies [Abstract] | |||||
Basis of Presentation and Significant Accounting Policies [Text Block] | SIGNIFICANT ACCOUNTING POLICIES: | ||||
Principles of Consolidation and Basis of Presentation | |||||
The consolidated financial statements presented herein include the accounts of Genesee & Wyoming Inc. and its subsidiaries. The consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (U.S. GAAP) as codified in the Financial Accounting Standards Board (FASB) Accounting Standards Codification. All significant intercompany transactions and accounts have been eliminated in consolidation. | |||||
Revenue Recognition | |||||
Railroad revenues are estimated and recognized as shipments initially move onto the Company's tracks, which, due to the relatively short duration of haul, is not materially different from the recognition of revenues as shipments progress. Industrial switching and other service revenues are recognized as such services are provided. | |||||
Cash and Cash Equivalents | |||||
The Company considers all highly liquid instruments with a maturity of three months or less when purchased to be cash equivalents. | |||||
Materials and Supplies | |||||
Materials and supplies consist primarily of purchased items for improvement and maintenance of road property and equipment and are stated at the lower of average cost or market. Materials and supplies are removed from inventory using the average cost method. | |||||
Business Combinations | |||||
The Company accounts for businesses it acquires using the acquisition method of accounting. Under this method, all acquisition-related costs are expensed as incurred. The Company records the underlying net assets at their respective acquisition-date fair values. As part of this process, the Company identifies and attributes values and estimated lives to property and equipment and intangible assets acquired. These determinations involve significant estimates and assumptions, including those with respect to future cash flows, discount rates and asset lives, and therefore require considerable judgment. These determinations affect the amount of depreciation and amortization expense recognized in future periods. The results of operations of acquired businesses are included in the consolidated statements of operations beginning on the respective business's acquisition date. | |||||
Property and Equipment | |||||
Property and equipment are recorded at cost. Major renewals or improvements to property and equipment are capitalized, while routine maintenance and repairs are expensed when incurred. The Company incurs maintenance and repair expenses to keep its operations safe and fit for existing purpose. Major renewals or improvements to property and equipment, however, are undertaken to extend the useful life or increase the functionality of the asset, or both. Other than a de minimis threshold under which costs are expensed as incurred, the Company does not apply pre-defined capitalization thresholds when assessing spending for classification among capital or expense. | |||||
Unlike the Class I railroads that operate over extensive contiguous rail networks, the Company's short line and regional railroads are generally geographically dispersed businesses that transport freight over relatively short distances. As a result, the Company typically incurs minimal spending on self-constructed assets and, instead, the vast majority of its capital spending relates to purchased assets installed by professional contractors. In addition, the Company generally does not incur significant rail grinding or ballast cleaning expenses. However, if and when such costs are incurred, they are expensed. | |||||
The Company depreciates its property and equipment using the straight-line method over the useful lives of the property and equipment. The following table sets forth the estimated useful lives of the Company's major classes of property and equipment: | |||||
Estimated Useful Life (in Years) | |||||
Property: | Minimum | Maximum | |||
Buildings and leasehold improvements (subject to term of lease) | 2 | 40 | |||
Bridges/tunnels/culverts | 20 | 50 | |||
Track property | 5 | 50 | |||
Equipment: | |||||
Computer equipment | 2 | 10 | |||
Locomotives and railcars | 2 | 30 | |||
Vehicles and mobile equipment | 2 | 10 | |||
Signals and crossing equipment | 4 | 30 | |||
Track equipment | 2 | 20 | |||
Other equipment | 2 | 20 | |||
The Company reviews its long-lived tangible assets for impairment whenever events and circumstances indicate that the carrying amounts of such assets may not be recoverable. When factors indicate that an asset or asset group may not be recoverable, the Company uses an estimate of the related undiscounted future cash flows over the remaining life of such asset or asset group in measuring whether or not impairment has occurred. If impairment is identified, a loss would be reported to the extent that the carrying value of the related assets exceeds the fair value of those assets as determined by valuation techniques applicable in the circumstances. Losses from impairment of assets are charged to net (gain)/loss on sale and impairment of assets within operating expenses. | |||||
Gains or losses on sales, including sales of assets removed during track and equipment upgrade projects, or losses incurred through other dispositions, such as unanticipated retirement or destruction, are credited or charged to net (gain)/loss on sale and impairment of assets within operating expenses. Gains are recorded when realized if the sale value exceeds the remaining carrying value of the respective property and equipment. If the estimated salvage value is less than the remaining carrying value, the Company records the loss incurred equal to the respective asset's carrying value less salvage value. There were no material losses incurred through other dispositions from unanticipated or unusual events in the years ended December 31, 2014, 2013 or 2012. | |||||
Grants from Outside Parties | |||||
Grants from outside parties are recorded as deferred revenue within deferred items - grants from outside parties, and are amortized as a reduction to depreciation expense over the same period during which the associated assets are depreciated. | |||||
Goodwill and Indefinite-Lived Intangible Assets | |||||
The Company reviews the carrying values of goodwill and identifiable intangible assets with indefinite lives at least annually to assess impairment since these assets are not amortized. If the carrying amount of the asset exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess. The Company performs its annual impairment test as of November 30 of each year. No impairment was recognized for the years ended December 31, 2014, 2013 and 2012, as a result of our annual impairment test. Additionally, the Company reviews the carrying value of any indefinite-lived intangible asset or goodwill whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. The determination of fair value involves significant management judgment including assumptions about operating results, business plans, income projections, anticipated future cash flows and market data. Impairments are expensed when incurred and are charged to net (gain)/loss on sale and impairment of assets within operating expenses. | |||||
Amortizable Intangible Assets | |||||
The Company performs an impairment test on amortizable intangible assets when specific impairment indicators are present. The Company has amortizable intangible assets valued primarily as service agreements, customer contracts or relationships and track access agreements. These intangible assets are generally amortized on a straight-line basis over the expected economic longevity of the facility served, the customer relationship, or the length of the contract or agreement including expected renewals. | |||||
Derailment and Property Damages, Personal Injuries and Third-Party Claims | |||||
The Company maintains liability and property insurance coverage to mitigate the financial risk of providing rail and rail-related services. Incidents involving entities previously owned by RailAmerica, Inc. (RailAmerica) that occurred prior to the Company's August 1, 2013 insurance renewal are insured under RailAmerica's legacy liability and property insurance policies. The Company's primary liability policies currently have self-insured retentions of up to $2.5 million per occurrence. RailAmerica's prior primary liability policies' self-insured retentions were as high as $4.0 million per occurrence. With respect to the transportation of hazardous commodities, the Company's liability policies cover third-party claims and damages associated with sudden releases of hazardous materials, including expenses related to evacuation, as a result of a railroad accident. Personal injuries associated with grade crossing accidents are also covered under the Company's liability policies. The Company's property policies cover property and equipment that the Company owns, and property in the Company's care, custody and control and have various self-insured retentions, which vary based on type and location of the incident, of up to $1.0 million per occurrence, except in Australia where the Company's self-insured retention for property damage due to a cyclone or flood is A$2.5 million. RailAmerica's property damage policies previously had self-insured retentions of up to $1.5 million per occurrence. The property policies also provide business interruption insurance arising from covered events. | |||||
Employees of the Company's United States railroads are covered by the Federal Employers' Liability Act (FELA), a fault-based system under which claims resulting from injuries and deaths of railroad employees are settled by negotiation or litigation. FELA-related claims are covered under the Company's liability policies. Employees of the Company's industrial switching, transloading and railroad construction businesses are covered under workers' compensation policies. | |||||
Accruals for FELA claims by the Company's railroad employees and third-party personal injury or other claims are recorded in the period when such claims are determined to be probable and estimable. These estimates are updated in future periods as information develops. | |||||
Income Taxes | |||||
The Company files a consolidated United States federal income tax return, which includes all of its United States subsidiaries. Each of the Company's foreign subsidiaries files appropriate income tax returns in each of its respective countries. The provision for, or benefit from, income taxes includes deferred taxes resulting from temporary differences using a balance sheet approach. Such temporary differences result primarily from differences in the carrying value of assets and liabilities for financial reporting and tax purposes. Future realization of deferred income tax assets is dependent upon the Company's ability to generate sufficient taxable income. The Company evaluates on a quarterly basis whether, based on all available evidence, the deferred income tax assets will be realizable. Valuation allowances are established when it is estimated that it is more likely than not that the tax benefit of a deferred tax asset will not be realized. | |||||
Stock-Based Compensation | |||||
The Compensation Committee of the Company's Board of Directors (Compensation Committee) has discretion to determine grantees, grant dates, amounts of grants, vesting and expiration dates for stock-based compensation awarded to the Company's employees under the Company's Second Amended and Restated 2004 Omnibus Incentive Plan (the Omnibus Plan). The Omnibus Plan permits the issuance of stock options, restricted stock, restricted stock units and any other form of award established by the Compensation Committee, in each case consistent with the Omnibus Plan's purpose. Under the terms of the awards, equity grants for employees generally vest over three years and equity grants for directors vest over their respective remaining terms as directors. | |||||
The grant date fair value of non-vested shares, less estimated forfeitures, is recorded to compensation expense on a straight-line basis over the vesting period. The fair value of each option grant is estimated on the date of grant using the Black-Scholes pricing model and straight-line amortization of compensation expense is recorded over the requisite service period of the grant. Two assumptions in the Black-Scholes pricing model require management judgment: the life of the option and the volatility of the stock over the life of the option. The assumption for the life of the option is based on historical experience and is estimated for each grant. The assumption for the volatility of the stock is based on a combination of historical and implied volatility. The fair value of the Company's restricted stock and restricted stock units is based on the closing market price of the Company's Class A Common Stock on the date of grant. The grant date fair value of performance-based restricted stock units is estimated on the date of grant using the Monte Carlo simulation model and straight-line amortization of compensation expense is recorded over the requisite service period of the grant. Three assumptions in the Monte Carlo simulation model require management judgment: volatility of the Company's Class A Common Stock, volatility of the stock of the members of the two peer groups and the correlation coefficients between the Company's stock price and the stock price of the peer groups. Volatility is based on a combination of historical and implied volatility. The correlation coefficients are calculated based upon the historical price data used to calculate the volatilities. | |||||
Fair Value of Financial Instruments | |||||
The Company applies the following three-level hierarchy of valuation inputs for measuring fair value: | |||||
• | Level 1 – Quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. | ||||
• | Level 2 – Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which all significant inputs are observable market data. | ||||
• | Level 3 – Valuations derived from valuation techniques in which one or more significant inputs are unobservable. | ||||
Foreign Currency | |||||
The consolidated financial statements of the Company's foreign subsidiaries are prepared in the local currency of the respective subsidiary and translated into United States dollars based on the exchange rate at the end of the period for balance sheet items and, for the statement of operations, at the average rate for the period. Currency translation adjustments are reflected within the equity section of the balance sheet and are included in other comprehensive income. Upon complete or substantially complete liquidation of the underlying investment in the foreign subsidiary, cumulative translation adjustments are recognized in the consolidated statement of operations. | |||||
Management Estimates | |||||
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to use judgment and to make estimates and assumptions that affect business combinations, reported assets, liabilities, revenues and expenses during the reporting period. Significant estimates using management judgment are made in the areas of recoverability and useful life of assets, as well as liabilities for casualty claims and income taxes. Actual results could differ from those estimates. | |||||
Risks and Uncertainties | |||||
Slower growth, an economic recession, or significant changes in commodity prices or regulation that affects the countries where the Company operates or their imports and exports, could negatively impact the Company's business. The Company is required to assess for potential impairment of non-current assets whenever events or changes in circumstances, including economic circumstances, indicate that the respective asset's carrying amount may not be recoverable. A decline in current macroeconomic or financial conditions could have a material adverse effect on the Company's results of operations, financial condition and liquidity. |
Changes_in_Operations
Changes in Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Significant Changes in Operations [Abstract] | |||||||||||||
Changes in Operations [Text Block] | CHANGES IN OPERATIONS: | ||||||||||||
United States | |||||||||||||
Rapid City, Pierre & Eastern Railroad, Inc.: 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 $218.6 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 consolidated 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 63,000 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 acquisition-date fair values were assigned to the acquired net assets (dollars in thousands): | |||||||||||||
Materials and supplies | $ | 3,621 | |||||||||||
Prepaid expenses and other | 116 | ||||||||||||
Property and equipment | 217,032 | ||||||||||||
Deferred income tax assets | 325 | ||||||||||||
Total assets | 221,094 | ||||||||||||
Current portion of long-term debt | 1,121 | ||||||||||||
Accounts payable and accrued expenses | 108 | ||||||||||||
Long-term debt, less current portion | 1,260 | ||||||||||||
Net assets | $ | 218,605 | |||||||||||
RailAmerica, Inc.: On October 1, 2012, the Company acquired 100% of RailAmerica's outstanding shares for cash at a price of $27.50 per share and, in connection with such acquisition, the Company repaid RailAmerica's term loan and revolving credit facility. The calculation of the total consideration for the RailAmerica acquisition is presented below (in thousands, except per share amount): | |||||||||||||
RailAmerica outstanding common stock as of October 1, 2012 | 49,934 | ||||||||||||
Cash purchase price per share | $ | 27.5 | |||||||||||
Equity purchase price | $ | 1,373,184 | |||||||||||
Payment of RailAmerica's outstanding term loan and revolving credit facility | 659,198 | ||||||||||||
Cash consideration | 2,032,382 | ||||||||||||
Impact of pre-acquisition share-based awards | 9,400 | ||||||||||||
Total consideration | $ | 2,041,782 | |||||||||||
The Company financed the $1.4 billion cash purchase price for RailAmerica's common stock, the refinancing of $1.2 billion of the Company's and RailAmerica's outstanding debt prior to the acquisition as well as transaction and financing-related expenses with approximately $1.9 billion of debt from the Company's Senior Secured Syndicated Credit Facility Agreement (the Credit Agreement) (see Note 9, Long-Term Debt), $475.5 million of gross proceeds from the Company's public offerings of Class A Common Stock and Tangible Equity Units (TEUs) (see Note 4, Earnings Per Common Share) and $350.0 million through a private issuance of mandatorily convertible Series A-1 Preferred Stock to affiliates of Carlyle Partners V, L.P. (collectively, Carlyle) (see Note 4, Earnings Per Common Share, and Note 10, Derivative Financial Instruments). | |||||||||||||
Commencing on October 1, 2012, the shares of RailAmerica were held in an independent voting trust while the United States Surface Transportation Board (STB) considered the Company's control application, which application was approved with an effective date of December 28, 2012. Accordingly, the Company accounted for the earnings of RailAmerica using the equity method of accounting while the shares were held in the voting trust and acquisition date fair values of the acquired assets and assumed liabilities have been included in the Company's consolidated balance sheets since December 28, 2012. The results from the operations acquired from RailAmerica are included among the various line items in the Company's consolidated statement of operations for the years ended December 31, 2014 and 2013 and are included in the Company's North American & European Operations segment. | |||||||||||||
In accordance with U.S. GAAP, a new accounting basis was established for RailAmerica on October 1, 2012 for its stand-alone financial statements. Condensed consolidated financial information for RailAmerica as of and for the period ended December 28, 2012 is included in Note 8, Equity Investment. | |||||||||||||
During the year ended December 31, 2012, as discussed more fully under Contingent Forward Sale Contract in Note 10, Derivative Financial Instruments, the Company recorded a $50.1 million non-cash mark-to-market expense related to an investment agreement governing the sale of the Series A-1 Preferred Stock to Carlyle in connection with the funding of the RailAmerica acquisition (the Investment Agreement). The expense resulted from the significant increase in the Company's share price between July 23, 2012 (the date the Company entered into the Investment Agreement) and September 28, 2012 (the last trading date prior to issuing the Series A-1 Preferred Stock). On February 13, 2013, the Company exercised its option to convert all of the outstanding Series A-1 Preferred Stock into 5,984,232 shares of the Company's Class A Common Stock. In November 2013, Carlyle sold all of these outstanding shares of the Company's Class A Common Stock in a public offering. | |||||||||||||
The Company also incurred $17.0 million and $30.0 million of RailAmerica integration and acquisition-related costs during the years ended December 31, 2013 and 2012, respectively. The Company recognized $15.6 million of net income from the equity investment in RailAmerica during the three months ended December 31, 2012. The income from equity investment included $3.5 million of after-tax acquisition/integration costs incurred by RailAmerica in the three months ended December 31, 2012. | |||||||||||||
Headquartered in Jacksonville, Florida, with approximately 2,000 employees, RailAmerica owned and operated 45 short line freight railroads in North America with approximately 7,100 miles of track in 28 U.S. states and three Canadian provinces as of the October 1, 2012 acquisition date. | |||||||||||||
The Company accounted for the RailAmerica acquisition using the acquisition method of accounting under U.S. GAAP. Under the acquisition method of accounting: | |||||||||||||
• | The assets and liabilities of RailAmerica were recorded at their respective acquisition-date preliminary fair values by RailAmerica as of October 1, 2012, which is referred to as the application of push-down accounting, and were included in the Company's consolidated balance sheet in a single line item following the equity method of accounting as of that date (see RailAmerica as of October 1, 2012 column in the following table). | ||||||||||||
• | Upon approval by the STB for the Company to control RailAmerica, the preliminary determination of fair values of the acquired assets and assumed liabilities were consolidated with the Company's assets and liabilities as of December 28, 2012 (see RailAmerica as of December 28, 2012 Preliminary column in the following table). Between October 1, 2012 and December 28, 2012, the Company recognized income from its equity investment in RailAmerica of $15.6 million and other comprehensive loss of $2.0 million, primarily resulting from foreign currency translation adjustments. In addition, the Company recognized $21.8 million, representing the change in RailAmerica's cash and cash equivalents from October 1, 2012 to December 28, 2012, as a reduction in net cash paid for the acquisition. | ||||||||||||
• | In 2013, the Company finalized its determination of fair values of RailAmerica's assets and liabilities (see RailAmerica as of December 28, 2012 Final column in the following table). The measurement period adjustments to the fair values were as follows: 1) property and equipment increased $10.7 million, 2) intangible assets decreased $29.9 million, 3) deferred income tax liabilities, net decreased $16.0 million, 4) noncontrolling interest decreased $5.0 million, 5) all other assets, net increased $1.3 million and 6) goodwill decreased $3.1 million as an offset to the above-mentioned changes. This resulted in additional annualized depreciation and amortization expense of approximately $4 million. The Company does not consider these adjustments material to its consolidated financial statements taken as a whole and as such, prior periods were not retroactively adjusted. | ||||||||||||
The fair values assigned to the acquired net assets of RailAmerica were as follows (dollars in thousands): | |||||||||||||
RailAmerica | |||||||||||||
As of | As of December 28, 2012 | ||||||||||||
1-Oct-12 | Preliminary | Final | |||||||||||
Cash and cash equivalents | $ | 86,102 | $ | 107,922 | $ | 107,922 | |||||||
Accounts receivable | 104,839 | 91,424 | 90,659 | ||||||||||
Materials and supplies | 6,406 | 7,325 | 7,325 | ||||||||||
Prepaid expenses and other | 15,146 | 14,815 | 15,801 | ||||||||||
Deferred income tax assets | 49,074 | 49,074 | 56,998 | ||||||||||
Property and equipment | 1,579,321 | 1,588,612 | 1,599,282 | ||||||||||
Goodwill | 474,115 | 474,115 | 471,028 | ||||||||||
Intangible assets | 451,100 | 446,327 | 416,427 | ||||||||||
Other assets | 116 | 116 | 116 | ||||||||||
Total assets | 2,766,219 | 2,779,730 | 2,765,558 | ||||||||||
Accounts payable and accrued expenses | 143,790 | 135,117 | 140,160 | ||||||||||
Long-term debt | 12,158 | 12,010 | 12,010 | ||||||||||
Deferred income tax liabilities, net | 542,210 | 551,856 | 535,864 | ||||||||||
Other long-term liabilities | 20,754 | 19,618 | 21,439 | ||||||||||
Noncontrolling interest | 5,525 | 5,525 | 481 | ||||||||||
Net assets | $ | 2,041,782 | $ | 2,055,604 | $ | 2,055,604 | |||||||
Pro Forma Financial Results (unaudited) | |||||||||||||
The following table summarizes the Company's unaudited pro forma operating results for the year ended December 31, 2012 as if the acquisition of RailAmerica had been consummated as of January 1, 2011. The pro forma operating results do not include the impact of any potential operating efficiencies, savings from expected synergies, costs to integrate the operations or costs necessary to achieve savings from expected synergies, or the impact of derivative instruments that the Company has entered into or may enter into to mitigate interest rate or currency exchange rate risk (dollars in thousands, except per share amounts): | |||||||||||||
2012 | |||||||||||||
Operating revenues | $ | 1,461,419 | |||||||||||
Net income attributable to Genesee & Wyoming Inc. | $ | 112,191 | |||||||||||
Less: Series A-1 Preferred Stock dividend | 17,500 | ||||||||||||
Net income available to common stockholders | $ | 94,691 | |||||||||||
Basic earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $ | 1.99 | |||||||||||
Diluted earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $ | 1.89 | |||||||||||
The unaudited pro forma operating results included the acquisition of RailAmerica adjusted, net of tax, for depreciation and amortization expense resulting from the determination of fair values of the acquired property and equipment and amortizable intangible assets, the inclusion of interest expense related to borrowings used to fund the acquisition, the amortization of debt issuance costs related to amendments to the Company's prior credit agreement and the elimination of RailAmerica's interest expense related to debt not assumed in the acquisition. | |||||||||||||
The unaudited pro forma results were based upon the Company's historical consolidated statements of operations for the year ended December 31, 2012 and RailAmerica's consolidated statements of operations for the nine months ended September 30, 2012 and the three months ended December 28, 2012. The pro forma results for 2012 included approximately $55 million of costs incurred by RailAmerica associated with the redemption of senior secured notes in January 2012. In addition, the pro forma results have been revised to eliminate the Company's $50.1 million mark-to-market expense related to the Investment Agreement in connection with the funding of the acquisition. | |||||||||||||
As a result of these charges, the numerator used in the calculation of pro forma diluted earnings per common share (EPS) attributable to Genesee & Wyoming Inc. common stockholders was reduced by the Series A-1 Preferred Stock dividend and the denominator excluded approximately 6.0 million "if-converted" shares related to the Series A-1 Preferred Stock. | |||||||||||||
The pro forma financial information does not purport to be indicative of the results that actually would have been obtained had the transactions been completed as of the assumed dates and for the periods presented and are not intended to be a projection of future results or trends. | |||||||||||||
Australia | |||||||||||||
Arrium Limited: In July 2012, the Company's subsidiary, Genesee & Wyoming Australia Pty Ltd (GWA), announced that it had expanded two existing rail haulage contracts with Arrium Limited (formerly OneSteel), including Arrium's Southern Iron mine and its Whyalla-based operations, to transport additional export iron ore in South Australia. To support the increased shipments under the two contracts, during the year ended December 31, 2012, GWA invested A$52.1 million (or $54.1 million at the exchange rate on December 31, 2012) to purchase narrow gauge locomotives and railcars as well as to construct a standard gauge rolling-stock maintenance facility in order to support the increased shipments under the two contracts. During the year ended December 31, 2013, GWA spent an additional A$22.3 million (or $19.9 million at the exchange rate on December 31, 2013) on these projects. | |||||||||||||
In January 2015, Arrium Limited announced that it is redesigning its mining business and expects to mothball its Southern Iron mine by June of 2015 citing the significant decline in the price of iron ore. During 2014, GWA carried approximately 26,000 carloads of iron ore from the Southern Iron mine, generating approximately A$65 million in freight revenues (or approximately $52 million, at current exchange rates of A$1.00 =S$0.80), under a fixed and variable payment structure. As a result of the announcement, the Company expects to receive only the fixed portion of the payments under the rail haulage agreement after the mine is mothballed. GWA also provides switching services to Arrium's Whyalla-based operations serving several of its iron mines located in the Middleback Range on the Eyre Peninsula, which services are not expected to be materially impacted by the announcement. As a result of the announcement by Arrium Limited, the Company evaluated its Australian Operations' long-lived assets for potential impairment and concluded there was no impairment as of December 31, 2014. | |||||||||||||
Canada | |||||||||||||
Tata Steel Minerals Canada Ltd.: In August 2012, the Company announced that its newly formed subsidiary, Kérail Inc. (Kérail), entered into a long-term agreement with Tata Steel Minerals Canada Ltd. (TSMC), for Kérail 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, Kérail completed construction of an approximately 25-kilometer rail line that connects the Mine to the Tshiuetin Rail Transportation interchange point in Schefferville. Upon receipt of the necessary permits from the Canadian and provincial governments, the Company commenced shipments in the fourth quarter of 2014. Shipments, as anticipated, ceased in the winter and are expected to restart once the weather permits. Operated as part of the Company's Canada Region, Kérail hauls unit trains of iron ore from its rail connection with the Mine, and then travels over three privately owned railways to the Port of Sept-Îles for export primarily to Tata Steel Limited's European operations. | |||||||||||||
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, commodity prices, competitive forces, changes in foreign currency exchange rates, rail network congestion, 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 commodity shipments that are sensitive to general economic conditions, such as steel products, paper products and lumber and forest products, as well as product specific market conditions, such as the availability of lower priced alternative sources of power generation (coal) and 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 the Company's results of operations in other reporting periods. |
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | ||||||||||||
Dec. 31, 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 (EPS) for the years ended December 31, 2014, 2013 and 2012 (in thousands, except per share amounts): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerators: | |||||||||||||
Net income attributable to Genesee & Wyoming Inc. common stockholders | $ | 260,755 | $ | 271,296 | $ | 52,433 | |||||||
Less: Series A-1 Preferred Stock dividend | — | 2,139 | 4,375 | ||||||||||
Net income available to common stockholders | $ | 260,755 | $ | 269,157 | $ | 48,058 | |||||||
Denominators: | |||||||||||||
Weighted average Class A common shares outstanding -Basic | 55,305 | 53,788 | 42,693 | ||||||||||
Weighted average Class B common shares outstanding | 1,305 | 1,675 | 2,038 | ||||||||||
Dilutive effect of employee stock-based awards | 362 | 494 | 601 | ||||||||||
Dilutive effect of Series A-1 Preferred Stock | — | 722 | 5,984 | ||||||||||
Weighted average shares - Diluted | 56,972 | 56,679 | 51,316 | ||||||||||
Earnings per common share attributable to Genesee & Wyoming Inc. common stockholders: | |||||||||||||
Basic earnings per common share | $ | 4.71 | $ | 5 | $ | 1.13 | |||||||
Diluted earnings per common share | $ | 4.58 | $ | 4.79 | $ | 1.02 | |||||||
Weighted average Class B common shares outstanding, common shares issuable under the assumed exercise of stock-based awards computed based on the treasury stock method and Series A-1 Preferred Stock were the only reconciling items between the Company's basic and diluted weighted average shares outstanding. | |||||||||||||
The total potential issuable common shares outstanding, which include options, restricted stock units and performance-based restricted stock units, used to calculate weighted average share equivalents for diluted EPS as of December 31, 2014, 2013 and 2012, was as follows (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Potential issuable common shares used to calculate weighted average share equivalents | 1,063 | 1,063 | 1,400 | ||||||||||
The following total number of shares of Class A Common Stock issuable under the assumed exercises and lapse of stock-based awards computed based on the treasury stock method were excluded from the calculation of diluted EPS, as the effect of including these shares would have been anti-dilutive (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Anti-dilutive shares | 319 | 105 | 143 | ||||||||||
The following table sets forth the increase in the Company's weighted average basic shares outstanding for the years ended December 31, 2014, 2013 and 2012 as a result of the Company's public offering of Class A Common Stock in September 2012, shares issuable upon settlement of the prepaid stock purchase contract component of the TEUs issued in September 2012 based on the market price of the Company's Class A Common Stock at December 31, 2014, 2013 and 2012, respectively, and from the conversion of the Series A-1 Preferred Stock into the Company's Class A Common Stock in February 2013 (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Class A Common Stock offering | 3,791 | 3,791 | 1,067 | ||||||||||
Shares issuable upon settlement of the prepaid stock purchase contract component of the TEUs | 2,842 | 2,842 | 851 | ||||||||||
Conversion of Series A-1 Preferred Stock | 5,984 | 5,263 | — | ||||||||||
Common Stock | |||||||||||||
The authorized capital stock of the Company consists of two classes of common stock designated as Class A Common Stock and Class B Common Stock. The holders of Class A Common Stock and Class B Common Stock are entitled to one vote and 10 votes per share, respectively. Each share of Class B Common Stock is convertible into one share of Class A Common Stock at any time at the option of the holder, subject to the provisions of the Class B Stockholders' Agreement dated as of May 20, 1996. In addition, pursuant to the Class B Stockholders' Agreement, certain transfers of the Class B Common Stock, including transfers to persons other than our executive officers, will result in automatic conversion of Class B Common Stock into shares of Class A Common Stock. Holders of Class A Common Stock and Class B Common Stock shall have identical rights in the event of liquidation. | |||||||||||||
Dividends declared by the Company's Board of Directors are payable on the outstanding shares of Class A Common Stock or both Class A Common Stock and Class B Common Stock, as determined by the Board of Directors. If the Board of Directors declares a dividend on both classes of stock, then the holder of each share of Class A Common Stock is entitled to receive a dividend that is 10% more than the dividend declared on each share of Class B Common Stock. Stock dividends declared can only be paid in shares of Class A Common Stock. The Company currently intends to retain all earnings to support its operations and future growth and, therefore, does not anticipate the declaration or payment of cash dividends on its common stock in the foreseeable future. | |||||||||||||
Offerings | |||||||||||||
On September 19, 2012, the Company completed a public offering of 3,791,004 shares of Class A Common Stock at $64.75 per share, which included 525,000 shares issued as a result of the underwriters' exercise of their over-allotment option. The Company also completed a public offering of 2,300,000 TEUs, which included 300,000 TEUs issued as a result of the underwriters' exercise of their over-allotment option, with a stated amount of $100 per unit on September 19, 2012. | |||||||||||||
Each TEU consists of a prepaid stock purchase contract (Purchase Contract) and a senior amortizing note due October 1, 2015 (Amortizing Note) issued by the Company. Unless settled or redeemed earlier or extended, each Purchase Contract will automatically settle on October 1, 2015. If the applicable market value (as defined in the Purchase Contract) of the Company's Class A Common Stock is greater than or equal to $80.94, then the Company will deliver 1.2355 shares per Purchase Contract and if the applicable market value is less than or equal to $64.75, then the Company will deliver 1.5444 shares per Purchase Contract, with such share amounts subject to adjustment. Otherwise, the Company will deliver a number of shares of its Class A Common Stock per Purchase Contract equal to $100 divided by the applicable market value. Accordingly, for illustrative purposes, the following table provides the calculated impact on the Company's weighted average diluted shares outstanding for the year ended December 31, 2014 assuming the conversion of the Company's outstanding TEUs into Class A Common Stock based on the assumptions for the Company's stock price stated in the table (in thousands, except per share amounts): | |||||||||||||
Assumed Market Price of Class A Common Stock | TEU Common Stock Equivalents | Weighted Average Diluted Shares Outstanding | |||||||||||
Minimum common stock equivalents | $ | 80.94 | 2,842 | 56,972 | |||||||||
Middle of range of common stock equivalents | $ | 73 | 3,151 | 57,281 | |||||||||
Maximum common stock equivalents | $ | 64.75 | 3,552 | 57,682 | |||||||||
The Company's basic and diluted EPS calculations reflect the weighted average shares issuable upon settlement of the prepaid stock purchase contract component of the TEUs. For purposes of determining the number of shares included in the calculation, the Company used the market price of its Class A Common Stock at the period end date. | |||||||||||||
Series A-1 Preferred Stock Converted into Common Stock on February 13, 2013 | |||||||||||||
On October 1, 2012, the Company completed the issuance of 350,000 shares of Series A-1 Preferred Stock at an issuance price of $1,000.00 per share for $349.4 million, net of issuance costs, to Carlyle pursuant to an Investment Agreement entered into by the Company and Carlyle in conjunction with the Company's announcement on July 23, 2012 of its plan to acquire RailAmerica in order to partially fund the acquisition. On February 13, 2013, the Company exercised its option to convert all of the outstanding Series A-1 Preferred Stock into 5,984,232 shares of the Company's Class A Common Stock. | |||||||||||||
Dividends on the Series A-1 Preferred Stock were cumulative and payable quarterly in arrears in an amount equal to 5.00% per annum of the issuance price per share. Each share of the Series A-1 Preferred Stock was convertible at any time, at the option of the holder, into approximately 17.1 shares of Class A Common Stock, subject to customary conversion adjustments. The Series A-1 Preferred Stock were also mandatorily convertible into the relevant number of shares of Class A Common Stock on the second anniversary of the date of issuance, subject to the satisfaction of certain conditions. The Company also had the ability to convert some or all of the Series A-1 Preferred Stock prior to the second anniversary of the date of issue of the Series A-1 Preferred Stock if the closing price of the Company's Class A Common Stock on the New York Stock Exchange exceeded 130% of the conversion price (or $76.03) for 30 consecutive trading days, subject to the satisfaction of certain conditions. The conversion price of the Series A-1 Preferred Stock was set at approximately $58.49, which was a 4.5% premium to the Company's stock price on the trading day prior to the announcement of the RailAmerica acquisition. | |||||||||||||
As of February 12, 2013, the closing price of the Company's Class A Common Stock had exceeded $76.03 for 30 consecutive trading days. As a result, on February 13, 2013, the Company exercised its option to convert all of the Series A-1 Preferred Stock as described above into 5,984,232 shares of the Company's Class A Common Stock. On the conversion date, the Company also paid to Carlyle cash in lieu of fractional shares and all accrued and unpaid dividends on the Series A-1 Preferred Stock totaling $2.1 million. In November 2013, Carlyle sold all of these outstanding shares of the Company's Class A Common Stock in a public offering. | |||||||||||||
For basic EPS for the years ended December 31, 2013 and 2012, 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 EPS) divided by the weighted average number of common shares outstanding during each period. For the years ended December 31, 2013 and 2012, the Company used the if-converted method when calculating diluted EPS. |
Accounts_Receivable_and_Allowa
Accounts Receivable and Allowance for Doubtful Accounts | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounts Receivable, Net [Abstract] | |||||||||||||
Accounts Receivable [Text Block] | ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS: | ||||||||||||
Accounts receivable are recorded at the invoiced amount and generally do not bear interest. The allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses on existing accounts receivable. Management determines the allowance based on historical write-off experience within each of the Company's regions. Management reviews material past due balances on a monthly basis. Account balances are charged off against the allowance when management determines it is probable that the receivable will not be recovered. | |||||||||||||
Accounts receivable consisted of the following at December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Accounts receivable - trade | $ | 304,087 | $ | 275,380 | |||||||||
Accounts receivable - grants from outside parties | 32,076 | 33,003 | |||||||||||
Accounts receivable - insurance and other third-party claims | 26,941 | 31,643 | |||||||||||
Total accounts receivable | 363,104 | 340,026 | |||||||||||
Allowance for doubtful accounts | (5,826 | ) | (3,755 | ) | |||||||||
Accounts receivable, net | $ | 357,278 | $ | 336,271 | |||||||||
Grants from Outside Parties | |||||||||||||
The Company periodically receives grants for the upgrade and construction of rail lines and upgrades of locomotives from federal, provincial, state and local agencies in the United States and Australia and provinces in Canada in which the Company operates. These grants typically reimburse the Company for 50% to 100% of the actual cost of specific projects. In total, the Company received grant proceeds of $28.0 million, $33.9 million and $39.6 million in the years ended December 31, 2014, 2013 and 2012, respectively, from such grant programs. The proceeds were presented as cash inflows from investing activities within each of the applicable periods. | |||||||||||||
None of the Company's grants represents a future liability of the Company unless the Company abandons the rehabilitated or new track structure within a specified period of time or fails to maintain the upgraded or new track to certain standards and to make certain minimum capital improvements or ceases use of the locomotives within the specified geographic area and time period, as defined in the respective agreements. As the Company intends to comply with these agreements, the Company has recorded additions to track property and locomotives and has deferred the amount of the grants. The amortization of deferred grants is a non-cash offset to depreciation expense over the useful lives of the related assets. During the years ended December 31, 2014, 2013 and 2012, the Company recorded offsets to depreciation expense from grant amortization of $10.4 million, $9.3 million and $8.0 million, respectively. | |||||||||||||
Insurance and Third-Party Claims | |||||||||||||
Accounts receivable from insurance and other third-party claims at December 31, 2014 included $15.7 million from the Company's North American & European Operations and $11.3 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 majority of the balance from the Company's Australian Operations resulted from the Company's anticipated insurance recoveries associated with derailments in Australia in 2012. The Company received proceeds from insurance totaling $13.6 million, $11.1 million and $21.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. During the year ended December 31, 2012, the Company recorded gain on insurance recoveries totaling $5.8 million primarily related to a business interruption claim related to a derailment in Australia in December 2011. | |||||||||||||
Allowance for Doubtful Accounts | |||||||||||||
Activity in the Company's allowance for doubtful accounts for the years ended December 31, 2014, 2013 and 2012 was as follows (dollars in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance, beginning of year | $ | 3,755 | $ | 2,693 | $ | 2,807 | |||||||
Provisions | 5,191 | 2,741 | 977 | ||||||||||
Charges | (3,120 | ) | (1,679 | ) | (1,091 | ) | |||||||
Balance, end of year | $ | 5,826 | $ | 3,755 | $ | 2,693 | |||||||
The Company's business is subject to credit risk. There is a risk that a customer or counterparty will fail to meet its obligations when due. Customers and counterparties who owe the Company money have defaulted and may continue to default on their obligations to the Company due to bankruptcy, lack of liquidity, operational failure or other reasons. For interline traffic, one railroad typically invoices a customer on behalf of all railroads participating in the route. The invoicing railroad then pays the other railroads their portion of the total amount invoiced on a monthly basis. When the Company is the invoicing railroad it is exposed to customer credit risk for the total amount invoiced and is required to pay the other railroads participating in the route even if the Company is not paid by the customer. Although the Company has procedures for reviewing its receivables and credit exposures to specific customers and counterparties to address present credit concerns, default risk may arise from events or circumstances that are difficult to detect or foresee. Some of the Company's risk management methods depend upon the evaluation of information regarding markets, customers or other matters that are not publicly available or otherwise accessible by the Company and this information may not, in all cases, be accurate, complete, up-to-date or properly evaluated. As a result, unexpected credit exposures could adversely affect the Company's consolidated results of operations, financial condition and liquidity. |
Property_and_Equipment_and_Lea
Property and Equipment and Leases (Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment, Net, Including and Excluding Capital Leased Asset [Abstract] | |||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | PROPERTY AND EQUIPMENT AND LEASES: | ||||||||||||
Property and Equipment | |||||||||||||
Major classifications of property and equipment as of December 31, 2014 and 2013 were as follows (dollars in thousands): | |||||||||||||
2014 | |||||||||||||
Gross Book Value | Accumulated Depreciation | Net Book Value | |||||||||||
Property: | |||||||||||||
Land and land improvements | $ | 582,383 | $ | — | $ | 582,383 | |||||||
Buildings and leasehold improvements | 126,860 | (22,719 | ) | 104,141 | |||||||||
Bridges/tunnels/culverts | 636,605 | (60,771 | ) | 575,834 | |||||||||
Track property | 2,350,647 | (357,969 | ) | 1,992,678 | |||||||||
Total property | 3,696,495 | (441,459 | ) | 3,255,036 | |||||||||
Equipment: | |||||||||||||
Computer equipment | 13,997 | (8,352 | ) | 5,645 | |||||||||
Locomotives and railcars | 531,948 | (145,073 | ) | 386,875 | |||||||||
Vehicles and mobile equipment | 54,419 | (31,209 | ) | 23,210 | |||||||||
Signals and crossing equipment | 65,581 | (22,408 | ) | 43,173 | |||||||||
Track equipment | 27,073 | (9,019 | ) | 18,054 | |||||||||
Other equipment | 29,532 | (16,017 | ) | 13,515 | |||||||||
Total equipment | 722,550 | (232,078 | ) | 490,472 | |||||||||
Construction-in-process | 42,974 | — | 42,974 | ||||||||||
Total property and equipment | $ | 4,462,019 | $ | (673,537 | ) | $ | 3,788,482 | ||||||
2013 | |||||||||||||
Gross Book Value | Accumulated Depreciation | Net Book Value | |||||||||||
Property: | |||||||||||||
Land and land improvements | $ | 547,163 | $ | — | $ | 547,163 | |||||||
Buildings and leasehold improvements | 123,295 | (19,834 | ) | 103,461 | |||||||||
Bridges/tunnels/culverts | 556,108 | (46,162 | ) | 509,946 | |||||||||
Track property | 2,078,084 | (297,207 | ) | 1,780,877 | |||||||||
Total property | 3,304,650 | (363,203 | ) | 2,941,447 | |||||||||
Equipment: | |||||||||||||
Computer equipment | 11,307 | (5,967 | ) | 5,340 | |||||||||
Locomotives and railcars | 493,977 | (118,544 | ) | 375,433 | |||||||||
Vehicles and mobile equipment | 42,127 | (27,112 | ) | 15,015 | |||||||||
Signals and crossing equipment | 63,208 | (16,746 | ) | 46,462 | |||||||||
Track equipment | 19,205 | (7,277 | ) | 11,928 | |||||||||
Other equipment | 28,524 | (13,800 | ) | 14,724 | |||||||||
Total equipment | 658,348 | (189,446 | ) | 468,902 | |||||||||
Construction-in-process | 30,395 | — | 30,395 | ||||||||||
Total property and equipment | $ | 3,993,393 | $ | (552,649 | ) | $ | 3,440,744 | ||||||
Construction-in-process consisted primarily of costs associated with equipment purchases and track and equipment upgrades. Major classifications of construction-in-process as of December 31, 2014 and 2013 were as follows (dollars in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Property: | |||||||||||||
Buildings and leasehold improvements | $ | 1,312 | $ | 92 | |||||||||
Bridges/tunnels/culverts | 4,082 | 937 | |||||||||||
Track property | 24,078 | 21,912 | |||||||||||
Equipment: | |||||||||||||
Locomotives and railcars | 11,170 | 6,657 | |||||||||||
Other equipment | 2,332 | 797 | |||||||||||
Total construction-in-process | $ | 42,974 | $ | 30,395 | |||||||||
Track property upgrades typically involve the substantial replacement of rail, ties and/or other track material. Locomotive upgrades generally consist of major mechanical enhancements to the Company's existing locomotive fleet. Upgrades to the Company's railcars typically include rebuilding of car body structures and/or converting to an alternative type of railcar. | |||||||||||||
Depreciation expense for the years ended December 31, 2014, 2013 and 2012 totaled $135.0 million, $119.2 million and $66.6 million, respectively. | |||||||||||||
The Company's credit agreement is collateralized by a substantial portion of the Company's real and personal property assets of its domestic subsidiaries that have guaranteed the United States obligations under the credit agreement and a substantial portion of the personal property assets of its foreign subsidiaries that have guaranteed the foreign obligations under the credit agreement. See Note 9, Long-Term Debt, for more information on the Company's credit agreement. | |||||||||||||
Leases | |||||||||||||
The Company enters into operating leases for railcars, locomotives and other equipment as well as real property. The Company also enters into agreements with other railroads and other third parties to operate over certain sections of their track and pays a per car fee to use the track or makes an annual lease payment. The costs associated with operating leases are expensed as incurred and are not included in the property and equipment table above. | |||||||||||||
The number of railcars and locomotives leased by the Company as of December 31, 2014 and 2013 was as follows: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Railcars | 18,583 | 17,718 | |||||||||||
Locomotives | 162 | 100 | |||||||||||
The Company's operating lease expense for equipment and real property leases and expense for the use of other railroad and other third parties' track for the years ended December 31, 2014, 2013 and 2012 was as follows (2012 excludes lease expense related to RailAmerica's equipment and real property leases and trackage rights expense included in equity earnings for the period from October 1, 2012 to December 28, 2012) (dollars in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Equipment | $ | 29,462 | $ | 32,050 | $ | 13,386 | |||||||
Real property | $ | 8,361 | $ | 8,062 | $ | 5,055 | |||||||
Trackage rights | $ | 53,783 | $ | 50,911 | $ | 28,250 | |||||||
The Company is a party to several lease agreements with Class I carriers and other third parties to operate over various rail lines in North America, with varied expirations. Certain of these lease agreements have annual lease payments, which are included in the operating lease section of the schedule of future minimum lease payments shown below as well as the trackage rights expense in the table above. Revenues from railroads that the Company leases from Class I carriers and other third parties collectively accounted for approximately 9% of the Company's 2014 total operating revenues. Leases from Class I railroads and other third parties that are subject to expiration in each of the next 10 years represent less than 3% of the Company's annual revenues in the year of expiration based on the Company's operating revenues for the year ended December 31, 2014. | |||||||||||||
The following is a summary of future minimum lease payments under capital leases and operating leases as of December 31, 2014 (dollars in thousands): | |||||||||||||
Capital | Operating | Total | |||||||||||
2015 | $ | 1,996 | $ | 30,570 | $ | 32,566 | |||||||
2016 | 1,612 | 23,124 | 24,736 | ||||||||||
2017 | 8,295 | 18,520 | 26,815 | ||||||||||
2018 | 24 | 14,912 | 14,936 | ||||||||||
2019 | 25 | 11,325 | 11,350 | ||||||||||
Thereafter | 143 | 121,469 | 121,612 | ||||||||||
Total minimum payments | $ | 12,095 | $ | 219,920 | $ | 232,015 | |||||||
Intangible_Assets_Other_Assets
Intangible Assets, Other Assets, Net and Goodwill | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | INTANGIBLE ASSETS, OTHER ASSETS AND GOODWILL: | ||||||||||||||
Intangible Assets | |||||||||||||||
Intangible assets as of December 31, 2014 and 2013 were as follows (dollars in thousands): | |||||||||||||||
2014 | |||||||||||||||
Gross | Accumulated | Intangible Assets, Net | Weighted | ||||||||||||
Carrying | Amortization | Average | |||||||||||||
Amount | Amortization | ||||||||||||||
Period | |||||||||||||||
(in Years) | |||||||||||||||
Intangible assets: | |||||||||||||||
Amortizable intangible assets: | |||||||||||||||
Service agreements | $ | 37,622 | $ | (14,880 | ) | $ | 22,742 | 28 | |||||||
Customer contracts and relationships | 177,179 | (26,738 | ) | 150,441 | 36 | ||||||||||
Track access agreements | 424,835 | (46,367 | ) | 378,468 | 43 | ||||||||||
Total amortizable intangible assets | $ | 639,636 | $ | (87,985 | ) | $ | 551,651 | 40 | |||||||
Non-amortizable intangible assets: | |||||||||||||||
Perpetual track access agreements | 35,891 | ||||||||||||||
Operating license | 121 | ||||||||||||||
Total intangible assets, net | $ | 587,663 | |||||||||||||
2013 | |||||||||||||||
Gross | Accumulated | Intangible Assets, Net | Weighted | ||||||||||||
Carrying | Amortization | Average | |||||||||||||
Amount | Amortization | ||||||||||||||
Period | |||||||||||||||
(in Years) | |||||||||||||||
Intangible assets: | |||||||||||||||
Amortizable intangible assets: | |||||||||||||||
Service agreements | $ | 37,622 | $ | (13,547 | ) | $ | 24,075 | 28 | |||||||
Customer contracts and relationships | 178,603 | (22,899 | ) | 155,704 | 36 | ||||||||||
Track access agreements | 430,241 | (32,116 | ) | 398,125 | 43 | ||||||||||
Total amortizable intangible assets | $ | 646,466 | $ | (68,562 | ) | $ | 577,904 | 40 | |||||||
Non-amortizable intangible assets: | |||||||||||||||
Perpetual track access agreements | 35,891 | ||||||||||||||
Operating license | 138 | ||||||||||||||
Total intangible assets, net | $ | 613,933 | |||||||||||||
The Company expenses costs incurred to renew or extend the term of its track access agreements. | |||||||||||||||
The perpetual track access agreements on one of the Company's railroads have been determined to have an indefinite useful life and, therefore, are not subject to amortization. | |||||||||||||||
In the years ended December 31, 2014, 2013 and 2012, the aggregate amortization expense associated with intangible assets was $22.0 million, $22.5 million and $6.8 million, respectively. The Company estimates the future aggregate amortization expense related to its intangible assets as of December 31, 2014 will be as follows for the periods presented (dollars in thousands): | |||||||||||||||
2015 | $ | 21,520 | |||||||||||||
2016 | 21,471 | ||||||||||||||
2017 | 21,471 | ||||||||||||||
2018 | 19,817 | ||||||||||||||
2019 | 14,857 | ||||||||||||||
Thereafter | 452,515 | ||||||||||||||
Total | $ | 551,651 | |||||||||||||
Other Assets | |||||||||||||||
Other assets as of December 31, 2014 and 2013 were as follows (dollars in thousands): | |||||||||||||||
2014 | |||||||||||||||
Gross | Accumulated | Other Assets, Net | Weighted | ||||||||||||
Carrying | Amortization | Average | |||||||||||||
Amount | Amortization | ||||||||||||||
Period | |||||||||||||||
(in Years) | |||||||||||||||
Other assets: | |||||||||||||||
Deferred financing costs | $ | 27,158 | $ | (4,261 | ) | $ | 22,897 | 4 | |||||||
Other assets | 16,970 | — | 16,970 | 0 | |||||||||||
Total other assets, net | $ | 44,128 | $ | (4,261 | ) | $ | 39,867 | ||||||||
2013 | |||||||||||||||
Gross | Accumulated | Other Assets, Net | Weighted | ||||||||||||
Carrying | Amortization | Average | |||||||||||||
Amount | Amortization | ||||||||||||||
Period | |||||||||||||||
(in Years) | |||||||||||||||
Other assets: | |||||||||||||||
Deferred financing costs | $ | 43,650 | $ | (11,930 | ) | $ | 31,720 | 4 | |||||||
Other assets | 52,241 | (14 | ) | 52,227 | 0 | ||||||||||
Total other assets, net | $ | 95,891 | $ | (11,944 | ) | $ | 83,947 | ||||||||
In the years ended December 31, 2014, 2013 and 2012, the Company amortized $12.2 million, $10.2 million and $7.0 million, respectively, of deferred financing costs as an adjustment to interest expense. Deferred financing costs are amortized as an adjustment to interest expense over the terms of the related debt using the effective-interest method for the term debt and the straight-line method for the revolving credit facility portion of debt. The 2014 amortization amount included $4.6 million associated with the write-off of deferred financing fees as a result of the May 2014 refinancing of the Company's credit agreement, see Note 9, Long-Term Debt, for additional information regarding the Company's credit agreement. The 2013 amortization amount included $0.5 million associated with the write-off of deferred financing costs as a result of the prepayment of the remaining balance on the Company's Canadian term loan. The 2012 amortization amount included $3.2 million associated with the write-off of deferred financing fees as a result of the October 2012 refinancing of the Company's senior credit facility and senior notes. | |||||||||||||||
As of December 31, 2014, the Company estimated the future interest expense related to amortization of its deferred financing costs will be as follows for the periods presented (dollars in thousands): | |||||||||||||||
2015 | $ | 5,708 | |||||||||||||
2016 | 5,439 | ||||||||||||||
2017 | 5,190 | ||||||||||||||
2018 | 4,755 | ||||||||||||||
2019 | 1,805 | ||||||||||||||
Total | $ | 22,897 | |||||||||||||
Goodwill | |||||||||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2014 and 2013 were as follows (dollars in thousands): | |||||||||||||||
2014 | 2013 | ||||||||||||||
Goodwill: | |||||||||||||||
Balance at beginning of period | $ | 630,462 | $ | 634,953 | |||||||||||
Goodwill acquired | 2,409 | — | |||||||||||||
Purchase accounting adjustments | 295 | (3,087 | ) | ||||||||||||
Currency translation adjustment | (4,351 | ) | (1,404 | ) | |||||||||||
Balance at end of period | $ | 628,815 | $ | 630,462 | |||||||||||
The Company's goodwill for the years ended December 31, 2014 and 2013 was attributable to the Company's North American & European operating segment. |
Equity_Investment
Equity Investment | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Equity Method Investment, Summarized Financial Information [Abstract] | ||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | EQUITY INVESTMENT: | |||
RailAmerica, Inc. | ||||
On October 1, 2012, the Company acquired 100% of RailAmerica's outstanding shares for cash at a price of $27.50 per share and in connection with such acquisition, the Company repaid RailAmerica's term loan and revolving credit facility (see Note 3, Changes in Operations). The shares of RailAmerica were held in a voting trust while the STB considered the Company's control application, which application was approved with an effective date of December 28, 2012. Accordingly, the Company accounted for the earnings of RailAmerica using the equity method of accounting while the shares were held in the voting trust and the Company's preliminary determination of fair values of the acquired assets and assumed liabilities were included in the Company's consolidated balance sheet at December 31, 2012. | ||||
In accordance with U.S. GAAP, a new accounting basis was established for RailAmerica on October 1, 2012 for its stand-alone financial statements. The Company recognized $15.6 million ($15.8 million of net income reported by RailAmerica less $0.2 million to eliminate activity between RailAmerica and G&W) of net income from the equity investment in RailAmerica during the three months ended December 31, 2012, which was reported in the Company's consolidated statements of operations under the caption Income from equity investment in RailAmerica, net. The income from equity investment included $3.5 million of after-tax acquisition/integration costs incurred by RailAmerica in the three months ended December 31, 2012. | ||||
The following condensed consolidated financial data of RailAmerica is based on U.S. GAAP: | ||||
RAILAMERICA, INC. AND SUBSIDIARIES | ||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | ||||
(dollars in thousands) | ||||
Period from October 1, 2012 (Acquisition) to | ||||
28-Dec-12 | ||||
Operating revenues | $ | 151,065 | ||
Operating expenses | 124,928 | |||
Income from operations | 26,137 | |||
Interest expense | (90 | ) | ||
Other income | 9 | |||
Income before income taxes | 26,056 | |||
Provision for income taxes | 10,250 | |||
Net income | 15,806 | |||
Less: Net income attributable to noncontrolling interest | — | |||
Net income attributable to RailAmerica. Inc. | $ | 15,806 | ||
RAILAMERICA, INC. AND SUBSIDIARIES | ||||
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||
(dollars in thousands) | ||||
Period from October 1, 2012 (Acquisition) to | ||||
28-Dec-12 | ||||
Net income | $ | 15,806 | ||
Other comprehensive income/(loss): | ||||
Foreign currency translation adjustment | (2,150 | ) | ||
Actuarial gain associated with pension and postretirement benefit plans, net of tax provision of $53 | 166 | |||
Other comprehensive loss | (1,984 | ) | ||
Comprehensive income | $ | 13,822 | ||
RAILAMERICA, INC. AND SUBSIDIARIES | ||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | ||||
(dollars in thousands) | ||||
Period from October 1, 2012 (Acquisition) to | ||||
December 28, 2012 | ||||
Net cash provided by operating activities | $ | 41,897 | ||
Net cash used in investing activities | (19,804 | ) | ||
Net cash used in financing activities | (144 | ) | ||
Effect of exchange rate changes on cash and cash equivalents | (129 | ) | ||
Increase in cash and cash equivalents | 21,820 | |||
Cash and cash equivalents, beginning of period | 86,102 | |||
Cash and cash equivalents, end of period | $ | 107,922 | ||
Longterm_Debt_Notes
Long-term Debt (Notes) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Long-term Debt, Unclassified [Abstract] | |||||||||
Long-term Debt [Text Block] | LONG-TERM DEBT: | ||||||||
Long-term debt consisted of the following as of December 31, 2014 and 2013 (dollars in thousands): | |||||||||
2014 | 2013 | ||||||||
Credit Agreement with variable interest rates (weighted average of 1.92% and 2.13% before impact of interest rate swaps at December 31, 2014 and 2013, respectively) due 2019 | $ | 1,584,044 | $ | 1,583,798 | |||||
Amortizing Notes component of TEUs with fixed interest rate of 5.00% due 2015 | 11,184 | 21,878 | |||||||
Other debt and capital leases with interest rates up to 10.00% and maturing at various dates up to 2054 | 20,221 | 19,036 | |||||||
Long-term debt | 1,615,449 | 1,624,712 | |||||||
Less: current portion | 67,398 | 84,366 | |||||||
Long-term debt, less current portion | $ | 1,548,051 | $ | 1,540,346 | |||||
Credit Agreement | |||||||||
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 $625.0 million revolving credit facility under the Amended and Restated Credit Agreement includes flexible sub-limits for revolving loans denominated in United States dollars, Australian dollars, Canadian dollars and Euros, 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 a combined $400.0 million. In addition, under the Amended and Restated Credit Agreement, the existing swingline credit facility portion of the revolving credit facility available under the United States dollar-denominated revolving credit facility increased to $50.0 million. | |||||||||
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/BA 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. BA is the bankers' acceptance CDOR rate, which we believe is generally considered the Canadian equivalent to LIBOR. The applicable borrowing spread for the Base Rate loans was initially 0.75% over the base rate, and, following the Company's first quarterly compliance certificate ranges from 0.0% to 1.0% depending upon the Company's total leverage ratio. The applicable borrowing spread for LIBOR/BBSW Rate loans, was initially 1.75% over the LIBOR or BBSW, and, following the Company's first quarterly compliance certificate ranges 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 on the unutilized portion of the commitments under the revolving credit facility. The commitment fee rate was initially 0.3%, and, following the Company's first quarterly compliance certificate ranges 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 $4.6 million of unamortized deferred financing fees and capitalized an additional $3.7 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. | |||||||||
Since entering into Amendment No. 2, the Company made prepayments on its United States term loan of $113.0 million and prepayments on its Australian term loan of A$53.0 million (or $47.0 million at the exchange rates on the dates the payments were made). As of December 31, 2014, the Company had outstanding term loans of $1.4 billion with an interest rate of 1.67% and A$163.8 million (or $133.9 million at the exchange rate on December 31, 2014) with an interest rate of 4.19%. | |||||||||
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 | $ | 989,000 | |||||||
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$ | 104,180 | |||||||
As of December 31, 2014, the Company's usage under its $625.0 million revolving credit facility consisted of $43.2 million in borrowings, $2.6 million in letter of credit guarantees and $579.2 million of unused borrowing capacity. As of December 31, 2014, the Company had outstanding revolving loans of $11.0 million in United States dollar-denominated borrowings with an interest rate of 1.67%, A$8.0 million in an Australian dollar-denominated swingline loan (or $6.5 million at the exchange rate on December 31, 2014) with an interest rate of 6.44%, which was subsequently paid in January 2015, C$24.0 million in Canadian dollar-denominated borrowings (or $20.7 million at the exchange rate on December 31, 2014) with an interest rate of 2.79% and €4.1 million in Euro-denominated borrowings (or $5.0 million at the exchange rate on December 31, 2014) with an interest rate of 1.51%. | |||||||||
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, 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. Under the Amended and Restated Credit Agreement, the Company may not exceed specified maximum total leverage ratios which were modified by Amendment No. 2, 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 December 31, 2014, the Company was in compliance with the covenants under the Amended and Restated Credit Agreement, including the maximum total leverage covenant noted above. | |||||||||
The existing term loans and loans under the revolving credit facility are guaranteed by substantially all of the Company's United States subsidiaries for the United States guaranteed obligations and by substantially all of its foreign subsidiaries for the foreign guaranteed obligations. The Amended and Restated Credit Agreement is collateralized by a substantial portion of the Company's real and personal property assets of its domestic subsidiaries that have guaranteed the United States obligations under the credit agreement and a substantial portion of the personal property assets of its foreign subsidiaries that have guaranteed the foreign obligations under the credit agreement. | |||||||||
On October 1, 2012, the Company entered into the Credit Agreement which included a $425.0 million revolving credit facility, a $1.6 billion United States term loan, a C$24.6 million (or $25.0 million at the exchange rate on October 1, 2012) Canadian term loan and an A$202.9 million (or $210.0 million at the exchange rate on October 1, 2012) Australian term loan with a maturity date of October 1, 2017. | |||||||||
In March 2013, the Company prepaid in full the remaining balance on the Canadian term loan, which resulted in the write-off of unamortized deferred financing costs of $0.5 million. In addition, during the year ended December 31, 2013, the Company made prepayments of $79.0 million and scheduled quarterly principal payments totaling $63.7 million on the United States term loan. During the year ended December 31, 2013, the Company made prepayments of A$24.0 million (or $23.6 million at the average exchange rates during the periods in which paid) and scheduled quarterly principal payments totaling A$8.1 million (or $7.7 million at the average exchange rates during the periods in which paid) on the Australian term loan. | |||||||||
TEUs | |||||||||
On September 19, 2012, the Company issued 2,300,000 5.00% TEUs. Each TEU initially consisted of a prepaid stock purchase contract (Purchase Contract) and a senior amortizing note due October 1, 2015 (Amortizing Note) issued by the Company, which had an initial principal amount of $14.1023 per Amortizing Note. As of December 31, 2014, the Amortizing Notes had an aggregate principal amount of $11.2 million. On each January 1, April 1, July 1 and October 1, the Company is required to pay holders of Amortizing Notes equal quarterly installments of $1.25 per Amortizing Note (except for the January 1, 2013 installment payment, which was $1.4167 per Amortizing Note), which cash payments in the aggregate will be equivalent to a 5.00% cash payment per year with respect to each $100 stated amount of the TEUs. Each installment constitutes a payment of interest (at an annual rate of 4.50%) and a partial repayment of principal on the Amortizing Note. The Amortizing Notes have a scheduled final installment payment date of October 1, 2015. If the Company elects to settle the Purchase Contracts early, holders of the Amortizing Notes will have the right to require the Company to repurchase such holders' Amortizing Notes, except in certain circumstances as described in the indenture governing the Amortizing Notes. | |||||||||
Non-Interest Bearing Loan | |||||||||
In 2010, as part of the acquisition of FreightLink Pty Ltd, Asia Pacific Transport Pty Ltd and related corporate entities (FreightLink Acquisition), the Company assumed debt with a carrying value of A$1.8 million (or $1.7 million at the exchange rate on December 1, 2010), which represented the fair value of an A$50.0 million (or $48.2 million at the exchange rate on December 1, 2010) non-interest bearing loan due in 2054. As of December 31, 2014, the carrying value of the loan was A$2.5 million (or $2.0 million at the exchange rate on December 31, 2014) with a non-cash imputed interest rate of 8.0%. | |||||||||
Schedule of Future Payments Including Capital Leases | |||||||||
The following is a summary of the maturities of long-term debt, including capital leases, as of December 31, 2014 (dollars in thousands): | |||||||||
2015 | $ | 67,492 | |||||||
2016 | 87,037 | ||||||||
2017 | 136,084 | ||||||||
2018 | 170,034 | ||||||||
2019 | 1,153,239 | ||||||||
Thereafter (1) | 41,003 | ||||||||
Total | $ | 1,654,889 | |||||||
-1 | Includes the A$50.0 million (or $40.9 million at the exchange rate on December 31, 2014) non-interest bearing loan due in 2054 assumed in the FreightLink Acquisition with a carrying value of A$2.5 million (or $2.0 million at the exchange rate on December 31, 2014). |
Derivative_Financial_Instrumen
Derivative Financial Instruments (Notes) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Derivative Instrument Detail [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 (loss)/income. As the hedged item is realized, the gain or loss included in accumulated other comprehensive (loss)/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 in which 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, 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 (loss)/income, 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 | |||||||||
9/30/14 | 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 2014 and 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 | ||||||||||
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 | ||||||||||
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 years ended December 31, 2014, 2013 and 2012 resulted in no amount of gain or loss reclassified from accumulated other comprehensive (loss)/income into earnings due to ineffectiveness. During the years ended December 31, 2014, 2013 and 2012, existing net losses associated with the Company's interest rate swaps of $2.4 million, $4.1 million and $4.2 million, respectively, were realized and recorded as interest expense in the consolidated statements of operations. Based on the fair value of these interest rate swaps as of December 31, 2014, the Company expects to reclassify $2.2 million of net losses reported in accumulated other comprehensive (loss)/income into earnings within the next 12 months. See Note 16, Accumulated Other Comprehensive Income/(Loss), for additional information regarding the Company's cash flow hedges. | ||||||||||||||
Foreign Currency Exchange Rate Risk | ||||||||||||||
As of December 31, 2014, the Company's foreign subsidiaries had $168.3 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 the 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, net. | ||||||||||||||
To mitigate the foreign currency exchange rate risk related to a non-functional currency intercompany loan between the United States and Australian entities, the Company entered into an Australian dollar/United States dollar floating to floating cross-currency swap agreement (the Swap), effective as of December 1, 2010, which effectively converted the A$105.0 million intercompany loan receivable in the United States into a $100.6 million loan receivable. The Swap expired on December 1, 2012 and was settled for $9.1 million. | ||||||||||||||
On November 29, 2012, simultaneous with the termination of the previous swap, the Company entered into two Australian dollar/United States dollar floating to floating cross-currency swap agreements (the Swaps), effective 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$105.0 million and received $108.9 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. | ||||||||||||||
Contingent Forward Sale Contract | ||||||||||||||
In conjunction with the Company's announcement on July 23, 2012 of its plan to acquire RailAmerica, the Company entered into the Investment Agreement with Carlyle in order to partially fund the acquisition of RailAmerica. Pursuant to the Investment Agreement, Carlyle agreed to purchase a minimum of $350.0 million of Series A-1 Preferred Stock, which Series A-1 Preferred Stock was convertible into the Company's Class A Common Stock in certain circumstances. The conversion price of the Series A-1 Preferred Stock was set at approximately $58.49, which was a 4.5% premium to the Company's stock price on the trading day prior to the announcement of the RailAmerica acquisition. For the period between July 23, 2012 and September 30, 2012, this instrument was accounted for as a contingent forward sale contract with mark-to-market non-cash income or expense included in the Company's consolidated financial results and the cumulative effect represented as an asset or liability. The closing price of the Company's Class A Common Stock was $66.86 on September 28, 2012, which was the last trading day prior to issuing the Series A-1 Preferred Stock, and, accordingly, the Company recorded a $50.1 million non-cash mark-to-market expense related to the Investment Agreement for the year ended December 31, 2012. As discussed in Note 4, Earnings Per Common Share, the Company converted the Series A-1 Preferred Stock into Class A Common Stock on February 13, 2013. | ||||||||||||||
The following table summarizes the fair value of the Company's derivative instruments recorded in the consolidated balance sheets as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||
Fair Value | ||||||||||||||
Balance Sheet Location | 2014 | 2013 | ||||||||||||
Asset Derivatives: | ||||||||||||||
Derivatives designated as hedges: | ||||||||||||||
Interest rate swap agreements | Prepaid expenses and other | $ | 35 | $ | — | |||||||||
Interest rate swap agreements | Other assets, net | 101 | 36,987 | |||||||||||
Total derivatives designated as hedges | $ | 136 | $ | 36,987 | ||||||||||
Derivatives not designated as hedges: | ||||||||||||||
Cross-currency swap agreements | Prepaid expenses and other | $ | — | $ | 16,056 | |||||||||
Liability Derivatives: | ||||||||||||||
Derivatives designated as hedges: | ||||||||||||||
Interest rate swap agreements | Accrued expenses | $ | 2,249 | $ | 1,601 | |||||||||
Interest rate swap agreements | Other long-term liabilities | 2,462 | 838 | |||||||||||
Total derivatives designated as hedges | $ | 4,711 | $ | 2,439 | ||||||||||
The following table shows the effect of the Company's derivative instruments designated as cash flow hedges for the years ended December 31, 2014, 2013 and 2012 in other comprehensive income/(loss) (OCI) (dollars in thousands): | ||||||||||||||
Total Cash Flow | ||||||||||||||
Hedge OCI Activity, | ||||||||||||||
Net of Tax | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Derivatives Designated as Cash Flow Hedges: | ||||||||||||||
Effective portion of changes in fair value recognized in OCI: | ||||||||||||||
Interest rate swap agreement | $ | (23,473 | ) | $ | 20,988 | $ | 4,053 | |||||||
The following table shows the effect of the Company's derivative instruments not designated as hedges for the years ended December 31, 2014, 2013 and 2012 in the consolidated statements of operations (dollars in thousands): | ||||||||||||||
Amount Recognized in Earnings | ||||||||||||||
Location of Amount Recognized | 2014 | 2013 | 2012 | |||||||||||
in Earnings | ||||||||||||||
Derivative Instruments Not Designated as Hedges: | ||||||||||||||
Cross-currency swap agreements | Interest (expense)/income | $ | (1,184 | ) | $ | (2,696 | ) | $ | (4,638 | ) | ||||
Cross-currency swap agreements | Other (expense)/income, net | (86 | ) | 427 | 303 | |||||||||
Contingent forward sale contract | Contingent forward sale contract mark-to-market expense | — | — | (50,106 | ) | |||||||||
$ | (1,270 | ) | $ | (2,269 | ) | $ | (54,441 | ) |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments (Notes) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [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 instrument held by the Company: | |||||||||||||||||
• | Financial Instruments Carried at Fair Value: Derivative instruments are recorded on the consolidated balance sheets 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, AUD BBSW implied forward interest rates and the remaining time to maturity. | ||||||||||||||||
• | Financial Instruments Carried at Historical Cost: Since the Company's long-term debt is not actively traded, fair value was estimated using a discounted cash flow analysis based on Level 2 valuation inputs, including borrowing rates the Company believes are currently available to it for loans with similar terms and maturities. | ||||||||||||||||
The following table presents the Company's financial instruments that are carried at fair value using Level 2 inputs at December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Financial instruments carried at fair value using Level 2 inputs: | |||||||||||||||||
Financial assets carried at fair value: | |||||||||||||||||
Interest rate swap agreements | $ | 136 | $ | 36,987 | |||||||||||||
Cross-currency swap agreements | — | 16,056 | |||||||||||||||
Total financial assets carried at fair value | $ | 136 | $ | 53,043 | |||||||||||||
Financial liabilities carried at fair value: | |||||||||||||||||
Interest rate swap agreements | $ | 4,711 | $ | 2,439 | |||||||||||||
Total financial liabilities carried at fair value | $ | 4,711 | $ | 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 December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
Value | Value | ||||||||||||||||
Financial liabilities carried at historical cost: | |||||||||||||||||
United States term loan | $ | 1,407,000 | $ | 1,402,950 | $ | 1,433,414 | $ | 1,429,204 | |||||||||
Australia term loan | 133,857 | 133,900 | 134,436 | 135,491 | |||||||||||||
Revolving credit facility | 43,187 | 43,304 | 15,949 | 15,956 | |||||||||||||
Amortizing Notes component of TEUs | 11,184 | 11,233 | 21,878 | 21,698 | |||||||||||||
Other debt | 20,221 | 20,172 | 19,035 | 18,996 | |||||||||||||
Total | $ | 1,615,449 | $ | 1,611,559 | $ | 1,624,712 | $ | 1,621,345 | |||||||||
Employee_Benefit_Programs
Employee Benefit Programs | 12 Months Ended |
Dec. 31, 2014 | |
Employee Benefits and Share-based Compensation [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | EMPLOYEE BENEFIT PROGRAMS: |
Employee Bonus Programs | |
The Company has performance-based bonus programs that include a majority of non-union employees. Approximately $15.8 million, $17.7 million and $14.2 million were awarded under the various performance-based bonus plans in the years ended December 31, 2014, 2013 and 2012, respectively. | |
Defined Contribution Plans | |
Under the Genesee & Wyoming Inc. 401(k) Savings Plan, the Company matches participants' contributions up to 4% of the participants' salary on a pre-tax basis. Under the RailAmerica Employees' 401(k) Savings Plan, which remained in effect in 2013 for legacy RailAmerica employees that were employees of the Company during 2013, the Company made contributions to their plan at a rate of 50% of the employees' contribution up to $2,500 for Railroad Retirement employees and up to $5,000 for employees covered under the Federal Insurance Contributions Act. The Company's contributions to the plans in total for the years ended December 31, 2014, 2013 and 2012 were $4.4 million, $3.8 million and $1.8 million, respectively. The Company's contribution for the year ended December 31, 2012 does not include contributions made by RailAmerica to its 401(k) plan during the period while the shares of RailAmerica were held in a voting trust. | |
The Company's Canadian subsidiaries administer three different retirement benefit plans. The plans qualify under Section 146 of the federal and provincial income tax law and are Registered Retirement Savings Plans (RRSP). Under each plan, employees may elect to contribute a certain percentage of their salary on a pre-tax basis. Under one plan, the Company matches 6% of gross salary up to a maximum of C$3,500 (or $3,017 at the December 31, 2014 exchange rate). Under the other two plans, the Company matches the employee's contribution up to a maximum of 5% of gross salary. Company contributions to the plans in the years ended December 31, 2014, 2013 and 2012, were $1.3 million, $1.3 million and $0.7 million, respectively. The Company's contribution for the year ended December 31, 2012 does not include contributions made by RailAmerica to its retirement benefit plan during the period while the shares of RailAmerica were held in a voting trust. | |
The Company's Australian subsidiary administers a statutory retirement benefit plan. The Company was required to contribute the equivalent of 9.50%, 9.25% and 9.00% of an employee's base salary into a registered superannuation fund in each of the years ended December 31, 2014, 2013 and 2012, respectively. Employees may elect to make additional contributions either before or after tax. Company contributions were $4.7 million, $4.4 million and $4.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |
Defined Benefit Plans | |
The Company administers three United States noncontributory defined benefit plans for union and non-union employees and one Canadian noncontributory defined benefit plan. Benefits are determined based on a fixed amount per year of credited service. The Company's funding policy requires contributions for pension benefits based on actuarial computations which reflect the long-term nature of the plans. The Company has met the minimum funding requirements according to the United States Employee Retirement Income Security Act (ERISA) and Canada's Pension Benefits Standards Act. As of December 31, 2014, there were approximately 270 employees participating under these plans. As of December 31, 2014, the Company's consolidated balance sheet included a $3.2 million pension liability and a $0.1 million loss in accumulated other comprehensive (loss)/income related to these plans. | |
The Company administers two plans which provide health care and life insurance benefits for certain retired employees in the United States. The Company funds the plans on a pay-as-you-go basis. As of December 31, 2014, there were approximately 65 employees participating under these plans. As of December 31, 2014, the Company's consolidated balance sheet included a $5.9 million postretirement benefit liability and a $1.5 million gain in accumulated other comprehensive (loss)/income related to these plans. |
Income_Taxes_Notes
Income Taxes (Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | INCOME TAXES: | ||||||||||||
The United States track maintenance credit is an income tax credit for Class II and Class III railroads, as defined by the STB, to reduce their federal income tax based on qualified railroad track maintenance expenditures (the Short Line Tax Credit). Qualified expenditures include amounts incurred for maintaining track, including roadbed, bridges and related track structures owned or leased by a Class II or Class III railroad. The credit is equal to 50% of the qualified expenditures, subject to an annual limitation of $3,500 multiplied by the number of miles of railroad track owned or leased by the Class II or Class III railroad as of the end of their tax year. The Short Line Tax Credit was in existence from 2005 through 2011 and was extended for fiscal years 2012 and 2013 on January 2, 2013 and further extended on December 19, 2014 for fiscal year 2014. | |||||||||||||
The Company's income tax provision for the year ended December 31, 2014 was $107.1 million, which represented 29.1% of income before income taxes and income from equity investment. The Company's provision for income taxes for the year ended December 31, 2014 included a $3.9 million tax benefit as a result of receiving consent from the United States Internal Revenue Service (IRS) to change a tax accounting method retroactively for companies acquired as a result of the RailAmerica acquisition. | |||||||||||||
Included in the Company's net income for the year ended December 31, 2013 was a $41.0 million benefit associated with the retroactive extension of the United States Short Line Tax Credit for fiscal year 2012. Since the extension became law in 2013, the 2012 impact was recorded in the first quarter of 2013. Excluding the $41.0 million retroactive benefit, the Company's provision for income taxes was $87.2 million for the year ended December 31, 2013, which represented 27.4% of income before income taxes and income from equity investment. | |||||||||||||
Included in the Company's income before income taxes and income from equity investment for the year ended December 31, 2012 was a $50.1 million mark-to-market expense associated with a contingent forward sale contract, which is a non-deductible expense for income tax purposes. See Note 10, Derivative Financial Instruments, for further details on the contingent forward sale contract. Excluding the $50.1 million mark-to-market expense, the Company's provision for income taxes was $46.4 million for the year ended December 31, 2012, which represents 34.8% of income before income taxes and income from equity investment. | |||||||||||||
The Company's effective income tax rates also included adjustments to reflect differences between book income tax expense and final tax returns filed each year related to the previous fiscal year, which the Company does not consider material. | |||||||||||||
The components of income before income taxes and income from equity investment for the years ended December 31, 2014, 2013 and 2012 were as follows (dollars in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | 276,594 | $ | 211,889 | $ | 5,598 | |||||||
Foreign | 91,519 | 106,498 | 77,680 | ||||||||||
Total | $ | 368,113 | $ | 318,387 | $ | 83,278 | |||||||
No provision is made for the United States income taxes applicable to the undistributed earnings of controlled foreign subsidiaries as it is the intention of management to fully utilize those earnings in the operations of foreign subsidiaries. If the earnings were to be distributed in the future, those distributions may be subject to United States income taxes (appropriately reduced by available foreign tax credits) and withholding taxes payable to various foreign countries, however, the amount of the tax and credits is not practicable to determine. The amount of undistributed earnings of the Company's controlled foreign subsidiaries as of December 31, 2014 was $305.2 million. | |||||||||||||
The components of the provision for income taxes for the years ended December 31, 2014, 2013 and 2012 were as follows (dollars in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States: | |||||||||||||
Current | |||||||||||||
Federal | $ | 15,647 | $ | 6,571 | $ | 3,582 | |||||||
State | 7,134 | 6,031 | 3,752 | ||||||||||
Deferred | |||||||||||||
Federal | 49,799 | 62 | 17,382 | ||||||||||
State | 8,727 | 4,890 | 906 | ||||||||||
81,307 | 17,554 | 25,622 | |||||||||||
Foreign: | |||||||||||||
Current | 17,591 | 22,697 | 9,907 | ||||||||||
Deferred | 8,209 | 6,045 | 10,873 | ||||||||||
25,800 | 28,742 | 20,780 | |||||||||||
Total | $ | 107,107 | $ | 46,296 | $ | 46,402 | |||||||
The provision for income taxes differs from that which would be computed by applying the statutory United States federal income tax rate to income before taxes. The following is a summary of the effective tax rate reconciliation for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Tax provision at statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Effect of acquisitions/divestitures | — | % | — | % | 24.8 | % | |||||||
Effect of foreign operations | (1.7 | )% | (2.1 | )% | (7.7 | )% | |||||||
State income taxes, net of federal income tax benefit | 2.8 | % | 2.2 | % | 3.8 | % | |||||||
Benefit of track maintenance credit | (7.3 | )% | (21.0 | )% | — | % | |||||||
Other, net | 0.3 | % | 0.4 | % | (0.3 | )% | |||||||
Effective income tax rate | 29.1 | % | 14.5 | % | 55.6 | % | |||||||
Deferred income taxes reflect the effect of temporary differences between the book and tax basis of assets and liabilities as well as available income tax credit and net operating loss carryforwards. The components of net deferred income taxes as of December 31, 2014 and 2013 were as follows (dollars in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Track maintenance credit | $ | 227,102 | $ | 221,278 | |||||||||
Net operating loss carryforwards | 16,008 | 14,577 | |||||||||||
Accruals and reserves not deducted for tax purposes until paid | 11,027 | 19,848 | |||||||||||
Stock-based compensation | 6,954 | 6,348 | |||||||||||
Deferred revenue | 3,652 | 1,216 | |||||||||||
Deferred compensation | 2,810 | 2,974 | |||||||||||
Foreign tax credit | 1,964 | 1,964 | |||||||||||
Nonshareholder contributions | 1,871 | 2,304 | |||||||||||
Interest rate swaps | 1,664 | — | |||||||||||
Alternative minimum tax credit | 1,592 | 1,592 | |||||||||||
Postretirement benefits | 425 | 811 | |||||||||||
Other | 457 | 119 | |||||||||||
275,526 | 273,031 | ||||||||||||
Valuation allowance | (14,793 | ) | (12,194 | ) | |||||||||
Deferred tax liabilities: | |||||||||||||
Property basis difference | (1,088,572 | ) | (1,029,492 | ) | |||||||||
Interest rate swaps | — | (13,985 | ) | ||||||||||
Other | (1,519 | ) | (1,884 | ) | |||||||||
Net deferred tax liabilities | $ | (829,358 | ) | $ | (784,524 | ) | |||||||
In the accompanying consolidated balance sheets, these deferred benefits and deferred obligations are classified as current or non-current based on the classification of the related asset or liability for financial reporting. A deferred tax obligation or benefit that is not related to an asset or liability for financial reporting, including deferred tax assets related to tax credit and loss carryforwards, are classified according to the expected reversal date of the temporary difference as of the end of the year. | |||||||||||||
As of December 31, 2014, the Company had United States net operating loss carryforwards in various state jurisdictions that totaled approximately $387 million and United States track maintenance credit carryforwards of $227.1 million. Some of the Company's net operating loss and credit carryforwards are subject to Section 382 limitations of the Internal Revenue Code (Section 382). Section 382 imposes limitations on a corporation's ability to utilize its net operating losses and credits if it experiences an "ownership change." In general terms, an ownership change results from transactions increasing the ownership of certain existing stockholders or new stockholders in the stock of a corporation by more than 50% during a three year testing period. Any unused annual limitation may be carried over to later years, and the amount of the limitation may, under certain circumstances, be increased to reflect both recognized and deemed recognized "built-in gains" that occur during the sixty-month period after the ownership change. The state net operating losses exist in different states and expire between 2015 and 2034. The United States track maintenance credits expire between 2026 and 2034. | |||||||||||||
The Company maintains a valuation allowance on foreign tax credits and state net operating losses for which, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. It is management's belief that it is more likely than not that a portion of the deferred tax assets will not be realized. | |||||||||||||
A reconciliation of the beginning and ending amount of the Company's valuation allowance is as follows (dollars in thousands): | |||||||||||||
2014 | |||||||||||||
Balance at beginning of year | $ | 12,194 | |||||||||||
Increase for state net operating losses | 2,599 | ||||||||||||
Balance at end of year | $ | 14,793 | |||||||||||
A reconciliation of the beginning and ending amount of the Company's liability for uncertain tax positions is as follows (dollars in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 3,155 | $ | 3,155 | $ | — | |||||||
Increase for acquired subsidiary | — | — | 3,370 | ||||||||||
Increase for tax positions related to the current year | 1,169 | — | — | ||||||||||
Reductions for tax positions of prior years | — | — | (215 | ) | |||||||||
Balance at end of year | $ | 4,324 | $ | 3,155 | $ | 3,155 | |||||||
At December 31, 2014, 2013 and 2012, there was $4.3 million, $3.2 million and $3.2 million, respectively, of unrecognized tax benefits that if recognized would affect the annual effective tax rate. The Company recognizes interest and penalties related to uncertain tax positions in its provision for income taxes. | |||||||||||||
As of December 31, 2014, the following tax years remain open to examination by the major taxing jurisdictions to which the Company is subject: | |||||||||||||
Open Tax Years | |||||||||||||
Jurisdiction | From | To | |||||||||||
United States | 2001 | - | 2014 | ||||||||||
Australia | 2010 | - | 2014 | ||||||||||
Canada | 2010 | - | 2014 | ||||||||||
Mexico | 2008 | - | 2014 | ||||||||||
Netherlands | 2013 | - | 2014 | ||||||||||
Belgium | 2009 | - | 2014 |
Commitments_and_Contingencies_
Commitments and Contingencies (Notes) | 12 Months Ended |
Dec. 31, 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 as the nature of the Company's business exposes it to the potential for various claims and litigation related to property damage, personal injury, freight loss, labor and employment, environmental and other matters. As described in Note 2, Significant Accounting Policies, the Company maintains insurance policies to mitigate the financial risk associated with such claims. | |
Any material changes to current litigation trends or a catastrophic rail accident or series of accidents involving material freight loss or property damage, personal injury and environmental liability or other claims against the Company that are not covered by insurance could have a material adverse effect on the Company's results of operations, financial condition and liquidity. | |
Management believes there are adequate provisions in the financial statements for any probable liabilities that may result from disposition of the pending lawsuits. Based upon currently available information, the Company does not believe it is reasonably possible that any such lawsuit or related lawsuits would be material to the Company's results of operations or have a material adverse effect on the Company's financial position or liquidity. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | STOCK-BASED COMPENSATION PLANS: | |||||||||||||
The Omnibus Plan allows for the issuance of up to 6,187,500 shares of Class A Common Stock for awards, which include stock options, restricted stock, restricted stock units and any other form of award established by the Compensation Committee, in each case consistent with the plan's purpose. Stock-based awards generally have three-year requisite service periods and five year contractual terms. Any shares of common stock related to awards that terminate by expiration, forfeiture or cancellation are deemed available for issuance or reissuance under the Omnibus Plan. In total, at December 31, 2014, there remained 1,729,535 shares of Class A Common Stock available for future issuance under the Omnibus Plan. | ||||||||||||||
A summary of option activity under the Omnibus Plan as of December 31, 2014 and changes during the year then ended is presented below: | ||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual Term | (in thousands) | ||||||||||||
(in years) | ||||||||||||||
Outstanding at beginning of year | 969,332 | $ | 54.32 | |||||||||||
Granted | 358,469 | 98.31 | ||||||||||||
Exercised | (326,494 | ) | 32.67 | |||||||||||
Expired | (2,138 | ) | 42.44 | |||||||||||
Forfeited | (15,889 | ) | 89.82 | |||||||||||
Outstanding at end of year | 983,280 | $ | 76.99 | 3.1 | $ | 15,941 | ||||||||
Vested or expected to vest at end of year | 980,480 | $ | 76.94 | 3.1 | $ | 15,940 | ||||||||
Exercisable at end of year | 442,575 | $ | 58.91 | 1.9 | $ | 13,836 | ||||||||
The weighted average grant date fair value of options granted during the years ended December 31, 2014, 2013 and 2012 was $18.90, $22.16 and $16.25, respectively. The total intrinsic value of options exercised during the years ended December 31, 2014, 2013 and 2012 was $20.9 million, $17.6 million and $17.3 million, respectively. | ||||||||||||||
The Company determines the fair value of each option award on the date of grant using the Black-Scholes option pricing model. There are six input variables to the Black-Scholes model: stock price, strike price, volatility, term, risk-free interest rate and dividend yield. Both the stock price and strike price inputs are typically the closing stock price on the date of grant. The assumption for expected future volatility is based on a combination of historical and implied volatility of the Company's Class A Common Stock. The expected term of options is derived from the vesting period of the award, as well as historical exercise data, and represents the period of time that options granted are expected to be outstanding. The expected risk-free rate is calculated using the United States Treasury yield curve over the expected term of the option. The expected dividend yield is 0% for all periods presented, based upon the Company's historical practice of not paying cash dividends on its common stock. The Company uses historical data, as well as management's current expectations, to estimate forfeitures. | ||||||||||||||
The following weighted average assumptions were used to estimate the grant date fair value of options granted during the years ended December 31, 2014, 2013 and 2012 using the Black-Scholes option pricing model: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Expected volatility | 22 | % | 29 | % | 33 | % | ||||||||
Expected term (in years) | 4 | 4 | 4 | |||||||||||
Risk-free interest rate | 1.2 | % | 0.89 | % | 0.52 | % | ||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | ||||||||
As required under the RailAmerica acquisition agreement, on October 1, 2012, the Company converted approximately 432,000 RailAmerica restricted stock awards and 775,000 RailAmerica restricted stock unit awards into approximately 180,000 and 322,000 G&W restricted stock awards and restricted stock unit awards, respectively, at a ratio of 0.4151 based upon the acquisition cash purchase price of $27.50 per share and the Company's average 10-day closing stock price prior to the RailAmerica acquisition closing date of $66.26 per share. | ||||||||||||||
The Company determines fair value of its restricted stock and restricted stock units based on the closing stock price on the date of grant. | ||||||||||||||
The following table summarizes the Company's non-vested restricted stock outstanding as of December 31, 2014 and changes during the year then ended: | ||||||||||||||
Shares | Weighted Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Non-vested at beginning of year | 126,664 | $ | 73.25 | |||||||||||
Granted | 74,880 | 98.18 | ||||||||||||
Vested | (73,974 | ) | 68.8 | |||||||||||
Forfeited | (3,331 | ) | 87.75 | |||||||||||
Non-vested at end of year | 124,239 | $ | 90.54 | |||||||||||
The weighted average grant date fair value of restricted stock granted during the years ended December 31, 2014, 2013 and 2012 was $98.18, $90.12 and $65.70, respectively. The total grant date fair value of restricted stock that vested during the years ended December 31, 2014, 2013 and 2012 was $5.1 million, $11.3 million and $7.8 million, respectively. | ||||||||||||||
The following table summarizes the Company's non-vested restricted stock units outstanding as of December 31, 2014 and changes during the year then ended: | ||||||||||||||
Shares | Weighted Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Non-vested at beginning of year | 93,242 | $ | 72.78 | |||||||||||
Granted | 37,007 | 98.24 | ||||||||||||
Vested | (57,995 | ) | 75.94 | |||||||||||
Forfeited | (6,848 | ) | 80.73 | |||||||||||
Non-vested at end of year | 65,406 | $ | 83.55 | |||||||||||
The weighted average grant date fair value of restricted stock units granted during the years ended December 31, 2014, 2013 and 2012 was $98.24, $89.44 and $67.43, respectively. The total grant date fair value of restricted stock units that vested during the years ended December 31, 2014, 2013 and 2012 was $4.4 million, $14.3 million and $3.4 million, respectively. | ||||||||||||||
During 2014, the Company's Compensation Committee started awarding performance-based restricted stock units under the Omnibus Plan. These performance-based restricted stock units are typically granted once per year and vest based upon the achievement of market performance criteria, ranging from 0% to 100%, as determined by the Compensation Committee prior to the date of the award, and continued service during the performance period. The performance period for these awards are generally three years. The performance-based restricted stock units entitle the grantee to receive shares of Class A Common Stock based upon the Company's Relative Total Shareholder Return as independently ranked against the components of the S&P 500 Index and the custom peer group over the performance period with each discrete half of the award's payouts being measured independently and then averaged together to find the final payout. The expense for these awards is recognized over the service period, even if the market condition is never satisfied. | ||||||||||||||
The following table summarizes the performance-based restricted stock units at the maximum award amounts as of December 31, 2014 and changes during the year then ended. Actual shares that will vest depending on the level of attainment of the performance-based criteria: | ||||||||||||||
Shares | Weighted Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Non-vested at beginning of year | — | $ | — | |||||||||||
Granted | 14,424 | 42.39 | ||||||||||||
Vested | — | — | ||||||||||||
Forfeited | — | — | ||||||||||||
Non-vested at end of year | 14,424 | $ | 42.39 | |||||||||||
The Company determines the fair value of each performance-based restricted stock units on the date of grant using the Monte Carlo valuation model. There are six input variables to the Monte Carlo valuation model: stock price, volatility of the Company's Class A Common Stock, volatility of the two peer groups, correlation coefficients, risk-free interest rate and dividend yield. The stock price is determined based upon the Company's closing stock price on the day prior to the date of grant. Volatility is based on a combination of historical and implied volatility. The correlation coefficients are calculated based upon the price data used to calculate the volatilities. The expected risk-free rate is calculated using the United States Treasury bill over the expected term of the award. The expected dividend yield is 0% for all periods presented, based upon the Company's historical practice of not paying cash dividends on its common stock. The expected term of the performance-based restricted stock units is derived from the plan's performance period as of the grant date. The Company uses historical data, as well as management's current expectations, to estimate forfeitures. | ||||||||||||||
The following assumptions were used to estimate the grant date fair value of the performance-based restricted stock units granted during the year ended December 31, 2014 using the Monte Carlo simulation model: | ||||||||||||||
2014 | ||||||||||||||
Volatility of the Company's common stock | 25 | % | ||||||||||||
Average volatility of peer group and S&P 500 companies | 29 | % | ||||||||||||
Average correlation coefficient of peer group and S&P 500 companies | 0.6 | |||||||||||||
Risk-free interest rate | 0.81 | % | ||||||||||||
Expected dividend yield | 0 | % | ||||||||||||
Expected term (in years) | 3 | |||||||||||||
For the year ended December 31, 2014, total compensation costs from all of the Company's stock-based awards was $12.7 million. Total compensation costs related to non-vested awards not yet recognized was $17.7 million as of December 31, 2014, which will be recognized over the next three years with a weighted average period of 1.3 years. The total income tax benefit recognized in the consolidated statement of operations for stock-based awards was $4.4 million for the year ended December 31, 2014. | ||||||||||||||
For the year ended December 31, 2013, compensation costs from all of the Company's stock-based awards was $11.7 million. The Company also recorded an additional $5.1 million of costs from the acceleration of stock-based awards for terminated RailAmerica employees. The total income tax benefit recognized in the consolidated statement of operations for stock-based awards was $5.3 million for the year ended December 31, 2013. | ||||||||||||||
For the year ended December 31, 2012, compensation cost from stock-based awards was $7.9 million. The Company also recorded an additional $4.1 million of costs from the acceleration of stock-based awards for terminated RailAmerica employees. The total income tax benefit recognized in the consolidated statement of operations for stock-based awards was $4.5 million for the year ended December 31, 2012. | ||||||||||||||
The total income tax benefit realized from the exercise of stock-based awards was $11.0 million, $17.7 million and $10.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||
The Company has reserved 1,265,625 shares of Class A Common Stock that the Company may sell to its full-time employees under its Employee Stock Purchase Plan (ESPP) at 90% of the stock's market price on the date of purchase. At December 31, 2014, 210,988 shares had been purchased under this plan. The Company recorded compensation expense for the 10% purchase discount of approximately $0.1 million in each of the years ended December 31, 2014, 2013 and 2012. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Notes) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||
Comprehensive Income (Loss) [Text Block] | ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS): | ||||||||||||||||
The following table sets forth accumulated other comprehensive income/(loss) included in the consolidated balance sheets as of December 31, 2014 and 2013, respectively (dollars in thousands): | |||||||||||||||||
Cumulative Foreign | Defined Benefit | Net | Accumulated | ||||||||||||||
Currency | Plans | Unrealized | Other | ||||||||||||||
Translation | Gain/(Loss) on | Comprehensive | |||||||||||||||
Adjustment | Cash Flow | Income/(Loss) | |||||||||||||||
Hedges | |||||||||||||||||
Balance, December 31, 2012 | $ | 47,845 | $ | (148 | ) | $ | (426 | ) | $ | 47,271 | |||||||
Other comprehensive (loss)/income before reclassifications | (62,532 | ) | 362 | 23,443 | (38,727 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax benefit of $1,637 | — | — | (2,455 | ) | (a) | (2,455 | ) | ||||||||||
Change in 2013 | (62,532 | ) | 362 | 20,988 | (41,182 | ) | |||||||||||
Balance, December 31, 2013 | $ | (14,687 | ) | $ | 214 | $ | 20,562 | $ | 6,089 | ||||||||
Other comprehensive (loss)/income before reclassifications | (56,059 | ) | 1,191 | (22,054 | ) | (76,922 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax benefit of $946 | — | — | (1,419 | ) | (a) | (1,419 | ) | ||||||||||
Change in 2014 | (56,059 | ) | 1,191 | (23,473 | ) | (78,341 | ) | ||||||||||
Balance, December 31, 2014 | $ | (70,746 | ) | $ | 1,405 | $ | (2,911 | ) | $ | (72,252 | ) | ||||||
(a) Existing net losses realized are recorded in interest expense on the consolidated statements of operations (see Note10, Derivative Financial Instruments). |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information (Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||
Cash Flow, Supplemental Disclosures [Text Block] | SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||||||
Interest and Taxes Paid | |||||||||||||
The following table sets forth the cash paid for interest and income taxes for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest, net | $ | 43,076 | $ | 57,206 | $ | 57,012 | |||||||
Income taxes | $ | 36,179 | $ | 14,522 | $ | 11,187 | |||||||
Significant Non-Cash Investing and Financing Activities | |||||||||||||
The Company had outstanding receivables from outside parties for the funding of capital expenditures of $32.1 million, $33.0 million and $25.0 million as of December 31, 2014, 2013 and 2012, respectively. At December 31, 2014, 2013 and 2012, $51.3 million, $40.1 million and $22.6 million, respectively, of purchases of property and equipment had not been paid and, accordingly, were accrued in accounts payable in the normal course of business. |
Segment_and_Geographic_Area_In
Segment and Geographic Area Information (Notes) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segments, Geographical Areas [Abstract] | |||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | SEGMENT AND GEOGRAPHIC AREA INFORMATION: | ||||||||||||||||||||||||
Segment Information | |||||||||||||||||||||||||
The Company's various railroad lines are divided into 11 operating regions. All of the regions have similar characteristics; however, the Company presents its financial information as two reportable segments, North American & European Operations and Australian Operations. | |||||||||||||||||||||||||
The results of operations of the foreign entities are maintained in the respective local currency (the Australian dollar, the Canadian dollar and the Euro) and then translated into United States dollars at the applicable exchange rates for inclusion in the consolidated financial statements. As a result, any appreciation or depreciation of these currencies against the United States dollar will impact the Company's results of operations. | |||||||||||||||||||||||||
The following tables set forth the Company's North American & European Operations and Australian Operations for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | |||||||||||||||||||||||
Operating revenues | $ | 1,325,830 | $ | 313,182 | $ | 1,639,012 | |||||||||||||||||||
Income from operations | $ | 330,560 | $ | 91,011 | $ | 421,571 | |||||||||||||||||||
Depreciation and amortization | $ | 128,986 | $ | 28,095 | $ | 157,081 | |||||||||||||||||||
Interest expense | $ | 43,722 | $ | 12,440 | $ | 56,162 | |||||||||||||||||||
Interest income | $ | 1,157 | $ | 288 | $ | 1,445 | |||||||||||||||||||
Provision for income taxes | $ | 83,664 | $ | 23,443 | $ | 107,107 | |||||||||||||||||||
Expenditures for additions to property & equipment, net of grants from outside parties | $ | 280,657 | $ | 25,064 | $ | 305,721 | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | |||||||||||||||||||||||
Operating revenues | $ | 1,243,847 | $ | 324,796 | $ | 1,568,643 | |||||||||||||||||||
Income from operations | $ | 284,122 | $ | 96,066 | $ | 380,188 | |||||||||||||||||||
Depreciation and amortization | $ | 114,542 | $ | 27,102 | $ | 141,644 | |||||||||||||||||||
Interest expense | $ | 52,740 | $ | 15,154 | $ | 67,894 | |||||||||||||||||||
Interest income | $ | 3,631 | $ | 340 | $ | 3,971 | |||||||||||||||||||
Provision for income taxes | $ | 24,038 | $ | 22,258 | $ | 46,296 | |||||||||||||||||||
Expenditures for additions to property & equipment, net of grants from outside parties | $ | 163,545 | $ | 51,860 | $ | 215,405 | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | |||||||||||||||||||||||
Operating revenues | $ | 585,893 | $ | 289,023 | $ | 874,916 | |||||||||||||||||||
Income from operations | $ | 115,387 | $ | 74,935 | $ | 190,322 | |||||||||||||||||||
Depreciation and amortization | $ | 50,156 | $ | 23,249 | $ | 73,405 | |||||||||||||||||||
Interest expense | $ | 45,996 | $ | 16,849 | $ | 62,845 | |||||||||||||||||||
Interest income | $ | 3,219 | $ | 506 | $ | 3,725 | |||||||||||||||||||
Provision for income taxes | $ | 28,451 | $ | 17,951 | $ | 46,402 | |||||||||||||||||||
Contingent forward sale contract mark-to-market expense | $ | 50,106 | $ | — | $ | 50,106 | |||||||||||||||||||
Income from equity investment from RailAmerica, net | $ | 15,557 | $ | — | $ | 15,557 | |||||||||||||||||||
Expenditures for additions to property & equipment, net of grants from outside parties | $ | 69,636 | $ | 122,426 | $ | 192,062 | |||||||||||||||||||
The following table sets forth the property and equipment recorded in the consolidated balance sheets as of December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | North American & European Operations | Australian Operations | Total Operations | ||||||||||||||||||||
Property & equipment, net | $ | 3,282,328 | $ | 506,154 | $ | 3,788,482 | $ | 2,883,452 | $ | 557,292 | $ | 3,440,744 | |||||||||||||
Geographic Area Information | |||||||||||||||||||||||||
Operating revenues for each geographic area for the years ended December 31, 2014, 2013 and 2012 were as follows (dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||||
United States | $ | 1,188,172 | 72.5 | % | $ | 1,100,334 | 70.2 | % | $ | 505,778 | 57.8 | % | |||||||||||||
Non-United States: | |||||||||||||||||||||||||
Australia | $ | 313,182 | 19.1 | % | $ | 324,796 | 20.7 | % | $ | 289,023 | 33 | % | |||||||||||||
Canada | 116,677 | 7.1 | % | 128,838 | 8.2 | % | 65,327 | 7.5 | % | ||||||||||||||||
Europe | 20,981 | 1.3 | % | 14,675 | 0.9 | % | 14,788 | 1.7 | % | ||||||||||||||||
Total Non-United States | $ | 450,840 | 27.5 | % | $ | 468,309 | 29.8 | % | $ | 369,138 | 42.2 | % | |||||||||||||
Total operating revenues | $ | 1,639,012 | 100 | % | $ | 1,568,643 | 100 | % | $ | 874,916 | 100 | % | |||||||||||||
Property and equipment for each geographic area as of December 31, 2014 and 2013 were as follows (dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||
Property and equipment located in: | |||||||||||||||||||||||||
United States | $ | 3,003,299 | 79.3 | % | $ | 2,642,263 | 76.8 | % | |||||||||||||||||
Non-United States: | |||||||||||||||||||||||||
Australia | $ | 506,154 | 13.4 | % | $ | 557,292 | 16.2 | % | |||||||||||||||||
Canada | 266,305 | 7 | % | 226,310 | 6.6 | % | |||||||||||||||||||
Europe | 12,724 | 0.3 | % | 14,879 | 0.4 | % | |||||||||||||||||||
Total Non-United States | $ | 785,183 | 20.7 | % | $ | 798,481 | 23.2 | % | |||||||||||||||||
Total property and equipment, net | $ | 3,788,482 | 100 | % | $ | 3,440,744 | 100 | % | |||||||||||||||||
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information [Text Block] | QUARTERLY FINANCIAL DATA (unaudited): | ||||||||||||||||
The following table sets forth the Company's quarterly results for the years ended December 31, 2014 and 2013 (dollars in thousands, except per share data): | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
2014 | |||||||||||||||||
Operating revenues | $ | 376,279 | $ | 414,563 | $ | 432,543 | $ | 415,627 | |||||||||
Income from operations | $ | 74,875 | $ | 110,109 | $ | 123,116 | $ | 113,471 | |||||||||
Net income | $ | 39,634 | $ | 60,889 | $ | 72,852 | $ | 87,631 | |||||||||
Diluted earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $ | 0.7 | $ | 1.07 | $ | 1.27 | $ | 1.53 | |||||||||
2013 | |||||||||||||||||
Operating revenues | $ | 374,950 | $ | 400,648 | $ | 401,377 | $ | 391,668 | |||||||||
Income from operations | $ | 76,200 | $ | 107,417 | $ | 101,741 | $ | 94,830 | |||||||||
Net income | $ | 82,728 | $ | 65,050 | $ | 66,225 | $ | 58,088 | |||||||||
Diluted earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $ | 1.46 | $ | 1.14 | $ | 1.16 | $ | 1.03 | |||||||||
The quarters shown were affected by the items below: | |||||||||||||||||
The first quarter of 2014 included (i) $0.5 million after-tax gain on sale of assets and (ii) $0.7 million after-tax business development and related costs. | |||||||||||||||||
The second quarter of 2014 included (i) $2.9 million after-tax credit facility refinancing-related costs, (ii) $1.0 million after-tax gain on sale of assets and (iii) $1.0 million after-tax business development and related costs. | |||||||||||||||||
The third quarter of 2014 included (i) $3.9 million tax benefit as a result of receiving consent from the United States IRS to change a tax accounting method retroactively for companies acquired as a result of the RailAmerica acquisition, (ii) $0.9 million after-tax gain on sale of assets, (iii) $0.7 million tax benefit related to differences between book income tax expense and final tax returns filed related to the previous fiscal year and (iv) $0.5 million after-tax business development and related costs. | |||||||||||||||||
The fourth quarter of 2014 included (i) $1.0 million after-tax gain on sale of assets, (ii) $19.6 million tax benefit associated with the United States Short Line Tax Credit for first three quarters of 2014, (iii) $7.4 million tax benefit associated with the United States Short Line Tax Credit for fourth quarter of 2014, (iv) $3.5 million tax expense due to the application of the full year 2014 effective tax rate to the results of the first three quarters of 2014 and (v) $1.0 million after-tax business development and related costs. | |||||||||||||||||
The first quarter of 2013 included (i) $41.0 million tax benefit associated with the retroactive extension of the United States Short Line Tax Credit for fiscal year 2012 that took place during first quarter of 2013, (ii) $4.0 million tax benefit associated with the United States Short Line Tax Credit for first quarter of 2013, (iii) $8.0 million after-tax RailAmerica integration costs, (iv) $1.3 million after-tax gain on sale of assets and (v) $0.4 million after-tax business development and related costs. | |||||||||||||||||
The second quarter of 2013 included (i) $7.5 million tax benefit associated with the United States Short Line Tax Credit, (ii) $0.7 million after-tax gain on sale of assets and (iii) $0.7 million after-tax business development and related costs. | |||||||||||||||||
The third quarter of 2013 included (i) $6.8 million tax benefit associated with the United States Short Line Tax Credit, (ii) $0.5 million after-tax gain on sale of assets, (iii) $1.3 million after-tax RailAmerica integration costs, (iv) $1.7 million tax benefit related to differences between book income tax expense and the final tax returns filed in the current year related to the previous fiscal year and (v) $1.3 million after-tax adjustment to depreciation and amortization expense as a result of finalizing the determination of fair values of the assets and liabilities acquired from RailAmerica. | |||||||||||||||||
The fourth quarter of 2013 included (i) $7.6 million tax benefit associated with the United States Short Line Tax Credit, (ii) $0.8 million after-tax gain on sale of assets, (iii) $2.0 million tax valuation allowance on foreign tax credits generated in prior years, (iii) $0.7 million after-tax business development and related costs and (iv) $0.6 million after-tax RailAmerica integration and acquisition-related costs. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
New Accounting Pronouncement or Change in Accounting Principle, Current Period Disclosures [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [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 an 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 November 2014, the FASB issued ASU 2014-17, Business Combinations (Topic 805): Pushdown Accounting, which provides that an acquired entity may elect to apply pushdown accounting in its separate financial statements upon a change-in-control event in which an acquirer obtains control of the acquired entity. This guidance is effective upon issuance of the standard 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 within the scope of this ASU as a lease in accordance with Topic 840, Leases. This guidance will be effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014, and should be applied on a modified retrospective basis. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. | |
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. Earlier 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. | |
In November 2014, the FASB issued ASU 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity, which clarifies how current GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. The amendments in this guidance are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS: |
Agreement to Acquire Freightliner Group Limited | |
On February 25, 2015, the Company announced its entry into an agreement to acquire approximately 95% of the shares of Freightliner Group Limited (Freightliner) for cash consideration of approximately £490 million (or approximately $755 million at current exchange rates) and to assume approximately £8.5 million (or approximately $13 million at current exchange rates) in net debt and capitalized leases. Members of the existing Freightliner management team will retain an approximate 5% ownership interest, and the Company expects to own 100% of Freightliner by mid-2020. The acquisition is expected to close during the first quarter of 2015. The Company plans to finance the acquisition of Freightliner through an amendment to its existing Amended and Restated Credit Agreement, with approximately $650 million from the issuance of new term loans and the remainder from funds drawn on its existing revolving credit facility. | |
Headquartered in London, England, Freightliner is an international freight rail operator with operations in the United Kingdom (U.K.), Poland, Germany, the Netherlands and Australia. Freightliner's principal business is located in the U.K. where it is the second largest freight rail operator, providing intermodal and heavy haul service throughout England, Scotland and Wales. In Continental Europe, Freightliner Poland primarily serves aggregates and coal customers in Poland. In addition, Freightliner's ERS subsidiary, based in Rotterdam, provides cross-border intermodal services connecting the northern European ports of Rotterdam, Bremerhaven and Hamburg to key cities in Germany, Poland, Italy and beyond. In Australia, Freightliner currently transports coal and containerized agricultural products for its customers in New South Wales. | |
Freightliner's fleet of primarily leased equipment includes approximately 250 standard gauge locomotives (mostly diesel-electric) as well as 5,500 wagons. Freightliner employs over 2,500 people worldwide. | |
Acquisition of Pinsly's Arkansas Division | |
On January 5, 2015, the Company completed the acquisition of certain subsidiaries that constitute Pinsly's Arkansas Division (Pinsly Arkansas) from Pinsly Railroad Company for approximately $40 million in cash, subject to adjustment for final working capital. The Company funded the acquisition with borrowings under the Company's Amended and Restated Credit Agreement. | |
Headquartered in Jones Mills, Arkansas, Pinsly Arkansas serves the Hot Springs and Little Rock areas, as well as the southwestern and southeastern portions of Arkansas and includes (1) the Arkansas Midland Railroad (AKMD), which is comprised of seven non-contiguous branch lines; (2) the Prescott & Northwestern Railroad (PNW); (3) the Warren & Saline River Railroad (WSR); and (4) the two Arkansas transload operations of Pinsly's Railroad Distribution Services subsidiary. Operations are composed of 137 miles of owned and leased track, 77 employees and 16 locomotives. The railroads currently haul approximately 35,000 carloads per year and serve a diverse customer base in industries including aluminum, forest products, aggregates, energy and carton board. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accounting Policies [Abstract] | |||||
Principles of Consolidation and Basis of Presentation Policy | Principles of Consolidation and Basis of Presentation | ||||
The consolidated financial statements presented herein include the accounts of Genesee & Wyoming Inc. and its subsidiaries. The consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (U.S. GAAP) as codified in the Financial Accounting Standards Board (FASB) Accounting Standards Codification. All significant intercompany transactions and accounts have been eliminated in consolidation. | |||||
Revenue Recognition Policy | Revenue Recognition | ||||
Railroad revenues are estimated and recognized as shipments initially move onto the Company's tracks, which, due to the relatively short duration of haul, is not materially different from the recognition of revenues as shipments progress. Industrial switching and other service revenues are recognized as such services are provided. | |||||
Cash and Cash Equivalents Policy | Cash and Cash Equivalents | ||||
The Company considers all highly liquid instruments with a maturity of three months or less when purchased to be cash equivalents. | |||||
Materials and Supplies Policy | Materials and Supplies | ||||
Materials and supplies consist primarily of purchased items for improvement and maintenance of road property and equipment and are stated at the lower of average cost or market. Materials and supplies are removed from inventory using the average cost method. | |||||
Business Combinations Policy | Business Combinations | ||||
The Company accounts for businesses it acquires using the acquisition method of accounting. Under this method, all acquisition-related costs are expensed as incurred. The Company records the underlying net assets at their respective acquisition-date fair values. As part of this process, the Company identifies and attributes values and estimated lives to property and equipment and intangible assets acquired. These determinations involve significant estimates and assumptions, including those with respect to future cash flows, discount rates and asset lives, and therefore require considerable judgment. These determinations affect the amount of depreciation and amortization expense recognized in future periods. The results of operations of acquired businesses are included in the consolidated statements of operations beginning on the respective business's acquisition date. | |||||
Property and Equipment Policy | Property and Equipment | ||||
Property and equipment are recorded at cost. Major renewals or improvements to property and equipment are capitalized, while routine maintenance and repairs are expensed when incurred. The Company incurs maintenance and repair expenses to keep its operations safe and fit for existing purpose. Major renewals or improvements to property and equipment, however, are undertaken to extend the useful life or increase the functionality of the asset, or both. Other than a de minimis threshold under which costs are expensed as incurred, the Company does not apply pre-defined capitalization thresholds when assessing spending for classification among capital or expense. | |||||
Unlike the Class I railroads that operate over extensive contiguous rail networks, the Company's short line and regional railroads are generally geographically dispersed businesses that transport freight over relatively short distances. As a result, the Company typically incurs minimal spending on self-constructed assets and, instead, the vast majority of its capital spending relates to purchased assets installed by professional contractors. In addition, the Company generally does not incur significant rail grinding or ballast cleaning expenses. However, if and when such costs are incurred, they are expensed. | |||||
The Company depreciates its property and equipment using the straight-line method over the useful lives of the property and equipment. The following table sets forth the estimated useful lives of the Company's major classes of property and equipment: | |||||
Estimated Useful Life (in Years) | |||||
Property: | Minimum | Maximum | |||
Buildings and leasehold improvements (subject to term of lease) | 2 | 40 | |||
Bridges/tunnels/culverts | 20 | 50 | |||
Track property | 5 | 50 | |||
Equipment: | |||||
Computer equipment | 2 | 10 | |||
Locomotives and railcars | 2 | 30 | |||
Vehicles and mobile equipment | 2 | 10 | |||
Signals and crossing equipment | 4 | 30 | |||
Track equipment | 2 | 20 | |||
Other equipment | 2 | 20 | |||
The Company reviews its long-lived tangible assets for impairment whenever events and circumstances indicate that the carrying amounts of such assets may not be recoverable. When factors indicate that an asset or asset group may not be recoverable, the Company uses an estimate of the related undiscounted future cash flows over the remaining life of such asset or asset group in measuring whether or not impairment has occurred. If impairment is identified, a loss would be reported to the extent that the carrying value of the related assets exceeds the fair value of those assets as determined by valuation techniques applicable in the circumstances. Losses from impairment of assets are charged to net (gain)/loss on sale and impairment of assets within operating expenses. | |||||
Gains or losses on sales, including sales of assets removed during track and equipment upgrade projects, or losses incurred through other dispositions, such as unanticipated retirement or destruction, are credited or charged to net (gain)/loss on sale and impairment of assets within operating expenses. Gains are recorded when realized if the sale value exceeds the remaining carrying value of the respective property and equipment. If the estimated salvage value is less than the remaining carrying value, the Company records the loss incurred equal to the respective asset's carrying value less salvage value. There were no material losses incurred through other dispositions from unanticipated or unusual events in the years ended December 31, 2014, 2013 or 2012. | |||||
Property and Equipment Useful Life [Table Text Block] | The following table sets forth the estimated useful lives of the Company's major classes of property and equipment: | ||||
Estimated Useful Life (in Years) | |||||
Property: | Minimum | Maximum | |||
Buildings and leasehold improvements (subject to term of lease) | 2 | 40 | |||
Bridges/tunnels/culverts | 20 | 50 | |||
Track property | 5 | 50 | |||
Equipment: | |||||
Computer equipment | 2 | 10 | |||
Locomotives and railcars | 2 | 30 | |||
Vehicles and mobile equipment | 2 | 10 | |||
Signals and crossing equipment | 4 | 30 | |||
Track equipment | 2 | 20 | |||
Other equipment | 2 | 20 | |||
Grants From Outside Parties Policy | Grants from Outside Parties | ||||
Grants from outside parties are recorded as deferred revenue within deferred items - grants from outside parties, and are amortized as a reduction to depreciation expense over the same period during which the associated assets are depreciated. | |||||
Goodwill and Indefinite-Lived Intangible Assets Policy | Goodwill and Indefinite-Lived Intangible Assets | ||||
The Company reviews the carrying values of goodwill and identifiable intangible assets with indefinite lives at least annually to assess impairment since these assets are not amortized. If the carrying amount of the asset exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess. The Company performs its annual impairment test as of November 30 of each year. No impairment was recognized for the years ended December 31, 2014, 2013 and 2012, as a result of our annual impairment test. Additionally, the Company reviews the carrying value of any indefinite-lived intangible asset or goodwill whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. The determination of fair value involves significant management judgment including assumptions about operating results, business plans, income projections, anticipated future cash flows and market data. Impairments are expensed when incurred and are charged to net (gain)/loss on sale and impairment of assets within operating expenses. | |||||
Amortizable Intangible Assets Policy | Amortizable Intangible Assets | ||||
The Company performs an impairment test on amortizable intangible assets when specific impairment indicators are present. The Company has amortizable intangible assets valued primarily as service agreements, customer contracts or relationships and track access agreements. These intangible assets are generally amortized on a straight-line basis over the expected economic longevity of the facility served, the customer relationship, or the length of the contract or agreement including expected renewals. | |||||
Derailment And Property Damages, Personal Injuries And Third-Party Claims Policy | Derailment and Property Damages, Personal Injuries and Third-Party Claims | ||||
The Company maintains liability and property insurance coverage to mitigate the financial risk of providing rail and rail-related services. Incidents involving entities previously owned by RailAmerica, Inc. (RailAmerica) that occurred prior to the Company's August 1, 2013 insurance renewal are insured under RailAmerica's legacy liability and property insurance policies. The Company's primary liability policies currently have self-insured retentions of up to $2.5 million per occurrence. RailAmerica's prior primary liability policies' self-insured retentions were as high as $4.0 million per occurrence. With respect to the transportation of hazardous commodities, the Company's liability policies cover third-party claims and damages associated with sudden releases of hazardous materials, including expenses related to evacuation, as a result of a railroad accident. Personal injuries associated with grade crossing accidents are also covered under the Company's liability policies. The Company's property policies cover property and equipment that the Company owns, and property in the Company's care, custody and control and have various self-insured retentions, which vary based on type and location of the incident, of up to $1.0 million per occurrence, except in Australia where the Company's self-insured retention for property damage due to a cyclone or flood is A$2.5 million. RailAmerica's property damage policies previously had self-insured retentions of up to $1.5 million per occurrence. The property policies also provide business interruption insurance arising from covered events. | |||||
Employees of the Company's United States railroads are covered by the Federal Employers' Liability Act (FELA), a fault-based system under which claims resulting from injuries and deaths of railroad employees are settled by negotiation or litigation. FELA-related claims are covered under the Company's liability policies. Employees of the Company's industrial switching, transloading and railroad construction businesses are covered under workers' compensation policies. | |||||
Accruals for FELA claims by the Company's railroad employees and third-party personal injury or other claims are recorded in the period when such claims are determined to be probable and estimable. These estimates are updated in future periods as information develops. | |||||
Income Taxes Policy | Income Taxes | ||||
The Company files a consolidated United States federal income tax return, which includes all of its United States subsidiaries. Each of the Company's foreign subsidiaries files appropriate income tax returns in each of its respective countries. The provision for, or benefit from, income taxes includes deferred taxes resulting from temporary differences using a balance sheet approach. Such temporary differences result primarily from differences in the carrying value of assets and liabilities for financial reporting and tax purposes. Future realization of deferred income tax assets is dependent upon the Company's ability to generate sufficient taxable income. The Company evaluates on a quarterly basis whether, based on all available evidence, the deferred income tax assets will be realizable. Valuation allowances are established when it is estimated that it is more likely than not that the tax benefit of a deferred tax asset will not be realized | |||||
Stock-Based Compensation Policy | Stock-Based Compensation | ||||
The Compensation Committee of the Company's Board of Directors (Compensation Committee) has discretion to determine grantees, grant dates, amounts of grants, vesting and expiration dates for stock-based compensation awarded to the Company's employees under the Company's Second Amended and Restated 2004 Omnibus Incentive Plan (the Omnibus Plan). The Omnibus Plan permits the issuance of stock options, restricted stock, restricted stock units and any other form of award established by the Compensation Committee, in each case consistent with the Omnibus Plan's purpose. Under the terms of the awards, equity grants for employees generally vest over three years and equity grants for directors vest over their respective remaining terms as directors. | |||||
The grant date fair value of non-vested shares, less estimated forfeitures, is recorded to compensation expense on a straight-line basis over the vesting period. The fair value of each option grant is estimated on the date of grant using the Black-Scholes pricing model and straight-line amortization of compensation expense is recorded over the requisite service period of the grant. Two assumptions in the Black-Scholes pricing model require management judgment: the life of the option and the volatility of the stock over the life of the option. The assumption for the life of the option is based on historical experience and is estimated for each grant. The assumption for the volatility of the stock is based on a combination of historical and implied volatility. The fair value of the Company's restricted stock and restricted stock units is based on the closing market price of the Company's Class A Common Stock on the date of grant. The grant date fair value of performance-based restricted stock units is estimated on the date of grant using the Monte Carlo simulation model and straight-line amortization of compensation expense is recorded over the requisite service period of the grant. Three assumptions in the Monte Carlo simulation model require management judgment: volatility of the Company's Class A Common Stock, volatility of the stock of the members of the two peer groups and the correlation coefficients between the Company's stock price and the stock price of the peer groups. Volatility is based on a combination of historical and implied volatility. The correlation coefficients are calculated based upon the historical price data used to calculate the volatilities. | |||||
Fair Value of Financial Instruments Policy | Fair Value of Financial Instruments | ||||
The Company applies the following three-level hierarchy of valuation inputs for measuring fair value: | |||||
• | Level 1 – Quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. | ||||
• | Level 2 – Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which all significant inputs are observable market data. | ||||
• | Level 3 – Valuations derived from valuation techniques in which one or more significant inputs are unobservable. | ||||
Foreign Currency Policy | Foreign Currency | ||||
The consolidated financial statements of the Company's foreign subsidiaries are prepared in the local currency of the respective subsidiary and translated into United States dollars based on the exchange rate at the end of the period for balance sheet items and, for the statement of operations, at the average rate for the period. Currency translation adjustments are reflected within the equity section of the balance sheet and are included in other comprehensive income. Upon complete or substantially complete liquidation of the underlying investment in the foreign subsidiary, cumulative translation adjustments are recognized in the consolidated statement of operations | |||||
Management Estimates Policy | Management Estimates | ||||
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to use judgment and to make estimates and assumptions that affect business combinations, reported assets, liabilities, revenues and expenses during the reporting period. Significant estimates using management judgment are made in the areas of recoverability and useful life of assets, as well as liabilities for casualty claims and income taxes. Actual results could differ from those estimates | |||||
Risks and Uncertainties Policy | Risks and Uncertainties | ||||
Slower growth, an economic recession, or significant changes in commodity prices or regulation that affects the countries where the Company operates or their imports and exports, could negatively impact the Company's business. The Company is required to assess for potential impairment of non-current assets whenever events or changes in circumstances, including economic circumstances, indicate that the respective asset's carrying amount may not be recoverable. A decline in current macroeconomic or financial conditions could have a material adverse effect on the Company's results of operations, financial condition and liquidity | |||||
Earnings Per Share Policy | The authorized capital stock of the Company consists of two classes of common stock designated as Class A Common Stock and Class B Common Stock. The holders of Class A Common Stock and Class B Common Stock are entitled to one vote and 10 votes per share, respectively. Each share of Class B Common Stock is convertible into one share of Class A Common Stock at any time at the option of the holder, subject to the provisions of the Class B Stockholders' Agreement dated as of May 20, 1996. In addition, pursuant to the Class B Stockholders' Agreement, certain transfers of the Class B Common Stock, including transfers to persons other than our executive officers, will result in automatic conversion of Class B Common Stock into shares of Class A Common Stock. Holders of Class A Common Stock and Class B Common Stock shall have identical rights in the event of liquidation. | ||||
Dividends declared by the Company's Board of Directors are payable on the outstanding shares of Class A Common Stock or both Class A Common Stock and Class B Common Stock, as determined by the Board of Directors. If the Board of Directors declares a dividend on both classes of stock, then the holder of each share of Class A Common Stock is entitled to receive a dividend that is 10% more than the dividend declared on each share of Class B Common Stock. Stock dividends declared can only be paid in shares of Class A Common Stock. The Company currently intends to retain all earnings to support its operations and future growth and, therefore, does not anticipate the declaration or payment of cash dividends on its common stock in the foreseeable future. | |||||
Receivables, Policy [Policy Text Block] | Accounts receivable are recorded at the invoiced amount and generally do not bear interest. The allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses on existing accounts receivable. Management determines the allowance based on historical write-off experience within each of the Company's regions. Management reviews material past due balances on a monthly basis. Account balances are charged off against the allowance when management determines it is probable that the receivable will not be recovered. | ||||
Derivatives, Policy [Policy Text Block] | 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 (loss)/income. As the hedged item is realized, the gain or loss included in accumulated other comprehensive (loss)/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 in which 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, net. | |||||
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, net. | |||||
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 (loss)/income, 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. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accounting Policies [Abstract] | |||||
Property and equipment useful life [Table Text Block] | The following table sets forth the estimated useful lives of the Company's major classes of property and equipment: | ||||
Estimated Useful Life (in Years) | |||||
Property: | Minimum | Maximum | |||
Buildings and leasehold improvements (subject to term of lease) | 2 | 40 | |||
Bridges/tunnels/culverts | 20 | 50 | |||
Track property | 5 | 50 | |||
Equipment: | |||||
Computer equipment | 2 | 10 | |||
Locomotives and railcars | 2 | 30 | |||
Vehicles and mobile equipment | 2 | 10 | |||
Signals and crossing equipment | 4 | 30 | |||
Track equipment | 2 | 20 | |||
Other equipment | 2 | 20 |
Changes_in_Operations_Tables
Changes in Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Significant Changes in Operations [Abstract] | |||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following acquisition-date fair values were assigned to the acquired net assets (dollars in thousands): | ||||||||||||
Materials and supplies | $ | 3,621 | |||||||||||
Prepaid expenses and other | 116 | ||||||||||||
Property and equipment | 217,032 | ||||||||||||
Deferred income tax assets | 325 | ||||||||||||
Total assets | 221,094 | ||||||||||||
Current portion of long-term debt | 1,121 | ||||||||||||
Accounts payable and accrued expenses | 108 | ||||||||||||
Long-term debt, less current portion | 1,260 | ||||||||||||
Net assets | $ | 218,605 | |||||||||||
Schedule of Noncash or Part Noncash Acquisitions [Table Text Block] | The calculation of the total consideration for the RailAmerica acquisition is presented below (in thousands, except per share amount): | ||||||||||||
RailAmerica outstanding common stock as of October 1, 2012 | 49,934 | ||||||||||||
Cash purchase price per share | $ | 27.5 | |||||||||||
Equity purchase price | $ | 1,373,184 | |||||||||||
Payment of RailAmerica's outstanding term loan and revolving credit facility | 659,198 | ||||||||||||
Cash consideration | 2,032,382 | ||||||||||||
Impact of pre-acquisition share-based awards | 9,400 | ||||||||||||
Total consideration | $ | 2,041,782 | |||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The fair values assigned to the acquired net assets of RailAmerica were as follows (dollars in thousands): | ||||||||||||
RailAmerica | |||||||||||||
As of | As of December 28, 2012 | ||||||||||||
1-Oct-12 | Preliminary | Final | |||||||||||
Cash and cash equivalents | $ | 86,102 | $ | 107,922 | $ | 107,922 | |||||||
Accounts receivable | 104,839 | 91,424 | 90,659 | ||||||||||
Materials and supplies | 6,406 | 7,325 | 7,325 | ||||||||||
Prepaid expenses and other | 15,146 | 14,815 | 15,801 | ||||||||||
Deferred income tax assets | 49,074 | 49,074 | 56,998 | ||||||||||
Property and equipment | 1,579,321 | 1,588,612 | 1,599,282 | ||||||||||
Goodwill | 474,115 | 474,115 | 471,028 | ||||||||||
Intangible assets | 451,100 | 446,327 | 416,427 | ||||||||||
Other assets | 116 | 116 | 116 | ||||||||||
Total assets | 2,766,219 | 2,779,730 | 2,765,558 | ||||||||||
Accounts payable and accrued expenses | 143,790 | 135,117 | 140,160 | ||||||||||
Long-term debt | 12,158 | 12,010 | 12,010 | ||||||||||
Deferred income tax liabilities, net | 542,210 | 551,856 | 535,864 | ||||||||||
Other long-term liabilities | 20,754 | 19,618 | 21,439 | ||||||||||
Noncontrolling interest | 5,525 | 5,525 | 481 | ||||||||||
Net assets | $ | 2,041,782 | $ | 2,055,604 | $ | 2,055,604 | |||||||
Business Acquisition, Pro Forma Information [Table Text Block] | The following table summarizes the Company's unaudited pro forma operating results for the year ended December 31, 2012 as if the acquisition of RailAmerica had been consummated as of January 1, 2011. The pro forma operating results do not include the impact of any potential operating efficiencies, savings from expected synergies, costs to integrate the operations or costs necessary to achieve savings from expected synergies, or the impact of derivative instruments that the Company has entered into or may enter into to mitigate interest rate or currency exchange rate risk (dollars in thousands, except per share amounts): | ||||||||||||
2012 | |||||||||||||
Operating revenues | $ | 1,461,419 | |||||||||||
Net income attributable to Genesee & Wyoming Inc. | $ | 112,191 | |||||||||||
Less: Series A-1 Preferred Stock dividend | 17,500 | ||||||||||||
Net income available to common stockholders | $ | 94,691 | |||||||||||
Basic earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $ | 1.99 | |||||||||||
Diluted earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $ | 1.89 | |||||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 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 (EPS) for the years ended December 31, 2014, 2013 and 2012 (in thousands, except per share amounts): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerators: | |||||||||||||
Net income attributable to Genesee & Wyoming Inc. common stockholders | $ | 260,755 | $ | 271,296 | $ | 52,433 | |||||||
Less: Series A-1 Preferred Stock dividend | — | 2,139 | 4,375 | ||||||||||
Net income available to common stockholders | $ | 260,755 | $ | 269,157 | $ | 48,058 | |||||||
Denominators: | |||||||||||||
Weighted average Class A common shares outstanding -Basic | 55,305 | 53,788 | 42,693 | ||||||||||
Weighted average Class B common shares outstanding | 1,305 | 1,675 | 2,038 | ||||||||||
Dilutive effect of employee stock-based awards | 362 | 494 | 601 | ||||||||||
Dilutive effect of Series A-1 Preferred Stock | — | 722 | 5,984 | ||||||||||
Weighted average shares - Diluted | 56,972 | 56,679 | 51,316 | ||||||||||
Earnings per common share attributable to Genesee & Wyoming Inc. common stockholders: | |||||||||||||
Basic earnings per common share | $ | 4.71 | $ | 5 | $ | 1.13 | |||||||
Diluted earnings per common share | $ | 4.58 | $ | 4.79 | $ | 1.02 | |||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | Each TEU consists of a prepaid stock purchase contract (Purchase Contract) and a senior amortizing note due October 1, 2015 (Amortizing Note) issued by the Company. Unless settled or redeemed earlier or extended, each Purchase Contract will automatically settle on October 1, 2015. If the applicable market value (as defined in the Purchase Contract) of the Company's Class A Common Stock is greater than or equal to $80.94, then the Company will deliver 1.2355 shares per Purchase Contract and if the applicable market value is less than or equal to $64.75, then the Company will deliver 1.5444 shares per Purchase Contract, with such share amounts subject to adjustment. Otherwise, the Company will deliver a number of shares of its Class A Common Stock per Purchase Contract equal to $100 divided by the applicable market value. Accordingly, for illustrative purposes, the following table provides the calculated impact on the Company's weighted average diluted shares outstanding for the year ended December 31, 2014 assuming the conversion of the Company's outstanding TEUs into Class A Common Stock based on the assumptions for the Company's stock price stated in the table (in thousands, except per share amounts): | ||||||||||||
Assumed Market Price of Class A Common Stock | TEU Common Stock Equivalents | Weighted Average Diluted Shares Outstanding | |||||||||||
Minimum common stock equivalents | $ | 80.94 | 2,842 | 56,972 | |||||||||
Middle of range of common stock equivalents | $ | 73 | 3,151 | 57,281 | |||||||||
Maximum common stock equivalents | $ | 64.75 | 3,552 | 57,682 | |||||||||
Weighted average Class B common shares outstanding, common shares issuable under the assumed exercise of stock-based awards computed based on the treasury stock method and Series A-1 Preferred Stock were the only reconciling items between the Company's basic and diluted weighted average shares outstanding. | |||||||||||||
The total potential issuable common shares outstanding, which include options, restricted stock units and performance-based restricted stock units, used to calculate weighted average share equivalents for diluted EPS as of December 31, 2014, 2013 and 2012, was as follows (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Potential issuable common shares used to calculate weighted average share equivalents | 1,063 | 1,063 | 1,400 | ||||||||||
The following total number of shares of Class A Common Stock issuable under the assumed exercises and lapse of stock-based awards computed based on the treasury stock method were excluded from the calculation of diluted EPS, as the effect of including these shares would have been anti-dilutive (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Anti-dilutive shares | 319 | 105 | 143 | ||||||||||
The following table sets forth the increase in the Company's weighted average basic shares outstanding for the years ended December 31, 2014, 2013 and 2012 as a result of the Company's public offering of Class A Common Stock in September 2012, shares issuable upon settlement of the prepaid stock purchase contract component of the TEUs issued in September 2012 based on the market price of the Company's Class A Common Stock at December 31, 2014, 2013 and 2012, respectively, and from the conversion of the Series A-1 Preferred Stock into the Company's Class A Common Stock in February 2013 (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Class A Common Stock offering | 3,791 | 3,791 | 1,067 | ||||||||||
Shares issuable upon settlement of the prepaid stock purchase contract component of the TEUs | 2,842 | 2,842 | 851 | ||||||||||
Conversion of Series A-1 Preferred Stock | 5,984 | 5,263 | — | ||||||||||
Accounts_Receivable_Accounts_R
Accounts Receivable Accounts Receivable (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounts Receivable, Net [Abstract] | |||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts receivable consisted of the following at December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||
2014 | 2013 | ||||||||||||
Accounts receivable - trade | $ | 304,087 | $ | 275,380 | |||||||||
Accounts receivable - grants from outside parties | 32,076 | 33,003 | |||||||||||
Accounts receivable - insurance and other third-party claims | 26,941 | 31,643 | |||||||||||
Total accounts receivable | 363,104 | 340,026 | |||||||||||
Allowance for doubtful accounts | (5,826 | ) | (3,755 | ) | |||||||||
Accounts receivable, net | $ | 357,278 | $ | 336,271 | |||||||||
Schedule of Allowance for Doubtful Accounts [Table Text Block] | Activity in the Company's allowance for doubtful accounts for the years ended December 31, 2014, 2013 and 2012 was as follows (dollars in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance, beginning of year | $ | 3,755 | $ | 2,693 | $ | 2,807 | |||||||
Provisions | 5,191 | 2,741 | 977 | ||||||||||
Charges | (3,120 | ) | (1,679 | ) | (1,091 | ) | |||||||
Balance, end of year | $ | 5,826 | $ | 3,755 | $ | 2,693 | |||||||
Property_and_Equipment_and_Lea1
Property and Equipment and Leases (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment, Net, Including and Excluding Capital Leased Asset [Abstract] | |||||||||||||
Property and Equipment [Table Text Block] | Major classifications of property and equipment as of December 31, 2014 and 2013 were as follows (dollars in thousands): | ||||||||||||
2014 | |||||||||||||
Gross Book Value | Accumulated Depreciation | Net Book Value | |||||||||||
Property: | |||||||||||||
Land and land improvements | $ | 582,383 | $ | — | $ | 582,383 | |||||||
Buildings and leasehold improvements | 126,860 | (22,719 | ) | 104,141 | |||||||||
Bridges/tunnels/culverts | 636,605 | (60,771 | ) | 575,834 | |||||||||
Track property | 2,350,647 | (357,969 | ) | 1,992,678 | |||||||||
Total property | 3,696,495 | (441,459 | ) | 3,255,036 | |||||||||
Equipment: | |||||||||||||
Computer equipment | 13,997 | (8,352 | ) | 5,645 | |||||||||
Locomotives and railcars | 531,948 | (145,073 | ) | 386,875 | |||||||||
Vehicles and mobile equipment | 54,419 | (31,209 | ) | 23,210 | |||||||||
Signals and crossing equipment | 65,581 | (22,408 | ) | 43,173 | |||||||||
Track equipment | 27,073 | (9,019 | ) | 18,054 | |||||||||
Other equipment | 29,532 | (16,017 | ) | 13,515 | |||||||||
Total equipment | 722,550 | (232,078 | ) | 490,472 | |||||||||
Construction-in-process | 42,974 | — | 42,974 | ||||||||||
Total property and equipment | $ | 4,462,019 | $ | (673,537 | ) | $ | 3,788,482 | ||||||
2013 | |||||||||||||
Gross Book Value | Accumulated Depreciation | Net Book Value | |||||||||||
Property: | |||||||||||||
Land and land improvements | $ | 547,163 | $ | — | $ | 547,163 | |||||||
Buildings and leasehold improvements | 123,295 | (19,834 | ) | 103,461 | |||||||||
Bridges/tunnels/culverts | 556,108 | (46,162 | ) | 509,946 | |||||||||
Track property | 2,078,084 | (297,207 | ) | 1,780,877 | |||||||||
Total property | 3,304,650 | (363,203 | ) | 2,941,447 | |||||||||
Equipment: | |||||||||||||
Computer equipment | 11,307 | (5,967 | ) | 5,340 | |||||||||
Locomotives and railcars | 493,977 | (118,544 | ) | 375,433 | |||||||||
Vehicles and mobile equipment | 42,127 | (27,112 | ) | 15,015 | |||||||||
Signals and crossing equipment | 63,208 | (16,746 | ) | 46,462 | |||||||||
Track equipment | 19,205 | (7,277 | ) | 11,928 | |||||||||
Other equipment | 28,524 | (13,800 | ) | 14,724 | |||||||||
Total equipment | 658,348 | (189,446 | ) | 468,902 | |||||||||
Construction-in-process | 30,395 | — | 30,395 | ||||||||||
Total property and equipment | $ | 3,993,393 | $ | (552,649 | ) | $ | 3,440,744 | ||||||
Construction-in-process consisted primarily of costs associated with equipment purchases and track and equipment upgrades. Major classifications of construction-in-process as of December 31, 2014 and 2013 were as follows (dollars in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Property: | |||||||||||||
Buildings and leasehold improvements | $ | 1,312 | $ | 92 | |||||||||
Bridges/tunnels/culverts | 4,082 | 937 | |||||||||||
Track property | 24,078 | 21,912 | |||||||||||
Equipment: | |||||||||||||
Locomotives and railcars | 11,170 | 6,657 | |||||||||||
Other equipment | 2,332 | 797 | |||||||||||
Total construction-in-process | $ | 42,974 | $ | 30,395 | |||||||||
Railcars and Locomotives Leased [Table Text Block] | The number of railcars and locomotives leased by the Company as of December 31, 2014 and 2013 was as follows: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Railcars | 18,583 | 17,718 | |||||||||||
Locomotives | 162 | 100 | |||||||||||
Schedule of Rent Expense [Table Text Block] | The Company's operating lease expense for equipment and real property leases and expense for the use of other railroad and other third parties' track for the years ended December 31, 2014, 2013 and 2012 was as follows (2012 excludes lease expense related to RailAmerica's equipment and real property leases and trackage rights expense included in equity earnings for the period from October 1, 2012 to December 28, 2012) (dollars in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Equipment | $ | 29,462 | $ | 32,050 | $ | 13,386 | |||||||
Real property | $ | 8,361 | $ | 8,062 | $ | 5,055 | |||||||
Trackage rights | $ | 53,783 | $ | 50,911 | $ | 28,250 | |||||||
Future Minimum Lease Payments [Table Text Block] | The following is a summary of future minimum lease payments under capital leases and operating leases as of December 31, 2014 (dollars in thousands): | ||||||||||||
Capital | Operating | Total | |||||||||||
2015 | $ | 1,996 | $ | 30,570 | $ | 32,566 | |||||||
2016 | 1,612 | 23,124 | 24,736 | ||||||||||
2017 | 8,295 | 18,520 | 26,815 | ||||||||||
2018 | 24 | 14,912 | 14,936 | ||||||||||
2019 | 25 | 11,325 | 11,350 | ||||||||||
Thereafter | 143 | 121,469 | 121,612 | ||||||||||
Total minimum payments | $ | 12,095 | $ | 219,920 | $ | 232,015 | |||||||
Intangible_Assets_Other_Assets1
Intangible Assets, Other Assets, Net and Goodwill (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||
Schedule Of Intangible Assets By Major Class [Table Text Block] | Intangible assets as of December 31, 2014 and 2013 were as follows (dollars in thousands): | ||||||||||||||
2014 | |||||||||||||||
Gross | Accumulated | Intangible Assets, Net | Weighted | ||||||||||||
Carrying | Amortization | Average | |||||||||||||
Amount | Amortization | ||||||||||||||
Period | |||||||||||||||
(in Years) | |||||||||||||||
Intangible assets: | |||||||||||||||
Amortizable intangible assets: | |||||||||||||||
Service agreements | $ | 37,622 | $ | (14,880 | ) | $ | 22,742 | 28 | |||||||
Customer contracts and relationships | 177,179 | (26,738 | ) | 150,441 | 36 | ||||||||||
Track access agreements | 424,835 | (46,367 | ) | 378,468 | 43 | ||||||||||
Total amortizable intangible assets | $ | 639,636 | $ | (87,985 | ) | $ | 551,651 | 40 | |||||||
Non-amortizable intangible assets: | |||||||||||||||
Perpetual track access agreements | 35,891 | ||||||||||||||
Operating license | 121 | ||||||||||||||
Total intangible assets, net | $ | 587,663 | |||||||||||||
2013 | |||||||||||||||
Gross | Accumulated | Intangible Assets, Net | Weighted | ||||||||||||
Carrying | Amortization | Average | |||||||||||||
Amount | Amortization | ||||||||||||||
Period | |||||||||||||||
(in Years) | |||||||||||||||
Intangible assets: | |||||||||||||||
Amortizable intangible assets: | |||||||||||||||
Service agreements | $ | 37,622 | $ | (13,547 | ) | $ | 24,075 | 28 | |||||||
Customer contracts and relationships | 178,603 | (22,899 | ) | 155,704 | 36 | ||||||||||
Track access agreements | 430,241 | (32,116 | ) | 398,125 | 43 | ||||||||||
Total amortizable intangible assets | $ | 646,466 | $ | (68,562 | ) | $ | 577,904 | 40 | |||||||
Non-amortizable intangible assets: | |||||||||||||||
Perpetual track access agreements | 35,891 | ||||||||||||||
Operating license | 138 | ||||||||||||||
Total intangible assets, net | $ | 613,933 | |||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The Company estimates the future aggregate amortization expense related to its intangible assets as of December 31, 2014 will be as follows for the periods presented (dollars in thousands): | ||||||||||||||
2015 | $ | 21,520 | |||||||||||||
2016 | 21,471 | ||||||||||||||
2017 | 21,471 | ||||||||||||||
2018 | 19,817 | ||||||||||||||
2019 | 14,857 | ||||||||||||||
Thereafter | 452,515 | ||||||||||||||
Total | $ | 551,651 | |||||||||||||
Schedule of Other Assets [Table Text Block] | Other assets as of December 31, 2014 and 2013 were as follows (dollars in thousands): | ||||||||||||||
2014 | |||||||||||||||
Gross | Accumulated | Other Assets, Net | Weighted | ||||||||||||
Carrying | Amortization | Average | |||||||||||||
Amount | Amortization | ||||||||||||||
Period | |||||||||||||||
(in Years) | |||||||||||||||
Other assets: | |||||||||||||||
Deferred financing costs | $ | 27,158 | $ | (4,261 | ) | $ | 22,897 | 4 | |||||||
Other assets | 16,970 | — | 16,970 | 0 | |||||||||||
Total other assets, net | $ | 44,128 | $ | (4,261 | ) | $ | 39,867 | ||||||||
2013 | |||||||||||||||
Gross | Accumulated | Other Assets, Net | Weighted | ||||||||||||
Carrying | Amortization | Average | |||||||||||||
Amount | Amortization | ||||||||||||||
Period | |||||||||||||||
(in Years) | |||||||||||||||
Other assets: | |||||||||||||||
Deferred financing costs | $ | 43,650 | $ | (11,930 | ) | $ | 31,720 | 4 | |||||||
Other assets | 52,241 | (14 | ) | 52,227 | 0 | ||||||||||
Total other assets, net | $ | 95,891 | $ | (11,944 | ) | $ | 83,947 | ||||||||
Schedule Deferred Financing Costs, Future Amortization Expense [Table Text Block] | As of December 31, 2014, the Company estimated the future interest expense related to amortization of its deferred financing costs will be as follows for the periods presented (dollars in thousands): | ||||||||||||||
2015 | $ | 5,708 | |||||||||||||
2016 | 5,439 | ||||||||||||||
2017 | 5,190 | ||||||||||||||
2018 | 4,755 | ||||||||||||||
2019 | 1,805 | ||||||||||||||
Total | $ | 22,897 | |||||||||||||
Schedule of Goodwill [Table Text Block] | The changes in the carrying amount of goodwill for the years ended December 31, 2014 and 2013 were as follows (dollars in thousands): | ||||||||||||||
2014 | 2013 | ||||||||||||||
Goodwill: | |||||||||||||||
Balance at beginning of period | $ | 630,462 | $ | 634,953 | |||||||||||
Goodwill acquired | 2,409 | — | |||||||||||||
Purchase accounting adjustments | 295 | (3,087 | ) | ||||||||||||
Currency translation adjustment | (4,351 | ) | (1,404 | ) | |||||||||||
Balance at end of period | $ | 628,815 | $ | 630,462 | |||||||||||
Equity_Investment_Tables
Equity Investment (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Equity Method Investment, Summarized Financial Information [Abstract] | ||||
Condensed Consolidated Statement of Operations [Table Text Block] | RAILAMERICA, INC. AND SUBSIDIARIES | |||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | ||||
(dollars in thousands) | ||||
Period from October 1, 2012 (Acquisition) to | ||||
28-Dec-12 | ||||
Operating revenues | $ | 151,065 | ||
Operating expenses | 124,928 | |||
Income from operations | 26,137 | |||
Interest expense | (90 | ) | ||
Other income | 9 | |||
Income before income taxes | 26,056 | |||
Provision for income taxes | 10,250 | |||
Net income | 15,806 | |||
Less: Net income attributable to noncontrolling interest | — | |||
Net income attributable to RailAmerica. Inc. | $ | 15,806 | ||
Condensed Consolidated Statement of Comprehensive Income [Table Text Block] | RAILAMERICA, INC. AND SUBSIDIARIES | |||
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||
(dollars in thousands) | ||||
Period from October 1, 2012 (Acquisition) to | ||||
28-Dec-12 | ||||
Net income | $ | 15,806 | ||
Other comprehensive income/(loss): | ||||
Foreign currency translation adjustment | (2,150 | ) | ||
Actuarial gain associated with pension and postretirement benefit plans, net of tax provision of $53 | 166 | |||
Other comprehensive loss | (1,984 | ) | ||
Comprehensive income | $ | 13,822 | ||
Condensed Consolidated Statement of Cash Flows [Table Text Block] | RAILAMERICA, INC. AND SUBSIDIARIES | |||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | ||||
(dollars in thousands) | ||||
Period from October 1, 2012 (Acquisition) to | ||||
December 28, 2012 | ||||
Net cash provided by operating activities | $ | 41,897 | ||
Net cash used in investing activities | (19,804 | ) | ||
Net cash used in financing activities | (144 | ) | ||
Effect of exchange rate changes on cash and cash equivalents | (129 | ) | ||
Increase in cash and cash equivalents | 21,820 | |||
Cash and cash equivalents, beginning of period | 86,102 | |||
Cash and cash equivalents, end of period | $ | 107,922 | ||
Longterm_Debt_Tables
Long-term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Long-term Debt, Unclassified [Abstract] | |||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consisted of the following as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||
2014 | 2013 | ||||||||
Credit Agreement with variable interest rates (weighted average of 1.92% and 2.13% before impact of interest rate swaps at December 31, 2014 and 2013, respectively) due 2019 | $ | 1,584,044 | $ | 1,583,798 | |||||
Amortizing Notes component of TEUs with fixed interest rate of 5.00% due 2015 | 11,184 | 21,878 | |||||||
Other debt and capital leases with interest rates up to 10.00% and maturing at various dates up to 2054 | 20,221 | 19,036 | |||||||
Long-term debt | 1,615,449 | 1,624,712 | |||||||
Less: current portion | 67,398 | 84,366 | |||||||
Long-term debt, less current portion | $ | 1,548,051 | $ | 1,540,346 | |||||
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 | $ | 989,000 | |||||||
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$ | 104,180 | |||||||
Maximum Total Leverage Ratios [Table Text Block] | Under the Amended and Restated Credit Agreement, the Company may not exceed specified maximum total leverage ratios which were modified by Amendment No. 2, 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 | ||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | The following is a summary of the maturities of long-term debt, including capital leases, as of December 31, 2014 (dollars in thousands): | ||||||||
2015 | $ | 67,492 | |||||||
2016 | 87,037 | ||||||||
2017 | 136,084 | ||||||||
2018 | 170,034 | ||||||||
2019 | 1,153,239 | ||||||||
Thereafter (1) | 41,003 | ||||||||
Total | $ | 1,654,889 | |||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Derivative Instrument Detail [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 | |||||||||
9/30/14 | 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 2014 and 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 | ||||||||||
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 | ||||||||||
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 December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||
Fair Value | ||||||||||||||
Balance Sheet Location | 2014 | 2013 | ||||||||||||
Asset Derivatives: | ||||||||||||||
Derivatives designated as hedges: | ||||||||||||||
Interest rate swap agreements | Prepaid expenses and other | $ | 35 | $ | — | |||||||||
Interest rate swap agreements | Other assets, net | 101 | 36,987 | |||||||||||
Total derivatives designated as hedges | $ | 136 | $ | 36,987 | ||||||||||
Derivatives not designated as hedges: | ||||||||||||||
Cross-currency swap agreements | Prepaid expenses and other | $ | — | $ | 16,056 | |||||||||
Liability Derivatives: | ||||||||||||||
Derivatives designated as hedges: | ||||||||||||||
Interest rate swap agreements | Accrued expenses | $ | 2,249 | $ | 1,601 | |||||||||
Interest rate swap agreements | Other long-term liabilities | 2,462 | 838 | |||||||||||
Total derivatives designated as hedges | $ | 4,711 | $ | 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 years ended December 31, 2014, 2013 and 2012 in other comprehensive income/(loss) (OCI) (dollars in thousands): | |||||||||||||
Total Cash Flow | ||||||||||||||
Hedge OCI Activity, | ||||||||||||||
Net of Tax | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Derivatives Designated as Cash Flow Hedges: | ||||||||||||||
Effective portion of changes in fair value recognized in OCI: | ||||||||||||||
Interest rate swap agreement | $ | (23,473 | ) | $ | 20,988 | $ | 4,053 | |||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table shows the effect of the Company's derivative instruments not designated as hedges for the years ended December 31, 2014, 2013 and 2012 in the consolidated statements of operations (dollars in thousands): | |||||||||||||
Amount Recognized in Earnings | ||||||||||||||
Location of Amount Recognized | 2014 | 2013 | 2012 | |||||||||||
in Earnings | ||||||||||||||
Derivative Instruments Not Designated as Hedges: | ||||||||||||||
Cross-currency swap agreements | Interest (expense)/income | $ | (1,184 | ) | $ | (2,696 | ) | $ | (4,638 | ) | ||||
Cross-currency swap agreements | Other (expense)/income, net | (86 | ) | 427 | 303 | |||||||||
Contingent forward sale contract | Contingent forward sale contract mark-to-market expense | — | — | (50,106 | ) | |||||||||
$ | (1,270 | ) | $ | (2,269 | ) | $ | (54,441 | ) |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | The following table presents the Company's financial instruments that are carried at fair value using Level 2 inputs at December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Financial instruments carried at fair value using Level 2 inputs: | |||||||||||||||||
Financial assets carried at fair value: | |||||||||||||||||
Interest rate swap agreements | $ | 136 | $ | 36,987 | |||||||||||||
Cross-currency swap agreements | — | 16,056 | |||||||||||||||
Total financial assets carried at fair value | $ | 136 | $ | 53,043 | |||||||||||||
Financial liabilities carried at fair value: | |||||||||||||||||
Interest rate swap agreements | $ | 4,711 | $ | 2,439 | |||||||||||||
Total financial liabilities carried at fair value | $ | 4,711 | $ | 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 December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
Value | Value | ||||||||||||||||
Financial liabilities carried at historical cost: | |||||||||||||||||
United States term loan | $ | 1,407,000 | $ | 1,402,950 | $ | 1,433,414 | $ | 1,429,204 | |||||||||
Australia term loan | 133,857 | 133,900 | 134,436 | 135,491 | |||||||||||||
Revolving credit facility | 43,187 | 43,304 | 15,949 | 15,956 | |||||||||||||
Amortizing Notes component of TEUs | 11,184 | 11,233 | 21,878 | 21,698 | |||||||||||||
Other debt | 20,221 | 20,172 | 19,035 | 18,996 | |||||||||||||
Total | $ | 1,615,449 | $ | 1,611,559 | $ | 1,624,712 | $ | 1,621,345 | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The components of income before income taxes and income from equity investment for the years ended December 31, 2014, 2013 and 2012 were as follows (dollars in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | 276,594 | $ | 211,889 | $ | 5,598 | |||||||
Foreign | 91,519 | 106,498 | 77,680 | ||||||||||
Total | $ | 368,113 | $ | 318,387 | $ | 83,278 | |||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of the provision for income taxes for the years ended December 31, 2014, 2013 and 2012 were as follows (dollars in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States: | |||||||||||||
Current | |||||||||||||
Federal | $ | 15,647 | $ | 6,571 | $ | 3,582 | |||||||
State | 7,134 | 6,031 | 3,752 | ||||||||||
Deferred | |||||||||||||
Federal | 49,799 | 62 | 17,382 | ||||||||||
State | 8,727 | 4,890 | 906 | ||||||||||
81,307 | 17,554 | 25,622 | |||||||||||
Foreign: | |||||||||||||
Current | 17,591 | 22,697 | 9,907 | ||||||||||
Deferred | 8,209 | 6,045 | 10,873 | ||||||||||
25,800 | 28,742 | 20,780 | |||||||||||
Total | $ | 107,107 | $ | 46,296 | $ | 46,402 | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following is a summary of the effective tax rate reconciliation for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Tax provision at statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Effect of acquisitions/divestitures | — | % | — | % | 24.8 | % | |||||||
Effect of foreign operations | (1.7 | )% | (2.1 | )% | (7.7 | )% | |||||||
State income taxes, net of federal income tax benefit | 2.8 | % | 2.2 | % | 3.8 | % | |||||||
Benefit of track maintenance credit | (7.3 | )% | (21.0 | )% | — | % | |||||||
Other, net | 0.3 | % | 0.4 | % | (0.3 | )% | |||||||
Effective income tax rate | 29.1 | % | 14.5 | % | 55.6 | % | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of net deferred income taxes as of December 31, 2014 and 2013 were as follows (dollars in thousands): | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Track maintenance credit | $ | 227,102 | $ | 221,278 | |||||||||
Net operating loss carryforwards | 16,008 | 14,577 | |||||||||||
Accruals and reserves not deducted for tax purposes until paid | 11,027 | 19,848 | |||||||||||
Stock-based compensation | 6,954 | 6,348 | |||||||||||
Deferred revenue | 3,652 | 1,216 | |||||||||||
Deferred compensation | 2,810 | 2,974 | |||||||||||
Foreign tax credit | 1,964 | 1,964 | |||||||||||
Nonshareholder contributions | 1,871 | 2,304 | |||||||||||
Interest rate swaps | 1,664 | — | |||||||||||
Alternative minimum tax credit | 1,592 | 1,592 | |||||||||||
Postretirement benefits | 425 | 811 | |||||||||||
Other | 457 | 119 | |||||||||||
275,526 | 273,031 | ||||||||||||
Valuation allowance | (14,793 | ) | (12,194 | ) | |||||||||
Deferred tax liabilities: | |||||||||||||
Property basis difference | (1,088,572 | ) | (1,029,492 | ) | |||||||||
Interest rate swaps | — | (13,985 | ) | ||||||||||
Other | (1,519 | ) | (1,884 | ) | |||||||||
Net deferred tax liabilities | $ | (829,358 | ) | $ | (784,524 | ) | |||||||
Summary of Valuation Allowance [Table Text Block] | A reconciliation of the beginning and ending amount of the Company's valuation allowance is as follows (dollars in thousands): | ||||||||||||
2014 | |||||||||||||
Balance at beginning of year | $ | 12,194 | |||||||||||
Increase for state net operating losses | 2,599 | ||||||||||||
Balance at end of year | $ | 14,793 | |||||||||||
Summary of Income Tax Contingencies [Table Text Block] | A reconciliation of the beginning and ending amount of the Company's liability for uncertain tax positions is as follows (dollars in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 3,155 | $ | 3,155 | $ | — | |||||||
Increase for acquired subsidiary | — | — | 3,370 | ||||||||||
Increase for tax positions related to the current year | 1,169 | — | — | ||||||||||
Reductions for tax positions of prior years | — | — | (215 | ) | |||||||||
Balance at end of year | $ | 4,324 | $ | 3,155 | $ | 3,155 | |||||||
Summary of Income Tax Examinations [Table Text Block] | As of December 31, 2014, the following tax years remain open to examination by the major taxing jurisdictions to which the Company is subject: | ||||||||||||
Open Tax Years | |||||||||||||
Jurisdiction | From | To | |||||||||||
United States | 2001 | - | 2014 | ||||||||||
Australia | 2010 | - | 2014 | ||||||||||
Canada | 2010 | - | 2014 | ||||||||||
Mexico | 2008 | - | 2014 | ||||||||||
Netherlands | 2013 | - | 2014 | ||||||||||
Belgium | 2009 | - | 2014 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of option activity under the Omnibus Plan as of December 31, 2014 and changes during the year then ended is presented below: | |||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual Term | (in thousands) | ||||||||||||
(in years) | ||||||||||||||
Outstanding at beginning of year | 969,332 | $ | 54.32 | |||||||||||
Granted | 358,469 | 98.31 | ||||||||||||
Exercised | (326,494 | ) | 32.67 | |||||||||||
Expired | (2,138 | ) | 42.44 | |||||||||||
Forfeited | (15,889 | ) | 89.82 | |||||||||||
Outstanding at end of year | 983,280 | $ | 76.99 | 3.1 | $ | 15,941 | ||||||||
Vested or expected to vest at end of year | 980,480 | $ | 76.94 | 3.1 | $ | 15,940 | ||||||||
Exercisable at end of year | 442,575 | $ | 58.91 | 1.9 | $ | 13,836 | ||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The following weighted average assumptions were used to estimate the grant date fair value of options granted during the years ended December 31, 2014, 2013 and 2012 using the Black-Scholes option pricing model: | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Expected volatility | 22 | % | 29 | % | 33 | % | ||||||||
Expected term (in years) | 4 | 4 | 4 | |||||||||||
Risk-free interest rate | 1.2 | % | 0.89 | % | 0.52 | % | ||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | ||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table summarizes the Company's non-vested restricted stock outstanding as of December 31, 2014 and changes during the year then ended: | |||||||||||||
Shares | Weighted Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Non-vested at beginning of year | 126,664 | $ | 73.25 | |||||||||||
Granted | 74,880 | 98.18 | ||||||||||||
Vested | (73,974 | ) | 68.8 | |||||||||||
Forfeited | (3,331 | ) | 87.75 | |||||||||||
Non-vested at end of year | 124,239 | $ | 90.54 | |||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | The following table summarizes the Company's non-vested restricted stock units outstanding as of December 31, 2014 and changes during the year then ended: | |||||||||||||
Shares | Weighted Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Non-vested at beginning of year | 93,242 | $ | 72.78 | |||||||||||
Granted | 37,007 | 98.24 | ||||||||||||
Vested | (57,995 | ) | 75.94 | |||||||||||
Forfeited | (6,848 | ) | 80.73 | |||||||||||
Non-vested at end of year | 65,406 | $ | 83.55 | |||||||||||
Share-based Compensation, Performance Shares Award Unvested Activity [Table Text Block] | The following table summarizes the performance-based restricted stock units at the maximum award amounts as of December 31, 2014 and changes during the year then ended. Actual shares that will vest depending on the level of attainment of the performance-based criteria: | |||||||||||||
Shares | Weighted Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Non-vested at beginning of year | — | $ | — | |||||||||||
Granted | 14,424 | 42.39 | ||||||||||||
Vested | — | — | ||||||||||||
Forfeited | — | — | ||||||||||||
Non-vested at end of year | 14,424 | $ | 42.39 | |||||||||||
Schedule of Performance-based Units Fair Value Assumptions [Table Text Block] | The following assumptions were used to estimate the grant date fair value of the performance-based restricted stock units granted during the year ended December 31, 2014 using the Monte Carlo simulation model: | |||||||||||||
2014 | ||||||||||||||
Volatility of the Company's common stock | 25 | % | ||||||||||||
Average volatility of peer group and S&P 500 companies | 29 | % | ||||||||||||
Average correlation coefficient of peer group and S&P 500 companies | 0.6 | |||||||||||||
Risk-free interest rate | 0.81 | % | ||||||||||||
Expected dividend yield | 0 | % | ||||||||||||
Expected term (in years) | 3 | |||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table sets forth accumulated other comprehensive income/(loss) included in the consolidated balance sheets as of December 31, 2014 and 2013, respectively (dollars in thousands): | ||||||||||||||||
Cumulative Foreign | Defined Benefit | Net | Accumulated | ||||||||||||||
Currency | Plans | Unrealized | Other | ||||||||||||||
Translation | Gain/(Loss) on | Comprehensive | |||||||||||||||
Adjustment | Cash Flow | Income/(Loss) | |||||||||||||||
Hedges | |||||||||||||||||
Balance, December 31, 2012 | $ | 47,845 | $ | (148 | ) | $ | (426 | ) | $ | 47,271 | |||||||
Other comprehensive (loss)/income before reclassifications | (62,532 | ) | 362 | 23,443 | (38,727 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax benefit of $1,637 | — | — | (2,455 | ) | (a) | (2,455 | ) | ||||||||||
Change in 2013 | (62,532 | ) | 362 | 20,988 | (41,182 | ) | |||||||||||
Balance, December 31, 2013 | $ | (14,687 | ) | $ | 214 | $ | 20,562 | $ | 6,089 | ||||||||
Other comprehensive (loss)/income before reclassifications | (56,059 | ) | 1,191 | (22,054 | ) | (76,922 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax benefit of $946 | — | — | (1,419 | ) | (a) | (1,419 | ) | ||||||||||
Change in 2014 | (56,059 | ) | 1,191 | (23,473 | ) | (78,341 | ) | ||||||||||
Balance, December 31, 2014 | $ | (70,746 | ) | $ | 1,405 | $ | (2,911 | ) | $ | (72,252 | ) | ||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following table sets forth the cash paid for interest and income taxes for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest, net | $ | 43,076 | $ | 57,206 | $ | 57,012 | |||||||
Income taxes | $ | 36,179 | $ | 14,522 | $ | 11,187 | |||||||
Segment_and_Geographic_Area_In1
Segment and Geographic Area Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segments, Geographical Areas [Abstract] | |||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables set forth the Company's North American & European Operations and Australian Operations for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | |||||||||||||||||||||||
Operating revenues | $ | 1,325,830 | $ | 313,182 | $ | 1,639,012 | |||||||||||||||||||
Income from operations | $ | 330,560 | $ | 91,011 | $ | 421,571 | |||||||||||||||||||
Depreciation and amortization | $ | 128,986 | $ | 28,095 | $ | 157,081 | |||||||||||||||||||
Interest expense | $ | 43,722 | $ | 12,440 | $ | 56,162 | |||||||||||||||||||
Interest income | $ | 1,157 | $ | 288 | $ | 1,445 | |||||||||||||||||||
Provision for income taxes | $ | 83,664 | $ | 23,443 | $ | 107,107 | |||||||||||||||||||
Expenditures for additions to property & equipment, net of grants from outside parties | $ | 280,657 | $ | 25,064 | $ | 305,721 | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | |||||||||||||||||||||||
Operating revenues | $ | 1,243,847 | $ | 324,796 | $ | 1,568,643 | |||||||||||||||||||
Income from operations | $ | 284,122 | $ | 96,066 | $ | 380,188 | |||||||||||||||||||
Depreciation and amortization | $ | 114,542 | $ | 27,102 | $ | 141,644 | |||||||||||||||||||
Interest expense | $ | 52,740 | $ | 15,154 | $ | 67,894 | |||||||||||||||||||
Interest income | $ | 3,631 | $ | 340 | $ | 3,971 | |||||||||||||||||||
Provision for income taxes | $ | 24,038 | $ | 22,258 | $ | 46,296 | |||||||||||||||||||
Expenditures for additions to property & equipment, net of grants from outside parties | $ | 163,545 | $ | 51,860 | $ | 215,405 | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | |||||||||||||||||||||||
Operating revenues | $ | 585,893 | $ | 289,023 | $ | 874,916 | |||||||||||||||||||
Income from operations | $ | 115,387 | $ | 74,935 | $ | 190,322 | |||||||||||||||||||
Depreciation and amortization | $ | 50,156 | $ | 23,249 | $ | 73,405 | |||||||||||||||||||
Interest expense | $ | 45,996 | $ | 16,849 | $ | 62,845 | |||||||||||||||||||
Interest income | $ | 3,219 | $ | 506 | $ | 3,725 | |||||||||||||||||||
Provision for income taxes | $ | 28,451 | $ | 17,951 | $ | 46,402 | |||||||||||||||||||
Contingent forward sale contract mark-to-market expense | $ | 50,106 | $ | — | $ | 50,106 | |||||||||||||||||||
Income from equity investment from RailAmerica, net | $ | 15,557 | $ | — | $ | 15,557 | |||||||||||||||||||
Expenditures for additions to property & equipment, net of grants from outside parties | $ | 69,636 | $ | 122,426 | $ | 192,062 | |||||||||||||||||||
Property and Equipment by Segment [Table Text Block] | The following table sets forth the property and equipment recorded in the consolidated balance sheets as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
North American & European Operations | Australian Operations | Total Operations | North American & European Operations | Australian Operations | Total Operations | ||||||||||||||||||||
Property & equipment, net | $ | 3,282,328 | $ | 506,154 | $ | 3,788,482 | $ | 2,883,452 | $ | 557,292 | $ | 3,440,744 | |||||||||||||
Operating Revenues by Geographic Area [Table Text Block] | Operating revenues for each geographic area for the years ended December 31, 2014, 2013 and 2012 were as follows (dollars in thousands): | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||||
United States | $ | 1,188,172 | 72.5 | % | $ | 1,100,334 | 70.2 | % | $ | 505,778 | 57.8 | % | |||||||||||||
Non-United States: | |||||||||||||||||||||||||
Australia | $ | 313,182 | 19.1 | % | $ | 324,796 | 20.7 | % | $ | 289,023 | 33 | % | |||||||||||||
Canada | 116,677 | 7.1 | % | 128,838 | 8.2 | % | 65,327 | 7.5 | % | ||||||||||||||||
Europe | 20,981 | 1.3 | % | 14,675 | 0.9 | % | 14,788 | 1.7 | % | ||||||||||||||||
Total Non-United States | $ | 450,840 | 27.5 | % | $ | 468,309 | 29.8 | % | $ | 369,138 | 42.2 | % | |||||||||||||
Total operating revenues | $ | 1,639,012 | 100 | % | $ | 1,568,643 | 100 | % | $ | 874,916 | 100 | % | |||||||||||||
Property and Equipment by Geographic Area [Table Text Block] | Property and equipment for each geographic area as of December 31, 2014 and 2013 were as follows (dollars in thousands): | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||
Property and equipment located in: | |||||||||||||||||||||||||
United States | $ | 3,003,299 | 79.3 | % | $ | 2,642,263 | 76.8 | % | |||||||||||||||||
Non-United States: | |||||||||||||||||||||||||
Australia | $ | 506,154 | 13.4 | % | $ | 557,292 | 16.2 | % | |||||||||||||||||
Canada | 266,305 | 7 | % | 226,310 | 6.6 | % | |||||||||||||||||||
Europe | 12,724 | 0.3 | % | 14,879 | 0.4 | % | |||||||||||||||||||
Total Non-United States | $ | 785,183 | 20.7 | % | $ | 798,481 | 23.2 | % | |||||||||||||||||
Total property and equipment, net | $ | 3,788,482 | 100 | % | $ | 3,440,744 | 100 | % | |||||||||||||||||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | The following table sets forth the Company's quarterly results for the years ended December 31, 2014 and 2013 (dollars in thousands, except per share data): | ||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
2014 | |||||||||||||||||
Operating revenues | $ | 376,279 | $ | 414,563 | $ | 432,543 | $ | 415,627 | |||||||||
Income from operations | $ | 74,875 | $ | 110,109 | $ | 123,116 | $ | 113,471 | |||||||||
Net income | $ | 39,634 | $ | 60,889 | $ | 72,852 | $ | 87,631 | |||||||||
Diluted earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $ | 0.7 | $ | 1.07 | $ | 1.27 | $ | 1.53 | |||||||||
2013 | |||||||||||||||||
Operating revenues | $ | 374,950 | $ | 400,648 | $ | 401,377 | $ | 391,668 | |||||||||
Income from operations | $ | 76,200 | $ | 107,417 | $ | 101,741 | $ | 94,830 | |||||||||
Net income | $ | 82,728 | $ | 65,050 | $ | 66,225 | $ | 58,088 | |||||||||
Diluted earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $ | 1.46 | $ | 1.14 | $ | 1.16 | $ | 1.03 | |||||||||
Business_and_Customers_Details
Business and Customers (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Number of railroads operated | 116 | ||
Number of operating regions | 11 | ||
Miles of owned and leased track | 15,600 | ||
Miles under contractual track access arrangements | 3,300 | ||
Number of employees | 5,200 | ||
Customers served | 2,000 | ||
Ports operated | 37 | ||
Customer Concentration Risk [Member] | |||
10 largest customers % of revenues | 24.00% | 24.00% | 31.00% |
Australia [Member] | |||
Track miles | 1,400 |
Significant_Accounting_Policie3
Significant Accounting Policies Property and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | |||
Material losses incurred through dispositions from unanticipated or unusual events | $0 | $0 | $0 |
Minimum [Member] | Buildings and leasehold improvements (subject to term of lease) | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 2 years | ||
Minimum [Member] | Bridges/tunnels/culverts | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 20 years | ||
Minimum [Member] | Track property | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 5 years | ||
Minimum [Member] | Computer equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 2 years | ||
Minimum [Member] | Locomotives and railcars | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 2 years | ||
Minimum [Member] | Vehicles and mobile equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 2 years | ||
Minimum [Member] | Signals and crossing equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 4 years | ||
Minimum [Member] | Track equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 2 years | ||
Minimum [Member] | Other equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 2 years | ||
Maximum [Member] | Buildings and leasehold improvements (subject to term of lease) | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 40 years | ||
Maximum [Member] | Bridges/tunnels/culverts | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 50 years | ||
Maximum [Member] | Track property | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 50 years | ||
Maximum [Member] | Computer equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 10 years | ||
Maximum [Member] | Locomotives and railcars | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 30 years | ||
Maximum [Member] | Vehicles and mobile equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 10 years | ||
Maximum [Member] | Signals and crossing equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 30 years | ||
Maximum [Member] | Track equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 20 years | ||
Maximum [Member] | Other equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 20 years |
Significant_Accounting_Policie4
Significant Accounting Policies Goodwill and Indefinite-Lived Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Impairment resulting from annual impairment test | $0 | $0 | $0 |
Significant_Accounting_Policie5
Significant Accounting Policies Insurance (Details) | Dec. 31, 2014 | Dec. 31, 2014 | Oct. 02, 2012 | Oct. 02, 2012 | Dec. 31, 2014 |
In Millions, unless otherwise specified | Liability policies [Member] | Property policies [Member] | RailAmerica [Member] | RailAmerica [Member] | Australia [Member] |
USD ($) | USD ($) | Liability policies [Member] | Property policies [Member] | Property policies [Member] | |
USD ($) | USD ($) | AUD | |||
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items] | |||||
Self-insured retention, maximum per incident | $2.50 | $1 | 2.5 | ||
Prior self-insured retention, maximum per incident | $4 | $1.50 |
Changes_in_Operations_United_S
Changes in Operations United States RCP&E (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | Oct. 02, 2012 | Dec. 31, 2014 | 30-May-14 |
carload | employee | |||
mile | ||||
Business Acquisition, Name of Acquired Entity | Rapid City, Pierre & Eastern Railroad, Inc. (RCP&E) | RailAmerica, Inc. | ||
Number of employees acquired | 5,200 | |||
RCP&E [Member] | ||||
Cash consideration | 218,600 | |||
Track miles acquired | 670 | |||
Annual carloads transported | 63,000 | |||
Number of employees acquired | 180 | |||
Materials and supplies | 3,621 | |||
Prepaid expenses and other | 116 | |||
Property and equipment | 217,032 | |||
Deferred income tax assets | 325 | |||
Total assets | 221,094 | |||
Current portion of long-term debt | 1,121 | |||
Accounts payable and accrued expenses | 108 | |||
Long-term debt, less current portion | 1,260 | |||
Net assets | $218,605 |
Changes_in_Operations_United_S1
Changes in Operations United States RailAmerica (Details) (USD $) | 0 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | |||||||
31-May-14 | Oct. 02, 2012 | Sep. 28, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 13, 2013 | Sep. 19, 2012 | Dec. 28, 2012 | Oct. 01, 2012 | |
employee | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Acquisition, Name of Acquired Entity | Rapid City, Pierre & Eastern Railroad, Inc. (RCP&E) | RailAmerica, Inc. | |||||||||||
Net proceeds from Series A-1 Preferred Stock issuance | $0 | $0 | $349,418,000 | ||||||||||
Contingent forward sale contract mark-to-market expense | 50,100,000 | 0 | 0 | 50,106,000 | |||||||||
Income from equity investment in RailAmerica, net | 0 | 0 | 15,557,000 | ||||||||||
RailAmerica integration and acquisition-related costs, net of tax | 600,000 | 1,300,000 | 8,000,000 | ||||||||||
Number of employees acquired | 5,200 | ||||||||||||
Series A-1 Preferred Stock [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Net proceeds from Series A-1 Preferred Stock issuance | 349,400,000 | ||||||||||||
Class A Common Stock [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Common Stock, Shares, Outstanding | 51,934,137 | 52,938,267 | 51,934,137 | ||||||||||
Conversion of shares to Class A Common Stock, shares | 5,984,232 | ||||||||||||
Combined Company including G&W and RailAmerica [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquisition refinancing of debt | 1,200,000,000 | ||||||||||||
RailAmerica [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||
Cash purchase price per share | 27.5 | ||||||||||||
Common Stock, Shares, Outstanding | 49,934,000 | ||||||||||||
Cash consideration | 2,032,382,000 | ||||||||||||
Impact of pre-acquisition share-based awards | 9,400,000 | ||||||||||||
Total consideration | 2,041,782,000 | ||||||||||||
Business Combination, Integration Related Costs | 17,000,000 | 30,000,000 | |||||||||||
Number of employees acquired | 2,000 | ||||||||||||
Number of railroads acquired | 45 | ||||||||||||
Track miles acquired | 7,100 | ||||||||||||
Number of states in which entity operates | 28 | ||||||||||||
Number of provinces in which entity operates | 3 | ||||||||||||
RailAmerica [Member] | Equity Purchase Price [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cash consideration | 1,373,184,000 | ||||||||||||
RailAmerica [Member] | Payment of acquiree's debt [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cash consideration | 659,198,000 | ||||||||||||
Financing of RailAmerica acquisition [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquisition refinancing of debt | 1,900,000,000 | ||||||||||||
Financing of RailAmerica acquisition [Member] | Common stock and TEUs [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Proceeds from issuance of common stock and TEUs | 475,500,000 | ||||||||||||
Financing of RailAmerica acquisition [Member] | Series A-1 Preferred Stock [Member] | The Carlyle Group [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Net proceeds from Series A-1 Preferred Stock issuance | 350,000,000 | ||||||||||||
RailAmerica [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Income from equity investment in RailAmerica, net | 15,600,000 | ||||||||||||
RailAmerica integration and acquisition-related costs, net of tax | $3,500,000 |
Changes_in_Operations_RailAmer
Changes in Operations RailAmerica Purchase Price Allocation (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 28, 2012 | Oct. 02, 2012 | |
Business Acquisition [Line Items] | |||||
Income from equity investment in RailAmerica, net | $0 | $0 | $15,557,000 | ||
Other comprehensive loss from equity investment in RailAmerica | 78,341,000 | 41,182,000 | -9,376,000 | ||
Measurement period adjustment to allocation of fair values to goodwill | 295,000 | -3,087,000 | |||
Allocation of Fair Value [Abstract] | |||||
Goodwill | 628,815,000 | 630,462,000 | 634,953,000 | ||
RailAmerica [Member] | |||||
Business Acquisition [Line Items] | |||||
Reduction in net cash paid for acquisition due to change in cash and cash equivalents | -21,800,000 | ||||
Measurement period adjustment to the allocation of fair values to property and equipment | 10,700,000 | ||||
Measurement period adjustment to the allocation of fair values to intangible assets | -29,900,000 | ||||
Measurement period adjustment to the allocation of fair values to deferred income tax liabilities, net | -16,000,000 | ||||
Measurement period adjustment to the allocation of fair values to noncontrolling interest | -5,000,000 | ||||
Measurement period adjustment to the allocation of fair values to all other assets, net | 1,300,000 | ||||
Measurement period adjustment to allocation of fair values to goodwill | -3,100,000 | ||||
Additional depreciation and amortization expense as a result of the measurement period adjustment to the allocation of fair values | 4,000,000 | ||||
Allocation of Fair Value [Abstract] | |||||
Cash and cash equivalents | 107,922,000 | 86,102,000 | |||
Accounts receivable | 91,424,000 | 104,839,000 | |||
Materials and supplies | 7,325,000 | 6,406,000 | |||
Prepaid expenses and other | 14,815,000 | 15,146,000 | |||
Deferred income tax assets | 49,074,000 | 49,074,000 | |||
Property and equipment | 1,588,612,000 | 1,579,321,000 | |||
Goodwill | 474,115,000 | 474,115,000 | |||
Intangible assets | 446,327,000 | 451,100,000 | |||
Other assets | 116,000 | 116,000 | |||
Total assets | 2,779,730,000 | 2,766,219,000 | |||
Accounts payable and accrued expenses | 135,117,000 | 143,790,000 | |||
Long-term debt | 12,010,000 | 12,158,000 | |||
Deferred income tax liabilities, net | 551,856,000 | 542,210,000 | |||
Other long-term liabilities | 19,618,000 | 20,754,000 | |||
Noncontrolling interest | 5,525,000 | 5,525,000 | |||
Net assets | 2,055,604,000 | 2,041,782,000 | |||
RailAmerica [Member] | Final allocation of fair values [Member] | |||||
Allocation of Fair Value [Abstract] | |||||
Cash and cash equivalents | 107,922,000 | ||||
Accounts receivable | 90,659,000 | ||||
Materials and supplies | 7,325,000 | ||||
Prepaid expenses and other | 15,801,000 | ||||
Deferred income tax assets | 56,998,000 | ||||
Property and equipment | 1,599,282,000 | ||||
Goodwill | 471,028,000 | ||||
Intangible assets | 416,427,000 | ||||
Other assets | 116,000 | ||||
Total assets | 2,765,558,000 | ||||
Accounts payable and accrued expenses | 140,160,000 | ||||
Long-term debt | 12,010,000 | ||||
Deferred income tax liabilities, net | 535,864,000 | ||||
Other long-term liabilities | 21,439,000 | ||||
Noncontrolling interest | 481,000 | ||||
Net assets | 2,055,604,000 | ||||
RailAmerica [Member] | |||||
Business Acquisition [Line Items] | |||||
Income from equity investment in RailAmerica, net | 15,600,000 | ||||
Other comprehensive loss from equity investment in RailAmerica | ($2,000,000) |
Changes_in_Operations_RailAmer1
Changes in Operations RailAmerica Pro Forma Financial Results (Details) (RailAmerica [Member], USD $) | 12 Months Ended |
Share data in Millions, except Per Share data, unless otherwise specified | Dec. 31, 2012 |
Business Acquisition [Line Items] | |
Operating revenues | $1,461,419,000 |
Net income attributable to Genesee & Wyoming Inc. | 112,191,000 |
Less: Series A-1 Preferred Stock dividends | 17,500,000 |
Net income available to common stockholders | 94,691,000 |
Basic earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $1.99 |
Diluted earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $1.89 |
Pro Forma [Member] | |
Business Acquisition [Line Items] | |
Costs incurred by RailAmerica included in pro forma results | 55,000,000 |
If converted shares excluded from weighted average diluted shares outstanding | 6 |
Acquisition-related Costs [Member] | Pro Forma [Member] | |
Business Acquisition [Line Items] | |
Net income attributable to Genesee & Wyoming Inc. | $50,100,000 |
Changes_in_Operations_Australi
Changes in Operations Australia (Details) | 12 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | Arrium Limited [Member] | Arrium Limited [Member] | Arrium Limited [Member] | Arrium Limited [Member] | Arrium Limited [Member] | Arrium Limited [Member] | |
USD ($) | AUD | Narrow Gauge Locomotives And Wagons [Member] | Narrow Gauge Locomotives And Wagons [Member] | Narrow Gauge Locomotives And Wagons [Member] | Narrow Gauge Locomotives And Wagons [Member] | ||||
carload | USD ($) | AUD | USD ($) | AUD | |||||
Business Acquisition [Line Items] | |||||||||
GWA Investment in narrow gauge locomotives, railcars and maintenance facility | $19,900,000 | 22,300,000 | $54,100,000 | 52,100,000 | |||||
Annual carloads transported | 26,000 | 26,000 | |||||||
Operating revenues | $1,639,012,000 | $1,568,643,000 | $874,916,000 | $52,000,000 | 65,000,000 |
Changes_in_Operations_Canada_D
Changes in Operations Canada (Details) (TSMC [Member]) | 1 Months Ended |
Aug. 31, 2012 | |
km | |
TSMC [Member] | |
Business Acquisition [Line Items] | |
Track kilometers constructed | 25 |
Earnings_Per_Common_Share_Basi
Earnings Per Common Share Basic and Diluted EPS (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerators: [Abstract] | |||||||||||
Net income attributable to Genesee & Wyoming Inc. common stockholders | $260,755,000 | $271,296,000 | $52,433,000 | ||||||||
Less: Series A-1 Preferred Stock dividend | 0 | 2,139,000 | 4,375,000 | ||||||||
Net income available to common stockholders | $260,755,000 | $269,157,000 | $48,058,000 | ||||||||
Denominators: [Abstract] | |||||||||||
Weighted average Class A common shares outstanding, Basic | 55,305 | 53,788 | 42,693 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Class B Shares | 1,305 | 1,675 | 2,038 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 362 | 494 | 601 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock | 0 | 722 | 5,984 | ||||||||
Weighted average sharesbDiluted | 56,972 | 56,679 | 51,316 | ||||||||
Earnings per common share attributable to Genesee & Wyoming Inc. common stockholders: | |||||||||||
Basic earnings per common share | $4.71 | $5 | $1.13 | ||||||||
Diluted earnings per common share | $1.53 | $1.27 | $1.07 | $0.70 | $1.03 | $1.16 | $1.14 | $1.46 | $4.58 | $4.79 | $1.02 |
Earnings_Per_Common_Share_Sche
Earnings Per Common Share Schedule of Weighted Average Number of Shares (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | |||
Potential issuable common shares used to calculate weighted average share equivalents | 1,063 | 1,063 | 1,400 |
Earnings Per Share [Abstract] | |||
Anti-dilutive shares | 319 | 105 | 143 |
Weighted average basic shares outstanding | |||
Weighted average sharesbBasic | 55,305 | 53,788 | 42,693 |
Class A Common Stock offering [Member] | |||
Weighted average basic shares outstanding | |||
Weighted average sharesbBasic | 3,791 | 3,791 | 1,067 |
Settlement of the prepaid stock purchase contract component of the TEUs [Member] | |||
Weighted average basic shares outstanding | |||
Weighted average sharesbBasic | 2,842 | 2,842 | 851 |
Conversion of Series A-1 Preferred Stock [Member] | |||
Weighted average basic shares outstanding | |||
Weighted average sharesbBasic | 5,984 | 5,263 | 0 |
Earnings_Per_Common_Share_Offe
Earnings Per Common Share Offerings (Details) (Class A Common Stock [Member], USD $) | 0 Months Ended | 12 Months Ended | ||
Sep. 19, 2012 | Dec. 31, 2012 | Sep. 28, 2012 | Oct. 02, 2015 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Stock issued during period, shares | 3,791,004 | 3,791,004 | ||
Shares Issued, Price Per Share | $64.75 | |||
Share price | $66.86 | |||
Underwriter's exercise of over-allotment option [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Stock issued during period, shares | 525,000 | |||
Tangible Equity Units [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
TEUs Issued During Period, TEUs, New Issues | 2,300,000 | |||
TEUs, Stated Amount, Per Unit Value | $100 | |||
Tangible Equity Units [Member] | Underwriter's exercise of over-allotment option [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
TEUs Issued During Period, TEUs, New Issues | 300,000 | |||
Minimum [Member] | Scenario, Forecast [Member] | Tangible Equity Units [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Share price | $80.94 | |||
Tangible Equity Units Number Of Shares Upon Conversion Per Unit | 1.2355 | |||
Maximum [Member] | Scenario, Forecast [Member] | Tangible Equity Units [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Share price | $64.75 | |||
Tangible Equity Units Number Of Shares Upon Conversion Per Unit | 1.5444 |
Earnings_Per_Common_Share_Incr
Earnings Per Common Share Increase in Weighted Average Shares Outstanding Assuming Conversion of TEUs (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 28, 2012 |
Weighted Average Class A Common Shares outstanding | 56,972 | 56,679 | 51,316 | |
Class A Common Stock [Member] | ||||
Share price | $66.86 | |||
Class A Common Stock [Member] | Minimum [Member] | Tangible Equity Units [Member] | Scenario, Forecast [Member] | ||||
Share price | 80.94 | |||
Tangible Equity Units Number Of Shares Upon Conversion Total | 2,842 | |||
Weighted Average Class A Common Shares outstanding | 56,972 | |||
Class A Common Stock [Member] | Middle [Member] | Tangible Equity Units [Member] | Scenario, Forecast [Member] | ||||
Share price | 73 | |||
Tangible Equity Units Number Of Shares Upon Conversion Total | 3,151 | |||
Weighted Average Class A Common Shares outstanding | 57,281 | |||
Class A Common Stock [Member] | Maximum [Member] | Tangible Equity Units [Member] | Scenario, Forecast [Member] | ||||
Share price | 64.75 | |||
Tangible Equity Units Number Of Shares Upon Conversion Total | 3,552 | |||
Weighted Average Class A Common Shares outstanding | 57,682 |
Earnings_Per_Common_Share_Seri
Earnings Per Common Share Series A-1 Preferred Stock (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 13, 2013 | Mar. 31, 2013 | Jul. 23, 2012 | Oct. 02, 2012 | |
Class of Stock [Line Items] | |||||||
Net proceeds from Series A-1 Preferred Stock issuance | $0 | $0 | $349,418,000 | ||||
Unpaid dividends paid upon conversion of preferred stock | 0 | 2,139,000 | 4,375,000 | ||||
Class A Common Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Conversion of shares to Class A Common Stock, shares | 5,984,232 | ||||||
Shares issued upon conversion of Series A-1 Preferred Stock, per share | 17.1 | ||||||
Optional Preferred Stock Conversion Rate | 130.00% | ||||||
Optional Preferred Stock Conversion Price | $76.03 | ||||||
Series A-1 Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Series A-1 Preferred Stock shares issued | 350,000 | ||||||
Issuance price | $1,000 | ||||||
Net proceeds from Series A-1 Preferred Stock issuance | 349,400,000 | ||||||
Convertible preferred stock coupon rate | 5.00% | ||||||
Preferred Stock conversion price | 58.49 | ||||||
Premium on conversion price | 4.50% | ||||||
Unpaid dividends paid upon conversion of preferred stock | $2,100,000 |
Accounts_Receivable_Accounts_R1
Accounts Receivable Accounts Receivable (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total accounts receivable | $363,104 | $340,026 | ||
Less: allowance for doubtful accounts | -5,826 | -3,755 | -2,693 | -2,807 |
Accounts receivable, net | 357,278 | 336,271 | ||
Accounts receivable - trade [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total accounts receivable | 304,087 | 275,380 | ||
Accounts receivable - grants from outside parties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total accounts receivable | 32,076 | 33,003 | ||
Accounts receivable - insurance and other third party claims [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total accounts receivable | $26,941 | $31,643 |
Accounts_Receivable_Grants_fro
Accounts Receivable Grants from Outside Parties (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Receivables [Abstract] | |||
Grant proceeds received from outside parties | $28 | $33.90 | $39.60 |
Amortization of deferred grants included as offset to depreciation expense | $10.40 | $9.30 | $8 |
Accounts_Receivable_Insurance_
Accounts Receivable Insurance and Third Party Claims (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Total accounts receivable | $363,104,000 | $340,026,000 | |
Proceeds from insurance | 13,600,000 | 11,100,000 | 21,800,000 |
Gain on insurance recoveries | -5,800,000 | ||
Accounts receivable - insurance and other third party claims [Member] | |||
Total accounts receivable | 26,941,000 | 31,643,000 | |
Australia [Member] | Accounts receivable - insurance and other third party claims [Member] | |||
Total accounts receivable | 11,300,000 | ||
North American & European Operations [Member] | Accounts receivable - insurance and other third party claims [Member] | |||
Total accounts receivable | $15,700,000 |
Accounts_Receivable_Allowance_
Accounts Receivable Allowance for Doubtful Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance, beginning of year | $3,755 | $2,693 | $2,807 |
Provisions | 5,191 | 2,741 | 977 |
Charges | -3,120 | -1,679 | -1,091 |
Balance, end of year | $5,826 | $3,755 | $2,693 |
Property_and_Equipment_and_Lea2
Property and Equipment and Leases Property and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $4,462,019,000 | $3,993,393,000 | |
Accumulated depreciation | -673,537,000 | -552,649,000 | |
Property and equipment, net | 3,788,482,000 | 3,440,744,000 | |
Depreciation expense | 135,000,000 | 119,200,000 | 66,600,000 |
Land and land improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 582,383,000 | 547,163,000 | |
Accumulated depreciation | 0 | 0 | |
Property and equipment, net | 582,383,000 | 547,163,000 | |
Buildings and leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 126,860,000 | 123,295,000 | |
Accumulated depreciation | -22,719,000 | -19,834,000 | |
Property and equipment, net | 104,141,000 | 103,461,000 | |
Bridges/tunnels/culverts | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 636,605,000 | 556,108,000 | |
Accumulated depreciation | -60,771,000 | -46,162,000 | |
Property and equipment, net | 575,834,000 | 509,946,000 | |
Track property | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 2,350,647,000 | 2,078,084,000 | |
Accumulated depreciation | -357,969,000 | -297,207,000 | |
Property and equipment, net | 1,992,678,000 | 1,780,877,000 | |
Total property | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 3,696,495,000 | 3,304,650,000 | |
Accumulated depreciation | -441,459,000 | -363,203,000 | |
Property and equipment, net | 3,255,036,000 | 2,941,447,000 | |
Computer equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 13,997,000 | 11,307,000 | |
Accumulated depreciation | -8,352,000 | -5,967,000 | |
Property and equipment, net | 5,645,000 | 5,340,000 | |
Locomotives and railcars | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 531,948,000 | 493,977,000 | |
Accumulated depreciation | -145,073,000 | -118,544,000 | |
Property and equipment, net | 386,875,000 | 375,433,000 | |
Vehicles and mobile equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 54,419,000 | 42,127,000 | |
Accumulated depreciation | -31,209,000 | -27,112,000 | |
Property and equipment, net | 23,210,000 | 15,015,000 | |
Signals and crossing equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 65,581,000 | 63,208,000 | |
Accumulated depreciation | -22,408,000 | -16,746,000 | |
Property and equipment, net | 43,173,000 | 46,462,000 | |
Track equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 27,073,000 | 19,205,000 | |
Accumulated depreciation | -9,019,000 | -7,277,000 | |
Property and equipment, net | 18,054,000 | 11,928,000 | |
Other equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 29,532,000 | 28,524,000 | |
Accumulated depreciation | -16,017,000 | -13,800,000 | |
Property and equipment, net | 13,515,000 | 14,724,000 | |
Total equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 722,550,000 | 658,348,000 | |
Accumulated depreciation | -232,078,000 | -189,446,000 | |
Property and equipment, net | 490,472,000 | 468,902,000 | |
Construction-in-process | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 42,974,000 | 30,395,000 | |
Accumulated depreciation | 0 | 0 | |
Property and equipment, net | $42,974,000 | $30,395,000 |
Property_and_Equipment_and_Lea3
Property and Equipment and Leases Construction in Process (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Construction in-process | $42,974 | $30,395 |
Buildings and leasehold improvements (subject to term of lease) | ||
Property, Plant and Equipment [Line Items] | ||
Construction in-process | 1,312 | 92 |
Bridges/tunnels/culverts | ||
Property, Plant and Equipment [Line Items] | ||
Construction in-process | 4,082 | 937 |
Track property | ||
Property, Plant and Equipment [Line Items] | ||
Construction in-process | 24,078 | 21,912 |
Locomotives and railcars | ||
Property, Plant and Equipment [Line Items] | ||
Construction in-process | 11,170 | 6,657 |
Other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Construction in-process | $2,332 | $797 |
Property_and_Equipment_and_Lea4
Property and Equipment and Leases Leases (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Leased Assets [Line Items] | |||
Leased railcars | 18,583 | 17,718 | |
Leased locomotives | 162 | 100 | |
Revenues from leased railroads as a percentage of total operating revenues | 9.00% | ||
Revenues from leased railroads subject to expiration in each of the next 10 years as a percentage of annual total operating revenues | 3.00% | ||
Equipment [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating lease expense | $29,462 | $32,050 | $13,386 |
Real property [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating lease expense | 8,361 | 8,062 | 5,055 |
Trackage rights [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating lease expense | $53,783 | $50,911 | $28,250 |
Property_and_Equipment_and_Lea5
Property and Equipment and Leases Future Minimum Lease Payments for Capital and Operating Leases (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 | $1,996 |
2016 | 1,612 |
2017 | 8,295 |
2018 | 24 |
2019 | 25 |
Thereafter | 143 |
Total minimum payments | 12,095 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 | 30,570 |
2016 | 23,124 |
2017 | 18,520 |
2018 | 14,912 |
2019 | 11,325 |
Thereafter | 121,469 |
Total minimum payments | 219,920 |
Total Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 | 32,566 |
2016 | 24,736 |
2017 | 26,815 |
2018 | 14,936 |
2019 | 11,350 |
Thereafter | 121,612 |
Total minimum payments | $232,015 |
Intangible_Assets_Other_Assets2
Intangible Assets, Other Assets, Net and Goodwill Intangible Assets (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Gross carrying amount | $639,636 | $646,466 |
Accumulated amortization | -87,985 | -68,562 |
Amortizable intangible assets, net | 551,651 | 577,904 |
Weighted Average Amortization Period | 40 years | 40 years |
Total intangible assets, net | 587,663 | 613,933 |
Perpetual track access agreements | ||
Non-amortizable intangible assets | 35,891 | 35,891 |
Operating license | ||
Non-amortizable intangible assets | 121 | 138 |
Service agreements | ||
Gross carrying amount | 37,622 | 37,622 |
Accumulated amortization | -14,880 | -13,547 |
Amortizable intangible assets, net | 22,742 | 24,075 |
Weighted Average Amortization Period | 28 years | 28 years |
Customer contracts and relationships | ||
Gross carrying amount | 177,179 | 178,603 |
Accumulated amortization | -26,738 | -22,899 |
Amortizable intangible assets, net | 150,441 | 155,704 |
Weighted Average Amortization Period | 36 years | 36 years |
Track access agreements | ||
Gross carrying amount | 424,835 | 430,241 |
Accumulated amortization | -46,367 | -32,116 |
Amortizable intangible assets, net | $378,468 | $398,125 |
Weighted Average Amortization Period | 43 years | 43 years |
Intangible_Assets_Other_Assets3
Intangible Assets, Other Assets, Net and Goodwill Future Amortization of Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | |||
Aggregate amortization expense associated with intangible assets | $22,000,000 | $22,500,000 | $6,800,000 |
2015 | 21,520,000 | ||
2016 | 21,471,000 | ||
2017 | 21,471,000 | ||
2018 | 19,817,000 | ||
2019 | 14,857,000 | ||
Thereafter | 452,515,000 | ||
Total | $551,651,000 | $577,904,000 |
Intangible_Assets_Other_Assets4
Intangible Assets, Other Assets, Net and Goodwill Other Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | 27-May-14 | |
Deferred financing costs, gross carrying amount | 27,158,000 | 43,650,000 | $3,700,000 |
Accumulated Amortization of deferred financing costs | -4,261,000 | -11,930,000 | |
Deferred financing costs, net | 22,897,000 | 31,720,000 | |
Other assets, gross carrying amount | 16,970,000 | 52,241,000 | |
Accumulated amortization of other assets | 0 | -14,000 | |
Other assets | 16,970,000 | 52,227,000 | |
Total other assets, gross carrying amount | 44,128,000 | 95,891,000 | |
Total other assets accumulated amortization | -4,261,000 | -11,944,000 | |
Total other assets, net | 39,867,000 | 83,947,000 | |
Deferred financing costs [Member] | |||
Weighted average amortization period | 4 years | 4 years | |
Other assets [Member] | |||
Weighted average amortization period | 0 years | 0 years |
Intangible_Assets_Other_Assets5
Intangible Assets, Other Assets, Net and Goodwill Deferred Financing Costs (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of deferred financing costs to interest expense | $12.20 | $10.20 | $7 |
Write off of deferred financing fees included within amortization amount | $4.60 | $0.50 | $3.20 |
Intangible_Assets_Other_Assets6
Intangible Assets, Other Assets, Net and Goodwill Future Interest Expense For Amortization of Deferred Financing Costs (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2015 | $5,708 | |
2016 | 5,439 | |
2017 | 5,190 | |
2018 | 4,755 | |
2019 | 1,805 | |
Deferred financing costs, net | $22,897 | $31,720 |
Intangible_Assets_Other_Assets7
Intangible Assets, Other Assets, Net and Goodwill Goodwill (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Balance at beginning of period | $630,462,000 | $634,953,000 |
Goodwill acquired | 2,409,000 | 0 |
Goodwill, purchase accounting adjustments | 295,000 | -3,087,000 |
Currency translation adjustment | -4,351,000 | -1,404,000 |
Balance at end of period | $628,815,000 | $630,462,000 |
Equity_Investment_Equity_Inves
Equity Investment Equity Investment (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 28, 2012 | Oct. 02, 2012 | |
Income from equity investment in RailAmerica, net | $0 | $0 | $15,557,000 | ||
RailAmerica [Member] | |||||
RailAmerica, Ownership Percentage | 100.00% | ||||
RailAmerica Acquisition, Price Per Share | $27.50 | ||||
Income from equity investment in RailAmerica, net | 15,600,000 | ||||
Net income reported by RailAmerica, Inc. | 15,806,000 | ||||
Equity investment intercompany elimination | 200,000 | ||||
After-tax impact of integration and acquisition-related costs incurred by RailAmerica and included in income from equity investment | $3,500,000 |
Equity_Investment_RailAmerica_
Equity Investment RailAmerica Condensed Consolidated Statement of Operations (Details) (RailAmerica [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Dec. 28, 2012 |
RailAmerica [Member] | |
Operating revenues | $151,065 |
Operating expenses | 124,928 |
Income from operations | 26,137 |
Interest expense | -90 |
Other income | 9 |
Income before income taxes | 26,056 |
Provision for income taxes | 10,250 |
Net income | 15,806 |
Less: Net income attributable to noncontrolling interest | 0 |
Net income available to RailAmerica, Inc. | $15,806 |
Equity_Investment_RailAmerica_1
Equity Investment RailAmerica Condensed Consolidated Statement of Comprehensive Income (Details) (RailAmerica [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Dec. 28, 2012 |
RailAmerica [Member] | |
Net income | $15,806 |
Other comprehensive income/(loss): | |
Foreign currency translation adjustment | -2,150 |
Actuarial gain associated with pension and postretirement benefit plans, net of tax provision of $53 | 166 |
Pension & postretirement benefits - tax (benefit)/provision | 53 |
Other comprehensive loss | -1,984 |
Comprehensive income | $13,822 |
Equity_Investment_RailAmerica_2
Equity Investment RailAmerica Condensed Consolidated Statement of Cash Flows (Details) (RailAmerica [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2012 | Oct. 02, 2012 |
RailAmerica [Member] | ||
Net cash provided by operating activities | $41,897 | |
Net cash used in investing activities | -19,804 | |
Net cash used in financing activities | -144 | |
Effect of exchange rate changes on cash and cash equivalents | -129 | |
Increase in cash and cash equivalents | 21,820 | |
Cash and cash equivalents, beginning of period | 107,922 | 86,102 |
Cash and cash equivalents, end of period | $107,922 | $86,102 |
Longterm_Debt_Long_Term_Debt_D
Long-term Debt Long Term Debt (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Long-term debt and capital lease obligations | $1,615,449 | $1,624,712 |
Less: current portion | 67,398 | 84,366 |
Long-term debt, less current portion | 1,548,051 | 1,540,346 |
Amended and Restated Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,584,044 | 1,583,798 |
Debt instrument, interest rate, stated percentage | 1.92% | 2.13% |
TEUs - Amortizing note [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 11,184 | 21,878 |
Debt instrument, interest rate, stated percentage | 4.50% | |
Coupon rate | 5.00% | 5.00% |
Other debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital lease obligations | $20,221 | $19,036 |
Maximum [Member] | Other debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 10.00% | 10.00% |
Longterm_Debt_Credit_Agreement
Long-term Debt Credit Agreement & Amendment No. 2 (Details) | 12 Months Ended | 12 Months Ended | 4 Months Ended | 3 Months Ended | 12 Months Ended | 4 Months Ended | 3 Months Ended | 4 Months Ended | 3 Months Ended | ||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 27-May-14 | Dec. 31, 2014 | 27-May-14 | Oct. 02, 2012 | 27-May-14 | 27-May-14 | Oct. 02, 2012 | Oct. 02, 2012 | Sep. 30, 2014 | 27-May-14 | Oct. 02, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | 27-May-14 | 27-May-14 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | Other Debt Obligations [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Amended and Restated Credit Agreement [Member] | Amended and Restated Credit Agreement [Member] | Amended and Restated Credit Agreement [Member] | Amended and Restated Credit Agreement [Member] | Amended and Restated Credit Agreement [Member] | Amended and Restated Credit Agreement [Member] | Amended and Restated Credit Agreement [Member] | |
United States Term Loan [Member] | United States Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | Maximum Sub-limit of Australian Dollar, Canadian Dollar and Euro Revolving Loans [Member] | Swingline Credit Facility [Member] | Base Rate [Member] | Base Rate [Member] | Base Rate [Member] | LIBOR Interest Rate [Member] | LIBOR Interest Rate [Member] | LIBOR Interest Rate [Member] | ||||||||
USD ($) | USD ($) | USD ($) | AUD | USD ($) | AUD | USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Term Loan | $1,520,000,000 | $1,600,000,000 | $200,300,000 | 216,800,000 | $210,000,000 | 202,900,000 | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 625,000,000 | 425,000,000 | 400,000,000 | 50,000,000 | |||||||||||||||||||||
Debt Instrument, Maturity date | 1-Oct-54 | 31-May-19 | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | 0.00% | 1.00% | 1.75% | 1.00% | 2.00% | |||||||||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | 0.20% | 0.30% | ||||||||||||||||||||||
Write off of deferred financing fees | 4,600,000 | 500,000 | 3,200,000 | ||||||||||||||||||||||
Capitalized deferred financing costs | $27,158,000 | $43,650,000 | $3,700,000 |
Longterm_Debt_Term_Loan_Instal
Long-term Debt Term Loan & Installments (Details) (Loans Payable [Member]) | 0 Months Ended | 7 Months Ended | 12 Months Ended | 0 Months Ended | 7 Months Ended | 12 Months Ended | 0 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
United States Term Loan [Member] | United States Term Loan [Member] | United States Term Loan [Member] | United States Term Loan [Member] | United States Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | ||
USD ($) | USD ($) | Period 1 [Member] | Period 2 [Member] | Period 3 [Member] | USD ($) | AUD | USD ($) | AUD | Period 1 [Member] | Period 2 [Member] | Period 3 [Member] | ||
USD ($) | USD ($) | USD ($) | AUD | AUD | AUD | ||||||||
Prepayments Of Debt | $113,000,000 | $79,000,000 | $47,000,000 | 53,000,000 | $23,600,000 | 24,000,000 | |||||||
Long-term debt | 1,400,000,000 | 133,900,000 | 163,800,000 | ||||||||||
Debt instrument, interest rate, stated percentage | 1.67% | 4.19% | 4.19% | ||||||||||
Debt Instrument, Frequency of Periodic Payment | quarterly | ||||||||||||
Principal amount of each quarterly installment | 19,000,000 | 38,000,000 | 2,710,000 | 5,420,000 | |||||||||
Principal amount of quarterly installment at maturity date | $989,000,000 | 104,180,000 |
Longterm_Debt_Revolver_Details
Long-term Debt Revolver (Details) (Revolving Credit Facility [Member]) | Dec. 31, 2014 | 27-May-14 | Oct. 02, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | 27-May-14 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | USD ($) | USD ($) | Line of Credit [Member] | Swingline Credit Facility [Member] | Swingline Credit Facility [Member] | Swingline Credit Facility [Member] | United States Revolving Loan [Member] | Canadian Revolving Loan [Member] | Canadian Revolving Loan [Member] | European Revolving Loan [Member] | European Revolving Loan [Member] | |
USD ($) | USD ($) | AUD | USD ($) | USD ($) | USD ($) | CAD | USD ($) | EUR (€) | ||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $625,000,000 | $425,000,000 | $50,000,000 | |||||||||
Long-term debt | 43,200,000 | 6,500,000 | 8,000,000 | 11,000,000 | 20,700,000 | 24,000,000 | 5,000,000 | 4,100,000 | ||||
Letters of Credit Outstanding, Amount | 2,600,000 | |||||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $579,200,000 | |||||||||||
Debt instrument, interest rate, stated percentage | 6.44% | 6.44% | 1.67% | 2.79% | 2.79% | 1.51% | 1.51% |
Longterm_Debt_Covenants_Guaran
Long-term Debt Covenants & Guarantees (Details) (Amended and Restated Credit Agreement [Member]) | 0 Months Ended | 7 Months Ended |
Dec. 31, 2014 | Dec. 31, 2014 | |
Line of Credit Facility, Covenant Compliance | the Company was in compliance with the covenants under the Amended and Restated Credit Agreement | |
Minimum Interest Coverage Ratio [Member] | ||
Debt Instrument, Covenant Description | 3.50 to 1.00 | |
Period 1 [Member] | Maximum Total Leverage Ratio [Member] | ||
Debt Instrument, Covenant Description | 4.25 to 1.00 | |
Period 2 [Member] | Maximum Total Leverage Ratio [Member] | ||
Debt Instrument, Covenant Description | 3.75 to 1.00 | |
Period 3 [Member] | Maximum Total Leverage Ratio [Member] | ||
Debt Instrument, Covenant Description | 3.50 to 1.00 |
Longterm_Debt_Prior_Credit_Agr
Long-term Debt Prior Credit Agreements (Details) | 12 Months Ended | 12 Months Ended | 7 Months Ended | 12 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 27-May-14 | Oct. 02, 2012 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | 27-May-14 | Oct. 02, 2012 | Oct. 02, 2012 | Oct. 02, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | 27-May-14 | 27-May-14 | Oct. 02, 2012 | Oct. 02, 2012 | |
USD ($) | USD ($) | USD ($) | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | United States Term Loan [Member] | United States Term Loan [Member] | United States Term Loan [Member] | United States Term Loan [Member] | United States Term Loan [Member] | Canadian Term Loan [Member] | Canadian Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | Australian Term Loan [Member] | |
USD ($) | USD ($) | USD ($) | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | ||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | USD ($) | AUD | USD ($) | AUD | USD ($) | AUD | USD ($) | AUD | |||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $625,000,000 | $425,000,000 | ||||||||||||||||||
Term Loan | 1,520,000,000 | 1,600,000,000 | 25,000,000 | 24,600,000 | 200,300,000 | 216,800,000 | 210,000,000 | 202,900,000 | ||||||||||||
Write off of deferred financing fees | 4,600,000 | 500,000 | 3,200,000 | |||||||||||||||||
Prepayments Of Debt | 113,000,000 | 79,000,000 | 47,000,000 | 53,000,000 | 23,600,000 | 24,000,000 | ||||||||||||||
Repayments of Debt | $63,700,000 | $7,700,000 | 8,100,000 |
Longterm_Debt_TEUs_Details
Long-term Debt TEUs (Details) (TEUs - Amortizing note [Member], USD $) | 0 Months Ended | 12 Months Ended | ||
Sep. 19, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | |
Tangible_Equty_Unit | ||||
TEUs - Amortizing note [Member] | ||||
Company issued TEUs | 2,300,000 | |||
Coupon rate | 5.00% | 5.00% | ||
Debt Instrument, Maturity date | 1-Oct-15 | |||
Principal amount per amortizing note | $14.10 | |||
Long-term debt | 11,184,000 | 21,878,000 | ||
Tangible Equity Units Cash Installment Per Note | 1.25 | |||
Tangible Equity Units Initial Cash Installment | 1.4167 | |||
TEUs, Stated Amount, Per Unit Value | $100 | |||
Debt instrument, interest rate, stated percentage | 4.50% |
Longterm_Debt_NonInterest_Bear
Long-term Debt Non-Interest Bearing Loan (Details) (Non interest bearing note [Member]) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 01, 2010 | Dec. 01, 2010 | |
USD ($) | AUD | USD ($) | AUD | |
Debt Instrument [Line Items] | ||||
Non-interest bearing loan, carrying value | $2,000,000 | 2,500,000 | $1,700,000 | 1,800,000 |
Non-interest bearing loan | $40,900,000 | $48,200,000 | 50,000,000 | |
Non-interest bearing loan, maturity date | 14-Jan-54 | 14-Jan-54 | ||
Debt instrument, interest rate, effective percentage | 8.00% | 8.00% |
Longterm_Debt_Schedule_of_Futu
Long-term Debt Schedule of Future Payments Including Capital Leases (Details) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 01, 2010 | Dec. 01, 2010 |
USD ($) | Non interest bearing note [Member] | Non interest bearing note [Member] | Non interest bearing note [Member] | Non interest bearing note [Member] | |
USD ($) | AUD | USD ($) | AUD | ||
Debt Instrument, Redemption [Line Items] | |||||
2015 | $67,492,000 | ||||
2016 | 87,037,000 | ||||
2017 | 136,084,000 | ||||
2018 | 170,034,000 | ||||
2019 | 1,153,239,000 | ||||
Thereafter | 41,003,000 | ||||
Total | 1,654,889,000 | ||||
Non-interest bearing loan | 40,900,000 | 48,200,000 | 50,000,000 | ||
Non-interest bearing loan, maturity date | 14-Jan-54 | 14-Jan-54 | |||
Non-interest bearing loan, carrying value | $2,000,000 | 2,500,000 | $1,700,000 | 1,800,000 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments Outstanding Interest Rate Swap Agreements (Details) (USD $) | 12 Months Ended | 0 Months Ended |
Dec. 31, 2014 | Sep. 30, 2016 | |
Interest Rate Swap 3 [Member] | ||
Derivatives [Line Items] | ||
Effective Date | 30-Sep-14 | |
Expiration Date | 30-Sep-15 | |
Interest Rate Swap 3 [Member] | Notional Period 1 [Member] | ||
Derivatives [Line Items] | ||
Notional Amount | 1,150,000,000 | |
Pay Fixed Rate, fixed interest rate | 0.54% | |
Interest Rate Swap 3 [Member] | Notional Period 2 [Member] | ||
Derivatives [Line Items] | ||
Notional Amount | 1,100,000,000 | |
Pay Fixed Rate, fixed interest rate | 0.54% | |
Interest Rate Swap 3 [Member] | Notional Period 3 [Member] | ||
Derivatives [Line Items] | ||
Notional Amount | 1,050,000,000 | |
Pay Fixed Rate, forward interest rate | 0.54% | |
Interest Rate Swap 3 [Member] | Notional Period 4 [Member] | ||
Derivatives [Line Items] | ||
Notional Amount | 1,000,000,000 | |
Pay Fixed Rate, forward interest rate | 0.54% | |
Interest Rate Swap 4 [Member] | ||
Derivatives [Line Items] | ||
Effective Date | 30-Sep-15 | |
Expiration Date | 30-Sep-16 | |
Interest Rate Swap 4 [Member] | Notional Period 1 [Member] | ||
Derivatives [Line Items] | ||
Notional Amount | 350,000,000 | |
Pay Fixed Rate, forward interest rate | 0.93% | |
Interest Rate Swap 5 [Member] | ||
Derivatives [Line Items] | ||
Effective Date | 30-Sep-16 | |
Expiration Date | 30-Sep-26 | |
Interest Rate Swap 5 [Member] | Notional Period 1 [Member] | ||
Derivatives [Line Items] | ||
Notional Amount | 100,000,000 | |
Pay Fixed Rate, forward interest rate | 2.79% | |
Interest Rate Swap 6 [Member] | ||
Derivatives [Line Items] | ||
Effective Date | 30-Sep-16 | |
Expiration Date | 30-Sep-26 | |
Interest Rate Swap 6 [Member] | Notional Period 1 [Member] | ||
Derivatives [Line Items] | ||
Notional Amount | 100,000,000 | |
Pay Fixed Rate, forward interest rate | 2.79% | |
Interest Rate Swap 7 [Member] | ||
Derivatives [Line Items] | ||
Effective Date | 30-Sep-16 | |
Expiration Date | 30-Sep-26 | |
Interest Rate Swap 7 [Member] | Notional Period 1 [Member] | ||
Derivatives [Line Items] | ||
Notional Amount | 100,000,000 | |
Pay Fixed Rate, forward interest rate | 2.80% | |
Scenario, Forecast [Member] | ||
Derivatives [Line Items] | ||
Expected settlement date of 10-year forward starting interest rate swaps | 30-Sep-16 | |
Fixed rate debt [Member] | Scenario, Forecast [Member] | ||
Derivatives [Line Items] | ||
Probable future borrowings | 300,000,000 | |
Variable rate debt [Member] | Scenario, Forecast [Member] | ||
Derivatives [Line Items] | ||
Probable future borrowings | 300,000,000 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments Expired Interest Rate Swap Agreements (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Interest Rate Swap 8 [Member] | |
Derivatives [Line Items] | |
Effective Date | 6-Oct-08 |
Expiration Date | 30-Sep-13 |
Interest Rate Swap 8 [Member] | Notional Period 1 [Member] | |
Derivatives [Line Items] | |
Notional Amount | 120,000 |
Pay Fixed Rate | 3.88% |
Interest Rate Swap 1 [Member] | |
Derivatives [Line Items] | |
Effective Date | 4-Oct-12 |
Expiration Date | 30-Sep-13 |
Interest Rate Swap 1 [Member] | Notional Period 1 [Member] | |
Derivatives [Line Items] | |
Notional Amount | 1,450,000 |
Pay Fixed Rate | 0.25% |
Interest Rate Swap 1 [Member] | Notional Period 2 [Member] | |
Derivatives [Line Items] | |
Notional Amount | 1,350,000 |
Pay Fixed Rate | 0.25% |
Interest Rate Swap 1 [Member] | Notional Period 3 [Member] | |
Derivatives [Line Items] | |
Notional Amount | 1,300,000 |
Pay Fixed Rate | 0.25% |
Interest Rate Swap 1 [Member] | Notional Period 4 [Member] | |
Derivatives [Line Items] | |
Notional Amount | 1,250,000 |
Pay Fixed Rate | 0.25% |
Interest Rate Swap 2 [Member] | |
Derivatives [Line Items] | |
Effective Date | 30-Sep-13 |
Expiration Date | 30-Sep-14 |
Interest Rate Swap 2 [Member] | Notional Period 1 [Member] | |
Derivatives [Line Items] | |
Notional Amount | 1,350,000 |
Pay Fixed Rate | 0.35% |
Interest Rate Swap 2 [Member] | Notional Period 2 [Member] | |
Derivatives [Line Items] | |
Notional Amount | 1,300,000 |
Pay Fixed Rate | 0.35% |
Interest Rate Swap 2 [Member] | Notional Period 3 [Member] | |
Derivatives [Line Items] | |
Notional Amount | 1,250,000 |
Pay Fixed Rate | 0.35% |
Interest Rate Swap 2 [Member] | Notional Period 4 [Member] | |
Derivatives [Line Items] | |
Notional Amount | 1,200,000 |
Pay Fixed Rate | 0.35% |
Derivative_Financial_Instrumen4
Derivative Financial Instruments Effectiveness Testing (Details) (Interest rate swap [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Interest rate swap [Member] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $0 | ||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | -2,400,000 | -4,100,000 | -4,200,000 |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Realized in the next 12 Months | ($2,200,000) |
Derivative_Financial_Instrumen5
Derivative Financial Instruments Foreign Currency Exchange Rate Risk (Details) | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 01, 2010 | Dec. 01, 2010 | 23-May-14 | 23-May-14 | Dec. 03, 2012 | Dec. 03, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
USD ($) | The Swap [Member] | The Swap [Member] | The Swap [Member] | The Swaps [Member] | The Swaps [Member] | The Swaps [Member] | The Swaps [Member] | Australian Dollar BBSW [Member] | LIBOR [Member] | |
USD ($) | USD ($) | AUD | USD ($) | AUD | USD ($) | AUD | The Swaps [Member] | The Swaps [Member] | ||
Derivatives [Line Items] | ||||||||||
Third party debt related to foreign operations denominated in foreign currencies | $168,300,000 | |||||||||
Notional Amount | 100,600,000 | 105,000,000 | 109,600,000 | 105,000,000 | ||||||
Description of variable rate basis on the notional amount | Australian dollar BBSW plus 3.25% | LIBOR plus 2.82% | ||||||||
Derivative settlement payment | 9,100,000 | |||||||||
Payments for Derivative Instrument | 105,000,000 | |||||||||
Proceeds from Derivative Instrument | $108,900,000 |
Derivative_Financial_Instrumen6
Derivative Financial Instruments Contingent Forward Sale Contract (Details) (USD $) | 2 Months Ended | 12 Months Ended | 0 Months Ended | |||
Sep. 28, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 02, 2012 | Jul. 23, 2012 | |
Derivatives [Line Items] | ||||||
Net proceeds from Series A-1 Preferred Stock issuance | $0 | $0 | $349,418,000 | |||
Contingent forward sale contract mark-to-market expense | 50,100,000 | 0 | 0 | 50,106,000 | ||
Not Designated as Hedging Instrument [Member] | ||||||
Derivatives [Line Items] | ||||||
Contingent forward sale contract mark-to-market expense | 50,100,000 | |||||
Series A-1 Preferred Stock [Member] | ||||||
Derivatives [Line Items] | ||||||
Net proceeds from Series A-1 Preferred Stock issuance | 349,400,000 | |||||
Preferred Stock conversion price | 58.49 | |||||
Premium on conversion price | 4.50% | |||||
Series A-1 Preferred Stock [Member] | The Carlyle Group [Member] | Financing of RailAmerica acquisition [Member] | ||||||
Derivatives [Line Items] | ||||||
Net proceeds from Series A-1 Preferred Stock issuance | $350,000,000 | |||||
Class A Common Stock [Member] | ||||||
Derivatives [Line Items] | ||||||
Share price | $66.86 |
Derivative_Financial_Instrumen7
Derivative Financial Instruments Fair Value of Derivative Instrument (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Interest rate swap [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Financial assets carried at fair value | $136 | $36,987 |
Financial liabilities carried at fair value | 4,711 | 2,439 |
Interest rate swap [Member] | Designated as Hedging Instrument [Member] | Prepaid expenses and other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Financial assets carried at fair value | 35 | 0 |
Interest rate swap [Member] | Designated as Hedging Instrument [Member] | Other assets, net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Financial assets carried at fair value | 101 | 36,987 |
Interest rate swap [Member] | Designated as Hedging Instrument [Member] | Accrued expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Financial liabilities carried at fair value | 2,249 | 1,601 |
Interest rate swap [Member] | Designated as Hedging Instrument [Member] | Other long-term liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Financial liabilities carried at fair value | 2,462 | 838 |
Cross-currency swap agreement [Member] | Not Designated as Hedging Instrument [Member] | Prepaid expenses and other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Financial assets carried at fair value | $0 | $16,056 |
Derivative_Financial_Instrumen8
Derivative Financial Instruments Effect of Cash Flow Hedges in OCI (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivatives [Line Items] | |||
Other Comprehensive Income (Loss), Net of Tax | ($78,341) | ($41,182) | $9,376 |
Designated as Hedging Instrument [Member] | Interest rate swap agreement [Member] | |||
Derivatives [Line Items] | |||
Effective portion of changes in fair value recognized in OCI | ($23,473) | $4,053 |
Derivative_Financial_Instrumen9
Derivative Financial Instruments Effect of Derivative Instruments Not Designated as Hedges (Details) (Not Designated as Hedging Instrument [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount recognized in earnings, net | ($1,270,000) | ($2,269,000) | ($54,441,000) |
Interest (expense)/income | Cross-currency swap agreement [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount recognized in earnings | -1,184,000 | -2,696,000 | -4,638,000 |
Other income/(loss), net | Cross-currency swap agreement [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount recognized in earnings | -86,000 | 427,000 | 303,000 |
Contingent Forward Sale Contract Mark-to-market Expense [Member] | Contingent forward sale contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount recognized in earnings | $0 | $0 | ($50,106,000) |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments Financial Instruments Carried at Fair Value(Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets carried at fair value | $136 | $53,043 |
Total financial liabilities carried at fair value | 4,711 | 2,439 |
Designated as Hedging Instrument [Member] | Interest rate swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets carried at fair value | 136 | 36,987 |
Financial liabilities carried at fair value | 4,711 | 2,439 |
Designated as Hedging Instrument [Member] | Fair Value, Inputs, Level 2 [Member] | Interest rate swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets carried at fair value | 136 | 36,987 |
Financial liabilities carried at fair value | 4,711 | 2,439 |
Not Designated as Hedging Instrument [Member] | Fair Value, Inputs, Level 2 [Member] | Cross-currency swap agreement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets carried at fair value | $0 | $16,056 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments Financial Instruments Carried at Historical Cost(Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | $1,615,449 | $1,624,712 |
Fair Value | 1,611,559 | 1,621,345 |
United States Term Loan [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 1,407,000 | 1,433,414 |
Fair Value | 1,402,950 | 1,429,204 |
Australian Term Loan [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 133,857 | 134,436 |
Fair Value | 133,900 | 135,491 |
Revolving Credit Facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 43,187 | 15,949 |
Fair Value | 43,304 | 15,956 |
Amortizing Notes component of TEUs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 11,184 | 21,878 |
Fair Value | 11,233 | 21,698 |
Other debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 20,221 | 19,035 |
Fair Value | $20,172 | $18,996 |
Employee_Benefit_Programs_Empl
Employee Benefit Programs Employee Bonus Programs (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Benefits and Share-based Compensation [Abstract] | |||
Amounts Awarded Under Performance-Based Bonus Programs | $15.80 | $17.70 | $14.20 |
Employee_Benefit_Programs_Defi
Employee Benefit Programs Defined Contribution Plans (Details) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
G&W 401k savings plan [Member] | G&W 401k savings plan [Member] | RailAmerica employees' 401(k) savings plan for railroad retirement employees [Member] | RailAmerica employees' 401(k) savings plan for FICA employees [Member] | G&W 401k savings plan and RailAmerica employees' 401(k) savings plan [Member] | Canadian retirement benefit plan 1 [Member] | Canadian retirement benefit plan 1 [Member] | Canadian retirement benefit plan 2 [Member] | Canada [Member] | Canada [Member] | Canada [Member] | Australian retirement benefit plan [Member] | Australian retirement benefit plan [Member] | Australian retirement benefit plan [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | 6.00% | 6.00% | 5.00% | 9.50% | 9.25% | 9.00% | |||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employee's Contribution | 50.00% | |||||||||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $2,500 | $5,000 | $3,017 | 3,500 | ||||||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $4,400,000 | $1,800,000 | $3,800,000 | $1,300,000 | $1,300,000 | $700,000 | $4,700,000 | $4,400,000 | $4,100,000 |
Employee_Benefit_Programs_Defi1
Employee Benefit Programs Defined Benefit Plans (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | employee |
Pension plans, defined benefit [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Employees participating in defined benefit plan | 270 |
Defined benefit plan, amounts recognized in balance sheet | $3.20 |
Accumulated other comprehensive income/(loss), pension and other postretirement benefit plans, net of tax | -0.1 |
Defined benefit postretirement health care and life insurance benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Employees participating in defined benefit plan | 65 |
Defined benefit plan, amounts recognized in balance sheet | 5.9 |
Accumulated other comprehensive income/(loss), pension and other postretirement benefit plans, net of tax | $1.50 |
Income_Taxes_Income_before_inc
Income Taxes Income before income taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Tax credits percentage of qualified maintenance expenditures to reduce federal income tax | 50.00% | |||
Tax credit limitation per mile on maintenance expenditures to reduce federal income tax | $3,500 | |||
Income tax expense | 107,107,000 | 46,296,000 | 46,402,000 | |
Provision for income tax as a percentage of income before income taxes and income from equity investment | 29.10% | 14.50% | 55.60% | |
Tax benefit from retroactive change in tax accounting method related to acquired companies | 3,900,000 | 3,900,000 | ||
Provision for income taxes other than the 2012 Retroactive Benefit from the Short Line Tax Credit, Continuing Operations | 87,200,000 | |||
Provision for income tax as a percentage of income before income taxes and income from equity investment other than the 2012 retroactive benefit from the Short Line Tax Credit | 27.40% | |||
Income Tax Nondeductible Expense, Contingent Forward Sale Contract Mark-to-Market Expense, Amount | 50,100,000 | |||
Provision for income tax as a percentage of income before income taxes and income from equity investment other than non-deductible mark-to-market expense on contingent forward sale contract. | 34.80% | |||
Income Tax Expense (Benefit), Continuing Operations, by Jurisdiction [Abstract] | ||||
United States income before taxes and income from equity investment | 276,594,000 | 211,889,000 | 5,598,000 | |
Foreign income before taxes and income from equity investment | 91,519,000 | 106,498,000 | 77,680,000 | |
Income before income taxes and income from equity investment | 368,113,000 | 318,387,000 | 83,278,000 | |
Provision for United States income taxes applicable to undistributed foreign earnings | 0 | |||
Determination of Deferred Tax Liability is Not Practicable, Undistributed Earnings of Foreign Subsidiaries | the amount of the tax and credits is not practicable to determine | |||
Undistributed foreign earnings | 305,200,000 | |||
Tax Year 2012 [Member] | ||||
Tax benefit related to the retroactive extension of the United States Short Line Tax Credit | $41,000,000 |
Income_Taxes_Provision_for_Inc
Income Taxes Provision for Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current Federal Tax Provision | $15,647 | $6,571 | $3,582 |
Current State Tax Provision | 7,134 | 6,031 | 3,752 |
Deferred Federal Income Tax Provision | 49,799 | 62 | 17,382 |
Deferred State Income Tax Provision | 8,727 | 4,890 | 906 |
Domestic Income Tax Provision | 81,307 | 17,554 | 25,622 |
Current Foreign Tax Provision | 17,591 | 22,697 | 9,907 |
Deferred Foreign Income Tax Provision | 8,209 | 6,045 | 10,873 |
Foreign Income Tax Provision | 25,800 | 28,742 | 20,780 |
Provision for income taxes | $107,107 | $46,296 | $46,402 |
Income_Taxes_Effective_Tax_Rat
Income Taxes Effective Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Tax provision at statutory rate | 35.00% | 35.00% | 35.00% |
Effect of acquisitions/divestitures | 0.00% | 0.00% | 24.80% |
Effect of foreign operations | -1.70% | -2.10% | -7.70% |
State income taxes, net of federal income tax benefit | 2.80% | 2.20% | 3.80% |
Benefit of track maintenance credit | -7.30% | -21.00% | 0.00% |
Other, net | 0.30% | 0.40% | -0.30% |
Effective income tax rate | 29.10% | 14.50% | 55.60% |
Income_Taxes_Components_of_Net
Income Taxes Components of Net Deferred Income Taxes (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets [Abstract] | ||
Net operating loss carryforwards | $16,008,000 | $14,577,000 |
Accruals and reserves not deducted for tax purposes until paid | 11,027,000 | 19,848,000 |
Stock-based compensation | 6,954,000 | 6,348,000 |
Deferred revenue | 3,652,000 | 1,216,000 |
Deferred compensation | 2,810,000 | 2,974,000 |
Nonshareholder contributions | 1,871,000 | 2,304,000 |
Interest rate swaps | 1,664,000 | 0 |
Alternative minimum tax credit | 1,592,000 | 1,592,000 |
Postretirement benefits | 425,000 | 811,000 |
Other | 457,000 | 119,000 |
Total deferred tax assets | 275,526,000 | 273,031,000 |
Valuation allowance | -14,793,000 | -12,194,000 |
Deferred tax liabilities [Abstract] | ||
Property basis difference | -1,088,572,000 | -1,029,492,000 |
Interest rate swaps | 0 | -13,985,000 |
Other | -1,519,000 | -1,884,000 |
Net deferred tax liabilities | -829,358,000 | -784,524,000 |
Track maintenance credit [Member] | ||
Deferred tax assets [Abstract] | ||
Tax credit carryforward | 227,102,000 | 221,278,000 |
Foreign tax credit [Member] | ||
Deferred tax assets [Abstract] | ||
Tax credit carryforward | $1,964,000 | $1,964,000 |
Income_Taxes_Tax_Carryforwards
Income Taxes Tax Carryforwards (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Track maintenance credit [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax Credit Carryforward, Deferred Tax Asset | 227,102,000 | $221,278,000 |
State and Local Jurisdiction [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards | 387,000,000 | |
Minimum [Member] | Track maintenance credit [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax Credit Carryforward, Expiration Date | 1-Jan-26 | |
Minimum [Member] | State and Local Jurisdiction [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | 1-Jan-15 | |
Maximum [Member] | Track maintenance credit [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax Credit Carryforward, Expiration Date | 31-Dec-34 | |
Maximum [Member] | State and Local Jurisdiction [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | 31-Dec-34 |
Income_Taxes_Valuation_allowan
Income Taxes Valuation allowance (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Valuation Allowance [Line Items] | ||
Valuation allowance, amount | $14,793 | $12,194 |
State net operating loss [Member] | ||
Valuation Allowance [Line Items] | ||
Increase for state net operating losses | $2,599 |
Income_Taxes_Liability_for_Unc
Income Taxes Liability for Uncertain Tax Positions (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Contingency [Line Items] | |||
Balance at beginning of year | $3,155,000 | $3,155,000 | $0 |
Increase for acquired subsidiary | 0 | 0 | |
Increase for tax positions related to the current year | 1,169,000 | 0 | 0 |
Reductions for tax positions of prior years | 0 | 0 | -215,000 |
Balance at end of year | 4,324,000 | 3,155,000 | 3,155,000 |
RailAmerica [Member] | |||
Income Tax Contingency [Line Items] | |||
Increase for acquired subsidiary | $3,370,000 |
Income_Taxes_Open_Tax_Years_by
Income Taxes Open Tax Years by Jurisdiction (Details) | 12 Months Ended |
Dec. 31, 2014 | |
From [Member] | United States [Member] | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2001 |
From [Member] | Australia [Member] | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2010 |
From [Member] | Canada [Member] | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2010 |
From [Member] | Mexico [Member] | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2008 |
From [Member] | Netherlands [Member] | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2013 |
From [Member] | Belgium [Member] | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2009 |
To [Member] | United States [Member] | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2014 |
To [Member] | Australia [Member] | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2014 |
To [Member] | Canada [Member] | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2014 |
To [Member] | Mexico [Member] | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2014 |
To [Member] | Netherlands [Member] | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2014 |
To [Member] | Belgium [Member] | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2014 |
StockBased_Compensation_Author
Stock-Based Compensation Authorized Shares (Details) | Dec. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6,187,500 |
Common Stock, Capital Shares Reserved for Future Issuance | 1,729,535 |
StockBased_Compensation_Option
Stock-Based Compensation Options (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Options Outstanding [Abstract] | |||
Outstanding at beginning of year | 969,332 | ||
Granted | 358,469 | ||
Exercised | -326,494 | ||
Expired | -2,138 | ||
Forfeited | -15,889 | ||
Outstanding at end of year | 983,280 | 969,332 | |
Vested or expected to vest at end of year | 980,480 | ||
Exercisable at end of year | 442,575 | ||
Weighted Average Exercise Price [Abstract] | |||
Beginning of year | $54.32 | ||
Granted | $98.31 | ||
Exercised | $32.67 | ||
Expired | $42.44 | ||
Forfeited | $89.82 | ||
End of year | $76.99 | $54.32 | |
Vested or expected to vest at end of year | $76.94 | ||
Exercisable at end of year | $58.91 | ||
Weighted Average Remaining Contractual Term, Outstanding at end of year | 3 years 1 month 6 days | ||
Weighted Average Remaining Contractual Term, Vested or expected to vest at end of year | 3 years 1 month 6 days | ||
Weighted Average Remaining Contractual Term, Exercisable at end of year | 1 year 10 months 24 days | ||
Aggregate Intrinsic Value, Outstanding at end of year | $15,941,000 | ||
Aggregate Intrinsic Value, Vested or expected to vest at end of year | 15,940,000 | ||
Aggregate Intrinsic Value, Exercisable at end of year | 13,836,000 | ||
Weighted average grant date fair value of options | $18.90 | $22.16 | $16.25 |
Total intrinsic value of options exercised during the year | $20,900,000 | $17,600,000 | $17,300,000 |
StockBased_Compensation_Black_
Stock-Based Compensation Black Scholes Assumptions (Details) (Employee Stock Option [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Stock Option [Member] | |||
Black-Scholes option pricing model | Black-Scholes option pricing model | ||
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 22.00% | 29.00% | 33.00% |
Expected term (in years) | 4 years | 4 years | 4 years |
Risk-free interest rate | 1.20% | 0.89% | 0.52% |
StockBased_Compensation_Conver
Stock-Based Compensation Converted Stock (Details) (USD $) | Oct. 02, 2012 |
RailAmerica [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RailAmerica restricted stock awards, prior to conversion | 432,000 |
RailAmerica restricted stock units, prior to conversion | 775,000 |
Restricted Stock Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
G&W Restricted Stock Awards issued upon conversion of unvested RailAmerica Restricted Stock Awards | 180,000 |
Restricted Stock Unit Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
G&W Restricted Stock Units issued upon conversion of unvested RailAmerica Restricted Stock Units | 322,000 |
Conversion of RailAmerica to G&W Share-based Compensation Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Conversion ratio | 0.4151 |
Conversion Ratio, Numerator, acquisition cash purchase price per share | 27.5 |
Conversion Ratio, Denominator, Company's average 10-day closing stock price | 66.26 |
StockBased_Compensation_Restri
Stock-Based Compensation Restricted Stock Awards (Details) (Restricted Stock Awards, USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Stock Awards | |||
Restricted Stock Shares [Abstract] | |||
Non-vested at beginning of year | 126,664 | ||
Granted | 74,880 | ||
Vested | -73,974 | ||
Forfeited | -3,331 | ||
Non-vested at end of year | 124,239 | 126,664 | |
Weighted Average Grant Date Fair Value [Abstract] | |||
Non-vested at beginning of year | $73.25 | ||
Granted | $98.18 | $90.12 | $65.70 |
Vested | $68.80 | ||
Forfeited | $87.75 | ||
Non-vested at end of year | $90.54 | $73.25 | |
Weighted average grant date fair value granted during year | $98.18 | $90.12 | $65.70 |
Total fair value of restricted stock awards that vested during year | $5.10 | $11.30 | $7.80 |
StockBased_Compensation_Restri1
Stock-Based Compensation Restricted Stock Units (Details) (Restricted stock units (RSUs) [Member], USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted stock units (RSUs) [Member] | |||
Restricted Stock Units [Abstract] | |||
Non-vested at beginning of year | 93,242 | ||
Granted | 37,007 | ||
Vested | -57,995 | ||
Forfeited | -6,848 | ||
Non-vested at end of year | 65,406 | 93,242 | |
Weighted Average Grant Date Fair Value [Abstract] | |||
Non-vested at beginning of year | $72.78 | ||
Granted | $98.24 | $89.44 | $67.43 |
Vested | $75.94 | ||
Forfeited | $80.73 | ||
Non-vested at end of year | $83.55 | $72.78 | |
Weighted average grant date fair value granted during year | $98.24 | $89.44 | $67.43 |
Total fair value of restricted stock units that vested during year | $4.40 | $14.30 | $3.40 |
StockBased_Compensation_Perfor
Stock-Based Compensation Performance Based Restricted Stock Units (Details) (Performance Based Restricted Stock Units, USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance based restricted stock units, performance period | 3 years |
Performance based restricted stock units, nonvested, number of shares [Roll Forward] | |
Non-vested at beginning of year | 0 |
Granted | 14,424 |
Vested | 0 |
Forfeited | 0 |
Non-vested at end of year | 14,424 |
Performance based restricted stock units, nonvested, weighted average grant date fair value [Abstract] | |
Non-vested at beginning of year | $0 |
Granted | $42.39 |
Vested | $0 |
Forfeited | $0 |
Non-vested at end of year | $42.39 |
Statement [Line Items] | |
Monte Carlo valuation model | Monte Carlo valuation model |
Expected dividend yield | 0.00% |
Average correlation coefficient of peer group and S&P companies | 0.6 |
Risk-free interest rate | 0.81% |
Expected term (in years) | 3 years |
Volatility of the Company's common stock | |
Statement [Line Items] | |
Expected volatility | 25.00% |
Average volatility of peer group and S&P companies | |
Statement [Line Items] | |
Expected volatility | 29.00% |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance based restricted stock units, vesting rights | 0.00% |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance based restricted stock units, vesting rights | 100.00% |
StockBased_Compensation_Compen
Stock-Based Compensation Compensation Costs from Equity Awards (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation costs from the Company's stock-based awards | $12.70 | $11.70 | $7.90 |
Compensation costs related to non-vested awards not yet recognized | 17.7 | ||
Period over which non-vested awards will be recognized | 3 years | ||
Weighted average period over which non-vested awards will be recognized | 1 year 3 months 25 days | ||
Income tax benefit recognized | 4.4 | 5.3 | 4.5 |
Total income tax benefit realized from exercise of equity awards | 11 | 17.7 | 10.9 |
Acceleration of Equity Awards for RailAmerica Employee Terminations [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation costs from the acceleration of equity awards | $5.10 | $4.10 |
StockBased_Compensation_ESPP_D
Stock-Based Compensation ESPP (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Capital Shares Reserved for Future Issuance | 1,729,535 | ||
Total stock issued under ESPP since inception | 210,988 | ||
Compensation costs from the Company's stock-based awards | $12.70 | $11.70 | $7.90 |
Employee Stock Purchase Plan (ESPP) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Capital Shares Reserved for Future Issuance | 1,265,625 | ||
ESPP, Purchase Price of Common Stock, Percent | 90.00% | ||
ESPP, Description | 10% purchase discount | ||
Compensation costs from the Company's stock-based awards | $0.10 | $0.10 | $0.10 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accumulated other comprehensive income, beginning balance | $6,089,000 | $47,271,000 | |
Other comprehensive (loss)/income, before reclassifications | -76,922,000 | -38,727,000 | |
Amounts reclassified from accumulated other comprehensive income, net of tax | -1,419,000 | -2,455,000 | |
Current period change | -78,341,000 | -41,182,000 | 9,376,000 |
Accumulated other comprehensive income, ending balance | -72,252,000 | 6,089,000 | 47,271,000 |
Accumulated Translation Adjustment [Member] | |||
Accumulated other comprehensive income, beginning balance | -14,687,000 | 47,845,000 | |
Other comprehensive (loss)/income, before reclassifications | -56,059,000 | -62,532,000 | |
Amounts reclassified from accumulated other comprehensive income, net of tax | 0 | 0 | |
Current period change | -56,059,000 | -62,532,000 | |
Accumulated other comprehensive income, ending balance | -70,746,000 | -14,687,000 | |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated other comprehensive income, beginning balance | 214,000 | -148,000 | |
Other comprehensive (loss)/income, before reclassifications | 1,191,000 | 362,000 | |
Amounts reclassified from accumulated other comprehensive income, net of tax | 0 | 0 | |
Current period change | 1,191,000 | 362,000 | |
Accumulated other comprehensive income, ending balance | 1,405,000 | 214,000 | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Accumulated other comprehensive income, beginning balance | 20,562,000 | -426,000 | |
Other comprehensive (loss)/income, before reclassifications | -22,054,000 | 23,443,000 | |
Amounts reclassified from accumulated other comprehensive income, net of tax | -1,419,000 | -2,455,000 | |
Current period change | -23,473,000 | 20,988,000 | |
Accumulated other comprehensive income, ending balance | -2,911,000 | 20,562,000 | |
Tax benefit on amounts reclassified from AOCI | $1,637,000 | $946,000 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information Interest and Taxes Paid(Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Cash Flow Information [Abstract] | |||
Interest, net | $43,076 | $57,206 | $57,012 |
Income taxes | $36,179 | $14,522 | $11,187 |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information Significant Non-Cash Investing Activities(Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||
Outstanding receivables from outside parties for the funding of capital expenditures | $32.10 | $33 | $25 |
Purchases of property and equipment accrued in accounts payable | $51.30 | $40.10 | $22.60 |
Segment_and_Geographic_Area_In2
Segment and Geographic Area Information North American & European and Australian Operations (Details) (USD $) | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 28, 2012 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
region | ||||||||||||
reportable_segment | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Number of operating regions | 11 | |||||||||||
Number of reportable segments | 2 | |||||||||||
Operating revenues | $1,639,012,000 | $1,568,643,000 | $874,916,000 | |||||||||
Income from operations | 113,471,000 | 123,116,000 | 110,109,000 | 74,875,000 | 94,830,000 | 101,741,000 | 107,417,000 | 76,200,000 | 421,571,000 | 380,188,000 | 190,322,000 | |
Depreciation and amortization | 157,081,000 | 141,644,000 | 73,405,000 | |||||||||
Interest expense | 56,162,000 | 67,894,000 | 62,845,000 | |||||||||
Interest income | 1,445,000 | 3,971,000 | 3,725,000 | |||||||||
Provision for income taxes | 107,107,000 | 46,296,000 | 46,402,000 | |||||||||
Contingent forward sale contract mark-to-market expense | 50,100,000 | 0 | 0 | 50,106,000 | ||||||||
Income from equity investment in RailAmerica, net | 0 | 0 | 15,557,000 | |||||||||
Expenditures for additions to property & equipment, net of grants from outside parties | 305,721,000 | 215,405,000 | 192,062,000 | |||||||||
North American & European Operations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 1,325,830,000 | 1,243,847,000 | 585,893,000 | |||||||||
Income from operations | 330,560,000 | 284,122,000 | 115,387,000 | |||||||||
Depreciation and amortization | 128,986,000 | 114,542,000 | 50,156,000 | |||||||||
Interest expense | 43,722,000 | 52,740,000 | 45,996,000 | |||||||||
Interest income | 1,157,000 | 3,631,000 | 3,219,000 | |||||||||
Provision for income taxes | 83,664,000 | 24,038,000 | 28,451,000 | |||||||||
Contingent forward sale contract mark-to-market expense | 50,106,000 | |||||||||||
Income from equity investment in RailAmerica, net | 15,557,000 | |||||||||||
Expenditures for additions to property & equipment, net of grants from outside parties | 280,657,000 | 163,545,000 | 69,636,000 | |||||||||
Australian Operations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 313,182,000 | 324,796,000 | 289,023,000 | |||||||||
Income from operations | 91,011,000 | 96,066,000 | 74,935,000 | |||||||||
Depreciation and amortization | 28,095,000 | 27,102,000 | 23,249,000 | |||||||||
Interest expense | 12,440,000 | 15,154,000 | 16,849,000 | |||||||||
Interest income | 288,000 | 340,000 | 506,000 | |||||||||
Provision for income taxes | 23,443,000 | 22,258,000 | 17,951,000 | |||||||||
Contingent forward sale contract mark-to-market expense | 0 | |||||||||||
Income from equity investment in RailAmerica, net | 0 | |||||||||||
Expenditures for additions to property & equipment, net of grants from outside parties | $25,064,000 | $51,860,000 | $122,426,000 |
Segment_and_Geographic_Area_In3
Segment and Geographic Area Information Property and Equipment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | $3,788,482 | $3,440,744 |
North American & European Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 3,282,328 | 2,883,452 |
Australian Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | $506,154 | $557,292 |
Segment_and_Geographic_Area_In4
Segment and Geographic Area Information Geographic Area Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Operating revenues | $1,639,012 | $1,568,643 | $874,916 |
Percent of total operating revenues | 100.00% | 100.00% | 100.00% |
Property and equipment, net | 3,788,482 | 3,440,744 | |
Percent of total property and equipment | 100.00% | 100.00% | |
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Operating revenues | 1,188,172 | 1,100,334 | 505,778 |
Percent of total operating revenues | 72.50% | 70.20% | 57.80% |
Property and equipment, net | 3,003,299 | 2,642,263 | |
Percent of total property and equipment | 79.30% | 76.80% | |
Australia [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Operating revenues | 313,182 | 324,796 | 289,023 |
Percent of total operating revenues | 19.10% | 20.70% | 33.00% |
Property and equipment, net | 506,154 | 557,292 | |
Percent of total property and equipment | 13.40% | 16.20% | |
Canada [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Operating revenues | 116,677 | 128,838 | 65,327 |
Percent of total operating revenues | 7.10% | 8.20% | 7.50% |
Property and equipment, net | 266,305 | 226,310 | |
Percent of total property and equipment | 7.00% | 6.60% | |
Europe [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Operating revenues | 20,981 | 14,675 | 14,788 |
Percent of total operating revenues | 1.30% | 0.90% | 1.70% |
Property and equipment, net | 12,724 | 14,879 | |
Percent of total property and equipment | 0.30% | 0.40% | |
Total Non-United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Operating revenues | 450,840 | 468,309 | 369,138 |
Percent of total operating revenues | 27.50% | 29.80% | 42.20% |
Property and equipment, net | $785,183 | $798,481 | |
Percent of total property and equipment | 20.70% | 23.20% |
Quarterly_Financial_Data_Table1
Quarterly Financial Data Table of Quarterly Results (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating revenues | $415,627 | $432,543 | $414,563 | $376,279 | $391,668 | $401,377 | $400,648 | $374,950 | |||
Income from operations | 113,471 | 123,116 | 110,109 | 74,875 | 94,830 | 101,741 | 107,417 | 76,200 | 421,571 | 380,188 | 190,322 |
Net income | $87,631 | $72,852 | $60,889 | $39,634 | $58,088 | $66,225 | $65,050 | $82,728 | $261,006 | $272,091 | $52,433 |
Diluted earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $1.53 | $1.27 | $1.07 | $0.70 | $1.03 | $1.16 | $1.14 | $1.46 | $4.58 | $4.79 | $1.02 |
Quarterly_Financial_Data_Items
Quarterly Financial Data Items affecting quarter results (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 |
After-tax gain on sale of assets | $1 | $0.90 | $1 | $0.50 | $0.80 | $0.50 | $0.70 | $1.30 | |
After-tax business development and related costs | 1 | 0.5 | 1 | 0.7 | 0.7 | 0.7 | 0.4 | ||
After-tax credit facility refinancing-related costs | 2.9 | ||||||||
Tax benefit from retroactive change in tax accounting method related to acquired companies | 3.9 | 3.9 | |||||||
Tax benefit related to final tax returns filed | 3.5 | 0.7 | 1.7 | ||||||
Tax benefit associated with the United States Short Line Tax Credit | 7.4 | 7.6 | 6.8 | 7.5 | 4 | ||||
After-tax impact of RailAmerica integration and acquisition-related costs | 0.6 | 1.3 | 8 | ||||||
After tax impact of depreciation and amortization expense as a result of the finalization of the allocation of fair values to RailAmerica's assets and liabilities | 1.3 | ||||||||
Tax valuation allowance on foreign tax credits generated in prior years | 2 | ||||||||
Q1-Q3 2014 [Member] | |||||||||
Tax benefit associated with the United States Short Line Tax Credit | 19.6 | ||||||||
Related to prior fiscal year reported in current fiscal year [Member] | |||||||||
Tax benefit related to the retroactive extension of the United States Short Line Tax Credit | $41 |
Subsequent_Events_Freightliner
Subsequent Events Freightliner (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 24, 2015 | Feb. 24, 2015 | Feb. 24, 2015 | Feb. 24, 2015 | Jun. 30, 2020 | Feb. 24, 2015 | Feb. 24, 2015 |
In Thousands, unless otherwise specified | employee | locomotive | Amended and Restated Credit Agreement [Member] | Amended and Restated Credit Agreement [Member] | Freightliner [Member] | Freightliner [Member] | Freightliner [Member] | Freightliner [Member] | Freightliner [Member] | Freightliner [Member] | Freightliner [Member] |
locomotive | USD ($) | USD ($) | Subsequent Event [Member] | Subsequent Event [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Amended and Restated Credit Agreement [Member] | ||
locomotive | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Scenario, Forecast [Member] | ||||||
rail_car | USD ($) | GBP (£) | Subsequent Event [Member] | ||||||||
employee | USD ($) | ||||||||||
Subsequent Event [Line Items] | |||||||||||
Business Acquisition, Date of Acquisition Agreement | 25-Feb-15 | ||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 95.00% | |||||||||
Cash consideration | $755,000 | £ 490,000 | |||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | 13,000 | 8,500 | |||||||||
Business Acquisition, Percentage of Voting Interest Not Acquired | 5.00% | ||||||||||
Acquisition refinancing of debt | $1,584,044 | $1,583,798 | $650,000 | ||||||||
Leased locomotives | 162 | 100 | 250 | ||||||||
Wagons leased | 5,500 | ||||||||||
Number of employees | 5,200 | 2,500 |
Subsequent_Events_Pinsly_Detai
Subsequent Events Pinsly (Details) (USD $) | 0 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | Oct. 02, 2012 | Jan. 05, 2015 | Mar. 31, 2015 |
employee | ||||
locomotive | ||||
carload | ||||
mile | ||||
Subsequent Event [Line Items] | ||||
Business Acquisition, Name of Acquired Entity | Rapid City, Pierre & Eastern Railroad, Inc. (RCP&E) | RailAmerica, Inc. | ||
Pinsly Arkansas Division [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Business Acquisition, Name of Acquired Entity | Pinsly's Arkansas Division | |||
Business Acquisition, Effective Date of Acquisition | 5-Jan-15 | |||
Cash consideration | $40,000 | |||
Track miles acquired | 137 | |||
Employees expected to hire | 77 | |||
Number of locomotives purchased | 16 | |||
Estimated annual carloads | 35,000 |