Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 19, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Entity Registrant Name | GENESEE & WYOMING INC. | ||
Entity Central Index Key | 1,012,620 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
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 | $ 3,955,294,015 | ||
Class A Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 56,949,310 | ||
Class B Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 793,138 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 35,941 | $ 59,727 |
Accounts receivable, net | 382,458 | 357,278 |
Materials and supplies | 45,790 | 30,251 |
Prepaid expenses and other | 43,197 | 24,176 |
Deferred income tax assets, net | 69,174 | 76,994 |
Total current assets | 576,560 | 548,426 |
PROPERTY AND EQUIPMENT, net | 4,215,063 | 3,788,482 |
GOODWILL | 826,575 | 628,815 |
INTANGIBLE ASSETS, net | 1,128,952 | 587,663 |
DEFERRED INCOME TAX ASSETS, net | 2,110 | 2,500 |
OTHER ASSETS, net | 46,344 | 39,867 |
Total assets | 6,795,604 | 5,595,753 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt | 81,953 | 67,398 |
Accounts payable | 282,275 | 290,746 |
Accrued expenses | 169,586 | 106,094 |
Total current liabilities | 533,814 | 464,238 |
LONG-TERM DEBT, less current portion | 2,223,306 | 1,548,051 |
DEFERRED INCOME TAX LIABILITIES, net | 1,052,150 | 908,852 |
DEFERRED ITEMS - grants from outside parties | 292,198 | 279,286 |
OTHER LONG-TERM LIABILITIES | $ 174,675 | $ 37,346 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY: | ||
Additional paid-in capital | $ 1,355,345 | $ 1,334,474 |
Retained earnings | 1,544,676 | 1,319,639 |
Accumulated other comprehensive loss | (153,457) | (72,252) |
Treasury stock, at cost | (227,808) | (224,547) |
Total equity | 2,519,461 | 2,357,980 |
Total liabilities and equity | 6,795,604 | 5,595,753 |
Class A Common Stock, $0.01 par value, one vote per share; 180,000,000 shares authorized at December 31, 2015 and 2014; 69,674,185 and 65,632,309 shares issued and 56,945,384 and 52,938,267 shares outstanding (net of 12,728,801 and 12,694,042 shares in treasury) on December 31, 2015 and 2014, respectively | ||
EQUITY: | ||
Common Stock | 697 | 656 |
Class B Common Stock, $0.01 par value, ten votes per share; 30,000,000 shares authorized at December 31, 2015 and 2014; 793,138 and 1,020,485 shares issued and outstanding on December 31, 2015 and 2014, respectively | ||
EQUITY: | ||
Common Stock | $ 8 | $ 10 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Class A Common Stock [Member] | ||
Common Stock, Par Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Voting Rights | 1 | 1 |
Common Stock, Shares Authorized | 180,000,000 | 180,000,000 |
Common Stock, Shares, Issued | 69,674,185 | 65,632,309 |
Common Stock, Shares, Outstanding | 56,945,384 | 52,938,267 |
Treasury Stock, Shares | 12,728,801 | 12,694,042 |
Class B Common Stock [Member] | ||
Common Stock, Par Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Voting Rights | 10 | 10 |
Common Stock, Shares Authorized | 30,000,000 | 30,000,000 |
Common Stock, Shares, Issued | 793,138 | 1,020,485 |
Common Stock, Shares, Outstanding | 793,138 | 1,020,485 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
OPERATING REVENUES | $ 2,000,401 | $ 1,639,012 | $ 1,568,643 |
OPERATING EXPENSES: | |||
Labor and benefits | 614,967 | 469,503 | 439,117 |
Equipment rents | 149,825 | 82,730 | 77,595 |
Purchased services | 186,905 | 100,108 | 123,822 |
Depreciation and amortization | 188,535 | 157,081 | 141,644 |
Diesel fuel used in train operations | 132,149 | 149,047 | 147,172 |
Electricity used in train operations | 13,714 | 1,058 | 66 |
Casualties and insurance | 42,494 | 41,552 | 38,564 |
Materials | 95,248 | 78,366 | 77,204 |
Trackage rights | 78,140 | 53,783 | 50,911 |
Net gain on sale of assets | (2,291) | (5,100) | (4,677) |
Other expenses | 116,454 | 89,313 | 97,037 |
Total operating expenses | 1,616,140 | 1,217,441 | 1,188,455 |
INCOME FROM OPERATIONS | 384,261 | 421,571 | 380,188 |
Interest income | 481 | 1,445 | 3,971 |
Interest expense | (67,073) | (56,162) | (67,894) |
Loss on settlement of foreign currency forward purchase contracts | (18,686) | 0 | 0 |
Other income, net | 1,948 | 1,008 | 1,327 |
Income before income taxes | 300,931 | 367,862 | 317,592 |
Provision for income taxes | (75,894) | (107,107) | (46,296) |
Net income | 225,037 | 260,755 | 271,296 |
Series A-1 Preferred Stock dividend | 0 | 0 | 2,139 |
Net income available to common stockholders | $ 225,037 | $ 260,755 | $ 269,157 |
Basic earnings per common share attributable to Genesee & Wyoming Inc. common stockholders: (US$ per share) | $ 3.97 | $ 4.71 | $ 5 |
Weighted average shares—Basic | 56,734 | 55,305 | 53,788 |
Diluted earnings per common share attributable to Genesee & Wyoming Inc. common stockholders: (US$ per share) | $ 3.89 | $ 4.58 | $ 4.79 |
Weighted average shares—Diluted | 57,848 | 56,972 | 56,679 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME | $ 225,037 | $ 260,755 | $ 271,296 |
OTHER COMPREHENSIVE (LOSS)/INCOME: | |||
Foreign currency translation adjustment | (86,968) | (56,059) | (62,532) |
Net unrealized (loss)/income on qualifying cash flow hedges, net of tax benefit/(provision) of $2,558, $15,649 and ($13,992), respectively | (3,837) | (23,473) | 20,988 |
Changes in pension and other postretirement benefit obligations, net of tax (provision) of ($2,552), ($670) and ($208), respectively | 9,600 | 1,191 | 362 |
Other comprehensive loss | (81,205) | (78,341) | (41,182) |
COMPREHENSIVE INCOME | $ 143,832 | $ 182,414 | $ 230,114 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Cash flow hedge - tax benefit/(provision) | $ 2,558 | $ 15,649 | $ (13,992) |
Pension & postretirement benefits - tax provision/(benefit) | $ (2,552) | $ (670) | $ (208) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity Statement - USD ($) $ in Thousands | Total | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Class A Common Stock [Member]Common Stock [Member] | Class B Common Stock [Member]Common Stock [Member] | Conversion of Class B Common Stock to Class A Common Stock [Member] | Conversion of Class B Common Stock to Class A Common Stock [Member]Class A Common Stock [Member]Common Stock [Member] | Conversion of Class B Common Stock to Class A Common Stock [Member]Class B Common Stock [Member]Common Stock [Member] | Settlement of the prepaid stock purchase contract component of the TEUs [Member] | Settlement of the prepaid stock purchase contract component of the TEUs [Member]Additional Paid-in Capital [Member] | Settlement of the prepaid stock purchase contract component of the TEUs [Member]Class A Common Stock [Member]Common Stock [Member] |
Stockholders' Equity, Balance at Dec. 31, 2012 | $ 1,500,462 | $ 872,134 | $ 789,727 | $ 47,271 | $ (209,266) | $ 579 | $ 17 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
NET INCOME | 271,296 | 271,296 | |||||||||||
Other comprehensive loss | (41,182) | (41,182) | |||||||||||
Dividends paid on Series A-1 Preferred Stock | (2,139) | (2,139) | |||||||||||
Value of stock issued for stock-based compensation | 12,510 | 12,504 | 6 | ||||||||||
Conversion of Shares to Class A Common Stock | $ 0 | $ 1 | $ 1 | $ 399,389 | $ 399,329 | $ 60 | |||||||
Compensation cost related to stock-based compensation | 16,951 | 16,951 | |||||||||||
Excess tax benefits from stock-based compensation | 6,854 | 6,854 | |||||||||||
Value of treasury stock repurchased | (11,095) | (11,095) | |||||||||||
Settlement of deferred stock awards | 274 | 274 | |||||||||||
Noncontrolling interest, change in fair value | (5,045) | (5,045) | |||||||||||
Stockholders' Equity, Other | 795 | 795 | |||||||||||
Stockholders' Equity, Balance at Dec. 31, 2013 | 2,149,070 | 1,303,796 | 1,058,884 | 6,089 | (220,361) | 646 | 16 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
NET INCOME | 260,755 | 260,755 | |||||||||||
Other comprehensive loss | (78,341) | (78,341) | |||||||||||
Value of stock issued for stock-based compensation | 11,819 | 11,815 | 4 | ||||||||||
Conversion of Shares to Class A Common Stock | 0 | 6 | 6 | ||||||||||
Compensation cost related to stock-based compensation | 12,819 | 12,819 | |||||||||||
Excess tax benefits from stock-based compensation | 6,198 | 6,198 | |||||||||||
Value of treasury stock repurchased | (4,186) | (4,186) | |||||||||||
Stockholders' Equity, Other | (154) | (154) | |||||||||||
Stockholders' Equity, Balance at Dec. 31, 2014 | 2,357,980 | 1,334,474 | 1,319,639 | (72,252) | (224,547) | 656 | 10 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
NET INCOME | 225,037 | 225,037 | |||||||||||
Other comprehensive loss | (81,205) | (81,205) | |||||||||||
Value of stock issued for stock-based compensation | 6,829 | 6,826 | 3 | ||||||||||
Conversion of Shares to Class A Common Stock | $ 0 | $ 2 | $ 2 | $ 0 | $ (36) | $ 36 | |||||||
Compensation cost related to stock-based compensation | 14,421 | 14,421 | |||||||||||
Excess tax benefits from stock-based compensation | 1,432 | 1,432 | |||||||||||
Value of treasury stock repurchased | (3,261) | (3,261) | |||||||||||
Stockholders' Equity, Other | (1,772) | (1,772) | |||||||||||
Stockholders' Equity, Balance at Dec. 31, 2015 | $ 2,519,461 | $ 1,355,345 | $ 1,544,676 | $ (153,457) | $ (227,808) | $ 697 | $ 8 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Equity (Parentheticals) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Treasury Stock repurchased, shares | 34,759 | 44,077 | 12,666 |
Class A Common Stock [Member] | |||
Stock issued for stock compensation, shares | 266,542 | 472,982 | 600,949 |
Common Stock [Member] | Class A Common Stock [Member] | |||
Settlement of deferred stock awards, shares | 4,859 | ||
Common Stock [Member] | Class A Common Stock [Member] | Conversion of Class B Common Stock to Class A Common Stock [Member] | |||
Conversion of shares to Class A Common Stock, shares | 227,347 | 588,504 | 119,963 |
Common Stock [Member] | Class A 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 | ||
Common Stock [Member] | Class A Common Stock [Member] | Common stock and TEUs [Member] | |||
Conversion of shares to Class A Common Stock, shares | 3,539,240 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
NET INCOME | $ 225,037,000 | $ 260,755,000 | $ 271,296,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 188,535,000 | 157,081,000 | 141,644,000 |
Stock-based compensation | 14,649,000 | 12,858,000 | 16,951,000 |
Excess tax benefit from share-based compensation | (1,477,000) | (6,221,000) | (6,861,000) |
Deferred income taxes | 40,477,000 | 70,131,000 | 10,229,000 |
Net gain on sale of assets | (2,291,000) | (5,100,000) | (4,677,000) |
Loss on settlement of foreign currency forward purchase contracts | 18,686,000 | 0 | 0 |
Insurance proceeds received | 0 | 5,527,000 | 11,053,000 |
Changes in operating assets and liabilities which provided/(used) cash, net of effect of acquisitions: | |||
Accounts receivable, net | 28,905,000 | (39,107,000) | (47,780,000) |
Materials and supplies | (4,073,000) | 2,600,000 | (1,839,000) |
Prepaid expenses and other | 7,462,000 | 17,451,000 | 3,304,000 |
Accounts payable and accrued expenses | (39,881,000) | 14,703,000 | 16,383,000 |
Other assets and liabilities, net | (882,000) | 786,000 | 3,801,000 |
Net cash provided by operating activities | 475,147,000 | 491,464,000 | 413,504,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of property and equipment | (371,504,000) | (331,499,000) | (249,318,000) |
Grant proceeds from outside parties | 41,742,000 | 27,980,000 | 33,913,000 |
Cash paid for acquisitions, net of cash acquired | (740,237,000) | (221,451,000) | 0 |
Net payment from settlement of foreign currency forward purchase contracts related to an acquisition | (18,686,000) | 0 | 0 |
Insurance proceeds for the replacement of assets | 10,394,000 | 8,029,000 | 0 |
Proceeds from disposition of property and equipment | 4,018,000 | 7,096,000 | 6,687,000 |
Net cash used in investing activities | (1,074,273,000) | (509,845,000) | (208,718,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Principal payments on long-term borrowings, including capital leases | (675,430,000) | (538,035,000) | (471,957,000) |
Proceeds from issuance of long-term debt | 1,261,640,000 | 543,300,000 | 262,651,000 |
Debt amendment/issuance costs | (9,622,000) | (3,880,000) | (2,773,000) |
Dividends paid on Series A-1 Preferred Stock | 0 | 0 | (2,139,000) |
Proceeds from employee stock purchases | 6,829,000 | 11,819,000 | 12,510,000 |
Treasury stock acquisitions | (3,261,000) | (4,186,000) | (11,095,000) |
Excess tax benefit from share-based compensation | 1,477,000 | 6,221,000 | 6,861,000 |
Net cash provided by/(used in) financing activities | 581,633,000 | 15,239,000 | (205,942,000) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (6,293,000) | (7,000) | (740,000) |
DECREASE IN CASH AND CASH EQUIVALENTS | (23,786,000) | (3,149,000) | (1,896,000) |
CASH AND CASH EQUIVALENTS, beginning of year | 59,727,000 | 62,876,000 | 64,772,000 |
CASH AND CASH EQUIVALENTS, end of year | $ 35,941,000 | $ 59,727,000 | $ 62,876,000 |
Business and Customers
Business and Customers | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Customer | 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 or leases 120 freight railroads worldwide that are organized in 11 operating regions with 7,500 employees and more than 2,800 customers. The financial results of our 11 operating regions are reported in the following three distinct segments: • The Company's North American Operations segment includes nine operating regions that serve 41 U.S. states and four Canadian provinces. This segment includes 113 short line and regional freight railroads with more than 13,000 track-miles. • The Company's Australian Operations segment provides rail freight services in South Australia, the Northern Territory and New South Wales. Included in the Australian Operations segement is the 1,400 -mile Tarcoola-to-Darwin rail line, which is the sole north-south rail carrier outside the coasts and primarily corridor intermodal and commodity freight . • The Company's U.K./European Operations segment includes the majority of Freightliner Group Limited (Freightliner), which the Company acquired in March 2015 (see Note 3 , Changes in Operations ). Freightliner is the United Kingdom's (U.K.) largest rail maritime intermodal operator and the U.K.'s second-largest rail freight company. The Company's U.K./European Operations segment also includes heavy-haul freight operations in Poland and Germany and cross-border intermodal services connecting Northern European seaports with key industrial regions throughout the continent. The Company's subsidiaries provide rail service at more than 40 major ports in North America, Australia and Europe and perform 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 22% , 24% and 24% of the Company's operating revenues in 2015 , 2014 and 2013 , respectively. When comparing the Company's results of 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, high winds, droughts, heavy snowfall, unseasonably hot or cold weather, freezing and flooding, among other factors. 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, global commodity prices and foreign exchange rates, such as steel products, iron ore, paper products and lumber and forest products and agricultural 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. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES: Principles of Consolidation and Basis of Presentation The consolidated financial statements presented herein include the accounts of Genesee & Wyoming Inc. and its subsidiaries. The consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (U.S. GAAP) as codified in the Financial Accounting Standards Board (FASB) Accounting Standards Codification. All significant intercompany transactions and accounts have been eliminated in consolidation. Revenue Recognition The Company generates freight revenues from the haulage of freight by rail based on a per car, per container or per ton basis. Freight revenues are recognized proportionally as shipments move from origin to destination, with related expenses recognized as incurred. The Company generates freight-related revenues from port terminal railroad operations and industrial switching (where the Company operates trains on a contract basis in facilities it does not own), as well as demurrage, storage, car hire, track access rights, transloading, crewing services, traction service (or hook and pull service that requires the Company to provide locomotives and drivers to move a customers' train between specified origin and destination points), and other ancillary revenues related to the movement of freight. Freight-related revenues are recognized as services are performed or as contractual obligations are fulfilled. The Company generates all other revenues from third-party railcar and locomotive repairs, property rentals, railroad construction and other ancillary revenues not directly related to the movement of freight. All other revenues are recognized as services are performed or as contractual obligations are fulfilled. Certain of the countries in which the Company operates have a tax assessed by a governmental authority that is both imposed on and concurrent with a specific revenue-producing transaction between a seller and a customer. The Company records these taxes on a net basis. 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) Minimum Maximum Property: 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 for the years ended December 31, 2015 , 2014 or 2013 . 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. The Company performs its annual impairment test as of November 30 of each year. No impairment was recognized for the years ended December 31, 2015 , 2014 and 2013 , as a result of our annual impairment test. Additionally, the Company reviews the carrying value of goodwill and any indefinite-lived intangible assets whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. For goodwill, a two-step impairment model is used. The first step compares the fair value of a respective reporting unit with its carrying amount, including goodwill. The second step measures the goodwill impairment loss as the excess of recorded goodwill over its implied fair value. For indefinite-lived intangible assets, 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 determination of fair value involves significant management judgment including assumptions about operating results, business plans, income projections, anticipated future cash flows and market data. Impairment losses 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 operational network rights, 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 global liability and property insurance coverage to mitigate the financial risk of providing rail and rail-related services. The Company's liability policies cover railroad employee injuries, personal injuries associated with grade crossing accidents and other third-party claims associated with the Company's operations. Damages associated with sudden releases of hazardous materials, including hazardous commodities transported by rail, and expenses related to evacuation as a result of a railroad accident are also covered under the liability policies. The Company's liability policies currently have self-insured retentions of up to $2.5 million per occurrence. The Company's property policies cover property and equipment that the Company owns, as well as property in the Company's care, custody and control. The Company's property policies currently have various self-insured retentions, which vary based on the type and location of the incident, that are currently 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 . The property policies also provide business interruption insurance arising from covered events. The self-insured retentions under the policies may change with each annual insurance renewal depending on the Company's loss history, the size and make-up of the Company and general insurance market conditions. The Company also maintains ancillary insurance coverage for other risks associated with rail and rail-related services, including insurance for employment practices, directors' and officers' liability, workers' compensation, pollution, auto claims, crime and road haulage liability, among others. Accruals for 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 Third 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 compensation expense is recorded over the requisite service period on a straight-line basis. Two assumptions in the Black-Scholes pricing model require management judgment: the life of the option and the volatility of the stock price 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, 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, 2015 | |
Significant Changes in Operations [Abstract] | |
Changes in Operations | CHANGES IN OPERATIONS: Europe Freightliner Group Limited: On March 25, 2015 , the Company completed the acquisition of all of the outstanding share capital of RailInvest Holding Company Limited, the parent company of London-based Freightliner Group Limited (Freightliner) , pursuant to the terms of a Share Purchase Agreement dated February 24, 2015. Certain former management shareholders of Freightliner (Management Shareholders) retained an approximate 6% economic interest in Freightliner in the form of deferred consideration. The Company expects to settle the deferred consideration by the end of 2020. Headquartered in London, England, Freightliner is an international freight rail operator with operations in the U.K., Poland, Germany, the Netherlands and Australia. Freightliner's principal business is located in the U.K., where it is the largest maritime intermodal operator and the second largest freight rail operator, providing 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. As of the acquisition date, Freightliner employed approximately 2,500 people worldwide and had a fleet of primarily leased equipment of approximately 250 standard gauge locomotives, including approximately 45 electric locomotives, and 5,500 railcars. The Company funded the acquisition with borrowings under the Company's Second Amended and Restated Senior Secured Syndicated Credit Facility Agreement, as amended (the Credit Agreement) (see Note 8 , Long-Term Debt ) and available cash. The foreign exchange rate used to translate the total consideration to United States dollars was $1.49 for one British pound (GBP), the exchange rate on March 25, 2015. The calculation of the total consideration for the Freightliner acquisition is presented below (amounts in thousands): GBP USD Cash consideration £ 492,083 $ 733,006 Deferred consideration 24,200 36,048 Total consideration £ 516,283 $ 769,054 As of March 25, 2015, the Company recorded a contingent liability within other long-term liabilities of £24.2 million (or $36.0 million at the exchange rate on March 25, 2015). This contingent liability represents the aggregate fair value of the shares transferred to the Company by the Management Shareholders representing an economic interest of approximately 6% on the acquisition date at the Freightliner acquisition price per share, in exchange for the right to receive cash consideration for the representative economic interest in the future (deferred consideration). The Company will recalculate the estimated fair value of the deferred consideration in each reporting period until it is paid in full by using a contractual formula designed to estimate the economic value of the Management Shareholders' retained interest in a manner consistent with that used to derive the Freightliner acquisition price per share on the acquisition date. Accordingly, a change in the fair value of the deferred consideration could have a material effect on the Company's results of operations for the period in which a change in estimate occurs. As of December 31, 2015 , there was no change in the estimated fair value of the deferred consideration (see Note 10 , Fair Value of Financial Instruments ), resulting in no change to the contingent liability. The Company expects to recognize future changes in the contingent liability for the estimated fair value of the deferred consideration through other expenses within the Company's consolidated statement of operations. These future changes in the estimated fair value of the deferred consideration are not expected to be deductible for tax purposes. Each of the Management Shareholders may elect to receive one third of their respective deferred consideration valued as of March 31, 2018, 2019 and 2020. Any remaining portion of the deferred consideration will be valued as of March 31, 2020 and paid by the end of 2020. The results of operations from Freightliner have been included in the Company's consolidated statement of operations since the March 25, 2015 acquisition date. The results of Freightliner's U.K. and Continental Europe operations are included in the Company's U.K./European Operations segment and the results of Freightliner's Australia operations are included in the Company's Australian Operations segment (see Note 18 , Segment and Geographic Area Information ). Freightliner contributed $531.3 million of total revenues and $33.4 million of income from operations to the Company's consolidated results since the March 25, 2015 acquisition date. The Company incurred $12.6 million of acquisition costs and $2.6 million of integration costs associated with Freightliner during the year ended December 31, 2015 , which were included within other expenses in the Company's consolidated statement of operations. In addition, the Company recorded a loss of $18.7 million on the settlement of foreign currency forward purchase contracts during the year ended December 31, 2015 , which were entered into in contemplation of the Freightliner acquisition (see Note 9 , Derivative Financial Instruments ). The Company accounted for the acquisition as a business combination using the acquisition method of accounting under U.S. GAAP. The acquired assets and liabilities of Freightliner were recorded at their acquisition-date fair values and were consolidated with those of the Company as of the acquisition date. The foreign exchange rate used to translate the balance sheet to United States dollars was $1.49 for one British pound. The following acquisition-date fair values were assigned to the acquired net assets (amounts in thousands): GBP USD Cash and cash equivalents £ 30,030 $ 44,733 Accounts receivable 55,530 82,717 Materials and supplies 9,740 14,509 Prepaid expenses and other 19,156 28,535 Property and equipment 198,730 296,028 Goodwill 145,190 216,275 Intangible assets 392,233 584,270 Other assets 179 267 Total assets 850,788 1,267,334 Current portion of long-term debt 17,119 25,500 Accounts payable and accrued expenses 105,531 157,201 Long-term debt, less current portion 67,057 99,888 Deferred income tax liabilities, net 82,137 122,351 Other long-term liabilities 62,661 93,340 Net assets £ 516,283 $ 769,054 The following acquisition-date fair values were assigned to the intangible assets (amounts in thousands): GBP USD Weighted Average Amortization Period (in years) Operational network rights £ 324,000 $ 482,630 100 Customer relationships 57,000 84,907 18 Trade names/trademarks 9,200 13,704 40 Favorable operating leases 2,033 3,029 5 Total intangible assets £ 392,233 $ 584,270 The amortizable operational network rights the Company acquired from Freightliner have remaining contractual terms spanning up to 123 years. In addition, the Company assigned £145.2 million (or $216.3 million at the exchange rate on March 25, 2015) to goodwill in its final allocation. The goodwill will not be deductible for tax purposes. Included in the £17.1 million (or $25.5 million at the exchange rate on March 25, 2015) current portion of long-term debt assumed was a £16.5 million (or $24.5 million at the exchange rate on March 25, 2015) capital lease liability assumed by the Company. In addition, the £67.1 million (or $99.9 million at the exchange rate on March 25, 2015) of long-term debt, less current portion, represents a long-term capital lease liability assumed by the Company. Freightliner enters into operating and capital leases for railcars, locomotives and other equipment as well as real property. In addition, the Company assumed bank guarantees of the acquired entities of €3.4 million (or $3.7 million at the exchange rate on March 25, 2015) and £2.5 million (or $3.6 million at the exchange rate on March 25, 2015) primarily associated with credit and payment guarantees. The Company assumed a net pension liability of £57.2 million (or $85.2 million at the exchange rate on March 25, 2015) as of the acquisition date, of which, £51.0 million (or $76.0 million at the exchange rate on March 25, 2015) was included in other long-term liabilities and £6.2 million (or $9.2 million at the exchange rate on March 25, 2015) was included in accounts payable and accrued expenses. See Note 11 , U.K. Pension Plan , for additional information regarding the Company's U.K. pension program. Pro Forma Financial Results (Unaudited) The following table summarizes the Company's unaudited pro forma operating results for the years ended December 31, 2015 and 2014 as if the acquisition of Freightliner had been consummated as of January 1, 2014. The following pro forma financial information does not include the impact of any costs to integrate the operations or the impact of derivative instruments that the Company has entered into or may enter into to mitigate foreign currency or interest rate risk (dollars in thousands, except per share amounts): December 31, 2015 2014 Operating revenues $ 2,157,020 $ 2,417,709 Net income $ 248,922 $ 316,459 Basic earnings per common share $ 4.39 $ 5.72 Diluted earnings per common share $ 4.30 $ 5.55 The unaudited pro forma operating results include historical operating results of Freightliner adjusted, net of tax, for depreciation and amortization expense based on the 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 the Company's entry into the Credit Agreement and the elimination of Freightliner's interest expense related to debt not assumed in the acquisition. Since the pro forma financial results assume the acquisition was consummated on January 1, 2014, the 2015 unaudited pro forma operating results for the year ended December 31, 2015 excluded $12.6 million ( $9.5 million , net of tax) of costs incurred by the Company related to the acquisition of Freightliner, $12.2 million ( $9.1 million , net of tax) of transaction-related costs incurred by Freightliner and an $18.7 million ( $11.6 million , net of tax) loss on settlement of foreign currency forward purchase contracts directly attributable to the acquisition of Freightliner. The 2014 unaudited pro forma operating results for the year ended December 31, 2014 included $12.6 million ( $9.5 million , net of tax) of costs incurred by the Company related to the acquisition of Freightliner and $15.9 million ( $11.9 million , net of tax) of transaction-related costs incurred by Freightliner. In addition, the 2014 unaudited pro forma operating results include $53.7 million ( $48.8 million , net of tax) from a gain on disposal of lease rights by Freightliner that the Company does not believe qualifies for elimination under the treatment and presentation of pro forma financial results. Prior to the acquisition, Freightliner's fiscal year was based on a 52/53 week period ending on the nearest Saturday on or before March 31. Since Freightliner and the Company had different fiscal year end dates, the unaudited pro forma operating results were prepared based on comparable periods. The unaudited pro forma operating results for the year ended December 31, 2015 were based upon the Company's consolidated statement of operations for the twelve months ended December 31, 2015 and Freightliner's historical operating results for the 12 weeks ended March 28, 2015, adjusted for the five days already included in the Company's first quarter results. The foreign exchange rate used to translate Freightliner's historical operating results to United States dollars was $1.51 for one British pound (which was calculated based on average daily exchange rates during three month period ended March 31, 2015). The unaudited pro forma operating results for the year ended December 31, 2014 were based upon the Company's consolidated statement of operations for the twelve months ended December 31, 2014 and Freightliner's historical operating results for the 48 weeks ended December 5, 2014. The foreign exchange rate used to translate Freightliner's operating results to United States dollars was $1.58 for one British pound for the three months ended December 31, 2014, $1.67 for one British pound for the three months ended September 30, 2014, $1.68 for the three months ended June 30, 2014 and $1.66 for one British pound for the three months ended March 31, 2014 (which were calculated based on average daily exchange rates during each of the respective periods). 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 January 1, 2014 and for the periods presented and are not intended to be a projection of future results or trends. United States Pinsly's Arkansas Division: On January 5, 2015 , the Company completed the acquisition of certain subsidiaries of Pinsly Railroad Company (Pinsly) that constituted Pinsly's Arkansas Division (Pinsly Arkansas) for $41.3 million in cash. The Company funded the acquisition with borrowings under the Company's Amended and Restated Senior Secured Syndicated Credit Facility Agreement (the Prior Credit Agreement). The results of operations from Pinsly Arkansas have been included in the Company's consolidated statements of operations since the acquisition date within the Company's North American Operations segment. Pinsly contributed $14.5 million of total revenues and $2.6 million of income from operations to the Company's consolidated results since the acquisition date. Headquartered in Jones Mill, Arkansas, Pinsly Arkansas serves the Hot Springs and Little Rock areas, as well as the southwestern and southeastern portions of Arkansas and includes: (1) Arkansas Midland Railroad Company, Inc. (AKMD), which is comprised of seven non-contiguous branch lines; (2) The Prescott and Northwestern Railroad Company (PNW); (3) Warren & Saline River Railroad Company (WSR); and (4) two Arkansas transload operations. Operations are comprised 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. 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 Operations segment. RCP&E contributed $69.9 million of total revenues and $17.2 million of income from operations to the Company's consolidated results since the acquisition date. 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): Amount 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 Australia Arrium Limited: Between 2011 and 2014, the Company's subsidiary, Genesee & Wyoming Australia Pty Ltd (GWA) invested a total of A$78.0 million (or $77.7 million at the exchange rates on the dates the spending occurred) to purchase locomotives and railcars, as well as to construct a standard gauge rolling-stock maintenance facility to support iron ore shipments from Arium's Southern Iron mine and Whyalla-based operations, which include the Middleback Range iron ore mines and the Whyalla steelworks. Arrium mothballed its Southern Iron mine in April 2015, citing the significant decline in the price of iron ore, while the mines in the Middleback Range continued to operate. During 2015, GWA carried approximately 8,300 carloads of iron ore from the Southern Iron mine and, in total, generated approximately A$83 million in freight and freight-related revenues (or approximately $62 million , at the average exchange rate for the year ended December 31, 2015) under the fixed and variable payment structure that is customary in large contracts in Australia. GWA expects to receive only the fixed portion of the revenue following the mothballing of the Southern Iron mine and both the fixed and variable portion from the Whyalla-based operations. GWA could lose some or all of this revenue if Arrium continues to suffer from declines in commodity prices or other economic and financial conditions. In February 2016, Arrium announced a recapitalization plan with GSO Capital Partners LP. The recapitalization plan is subject to a variety of closing conditions, including approval by Arrium’s existing lenders, as well as regulatory and other approvals. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 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, 2015 , 2014 and 2013 (in thousands, except per share amounts): 2015 2014 2013 Numerators: Net income attributable to Genesee & Wyoming Inc. common stockholders $ 225,037 $ 260,755 $ 271,296 Less: Series A-1 Preferred Stock dividend — — 2,139 Net income available to common stockholders $ 225,037 $ 260,755 $ 269,157 Denominators: Weighted average Class A common shares outstanding -Basic 56,734 55,305 53,788 Weighted average Class B common shares outstanding 884 1,305 1,675 Dilutive effect of employee stock-based awards 230 362 494 Dilutive effect of Series A-1 Preferred Stock — — 722 Weighted average shares - Diluted 57,848 56,972 56,679 Earnings per common share attributable to Genesee & Wyoming Inc. common stockholders: Basic earnings per common share $ 3.97 $ 4.71 $ 5.00 Diluted earnings per common share $ 3.89 $ 4.58 $ 4.79 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, 2015 , 2014 and 2013 , was as follows (in thousands): 2015 2014 2013 Potential issuable common shares used to calculate weighted average share equivalents 1,280 1,063 1,063 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): 2015 2014 2013 Anti-dilutive shares 716 319 105 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. Share Repurchase On September 29, 2015, the Company's Board of Directors (the Board) authorized the repurchase of up to $300.0 million of the Company's Class A Common Stock, subject to certain limitations. See Note 8 , Long-Term Debt for additional information. During 2015 , the Company repurchased no shares of Class A Common Stock under this authorization. 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 Tangible Equity Units (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 consisted of a prepaid stock purchase contract (Purchase Contract) and a senior amortizing note due October 1, 2015 (Amortizing Note) issued by the Company. On October 1, 2015, the Company settled the prepaid stock purchase contract component of the TEUs with the delivery of 3,539,240 shares of its Class A Common Stock. Accordingly, the 3,539,240 shares were included in the Company's weighted average Class A common shares outstanding - basic and diluted for the year ended December 31, 2015 . In accordance with the original terms of the TEUs, the remaining balance of the amortizing note component of the TEUs was also settled on October 1, 2015 for a total cash payment of $2.8 million . The Company's basic and diluted EPS calculations for the years ended December 31, 2014 and 2013 included 2,841,650 shares to 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 affiliates of Carlyle Partners V, L.P. (collectively, 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 the year ended December 31, 2013, the Company used the if-converted method when calculating diluted EPS. |
Accounts Receivable and Allowan
Accounts Receivable and Allowance for Doubtful Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Receivable, Net [Abstract] | |
Accounts Receivable and Allowance for Doubtful Accounts | 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, 2015 and 2014 (dollars in thousands): 2015 2014 Accounts receivable - trade $ 339,100 $ 304,087 Accounts receivable - grants from outside parties 22,997 32,076 Accounts receivable - insurance and other third-party claims 26,574 26,941 Total accounts receivable 388,671 363,104 Allowance for doubtful accounts (6,213 ) (5,826 ) Accounts receivable, net $ 382,458 $ 357,278 Included in accounts receivable, net as of December 31, 2015 was $95.5 million (or £64.8 million ) of Freightliner's accounts receivable, based on the exchange rate at December 31, 2015 . 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 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 $41.7 million , $28.0 million and $33.9 million for the years ended December 31, 2015, 2014 and 2013 , respectively, from such grant programs. The proceeds were presented as cash inflows from investing activities within each of the applicable periods. None of the Company's grants 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, fails to make certain minimum capital improvements or ceases use of the locomotives within the specified geographic area and time period, in each case, as defined in the applicable grant agreement. As the Company intends to comply with the requirements of these agreements, the Company has recorded additions to track property and locomotives and has deferred the amount of the grants. The amortization of deferred grants is a non-cash offset to depreciation expense over the useful lives of the related assets. The following table sets forth the offset to depreciation expense from the amortization of deferred grants recorded by the Company during the years ended December 31, 2015, 2014 and 2013 (dollars in thousands): 2015 2014 2013 Amortization of deferred grants 10,691 10,364 9,343 Insurance and Third-Party Claims Accounts receivable from insurance and other third-party claims at December 31, 2015 included $12.8 million from the Company's North American Operations, $8.1 million from the Company's Australian Operations and $5.7 million from the Company's U.K./European Operations. The balance from the Company's North American Operations resulted predominately from the Company's anticipated insurance recoveries associated with a derailment in Alabama (the Aliceville Derailment) in November 2013 and a trestle fire in Oregon in August 2015. 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 balance from the Company's U.K./European Operations resulted primarily from the Company's anticipated insurance recoveries associated with a rail-related collision in Germany in 2014 that occurred prior to the Company's acquisition of Freightliner. The Company received proceeds from insurance totaling $10.4 million , $13.6 million and $11.1 million for the years ended December 31, 2015, 2014 and 2013 , respectively. Allowance for Doubtful Accounts Activity in the Company's allowance for doubtful accounts for the years ended December 31, 2015 , 2014 and 2013 was as follows (dollars in thousands): 2015 2014 2013 Balance, beginning of year $ 5,826 $ 3,755 $ 2,693 Provisions 7,512 5,191 2,741 Charges (7,125 ) (3,120 ) (1,679 ) Balance, end of year $ 6,213 $ 5,826 $ 3,755 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 Leas
Property and Equipment and Leases (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment, Net, Including and Excluding Capital Leased Asset [Abstract] | |
Property and Equipment and Leases | PROPERTY AND EQUIPMENT AND LEASES: Property and Equipment Major classifications of property and equipment as of December 31, 2015 and 2014 were as follows (dollars in thousands): 2015 Gross Book Value Accumulated Depreciation Net Book Value Property: Land and land improvements $ 648,498 $ — $ 648,498 Buildings and leasehold improvements 238,272 (32,624 ) 205,648 Bridges/tunnels/culverts 662,287 (85,040 ) 577,247 Track property 2,508,100 (403,778 ) 2,104,322 Total property 4,057,157 (521,442 ) 3,535,715 Equipment: Computer equipment 18,633 (11,709 ) 6,924 Locomotives and railcars 653,077 (173,214 ) 479,863 Vehicles and mobile equipment 65,241 (34,656 ) 30,585 Signals and crossing equipment 69,315 (30,754 ) 38,561 Track equipment 28,440 (11,628 ) 16,812 Other equipment 73,405 (13,846 ) 59,559 Total equipment 908,111 (275,807 ) 632,304 Construction-in-process 47,044 — 47,044 Total property and equipment $ 5,012,312 $ (797,249 ) $ 4,215,063 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 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, 2015 and 2014 were as follows (dollars in thousands): 2015 2014 Property: Buildings and leasehold improvements $ 2,097 $ 1,312 Bridges/tunnels/culverts 39 4,082 Track property 24,962 24,078 Equipment: Locomotives and railcars 12,875 11,170 Other equipment 7,071 2,332 Total construction-in-process $ 47,044 $ 42,974 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, 2015 , 2014 and 2013 totaled $159.1 million , $135.0 million and $119.2 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 8 , Long-Term Debt , for more information on the Company's credit agreements. 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, 2015 and 2014 was as follows: December 31, 2015 2014 Railcars 21,819 18,583 Locomotives 333 162 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, 2015 , 2014 and 2013 was as follows (dollars in thousands): 2015 2014 2013 Equipment $ 82,853 $ 29,462 $ 32,050 Real property $ 11,715 $ 8,361 $ 8,062 Trackage rights $ 78,140 $ 53,783 $ 50,911 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 7.4% of the Company's 2015 total operating revenues. Leases from Class I railroads and other third parties that are subject to expiration in each of the next 10 years represent less than 2% of the Company's annual revenues in the year of expiration based on the Company's operating revenues for the year ended December 31, 2015 . The following is a summary of future minimum lease payments under capital leases and operating leases as of December 31, 2015 (dollars in thousands): Capital Operating Total 2016 $ 24,841 $ 112,230 $ 137,071 2017 18,935 93,761 112,696 2018 10,398 81,471 91,869 2019 9,827 64,122 73,949 2020 16,672 50,601 67,273 Thereafter 43,738 304,819 348,557 Total minimum payments $ 124,411 $ 707,004 $ 831,415 |
Intangible Assets, Other Assets
Intangible Assets, Other Assets, Net and Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Other Assets and Goodwill | INTANGIBLE ASSETS, OTHER ASSETS AND GOODWILL: Intangible Assets Intangible assets as of December 31, 2015 and 2014 were as follows (dollars in thousands): 2015 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Weighted Average Amortization Period (in Years) Intangible assets: Amortizable intangible assets: Operational network rights $ 477,706 $ (3,693 ) $ 474,013 100 Track access agreements 415,348 (57,751 ) 357,597 43 Customer contracts and relationships 259,897 (35,405 ) 224,492 30 Service agreements 37,622 (16,213 ) 21,409 28 Trade names/trademarks 13,327 (268 ) 13,059 40 Favorable operating leases 2,972 (590 ) 2,382 5 Total amortizable intangible assets $ 1,206,872 $ (113,920 ) $ 1,092,952 62 Non-amortizable intangible assets: Perpetual track access agreements 35,891 Operating license 109 Total intangible assets, net $ 1,128,952 2014 Gross Accumulated Intangible Assets, Net Weighted Intangible assets: Amortizable intangible assets: Track access agreements $ 424,835 $ (46,367 ) $ 378,468 43 Customer contracts and relationships 177,179 (26,738 ) 150,441 36 Service agreements 37,622 (14,880 ) 22,742 28 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 The Company expenses costs incurred to renew or extend the term of its track access agreements. In the purchase price allocation of Freightliner, the Company assigned the following fair values to amortizable intangible assets: £324.0 million to operational network rights, £57.0 million to customer contracts and relationships, £9.2 million to trademark/trade names and £2.0 million to amortizable favorable operating leases. See Note 3 , Changes in Operations , for additional information on these amortizable intangible assets. 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. For the years ended December 31, 2015 , 2014 and 2013 , the aggregate amortization expense associated with intangible assets was $29.4 million , $22.0 million and $22.5 million , respectively. The Company estimates the future aggregate amortization expense related to its intangible assets as of December 31, 2015 will be as follows for the periods presented (dollars in thousands): Amount 2016 $ 31,028 2017 30,894 2018 29,466 2019 25,112 2020 24,755 Thereafter 951,697 Total $ 1,092,952 Other Assets Other assets as of December 31, 2015 and 2014 were as follows (dollars in thousands): 2015 Gross Carrying Amount Accumulated Amortization Other Assets, Net Weighted Average Amortization Period (in Years) Other assets: Deferred financing costs $ 28,248 $ (4,740 ) $ 23,508 4 Other assets 22,836 — 22,836 0 Total other assets, net $ 51,084 $ (4,740 ) $ 46,344 2014 Gross Carrying Amount Accumulated Amortization Other Assets, Net Weighted Average 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 For the years ended December 31, 2015 , 2014 and 2013 , the Company amortized $7.6 million , $12.2 million and $10.2 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 2015 amortization amount included $2.0 million associated with the write-off of deferred financing fees as a result of the March 2015 refinancing of the Company's credit agreement. 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 8 , 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. As of December 31, 2015 , 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): Amount 2016 $ 5,987 2017 5,798 2018 5,547 2019 5,110 2020 1,066 Total $ 23,508 Goodwill The changes in the carrying amount of goodwill for the years ended December 31, 2015 and 2014 were as follows (dollars in thousands): December 31, 2015 North American Operations Australian Operations U.K./European Operations Total Operations Balance at beginning of period $ 615,403 $ — $ 13,412 $ 628,815 Goodwill acquired 920 42,312 172,821 216,053 Acquisition accounting adjustments (6,895 ) — — (6,895 ) Currency translation adjustment (4,194 ) (3,000 ) (4,204 ) (11,398 ) Balance at end of period $ 605,234 $ 39,312 $ 182,029 $ 826,575 December 31, 2014 North American Operations Australian Operations U.K./European Operations Total Operations Balance at beginning of period $ 615,228 $ — $ 15,234 $ 630,462 Goodwill acquired 2,409 — — 2,409 Acquisition accounting adjustments 295 — — 295 Currency translation adjustment (2,529 ) — (1,822 ) (4,351 ) Balance at end of period $ 615,403 $ — $ 13,412 $ 628,815 The acquired goodwill for the year ended December 31, 2015 is related to the acquisition of Freightliner. See Note 3 , Changes in Operations , for additional information regarding the Freightliner acquisition. |
Long-term Debt (Notes)
Long-term Debt (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Long-term Debt, Unclassified [Abstract] | |
Long-term Debt | LONG-TERM DEBT: Long-term debt consisted of the following as of December 31, 2015 and 2014 (dollars in thousands): 2015 2014 Credit agreement with variable interest rates (weighted average of 2.60% and 1.92% before impact of interest rate swaps at December 31, 2015 and 2014, respectively) due 2020 $ 2,177,724 $ 1,584,044 Amortizing Notes component of TEUs settled on October 1, 2015 — 11,184 Other debt and capital leases 127,535 20,221 Long-term debt 2,305,259 1,615,449 Less: current portion 81,953 67,398 Long-term debt, less current portion $ 2,223,306 $ 1,548,051 Credit Agreement In anticipation of its acquisition of Freightliner, the Company entered into the Credit Agreement on March 20, 2015. The credit facilities under the Credit Agreement are comprised of a $1,782.0 million United States term loan, an A$324.6 million (or $252.5 million at the exchange rate on March 20, 2015) Australian term loan, a £101.7 million (or $152.2 million at the exchange rate on March 20, 2015) U.K. term loan and a $625.0 million revolving credit facility. The revolving credit facility includes borrowing capacity for letters of credit and swingline loans. The maturity date of each of the Company's credit facilities under the Credit Agreement is March 31, 2020 . The $625.0 million revolving credit facility under the Credit Agreement includes flexible sub-limits for revolving loans denominated in United States dollars, Australian dollars, British pounds, Canadian dollars and Euros and provides for the ability to reallocate commitments among the sub-limits, provided that the total amount of all Australian dollar, Canadian dollar, British pound, Euro or other designated currencies sub-limits cannot exceed a combined $500.0 million . At the Company's election, at the time of entering into specific borrowings, interest on borrowings is calculated under a "Base Rate" or "LIBOR/BBR Rate." LIBOR is the London Interbank Offered Rate. BBR is the Bankers Buyers Rate, which the Company believes is generally considered the Australian equivalent to LIBOR. The applicable borrowing spread for the Base Rate loans ranges from 0.0% to 1.0% depending upon the Company's total leverage ratio as defined in the Credit Agreement. The applicable borrowing spread for LIBOR/BBR Rate loans ranges from 1.0% to 2.0% depending upon the Company's total leverage ratio as defined in the Credit Agreement. In addition to paying interest on any outstanding borrowings under the Credit Agreement, the Company is required to pay a commitment fee related to the unutilized portion of the commitments under the revolving credit facility. The commitment fee rate ranges from 0.2% to 0.3% depending upon the Company's total leverage ratio as defined in the Credit Agreement. Since entering into the Credit Agreement, the Company has made prepayments on its United States term loan of $10.0 million and Australian term loan of A$35.0 million (or $25.8 million at the exchange rates on the dates the payments were made). As of December 31, 2015 , the Company had the following outstanding term loans (amounts in thousands, except percentages): Local currency United States dollar equivalent Interest rate United States dollar $ 1,772,000 $ 1,772,000 2.42 % Australian dollar A$ 289,627 $ 210,993 4.12 % British pound £ 101,681 $ 149,919 2.51 % The United States dollar-denominated, Australian dollar-denominated and British pound-denominated term loans will amortize in quarterly installments commencing with the quarter ending September 30, 2016, with the remaining principal balance payable upon maturity, as set forth below (amounts in thousands): Quarterly Payment Date Principal Amount Due on Each Payment Date United States dollar: September 30, 2016 through June 30, 2018 $ 22,275 September 30, 2018 through December 31, 2019 $ 44,550 Maturity date - March 31, 2020 $ 1,326,500 Australian dollar: September 30, 2016 through June 30, 2018 A$ 4,058 September 30, 2018 through December 31, 2019 A$ 8,116 Maturity date - March 31, 2020 A$ 208,470 British pound: September 30, 2016 through June 30, 2018 £ 1,271 September 30, 2018 through December 31, 2019 £ 2,542 Maturity date - March 31, 2020 £ 76,261 The Company's availability to draw from the unused borrowing capacity is subject to covenant limitations as discussed below. As of December 31, 2015 , the Company had the following unused borrowing capacity under its revolving credit facility (amounts in thousands): Composition December 31, 2015 Total available borrowing capacity $ 625,000 Outstanding revolving loans $ 44,812 Outstanding letter of credit guarantees $ 4,535 Unused borrowing capacity $ 575,653 As of December 31, 2015 , the Company had the following outstanding revolving loans (amounts in thousands, except percentages): Local Currency United States Dollar Equivalent Interest Rate Australian dollar (swingline loan) A$ 3,000 $ 2,186 6.11 % British pound £ 5,500 $ 8,109 2.51 % Canadian dollar C$ 33,500 $ 24,200 2.87 % Euro € 9,500 $ 10,317 2.00 % The Credit Agreement contains a number of customary affirmative and negative covenants 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 certain 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. The existing term loans and revolving loans under the Credit Agreement are guaranteed by substantially all of the Company's United States subsidiaries and by substantially all of its foreign subsidiaries solely in respect of the foreign guaranteed obligations subject, in each case, to certain exceptions. The Credit Agreement is collateralized by certain real and personal property assets of the Company's domestic subsidiaries that have guaranteed the Company's obligations under the Credit Agreement and certain personal property assets of its foreign subsidiaries that have guaranteed the foreign obligations under the Credit Agreement. In connection with entering into the Credit Agreement, the Company wrote-off $2.0 million of unamortized deferred financing fees and deferred $5.8 million of new fees during the year ended December 31, 2015 . Credit Agreement Amendment On September 30, 2015, the Company entered into Amendment No. 1 (the Amendment) to the Credit Agreement. The Amendment added a senior secured leverage ratio covenant that requires the Company to comply with maximum ratios of senior secured indebtedness, subject, if applicable, to netting of certain cash and cash equivalents of the Company to earnings before interest, income taxes, depreciation and amortization (EBITDA), as defined in the Amendment, for the applicable periods set forth in the following table: Quarterly Periods Ending Maximum Senior Secured Leverage Ratio September 30, 2015 through June 30, 2016 4.50 to 1.00 September 30, 2016 through March 31, 2017 4.25 to 1.00 June 30, 2017 through September 30, 2017 4.00 to 1.00 December 31, 2017 through March 31, 2018 3.75 to 1.00 June 30, 2018 through March 31, 2020 3.50 to 1.00 In addition, the Amendment established a maximum total leverage ratio covenant of 4.50 to 1.00 for the term of the Credit Agreement. If the Company’s total leverage ratio is greater than or equal to 4.00 to 1.00 , the Amendment further provides for a 1.25% and 2.25% margin for floating rate and offered rate loans, respectively, under the Credit Agreement, with the remaining total-leverage ratio-dependent applicable margins remaining unchanged. The Amendment permits the Company, subject to certain limitations, to repurchase shares of the Company's Class A Common Stock with a value of up to $300.0 million during the period commencing on the date of the Amendment and ending on the maturity date under the Credit Agreement. The repurchases are subject to limitations requiring the Company’s total leverage ratio to not exceed 4.00 to 1.00 and the Company to maintain at least $150.0 million of cash and available revolving credit capacity (liquidity), in each case, on a pro forma basis. If the Company’s total leverage ratio after giving effect to such repurchases on a pro forma basis were less than 3.00 to 1.00 , then the applicable share repurchase limit and liquidity restrictions do not apply, but other restrictions and limitations may apply. Following the approval of the Amendment by the Board on September 29, 2015, the Board authorized the repurchase of up to $300.0 million of the Company's Class A Common Stock and appointed a special committee of the Board to review and approve repurchases proposed by management. During 2015 , the Company repurchased no shares of Class A Common Stock under this authorization. As of December 31, 2015 , the Company was in compliance with the covenants under the Credit Agreement, as amended by the Amendment , including the maximum senior secured leverage ratio covenant noted above. The Company deferred $3.0 million of costs in connection with entering into the Amendment. Deferred financing costs are amortized as additional interest expense over the term of the related debt using the effective-interest method for the term loan debt and the straight-line method for the revolving credit facility. Prior Credit Agreement In May 2014, the Company entered into the Prior Credit Agreement, which included 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. Each of the credit facilities had a maturity date of May 31, 2019 . As of December 31, 2014 , the Company had the following outstanding revolving loans (amounts in thousands, except percentages): Local Currency United States Dollar Equivalent Interest Rate United States dollar $ 11,000 $ 11,000 1.67 % Australian dollar A$ 8,000 $ 6,538 6.44 % Canadian dollar C$ 24,000 $ 20,688 2.79 % Euro € 4,100 $ 4,961 1.51 % As of December 31, 2014 , the Company had the following unused borrowing capacity under its revolving credit facility (amounts in thousands): Composition December 31, 2014 Total available borrowing capacity $ 625,000 Outstanding revolving loans $ 43,187 Outstanding letter of credit guarantees $ 2,638 Unused borrowing capacity $ 579,175 In connection with the Prior Credit Agreement, the Company wrote-off $4.6 million of unamortized deferred financing fees and capitalized an additional $3.7 million of new fees during the year ended December 31, 2014 . 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. On each January 1, April 1, July 1 and October 1, the Company paid the 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 was equivalent to a 5.00% cash payment per year with respect to each $100 stated amount of the TEUs. On October 1, 2015, the remaining balance of the amortizing note component of the TEUs was settled for a total cash payment of $2.8 million . In addition, the Company settled the prepaid stock purchase contract component of the TEUs with the delivery of 3,539,240 shares of its Class A Common Stock. 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, 2015 , the carrying value of the loan was A$2.7 million (or $1.9 million at the exchange rate on December 31, 2015 ) 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, 2015 (dollars in thousands): Amount 2016 $ 81,953 2017 127,849 2018 173,029 2019 226,668 2020 1,650,107 Thereafter (1) 80,163 Total $ 2,339,769 (1) Includes the A$50.0 million (or $36.4 million at the exchange rate on December 31, 2015 ) non-interest bearing loan due in 2054 assumed in the FreightLink Acquisition with a carrying value of A$2.7 million (or $1.9 million at the exchange rate on December 31, 2015 ). |
Derivative Financial Instrument
Derivative Financial Instruments (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instrument Detail [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS: The Company actively monitors its exposure to interest rate and foreign currency exchange rate risks and uses derivative financial instruments to manage the impact of these risks. The Company uses derivatives only for purposes of managing risk associated with underlying exposures. The Company does not trade or use derivative instruments with the objective of earning financial gains on the interest rate or exchange rate fluctuations alone, nor does the Company use derivative instruments where it does not have underlying exposures. Complex instruments involving leverage or multipliers are not used. The Company manages its hedging position and monitors the credit ratings of counterparties and does not anticipate losses due to counterparty nonperformance. Management believes its use of derivative instruments to manage risk is in the Company's best interest. However, the Company's use of derivative financial instruments may result in short-term gains or losses and increased earnings volatility. The Company's instruments are recorded in the consolidated balance sheets at fair value in prepaid expenses and other, other assets, net, accrued expenses or other long-term liabilities. The Company may designate derivatives as a hedge of a forecasted transaction or a hedge of the variability of the cash flows to be received or paid in the future related to a recognized asset or liability (cash flow hedge). The portion of the changes in the fair value of the derivative used as a cash flow hedge that is offset by changes in the expected cash flows related to a recognized asset or liability (the effective portion) is recorded in other comprehensive income. As the hedged item is realized, the gain or loss included in accumulated other comprehensive income/(loss) 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 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 9/30/2015 9/30/2016 9/30/2015 $ 350,000 0.93% 1-month LIBOR 9/30/2016 9/30/2026 9/30/2026 $ 100,000 2.79% 3-month LIBOR 9/30/2016 9/30/2026 9/30/2026 $ 100,000 2.79% 3-month LIBOR 9/30/2016 9/30/2026 9/30/2026 $ 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 2015, 2014 and 2013 (dollars in thousands): Notional Amount Receive Variable Rate Effective Date Expiration Date Date Amount Paid Fixed Rate 10/6/2008 9/30/2013 10/6/2008 $ 120,000 3.88% 1-month LIBOR 10/4/2012 9/30/2013 10/4/2012 $ 1,450,000 0.25% 1-month LIBOR 1/1/2013 $ 1,350,000 0.25% 1-month LIBOR 4/1/2013 $ 1,300,000 0.25% 1-month LIBOR 7/1/2013 $ 1,250,000 0.25% 1-month LIBOR 9/30/2013 9/30/2014 9/30/2013 $ 1,350,000 0.35% 1-month LIBOR 12/31/2013 $ 1,300,000 0.35% 1-month LIBOR 3/31/2014 $ 1,250,000 0.35% 1-month LIBOR 6/30/2014 $ 1,200,000 0.35% 1-month LIBOR 9/30/2014 9/30/2015 9/30/2014 $ 1,150,000 0.54% 1-month LIBOR 12/31/2014 $ 1,100,000 0.54% 1-month LIBOR 3/31/2015 $ 1,050,000 0.54% 1-month LIBOR 6/30/2015 $ 1,000,000 0.54% 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, 2015, 2014 and 2013 resulted in no amount of gain or loss reclassified from accumulated other comprehensive income/(loss) into earnings due to ineffectiveness. During the years ended December 31, 2015, 2014 and 2013 , existing net losses associated with the Company's interest rate swaps of $2.9 million , $2.4 million and $4.1 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, 2015 , the Company expects to reclassify $0.8 million of net losses reported in accumulated other comprehensive income/(loss) 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, 2015 , the Company's foreign subsidiaries had $512.1 million of third-party debt denominated in the local currencies in which the Company's foreign subsidiaries operate, including the Australian dollar, the British pound, the 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, the British pound, the 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 of non-United States dollar-denominated acquisitions, the Company may enter into foreign currency forward purchase contracts. To mitigate currency exposures related to non-functional currency denominated intercompany debt, cross-currency swaps or foreign currency forward 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. However, cross-currency swap contracts and foreign currency forward contracts used to mitigate exposures on foreign currency intercompany debt may not qualify for hedge accounting. In cases where the cross-currency swap contracts and foreign currency forward contracts do not qualify for hedge accounting, the Company believes that such instruments are closely correlated with the underlying exposure, thus reducing the associated risk. The gains or losses from changes in the fair value of derivative instruments that do not qualify for hedge accounting are recognized in current period earnings within other income, net. On February 25, 2015, the Company announced its entry into an agreement to acquire all of the outstanding share capital of RailInvest Holding Company Limited, the parent company of Freightliner, for cash consideration of approximately £490 million (or approximately $755 million at the exchange rate on February 25, 2015). Shortly after the announcement of the acquisition, the Company entered into British pound forward purchase contracts to fix £307.1 million of the purchase price to US$475.0 million and £84.7 million of the purchase price to A$163.8 million . The subsequent decrease in value of the British pound versus the United States and Australian dollars between the dates the British pound forward purchase contracts were entered into and March 23, 2015, the date that the £391.8 million in funds were delivered, resulted in a loss on settlement of foreign currency forward purchase contracts of $18.7 million for the year ended December 31, 2015 . On March 25, 2015, the Company closed on the Freightliner transaction and paid cash consideration for the acquisition of £492.1 million (or $733.0 million at the exchange rate on March 25, 2015). The Company financed the acquisition through a combination of available cash and borrowings under the Company's Credit Agreement. A portion of the funds was transferred from the United States to the U.K. through an intercompany loan with a notional amount of £120.0 million (or $181.0 million at the exchange rate on the effective date of the loan) and accrued interest as of December 31, 2015 of £5.8 million (or $8.5 million at the exchange rate on December 31, 2015 ), each of which are expected to remain until maturity of the loan. To mitigate the foreign currency exchange rate risk related to this non-functional currency intercompany loan and the related interest, the Company entered into British pound forward contracts, which are accounted for as cash flow hedges. The fair values of the Company's British pound forward contracts were estimated based on Level 2 inputs. The Company's effectiveness testing during the year ended December 31, 2015 resulted in no amount of gain or loss reclassified from accumulated other comprehensive income/(loss) into earnings due to ineffectiveness. The following table summarizes the Company's outstanding British pound forward contracts (British pounds in thousands): Effective Date Settlement Date Notional Amount Exchange Rate 3/25/2015 3/31/2020 £60,000 1.51 3/25/2015 3/31/2020 £60,000 1.50 6/30/2015 3/31/2020 £2,035 1.57 9/30/2015 3/31/2020 £1,846 1.51 12/31/2015 3/31/2020 £1,873 1.48 On December 3, 2012, the Company entered into two Australian dollar/United States dollar floating to floating cross-currency swap agreements (the Swaps), to mitigate the foreign currency exchange rate risk related to a non-functional currency intercompany loan between the United States and Australian entities, originally set to expire on December 1, 2014, which did not qualify as hedges for accounting purposes. On May 23, 2014, the intercompany loan was repaid and the Company terminated the Swaps. In connection with the termination, the Company paid A$105 million and received $108.9 million . The Swaps required the Company to pay Australian dollar BBSW plus 3.25% based on a notional amount of A$105.0 million and allowed the Company to receive United States LIBOR plus 2.82% based on a notional amount of $109.6 million on a quarterly basis. As a result of the quarterly net settlement payments, the Company realized a net expense of $1.2 million within interest expense for the year ended December 31, 2014 . In addition, for the year ended December 31, 2014 , the Company recognized a net expense of $0.1 million , within other income, net related to the settlement of the derivative agreement and the mark-to-market of the underlying intercompany debt instrument to the exchange rate. The following table summarizes the fair value of the Company's derivative instruments recorded in the consolidated balance sheets as of December 31, 2015 and 2014 (dollars in thousands): Fair Value Balance Sheet Location 2015 2014 Asset Derivatives: Derivatives designated as hedges: Interest rate swap agreements Prepaid expenses and other $ — $ 35 Interest rate swap agreements Other assets, net — 101 British pound forward contracts Other assets, net 1,530 — Total derivatives designated as hedges $ 1,530 $ 136 Liability Derivatives: Derivatives designated as hedges: Interest rate swap agreements Accrued expenses $ 846 $ 2,249 Interest rate swap agreements Other long-term liabilities 11,655 2,462 Total derivatives designated as hedges $ 12,501 $ 4,711 The following table shows the effect of the Company's derivative instruments designated as cash flow hedges for the years ended December 31, 2015, 2014 and 2013 in other comprehensive income/(loss) (OCI) (dollars in thousands): Total Cash Flow Hedge OCI Activity, Net of Tax 2015 2014 2013 Derivatives Designated as Cash Flow Hedges: Effective portion of changes in fair value recognized in OCI: Interest rate swap agreement $ (4,749 ) $ (23,473 ) $ 20,988 British pound forward contracts 912 — — $ (3,837 ) $ (23,473 ) $ 20,988 The following table shows the effect of the Company's derivative instruments not designated as hedges for the years ended December 31, 2015, 2014 and 2013 in the consolidated statements of operations (dollars in thousands): Amount Recognized in Earnings Location of Amount Recognized in Earnings 2015 2014 2013 Derivative Instruments Not Designated as Hedges: Cross-currency swap agreements Interest (expense)/income $ — $ (1,184 ) $ (2,696 ) Cross-currency swap agreements Other (expense)/income, net — (86 ) 427 British pound forward purchase contracts Loss on settlement of foreign currency forward purchase contracts (18,686 ) — — $ (18,686 ) $ (1,270 ) $ (2,269 ) |
Fair Value of Financial Instrum
Fair Value of Financial Instruments (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS: The following methods and assumptions were used to estimate the fair value of each class of financial instrument held by the Company: • Financial Instruments Carried at Fair Value: Derivative instruments are recorded on the consolidated balance 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 foreign currency forward contracts. 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 British pound forward contracts based on Level 2 valuation inputs, including LIBOR implied forward interest rates, British pound LIBOR implied forward interest rates and the remaining time to maturity. • The Company's recurring fair value measurements using significant unobservable inputs (Level 3) relate solely to the Company's deferred consideration from the Freightliner acquisition. The fair value of the deferred consideration liability, which equals the representative share value on the acquisition date, was estimated by discounting, to present value, contingent payments expected to be made (see Note 3 , Changes in Operations ). • 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, 2015 and 2014 (dollars in thousands): 2015 2014 Financial instruments carried at fair value using Level 2 inputs: Financial assets carried at fair value: Interest rate swap agreements $ — $ 136 British pound forward contracts 1,530 — Total financial assets carried at fair value $ 1,530 $ 136 Financial liabilities carried at fair value: Interest rate swap agreements $ 12,501 $ 4,711 The following table presents the Company's financial instrument carried at fair value using Level 3 inputs as of December 31, 2015 (amounts in thousands): 2015 GBP USD Financial instrument carried at fair value using Level 3 inputs: Financial liabilities carried at fair value: Accrued deferred consideration £ 24,200 $ 35,680 The Company's recurring fair value measurements using significant unobservable inputs (Level 3) relate solely to the Company's deferred consideration from the Freightliner acquisition (see Note 3 , Changes in Operations ). As of December 31, 2015 , there was no change in the estimated fair value of the deferred consideration resulting in no change to the contingent liability. 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, 2015 and 2014 (dollars in thousands): 2015 2014 Carrying Value Fair Value Carrying Value Fair Value Financial liabilities carried at historical cost: United States term loan $ 1,772,000 $ 1,750,040 $ 1,407,000 $ 1,402,950 Australia term loan 210,993 210,128 133,857 133,900 U.K. term loan 149,919 150,030 — — Revolving credit facility 44,812 44,833 43,187 43,304 Amortizing notes component of TEUs — — 11,184 11,233 Other debt 3,123 3,090 8,544 8,523 Total $ 2,180,847 $ 2,158,121 $ 1,603,772 $ 1,599,910 |
U.K. Pension Plan (Notes)
U.K. Pension Plan (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
U.K. Pension Plans | U.K. PENSION PLAN: In connection with the acquisition of Freightliner, the Company assumed a defined benefit pension plan for its U.K. employees through a standalone shared cost arrangement within the Railways Pension Scheme (Pension Program). The Pension Program is managed and administered by a professional pension administration company and is overseen by trustees with professional advice from independent actuaries and other advisers. The Pension Program is a shared cost arrangement with required contributions shared between Freightliner and its employees with Freightliner contributing 60% and the remaining 40% contributed by active employees. The Company engages independent actuaries to compute the amounts of liabilities and expenses relating to the Pension Program subject to the assumptions that the Company selects. The following table summarizes the funding obligations and assets of the Pension Program as of December 31, 2015 (dollars in thousands): December 31, 2015 Projected benefit obligation (100%) $ 580,054 Fair value of plan assets (100%) 462,177 Funded status (100%) (117,877 ) Employees' share of deficit (40%) (47,152 ) Net pension liability recognized in the balance sheet (60%) $ (70,725 ) The following table presents the changes in the Company's portion of the benefit obligation and fair value of plan assets of the Pension Program since the March 25, 2015 acquisition date for the year ended December 31, 2015 and funded status as of December 31, 2015 (dollars in thousands): 2015 Change in benefit obligations: Benefit obligation at March 25, 2015 $ 359,941 Service cost 10,911 Interest cost 8,475 Benefits paid (5,890 ) Actuarial gain (21,731 ) Exchange rate changes (3,673 ) Benefit obligation at end of year $ 348,033 Change in plan assets: Fair value of plan assets at March 25, 2015 $ 274,787 Actual return on plan assets 1,609 Benefits paid (5,890 ) Employer contributions 9,606 Exchange rate changes (2,804 ) Fair value of plan assets at end of year $ 277,308 Funded status, December 31, 2015 $ (70,725 ) The following table presents the amounts recognized for the Pension Program in the consolidated balance sheet as of December 31, 2015 and in other comprehensive income/(loss) since the March 25, 2015 acquisition date for the year ended December 31, 2015 (dollars in thousands): December 31, 2015 Amounts recognized in the consolidated balance sheet: Accrued expenses $ (7,994 ) Other long-term liabilities (62,731 ) Total amount recognized in the consolidated balance sheet $ (70,725 ) Amount recognized in other comprehensive income/(loss): Net actuarial gain $ 13,198 The following table summarizes the components of the Pension Program related to the net benefit costs recognized in labor and benefits in the Company's consolidated statement of operations since the March 25, 2015 acquisition date for the year ended December 31, 2015 (dollars in thousands): December 31, 2015 Service cost $ 10,911 Interest cost 8,475 Expected return on plan assets (12,029 ) Exchange rate changes 291 Net periodic benefit cost $ 7,648 The following table presents the actuarial assumptions used to compute the funded status of the Pension Program as of December 31, 2015 and for the calculation of net periodic pension expense associated with the Pension Program since the March 25, 2015 acquisition date for the year ended December 31, 2015 : Discount rate 3.2 % Price inflation (RPI measure) 3.0 % Pension increases (CPI measure) 1.7 % Salary increases 3.4 % Expected return on plan assets 5.9 % The discount rates used by the actuaries are established by considering the yields on high quality corporate bonds having a similar duration as the expected liabilities under the Pension Program. As of December 31, 2015, each one percentage point change in the discount rate would result in a $69.3 million change in the pension liability. In addition, each one percentage point change in the retail price index (RPI) would result in a $69.3 million change in the pension liability. The assets of the Pension Program are held in a separate trustee administered fund operated by Railways Trustee Company Limited. The trustee is responsible for ensuring that investment strategies are in compliance with the Pension Program. The assets are invested through a number of pooled investment funds, each with a different risk and return profile. Only railways pension programs may invest in these pooled funds. Each railways pension program holds units in some or all of the pooled funds. The use of these pools enables each railways pension program to hold a broader range of investments more efficiently than may have been possible through direct ownership. The Pension Program's asset allocation policy states the assets should be allocated as follows: Percentage Asset category: Return-seeking assets 81 % Defensive/other assets 19 % Total 100 % The expected return on assets represents the weighted average of long-term expected yields of the pooled investment funds. The expected returns on these pooled funds are not readily determinable from quoted market prices. However, the funds are actively managed by the trustee to achieve benchmark returns. Accordingly, the expected return for each pooled investment fund for purposes of the actuarial calculations was estimated using the respective pooled fund's benchmark return relative to the RPI. The following table provides the Pension Program's allocation of assets among the pooled investment funds and the expected return on assets for each pooled fund, net of expenses, as well as the weighted average expected return on assets used in the actuarial calculations as of December 31, 2015: Weighted Average Expected Yields Weighted Average Asset Allocation Weighted Average Expected Return on Plan Assets Growth, private equity and infrastructure pooled funds 6.9 % 81 % 5.6 % Defensive and government bond pooled fund plus cash 2.3 % 19 % 0.3 % Expected return on plan assets 5.9 % The following table presents the fair value of the major categories of the Pension Program's assets segregated according to the hierarchy of valuation inputs for measuring fair value (see Note 2 , Significant Accounting Policies ) as of December 31, 2015 (dollars in thousands): Quoted Prices in Active Markets for Identical Assets/(Liabilities) (Level 1) Significant Other Observable Inputs (Level 2) Total Fair Value of Assets Growth pooled fund (a) $ — $ 182,224 $ 182,224 Private equity pooled fund (b) — — 31,237 Government bond pooled fund (c) — 52,463 52,463 Infrastructure pooled fund (d) — — 10,911 Cash 473 — 473 Fair value of plan assets $ 473 $ 234,687 $ 277,308 (a) The growth pooled fund is comprised of global equities, emerging market bonds and hedge funds. Fair value is measured using the net asset value per share. (b) The private equity pooled fund is comprised of a series of sub funds, each representing a different vintage of private equity investment. Fair value is measured using the net asset value per share. (c) The government bond pooled fund is comprised of government debt for developed markets, global investment grade corporate bonds and the non-government bond pooled fund. Fair value is measured using the net asset value per share. (d) Infrastructure pooled fund is comprised of investments in facilities, structures and services required to facilitate the orderly operation of the economy. Fair value is measured using the net asset value per share. The Company expects to contribute $12.7 million to the Pension Program for the period ending December 31, 2016 . The Pension Program's assets may undergo significant changes over time as a result of market conditions. In the event that the Pension Program's projected assets and liabilities reveal additional funding requirements, the shared cost arrangement generally means that the Company will be required to pay 60% of any additional contributions, with active members contributing the remaining 40% , in each case over an agreed recovery period. If the Pension Program was to be terminated and wound up, any deficit would fall entirely on the Company and would not be shared with active members. Currently, the Company has no intention of terminating the Pension Program. The following benefit payments are expected to be paid between 2016 and 2025 (dollars in thousands): Amount 2016 $ 8,010 2017 $ 8,171 2018 $ 8,333 2019 $ 8,500 2020 $ 8,671 2021 - 2025 $ 45,553 |
Other Employee Benefit Programs
Other Employee Benefit Programs | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefits and Share-based Compensation [Abstract] | |
Other Employee Benefit Programs | OTHER EMPLOYEE BENEFIT PROGRAMS: Employee Bonus Programs The Company has performance-based bonus programs that include a majority of non-union employees. Approximately $13 million , $17 million and $19 million were awarded under the various performance-based bonus plans for the years ended December 31, 2015 , 2014 and 2013 , respectively. Defined Contribution Plans Under the Genesee & Wyoming Inc. 401(k) Savings Plan in the United States, the Company matches participants' contributions up to 4% of the participants' salary on a pre-tax basis. 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, 2015 exchange rate). Under the other two plans, the Company matches the employee's contribution up to a maximum of 5% of gross salary. The Company's Australian subsidiary administers a statutory retirement benefit plan. The Company was required to contribute the equivalent of 9.50% , 9.50% and 9.25% of an employee's base salary into a registered superannuation fund in each of the years ended December 31, 2015 , 2014 and 2013 , respectively. Employees may elect to make additional contributions either before or after tax. Company contributions to defined contribution plans in total for the years ended December 31, 2015 , 2014 and 2013 were as follows (dollars in thousands): 2015 2014 2013 Company contributions to defined contribution plans $ 9,532 $ 10,400 $ 9,460 North American Operations 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, 2015 , there were approximately 270 employees participating under these plans. As of December 31, 2015 , the Company's consolidated balance sheet included a $2.0 million pension liability and a $0.4 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, 2015 , there were approximately 65 employees participating under these plans. As of December 31, 2015 , the Company's consolidated balance sheet included a $6.7 million postretirement benefit liability and a $1.0 million gain in accumulated other comprehensive (loss)/income related to these plans. |
Income Taxes (Notes)
Income Taxes (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
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 its 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, extended on December 19, 2014 for fiscal year 2014 and further extended on December 18, 2015 for fiscal years 2015 and 2016. The Company's income tax provision for the year ended December 31, 2015 was $75.9 million , which represented 25.2% of income before income taxes. 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. 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. 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 for the years ended December 31, 2015 , 2014 and 2013 were as follows (dollars in thousands): 2015 2014 2013 United States $ 236,613 $ 276,343 $ 211,094 Foreign 64,318 91,519 106,498 Total $ 300,931 $ 367,862 $ 317,592 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, 2015 was $322.5 million . The components of the provision for income taxes for the years ended December 31, 2015 , 2014 and 2013 were as follows (dollars in thousands): 2015 2014 2013 United States: Current Federal $ 12,003 $ 15,647 $ 6,571 State 8,181 7,134 6,031 Deferred Federal 41,975 49,799 62 State 5,383 8,727 4,890 67,542 81,307 17,554 Foreign: Current 11,031 17,591 22,697 Deferred (2,679 ) 8,209 6,045 8,352 25,800 28,742 Total $ 75,894 $ 107,107 $ 46,296 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 income taxes. The following is a summary of the effective tax rate reconciliation for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Tax provision at statutory rate 35.0 % 35.0 % 35.0 % Effect of foreign operations (1.7 )% (1.7 )% (2.1 )% Effect of foreign rate change (3.3 )% — % — % State income taxes, net of federal income tax benefit 3.0 % 2.8 % 2.2 % Benefit of track maintenance credit (9.1 )% (7.3 )% (21.0 )% Other, net 1.3 % 0.3 % 0.4 % Effective income tax rate 25.2 % 29.1 % 14.5 % 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, 2015 and 2014 were as follows (dollars in thousands): 2015 2014 Deferred tax assets: Track maintenance credit $ 237,411 $ 227,102 Net operating loss carryforwards 20,810 16,008 Accruals and reserves not deducted for tax purposes until paid 14,896 11,027 Stock-based compensation 9,253 6,954 Deferred revenue 5,736 3,652 Deferred compensation 3,454 2,810 Foreign tax credit — 1,964 Nonshareholder contributions 2,150 1,871 Interest rate swaps 4,223 1,664 Alternative minimum tax credit 1,592 1,592 Pension and postretirement benefits 15,411 425 Other 752 457 315,688 275,526 Valuation allowance (19,315 ) (14,793 ) Deferred tax liabilities: Property and intangible basis difference (1,270,901 ) (1,088,572 ) Other (6,338 ) (1,519 ) Net deferred tax liabilities $ (980,866 ) $ (829,358 ) 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, 2015 , the Company had United States net operating loss carryforwards in various state jurisdictions that totaled approximately $354.3 million , United States track maintenance credit carryforwards of $237.4 million and foreign net operating loss carryforwards in the Netherlands that totaled approximately $25.6 million . Some of the Company's 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 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 2016 and 2035 . The United States track maintenance credits expire between 2026 and 2035 . The Netherlands net operating losses expire between 2018 and 2024 . The Company maintains a valuation allowance on state and foreign 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): 2015 Balance at beginning of year $ 14,793 Increase for state net operating losses 89 Increase for foreign net operating losses 6,397 Decrease for expiration of foreign tax credit (1,964 ) Balance at end of year $ 19,315 A reconciliation of the beginning and ending amount of the Company's liability for uncertain tax positions is as follows (dollars in thousands): 2015 2014 2013 Balance at beginning of year $ 4,324 $ 3,155 $ 3,155 Increase for tax positions related to prior years — 1,169 — Decrease for effects of foreign exchange rates (127 ) — — Balance at end of year $ 4,197 $ 4,324 $ 3,155 At December 31, 2015 , 2014 and 2013 , there was $4.2 million , $4.3 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, 2015 , 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 2002 - 2015 Australia 2010 - 2015 Belgium 2013 - 2015 Canada 2010 - 2015 Germany 2010 - 2015 Mexico 2008 - 2015 Netherlands 2010 - 2015 Poland 2010 - 2015 U.K. 2009 - 2015 |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES: From time to time, the Company is a defendant in certain lawsuits resulting from the Company's operations in the ordinary course 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. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation Plans | STOCK-BASED COMPENSATION PLANS: The Omnibus Plan allows for the issuance of up to 7,437,500 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, 2015 , there remained 2,481,736 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, 2015 and changes during the year then ended is presented below: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at beginning of year 983,280 $ 76.99 Granted 360,235 79.67 Exercised (118,628 ) 45.74 Expired (4,171 ) 87.49 Forfeited (17,681 ) 94.97 Outstanding at end of year 1,203,035 $ 80.58 3.0 $ 311 Vested or expected to vest at end of year 1,199,470 $ 80.57 3.0 $ 311 Exercisable at end of year 566,815 $ 73.28 1.9 $ 311 The weighted average grant date fair value of options granted during the years ended December 31, 2015 , 2014 and 2013 was $18.47 , $18.90 and $22.16 , respectively. The total intrinsic value of options exercised during the years ended December 31, 2015 , 2014 and 2013 was $4.7 million , $20.9 million and $17.6 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, 2015 , 2014 and 2013 using the Black-Scholes option pricing model: 2015 2014 2013 Expected volatility 27 % 22 % 29 % Expected term (in years) 4 4 4 Risk-free interest rate 1.31 % 1.20 % 0.89 % Expected dividend yield 0 % 0 % 0 % 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, 2015 and changes during the year then ended: Shares Weighted Average Grant Date Fair Value Non-vested at beginning of year 124,239 $ 90.54 Granted 95,092 $ 79.30 Vested (61,741 ) $ 84.82 Forfeited (2,789 ) $ 94.89 Non-vested at end of year 154,801 $ 85.84 The weighted average grant date fair value of restricted stock granted during the years ended December 31, 2015 , 2014 and 2013 was $79.30 , $98.18 and $90.12 , respectively. The total grant date fair value of restricted stock that vested during the years ended December 31, 2015 , 2014 and 2013 was $5.2 million , $5.1 million and $11.3 million , respectively. The following table summarizes the Company's non-vested restricted stock units outstanding as of December 31, 2015 and changes during the year then ended: Shares Weighted Average Grant Date Fair Value Non-vested at beginning of year 65,406 $ 83.55 Granted 44,761 $ 70.64 Vested (56,786 ) $ 74.56 Forfeited (5,673 ) $ 88.68 Non-vested at end of year 47,708 $ 81.52 The weighted average grant date fair value of restricted stock units granted during the years ended December 31, 2015 , 2014 and 2013 was $70.64 , $98.24 and $89.44 , respectively. The total grant date fair value of restricted stock units that vested during the years ended December 31, 2015 , 2014 and 2013 was $4.2 million , $4.4 million and $14.3 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 is 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, 2015 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 14,424 $ 42.39 Granted 14,386 $ 62.73 Vested — $ — Forfeited — $ — Non-vested at end of year 28,810 $ 52.55 The Company determines the fair value of each performance-based restricted stock unit 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 years ended December 31, 2015 and 2014 and using the Monte Carlo simulation model: 2015 2014 Volatility of the Company's common stock 24 % 25 % Average volatility of peer group and S&P 500 companies 25 % 29 % Average correlation coefficient of peer group and S&P 500 companies 0.5 0.6 Risk-free interest rate 0.98 % 0.81 % Expected dividend yield 0 % 0 % Expected term (in years) 3 3 For the year ended December 31, 2015 , total compensation costs from all of the Company's stock-based awards was $14.3 million . Total compensation costs related to non-vested awards not yet recognized was $19.3 million as of December 31, 2015 , 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 $4.2 million for the year ended December 31, 2015 . For the year ended December 31, 2014 , compensation costs from all of the Company's stock-based awards was $12.7 million . 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 cost from 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 . The total income tax benefit realized from the exercise of stock-based awards was $3.9 million , $11.0 million and $17.7 million for the years ended December 31, 2015 , 2014 and 2013 , 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, 2015 , 231,303 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, 2015 , 2014 and 2013 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 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, 2015 and 2014 , respectively (dollars in thousands): Cumulative Foreign Currency Translation Adjustment Defined Benefit Plans Net Unrealized Gain/(Loss) on Cash Flow Hedges Accumulated Other Comprehensive Income/(Loss) Balance, December 31, 2013 $ (14,687 ) $ 214 $ 20,562 $ 6,089 Other comprehensive (loss)/income before reclassifications (56,059 ) 1,008 (22,054 ) (77,105 ) Amounts reclassified from accumulated other comprehensive income, net of tax (provision)/benefit of ($102) and $946, respectively — 183 (a) (1,419 ) (b) (1,236 ) Change in 2014 (56,059 ) 1,191 (23,473 ) (78,341 ) Balance, December 31, 2014 $ (70,746 ) $ 1,405 $ (2,911 ) $ (72,252 ) Other comprehensive (loss)/income before reclassifications (86,968 ) 9,526 (2,082 ) (79,524 ) Amounts reclassified from accumulated other comprehensive income, net of tax (provision)/benefit of ($41) and $1,170, respectively — 74 (a) (1,755 ) (b) (1,681 ) Change in 2015 (86,968 ) 9,600 (3,837 ) (81,205 ) Balance, December 31, 2015 $ (157,714 ) $ 11,005 $ (6,748 ) $ (153,457 ) (a) Existing net gains realized were recorded in labor and benefits on the consolidated statements of operations. (b) Existing net losses realized were recorded in interest expense on the consolidated statements of operations (see Note 9 , Derivative Financial Instruments ). |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | 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, 2015 , 2014 and 2013 (dollars in thousands): 2015 2014 2013 Interest, net $ 59,564 $ 43,076 $ 57,206 Income taxes $ 44,807 $ 36,179 $ 14,522 Significant Non-Cash Investing and Financing Activities The Company had outstanding receivables from outside parties for the funding of capital expenditures of $23.0 million , $32.1 million and $33.0 million as of December 31, 2015 , 2014 and 2013 , respectively. At December 31, 2015 , 2014 and 2013 , the Company also had $26.2 million , $51.3 million and $40.1 million , respectively, of purchases of property and equipment that had not been paid and, accordingly, were accrued in accounts payable in the normal course of business. As more fully described in Note 4 , Earnings Per Common Share , on October 1, 2015, the Company settled the prepaid stock purchase contract component of its TEUs with the delivery of 3,539,240 shares of its Class A Common Stock. |
Segment and Geographic Area Inf
Segment and Geographic Area Information (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Segments, Geographical Areas [Abstract] | |
Segment and Geographic Area Information | SEGMENT AND GEOGRAPHIC AREA INFORMATION: Segment Information The Company presents the financial results of its 11 operating regions as three distinct operating segments: North American Operations, Australian Operations and U.K./European Operations (as more fully described in Note 1 , Business and Customers ). Each of our segments generates the following three categories of revenues from external customers: freight revenues, freight-related revenues and all other revenues (as more fully described in Note 2 , Significant Accounting Policies ). The Company's nine North American regions are aggregated into one segment as a result of having similar economic and operating characteristics. The following tables set forth results from the Company's North American Operations segment, Australian Operations segment and U.K./European Operations segment for the years ended December 31, 2015 , 2014 and 2013 (dollars in thousands): December 31, 2015 North American Operations Australian Operations U.K./European Operations Total Operations Operating revenues: Freight revenues $ 949,028 $ 146,850 $ 309,236 $ 1,405,114 Freight-related revenues 227,154 87,616 182,746 497,516 All other revenues 65,633 8,486 23,652 97,771 Total operating revenues $ 1,241,815 $ 242,952 $ 515,634 $ 2,000,401 Income from operations $ 297,486 $ 54,842 $ 31,933 $ 384,261 Depreciation and amortization $ 141,814 $ 27,425 $ 19,296 $ 188,535 Loss on settlement of foreign currency forward purchase contracts $ 16,374 $ 2,312 $ — $ 18,686 Interest expense, net $ 39,651 $ 8,976 $ 17,965 $ 66,592 Provision for/(benefit from) income taxes $ 69,552 $ 12,890 $ (6,548 ) $ 75,894 Expenditures for additions to property & equipment, net of grants from outside parties $ 266,548 $ 31,179 $ 32,035 $ 329,762 December 31, 2014 North American Operations Australian Operations U.K./European Operations Total Operations Operating revenues: Freight revenues $ 1,008,236 $ 243,705 $ — $ 1,251,941 Freight-related revenues 214,388 55,461 20,938 290,787 All other revenues 82,137 14,104 43 96,284 Total operating revenues $ 1,304,761 $ 313,270 $ 20,981 $ 1,639,012 Income/(loss) from operations $ 333,194 $ 90,396 $ (2,019 ) $ 421,571 Depreciation and amortization $ 127,421 $ 28,095 $ 1,565 $ 157,081 Interest expense, net $ 41,732 $ 12,152 $ 833 $ 54,717 Provision for/(benefit from) income taxes $ 86,363 $ 23,443 $ (2,699 ) $ 107,107 Expenditures for additions to property & equipment, net of grants from outside parties $ 277,725 $ 24,930 $ 864 $ 303,519 December 31, 2013 North American Operations Australian Operations U.K./European Operations Total Operations Operating revenues: Freight revenues $ 917,971 $ 259,393 $ — $ 1,177,364 Freight-related revenues 215,302 57,834 14,675 287,811 All other revenues 95,899 7,569 — 103,468 Total operating revenues $ 1,229,172 $ 324,796 $ 14,675 $ 1,568,643 Income/(loss) from operations $ 286,164 $ 95,016 $ (992 ) $ 380,188 Depreciation and amortization $ 113,155 $ 27,102 $ 1,387 $ 141,644 Interest expense, net $ 48,483 $ 14,814 $ 626 $ 63,923 Provision for/(benefit from) income taxes $ 24,446 $ 22,258 $ (408 ) $ 46,296 Expenditures for additions to property & equipment, net of grants from outside parties $ 163,157 $ 51,860 $ 388 $ 215,405 The following table sets forth the property and equipment recorded in the consolidated balance sheets as of December 31, 2015 and 2014 (dollars in thousands): December 31, 2015 North American Operations Australian Operations U.K./European Operations Total Property and equipment, net $ 3,433,669 $ 465,123 $ 316,271 $ 4,215,063 December 31, 2014 North American Operations Australian Operations U.K./European Operations Total Operations Property and equipment, net $ 3,269,604 $ 506,154 $ 12,724 $ 3,788,482 Geographic Area Information Operating revenues for each geographic area for the years ended December 31, 2015 , 2014 and 2013 were as follows (dollars in thousands): 2015 2014 2013 Amount % of Total Amount % of Total Amount % of Total Operating revenues: United States $ 1,143,056 57.1 % $ 1,188,084 72.5 % $ 1,100,334 70.2 % Non-United States: Australia $ 242,952 12.1 % $ 313,270 19.1 % $ 324,796 20.7 % Canada 98,759 5.0 % 116,677 7.1 % 128,838 8.2 % U.K. 340,747 17.0 % — — % — — % Netherlands 119,421 6.0 % 17,693 1.1 % 12,687 0.8 % Other 55,466 2.8 % 3,288 0.2 % 1,988 0.1 % Total Non-United States $ 857,345 42.9 % $ 450,928 27.5 % $ 468,309 29.8 % Total operating revenues $ 2,000,401 100.0 % $ 1,639,012 100.0 % $ 1,568,643 100.0 % Property and equipment for each geographic area as of December 31, 2015 and 2014 were as follows (dollars in thousands): 2015 2014 Amount % of Total Amount % of Total Property and equipment located in: United States $ 3,202,963 76.0 % $ 3,003,299 79.3 % Non-United States: Australia $ 465,123 11.0 % $ 506,154 13.4 % Canada 230,706 5.5 % 266,305 7.0 % U.K. 303,210 7.2 % — — % Other 13,061 0.3 % 12,724 0.3 % Total Non-United States $ 1,012,100 24.0 % $ 785,183 20.7 % Total property and equipment, net $ 4,215,063 100.0 % $ 3,788,482 100.0 % |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | QUARTERLY FINANCIAL DATA (unaudited): The following table sets forth the Company's quarterly results for the years ended December 31, 2015 and 2014 (dollars in thousands, except per share data): First Quarter Second Quarter Third Quarter Fourth Quarter 2015 Operating revenues $ 397,030 $ 542,219 $ 546,299 $ 514,853 Income from operations $ 72,620 $ 99,451 $ 117,559 $ 94,631 Net income $ 23,904 $ 52,837 $ 63,362 $ 84,934 Diluted earnings per common share $ 0.42 $ 0.92 $ 1.10 $ 1.47 2014 Operating revenues $ 376,279 $ 414,563 $ 432,543 $ 415,627 Income from operations $ 74,875 $ 110,109 $ 123,116 $ 113,471 Net income $ 40,004 $ 60,728 $ 72,650 $ 87,373 Diluted earnings per common share $ 0.70 $ 1.07 $ 1.27 $ 1.53 In addition to the Company's changes in operations as described in Note 3 , Changes in Operations , the quarters shown were affected by the items below: The first quarter of 2015 included (i) $11.6 million after-tax loss on the settlement of foreign currency forward purchase contracts, (ii) $9.5 million after-tax business development and related costs, (iii) $1.3 million after-tax non-cash write-off of deferred financing fees associated with the refinancing of the credit facility, (iv) $1.2 million after-tax Australian severance costs and (v) $0.2 million after-tax gain on sale of assets. The second quarter of 2015 included (i) $0.5 million after-tax business development and related costs and (ii) $0.3 million after-tax gain on sale of assets. The third quarter of 2015 included (i) $1.3 million after-tax business development and related costs, (ii) $0.9 million after-tax gain on sale of assets and (iii) $0.4 million adjustment for tax returns from previous fiscal year. The fourth quarter of 2015 included (i) $27.4 million tax benefit associated with the United States Short Line Tax Credit for 2015, (ii) $9.7 million tax benefit due to a U.K. tax rate adjustment, (iii) $1.7 million after-tax business development and related costs, (iv) $1.6 million after tax out of period impact of the final allocation of fair value to Freightliner's assets and liabilities, (v) $1.3 million tax expense due to the application of the full year 2015 effective tax rate to the results of the first three quarters of 2015 and (vi) $0.2 million after-tax gain on sale of assets. The first quarter of 2014 included (i) $0.7 million after-tax business development and related costs and (ii) $0.5 million after-tax gain on sale of assets. 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) $27.0 million tax benefit associated with the United States Short Line Tax Credit for the first three quarters of 2014, (ii) $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, (iii) $1.0 million after-tax business development and related costs and (iv) $1.0 million after-tax gain on sale of assets. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
New Accounting Pronouncement or Change in Accounting Principle, Current Period Disclosures [Abstract] | |
Recently Issued Accounting Standards | RECENTLY ISSUED ACCOUNTING STANDARDS: In September 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments , which requires an acquirer in a business combination to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. For public business entities, the amendments are effective for the financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years and should be applied prospectively. Early adoption is permitted. The Company early adopted this amendment effective September 30, 2015. The adoption of this guidance did not have a material impact on its consolidated financial statements. In May 2015, the FASB issued ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. For public entities, the amendments are effective for the financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years and should be applied retrospectively. Early adoption is permitted. The Company early adopted this amendment effective December 31, 2015. The adoption of this guidance did not have a material impact on its consolidated financial statements. Accounting Standards Not Yet Effective 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. In August 2015, the FASB issued ASU 2015-14, which approved a one-year deferral of the effective date of the new revenue recognition standard. The new standard will become effective for the Company beginning with the first quarter 2018 and can be adopted either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. 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. Early 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 U.S. 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. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , which requires reporting entities to evaluate whether they should consolidate certain legal entities for financial reporting purposes. These amendments are effective for public entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs to be recorded as a direct reduction of the debt liability on the balance sheet rather than as an asset. For public business entities, the amendments are effective for the financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. In August 2015, the FASB issued ASU 2015-15, which advises that in regards to line-of-credit arrangements, the SEC would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. Reclassifying the presentation of debt issuance costs is expected to decrease the Company's total assets by less than 1% and decrease total debt by approximately 1% . In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which requires that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. For public entities, the amendments in this guidance are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted as of the beginning of an interim or annual reporting period. The Company does not expect the adoption of this guidance to have a material impact on its consolidated balance sheet. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) be measured at fair value, with subsequent changes in fair value recognized in net income. The amendments also impact certain disclosure requirements for financial instruments. The amendments are effective for public entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. |
Significant Accounting Polici30
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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 The Company generates freight revenues from the haulage of freight by rail based on a per car, per container or per ton basis. Freight revenues are recognized proportionally as shipments move from origin to destination, with related expenses recognized as incurred. The Company generates freight-related revenues from port terminal railroad operations and industrial switching (where the Company operates trains on a contract basis in facilities it does not own), as well as demurrage, storage, car hire, track access rights, transloading, crewing services, traction service (or hook and pull service that requires the Company to provide locomotives and drivers to move a customers' train between specified origin and destination points), and other ancillary revenues related to the movement of freight. Freight-related revenues are recognized as services are performed or as contractual obligations are fulfilled. The Company generates all other revenues from third-party railcar and locomotive repairs, property rentals, railroad construction and other ancillary revenues not directly related to the movement of freight. All other revenues are recognized as services are performed or as contractual obligations are fulfilled. Certain of the countries in which the Company operates have a tax assessed by a governmental authority that is both imposed on and concurrent with a specific revenue-producing transaction between a seller and a customer. The Company records these taxes on a net basis. |
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) Minimum Maximum Property: 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 for the years ended December 31, 2015 , 2014 or 2013 . |
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. The Company performs its annual impairment test as of November 30 of each year. No impairment was recognized for the years ended December 31, 2015 , 2014 and 2013 , as a result of our annual impairment test. Additionally, the Company reviews the carrying value of goodwill and any indefinite-lived intangible assets whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. For goodwill, a two-step impairment model is used. The first step compares the fair value of a respective reporting unit with its carrying amount, including goodwill. The second step measures the goodwill impairment loss as the excess of recorded goodwill over its implied fair value. For indefinite-lived intangible assets, 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 determination of fair value involves significant management judgment including assumptions about operating results, business plans, income projections, anticipated future cash flows and market data. Impairment losses 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 operational network rights, 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 global liability and property insurance coverage to mitigate the financial risk of providing rail and rail-related services. The Company's liability policies cover railroad employee injuries, personal injuries associated with grade crossing accidents and other third-party claims associated with the Company's operations. Damages associated with sudden releases of hazardous materials, including hazardous commodities transported by rail, and expenses related to evacuation as a result of a railroad accident are also covered under the liability policies. The Company's liability policies currently have self-insured retentions of up to $2.5 million per occurrence. The Company's property policies cover property and equipment that the Company owns, as well as property in the Company's care, custody and control. The Company's property policies currently have various self-insured retentions, which vary based on the type and location of the incident, that are currently 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 . The property policies also provide business interruption insurance arising from covered events. The self-insured retentions under the policies may change with each annual insurance renewal depending on the Company's loss history, the size and make-up of the Company and general insurance market conditions. The Company also maintains ancillary insurance coverage for other risks associated with rail and rail-related services, including insurance for employment practices, directors' and officers' liability, workers' compensation, pollution, auto claims, crime and road haulage liability, among others. Accruals for 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 Third 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 compensation expense is recorded over the requisite service period on a straight-line basis. Two assumptions in the Black-Scholes pricing model require management judgment: the life of the option and the volatility of the stock price 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, 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 |
Derivatives Policy | The Company actively monitors its exposure to interest rate and foreign currency exchange rate risks and uses derivative financial instruments to manage the impact of these risks. The Company uses derivatives only for purposes of managing risk associated with underlying exposures. The Company does not trade or use derivative instruments with the objective of earning financial gains on the interest rate or exchange rate fluctuations alone, nor does the Company use derivative instruments where it does not have underlying exposures. Complex instruments involving leverage or multipliers are not used. The Company manages its hedging position and monitors the credit ratings of counterparties and does not anticipate losses due to counterparty nonperformance. Management believes its use of derivative instruments to manage risk is in the Company's best interest. However, the Company's use of derivative financial instruments may result in short-term gains or losses and increased earnings volatility. The Company's instruments are recorded in the consolidated balance sheets at fair value in prepaid expenses and other, other assets, net, accrued expenses or other long-term liabilities. The Company may designate derivatives as a hedge of a forecasted transaction or a hedge of the variability of the cash flows to be received or paid in the future related to a recognized asset or liability (cash flow hedge). The portion of the changes in the fair value of the derivative used as a cash flow hedge that is offset by changes in the expected cash flows related to a recognized asset or liability (the effective portion) is recorded in other comprehensive income. As the hedged item is realized, the gain or loss included in accumulated other comprehensive income/(loss) 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 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. |
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 | 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. |
Significant Accounting Polici31
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Property and equipment useful life | The following table sets forth the estimated useful lives of the Company's major classes of property and equipment: Estimated Useful Life (in Years) Minimum Maximum Property: 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, 2015 | |
Freightliner [Member] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following acquisition-date fair values were assigned to the acquired net assets (amounts in thousands): GBP USD Cash and cash equivalents £ 30,030 $ 44,733 Accounts receivable 55,530 82,717 Materials and supplies 9,740 14,509 Prepaid expenses and other 19,156 28,535 Property and equipment 198,730 296,028 Goodwill 145,190 216,275 Intangible assets 392,233 584,270 Other assets 179 267 Total assets 850,788 1,267,334 Current portion of long-term debt 17,119 25,500 Accounts payable and accrued expenses 105,531 157,201 Long-term debt, less current portion 67,057 99,888 Deferred income tax liabilities, net 82,137 122,351 Other long-term liabilities 62,661 93,340 Net assets £ 516,283 $ 769,054 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The following acquisition-date fair values were assigned to the intangible assets (amounts in thousands): GBP USD Weighted Average Amortization Period (in years) Operational network rights £ 324,000 $ 482,630 100 Customer relationships 57,000 84,907 18 Trade names/trademarks 9,200 13,704 40 Favorable operating leases 2,033 3,029 5 Total intangible assets £ 392,233 $ 584,270 |
Business Acquisition, Pro Forma Information | The following table summarizes the Company's unaudited pro forma operating results for the years ended December 31, 2015 and 2014 as if the acquisition of Freightliner had been consummated as of January 1, 2014. The following pro forma financial information does not include the impact of any costs to integrate the operations or the impact of derivative instruments that the Company has entered into or may enter into to mitigate foreign currency or interest rate risk (dollars in thousands, except per share amounts): December 31, 2015 2014 Operating revenues $ 2,157,020 $ 2,417,709 Net income $ 248,922 $ 316,459 Basic earnings per common share $ 4.39 $ 5.72 Diluted earnings per common share $ 4.30 $ 5.55 |
RCP&E [Member] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following acquisition-date fair values were assigned to the acquired net assets (dollars in thousands): Amount 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 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted earnings per common share (EPS) for the years ended December 31, 2015 , 2014 and 2013 (in thousands, except per share amounts): 2015 2014 2013 Numerators: Net income attributable to Genesee & Wyoming Inc. common stockholders $ 225,037 $ 260,755 $ 271,296 Less: Series A-1 Preferred Stock dividend — — 2,139 Net income available to common stockholders $ 225,037 $ 260,755 $ 269,157 Denominators: Weighted average Class A common shares outstanding -Basic 56,734 55,305 53,788 Weighted average Class B common shares outstanding 884 1,305 1,675 Dilutive effect of employee stock-based awards 230 362 494 Dilutive effect of Series A-1 Preferred Stock — — 722 Weighted average shares - Diluted 57,848 56,972 56,679 Earnings per common share attributable to Genesee & Wyoming Inc. common stockholders: Basic earnings per common share $ 3.97 $ 4.71 $ 5.00 Diluted earnings per common share $ 3.89 $ 4.58 $ 4.79 |
Schedule of Weighted Average Number of Shares | 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, 2015 , 2014 and 2013 , was as follows (in thousands): 2015 2014 2013 Potential issuable common shares used to calculate weighted average share equivalents 1,280 1,063 1,063 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | 2015 2014 2013 Anti-dilutive shares 716 319 105 |
Accounts Receivable Accounts Re
Accounts Receivable Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Receivable, Net [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Accounts receivable consisted of the following at December 31, 2015 and 2014 (dollars in thousands): 2015 2014 Accounts receivable - trade $ 339,100 $ 304,087 Accounts receivable - grants from outside parties 22,997 32,076 Accounts receivable - insurance and other third-party claims 26,574 26,941 Total accounts receivable 388,671 363,104 Allowance for doubtful accounts (6,213 ) (5,826 ) Accounts receivable, net $ 382,458 $ 357,278 |
Schedule of Allowance for Doubtful Accounts | Activity in the Company's allowance for doubtful accounts for the years ended December 31, 2015 , 2014 and 2013 was as follows (dollars in thousands): 2015 2014 2013 Balance, beginning of year $ 5,826 $ 3,755 $ 2,693 Provisions 7,512 5,191 2,741 Charges (7,125 ) (3,120 ) (1,679 ) Balance, end of year $ 6,213 $ 5,826 $ 3,755 |
Property and Equipment and Le35
Property and Equipment and Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment | Major classifications of property and equipment as of December 31, 2015 and 2014 were as follows (dollars in thousands): 2015 Gross Book Value Accumulated Depreciation Net Book Value Property: Land and land improvements $ 648,498 $ — $ 648,498 Buildings and leasehold improvements 238,272 (32,624 ) 205,648 Bridges/tunnels/culverts 662,287 (85,040 ) 577,247 Track property 2,508,100 (403,778 ) 2,104,322 Total property 4,057,157 (521,442 ) 3,535,715 Equipment: Computer equipment 18,633 (11,709 ) 6,924 Locomotives and railcars 653,077 (173,214 ) 479,863 Vehicles and mobile equipment 65,241 (34,656 ) 30,585 Signals and crossing equipment 69,315 (30,754 ) 38,561 Track equipment 28,440 (11,628 ) 16,812 Other equipment 73,405 (13,846 ) 59,559 Total equipment 908,111 (275,807 ) 632,304 Construction-in-process 47,044 — 47,044 Total property and equipment $ 5,012,312 $ (797,249 ) $ 4,215,063 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 |
Railcars and Locomotives Leased | The number of railcars and locomotives leased by the Company as of December 31, 2015 and 2014 was as follows: December 31, 2015 2014 Railcars 21,819 18,583 Locomotives 333 162 |
Schedule of Rent Expense | 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, 2015 , 2014 and 2013 was as follows (dollars in thousands): 2015 2014 2013 Equipment $ 82,853 $ 29,462 $ 32,050 Real property $ 11,715 $ 8,361 $ 8,062 Trackage rights $ 78,140 $ 53,783 $ 50,911 |
Schedule of Future Minimum Lease Payments for Capital Leases | The following is a summary of future minimum lease payments under capital leases and operating leases as of December 31, 2015 (dollars in thousands): Capital Operating Total 2016 $ 24,841 $ 112,230 $ 137,071 2017 18,935 93,761 112,696 2018 10,398 81,471 91,869 2019 9,827 64,122 73,949 2020 16,672 50,601 67,273 Thereafter 43,738 304,819 348,557 Total minimum payments $ 124,411 $ 707,004 $ 831,415 |
Schedule of Future Minimum Lease Payments for Operating Leases | The following is a summary of future minimum lease payments under capital leases and operating leases as of December 31, 2015 (dollars in thousands): Capital Operating Total 2016 $ 24,841 $ 112,230 $ 137,071 2017 18,935 93,761 112,696 2018 10,398 81,471 91,869 2019 9,827 64,122 73,949 2020 16,672 50,601 67,273 Thereafter 43,738 304,819 348,557 Total minimum payments $ 124,411 $ 707,004 $ 831,415 |
Construction in Progress [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment | 2015 2014 Property: Buildings and leasehold improvements $ 2,097 $ 1,312 Bridges/tunnels/culverts 39 4,082 Track property 24,962 24,078 Equipment: Locomotives and railcars 12,875 11,170 Other equipment 7,071 2,332 Total construction-in-process $ 47,044 $ 42,974 |
Intangible Assets, Other Asse36
Intangible Assets, Other Assets, Net and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Indefinite-Lived Intangible Assets | Intangible assets as of December 31, 2015 and 2014 were as follows (dollars in thousands): 2015 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Weighted Average Amortization Period (in Years) Intangible assets: Amortizable intangible assets: Operational network rights $ 477,706 $ (3,693 ) $ 474,013 100 Track access agreements 415,348 (57,751 ) 357,597 43 Customer contracts and relationships 259,897 (35,405 ) 224,492 30 Service agreements 37,622 (16,213 ) 21,409 28 Trade names/trademarks 13,327 (268 ) 13,059 40 Favorable operating leases 2,972 (590 ) 2,382 5 Total amortizable intangible assets $ 1,206,872 $ (113,920 ) $ 1,092,952 62 Non-amortizable intangible assets: Perpetual track access agreements 35,891 Operating license 109 Total intangible assets, net $ 1,128,952 2014 Gross Accumulated Intangible Assets, Net Weighted Intangible assets: Amortizable intangible assets: Track access agreements $ 424,835 $ (46,367 ) $ 378,468 43 Customer contracts and relationships 177,179 (26,738 ) 150,441 36 Service agreements 37,622 (14,880 ) 22,742 28 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 |
Schedule Finite-Lived Intangible Assets | Intangible assets as of December 31, 2015 and 2014 were as follows (dollars in thousands): 2015 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Weighted Average Amortization Period (in Years) Intangible assets: Amortizable intangible assets: Operational network rights $ 477,706 $ (3,693 ) $ 474,013 100 Track access agreements 415,348 (57,751 ) 357,597 43 Customer contracts and relationships 259,897 (35,405 ) 224,492 30 Service agreements 37,622 (16,213 ) 21,409 28 Trade names/trademarks 13,327 (268 ) 13,059 40 Favorable operating leases 2,972 (590 ) 2,382 5 Total amortizable intangible assets $ 1,206,872 $ (113,920 ) $ 1,092,952 62 Non-amortizable intangible assets: Perpetual track access agreements 35,891 Operating license 109 Total intangible assets, net $ 1,128,952 2014 Gross Accumulated Intangible Assets, Net Weighted Intangible assets: Amortizable intangible assets: Track access agreements $ 424,835 $ (46,367 ) $ 378,468 43 Customer contracts and relationships 177,179 (26,738 ) 150,441 36 Service agreements 37,622 (14,880 ) 22,742 28 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 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The Company estimates the future aggregate amortization expense related to its intangible assets as of December 31, 2015 will be as follows for the periods presented (dollars in thousands): Amount 2016 $ 31,028 2017 30,894 2018 29,466 2019 25,112 2020 24,755 Thereafter 951,697 Total $ 1,092,952 |
Schedule of Other Assets | Other assets as of December 31, 2015 and 2014 were as follows (dollars in thousands): 2015 Gross Carrying Amount Accumulated Amortization Other Assets, Net Weighted Average Amortization Period (in Years) Other assets: Deferred financing costs $ 28,248 $ (4,740 ) $ 23,508 4 Other assets 22,836 — 22,836 0 Total other assets, net $ 51,084 $ (4,740 ) $ 46,344 2014 Gross Carrying Amount Accumulated Amortization Other Assets, Net Weighted Average 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 |
Schedule Deferred Financing Costs, Future Amortization Expense | As of December 31, 2015 , 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): Amount 2016 $ 5,987 2017 5,798 2018 5,547 2019 5,110 2020 1,066 Total $ 23,508 |
Schedule of Goodwill [Table Text Block] | The changes in the carrying amount of goodwill for the years ended December 31, 2015 and 2014 were as follows (dollars in thousands): December 31, 2015 North American Operations Australian Operations U.K./European Operations Total Operations Balance at beginning of period $ 615,403 $ — $ 13,412 $ 628,815 Goodwill acquired 920 42,312 172,821 216,053 Acquisition accounting adjustments (6,895 ) — — (6,895 ) Currency translation adjustment (4,194 ) (3,000 ) (4,204 ) (11,398 ) Balance at end of period $ 605,234 $ 39,312 $ 182,029 $ 826,575 December 31, 2014 North American Operations Australian Operations U.K./European Operations Total Operations Balance at beginning of period $ 615,228 $ — $ 15,234 $ 630,462 Goodwill acquired 2,409 — — 2,409 Acquisition accounting adjustments 295 — — 295 Currency translation adjustment (2,529 ) — (1,822 ) (4,351 ) Balance at end of period $ 615,403 $ — $ 13,412 $ 628,815 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Instrument [Line Items] | |
Schedule of Debt | The United States dollar-denominated, Australian dollar-denominated and British pound-denominated term loans will amortize in quarterly installments commencing with the quarter ending September 30, 2016, with the remaining principal balance payable upon maturity, as set forth below (amounts in thousands): Quarterly Payment Date Principal Amount Due on Each Payment Date United States dollar: September 30, 2016 through June 30, 2018 $ 22,275 September 30, 2018 through December 31, 2019 $ 44,550 Maturity date - March 31, 2020 $ 1,326,500 Australian dollar: September 30, 2016 through June 30, 2018 A$ 4,058 September 30, 2018 through December 31, 2019 A$ 8,116 Maturity date - March 31, 2020 A$ 208,470 British pound: September 30, 2016 through June 30, 2018 £ 1,271 September 30, 2018 through December 31, 2019 £ 2,542 Maturity date - March 31, 2020 £ 76,261 |
Schedule of Long-term Debt Instruments | Long-term debt consisted of the following as of December 31, 2015 and 2014 (dollars in thousands): 2015 2014 Credit agreement with variable interest rates (weighted average of 2.60% and 1.92% before impact of interest rate swaps at December 31, 2015 and 2014, respectively) due 2020 $ 2,177,724 $ 1,584,044 Amortizing Notes component of TEUs settled on October 1, 2015 — 11,184 Other debt and capital leases 127,535 20,221 Long-term debt 2,305,259 1,615,449 Less: current portion 81,953 67,398 Long-term debt, less current portion $ 2,223,306 $ 1,548,051 |
Schedule of Maturities of Long-term Debt | The following is a summary of the maturities of long-term debt, including capital leases, as of December 31, 2015 (dollars in thousands): Amount 2016 $ 81,953 2017 127,849 2018 173,029 2019 226,668 2020 1,650,107 Thereafter (1) 80,163 Total $ 2,339,769 |
Prior Credit Agreement [Member] | |
Debt Instrument [Line Items] | |
Schedule of Debt | As of December 31, 2014 , the Company had the following outstanding revolving loans (amounts in thousands, except percentages): Local Currency United States Dollar Equivalent Interest Rate United States dollar $ 11,000 $ 11,000 1.67 % Australian dollar A$ 8,000 $ 6,538 6.44 % Canadian dollar C$ 24,000 $ 20,688 2.79 % Euro € 4,100 $ 4,961 1.51 % As of December 31, 2014 , the Company had the following unused borrowing capacity under its revolving credit facility (amounts in thousands): Composition December 31, 2014 Total available borrowing capacity $ 625,000 Outstanding revolving loans $ 43,187 Outstanding letter of credit guarantees $ 2,638 Unused borrowing capacity $ 579,175 |
Amendment No. 1 to the Amended and Restated Senior Secured Syndicated Credit Facility Agreement [Member] | |
Debt Instrument [Line Items] | |
Schedule of Debt | The Amendment added a senior secured leverage ratio covenant that requires the Company to comply with maximum ratios of senior secured indebtedness, subject, if applicable, to netting of certain cash and cash equivalents of the Company to earnings before interest, income taxes, depreciation and amortization (EBITDA), as defined in the Amendment, for the applicable periods set forth in the following table: Quarterly Periods Ending Maximum Senior Secured Leverage Ratio September 30, 2015 through June 30, 2016 4.50 to 1.00 September 30, 2016 through March 31, 2017 4.25 to 1.00 June 30, 2017 through September 30, 2017 4.00 to 1.00 December 31, 2017 through March 31, 2018 3.75 to 1.00 June 30, 2018 through March 31, 2020 3.50 to 1.00 |
Loans Payable [Member] | |
Debt Instrument [Line Items] | |
Schedule of Debt | As of December 31, 2015 , the Company had the following outstanding term loans (amounts in thousands, except percentages): Local currency United States dollar equivalent Interest rate United States dollar $ 1,772,000 $ 1,772,000 2.42 % Australian dollar A$ 289,627 $ 210,993 4.12 % British pound £ 101,681 $ 149,919 2.51 % |
Line of Credit [Member] | |
Debt Instrument [Line Items] | |
Schedule of Debt | As of December 31, 2015 , the Company had the following unused borrowing capacity under its revolving credit facility (amounts in thousands): Composition December 31, 2015 Total available borrowing capacity $ 625,000 Outstanding revolving loans $ 44,812 Outstanding letter of credit guarantees $ 4,535 Unused borrowing capacity $ 575,653 As of December 31, 2015 , the Company had the following outstanding revolving loans (amounts in thousands, except percentages): Local Currency United States Dollar Equivalent Interest Rate Australian dollar (swingline loan) A$ 3,000 $ 2,186 6.11 % British pound £ 5,500 $ 8,109 2.51 % Canadian dollar C$ 33,500 $ 24,200 2.87 % Euro € 9,500 $ 10,317 2.00 % |
Derivative Financial Instrume38
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivatives [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | 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 9/30/2015 9/30/2016 9/30/2015 $ 350,000 0.93% 1-month LIBOR 9/30/2016 9/30/2026 9/30/2026 $ 100,000 2.79% 3-month LIBOR 9/30/2016 9/30/2026 9/30/2026 $ 100,000 2.79% 3-month LIBOR 9/30/2016 9/30/2026 9/30/2026 $ 100,000 2.80% 3-month LIBOR |
Schedule of Notional Amounts of Expired Derivative | The following table summarizes the Company's interest rate swap agreements that expired during 2015, 2014 and 2013 (dollars in thousands): Notional Amount Receive Variable Rate Effective Date Expiration Date Date Amount Paid Fixed Rate 10/6/2008 9/30/2013 10/6/2008 $ 120,000 3.88% 1-month LIBOR 10/4/2012 9/30/2013 10/4/2012 $ 1,450,000 0.25% 1-month LIBOR 1/1/2013 $ 1,350,000 0.25% 1-month LIBOR 4/1/2013 $ 1,300,000 0.25% 1-month LIBOR 7/1/2013 $ 1,250,000 0.25% 1-month LIBOR 9/30/2013 9/30/2014 9/30/2013 $ 1,350,000 0.35% 1-month LIBOR 12/31/2013 $ 1,300,000 0.35% 1-month LIBOR 3/31/2014 $ 1,250,000 0.35% 1-month LIBOR 6/30/2014 $ 1,200,000 0.35% 1-month LIBOR 9/30/2014 9/30/2015 9/30/2014 $ 1,150,000 0.54% 1-month LIBOR 12/31/2014 $ 1,100,000 0.54% 1-month LIBOR 3/31/2015 $ 1,050,000 0.54% 1-month LIBOR 6/30/2015 $ 1,000,000 0.54% 1-month LIBOR |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the fair value of the Company's derivative instruments recorded in the consolidated balance sheets as of December 31, 2015 and 2014 (dollars in thousands): Fair Value Balance Sheet Location 2015 2014 Asset Derivatives: Derivatives designated as hedges: Interest rate swap agreements Prepaid expenses and other $ — $ 35 Interest rate swap agreements Other assets, net — 101 British pound forward contracts Other assets, net 1,530 — Total derivatives designated as hedges $ 1,530 $ 136 Liability Derivatives: Derivatives designated as hedges: Interest rate swap agreements Accrued expenses $ 846 $ 2,249 Interest rate swap agreements Other long-term liabilities 11,655 2,462 Total derivatives designated as hedges $ 12,501 $ 4,711 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The following table shows the effect of the Company's derivative instruments designated as cash flow hedges for the years ended December 31, 2015, 2014 and 2013 in other comprehensive income/(loss) (OCI) (dollars in thousands): Total Cash Flow Hedge OCI Activity, Net of Tax 2015 2014 2013 Derivatives Designated as Cash Flow Hedges: Effective portion of changes in fair value recognized in OCI: Interest rate swap agreement $ (4,749 ) $ (23,473 ) $ 20,988 British pound forward contracts 912 — — $ (3,837 ) $ (23,473 ) $ 20,988 |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table shows the effect of the Company's derivative instruments not designated as hedges for the years ended December 31, 2015, 2014 and 2013 in the consolidated statements of operations (dollars in thousands): Amount Recognized in Earnings Location of Amount Recognized in Earnings 2015 2014 2013 Derivative Instruments Not Designated as Hedges: Cross-currency swap agreements Interest (expense)/income $ — $ (1,184 ) $ (2,696 ) Cross-currency swap agreements Other (expense)/income, net — (86 ) 427 British pound forward purchase contracts Loss on settlement of foreign currency forward purchase contracts (18,686 ) — — $ (18,686 ) $ (1,270 ) $ (2,269 ) |
Foreign Exchange Forward [Member] | |
Derivatives [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table summarizes the Company's outstanding British pound forward contracts (British pounds in thousands): Effective Date Settlement Date Notional Amount Exchange Rate 3/25/2015 3/31/2020 £60,000 1.51 3/25/2015 3/31/2020 £60,000 1.50 6/30/2015 3/31/2020 £2,035 1.57 9/30/2015 3/31/2020 £1,846 1.51 12/31/2015 3/31/2020 £1,873 1.48 |
Fair Value of Financial Instr39
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instruments Carried at Fair Value | The following table presents the Company's financial instruments that are carried at fair value using Level 2 inputs at December 31, 2015 and 2014 (dollars in thousands): 2015 2014 Financial instruments carried at fair value using Level 2 inputs: Financial assets carried at fair value: Interest rate swap agreements $ — $ 136 British pound forward contracts 1,530 — Total financial assets carried at fair value $ 1,530 $ 136 Financial liabilities carried at fair value: Interest rate swap agreements $ 12,501 $ 4,711 The following table presents the Company's financial instrument carried at fair value using Level 3 inputs as of December 31, 2015 (amounts in thousands): 2015 GBP USD Financial instrument carried at fair value using Level 3 inputs: Financial liabilities carried at fair value: Accrued deferred consideration £ 24,200 $ 35,680 |
Schedule of Financial Instruments Carried at Historical Cost | 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, 2015 and 2014 (dollars in thousands): 2015 2014 Carrying Value Fair Value Carrying Value Fair Value Financial liabilities carried at historical cost: United States term loan $ 1,772,000 $ 1,750,040 $ 1,407,000 $ 1,402,950 Australia term loan 210,993 210,128 133,857 133,900 U.K. term loan 149,919 150,030 — — Revolving credit facility 44,812 44,833 43,187 43,304 Amortizing notes component of TEUs — — 11,184 11,233 Other debt 3,123 3,090 8,544 8,523 Total $ 2,180,847 $ 2,158,121 $ 1,603,772 $ 1,599,910 |
U.K. Pension Plan (Tables)
U.K. Pension Plan (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Schedule of Net Funded Status | The following table summarizes the funding obligations and assets of the Pension Program as of December 31, 2015 (dollars in thousands): December 31, 2015 Projected benefit obligation (100%) $ 580,054 Fair value of plan assets (100%) 462,177 Funded status (100%) (117,877 ) Employees' share of deficit (40%) (47,152 ) Net pension liability recognized in the balance sheet (60%) $ (70,725 ) |
Schedule of Changes in Projected Benefit Obligations | The following table presents the changes in the Company's portion of the benefit obligation and fair value of plan assets of the Pension Program since the March 25, 2015 acquisition date for the year ended December 31, 2015 and funded status as of December 31, 2015 (dollars in thousands): 2015 Change in benefit obligations: Benefit obligation at March 25, 2015 $ 359,941 Service cost 10,911 Interest cost 8,475 Benefits paid (5,890 ) Actuarial gain (21,731 ) Exchange rate changes (3,673 ) Benefit obligation at end of year $ 348,033 Change in plan assets: Fair value of plan assets at March 25, 2015 $ 274,787 Actual return on plan assets 1,609 Benefits paid (5,890 ) Employer contributions 9,606 Exchange rate changes (2,804 ) Fair value of plan assets at end of year $ 277,308 Funded status, December 31, 2015 $ (70,725 ) |
Schedule of Changes in Fair Value of Plan Assets | The following table presents the changes in the Company's portion of the benefit obligation and fair value of plan assets of the Pension Program since the March 25, 2015 acquisition date for the year ended December 31, 2015 and funded status as of December 31, 2015 (dollars in thousands): 2015 Change in benefit obligations: Benefit obligation at March 25, 2015 $ 359,941 Service cost 10,911 Interest cost 8,475 Benefits paid (5,890 ) Actuarial gain (21,731 ) Exchange rate changes (3,673 ) Benefit obligation at end of year $ 348,033 Change in plan assets: Fair value of plan assets at March 25, 2015 $ 274,787 Actual return on plan assets 1,609 Benefits paid (5,890 ) Employer contributions 9,606 Exchange rate changes (2,804 ) Fair value of plan assets at end of year $ 277,308 Funded status, December 31, 2015 $ (70,725 ) |
Schedule of Amounts Recognized in Balance Sheet | The following table presents the amounts recognized for the Pension Program in the consolidated balance sheet as of December 31, 2015 and in other comprehensive income/(loss) since the March 25, 2015 acquisition date for the year ended December 31, 2015 (dollars in thousands): December 31, 2015 Amounts recognized in the consolidated balance sheet: Accrued expenses $ (7,994 ) Other long-term liabilities (62,731 ) Total amount recognized in the consolidated balance sheet $ (70,725 ) Amount recognized in other comprehensive income/(loss): Net actuarial gain $ 13,198 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The following table presents the amounts recognized for the Pension Program in the consolidated balance sheet as of December 31, 2015 and in other comprehensive income/(loss) since the March 25, 2015 acquisition date for the year ended December 31, 2015 (dollars in thousands): December 31, 2015 Amounts recognized in the consolidated balance sheet: Accrued expenses $ (7,994 ) Other long-term liabilities (62,731 ) Total amount recognized in the consolidated balance sheet $ (70,725 ) Amount recognized in other comprehensive income/(loss): Net actuarial gain $ 13,198 |
Schedule of Net Benefit Costs | The following table summarizes the components of the Pension Program related to the net benefit costs recognized in labor and benefits in the Company's consolidated statement of operations since the March 25, 2015 acquisition date for the year ended December 31, 2015 (dollars in thousands): December 31, 2015 Service cost $ 10,911 Interest cost 8,475 Expected return on plan assets (12,029 ) Exchange rate changes 291 Net periodic benefit cost $ 7,648 |
Schedule of Assumptions Used | The following table presents the actuarial assumptions used to compute the funded status of the Pension Program as of December 31, 2015 and for the calculation of net periodic pension expense associated with the Pension Program since the March 25, 2015 acquisition date for the year ended December 31, 2015 : Discount rate 3.2 % Price inflation (RPI measure) 3.0 % Pension increases (CPI measure) 1.7 % Salary increases 3.4 % Expected return on plan assets 5.9 % |
Schedule of Asset Allocation Policy | The Pension Program's asset allocation policy states the assets should be allocated as follows: Percentage Asset category: Return-seeking assets 81 % Defensive/other assets 19 % Total 100 % |
Schedule of Defined Benefit Plan Expected Return on Assets | The following table provides the Pension Program's allocation of assets among the pooled investment funds and the expected return on assets for each pooled fund, net of expenses, as well as the weighted average expected return on assets used in the actuarial calculations as of December 31, 2015: Weighted Average Expected Yields Weighted Average Asset Allocation Weighted Average Expected Return on Plan Assets Growth, private equity and infrastructure pooled funds 6.9 % 81 % 5.6 % Defensive and government bond pooled fund plus cash 2.3 % 19 % 0.3 % Expected return on plan assets 5.9 % |
Schedule of Allocation of Plan Assets | The following table presents the fair value of the major categories of the Pension Program's assets segregated according to the hierarchy of valuation inputs for measuring fair value (see Note 2 , Significant Accounting Policies ) as of December 31, 2015 (dollars in thousands): Quoted Prices in Active Markets for Identical Assets/(Liabilities) (Level 1) Significant Other Observable Inputs (Level 2) Total Fair Value of Assets Growth pooled fund (a) $ — $ 182,224 $ 182,224 Private equity pooled fund (b) — — 31,237 Government bond pooled fund (c) — 52,463 52,463 Infrastructure pooled fund (d) — — 10,911 Cash 473 — 473 Fair value of plan assets $ 473 $ 234,687 $ 277,308 (a) The growth pooled fund is comprised of global equities, emerging market bonds and hedge funds. Fair value is measured using the net asset value per share. (b) The private equity pooled fund is comprised of a series of sub funds, each representing a different vintage of private equity investment. Fair value is measured using the net asset value per share. (c) The government bond pooled fund is comprised of government debt for developed markets, global investment grade corporate bonds and the non-government bond pooled fund. Fair value is measured using the net asset value per share. (d) Infrastructure pooled fund is comprised of investments in facilities, structures and services required to facilitate the orderly operation of the economy. Fair value is measured using the net asset value per share. |
Schedule of Expected Benefit Payments | The following benefit payments are expected to be paid between 2016 and 2025 (dollars in thousands): Amount 2016 $ 8,010 2017 $ 8,171 2018 $ 8,333 2019 $ 8,500 2020 $ 8,671 2021 - 2025 $ 45,553 |
Other Employee Benefit Progra41
Other Employee Benefit Programs (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefits and Share-based Compensation [Abstract] | |
Defined Contribution Plan Disclosures | Company contributions to defined contribution plans in total for the years ended December 31, 2015 , 2014 and 2013 were as follows (dollars in thousands): 2015 2014 2013 Company contributions to defined contribution plans $ 9,532 $ 10,400 $ 9,460 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The components of income before income taxes for the years ended December 31, 2015 , 2014 and 2013 were as follows (dollars in thousands): 2015 2014 2013 United States $ 236,613 $ 276,343 $ 211,094 Foreign 64,318 91,519 106,498 Total $ 300,931 $ 367,862 $ 317,592 |
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, 2015 , 2014 and 2013 were as follows (dollars in thousands): 2015 2014 2013 United States: Current Federal $ 12,003 $ 15,647 $ 6,571 State 8,181 7,134 6,031 Deferred Federal 41,975 49,799 62 State 5,383 8,727 4,890 67,542 81,307 17,554 Foreign: Current 11,031 17,591 22,697 Deferred (2,679 ) 8,209 6,045 8,352 25,800 28,742 Total $ 75,894 $ 107,107 $ 46,296 |
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, 2015 , 2014 and 2013 : 2015 2014 2013 Tax provision at statutory rate 35.0 % 35.0 % 35.0 % Effect of foreign operations (1.7 )% (1.7 )% (2.1 )% Effect of foreign rate change (3.3 )% — % — % State income taxes, net of federal income tax benefit 3.0 % 2.8 % 2.2 % Benefit of track maintenance credit (9.1 )% (7.3 )% (21.0 )% Other, net 1.3 % 0.3 % 0.4 % Effective income tax rate 25.2 % 29.1 % 14.5 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of net deferred income taxes as of December 31, 2015 and 2014 were as follows (dollars in thousands): 2015 2014 Deferred tax assets: Track maintenance credit $ 237,411 $ 227,102 Net operating loss carryforwards 20,810 16,008 Accruals and reserves not deducted for tax purposes until paid 14,896 11,027 Stock-based compensation 9,253 6,954 Deferred revenue 5,736 3,652 Deferred compensation 3,454 2,810 Foreign tax credit — 1,964 Nonshareholder contributions 2,150 1,871 Interest rate swaps 4,223 1,664 Alternative minimum tax credit 1,592 1,592 Pension and postretirement benefits 15,411 425 Other 752 457 315,688 275,526 Valuation allowance (19,315 ) (14,793 ) Deferred tax liabilities: Property and intangible basis difference (1,270,901 ) (1,088,572 ) Other (6,338 ) (1,519 ) Net deferred tax liabilities $ (980,866 ) $ (829,358 ) |
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): 2015 Balance at beginning of year $ 14,793 Increase for state net operating losses 89 Increase for foreign net operating losses 6,397 Decrease for expiration of foreign tax credit (1,964 ) Balance at end of year $ 19,315 |
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): 2015 2014 2013 Balance at beginning of year $ 4,324 $ 3,155 $ 3,155 Increase for tax positions related to prior years — 1,169 — Decrease for effects of foreign exchange rates (127 ) — — Balance at end of year $ 4,197 $ 4,324 $ 3,155 |
Summary of Income Tax Examinations [Table Text Block] | As of December 31, 2015 , 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 2002 - 2015 Australia 2010 - 2015 Belgium 2013 - 2015 Canada 2010 - 2015 Germany 2010 - 2015 Mexico 2008 - 2015 Netherlands 2010 - 2015 Poland 2010 - 2015 U.K. 2009 - 2015 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of option activity under the Omnibus Plan as of December 31, 2015 and changes during the year then ended is presented below: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at beginning of year 983,280 $ 76.99 Granted 360,235 79.67 Exercised (118,628 ) 45.74 Expired (4,171 ) 87.49 Forfeited (17,681 ) 94.97 Outstanding at end of year 1,203,035 $ 80.58 3.0 $ 311 Vested or expected to vest at end of year 1,199,470 $ 80.57 3.0 $ 311 Exercisable at end of year 566,815 $ 73.28 1.9 $ 311 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following weighted average assumptions were used to estimate the grant date fair value of options granted during the years ended December 31, 2015 , 2014 and 2013 using the Black-Scholes option pricing model: 2015 2014 2013 Expected volatility 27 % 22 % 29 % Expected term (in years) 4 4 4 Risk-free interest rate 1.31 % 1.20 % 0.89 % Expected dividend yield 0 % 0 % 0 % |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following table summarizes the Company's non-vested restricted stock outstanding as of December 31, 2015 and changes during the year then ended: Shares Weighted Average Grant Date Fair Value Non-vested at beginning of year 124,239 $ 90.54 Granted 95,092 $ 79.30 Vested (61,741 ) $ 84.82 Forfeited (2,789 ) $ 94.89 Non-vested at end of year 154,801 $ 85.84 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table summarizes the Company's non-vested restricted stock units outstanding as of December 31, 2015 and changes during the year then ended: Shares Weighted Average Grant Date Fair Value Non-vested at beginning of year 65,406 $ 83.55 Granted 44,761 $ 70.64 Vested (56,786 ) $ 74.56 Forfeited (5,673 ) $ 88.68 Non-vested at end of year 47,708 $ 81.52 |
Share-based Compensation, Performance Shares Award Unvested Activity | The following table summarizes the performance-based restricted stock units at the maximum award amounts as of December 31, 2015 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 14,424 $ 42.39 Granted 14,386 $ 62.73 Vested — $ — Forfeited — $ — Non-vested at end of year 28,810 $ 52.55 |
Schedule of Performance-based Units Fair Value Assumptions | The following assumptions were used to estimate the grant date fair value of the performance-based restricted stock units granted during the years ended December 31, 2015 and 2014 and using the Monte Carlo simulation model: 2015 2014 Volatility of the Company's common stock 24 % 25 % Average volatility of peer group and S&P 500 companies 25 % 29 % Average correlation coefficient of peer group and S&P 500 companies 0.5 0.6 Risk-free interest rate 0.98 % 0.81 % Expected dividend yield 0 % 0 % Expected term (in years) 3 3 |
Accumulated Other Comprehensi44
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of 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, 2015 and 2014 , respectively (dollars in thousands): Cumulative Foreign Currency Translation Adjustment Defined Benefit Plans Net Unrealized Gain/(Loss) on Cash Flow Hedges Accumulated Other Comprehensive Income/(Loss) Balance, December 31, 2013 $ (14,687 ) $ 214 $ 20,562 $ 6,089 Other comprehensive (loss)/income before reclassifications (56,059 ) 1,008 (22,054 ) (77,105 ) Amounts reclassified from accumulated other comprehensive income, net of tax (provision)/benefit of ($102) and $946, respectively — 183 (a) (1,419 ) (b) (1,236 ) Change in 2014 (56,059 ) 1,191 (23,473 ) (78,341 ) Balance, December 31, 2014 $ (70,746 ) $ 1,405 $ (2,911 ) $ (72,252 ) Other comprehensive (loss)/income before reclassifications (86,968 ) 9,526 (2,082 ) (79,524 ) Amounts reclassified from accumulated other comprehensive income, net of tax (provision)/benefit of ($41) and $1,170, respectively — 74 (a) (1,755 ) (b) (1,681 ) Change in 2015 (86,968 ) 9,600 (3,837 ) (81,205 ) Balance, December 31, 2015 $ (157,714 ) $ 11,005 $ (6,748 ) $ (153,457 ) (a) Existing net gains realized were recorded in labor and benefits on the consolidated statements of operations. (b) Existing net losses realized were recorded in interest expense on the consolidated statements of operations (see Note 9 , Derivative Financial Instruments ). |
Supplemental Cash Flow Inform45
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | The following table sets forth the cash paid for interest and income taxes for the years ended December 31, 2015 , 2014 and 2013 (dollars in thousands): 2015 2014 2013 Interest, net $ 59,564 $ 43,076 $ 57,206 Income taxes $ 44,807 $ 36,179 $ 14,522 |
Segment and Geographic Area I46
Segment and Geographic Area Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segments, Geographical Areas [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables set forth results from the Company's North American Operations segment, Australian Operations segment and U.K./European Operations segment for the years ended December 31, 2015 , 2014 and 2013 (dollars in thousands): December 31, 2015 North American Operations Australian Operations U.K./European Operations Total Operations Operating revenues: Freight revenues $ 949,028 $ 146,850 $ 309,236 $ 1,405,114 Freight-related revenues 227,154 87,616 182,746 497,516 All other revenues 65,633 8,486 23,652 97,771 Total operating revenues $ 1,241,815 $ 242,952 $ 515,634 $ 2,000,401 Income from operations $ 297,486 $ 54,842 $ 31,933 $ 384,261 Depreciation and amortization $ 141,814 $ 27,425 $ 19,296 $ 188,535 Loss on settlement of foreign currency forward purchase contracts $ 16,374 $ 2,312 $ — $ 18,686 Interest expense, net $ 39,651 $ 8,976 $ 17,965 $ 66,592 Provision for/(benefit from) income taxes $ 69,552 $ 12,890 $ (6,548 ) $ 75,894 Expenditures for additions to property & equipment, net of grants from outside parties $ 266,548 $ 31,179 $ 32,035 $ 329,762 December 31, 2014 North American Operations Australian Operations U.K./European Operations Total Operations Operating revenues: Freight revenues $ 1,008,236 $ 243,705 $ — $ 1,251,941 Freight-related revenues 214,388 55,461 20,938 290,787 All other revenues 82,137 14,104 43 96,284 Total operating revenues $ 1,304,761 $ 313,270 $ 20,981 $ 1,639,012 Income/(loss) from operations $ 333,194 $ 90,396 $ (2,019 ) $ 421,571 Depreciation and amortization $ 127,421 $ 28,095 $ 1,565 $ 157,081 Interest expense, net $ 41,732 $ 12,152 $ 833 $ 54,717 Provision for/(benefit from) income taxes $ 86,363 $ 23,443 $ (2,699 ) $ 107,107 Expenditures for additions to property & equipment, net of grants from outside parties $ 277,725 $ 24,930 $ 864 $ 303,519 December 31, 2013 North American Operations Australian Operations U.K./European Operations Total Operations Operating revenues: Freight revenues $ 917,971 $ 259,393 $ — $ 1,177,364 Freight-related revenues 215,302 57,834 14,675 287,811 All other revenues 95,899 7,569 — 103,468 Total operating revenues $ 1,229,172 $ 324,796 $ 14,675 $ 1,568,643 Income/(loss) from operations $ 286,164 $ 95,016 $ (992 ) $ 380,188 Depreciation and amortization $ 113,155 $ 27,102 $ 1,387 $ 141,644 Interest expense, net $ 48,483 $ 14,814 $ 626 $ 63,923 Provision for/(benefit from) income taxes $ 24,446 $ 22,258 $ (408 ) $ 46,296 Expenditures for additions to property & equipment, net of grants from outside parties $ 163,157 $ 51,860 $ 388 $ 215,405 |
Property and Equipment by Segment | The following table sets forth the property and equipment recorded in the consolidated balance sheets as of December 31, 2015 and 2014 (dollars in thousands): December 31, 2015 North American Operations Australian Operations U.K./European Operations Total Property and equipment, net $ 3,433,669 $ 465,123 $ 316,271 $ 4,215,063 |
Operating Revenues by Geographic Area | Operating revenues for each geographic area for the years ended December 31, 2015 , 2014 and 2013 were as follows (dollars in thousands): 2015 2014 2013 Amount % of Total Amount % of Total Amount % of Total Operating revenues: United States $ 1,143,056 57.1 % $ 1,188,084 72.5 % $ 1,100,334 70.2 % Non-United States: Australia $ 242,952 12.1 % $ 313,270 19.1 % $ 324,796 20.7 % Canada 98,759 5.0 % 116,677 7.1 % 128,838 8.2 % U.K. 340,747 17.0 % — — % — — % Netherlands 119,421 6.0 % 17,693 1.1 % 12,687 0.8 % Other 55,466 2.8 % 3,288 0.2 % 1,988 0.1 % Total Non-United States $ 857,345 42.9 % $ 450,928 27.5 % $ 468,309 29.8 % Total operating revenues $ 2,000,401 100.0 % $ 1,639,012 100.0 % $ 1,568,643 100.0 % |
Property and Equipment by Geographic Area | Property and equipment for each geographic area as of December 31, 2015 and 2014 were as follows (dollars in thousands): 2015 2014 Amount % of Total Amount % of Total Property and equipment located in: United States $ 3,202,963 76.0 % $ 3,003,299 79.3 % Non-United States: Australia $ 465,123 11.0 % $ 506,154 13.4 % Canada 230,706 5.5 % 266,305 7.0 % U.K. 303,210 7.2 % — — % Other 13,061 0.3 % 12,724 0.3 % Total Non-United States $ 1,012,100 24.0 % $ 785,183 20.7 % Total property and equipment, net $ 4,215,063 100.0 % $ 3,788,482 100.0 % |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | The following table sets forth the Company's quarterly results for the years ended December 31, 2015 and 2014 (dollars in thousands, except per share data): First Quarter Second Quarter Third Quarter Fourth Quarter 2015 Operating revenues $ 397,030 $ 542,219 $ 546,299 $ 514,853 Income from operations $ 72,620 $ 99,451 $ 117,559 $ 94,631 Net income $ 23,904 $ 52,837 $ 63,362 $ 84,934 Diluted earnings per common share $ 0.42 $ 0.92 $ 1.10 $ 1.47 2014 Operating revenues $ 376,279 $ 414,563 $ 432,543 $ 415,627 Income from operations $ 74,875 $ 110,109 $ 123,116 $ 113,471 Net income $ 40,004 $ 60,728 $ 72,650 $ 87,373 Diluted earnings per common share $ 0.70 $ 1.07 $ 1.27 $ 1.53 |
Business and Customers (Details
Business and Customers (Details) | 12 Months Ended | ||
Dec. 31, 2015mileemployeeregionportreportable_segmentprovincescustomerstaterailroad | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of railroads operated | railroad | 120 | ||
Number of operating regions | region | 11 | ||
Number of employees | employee | 7,500 | ||
Customers served | customer | 2,800 | ||
Number of reportable segments | reportable_segment | 3 | ||
Ports operated | port | 40 | ||
Customer Concentration Risk [Member] | |||
10 largest customers % of revenues | 22.00% | 24.00% | 24.00% |
United States [Member] | |||
Number of States in which Entity Operates | state | 41 | ||
Canada [Member] | |||
Number of Provinces in which Entity Operates | provinces | 4 | ||
North American [Member] | |||
Short Line and Regional Freight Railroad | port | 113 | ||
Track miles | mile | 13,000 | ||
Australia [Member] | |||
Track miles | mile | 1,400 | ||
North American Operations [Member] | |||
Number of operating regions | provinces | 9 |
Significant Accounting Polici49
Significant Accounting Policies Property and Equipment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 Polici50
Significant Accounting Policies Goodwill and Indefinite-Lived Intangible Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Impairment resulting from annual impairment test | $ 0 | $ 0 | $ 0 |
Significant Accounting Polici51
Significant Accounting Policies Insurance (Details) - Dec. 31, 2015 AUD in Millions, $ in Millions | AUD | USD ($) |
Liability Policies [Member] | ||
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items] | ||
Self-insured retention, maximum per incident | $ 2.5 | |
Property policies [Member] | ||
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items] | ||
Self-insured retention, maximum per incident | $ 1 | |
Australia [Member] | Property policies [Member] | ||
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items] | ||
Self-insured retention, maximum per incident | AUD | AUD 2.5 |
Changes in Operations Freightli
Changes in Operations Freightliner (Details) £ in Thousands | May. 31, 2014 | Dec. 31, 2015USD ($)rail_caremployeelocomotive | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015GBP (£)$ / £ | Mar. 31, 2015USD ($)$ / £ | Dec. 31, 2014USD ($)rail_carlocomotive$ / £ | Sep. 30, 2014USD ($)$ / £ | Jun. 30, 2014USD ($)$ / £ | Mar. 31, 2014USD ($)$ / £ | Dec. 31, 2015USD ($)rail_caremployeelocomotive | Dec. 31, 2015USD ($)rail_caremployeelocomotive | Dec. 31, 2014USD ($)rail_carlocomotive$ / £ | Dec. 31, 2013USD ($) | Mar. 25, 2015GBP (£)rail_caremployeelocomotive$ / £ | Mar. 25, 2015USD ($)rail_caremployeelocomotive$ / £ |
Business Acquisition, Name of Acquired Entity | Rapid City, Pierre & Eastern Railroad, Inc. (RCP&E) | |||||||||||||||
Number of employees | employee | 7,500 | 7,500 | 7,500 | |||||||||||||
Leased locomotives | locomotive | 333 | 162 | 333 | 333 | 162 | |||||||||||
Leased railcars | rail_car | 21,819 | 18,583 | 21,819 | 21,819 | 18,583 | |||||||||||
Foreign Currency Exchange Rate, Translation | $ / £ | 1.51 | 1.51 | 1.58 | 1.67 | 1.68 | 1.66 | 1.58 | 1.49 | 1.49 | |||||||
Revenues | $ 514,853,000 | $ 546,299,000 | $ 542,219,000 | $ 397,030,000 | $ 415,627,000 | $ 432,543,000 | $ 414,563,000 | $ 376,279,000 | ||||||||
Income from operations | $ 94,631,000 | $ 117,559,000 | $ 99,451,000 | $ 72,620,000 | $ 113,471,000 | $ 123,116,000 | $ 110,109,000 | $ 74,875,000 | $ 384,261,000 | $ 421,571,000 | $ 380,188,000 | |||||
Loss on settlement of foreign currency forward purchase contracts | (18,686,000) | $ 0 | $ 0 | |||||||||||||
Freightliner [Member] | ||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 100.00% | ||||||||||||||
Business Acquisition, Effective Date of Acquisition | Mar. 25, 2015 | Mar. 25, 2015 | ||||||||||||||
Business Acquisition, Name of Acquired Entity | Freightliner Group Limited (Freightliner) | Freightliner Group Limited (Freightliner) | ||||||||||||||
Percentage of economic interest retained by acquiree's management | 6.00% | 6.00% | ||||||||||||||
Number of employees | employee | 2,500 | 2,500 | ||||||||||||||
Leased locomotives | locomotive | 250 | 250 | ||||||||||||||
Electric locomotives | locomotive | 45 | 45 | ||||||||||||||
Leased railcars | rail_car | 5,500 | 5,500 | ||||||||||||||
Cash consideration | £ 492,083 | $ 733,006,000 | ||||||||||||||
Deferred consideration | 24,200 | 36,048,000 | ||||||||||||||
Total consideration | £ 516,283 | $ 769,054,000 | ||||||||||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | £ 24,200 | $ 36,000,000 | ||||||||||||||
Change in estimated fair value of deferred consideration | 0 | |||||||||||||||
Change in contingent consideration liability | 0 | |||||||||||||||
Revenues | $ 531,300,000 | |||||||||||||||
Income from operations | $ 33,400,000 | |||||||||||||||
Business Combination, Acquisition Related Costs | (12,600,000) | |||||||||||||||
Business Combination, Integration Related Costs | (2,600,000) | |||||||||||||||
Loss on settlement of foreign currency forward purchase contracts | $ (18,700,000) |
Changes in Operations Freight53
Changes in Operations Freightliner Fair Value Assigned to Acquired Net Assets (Details) £ in Thousands, € in Millions | Dec. 31, 2015GBP (£) | Dec. 31, 2015USD ($) | Mar. 31, 2015GBP (£) | Mar. 31, 2015USD ($) | Mar. 25, 2015GBP (£) | Mar. 25, 2015EUR (€) | Mar. 25, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Goodwill | $ 826,575,000 | $ 628,815,000 | $ 630,462,000 | ||||||
Freightliner [Member] | |||||||||
Cash and cash equivalents | £ 30,030 | 44,733,000 | |||||||
Accounts receivable | 55,530 | 82,717,000 | |||||||
Materials and supplies | 9,740 | 14,509,000 | |||||||
Prepaid expenses and other | 19,156 | 28,535,000 | |||||||
Property and equipment | 198,730 | 296,028,000 | |||||||
Goodwill | 145,190 | 216,275,000 | |||||||
Intangible assets | 392,233 | 584,270,000 | |||||||
Other assets | 179 | 267,000 | |||||||
Total assets | 850,788 | 1,267,334,000 | |||||||
Current portion of long-term debt | 17,119 | 25,500,000 | |||||||
Accounts payable and accrued expenses | 105,531 | 157,201,000 | |||||||
Long-term debt, less current portion | 67,057 | 99,888,000 | |||||||
Deferred income tax liabilities, net | 82,137 | 122,351,000 | |||||||
Other long-term liabilities | 62,661 | 93,340,000 | |||||||
Net assets | £ 516,283 | $ 769,054,000 | |||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 0 | ||||||||
Business Combination, Assumed, Bank Guarantees | £ 2,500 | $ 3,600,000 | € 3.4 | 3,700,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Pension Liability | £ 57,200 | 85,200,000 | |||||||
Capital Lease Obligations [Member] | Freightliner [Member] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Capital Lease Obligation | 67,057 | 99,888,000 | |||||||
Capital Lease Obligations [Member] | Freightliner [Member] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Capital Lease Obligation | 16,500 | 24,500,000 | |||||||
Other long-term liabilities [Member] | Freightliner [Member] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Pension Liability | 51,000 | 76,000,000 | |||||||
Accounts Payable and Accrued Liabilities [Member] | Freightliner [Member] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Pension Liability | £ 6,200 | $ 9,200,000 |
Changes in Operations Freight54
Changes in Operations Freightliner Fair Value Assigned to Intangible Assets £ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015GBP (£) | Dec. 31, 2015USD ($) | Dec. 31, 2014 | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 62 years | 62 years | 40 years |
Freightliner [Member] | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | £ 392,233 | $ 584,270 | |
Operational network rights | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 100 years | 100 years | |
Operational network rights | Freightliner [Member] | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | £ 324,000 | $ 482,630 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 100 years | 100 years | |
Operational network rights | Freightliner [Member] | Maximum [Member] | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Remaining Contractual Term | 123 years | 123 years | |
Customer relationships [Member] | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 30 years | 30 years | 36 years |
Customer relationships [Member] | Freightliner [Member] | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | £ 57,000 | $ 84,907 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 18 years | 18 years | |
Trademarks and Trade Names [Member] | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 40 years | 40 years | |
Trademarks and Trade Names [Member] | Freightliner [Member] | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | £ 9,200 | $ 13,704 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 40 years | 40 years | |
Off-Market Favorable Lease [Member] | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | 5 years | |
Off-Market Favorable Lease [Member] | Freightliner [Member] | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | £ 2,033 | $ 3,029 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | 5 years |
Changes in Operations Freight55
Changes in Operations Freightliner Pro Forma (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares$ / £ | Mar. 31, 2015$ / £ | Mar. 25, 2015$ / £ | Sep. 30, 2014$ / £ | Jun. 30, 2014$ / £ | Mar. 31, 2014$ / £ | |
Foreign Currency Exchange Rate, Translation | $ / £ | 1.58 | 1.51 | 1.49 | 1.67 | 1.68 | 1.66 | |
Freightliner [Member] | |||||||
Operating revenues | $ 2,157,020 | $ 2,417,709 | |||||
Net income | $ 248,922 | $ 316,459 | |||||
Basic earnings per common share | $ / shares | $ 4.39 | $ 5.72 | |||||
Diluted earnings per common share | $ / shares | $ 4.30 | $ 5.55 | |||||
Acquisition-related Costs [Member] | Pro Forma [Member] | Freightliner [Member] | |||||||
Net income | $ (9,500) | $ (9,500) | |||||
Business Acquisition, Pro Forma Net Income (Loss) Before Tax | (12,600) | (12,600) | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Member] | Pro Forma [Member] | Freightliner [Member] | |||||||
Net income | (11,600) | ||||||
Business Acquisition, Pro Forma Net Income (Loss) Before Tax | (18,700) | ||||||
Freightliner [Member] | Acquisition-related Costs [Member] | Pro Forma [Member] | |||||||
Net income | (9,100) | (11,900) | |||||
Business Acquisition, Pro Forma Net Income (Loss) Before Tax | $ (12,200) | (15,900) | |||||
Freightliner [Member] | Gain on Disposal of Lease Rights [Domain] | Pro Forma [Member] | |||||||
Net income | 48,800 | ||||||
Business Acquisition, Pro Forma Net Income (Loss) Before Tax | $ 53,700 |
Changes in Operations United St
Changes in Operations United States Pinsly (Details) $ in Thousands | Jan. 05, 2015USD ($)employeecarloadmilelocomotive | Dec. 31, 2015USD ($)employee | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)employee | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Revenues | $ 514,853 | $ 546,299 | $ 542,219 | $ 397,030 | $ 415,627 | $ 432,543 | $ 414,563 | $ 376,279 | ||||
Income from operations | $ 94,631 | $ 117,559 | $ 99,451 | $ 72,620 | $ 113,471 | $ 123,116 | $ 110,109 | $ 74,875 | $ 384,261 | $ 421,571 | $ 380,188 | |
Number of employees | employee | 7,500 | 7,500 | ||||||||||
Pinsly [Member] | ||||||||||||
Cash consideration | $ 41,300 | |||||||||||
Revenues | $ 14,500 | |||||||||||
Income from operations | $ 2,600 | |||||||||||
Track Miles | mile | 137 | |||||||||||
Number of employees | employee | 77 | |||||||||||
Number of locomotives purchased | locomotive | 16 | |||||||||||
Carloads Shipped Annually | carload | 35,000 |
Changes in Operations United 57
Changes in Operations United States RCP&E (Details) $ in Thousands | May. 31, 2014USD ($) | Dec. 31, 2015USD ($)employee | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)employeecarload | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | May. 30, 2014USD ($)employeemile |
Business Acquisition, Name of Acquired Entity | Rapid City, Pierre & Eastern Railroad, Inc. (RCP&E) | ||||||||||||
Revenues | $ 514,853 | $ 546,299 | $ 542,219 | $ 397,030 | $ 415,627 | $ 432,543 | $ 414,563 | $ 376,279 | |||||
Income/(loss) from operations | $ 94,631 | $ 117,559 | $ 99,451 | $ 72,620 | $ 113,471 | $ 123,116 | $ 110,109 | $ 74,875 | $ 384,261 | $ 421,571 | $ 380,188 | ||
Number of employees acquired | employee | 7,500 | 7,500 | |||||||||||
RCP&E [Member] | |||||||||||||
Cash consideration | $ 218,600 | ||||||||||||
Revenues | $ 69,900 | ||||||||||||
Income/(loss) from operations | $ 17,200 | ||||||||||||
Track Miles | mile | 670 | ||||||||||||
Annual carloads transported | carload | 63,000 | ||||||||||||
Number of employees acquired | employee | 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 Australia
Changes in Operations Australia (Details) $ in Thousands, AUD in Millions | 12 Months Ended | 48 Months Ended | ||||
Dec. 31, 2015AUDcarload | Dec. 31, 2015USD ($)carload | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2014AUD | Dec. 31, 2014USD ($) | |
OPERATING REVENUES | $ | $ 2,000,401 | $ 1,639,012 | $ 1,568,643 | |||
Arrium Limited [Member] | ||||||
Amount invested in capital project | AUD 78 | $ 77,700 | ||||
Annual carloads transported | carload | 8,300 | 8,300 | ||||
OPERATING REVENUES | AUD 83 | $ 62,000 |
Earnings Per Common Share Basic
Earnings Per Common Share Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerators: [Abstract] | |||||||||||
Net income attributable to Genesee & Wyoming Inc. common stockholders | $ 84,934 | $ 63,362 | $ 52,837 | $ 23,904 | $ 87,373 | $ 72,650 | $ 60,728 | $ 40,004 | $ 225,037 | $ 260,755 | $ 271,296 |
Series A-1 Preferred Stock dividend | 0 | 0 | 2,139 | ||||||||
Net income available to common stockholders | $ 225,037 | $ 260,755 | $ 269,157 | ||||||||
Denominators: [Abstract] | |||||||||||
Weighted average Class A common shares outstanding, Basic | 56,734 | 55,305 | 53,788 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Class B Shares | 884 | 1,305 | 1,675 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 230 | 362 | 494 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock | 0 | 0 | 722 | ||||||||
Weighted average shares—Diluted | 57,848 | 56,972 | 56,679 | ||||||||
Earnings per common share attributable to Genesee & Wyoming Inc. common stockholders: | |||||||||||
Basic earnings per common share | $ 3.97 | $ 4.71 | $ 5 | ||||||||
Diluted earnings per common share (US$ per share) | $ 1.47 | $ 1.10 | $ 0.92 | $ 0.42 | $ 1.53 | $ 1.27 | $ 1.07 | $ 0.70 | $ 3.89 | $ 4.58 | $ 4.79 |
Earnings Per Common Share Sched
Earnings Per Common Share Schedule of Weighted Average Number of Shares (Details) - shares shares in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | |||
Potential issuable common shares used to calculate weighted average share equivalents | 1,280 | 1,063 | 1,063 |
Earnings Per Common Share Anti-
Earnings Per Common Share Anti-dilutive Shares (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares | 716 | 319 | 105 |
Earnings Per Common Share Share
Earnings Per Common Share Shares Repurchase (Details) - Class A Common Stock [Member] $ in Millions | 3 Months Ended |
Dec. 31, 2015USD ($)shares | |
Equity, Class of Treasury Stock [Line Items] | |
Stock Repurchase Program, Authorized Amount | $ | $ 300 |
Stock Repurchased During Period, Shares | shares | 0 |
Earnings Per Common Share Offer
Earnings Per Common Share Offerings (Details) | Feb. 13, 2013shares | Sep. 19, 2012USD ($)Tangible_Equty_Unit$ / sharesshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014shares | Dec. 31, 2013shares |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Weighted average shares—Basic | 56,734,000 | 55,305,000 | 53,788,000 | ||
Class A Common Stock [Member] | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Stock issued during period, shares | 3,791,004 | ||||
Shares Issued, Price Per Share | $ / shares | $ 64.75 | ||||
Conversion of shares to Class A Common Stock, shares | 5,984,232 | ||||
Settlement of the prepaid stock purchase contract component of the TEUs [Member] | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Weighted average shares—Basic | 3,539,240 | 2,841,650 | 2,800,000 | ||
Underwriter's exercise of over-allotment option [Member] | Class A Common Stock [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] | Class A Common Stock [Member] | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
TEUs Issued During Period, TEUs, New Issues | Tangible_Equty_Unit | 2,300,000 | ||||
TEUs, Stated Amount, Per Unit Value | $ | $ 100 | ||||
Tangible Equity Units [Member] | Underwriter's exercise of over-allotment option [Member] | Class A Common Stock [Member] | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
TEUs Issued During Period, TEUs, New Issues | Tangible_Equty_Unit | 300,000 | ||||
TEUs - amortizing note [Member] | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
TEUs Issued During Period, TEUs, New Issues | Tangible_Equty_Unit | 2,300,000 | ||||
TEUs, Stated Amount, Per Unit Value | $ | $ 100 | ||||
Repayments of Debt | $ | $ 2,800,000 |
Earnings Per Common Share Serie
Earnings Per Common Share Series A-1 Preferred Stock (Details) - USD ($) | Feb. 13, 2013 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 02, 2012 | Jul. 23, 2012 |
Class of Stock [Line Items] | |||||||
Unpaid dividends paid upon conversion of preferred stock | $ 0 | $ 0 | $ 2,139,000 | ||||
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 |
Earnings Per Common Share Commo
Earnings Per Common Share Common Stock (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Class A Common Stock, $0.01 par value, one vote per share; 180,000,000 shares authorized at December 31, 2015 and 2014; 69,674,185 and 65,632,309 shares issued and 56,945,384 and 52,938,267 shares outstanding (net of 12,728,801 and 12,694,042 shares in treasury) on December 31, 2015 and 2014, respectively | ||
Common Stock, Voting Rights | 1 | 1 |
Class B Common Stock [Member] | ||
Common Stock, Voting Rights | 10 | 10 |
Accounts Receivable Accounts 66
Accounts Receivable Accounts Receivable (Details) $ in Thousands, £ in Millions | Dec. 31, 2015GBP (£) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total accounts receivable | $ 388,671 | $ 363,104 | |||
Allowance for doubtful accounts | (6,213) | (5,826) | $ (3,755) | $ (2,693) | |
Accounts receivable, net | 382,458 | 357,278 | |||
Accounts receivable - trade [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total accounts receivable | 339,100 | 304,087 | |||
Accounts receivable - grants from outside parties [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total accounts receivable | 22,997 | 32,076 | |||
Accounts receivable - insurance and other third party claims [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total accounts receivable | 26,574 | $ 26,941 | |||
Freightliner [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts receivable, net | £ 64.8 | $ 95,500 |
Accounts Receivable Grants from
Accounts Receivable Grants from Outside Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Receivables [Abstract] | |||
Grant proceeds received from outside parties | $ 41,700 | $ 28,000 | $ 33,900 |
Amortization of deferred grants included as offset to depreciation expense | $ 10,691 | $ 10,364 | $ 9,343 |
Accounts Receivable Insurance a
Accounts Receivable Insurance and Third Party Claims (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Total accounts receivable | $ 388,671 | $ 363,104 | |
Proceeds from insurance | 10,400 | 13,600 | $ 11,100 |
Accounts receivable - insurance and other third party claims [Member] | |||
Total accounts receivable | 26,574 | $ 26,941 | |
North American Operations [Member] | Accounts receivable - insurance and other third party claims [Member] | |||
Total accounts receivable | 12,800 | ||
Australian Operations [Member] | Accounts receivable - insurance and other third party claims [Member] | |||
Total accounts receivable | 8,100 | ||
U.K./European Operations [Member] | Accounts receivable - insurance and other third party claims [Member] | |||
Total accounts receivable | $ 5,700 |
Accounts Receivable Allowance f
Accounts Receivable Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance, beginning of year | $ 5,826 | $ 3,755 | $ 2,693 |
Provisions | 7,512 | 5,191 | 2,741 |
Charges | (7,125) | (3,120) | (1,679) |
Balance, end of year | $ 6,213 | $ 5,826 | $ 3,755 |
Property and Equipment and Le70
Property and Equipment and Leases Property and Equipment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 5,012,312,000 | $ 4,462,019,000 | |
Accumulated depreciation | (797,249,000) | (673,537,000) | |
Property and equipment, net | 4,215,063,000 | 3,788,482,000 | |
Depreciation expense | 159,100,000 | 135,000,000 | $ 119,200,000 |
Land and land improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 648,498,000 | 582,383,000 | |
Accumulated depreciation | 0 | 0 | |
Property and equipment, net | 648,498,000 | 582,383,000 | |
Buildings and leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 238,272,000 | 126,860,000 | |
Accumulated depreciation | (32,624,000) | (22,719,000) | |
Property and equipment, net | 205,648,000 | 104,141,000 | |
Bridges/tunnels/culverts | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 662,287,000 | 636,605,000 | |
Accumulated depreciation | (85,040,000) | (60,771,000) | |
Property and equipment, net | 577,247,000 | 575,834,000 | |
Track property | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 2,508,100,000 | 2,350,647,000 | |
Accumulated depreciation | (403,778,000) | (357,969,000) | |
Property and equipment, net | 2,104,322,000 | 1,992,678,000 | |
Total property | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 4,057,157,000 | 3,696,495,000 | |
Accumulated depreciation | (521,442,000) | (441,459,000) | |
Property and equipment, net | 3,535,715,000 | 3,255,036,000 | |
Computer equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 18,633,000 | 13,997,000 | |
Accumulated depreciation | (11,709,000) | (8,352,000) | |
Property and equipment, net | 6,924,000 | 5,645,000 | |
Locomotives and railcars | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 653,077,000 | 531,948,000 | |
Accumulated depreciation | (173,214,000) | (145,073,000) | |
Property and equipment, net | 479,863,000 | 386,875,000 | |
Vehicles and mobile equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 65,241,000 | 54,419,000 | |
Accumulated depreciation | (34,656,000) | (31,209,000) | |
Property and equipment, net | 30,585,000 | 23,210,000 | |
Signals and crossing equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 69,315,000 | 65,581,000 | |
Accumulated depreciation | (30,754,000) | (22,408,000) | |
Property and equipment, net | 38,561,000 | 43,173,000 | |
Track equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 28,440,000 | 27,073,000 | |
Accumulated depreciation | (11,628,000) | (9,019,000) | |
Property and equipment, net | 16,812,000 | 18,054,000 | |
Other equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 73,405,000 | 29,532,000 | |
Accumulated depreciation | (13,846,000) | (16,017,000) | |
Property and equipment, net | 59,559,000 | 13,515,000 | |
Total equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 908,111,000 | 722,550,000 | |
Accumulated depreciation | (275,807,000) | (232,078,000) | |
Property and equipment, net | 632,304,000 | 490,472,000 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 47,044,000 | 42,974,000 | |
Accumulated depreciation | 0 | 0 | |
Property and equipment, net | $ 47,044,000 | $ 42,974,000 |
Property and Equipment and Le71
Property and Equipment and Leases Construction in Process (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Construction in-process | $ 47,044 | $ 42,974 |
Buildings and leasehold improvements (subject to term of lease) | ||
Property, Plant and Equipment [Line Items] | ||
Construction in-process | 2,097 | 1,312 |
Bridges/tunnels/culverts | ||
Property, Plant and Equipment [Line Items] | ||
Construction in-process | 39 | 4,082 |
Track property | ||
Property, Plant and Equipment [Line Items] | ||
Construction in-process | 24,962 | 24,078 |
Locomotives and railcars | ||
Property, Plant and Equipment [Line Items] | ||
Construction in-process | 12,875 | 11,170 |
Other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Construction in-process | $ 7,071 | $ 2,332 |
Property and Equipment and Le72
Property and Equipment and Leases Leases (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)rail_carlocomotive | Dec. 31, 2014USD ($)rail_carlocomotive | Dec. 31, 2013USD ($) | |
Operating Leased Assets [Line Items] | |||
Leased railcars | rail_car | 21,819 | 18,583 | |
Leased locomotives | locomotive | 333 | 162 | |
Revenues from leased railroads as a percentage of total operating revenues | 7.40% | ||
Revenues from leased railroads subject to expiration in each of the next 10 years as a percentage of annual total operating revenues | 2.00% | ||
Equipment [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating lease expense | $ 82,853 | $ 29,462 | $ 32,050 |
Real property [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating lease expense | 11,715 | 8,361 | 8,062 |
Trackage rights [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating lease expense | $ 78,140 | $ 53,783 | $ 50,911 |
Property and Equipment and Le73
Property and Equipment and Leases Future Minimum Lease Payments for Capital and Operating Leases (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Capital Leases, Future Minimum Payments Due 2016 | $ 24,841 |
Capital Leases, Future Minimum Payments Due 2017 | 18,935 |
Capital Leases, Future Minimum Payments Due 2018 | 10,398 |
Capital Leases, Future Minimum Payments Due 2019 | 9,827 |
Capital Leases, Future Minimum Payments Due 2020 | 16,672 |
Capital Leases, Future Minimum Payments Due Thereafter | 43,738 |
Capital Leases, Future Minimum Payments Due | 124,411 |
Operating Leases, Future Minimum Payments Due 2016 | 112,230 |
Operating Leases, Future Minimum Payments, Due 2017 | 93,761 |
Operating Leases, Future Minimum Payments, Due 2018 | 81,471 |
Operating Leases, Future Minimum Payments, Due 2019 | 64,122 |
Operating Leases, Future Minimum Payments, Due 2020 | 50,601 |
Operating Leases, Future Minimum Payments, Due Thereafter | 304,819 |
Operating Leases, Future Minimum Payments Due | 707,004 |
Total Capital and Operating Leases, Future Minimum Payments Due 2016 | 137,071 |
Total Capital and Operating Leases, Future Minimum Payments, Due in 2017 | 112,696 |
Total Capital and Operating Leases, Future Minimum Payments, Due 2018 | 91,869 |
Total Capital and Operating Leases, Future Minimum Payments, Due 2019 | 73,949 |
Total Capital and Operating Leases, Future Minimum Payments, Due 2020 | 67,273 |
Total Capital and Operating Leases, Future Minimum Payments, Due Thereafter | 348,557 |
Total Capital and Operating Leases, Future Minimum Payments | $ 831,415 |
Intangible Assets, Other Asse74
Intangible Assets, Other Assets, Net and Goodwill Intangible Assets (Details) £ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015GBP (£) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Write off of Deferred Debt Issuance Cost | $ 4,600 | $ 500 | ||
Gross Carrying Amount | $ 1,206,872 | 639,636 | ||
Accumulated Amortization | (113,920) | (87,985) | ||
Intangible Assets, Net | $ 1,092,952 | $ 551,651 | ||
Weighted Average Amortization Period (in Years) | 62 years | 62 years | 40 years | |
Total intangible assets, net | $ 1,128,952 | $ 587,663 | ||
Perpetual track access agreements | ||||
Non-amortizable intangible assets | 35,891 | 35,891 | ||
Operating license | ||||
Non-amortizable intangible assets | 109 | 121 | ||
Operational network rights | ||||
Gross Carrying Amount | 477,706 | |||
Accumulated Amortization | (3,693) | |||
Intangible Assets, Net | $ 474,013 | |||
Weighted Average Amortization Period (in Years) | 100 years | 100 years | ||
Track access agreements | ||||
Gross Carrying Amount | $ 415,348 | 424,835 | ||
Accumulated Amortization | (57,751) | (46,367) | ||
Intangible Assets, Net | $ 357,597 | $ 378,468 | ||
Weighted Average Amortization Period (in Years) | 43 years | 43 years | 43 years | |
Customer contracts and relationships | ||||
Gross Carrying Amount | $ 259,897 | $ 177,179 | ||
Accumulated Amortization | (35,405) | (26,738) | ||
Intangible Assets, Net | $ 224,492 | $ 150,441 | ||
Weighted Average Amortization Period (in Years) | 30 years | 30 years | 36 years | |
Service agreements | ||||
Gross Carrying Amount | $ 37,622 | $ 37,622 | ||
Accumulated Amortization | (16,213) | (14,880) | ||
Intangible Assets, Net | $ 21,409 | $ 22,742 | ||
Weighted Average Amortization Period (in Years) | 28 years | 28 years | 28 years | |
Trade names/trademarks [Member] | ||||
Gross Carrying Amount | $ 13,327 | |||
Accumulated Amortization | (268) | |||
Intangible Assets, Net | $ 13,059 | |||
Weighted Average Amortization Period (in Years) | 40 years | 40 years | ||
Favorable operating leases [Member] | ||||
Gross Carrying Amount | $ 2,972 | |||
Accumulated Amortization | (590) | |||
Intangible Assets, Net | $ 2,382 | |||
Weighted Average Amortization Period (in Years) | 5 years | 5 years | ||
Freightliner [Member] | ||||
Fair values assigned to amortizable intangible assets | £ 392,233 | $ 584,270 | ||
Freightliner [Member] | Operational network rights | ||||
Weighted Average Amortization Period (in Years) | 100 years | 100 years | ||
Fair values assigned to amortizable intangible assets | £ 324,000 | $ 482,630 | ||
Freightliner [Member] | Customer contracts and relationships | ||||
Weighted Average Amortization Period (in Years) | 18 years | 18 years | ||
Fair values assigned to amortizable intangible assets | £ 57,000 | $ 84,907 | ||
Freightliner [Member] | Trade names/trademarks [Member] | ||||
Weighted Average Amortization Period (in Years) | 40 years | 40 years | ||
Fair values assigned to amortizable intangible assets | £ 9,200 | $ 13,704 | ||
Freightliner [Member] | Favorable operating leases [Member] | ||||
Weighted Average Amortization Period (in Years) | 5 years | 5 years | ||
Fair values assigned to amortizable intangible assets | £ 2,033 | $ 3,029 | ||
Second Amended and Restated Senior Secured Syndicated Credit Facility Agreement [Member] | ||||
Write off of Deferred Debt Issuance Cost | $ 2,000 |
Intangible Assets, Other Asse75
Intangible Assets, Other Assets, Net and Goodwill Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Aggregate amortization expense associated with intangible assets | $ 29,400 | $ 22,000 | $ 22,500 |
2,016 | 31,028 | ||
2,017 | 30,894 | ||
2,018 | 29,466 | ||
2,019 | 25,112 | ||
2,020 | 24,755 | ||
Thereafter | 951,697 | ||
Total | $ 1,092,952 | $ 551,651 |
Intangible Assets, Other Asse76
Intangible Assets, Other Assets, Net and Goodwill Other Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | May. 27, 2014 | |
Deferred financing costs, gross carrying amount | $ 28,248 | $ 27,158 | $ 3,700 |
Accumulated Amortization of deferred financing costs | (4,740) | (4,261) | |
Deferred financing costs, net | 23,508 | 22,897 | |
Other assets, gross carrying amount | 22,836 | 16,970 | |
Accumulated amortization of other assets | 0 | 0 | |
Other assets | 22,836 | 16,970 | |
Total other assets, gross carrying amount | 51,084 | 44,128 | |
Total other assets accumulated amortization | (4,740) | (4,261) | |
Total other assets, net | $ 46,344 | $ 39,867 | |
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 Asse77
Intangible Assets, Other Assets, Net and Goodwill Deferred Financing Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of deferred financing costs to interest expense | $ 7.6 | $ 12.2 | $ 10.2 |
Write off of deferred financing fees | $ 4.6 | $ 0.5 |
Intangible Assets, Other Asse78
Intangible Assets, Other Assets, Net and Goodwill Future Interest Expense For Amortization of Deferred Financing Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,016 | $ 5,987 | |
2,017 | 5,798 | |
2,018 | 5,547 | |
2,019 | 5,110 | |
2,020 | 1,066 | |
Deferred financing costs, net | $ 23,508 | $ 22,897 |
Intangible Assets, Other Asse79
Intangible Assets, Other Assets, Net and Goodwill Goodwill (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | ||
Balance at beginning of period | $ 628,815,000 | $ 630,462,000 |
Goodwill acquired | 216,053,000 | 2,409,000 |
Goodwill, purchase accounting adjustments | (6,895,000) | 295,000 |
Currency translation adjustment | (11,398,000) | (4,351,000) |
Balance at end of period | 826,575,000 | 628,815,000 |
North American Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Balance at beginning of period | 615,403,000 | 615,228,000 |
Goodwill acquired | 920,000 | 2,409,000 |
Goodwill, purchase accounting adjustments | (6,895,000) | 295,000 |
Currency translation adjustment | (4,194,000) | (2,529,000) |
Balance at end of period | 605,234,000 | 615,403,000 |
Australian Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Balance at beginning of period | 0 | 0 |
Goodwill acquired | 42,312,000 | 0 |
Goodwill, purchase accounting adjustments | 0 | 0 |
Currency translation adjustment | (3,000,000) | 0 |
Balance at end of period | 39,312,000 | 0 |
U.K./European Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Balance at beginning of period | 13,412,000 | 15,234,000 |
Goodwill acquired | 172,821,000 | 0 |
Goodwill, purchase accounting adjustments | 0 | 0 |
Currency translation adjustment | (4,204,000) | (1,822,000) |
Balance at end of period | $ 182,029,000 | $ 13,412,000 |
Long-term Debt Long Term Debt (
Long-term Debt Long Term Debt (Details) - USD ($) $ in Thousands | Sep. 19, 2012 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 2,180,847 | $ 1,603,772 | |
Long-term debt and capital lease obligations | 2,305,259 | 1,615,449 | |
Less: current portion | 81,953 | 67,398 | |
Long-term debt, less current portion | $ 2,223,306 | $ 1,548,051 | |
Amended and Restated Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate, stated percentage | 2.60% | 1.92% | |
Debt Instrument, Maturity date | Mar. 31, 2020 | ||
Credit agreement [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 2,177,724 | $ 1,584,044 | |
TEUs - amortizing note [Member] | |||
Debt Instrument [Line Items] | |||
Coupon rate | 5.00% | 5.00% | 5.00% |
Debt Instrument, Maturity date | Oct. 1, 2015 | ||
TEUs - amortizing note [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 0 | $ 11,184 | |
Other debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 3,123 | 8,544 | |
Other debt [Member] | Other debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt and capital lease obligations | $ 127,535 | $ 20,221 |
Long-term Debt Credit Agreement
Long-term Debt Credit Agreement and Amendment (Details) $ in Thousands, £ in Millions, AUD in Millions | 12 Months Ended | ||||||||
Dec. 31, 2015AUD | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 20, 2015AUD | Mar. 20, 2015GBP (£) | Mar. 20, 2015USD ($) | May. 27, 2014AUD | May. 27, 2014USD ($) | |
Debt Instrument [Line Items] | |||||||||
Write off of deferred financing fees | $ 4,600 | $ 500 | |||||||
Capitalized deferred financing costs | $ 28,248 | $ 27,158 | $ 3,700 | ||||||
Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | 1.25% | |||||||
Base Rate [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | 0.00% | |||||||
Base Rate [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | 1.00% | |||||||
LIBOR/BBR [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | 1.00% | |||||||
LIBOR/BBR [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.00% | |||||||
Second Amended and Restated Senior Secured Syndicated Credit Facility Agreement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Maturity date | Mar. 31, 2020 | Mar. 31, 2020 | |||||||
Write off of deferred financing fees | $ 2,000 | ||||||||
Capitalized deferred financing costs | 5,800 | ||||||||
Amendment No. 1 to the Amended and Restated Senior Secured Syndicated Credit Facility Agreement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Capitalized deferred financing costs | 3,000 | ||||||||
Loans Payable [Member] | United States term loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Term Loan | $ 1,782,000 | 1,520,000 | |||||||
Prepayments Of Debt | 10,000 | ||||||||
Loans Payable [Member] | Australian term loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Term Loan | AUD 324.6 | 252,500 | AUD 216.8 | $ 200,300 | |||||
Prepayments Of Debt | AUD 35 | $ 25,800 | |||||||
Loans Payable [Member] | British pound term loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Term Loan | £ 101.7 | 152,200 | |||||||
Revolving credit facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 625,000 | ||||||||
Revolving credit facility [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | 0.20% | |||||||
Revolving credit facility [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | 0.30% | |||||||
Revolving credit facility [Member] | Maximum Sub-limit of Australian Dollar, Canadian Dollar, British Pound, Euro Revolving and other designated currencies [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 |
Long-term Debt Outstanding Term
Long-term Debt Outstanding Term Loans (Details) £ in Thousands, AUD in Thousands, $ in Thousands | Dec. 31, 2015AUD | Dec. 31, 2015GBP (£) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 2,180,847 | $ 1,603,772 | ||
United States term loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 1,772,000 | 1,407,000 | ||
Australian term loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 210,993 | 133,857 | ||
U.K. term loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 149,919 | $ 0 | ||
Loans Payable [Member] | United States term loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 1,772,000 | |||
Debt instrument, interest rate, stated percentage | 2.42% | 2.42% | 2.42% | |
Loans Payable [Member] | Australian term loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | AUD 289,627 | $ 210,993 | ||
Debt instrument, interest rate, stated percentage | 4.12% | 4.12% | 4.12% | |
Loans Payable [Member] | U.K. term loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | £ 101,681 | $ 149,919 | ||
Debt instrument, interest rate, stated percentage | 2.51% | 2.51% | 2.51% |
Long-term Debt Amortization of
Long-term Debt Amortization of Term Loans (Details) - 12 months ended Dec. 31, 2015 - Loans Payable [Member] £ in Thousands, AUD in Thousands, $ in Thousands | AUD | GBP (£) | USD ($) | GBP (£) | USD ($) |
Debt Instrument, Frequency of Periodic Payment | quarterly | quarterly | quarterly | ||
September 30, 2016 through June 30, 2018 [Member] | United States dollar term loan [Member] | |||||
Debt Instrument, Periodic Payment, Principal | $ | $ 22,275 | ||||
September 30, 2016 through June 30, 2018 [Member] | Australian dollar term loan [Member] | |||||
Debt Instrument, Periodic Payment, Principal | AUD | AUD 4,058 | ||||
September 30, 2016 through June 30, 2018 [Member] | British pound term loan [Member] | |||||
Debt Instrument, Periodic Payment, Principal | £ | £ 1,271 | ||||
September 30, 2018 through December 31, 2019 [Member] | United States dollar term loan [Member] | |||||
Debt Instrument, Periodic Payment, Principal | $ | $ 44,550 | ||||
September 30, 2018 through December 31, 2019 [Member] | Australian dollar term loan [Member] | |||||
Debt Instrument, Periodic Payment, Principal | AUD | 8,116 | ||||
September 30, 2018 through December 31, 2019 [Member] | British pound term loan [Member] | |||||
Debt Instrument, Periodic Payment, Principal | £ | £ 2,542 | ||||
Maturity date - March 31, 2020 [Member] | United States dollar term loan [Member] | |||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ | $ 1,326,500 | ||||
Maturity date - March 31, 2020 [Member] | Australian dollar term loan [Member] | |||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | AUD | AUD 208,470 | ||||
Maturity date - March 31, 2020 [Member] | British pound term loan [Member] | |||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | £ | £ 76,261 |
Long-term Debt Unused Borrowing
Long-term Debt Unused Borrowing Capacity (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | May. 27, 2014 |
Line of Credit Facility [Line Items] | |||
Long-term debt | $ 2,180,847 | $ 1,603,772 | |
Second Amended and Restated Senior Secured Syndicated Credit Facility Agreement [Member] | Revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 625,000 | ||
Long-term debt | 44,812 | ||
Debt Instrument, Unused Borrowing Capacity, Amount | 575,653 | ||
Second Amended and Restated Senior Secured Syndicated Credit Facility Agreement [Member] | Letter of credit guarantees [Member] | |||
Line of Credit Facility [Line Items] | |||
Letters of Credit Outstanding, Amount | $ 4,535 | ||
Prior Credit Agreement [Member] | Revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 625,000 | $ 625,000 | |
Long-term debt | 43,187 | ||
Debt Instrument, Unused Borrowing Capacity, Amount | 579,175 | ||
Prior Credit Agreement [Member] | Letter of credit guarantees [Member] | |||
Line of Credit Facility [Line Items] | |||
Letters of Credit Outstanding, Amount | $ 2,638 |
Long-term Debt Outstanding Revo
Long-term Debt Outstanding Revolving Loans (Details) € in Thousands, £ in Thousands, CAD in Thousands, AUD in Thousands, $ in Thousands | Dec. 31, 2015AUD | Dec. 31, 2015GBP (£) | Dec. 31, 2015EUR (€) | Dec. 31, 2015USD ($) | Dec. 31, 2015CAD | Dec. 31, 2014AUD | Dec. 31, 2014EUR (€) | Dec. 31, 2014USD ($) | Dec. 31, 2014CAD |
Line of Credit Facility [Line Items] | |||||||||
Long-term debt | $ 2,180,847 | $ 1,603,772 | |||||||
United States Dollar Revolving Loan [Member] | Revolving credit facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Long-term debt | $ 11,000 | ||||||||
Debt instrument, interest rate, stated percentage | 1.67% | 1.67% | 1.67% | 1.67% | |||||
Australian dollar (swingline loan) [Member] | Revolving credit facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Long-term debt | AUD 3,000 | $ 2,186 | AUD 8,000 | $ 6,538 | |||||
Debt instrument, interest rate, stated percentage | 6.11% | 6.11% | 6.11% | 6.11% | 6.11% | 6.44% | 6.44% | 6.44% | 6.44% |
British Pound Revolving Loan [Member] | Revolving credit facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Long-term debt | £ 5,500 | $ 8,109 | |||||||
Debt instrument, interest rate, stated percentage | 2.51% | 2.51% | 2.51% | 2.51% | 2.51% | ||||
Canadian Dollar Revolving Loan [Member] | Revolving credit facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Long-term debt | $ 24,200 | CAD 33,500 | $ 20,688 | CAD 24,000 | |||||
Debt instrument, interest rate, stated percentage | 2.87% | 2.87% | 2.87% | 2.87% | 2.87% | 2.79% | 2.79% | 2.79% | 2.79% |
Euro Revolving Loan [Member] | Revolving credit facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Long-term debt | € 9,500 | $ 10,317 | € 4,100 | $ 4,961 | |||||
Debt instrument, interest rate, stated percentage | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 1.51% | 1.51% | 1.51% | 1.51% |
Long-term Debt Covenants & Guar
Long-term Debt Covenants & Guarantees (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2015USD ($)shares | Dec. 31, 2015USD ($) | |
Maximum Total Leverage Ratio [Member] | ||
Debt Instrument, Covenant Description | greater than or equal to 4.00 to 1.00 | |
Amendment No. 1 to the Amended and Restated Senior Secured Syndicated Credit Facility Agreement [Member] | ||
Line of Credit Facility, Covenant Compliance | the Company was in compliance with the covenants under the Credit Agreement, as amended by the Amendment | |
Maximum [Member] | Maximum Total Leverage Ratio [Member] | ||
Debt Instrument, Covenant Description | 4.50 to 1.00 | |
Maximum [Member] | September 30, 2015 through June 31, 2016 [Member] | Maximum Senior Secured Leverage Ratio [Member] | ||
Debt Instrument, Covenant Description | 4.50 to 1.00 | |
Maximum [Member] | September 30, 2016 through March 31, 2017 [Member] | Maximum Senior Secured Leverage Ratio [Member] | ||
Debt Instrument, Covenant Description | 4.25 to 1.00 | |
Maximum [Member] | June 30, 2017 through September 30, 2017 [Member] | Maximum Senior Secured Leverage Ratio [Member] | ||
Debt Instrument, Covenant Description | 4.00 to 1.00 | |
Maximum [Member] | December 31, 2017 through March 31, 2018 [Member] | Maximum Senior Secured Leverage Ratio [Member] | ||
Debt Instrument, Covenant Description | 3.75 to 1.00 | |
Maximum [Member] | June 30, 2018 through March 31, 2020 [Member] | Maximum Senior Secured Leverage Ratio [Member] | ||
Debt Instrument, Covenant Description | 3.50 to 1.00 | |
Minimum [Member] | Cash and Available Revolver Capacity [Member] | ||
Debt Instrument, Covenant Description | 150,000 | |
Base Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |
Base Rate [Member] | Maximum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |
Base Rate [Member] | Minimum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | |
LIBOR Interest Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |
Class A Common Stock [Member] | ||
Stock Repurchase Program, Authorized Amount | $ | $ 300 | $ 300 |
Stock Repurchased During Period, Shares | shares | 0 | |
Pro Forma [Member] | Maximum [Member] | Maximum Total Leverage Ratio [Member] | ||
Debt Instrument, Covenant Description | 4.00 to 1.00 | |
Pro Forma [Member] | Minimum [Member] | Maximum Total Leverage Ratio [Member] | ||
Debt Instrument, Covenant Description | 3.00 to 1.00 |
Long-term Debt Prior Credit Agr
Long-term Debt Prior Credit Agreements (Details) AUD in Millions, $ in Millions | May. 27, 2014AUD | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 20, 2015AUD | Mar. 20, 2015USD ($) | May. 27, 2014USD ($) |
Debt Instrument [Line Items] | ||||||
Write off of deferred financing fees | $ 4.6 | $ 0.5 | ||||
Revolving credit facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 625 | |||||
United States term loan [Member] | Loans Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Term Loan | 1,782 | $ 1,520 | ||||
Australian term loan [Member] | Loans Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Term Loan | AUD 216.8 | AUD 324.6 | $ 252.5 | $ 200.3 | ||
Prior Credit Agreement [Member] | Loans Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Maturity date | May 31, 2019 |
Long-term Debt TEUs (Details)
Long-term Debt TEUs (Details) | Sep. 19, 2012USD ($)Tangible_Equty_Unit | Dec. 31, 2015USD ($)shares | Dec. 31, 2014shares | Dec. 31, 2013shares | Jan. 01, 2013USD ($) |
Weighted average shares—Basic | shares | 56,734,000 | 55,305,000 | 53,788,000 | ||
TEUs - amortizing note [Member] | |||||
Company issued TEUs | Tangible_Equty_Unit | 2,300,000 | ||||
Coupon rate | 5.00% | 5.00% | 5.00% | ||
Debt Instrument, Maturity date | Oct. 1, 2015 | ||||
Principal amount per amortizing note | $ 14.1023 | ||||
Tangible Equity Units Cash Installment Per Note | $ 1.25 | ||||
Tangible Equity Units Initial Cash Installment | $ 1.4167 | ||||
TEUs, Stated Amount, Per Unit Value | $ 100 | ||||
Repayments of Debt | $ 2,800,000 | ||||
Settlement of the prepaid stock purchase contract component of the TEUs [Member] | |||||
Weighted average shares—Basic | shares | 3,539,240 | 2,841,650 | 2,800,000 |
Long-term Debt Non-Interest Bea
Long-term Debt Non-Interest Bearing Loan (Details) $ in Thousands, AUD in Millions | 12 Months Ended | ||||
Dec. 31, 2015AUD | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 01, 2010AUD | Dec. 01, 2010USD ($) | |
Debt Instrument [Line Items] | |||||
Non-interest bearing loan, carrying value | $ 2,180,847 | $ 1,603,772 | |||
Non interest bearing note [Member] | |||||
Debt Instrument [Line Items] | |||||
Non-interest bearing loan, carrying value | AUD 2.7 | 1,900 | AUD 1.8 | $ 1,700 | |
Non-interest bearing loan | $ 36,400 | AUD 50 | $ 48,200 | ||
Non-interest bearing loan, maturity date | Jan. 14, 2054 | ||||
Debt instrument, interest rate, effective percentage | 8.00% | 8.00% |
Long-term Debt Schedule of Futu
Long-term Debt Schedule of Future Payments Including Capital Leases (Details) $ in Thousands, AUD in Millions | 12 Months Ended | ||||
Dec. 31, 2015AUD | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 01, 2010AUD | Dec. 01, 2010USD ($) | |
Debt Instrument, Redemption [Line Items] | |||||
2,016 | $ 81,953 | ||||
2,017 | 127,849 | ||||
2,018 | 173,029 | ||||
2,019 | 226,668 | ||||
2,020 | 1,650,107 | ||||
Thereafter | 80,163 | ||||
Total | 2,339,769 | ||||
Non-interest bearing loan, carrying value | 2,180,847 | $ 1,603,772 | |||
Non interest bearing note [Member] | |||||
Debt Instrument, Redemption [Line Items] | |||||
Non-interest bearing loan | 36,400 | AUD 50 | $ 48,200 | ||
Non-interest bearing loan, maturity date | Jan. 14, 2054 | ||||
Non-interest bearing loan, carrying value | AUD 2.7 | $ 1,900 | AUD 1.8 | $ 1,700 |
Derivative Financial Instrume91
Derivative Financial Instruments Outstanding Interest Rate Swap Agreements (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Interest Rate Swap 4 [Member] | ||
Derivatives [Line Items] | ||
Effective Date | Sep. 30, 2015 | |
Expiration Date | Sep. 30, 2016 | |
Interest Rate Swap 4 [Member] | Notional Period 1 [Member] | ||
Derivatives [Line Items] | ||
Notional Amount | $ 350,000 | |
Pay Fixed Rate, forward interest rate | 0.93% | |
Interest Rate Swap 5 [Member] | ||
Derivatives [Line Items] | ||
Effective Date | Sep. 30, 2016 | |
Expiration Date | Sep. 30, 2026 | |
Interest Rate Swap 5 [Member] | Notional Period 1 [Member] | ||
Derivatives [Line Items] | ||
Notional Amount | $ 100,000 | |
Pay Fixed Rate, forward interest rate | 2.79% | |
Interest Rate Swap 6 [Member] | ||
Derivatives [Line Items] | ||
Effective Date | Sep. 30, 2016 | |
Expiration Date | Sep. 30, 2026 | |
Interest Rate Swap 6 [Member] | Notional Period 1 [Member] | ||
Derivatives [Line Items] | ||
Notional Amount | $ 100,000 | |
Pay Fixed Rate, forward interest rate | 2.79% | |
Interest Rate Swap 7 [Member] | ||
Derivatives [Line Items] | ||
Effective Date | Sep. 30, 2016 | |
Expiration Date | Sep. 30, 2026 | |
Interest Rate Swap 7 [Member] | Notional Period 1 [Member] | ||
Derivatives [Line Items] | ||
Notional Amount | $ 100,000 | |
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 | Sep. 30, 2016 | |
Fixed rate debt [Member] | Scenario, Forecast [Member] | ||
Derivatives [Line Items] | ||
Probable future borrowings | $ 300,000 | |
Variable rate debt [Member] | Scenario, Forecast [Member] | ||
Derivatives [Line Items] | ||
Probable future borrowings | $ 300,000 |
Derivative Financial Instrume92
Derivative Financial Instruments Expired Interest Rate Swap Agreements (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Interest Rate Swap 8 [Member] | |
Derivatives [Line Items] | |
Effective Date | Oct. 6, 2008 |
Expiration Date | Sep. 30, 2013 |
Interest Rate Swap 8 [Member] | Notional Period 1 [Member] | |
Derivatives [Line Items] | |
Notional Amount | $ 120,000 |
Derivative, Forward Interest Rate | 3.88% |
Interest Rate Swap 1 [Member] | |
Derivatives [Line Items] | |
Effective Date | Oct. 4, 2012 |
Expiration Date | Sep. 30, 2013 |
Interest Rate Swap 1 [Member] | Notional Period 1 [Member] | |
Derivatives [Line Items] | |
Notional Amount | $ 1,450,000 |
Derivative, Forward Interest Rate | 0.25% |
Interest Rate Swap 1 [Member] | Notional Period 2 [Member] | |
Derivatives [Line Items] | |
Notional Amount | $ 1,350,000 |
Derivative, Forward Interest Rate | 0.25% |
Interest Rate Swap 1 [Member] | Notional Period 3 [Member] | |
Derivatives [Line Items] | |
Notional Amount | $ 1,300,000 |
Derivative, Forward Interest Rate | 0.25% |
Interest Rate Swap 1 [Member] | Notional Period 4 [Member] | |
Derivatives [Line Items] | |
Notional Amount | $ 1,250,000 |
Derivative, Forward Interest Rate | 0.25% |
Interest Rate Swap 2 [Member] | |
Derivatives [Line Items] | |
Effective Date | Sep. 30, 2013 |
Expiration Date | Sep. 30, 2014 |
Interest Rate Swap 2 [Member] | Notional Period 1 [Member] | |
Derivatives [Line Items] | |
Notional Amount | $ 1,350,000 |
Derivative, Forward Interest Rate | 0.35% |
Interest Rate Swap 2 [Member] | Notional Period 2 [Member] | |
Derivatives [Line Items] | |
Notional Amount | $ 1,300,000 |
Derivative, Forward Interest Rate | 0.35% |
Interest Rate Swap 2 [Member] | Notional Period 3 [Member] | |
Derivatives [Line Items] | |
Notional Amount | $ 1,250,000 |
Derivative, Forward Interest Rate | 0.35% |
Interest Rate Swap 2 [Member] | Notional Period 4 [Member] | |
Derivatives [Line Items] | |
Notional Amount | $ 1,200,000 |
Derivative, Forward Interest Rate | 0.35% |
Interest Rate Swap 3 [Member] | |
Derivatives [Line Items] | |
Effective Date | Sep. 30, 2014 |
Expiration Date | Sep. 30, 2015 |
Interest Rate Swap 3 [Member] | Notional Period 1 [Member] | |
Derivatives [Line Items] | |
Notional Amount | $ 1,150,000 |
Derivative, Forward Interest Rate | 0.54% |
Interest Rate Swap 3 [Member] | Notional Period 2 [Member] | |
Derivatives [Line Items] | |
Notional Amount | $ 1,100,000 |
Derivative, Forward Interest Rate | 0.54% |
Interest Rate Swap 3 [Member] | Notional Period 3 [Member] | |
Derivatives [Line Items] | |
Notional Amount | $ 1,050,000 |
Derivative, Forward Interest Rate | 0.54% |
Interest Rate Swap 3 [Member] | Notional Period 4 [Member] | |
Derivatives [Line Items] | |
Notional Amount | $ 1,000,000 |
Derivative, Forward Interest Rate | 0.54% |
Derivative Financial Instrume93
Derivative Financial Instruments Effectiveness Testing (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest rate swap [Member] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0 | $ 0 | $ 0 | |
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | 2,900,000 | $ 2,400,000 | $ 4,100,000 | |
Foreign Exchange Forward [Member] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0 | |||
Scenario, Forecast [Member] | Interest rate swap [Member] | ||||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Realized in the next 12 Months | $ (800,000) |
Derivative Financial Instrume94
Derivative Financial Instruments Foreign Currency Exchange Rate Risk (Details) £ in Thousands, $ in Thousands, AUD in Millions | Feb. 25, 2015GBP (£) | Feb. 25, 2015USD ($) | May. 23, 2014AUD | May. 23, 2014USD ($) | Mar. 31, 2015GBP (£) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015GBP (£) | Dec. 31, 2015USD ($) | Mar. 23, 2015USD ($) | Feb. 25, 2015AUD | Feb. 25, 2015GBP (£) | Feb. 25, 2015USD ($) | Dec. 03, 2012AUD | Dec. 03, 2012USD ($) |
Derivatives [Line Items] | |||||||||||||||||
Third party debt related to foreign operations denominated in foreign currencies | $ 512,100 | ||||||||||||||||
Cash received on settlement of forward currency forward purchase contracts | $ 391,800 | ||||||||||||||||
Loss on settlement of foreign currency forward purchase contracts | $ 18,686 | $ 0 | $ 0 | ||||||||||||||
Intercompany Loan, Amount | £ 120,000 | 181,000 | |||||||||||||||
Derivative instruments not designated as hedges amount recognized in earnings | (18,686) | (1,270) | (2,269) | ||||||||||||||
Foreign currency forward purchase contract 1 [Member] | |||||||||||||||||
Derivatives [Line Items] | |||||||||||||||||
Notional Amount | £ 307,100 | $ 475,000 | |||||||||||||||
Foreign currency forward purchase contract 2 [Member] | |||||||||||||||||
Derivatives [Line Items] | |||||||||||||||||
Notional Amount | AUD 163.8 | £ 84,700 | |||||||||||||||
Cross-currency swap agreement [Member] | |||||||||||||||||
Derivatives [Line Items] | |||||||||||||||||
Notional Amount | AUD 105 | $ 109,600 | |||||||||||||||
Payments for Derivative Instrument | AUD | AUD 105 | ||||||||||||||||
Proceeds from Derivative Instrument | $ 108,900 | ||||||||||||||||
Freightliner [Member] | |||||||||||||||||
Derivatives [Line Items] | |||||||||||||||||
Loss on settlement of foreign currency forward purchase contracts | 18,700 | ||||||||||||||||
Cash consideration | £ 492,083 | $ 733,006 | |||||||||||||||
Scenario, Plan [Member] | Freightliner [Member] | |||||||||||||||||
Derivatives [Line Items] | |||||||||||||||||
Estimated Payments to Acquire Businesses, Gross | £ 490,000 | $ 755,000 | |||||||||||||||
Interest Expense [Member] | Not Designated as Hedging Instrument [Member] | Cross-currency swap agreement [Member] | |||||||||||||||||
Derivatives [Line Items] | |||||||||||||||||
Derivative instruments not designated as hedges amount recognized in earnings | 0 | (1,184) | (2,696) | ||||||||||||||
Other (expense)/income, net | Not Designated as Hedging Instrument [Member] | Cross-currency swap agreement [Member] | |||||||||||||||||
Derivatives [Line Items] | |||||||||||||||||
Derivative instruments not designated as hedges amount recognized in earnings | $ 0 | $ (86) | $ 427 | ||||||||||||||
Accrued interest [Member] | British Pound Foreign Currency Forward Contract 3-5 [Member] | |||||||||||||||||
Derivatives [Line Items] | |||||||||||||||||
Derivative, Amount of Hedged Item | £ 5,800 | $ 8,500 |
Derivative Financial Instrume95
Derivative Financial Instruments Outstanding British Pound Forward Contracts (Details) £ in Thousands | 12 Months Ended |
Dec. 31, 2015GBP (£) | |
British Pound Foreign Currency Forward Contract 1 [Member] | |
Effective Date | Mar. 25, 2015 |
Expiration Date | Mar. 31, 2020 |
Notional Amount | £ 60,000 |
Derivative, Forward Exchange Rate | 1.51 |
British Pound Foreign Currency Forward Contract 2 [Member] | |
Effective Date | Mar. 25, 2015 |
Expiration Date | Mar. 31, 2020 |
Notional Amount | £ 60,000 |
Derivative, Forward Exchange Rate | 1.50 |
British Pound Foreign Currency Forward Contract 3 [Member] | |
Effective Date | Jun. 30, 2015 |
Expiration Date | Mar. 31, 2020 |
Notional Amount | £ 2,035 |
Derivative, Forward Exchange Rate | 1.57 |
British Pound Foreign Currency Forward Contract 4 [Member] | |
Effective Date | Sep. 30, 2015 |
Expiration Date | Mar. 31, 2020 |
Notional Amount | £ 1,846 |
Derivative, Forward Exchange Rate | 1.51 |
British Pound Foreign Currency Forward Contract 5 [Member] | |
Effective Date | Dec. 31, 2015 |
Expiration Date | Mar. 31, 2020 |
Notional Amount | £ 1,873 |
Derivative, Forward Exchange Rate | 1.48 |
Derivative Financial Instrume96
Derivative Financial Instruments Fair Value of Derivative Instrument (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Financial assets carried at fair value | $ 1,530 | $ 136 |
Interest rate swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Financial liabilities carried at fair value | 12,501 | 4,711 |
Interest rate swap [Member] | Prepaid expenses and other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Financial assets carried at fair value | 0 | 35 |
Interest rate swap [Member] | Other assets, net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Financial assets carried at fair value | 0 | 101 |
Interest rate swap [Member] | Accrued expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Financial liabilities carried at fair value | 846 | 2,249 |
Interest rate swap [Member] | Other long-term liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Financial liabilities carried at fair value | 11,655 | 2,462 |
British pound forward contracts [Member] | Other assets, net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Financial liabilities carried at fair value | $ 1,530 | $ 0 |
Derivative Financial Instrume97
Derivative Financial Instruments Effect of Cash Flow Hedges in OCI (Details) - Other Comprehensive Income (Loss) [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivatives [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (3,837) | $ (23,473) | $ 20,988 |
Designated as Hedging Instrument [Member] | Interest rate swap agreement [Member] | |||
Derivatives [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (4,749) | (23,473) | 20,988 |
Designated as Hedging Instrument [Member] | British pound forward contracts [Member] | |||
Derivatives [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 912 | $ 0 | $ 0 |
Derivative Financial Instrume98
Derivative Financial Instruments Effect of Derivative Instruments Not Designated as Hedges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedges amount recognized in earnings | $ (18,686) | $ (1,270) | $ (2,269) |
Interest (expense)/income | Cross-currency swap agreement [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedges amount recognized in earnings | 0 | (1,184) | (2,696) |
Other (expense)/income, net | Cross-currency swap agreement [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedges amount recognized in earnings | 0 | (86) | 427 |
Loss on settlement of foreign currency forward purchase contracts [Member] | British pound forward contracts [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedges amount recognized in earnings | $ (18,686) | $ 0 | $ 0 |
Fair Value of Financial Instr99
Fair Value of Financial Instruments Financial Instruments Carried at Fair Value(Details) £ in Thousands | Dec. 31, 2015GBP (£) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets carried at fair value | $ 1,530,000 | $ 136,000 | |
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, Interest rate swap agreements | 0 | 136,000 | |
Financial liabilities carried at fair value, Interest rate swap agreements | 12,501,000 | 4,711,000 | |
Fair Value, Inputs, Level 2 [Member] | British pound forward contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets carried at fair value, Interest rate swap agreements | 1,530,000 | $ 0 | |
Fair Value, Inputs, Level 3 [Member] | Accrued deferred consideration [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial liabilities carried at fair value, Accrued deferred consideration | £ 24,200 | $ 35,680,000 |
Fair Value of Financial Inst100
Fair Value of Financial Instruments Financial Instruments Carried at Historical Cost(Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 2,180,847 | $ 1,603,772 |
United States term loan [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 1,772,000 | 1,407,000 |
Australian term loan [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 210,993 | 133,857 |
U.K. term loan [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 149,919 | 0 |
Revolving credit facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 44,812 | 43,187 |
Amortizing notes component of TEUs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 0 | 11,184 |
Other debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 3,123 | 8,544 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, Fair Value | 2,158,121 | 1,599,910 |
Fair Value, Inputs, Level 2 [Member] | United States term loan [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, Fair Value | 1,750,040 | 1,402,950 |
Fair Value, Inputs, Level 2 [Member] | Australian term loan [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, Fair Value | 210,128 | 133,900 |
Fair Value, Inputs, Level 2 [Member] | U.K. term loan [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, Fair Value | 150,030 | 0 |
Fair Value, Inputs, Level 2 [Member] | Revolving credit facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, Fair Value | 44,833 | 43,304 |
Fair Value, Inputs, Level 2 [Member] | Amortizing notes component of TEUs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, Fair Value | 0 | 11,233 |
Fair Value, Inputs, Level 2 [Member] | Other debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, Fair Value | $ 3,090 | $ 8,523 |
U.K. Pension Plan Funded Status
U.K. Pension Plan Funded Status (Details) - Freightliner U.K. Pension Plan [Member] $ in Thousands | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, contribution percent by employer | 60.00% | |
Defined benefit plan, contribution percent by participant | 40.00% | |
Projected benefit obligation (100%) | $ 580,054 | $ 580,054 |
Fair value of plan assets (100%) | 462,177 | 462,177 |
Funded status (100%) | (117,877) | (117,877) |
Employees' share of deficit (40%) | (47,152) | (47,152) |
Net pension liability recognized in the balance sheet (60%) | (70,725) | (70,725) |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||
Benefit obligation at March 25, 2015 | 359,941 | |
Service cost | 10,911 | |
Interest cost | 8,475 | |
Benefits paid | (5,890) | |
Actuarial gain | (21,731) | |
Exchange rate changes | (3,673) | |
Benefit obligation at year end | 348,033 | 348,033 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at March 25, 2015 | 274,787 | |
Actual return on plan assets | 1,609 | |
Benefits paid | (5,890) | |
Employer contributions | 9,606 | |
Exchange rate changes | (2,804) | |
Fair value of plan assets at end of year | 277,308 | 277,308 |
Funded status, December 31, 2015 | $ (70,725) | $ (70,725) |
U.K. Pension Plan Amount Recogn
U.K. Pension Plan Amount Recognized in Balance Sheet (Details) - Freightliner U.K. Pension Plan [Member] $ in Thousands | Dec. 31, 2015USD ($) |
Pension and Other Postretirement Defined Benefit Plans, Liabilities [Abstract] | |
Accrued expenses | $ (7,994) |
Other long-term liabilities | (62,731) |
Total amount recognized in the Consolidated Balance Sheet | $ 70,725 |
U.K. Pension Plan Amount rec103
U.K. Pension Plan Amount recognized in Other Comprehensive Income (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 2015USD ($) | |
Freightliner U.K. Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial gain | $ 13,198 |
U.K. Pension Plan Net Periodic
U.K. Pension Plan Net Periodic Benefit Cost - Freightliner U.K. Pension Plan [Member] $ in Thousands | 9 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Service cost | $ 10,911 |
Interest cost | 8,475 |
Expected return on plan assets | (12,029) |
Exchange rate changes | 291 |
Net periodic benefit cost | $ 7,648 |
U.K. Pension Plan Assumptions (
U.K. Pension Plan Assumptions (Details) - Freightliner U.K. Pension Plan [Member] $ in Millions | 9 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Discount rate | 3.20% |
Price inflation (RPI measure) | 3.00% |
Pension increases (CPI measure) | 1.70% |
Salary increases | 3.40% |
Expected return on plan assets | 5.90% |
Defined Benefit Plan, Effect of One Percentage Point Increase on Discount Rate Component | $ 69.3 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Discount Rate Component | 69.3 |
Defined Benefit Plan, Effect of One Percentage Point Increase on Retail Price Index Component | 69.3 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Retail Price Index Component | $ 69.3 |
U.K. Pension Plan Plan Asset Al
U.K. Pension Plan Plan Asset Allocation (Details) - Freightliner U.K. Pension Plan [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% |
Return-seeking assets [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 81.00% |
Defensive/other assets [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 19.00% |
U.K. Pension Plan Weighted Aver
U.K. Pension Plan Weighted Average Expected Return on Plan Assets (Details) - Freightliner U.K. Pension Plan [Member] | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted Average Expected Return on Plan Assets | 5.90% |
Growth, Private equity and infrastructure pooled funds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted Average Expected Yields | 6.90% |
Weighted Average Asset Allocations | 81.00% |
Weighted Average Expected Return on Plan Assets | 5.60% |
Defensive and government bond pooled fund plus cash[Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted Average Expected Yields | 2.30% |
Weighted Average Asset Allocations | 19.00% |
Weighted Average Expected Return on Plan Assets | 0.30% |
U.K. Pension Plan Major Categor
U.K. Pension Plan Major Categories of Plan Assets (Details) - Freightliner U.K. Pension Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 277,308 | $ 274,787 |
Growth pooled fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 182,224 | |
Private Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 31,237 | |
Government bond pooled fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 52,463 | |
Infrastructure pooled fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 10,911 | |
Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 473 | |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 473 | |
Fair Value, Inputs, Level 1 [Member] | Growth pooled fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Fair Value, Inputs, Level 1 [Member] | Private Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Fair Value, Inputs, Level 1 [Member] | Government bond pooled fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Fair Value, Inputs, Level 1 [Member] | Infrastructure pooled fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Fair Value, Inputs, Level 1 [Member] | Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 473 | |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 234,687 | |
Fair Value, Inputs, Level 2 [Member] | Growth pooled fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 182,224 | |
Fair Value, Inputs, Level 2 [Member] | Private Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Fair Value, Inputs, Level 2 [Member] | Government bond pooled fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 52,463 | |
Fair Value, Inputs, Level 2 [Member] | Infrastructure pooled fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Fair Value, Inputs, Level 2 [Member] | Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 0 |
U.K. Pension Plan Future Benefi
U.K. Pension Plan Future Benefits Payment (Details) - Freightliner U.K. Pension Plan [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Company contributions in the next year | $ 12,700 |
2,016 | 8,010 |
2,017 | 8,171 |
2,018 | 8,333 |
2,019 | 8,500 |
2,020 | 8,671 |
2021 - 2025 | $ 45,553 |
Other Employee Benefit Progr110
Other Employee Benefit Programs Employee Bonus Programs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Benefits and Share-based Compensation [Abstract] | |||
Amounts Awarded Under Performance-Based Bonus Programs | $ 13 | $ 17 | $ 19 |
Other Employee Benefit Progr111
Other Employee Benefit Programs Defined Contribution Plans (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2015CAD | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 9,532,000 | $ 10,400,000 | $ 9,460,000 | |
G&W 401k savings plan [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | 4.00% | ||
Canadian retirement benefit plan 1 [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | 6.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 3,017 | CAD 3,500 | ||
Canadian retirement benefit plan 2 [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | 5.00% | ||
Australian retirement benefit plan [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 9.50% | 9.50% | 9.50% | 9.25% |
Other Employee Benefit Progr112
Other Employee Benefit Programs Defined Benefit Plans (Details) $ in Millions | Dec. 31, 2015USD ($)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 | employee | 270 |
Defined benefit plan, liabilities recognized in balance sheet | $ (2) |
Accumulated other comprehensive income/(loss), pension and other postretirement benefit plans, net of tax | $ (0.4) |
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 | employee | 65 |
Defined benefit plan, liabilities recognized in balance sheet | $ (6.7) |
Accumulated other comprehensive income/(loss), pension and other postretirement benefit plans, net of tax | $ 1 |
Income Taxes Income before inco
Income Taxes Income before income taxes (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | |||
Provision for income taxes | $ (75,894,000) | $ (107,107,000) | $ (46,296,000) | |
Provision for income tax as a percentage of income before income taxes | 25.20% | 29.10% | 14.50% | |
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 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 other than the retroactive benefit from the Short Line Tax Credit | 27.40% | |||
Income Tax Expense (Benefit), Continuing Operations, by Jurisdiction [Abstract] | ||||
United States income before taxes | $ 236,613,000 | 276,343,000 | $ 211,094,000 | |
Foreign income before taxes | 64,318,000 | 91,519,000 | 106,498,000 | |
Income before income taxes | 300,931,000 | $ 367,862,000 | 317,592,000 | |
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 | $ 322,500,000 | |||
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 Inco
Income Taxes Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current Federal Tax Provision | $ 12,003 | $ 15,647 | $ 6,571 |
Current State Tax Provision | 8,181 | 7,134 | 6,031 |
Deferred Federal Income Tax Provision | 41,975 | 49,799 | 62 |
Deferred State Income Tax Provision | 5,383 | 8,727 | 4,890 |
Current Foreign Tax Provision | 11,031 | 17,591 | 22,697 |
Deferred Foreign Income Tax Provision | (2,679) | 8,209 | 6,045 |
Foreign Income Tax Provision | 8,352 | 25,800 | 28,742 |
Provision for income taxes | 75,894 | 107,107 | 46,296 |
United States [Member] | |||
Federal Income Tax Expense (Benefit), Continuing Operations | $ 67,542 | $ 81,307 | $ 17,554 |
Income Taxes Effective Tax Rate
Income Taxes Effective Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Tax provision at statutory rate | 35.00% | 35.00% | 35.00% |
Effect of foreign operations | (1.70%) | (1.70%) | (2.10%) |
Effect of foreign rate change | (3.30%) | 0.00% | 0.00% |
State income taxes, net of federal income tax benefit | 3.00% | 2.80% | 2.20% |
Benefit of track maintenance credit | (9.10%) | (7.30%) | (21.00%) |
Other, net | 1.30% | 0.30% | 0.40% |
Effective income tax rate | 25.20% | 29.10% | 14.50% |
Income Taxes Components of Net
Income Taxes Components of Net Deferred Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets [Abstract] | ||
Net operating loss carryforwards | $ 20,810 | $ 16,008 |
Accruals and reserves not deducted for tax purposes until paid | 14,896 | 11,027 |
Stock-based compensation | 9,253 | 6,954 |
Deferred revenue | 5,736 | 3,652 |
Deferred compensation | 3,454 | 2,810 |
Nonshareholder contributions | 2,150 | 1,871 |
Interest rate swaps | 4,223 | 1,664 |
Alternative minimum tax credit | 1,592 | 1,592 |
Postretirement benefits | 15,411 | 425 |
Other | 752 | 457 |
Total deferred tax assets | 315,688 | 275,526 |
Valuation allowance | (19,315) | (14,793) |
Deferred tax liabilities [Abstract] | ||
Property and intangible basis difference | (1,270,901) | (1,088,572) |
Other | (6,338) | (1,519) |
Net deferred tax liabilities | (980,866) | (829,358) |
Track maintenance credit [Member] | ||
Deferred tax assets [Abstract] | ||
Tax credit carryforward | 237,411 | 227,102 |
Foreign tax credit [Member] | ||
Deferred tax assets [Abstract] | ||
Tax credit carryforward | $ 0 | $ 1,964 |
Income Taxes Tax Carryforwards
Income Taxes Tax Carryforwards (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
United States Short Line Tax Credit [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Amount | $ 237.4 |
State and Local Jurisdiction [Member] | |
Tax Credit Carryforward [Line Items] | |
Operating Loss Carryforwards | 354.3 |
Foreign Tax Authority [Member] | |
Tax Credit Carryforward [Line Items] | |
Operating Loss Carryforwards | $ 25.6 |
Minimum [Member] | United States Short Line Tax Credit [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Expiration Date | Dec. 31, 2026 |
Minimum [Member] | State and Local Jurisdiction [Member] | |
Tax Credit Carryforward [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Jan. 1, 2016 |
Minimum [Member] | Foreign Tax Authority [Member] | |
Tax Credit Carryforward [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Jan. 1, 2018 |
Maximum [Member] | United States Short Line Tax Credit [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Expiration Date | Dec. 31, 2035 |
Maximum [Member] | State and Local Jurisdiction [Member] | |
Tax Credit Carryforward [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2035 |
Maximum [Member] | Foreign Tax Authority [Member] | |
Tax Credit Carryforward [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2024 |
Income Taxes Valuation allowanc
Income Taxes Valuation allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation Allowance [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | $ 19,315 | $ 14,793 |
State Net Operating losses [Member] | ||
Valuation Allowance [Line Items] | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 89 | |
Foreign Net Operating loss [Member] | ||
Valuation Allowance [Line Items] | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 6,397 | |
Foreign tax credit [Member] | ||
Valuation Allowance [Line Items] | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (1,964) |
Income Taxes Liability for Unce
Income Taxes Liability for Uncertain Tax Positions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $ 4,324,000 | $ 3,155,000 | $ 3,155,000 |
Increase for tax positions related to prior years | 0 | 1,169,000 | 0 |
Decrease for effects of foreign exchange rates | 127,000 | 0 | 0 |
Balance at end of year | $ 4,197,000 | $ 4,324,000 | $ 3,155,000 |
Income Taxes Open Tax Years by
Income Taxes Open Tax Years by Jurisdiction (Details) | 12 Months Ended |
Dec. 31, 2015 | |
From [Member] | United States [Member] | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2,002 |
From [Member] | Australia [Member] | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2,010 |
From [Member] | Belgium [Member] | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2,013 |
From [Member] | Canada [Member] | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2,010 |
From [Member] | Germany | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2,010 |
From [Member] | Mexico [Member] | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2,008 |
From [Member] | Netherlands [Member] | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2,010 |
From [Member] | Poland | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2,010 |
From [Member] | U.K. [Member] | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2,009 |
To [Member] | United States [Member] | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2,015 |
To [Member] | Australia [Member] | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2,015 |
To [Member] | Belgium [Member] | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2,015 |
To [Member] | Canada [Member] | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2,015 |
To [Member] | Germany | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2,015 |
To [Member] | Mexico [Member] | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2,015 |
To [Member] | Netherlands [Member] | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2,015 |
To [Member] | Poland | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2,015 |
To [Member] | U.K. [Member] | |
Income Tax Examination [Line Items] | |
Income tax years open to examination from | 2,015 |
Stock-Based Compensation Pla121
Stock-Based Compensation Plans Authorized Shares (Details) | Dec. 31, 2015shares |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 7,437,500 |
Common Stock, Capital Shares Reserved for Future Issuance | 2,481,736 |
Stock-Based Compensation Pla122
Stock-Based Compensation Plans Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Options Outstanding [Abstract] | |||
Outstanding at beginning of year | 983,280 | ||
Granted | 360,235 | ||
Exercised | (118,628) | ||
Expired | (4,171) | ||
Forfeited | (17,681) | ||
Outstanding at end of year | 1,203,035 | 983,280 | |
Vested or expected to vest at end of year | 1,199,470 | ||
Exercisable at end of year | 566,815 | ||
Weighted Average Exercise Price [Abstract] | |||
Beginning of year | $ 76.99 | ||
Granted | 79.67 | ||
Exercised | 45.74 | ||
Expired | 87.49 | ||
Forfeited | 94.97 | ||
End of year | 80.58 | $ 76.99 | |
Vested or expected to vest at end of year | 80.57 | ||
Exercisable at end of year | $ 73.28 | ||
Weighted Average Remaining Contractual Term, Outstanding at end of year | 3 years | ||
Weighted Average Remaining Contractual Term, Vested or expected to vest at end of year | 3 years | ||
Weighted Average Remaining Contractual Term, Exercisable at end of year | 1 year 10 months 24 days | ||
Aggregate Intrinsic Value, Outstanding at end of year | $ 311 | ||
Aggregate Intrinsic Value, Vested or expected to vest at end of year | 311 | ||
Aggregate Intrinsic Value, Exercisable at end of year | $ 311 | ||
Weighted average grant date fair value of options | $ 18.47 | $ 18.90 | $ 22.16 |
Total intrinsic value of options exercised during the year | $ 4,700 | $ 20,900 | $ 17,600 |
Stock-Based Compensation Pla123
Stock-Based Compensation Plans Black Scholes Assumptions (Details) - Employee Stock Option [Member] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Black-Scholes option pricing model | Black-Scholes option pricing model | ||
Expected volatility | 27.00% | 22.00% | 29.00% |
Expected term (in years) | 4 years | 4 years | 4 years |
Risk-free interest rate | 1.31% | 1.20% | 0.89% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Stock-Based Compensation Pla124
Stock-Based Compensation Plans Restricted Stock Awards (Details) - Restricted Stock Awards - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock Shares [Abstract] | |||
Non-vested at beginning of year | 124,239 | ||
Granted | 95,092 | ||
Vested | (61,741) | ||
Forfeited | (2,789) | ||
Non-vested at end of year | 154,801 | 124,239 | |
Weighted Average Grant Date Fair Value [Abstract] | |||
Non-vested at beginning of year | $ 90.54 | ||
Granted | 79.30 | $ 98.18 | $ 90.12 |
Vested | 84.82 | ||
Forfeited | 94.89 | ||
Non-vested at end of year | 85.84 | 90.54 | |
Weighted average grant date fair value granted during year | $ 79.30 | $ 98.18 | $ 90.12 |
Total fair value of restricted stock awards that vested during year | $ 5.2 | $ 5.1 | $ 11.3 |
Stock-Based Compensation Pla125
Stock-Based Compensation Plans Restricted Stock Units (Details) - Restricted stock units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock Units [Abstract] | |||
Non-vested at beginning of year | 65,406 | ||
Granted | 44,761 | ||
Vested | (56,786) | ||
Forfeited | (5,673) | ||
Non-vested at end of year | 47,708 | 65,406 | |
Weighted Average Grant Date Fair Value [Abstract] | |||
Non-vested at beginning of year | $ 83.55 | ||
Granted | 70.64 | $ 98.24 | $ 89.44 |
Vested | 74.56 | ||
Forfeited | 88.68 | ||
Non-vested at end of year | 81.52 | 83.55 | |
Weighted average grant date fair value granted during year | $ 70.64 | $ 98.24 | $ 89.44 |
Total fair value of restricted stock units that vested during year | $ 4.2 | $ 4.4 | $ 14.3 |
Stock-Based Compensation Pla126
Stock-Based Compensation Plans Performance Based Restricted Stock Units (Details) - Performance Shares [Member] | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
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 | shares | 14,424 |
Granted | shares | 14,386 |
Vested | shares | 0 |
Forfeited | shares | 0 |
Non-vested at end of year | shares | 28,810 |
Performance based restricted stock units, nonvested, weighted average grant date fair value [Abstract] | |
Non-vested at beginning of year | $ / shares | $ 42.39 |
Granted | $ / shares | 62.73 |
Vested | $ / shares | 0 |
Forfeited | $ / shares | 0 |
Non-vested at end of year | $ / shares | $ 52.55 |
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% |
Stock-Based Compensation Pla127
Stock-Based Compensation Plans Monet Carlo Assumptions (Details) - Performance Shares [Member] | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Monte Carlo model | Monte Carlo valuation model | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Correlation Coefficient | 0.5 | 0.6 |
Risk-free interest rate | 0.98% | 0.81% |
Expected dividend yield | 0.00% | 0.00% |
Expected term (in years) | 3 years | 3 years |
Volitility of the Company's common stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 24.00% | 25.00% |
Average correlation coefficient of peer group and S&P 500 companies [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 25.00% | 29.00% |
Stock-Based Compensation Pla128
Stock-Based Compensation Plans Compensation Costs from Equity Awards (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation costs from the Company's stock-based awards | $ 14.3 | $ 12.7 | $ 11.7 |
Compensation costs related to non-vested awards not yet recognized | $ 19.3 | ||
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 10 days | ||
Income tax benefit recognized | $ 4.2 | 4.4 | 5.3 |
Total income tax benefit realized from exercise of equity awards | $ 3.9 | $ 11 | 17.7 |
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 | $ 5.1 |
Stock-Based Compensation Pla129
Stock-Based Compensation Plans ESPP (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Capital Shares Reserved for Future Issuance | 2,481,736 | ||
Employee Stock Purchase Plan (ESPP), Compensation Expense | $ 14.3 | $ 12.7 | $ 11.7 |
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% | ||
Total stock issued under ESPP since inception | 231,303 | ||
ESPP, Description | 10% purchase discount | ||
Employee Stock Purchase Plan (ESPP), Compensation Expense | $ 0.1 | $ 0.1 | $ 0.1 |
Accumulated Other Comprehens130
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated other comprehensive income, beginning balance | $ (72,252) | $ 6,089 | |
Other comprehensive (loss)/income, before reclassifications | (79,524) | (77,105) | |
Amounts reclassified from accumulated other comprehensive income, net of tax | (1,681) | (1,236) | |
Current period change | (81,205) | (78,341) | $ (41,182) |
Accumulated other comprehensive income, ending balance | (153,457) | (72,252) | 6,089 |
Cumulative Foreign Currency Translation Adjustment [Member] | |||
Accumulated other comprehensive income, beginning balance | (70,746) | (14,687) | |
Other comprehensive (loss)/income, before reclassifications | (86,968) | (56,059) | |
Amounts reclassified from accumulated other comprehensive income, net of tax | 0 | 0 | |
Current period change | (86,968) | (56,059) | |
Accumulated other comprehensive income, ending balance | (157,714) | (70,746) | (14,687) |
Defined Benefit Plan [Member] | |||
Accumulated other comprehensive income, beginning balance | 1,405 | 214 | |
Other comprehensive (loss)/income, before reclassifications | 9,526 | 1,008 | |
Amounts reclassified from accumulated other comprehensive income, net of tax | 74 | 183 | |
Current period change | 9,600 | 1,191 | |
Accumulated other comprehensive income, ending balance | 11,005 | 1,405 | 214 |
Tax benefit on pension amounts reclassified from AOCI | 41 | 102 | |
Net Unrealized Gain/(Loss) on Cash Flow Hedges [Member] | |||
Accumulated other comprehensive income, beginning balance | (2,911) | 20,562 | |
Other comprehensive (loss)/income, before reclassifications | (2,082) | (22,054) | |
Amounts reclassified from accumulated other comprehensive income, net of tax | (1,755) | (1,419) | |
Current period change | (3,837) | (23,473) | |
Accumulated other comprehensive income, ending balance | (6,748) | (2,911) | $ 20,562 |
Tax benefit on derivative amounts reclassified from AOCI | $ 1,170 | $ 946 |
Supplemental Cash Flow Infor131
Supplemental Cash Flow Information Interest and Taxes Paid(Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Information [Abstract] | |||
Interest, net | $ 59,564 | $ 43,076 | $ 57,206 |
Income taxes | $ 44,807 | $ 36,179 | $ 14,522 |
Supplemental Cash Flow Infor132
Supplemental Cash Flow Information Significant Non-Cash Investing Activities(Details) - USD ($) $ in Millions | Feb. 13, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Outstanding receivables from outside parties for the funding of capital expenditures | $ 23 | $ 32.1 | $ 33 | |
Purchases of property and equipment accrued in accounts payable | $ 26.2 | $ 51.3 | $ 40.1 | |
Class A Common Stock [Member] | ||||
Conversion of shares to Class A Common Stock, shares | 5,984,232 | |||
Common Stock [Member] | Settlement of the prepaid stock purchase contract component of the TEUs [Member] | Class A Common Stock [Member] | ||||
Conversion of shares to Class A Common Stock, shares | 3,539,240 |
Segment and Geographic Area 133
Segment and Geographic Area Information North American, Australian & U.K./European Operations (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)regionreportable_segmentprovinces | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of operating regions | region | 11 | ||||||||||
Number of reportable segments | reportable_segment | 3 | ||||||||||
Freight revenues | $ 1,405,114,000 | $ 1,251,941,000 | $ 1,177,364,000 | ||||||||
Freight-related revenues | 497,516,000 | 290,787,000 | 287,811,000 | ||||||||
All other revenues | 97,771,000 | 96,284,000 | 103,468,000 | ||||||||
OPERATING REVENUES | 2,000,401,000 | 1,639,012,000 | 1,568,643,000 | ||||||||
Income/(loss) from operations | $ 94,631,000 | $ 117,559,000 | $ 99,451,000 | $ 72,620,000 | $ 113,471,000 | $ 123,116,000 | $ 110,109,000 | $ 74,875,000 | 384,261,000 | 421,571,000 | 380,188,000 |
Depreciation and amortization | 188,535,000 | 157,081,000 | 141,644,000 | ||||||||
Loss on settlement of foreign currency forward purchase contracts | 18,686,000 | 1,270,000 | 2,269,000 | ||||||||
Interest expense, net | 66,592,000 | 54,717,000 | 63,923,000 | ||||||||
Provision for/(benefit from) income taxes | 75,894,000 | 107,107,000 | 46,296,000 | ||||||||
Expenditures for Additions to Property and Equipment Net of Grants From Outside Parties | $ 329,762,000 | 303,519,000 | 215,405,000 | ||||||||
North American Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of operating regions | provinces | 9 | ||||||||||
Freight revenues | $ 949,028,000 | 1,008,236,000 | 917,971,000 | ||||||||
Freight-related revenues | 227,154,000 | 214,388,000 | 215,302,000 | ||||||||
All other revenues | 65,633,000 | 82,137,000 | 95,899,000 | ||||||||
OPERATING REVENUES | 1,241,815,000 | 1,304,761,000 | 1,229,172,000 | ||||||||
Income/(loss) from operations | 297,486,000 | 333,194,000 | 286,164,000 | ||||||||
Depreciation and amortization | 141,814,000 | 127,421,000 | 113,155,000 | ||||||||
Loss on settlement of foreign currency forward purchase contracts | 16,374,000 | ||||||||||
Interest expense, net | 39,651,000 | 41,732,000 | 48,483,000 | ||||||||
Provision for/(benefit from) income taxes | 69,552,000 | 86,363,000 | 24,446,000 | ||||||||
Expenditures for Additions to Property and Equipment Net of Grants From Outside Parties | 266,548,000 | 277,725,000 | 163,157,000 | ||||||||
Australian Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Freight revenues | 146,850,000 | 243,705,000 | 259,393,000 | ||||||||
Freight-related revenues | 87,616,000 | 55,461,000 | 57,834,000 | ||||||||
All other revenues | 8,486,000 | 14,104,000 | 7,569,000 | ||||||||
OPERATING REVENUES | 242,952,000 | 313,270,000 | 324,796,000 | ||||||||
Income/(loss) from operations | 54,842,000 | 90,396,000 | 95,016,000 | ||||||||
Depreciation and amortization | 27,425,000 | 28,095,000 | 27,102,000 | ||||||||
Loss on settlement of foreign currency forward purchase contracts | 2,312,000 | ||||||||||
Interest expense, net | 8,976,000 | 12,152,000 | 14,814,000 | ||||||||
Provision for/(benefit from) income taxes | 12,890,000 | 23,443,000 | 22,258,000 | ||||||||
Expenditures for Additions to Property and Equipment Net of Grants From Outside Parties | 31,179,000 | 24,930,000 | 51,860,000 | ||||||||
U.K./European Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Freight revenues | 309,236,000 | 0 | 0 | ||||||||
Freight-related revenues | 182,746,000 | 20,938,000 | 14,675,000 | ||||||||
All other revenues | 23,652,000 | 43,000 | 0 | ||||||||
OPERATING REVENUES | 515,634,000 | 20,981,000 | 14,675,000 | ||||||||
Income/(loss) from operations | 31,933,000 | (2,019,000) | (992,000) | ||||||||
Depreciation and amortization | 19,296,000 | 1,565,000 | 1,387,000 | ||||||||
Loss on settlement of foreign currency forward purchase contracts | 0 | ||||||||||
Interest expense, net | 17,965,000 | 833,000 | 626,000 | ||||||||
Provision for/(benefit from) income taxes | (6,548,000) | (2,699,000) | (408,000) | ||||||||
Expenditures for Additions to Property and Equipment Net of Grants From Outside Parties | $ 32,035,000 | $ 864,000 | $ 388,000 |
Segment and Geographic Area 134
Segment and Geographic Area Information Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Property and equipment, net | $ 4,215,063 | $ 3,788,482 |
North American Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 3,433,669 | 3,269,604 |
Australian Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 465,123 | 506,154 |
U.K./European Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | $ 316,271 | $ 12,724 |
Segment and Geographic Area 135
Segment and Geographic Area Information Geographic Area Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
OPERATING REVENUES | $ 2,000,401 | $ 1,639,012 | $ 1,568,643 |
Percent of total operating revenues | 100.00% | 100.00% | 100.00% |
Property and equipment, net | $ 4,215,063 | $ 3,788,482 | |
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 | $ 1,143,056 | $ 1,188,084 | $ 1,100,334 |
Percent of total operating revenues | 57.10% | 72.50% | 70.20% |
Property and equipment, net | $ 3,202,963 | $ 3,003,299 | |
Percent of total property and equipment | 76.00% | 79.30% | |
Australia [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
OPERATING REVENUES | $ 242,952 | $ 313,270 | $ 324,796 |
Percent of total operating revenues | 12.10% | 19.10% | 20.70% |
Property and equipment, net | $ 465,123 | $ 506,154 | |
Percent of total property and equipment | 11.00% | 13.40% | |
Canada [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
OPERATING REVENUES | $ 98,759 | $ 116,677 | $ 128,838 |
Percent of total operating revenues | 5.00% | 7.10% | 8.20% |
Property and equipment, net | $ 230,706 | $ 266,305 | |
Percent of total property and equipment | 5.50% | 7.00% | |
U.K. [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
OPERATING REVENUES | $ 340,747 | $ 0 | $ 0 |
Percent of total operating revenues | 17.00% | 0.00% | 0.00% |
Property and equipment, net | $ 303,210 | $ 0 | |
Percent of total property and equipment | 7.20% | 0.00% | |
Netherlands [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
OPERATING REVENUES | $ 119,421 | $ 17,693 | $ 12,687 |
Percent of total operating revenues | 6.00% | 1.10% | 0.80% |
Other [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
OPERATING REVENUES | $ 55,466 | $ 3,288 | $ 1,988 |
Percent of total operating revenues | 2.80% | 0.20% | 0.10% |
Property and equipment, net | $ 13,061 | $ 12,724 | |
Percent of total property and equipment | 0.30% | 0.30% | |
Non-US [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
OPERATING REVENUES | $ 857,345 | $ 450,928 | $ 468,309 |
Percent of total operating revenues | 42.90% | 27.50% | 29.80% |
Property and equipment, net | $ 1,012,100 | $ 785,183 | |
Percent of total property and equipment | 24.00% | 20.70% |
Quarterly Financial Data Table
Quarterly Financial Data Table of Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating revenues | $ 514,853 | $ 546,299 | $ 542,219 | $ 397,030 | $ 415,627 | $ 432,543 | $ 414,563 | $ 376,279 | |||
Income from operations | 94,631 | 117,559 | 99,451 | 72,620 | 113,471 | 123,116 | 110,109 | 74,875 | $ 384,261 | $ 421,571 | $ 380,188 |
NET INCOME | $ 84,934 | $ 63,362 | $ 52,837 | $ 23,904 | $ 87,373 | $ 72,650 | $ 60,728 | $ 40,004 | $ 225,037 | $ 260,755 | $ 271,296 |
Diluted earnings per common share (US$ per share) | $ 1.47 | $ 1.10 | $ 0.92 | $ 0.42 | $ 1.53 | $ 1.27 | $ 1.07 | $ 0.70 | $ 3.89 | $ 4.58 | $ 4.79 |
Quarterly Financial Data Items
Quarterly Financial Data Items affecting quarter results (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | |
Loss on settlement of foreign currency forward purchase, net of tax | $ 11.6 | ||||||||
After-tax business development and related costs | $ 1.7 | $ 1.3 | $ 0.5 | 9.5 | $ 1 | $ 0.5 | $ 1 | $ 0.7 | |
After-tax credit facility refinancing-related costs | 1.3 | 2.9 | |||||||
After-tax gain on sale of assets | 0.2 | 0.9 | $ 0.3 | 0.2 | 1 | 0.9 | $ 1 | $ 0.5 | |
Adjustment for tax returns from previous fiscal year | $ 0.4 | ||||||||
Tax benefit associated with the United States Short Line Tax Credit | 27.4 | 27 | |||||||
After-tax out of period impact of final allocation of fair values to assets and liabilities | 1.6 | ||||||||
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 | $ (0.7) | ||||||||
Income tax expense due to the application of the full year effective tax rate | 1.3 | $ 3.5 | |||||||
Australian Operations [Member] | |||||||||
Severance costs, net of tax | $ 1.2 | ||||||||
Foreign Tax Authority [Member] | |||||||||
Tax benefit from tax rate adjustment | $ 9.7 |
Recently Issued Accounting S138
Recently Issued Accounting Standards Accounting Pronouncements (Details) - Scenario, Forecast [Member] - Accounting Standards Update 2015-03 [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Impact on total assets [Member] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption | 1.00% |
Impact on total debt [Member] [Member] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption | 1.00% |