Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 01, 2018 | |
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-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Class A Common Shares [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 58,390,843 | |
Class B Common Shares [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 541,138 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 74,067 | $ 80,472 |
Accounts receivable, net | 441,105 | 416,705 |
Materials and supplies | 52,517 | 57,750 |
Prepaid expenses and other | 54,292 | 34,606 |
Total current assets | 621,981 | 589,533 |
PROPERTY AND EQUIPMENT, net | 4,613,295 | 4,656,921 |
GOODWILL | 1,128,580 | 1,165,587 |
INTANGIBLE ASSETS, net | 1,466,137 | 1,567,038 |
DEFERRED INCOME TAX ASSETS, net | 3,883 | 3,343 |
OTHER ASSETS | 70,122 | 52,475 |
Total assets | 7,903,998 | 8,034,897 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt | 25,138 | 27,853 |
Accounts payable | 271,539 | 253,993 |
Accrued expenses | 171,011 | 185,935 |
Total current liabilities | 467,688 | 467,781 |
LONG-TERM DEBT, less current portion | 2,300,556 | 2,303,442 |
DEFERRED INCOME TAX LIABILITIES, net | 866,821 | 873,194 |
DEFERRED ITEMS - grants from outside parties | 323,370 | 321,592 |
OTHER LONG-TERM LIABILITIES | 162,993 | 172,796 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY: | ||
Additional paid-in capital | 1,779,168 | 1,757,332 |
Retained earnings | 2,426,690 | 2,234,864 |
Accumulated other comprehensive loss | (135,076) | (105,534) |
Treasury stock, at cost | (510,245) | (236,951) |
Total Genesee & Wyoming Inc. stockholders' equity | 3,561,294 | 3,650,466 |
Noncontrolling interest | 221,276 | 245,626 |
Total equity | 3,782,570 | 3,896,092 |
Total liabilities and equity | 7,903,998 | 8,034,897 |
Class A Common Stock, $0.01 par value, one vote per share; 180,000,000 shares authorized at September 30, 2018 and December 31, 2017; 75,199,229 and 74,808,305 shares issued and 58,737,895 and 61,946,078 shares outstanding (net of 16,461,334 and 12,862,227 shares in treasury) on September 30, 2018 and December 31, 2017, respectively | ||
EQUITY: | ||
Common Stock | 752 | 748 |
Class B Common Stock, $0.01 par value, ten votes per share; 30,000,000 shares authorized at September 30, 2018 and December 31, 2017; 541,138 and 701,138 shares issued and outstanding on September 30, 2018 and December 31, 2017, respectively | ||
EQUITY: | ||
Common Stock | $ 5 | $ 7 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parentheticals - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Class A Common Shares [Member] | ||
Common Stock, par value per share | $ 0.01 | $ 0.01 |
Common Stock, votes per share | 1 | 1 |
Common Stock, shares authorized | 180,000,000 | 180,000,000 |
Common Stock, shares issued | 75,199,229 | 74,808,305 |
Common Stock, shares outstanding | 58,737,895 | 61,946,078 |
Treasury Stock, shares | 16,461,334 | 12,862,227 |
Class B Common Shares [Member] | ||
Common Stock, par value per share | $ 0.01 | $ 0.01 |
Common Stock, votes per share | 10 | 10 |
Common Stock, shares authorized | 30,000,000 | 30,000,000 |
Common Stock, shares issued | 541,138 | 701,138 |
Common Stock, shares outstanding | 541,138 | 701,138 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
OPERATING REVENUES | $ 603,304 | $ 576,927 | $ 1,772,955 | $ 1,636,468 |
OPERATING EXPENSES: | ||||
Labor and benefits | 175,853 | 169,576 | 539,407 | 500,936 |
Equipment rents | 35,325 | 33,291 | 104,214 | 100,399 |
Purchased services | 53,717 | 68,562 | 178,864 | 176,358 |
Depreciation and amortization | 65,392 | 64,222 | 197,127 | 186,509 |
Diesel fuel used in train operations | 45,713 | 34,535 | 137,487 | 105,718 |
Electricity used in train operations | 2,742 | 765 | 7,020 | 6,072 |
Casualties and insurance | 9,912 | 10,624 | 32,862 | 33,346 |
Materials | 32,744 | 30,664 | 97,589 | 77,861 |
Trackage rights | 22,838 | 22,632 | 67,119 | 66,652 |
Net gain on sale and impairment of assets | (642) | (315) | (2,501) | (1,096) |
Restructuring costs | 3,286 | 2,628 | 12,931 | 8,744 |
Other expenses, net | 28,604 | 29,901 | 82,978 | 89,494 |
Total operating expenses | 475,484 | 467,085 | 1,455,097 | 1,350,993 |
OPERATING INCOME | 127,820 | 109,842 | 317,858 | 285,475 |
Interest income | 417 | 463 | 1,499 | 1,271 |
Interest expense | (26,429) | (28,281) | (80,605) | (80,431) |
Other income/(loss), net | 1,515 | 1,868 | (237) | 4,519 |
Income before income taxes | 103,323 | 83,892 | 238,515 | 210,834 |
Provision for income taxes | (31,013) | (30,507) | (41,569) | (82,032) |
Net income | 72,310 | 53,385 | 196,946 | 128,802 |
Net income attributable to noncontrolling interest | 2,720 | 3,145 | 8,090 | 6,317 |
Net income attributable to Genesee & Wyoming Inc. | $ 69,590 | $ 50,240 | $ 188,856 | $ 122,485 |
Basic earnings per common share attributable to Genesee & Wyoming Inc. common stockholders: | $ 1.18 | $ 0.82 | $ 3.13 | $ 1.99 |
Weighted average shares - Basic | 59,168 | 61,629 | 60,343 | 61,518 |
Diluted earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $ 1.16 | $ 0.80 | $ 3.08 | $ 1.96 |
Weighted average shares - Diluted | 60,131 | 62,477 | 61,255 | 62,399 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net income | $ 72,310 | $ 53,385 | $ 196,946 | $ 128,802 |
OTHER COMPREHENSIVE INCOME/(LOSS): | ||||
Foreign currency translation adjustment | (9,501) | 32,902 | (59,042) | 100,054 |
Net unrealized gain on qualifying cash flow hedges, net of tax (provision)/benefit | 5,153 | 736 | 14,756 | 638 |
Changes in pension and other postretirement benefits, net of tax (provision)/benefit | 43 | 38 | 129 | (2,149) |
Other comprehensive (loss)/income | (4,305) | 33,676 | (44,157) | 98,543 |
COMPREHENSIVE INCOME | 68,005 | 87,061 | 152,789 | 227,345 |
Less: Comprehensive (loss)/income attributable to noncontrolling interest | (2,179) | 8,500 | (9,495) | 24,663 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO G&W | $ 70,184 | $ 78,561 | $ 162,284 | $ 202,682 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income Parentheticals - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Tax (provision)/benefit on net unrealizable gain/(loss) on qualifying cash flow hedges | $ (1,583) | $ (303) | $ (4,612) | $ (567) |
Tax (provision)/benefit on changes in pension and other postretirement benefits | $ (14) | $ (20) | $ (42) | $ 887 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity Statement - USD ($) $ in Thousands | Total | Conversion of Class B Common Stock to Class A Common Stock [Member] | Common Stock [Member]Class A Common Shares [Member] | Common Stock [Member]Class A Common Shares [Member]Conversion of Class B Common Stock to Class A Common Stock [Member] | Common Stock [Member]Class B Common Shares [Member] | Common Stock [Member]Class B Common Shares [Member]Conversion of Class B Common Stock to Class A Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]ASU 2018-02 [Member] | AOCL Attributable to Parent [Member] | AOCL Attributable to Parent [Member]ASU 2018-02 [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] |
Stockholders' Equity, balance at Dec. 31, 2016 | $ 3,187,121 | $ 742 | $ 8 | $ 1,709,615 | $ 1,685,813 | $ (197,316) | $ (232,348) | $ 220,607 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net Income Attributable to Parent | 122,485 | 122,485 | |||||||||||
Net Income Attributable to Noncontrolling Interest | 6,317 | 6,317 | |||||||||||
Net income | 128,802 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 80,197 | 80,197 | |||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 18,346 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 98,543 | ||||||||||||
Conversion of Class B Common Stock to Class A Common Stock | $ 0 | $ 1 | $ 1 | ||||||||||
Value of stock issued for stock-based compensation | 8,003 | 2 | 8,001 | ||||||||||
Settlement of Deferred Stock Awards | 738 | 738 | |||||||||||
Compensation cost related to stock-based compensation | 13,309 | 13,309 | |||||||||||
Value of treasury stock repurchased | (3,275) | (3,275) | |||||||||||
Other | 438 | 444 | (6) | ||||||||||
Stockholders' Equity, balance at Sep. 30, 2017 | 3,433,679 | 745 | 7 | 1,732,107 | 1,808,298 | (117,119) | (235,623) | 245,264 | |||||
Stockholders' Equity, balance at Dec. 31, 2017 | 3,896,092 | 748 | 7 | 1,757,332 | 2,234,864 | (105,534) | (236,951) | 245,626 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net Income Attributable to Parent | 188,856 | 188,856 | |||||||||||
Net Income Attributable to Noncontrolling Interest | 8,090 | 8,090 | |||||||||||
Net income | 196,946 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (26,572) | (26,572) | |||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (17,585) | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | (44,157) | ||||||||||||
Conversion of Class B Common Stock to Class A Common Stock | $ 0 | $ 2 | $ 2 | ||||||||||
Value of stock issued for stock-based compensation | 7,814 | 2 | 7,812 | ||||||||||
Settlement of Deferred Stock Awards | 995 | 995 | |||||||||||
Compensation cost related to stock-based compensation | 13,029 | 13,029 | |||||||||||
Value of treasury stock repurchased | (273,294) | (273,294) | |||||||||||
Distribution to noncontrolling interest | (14,898) | (14,898) | |||||||||||
United States Tax Cuts and Jobs Act 2017, Reclassification from AOCL to Retained Earnings | 0 | (2,970) | |||||||||||
United States Tax Cuts and Jobs Act 2017, Reclassification from AOCL to Retained Earnings | Adjustments for New Accounting Principle, Early Adoption [Member] | $ 2,970 | $ (2,970) | |||||||||||
Other | 43 | 43 | |||||||||||
Stockholders' Equity, balance at Sep. 30, 2018 | $ 3,782,570 | $ 752 | $ 5 | $ 1,779,168 | $ 2,426,690 | $ (135,076) | $ (510,245) | $ 221,276 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity (Parenthetical) - shares | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Class A Common Stock repurchased | 3,599,107 | 44,114 |
Class A Common Shares [Member] | ||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 209,357 | 296,580 |
Additional Paid-in Capital [Member] | Class A Common Shares [Member] | ||
Settlement of Deferred Stock Awards Shares | 21,567 | 17,661 |
Conversion of Class B Common Stock to Class A Common Stock [Member] | Common Stock [Member] | Class A Common Shares [Member] | ||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 160,000 | 45,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands, $ in Millions | 9 Months Ended | |
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 196,946 | $ 128,802 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 197,127 | 186,509 |
Stock-based compensation | 13,029 | 13,354 |
Deferred income taxes | 7,978 | 51,231 |
Net gain on sale and impairment of assets | (2,501) | (1,096) |
Changes in assets and liabilities which provided/(used) cash, net of effect of acquisitions: | ||
Accounts receivable, net | (50,143) | (18,020) |
Materials and supplies | 3,133 | 8,998 |
Prepaid expenses and other | (11,663) | 14,257 |
Accounts payable and accrued expenses | 33,818 | (41,529) |
Other assets and liabilities, net | 9,750 | 7,883 |
Net cash provided by operating activities | 397,474 | 350,389 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (194,132) | (149,105) |
Grant proceeds from outside parties | 16,696 | 15,998 |
Net cash paid for acquisitions, net of cash acquired | 0 | (107,586) |
Proceeds from sale of business | 7,927 | 0 |
Proceeds from sale of investment | 0 | 2,100 |
Insurance proceeds for replacement of assets | 2,780 | 1,406 |
Proceeds from disposition of property and equipment | 3,710 | 4,238 |
Other investing activities | (2,921) | 0 |
Net cash used in investing activities | (165,940) | (232,949) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Principal payments on revolving line-of-credit, long-term debt and capital lease obligations | (766,713) | (498,925) |
Proceeds from revolving line-of-credit and long-term borrowings | 821,666 | 418,735 |
Debt amendment/issuance costs | (5,318) | 0 |
Common share repurchases | (270,488) | 0 |
Distribution to noncontrolling interest | (14,898) | 0 |
Installment payments on Freightliner deferred consideration | (6,255) | 0 |
Other financing related activities, net | 5,006 | 4,728 |
Net cash used in financing activities | (237,000) | (75,462) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (939) | 5,980 |
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS | (6,405) | 47,958 |
CASH AND CASH EQUIVALENTS, beginning of period | 80,472 | 32,319 |
CASH AND CASH EQUIVALENTS, end of period | $ 74,067 | $ 80,277 |
Principles of Consolidation and
Principles of Consolidation and Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation and Basis of Presentation | PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION: The interim consolidated financial statements presented herein include the accounts of Genesee & Wyoming Inc. and its subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation. These interim consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) and are unaudited. They do not contain all disclosures which would be required in a full set of financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). In the opinion of management, the unaudited financial statements for the three and nine months ended September 30, 2018 and 2017 are presented on a basis consistent with the audited financial statements and contain all adjustments, consisting only of normal recurring adjustments, necessary to provide a fair statement of the results for the interim periods presented. The results of operations for interim periods are not necessarily indicative of results of operations for the full year. The consolidated balance sheet data for 2017 was derived from the audited financial statements in the Company's 2017 Annual Report on Form 10-K, but does not include all disclosures required by U.S. GAAP. The results of operations of the foreign entities are maintained in the local currency of the respective subsidiary and translated into United States dollars at the applicable exchange rates for inclusion in the consolidated financial statements. As a result, any appreciation or depreciation of these currencies against the United States dollar will impact the Company's results of operations. The interim consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2017 included in the Company's 2017 Annual Report on Form 10-K. Certain reclassifications and adjustments have been made to prior period balances to conform to the current year presentation as noted below. On January 1, 2018, the Company adopted ASU 2017-07, Compensation-Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Prior to the adoption of ASU 2017-07, the Company presented net pension costs within operating income on the same line item as other compensation costs arising from services rendered by the applicable employees. ASU 2017-07 requires that net pension costs, other than service cost, be presented outside of operating income. The Company applied these changes retrospectively to its consolidated statement of operations which resulted in a $1.6 million and $4.8 million decrease in operating income and a corresponding change in other income/(loss), net for the three and nine months ended September 30, 2017 , respectively. The adjustments had no impact on net income. On January 1, 2018, the Company adopted ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The current standard, ASC Topic 740, requires deferred tax liabilities to be adjusted for the effect of a change in tax laws or rates with the effect included in income from operations in the reporting period of the enactment date. The Tax Cuts and Jobs Act of 2017 (the TCJA) enacted by the Unites States federal government resulted in tax effects of items recorded within accumulated other comprehensive income (AOCI) or accumulated other comprehensive loss (AOCL), as the case may be, to be "stranded," as those items no longer reflect the appropriate tax rate. This amendment allows the reclassification from AOCI/AOCL to retained earnings for the stranded tax effects resulting from the new income tax rates. The Company applied the amendments as of January 1, 2018 by reclassifying $3.0 million from AOCL to retained earnings, eliminating the stranded tax effects in AOCL resulting from the TCJA. This reclassification reduced AOCL and increased retained earnings by $3.0 million . It is the Company's policy to release income tax effects from AOCI/AOCL using the item-by-item approach. On January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers , which supersedes previous revenue guidance. The standard requires that the Company recognize revenue when it transfers the promised goods or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. The Company adopted ASU 2014-09 and all related amendments using the modified retrospective approach. Under the standard, the Company continues to recognize freight revenue proportionally as a shipment moves from origin to destination. The adoption did not affect the Company’s financial condition, results of operations or liquidity. Disclosures related to the nature, amount and timing of revenue and cash flows resulting from contracts with customers are included in Note 4 , Revenue . On December 1, 2016, a subsidiary of the Company completed the acquisition of Glencore Rail (NSW) Pty Limited (GRail) and concurrently issued a 48.9% stake in G&W Australia Holdings LP (GWAHLP) (collectively, the Australia Partnership), which is the holding entity for all of the Company’s Australian businesses, including GRail, to a consortium of funds and clients managed by Macquarie Infrastructure and Real Assets (MIRA), a large infrastructure investment firm. The Company, through wholly-owned subsidiaries, also made incremental investments and retained a 51.1% ownership in GWAHLP. The investments made by both the Company and MIRA consisted of equity and debt financing of GWAHLP in similar proportions. As MIRA's investments were made at the contemporaneous fair value of GWAHLP as of December 1, 2016, accounting for MIRA's noncontrolling interest in the Company's consolidated financial statements required adjustments to reflect a proportional interest in the net book value of GWAHLP. During the three months ended March 31, 2018, the Company determined that there was an error in its December 1, 2016 calculation of the noncontrolling interest for MIRA's 48.9% equity interest, which resulted in the following adjustment within the total equity section of the Company's consolidated balance sheet: a decrease in noncontrolling interest of $71.9 million , an increase in additional paid-in capital of $57.9 million and a decrease in AOCL of $14.0 million . This revision has been reflected in the Company's consolidated balance sheet as of December 31, 2017 as well as the December 31, 2016 equity balances as disclosed in the Company's consolidated statements of changes in equity. There was no effect on any other section of the Company's balance sheet. This revision had no impact on the Company's consolidated statements of operations, comprehensive income or cash flows for the three and nine months ended September 30, 2018 and 2017 . The Company does not consider this revision material to any previously issued consolidated financial statements. 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, fluctuations in commodity prices, competitive forces, changes in foreign currency exchange rates, rail network issues and congestion, the ability to attract and retain skilled workers, one-time freight moves, fuel price fluctuations, customer plant expansions and shutdowns, 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, 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 and natural gas liquids) or congestion at ports (intermodal). 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. |
Changes in Operations
Changes in Operations | 9 Months Ended |
Sep. 30, 2018 | |
Significant Changes in Operations [Abstract] | |
Changes in Operations | CHANGES IN OPERATIONS: North American Operations Heart of Georgia Railroad, Inc.: On May 31, 2017 , the Company completed the acquisition of all the outstanding shares of Atlantic Western Transportation, Inc., the parent company of Heart of Georgia Railroad, Inc. (HOG), for $5.6 million in cash and contingent consideration valued at $5.7 million . The contingent consideration is payable to the sellers upon satisfaction of certain conditions, which the Company expects to be paid in 2021. The results of operations from HOG have been included in the Company's consolidated statements of operations since the acquisition date. HOG was founded in 1999 and operates 219 miles of track that runs across the State of Georgia. The track is leased from the Georgia Department of Transportation. It connects with the Company’s Georgia Southwestern Railroad at Americus, Georgia, and with the Company’s Georgia Central Railway at Vidalia, Georgia. HOG serves an inland intermodal terminal at Cordele, Georgia, providing five days per week, direct rail service via the Georgia Central Railway to the Port of Savannah for auto, agricultural products and other merchandise customers. HOG has Class I railroad connections with CSX Corp. at Cordele and with Norfolk Southern at Americus and Helena, Georgia. HOG transports approximately 7,000 annual carloads of agricultural products, feed, fertilizer, and lumber and forest products. Australian Operations Arrium Limited: On April 7, 2016, Genesee & Wyoming Australia's (GWA) customer, Arrium Limited (Arrium) announced it had entered into voluntary administration. As a result, during the first quarter of 2016, the Company recorded a $13.0 million non-cash charge related to the impairment of GWA's idle rolling-stock maintenance facility and an allowance for doubtful accounts charge of $8.1 million . Also, as a result of the voluntary administration, all payments to GWA associated with the rail haulage agreement for Arrium's Southern Iron mine ceased. On August 31, 2017, Arrium was sold to GFG Alliance. The steel making business was rebranded as Liberty OneSteel, and the mining business was rebranded as SIMEC Mining (SIMEC). Although the Southern Iron mine is still mothballed, GWA continues to provide services and receive payments under the rail haulage agreement for SIMEC's Middleback Range operations. Pursuant to that rail haulage agreement, GWA serves several iron ore mines in the Middleback Range and the Whyalla steelworks operations. In December 2017, the Company recovered $0.9 million of cash in relation to the Company's previous agreements with Arrium. During the three and nine months ended September 30, 2018 , the Company recorded $0.9 million and $7.3 million , respectively, of gains on settlement from additional cash recoveries of pre-petition claims associated with Arrium, which were recognized as offsets to other expenses, net in the Company’s consolidated statement of operations. U.K./European Operations Continental Europe Intermodal Business: In 2017, the Company ceased all "open" train services from the port of Rotterdam, closed its Continental Europe intermodal business, ERS Railways B.V. (ERS), offices in Rotterdam and Frankfurt, and the ERS customer services function in Warsaw. The Company recorded restructuring charges of $0.7 million and $5.2 million for the three and nine months ended September 30, 2017 , respectively, primarily related to severance costs and costs associated with surplus locomotive and railcar leases at ERS. On June 5, 2018, the Company finalized the sale of ERS for gross cash proceeds of €11.2 million (or $13.1 million at the exchange rate on June 5, 2018) or €6.8 million (or $7.9 million at the exchange rate on June 5, 2018) net of €4.4 million (or $5.2 million at the exchange rate on June 5, 2018) of cash on hand that transferred to the buyer. The sale resulted in a net loss of $1.4 million recognized in the Company’s consolidated statement of operations for the nine months ended September 30, 2018 within other income/(loss), net. Pentalver Transport Limited: On May 3, 2017 , the Company's subsidiary, GWI UK Acquisition Company Limited, purchased for cash all of the issued share capital of Pentalver Transport Limited (Pentalver) from a subsidiary of APM Terminals (a subsidiary of AP Møller-Maersk A/S) for £97.8 million (or $126.2 million at the exchange rate on May 3, 2017 ) or £77.5 million (or $100.1 million at the exchange rate on May 3, 2017 ) net of £20.2 million (or $26.1 million at the exchange rate on May 3, 2017 ) of cash received in connection with the sale. The Company funded the acquisition with borrowings under the Company's Second Amended and Restated Senior Secured Syndicated Credit Facility Agreement. Headquartered in Southampton, U.K., Pentalver operates off-dock container terminals (most under long-term leases) strategically placed at each of the three major seaports of Felixstowe, Southampton and London Gateway, as well as an inland terminal located at Cannock, in the Midlands, near many of the nation’s largest distribution centers. In addition to providing storage for loaded and empty containers on over 100 acres of land, Pentalver also operates a trucking haulage service with more than 150 trucks, primarily providing daily service between the seaports of Felixstowe and Southampton and its inland terminal at Cannock. Pentalver also provides services related to container customization, maintenance and repair (including refrigerated containers) and is one of the largest sellers of new and used containers in the U.K. Pentalver’s operations are complementary to those of the Company's Freightliner Group Limited (Freightliner) subsidiary, which is the largest rail maritime intermodal operator in the U.K. The logistics of maritime container transportation in the U.K. are highly competitive, whether by road, rail or short-sea, with a premium placed on timely, efficient and safe service. The results of operations from Pentalver have been included in the Company's consolidated statements of operations since the May 3, 2017 acquisition date. 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 Pentalver 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 $1.29 for one British pound. The acquisition date fair values were assigned to the acquired net assets as follows (amounts in thousands): GBP USD Cash and cash equivalents £ 20,224 $ 26,117 Accounts receivable 16,849 21,759 Materials and supplies 13,360 17,253 Prepaid expenses and other 3,238 4,182 Property and equipment 20,649 26,666 Goodwill 8,592 11,096 Intangible assets 42,000 54,239 Total assets 124,912 161,312 Accounts payable and accrued expenses 21,341 27,560 Deferred income tax liabilities, net 5,220 6,741 Deferred items-grants from outside parties 601 776 Net assets £ 97,750 $ 126,235 The $54.2 million of intangible assets relate to amortizable operational rights with contractual terms spanning up to 50 years and a weighted average amortization period of 33 years. The $11.1 million of goodwill will not be deductible for tax purposes. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2018 | |
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 for the three and nine months ended September 30, 2018 and 2017 (in thousands, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Numerators: Net income attributable to Genesee & Wyoming Inc. $ 69,590 $ 50,240 $ 188,856 $ 122,485 Denominators: Weighted average Class A common shares outstanding – Basic 59,168 61,629 60,343 61,518 Weighted average Class B common shares outstanding 664 723 679 743 Dilutive effect of employee stock-based awards 299 125 233 138 Weighted average shares – Diluted 60,131 62,477 61,255 62,399 Earnings per common share attributable to Genesee & Wyoming Inc. common stockholders: Basic earnings per common share $ 1.18 $ 0.82 $ 3.13 $ 1.99 Diluted earnings per common share $ 1.16 $ 0.80 $ 3.08 $ 1.96 The following total number of shares of Class A Common Stock issuable under the assumed exercise of stock-based awards computed based on the treasury stock method were excluded from the calculation of diluted earnings per common share, as the effect of including these shares would have been antidilutive (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Antidilutive shares 704 1,245 1,045 1,302 Share Repurchase In September of 2015, the Company's Board of Directors authorized the repurchase of up to $300 million of the Company's Class A Common Stock (the Repurchase Program), subject to certain limitations under the Company's credit facility. The table below presents information regarding shares repurchased by the Company under the Repurchase Program during the three and nine months ended September 30, 2018 (in thousands, except for per share amounts): Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Class A Common Stock repurchased 894 3,560 Average price paid per share of Class A Common Stock repurchased $ 87.46 $ 75.99 Shares excluded from weighted-average basic shares outstanding 301 1,707 Repurchased shares are recorded in treasury stock, at cost, which includes any applicable commissions and fees. As of September 30, 2018 , the remaining amount authorized for repurchase under the Repurchase Program was $29.5 million . In October 2018, the Company completed the $300 million Repurchase Program, and the Company's Board of Directors authorized a new $500 million repurchase plan of Class A Common Stock, subject to certain limitations under the Company's credit facility. See Note 6 , Long-Term Debt , for additional information regarding the Company's credit facility. |
Revenue (Notes)
Revenue (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE: The Company classifies its operating revenues into the following three categories: freight, freight-related and all other. Revenue is recognized when obligations under the terms of a contract with a customer are satisfied. Revenue is measured as the amount of consideration the Company expects to receive in exchange for providing services. 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. 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 over time as shipments move from origin to destination as the customer simultaneously receives and consumes the benefit. Related expenses are 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, trucking haulage services, 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 customer's 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, container sales, property rentals 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. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. The Company’s contracts may have a single performance obligation or multiple performance obligations. Contracts with multiple obligations are evaluated to define the specific performance obligations to the customer. The Company typically allocates the standalone selling price adjusted for any applicable variable consideration to each performance obligation to determine the transaction price. 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. The Company records revenue related to interline traffic that involves the services of another party or railroad on a net basis. The portion of the gross amount billed to customers that is remitted by the Company to another party is not reflected as revenue. The timing of revenue recognition, billings and cash collections result in trade accounts receivable, contract assets and contract liabilities. The Company’s contract assets and liabilities are typically short-term in nature, with terms settled within a 12-month period. The Company had no material contract assets or contract liabilities recorded on the consolidated balance sheet as of September 30, 2018 . Disaggregation of Revenue The Company disaggregates its operating revenues into the following three categories: freight revenues, freight-related revenues and all other revenues. The Company further disaggregates its freight revenues into 14 commodity groups. Refer to Note 15 , Segment Information , for the disaggregation of the Company's operating revenues by reportable segment for the three and nine months ended September 30, 2018 and 2017 . |
Accounts Receivable
Accounts Receivable | 9 Months Ended |
Sep. 30, 2018 | |
Accounts Receivable, Net [Abstract] | |
Accounts Receivable | ACCOUNTS RECEIVABLE: Accounts receivable consisted of the following as of September 30, 2018 and December 31, 2017 (dollars in thousands): September 30, December 31, Accounts receivable – trade $ 423,880 $ 401,723 Accounts receivable – grants from outside parties 14,610 17,734 Accounts receivable – insurance and other third-party claims 12,186 10,753 Total accounts receivable 450,676 430,210 Less: Allowance for doubtful accounts (9,571 ) (13,505 ) Accounts receivable, net $ 441,105 $ 416,705 Grants from Outside Parties The Company periodically receives grants for the upgrade and construction of rail lines and the upgrade of locomotives from federal, provincial, state and local agencies 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 $16.7 million and $16.0 million for the nine months ended September 30, 2018 and 2017 , respectively, from such grant programs. The proceeds were presented as cash inflows from investing activities within each of the applicable periods. None of the Company's grants represent a future liability of the Company unless the Company abandons the rehabilitated or new track structure within a specified period of time 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, or fails to comply with other grant provisions in each case, as set forth 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 three and nine months ended September 30, 2018 and 2017 (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Amortization of deferred grants $ 3,173 $ 2,978 $ 8,776 $ 9,287 Insurance and Third-Party Claims Accounts receivable from insurance and other third-party claims as of September 30, 2018 included $6.4 million from the Company's U.K./European Operations and $5.8 million from the Company's North American Operations. The balance from the Company's U.K./European Operations resulted primarily from the Company's anticipated insurance recoveries associated with a personal injury that occurred in the U.K. in 2016. The balance from the Company's North American Operations resulted predominately from the Company's anticipated insurance recoveries associated with a bridge washout in Canada in January 2018. The Company received proceeds from insurance totaling $2.8 million and $1.4 million for the nine months ended September 30, 2018 and 2017 , respectively. Accounts receivable from insurance and other third-party claims at December 31, 2017 included $5.9 million from the Company's North American Operations, $4.3 million from the Company's U.K./European Operations and $0.6 million from the Company's Australian Operations. The balance from the Company's North American Operations resulted predominately from the Company's anticipated insurance recoveries associated with a 2015 trestle fire in the United States and derailments in Canada. The balance from the Company's U.K./European Operations resulted primarily from the Company's anticipated insurance recoveries associated with an ERS rail-related collision in Germany in 2014 that occurred prior to the Company's acquisition of Freightliner. This receivable and the associated claim liability were removed from the Company's consolidated balance sheet with the sale of ERS in June 2018. See Note 2 , Changes in Operations , for additional information regarding the sale of ERS. |
Long-Term Debt (Notes)
Long-Term Debt (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | LONG-TERM DEBT: Credit Agreement Amendment On June 5, 2018 , the Company entered into Amendment No. 3 (the Amendment) to the Credit Agreement, the Third Amended and Restated Senior Secured Syndicated Credit Facility Agreement (the Amended Credit Agreement). At closing, the credit facilities under the Amended Credit Agreement were comprised of a $1,423.0 million United States term loan, a £272.9 million (or $365.2 million at the exchange rate on June 5, 2018 ) 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 Amendment also extended the maturity date of the Company's credit facilities to June 5, 2023 . In connection with entering into the Amendment, the Company wrote-off $2.2 million of unamortized deferred financing fees and capitalized an additional $5.3 million of new fees. Deferred financing costs are amortized as additional interest expense over the terms of the related debt using the effective-interest method for the term loan debt and the straight-line method for the revolving credit facility. At the Company's election, at the time of entering into a specific borrowing, interest on that borrowing is calculated under a "LIBOR" or "Base Rate." LIBOR is the London Interbank Offered Rate. The applicable borrowing spread for the LIBOR Rate loans ranges from 1.00% to 2.00% depending on the Company's total leverage ratio. The applicable spread for the Base Rate loans ranges from 0.00% to 1.00% depending on the Company's total leverage ratio. In addition to paying interest on any outstanding borrowing under the Amended 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 ranges from 0.20% to 0.30% depending on the Company's total leverage ratio as defined in the Amended Credit Agreement. Since entering into the Amendment, the Company has made prepayments of $120.0 million on its United States term loan and £25.0 million (or $32.8 million at the exchange rate at the time the payments were made) on its U.K. term loan, which were applied towards its future quarterly installments. As of September 30, 2018 , the Company had the following amounts of term loans outstanding under the Amended Credit Agreement (amounts in thousands, except percentages): Local Currency United States Dollar Equivalent Interest Rate United States dollar $ 1,303,000 $ 1,303,000 3.74 % British pound £ 247,932 $ 323,353 2.22 % The United States dollar-denominated and British pound-denominated term loans will amortize in quarterly installments, with the remaining principal balance payable upon maturity, as set forth below (amounts in thousands): Quarterly Payment Date Principal Amount of Each Quarterly Installment United States dollar: March 31, 2020 $ 4,513 June 30, 2020 through March 31, 2023 $ 17,788 Maturity date - June 5, 2023 $ 1,085,031 British pound: June 30, 2020 £ 2,293 September 30, 2020 through March 31, 2023 £ 3,412 Maturity date - June 5, 2023 £ 208,111 The Company's availability to draw from the unused borrowing capacity is subject to covenant limitations as discussed below. As of September 30, 2018 , the Company had the following unused borrowing capacity under its revolving credit facility (amounts in thousands): September 30, 2018 Total available borrowing capacity $ 625,000 Outstanding revolving loans $ 6,304 Outstanding letter of credit guarantees $ 2,086 Unused borrowing capacity $ 616,610 As of September 30, 2018 , the Company had the following outstanding revolving loans under its revolving credit facility (amounts in thousands, except percentages): Local Currency United States Dollar Equivalent Interest Rate United States dollar (swingline loan) $ 5,000 $ 5,000 5.75 % British pound (swingline loan) £ 1,000 $ 1,304 2.20 % Under the Amended Credit Agreement, the Company is required to comply with specified maximum senior secured leverage ratios. The maximum senior secured leverage ratio is set at 4.25 to 1.00 through June 30, 2019, and then, except as described below, decreases to 4.00 to 1.00 for all periods thereafter, subject, if applicable, to netting of certain cash and cash equivalents of the Company. Following acquisitions by the Company in excess of $500 million , subject to certain limitations, the senior secured leverage ratio will be set at a level of 4.50 to 1.00 for the four fiscal quarters immediately following the date of such applicable acquisition. In addition, the Amended Credit Agreement contains a maximum total leverage ratio and a minimum interest coverage ratio. The maximum total leverage ratio is 4.50 to 1.00 and the minimum interest coverage ratio is 3.50 to 1.00 for the term of the Amended Credit Agreement. The Amendment permits the Company to repurchase an unlimited amount of shares of the Company’s Class A Common Stock if the Company’s total leverage ratio after giving effect to such repurchases on a pro forma basis would be less than 3.25 to 1.00, subject to certain other restrictions and limitations. If the Company’s total leverage ratio after giving effect to such repurchases on a pro forma basis would exceed 3.25 to 1.00, the Company may, subject to certain limitations, repurchase shares of the Company’s Class A Common Stock with a value of up to the sum of $500 million and the amount remaining under the Company’s current share repurchase program, which was $29.5 million as of September 30, 2018 , if the Company maintains at least $100 million of liquidity. See Note 3 , Earnings Per Common Share , for additional information regarding the Company's common share repurchases. As of September 30, 2018 , the Company was in compliance with the covenants under the Amended Credit Agreement . |
U.K. Operations Optimization (N
U.K. Operations Optimization (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | U.K. OPERATIONS OPTIMIZATION: In 2018, the Company reorganized its U.K. business into three service platforms: Rail (Intermodal and Heavy Haul), Road (former Freightliner and Pentalver road operations) and Terminals (former Freightliner and Pentalver terminals), with a single combined commercial organization responsible for selling all three services. The Company also announced a program to restructure and further optimize its operations in the U.K. that began in May 2018 and is intended to be completed by early 2019. The program includes the rationalization of the locomotive and railcar fleet, management restructuring (following the U.K. consultative process), and technology investments to upgrade systems to enhance productivity and service quality. Restructuring and related expenses associated with the optimization are expected to be approximately $52 million (assuming the adjustment described in footnote (a) below does not occur and an exchange rate of $1.30 for one British pound) and are comprised of the following, including the current estimate of the timing of the related charges, which is subject to change (dollars in thousands): Three Months Ended September 30, 2018 Nine Months Ended Estimated Total Restructuring and Related Costs Rationalization of locomotive and railcar fleet (a) $ 379 $ 6,317 $ 28,000 Management restructuring (b) 1,610 3,739 10,000 Productivity and automation investments 1,502 2,790 14,000 Total $ 3,491 $ 12,846 $ 52,000 (a) The emergence of new commercial opportunities may result in less restructuring and related expense. (b) Subject to requisite U.K. consultative process. Restructuring and related activity for the U.K. Operations Optimization program for the nine months ended September 30, 2018 was as follows (dollars in thousands): Rationalization of Locomotive and Railcar Fleet Management Restructuring Productivity and Automation Investments Total Restructuring and related liability as of December 31, 2017 $ — $ — $ — $ — Restructuring and related costs incurred 6,317 3,739 2,790 12,846 Cash payments (797 ) (2,405 ) (2,567 ) (5,769 ) Non-cash settlements (897 ) — (223 ) (1,120 ) Restructuring and related liability as of September 30, 2018 $ 4,623 $ 1,334 $ — $ 5,957 |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2018 | |
Summary of Derivative Instruments [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS: On January 1, 2018, the Company adopted ASU 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities, which expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The amendment also includes certain improvements to ease the application of current guidance related to the assessment of hedge effectiveness. The adoption of this guidance amended the Company’s accounting for cross-currency swaps whereby interest expense accruals previously presented in an interest expense line item are presented as a gain/loss on currency conversion within other income/(loss), net in the non-operating section of the consolidated statement of operations. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. 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, 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 is recorded in other comprehensive income/(loss). 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 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/(loss), net. Derivative instruments entered into in conjunction with contemplated acquisitions also do not qualify as hedges for accounting purposes. Interest Rate Risk Management The Company uses interest rate swap agreements to manage its exposure to the changes in interest rates on the Company's variable rate debt. These swap agreements are recorded in the consolidated balance sheets at fair value. Changes in the fair value of the swap agreements are recorded in net income or other comprehensive income/(loss), based on whether the agreements are designated as part of a hedge transaction and whether the agreements are effective in offsetting the change in the value of the future interest payments attributable to the underlying portion of the Company's variable rate debt. Interest payments accrued each reporting period for these interest rate swaps are recognized in interest expense. The Company formally documents its hedge relationships, including identifying the hedge instruments and hedged items, as well as its risk management objectives and strategies for entering into the hedge transaction. The following table summarizes the terms of the Company's outstanding interest rate swap agreements entered into to manage the Company's exposure to changes in interest rates on its variable rate debt (amounts in thousands): Notional Amount Effective Date Expiration Date Date Amount Pay Fixed Rate Receive Variable Rate 12/1/2016 12/1/2021 12/1/2021 A$ 372,600 2.44% AUD-BBR 12/1/2016 12/1/2021 12/1/2021 A$ 110,746 2.44% AUD-BBR 12/1/2016 12/1/2021 12/1/2021 A$ 34,155 2.44% AUD-BBR 8/31/2018 8/31/2021 8/31/2021 $ 100,000 2.70% 1-month LIBOR 8/31/2018 8/31/2021 8/31/2021 $ 100,000 2.71% 1-month LIBOR 8/31/2018 8/31/2048 8/31/2048 $ 100,000 2.84% 1-month LIBOR 8/31/2018 8/31/2048 8/31/2048 $ 100,000 2.87% 1-month LIBOR 8/31/2018 8/31/2048 8/31/2048 $ 100,000 2.84% 1-month LIBOR During the three months ended September 30, 2018 , the Company entered into multiple 30-year interest rate swap agreements to manage the exposure to changes in interest rates on the Company's variable rate debt. The swaps have a mandatory termination feature on August 31, 2023. These 30-year swaps qualify for hedge accounting. In addition, 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 throughout the term of the outstanding swap agreements. The Company expects to amortize any gains or losses on the settlements over the life of the respective swap. The following table summarizes the Company's interest rate swap agreements that were settled during the nine months ended September 30, 2018 (dollars in thousands): Notional Amount Effective Date Settlement Date Date Amount Pay Fixed Rate Receive Variable Rate 9/30/2016 8/15/2018 9/30/2026 $ 100,000 2.76% 1-month LIBOR 9/30/2016 8/15/2018 9/30/2026 $ 100,000 2.74% 1-month LIBOR 9/30/2016 8/15/2018 9/30/2026 $ 100,000 2.73% 1-month LIBOR The fair values of the Company's interest rate swap agreements were estimated based on Level 2 inputs. During the three and nine months ended September 30, 2018 , $0.5 million and $1.2 million , respectively, of existing net losses were realized and recorded as interest expense in the consolidated statements of operations. During the three and nine months ended September 30, 2017 , $0.6 million and $1.5 million , respectively, of existing net losses were realized and recorded as interest expense in the consolidated statements of operations. Based on the Company's fair value assumptions as of September 30, 2018 , it expects to realize $0.2 million of existing net losses that are reported in AOCL into earnings within the next 12 months. See Note 13 , Accumulated Other Comprehensive Loss , for additional information regarding the Company's cash flow hedges. Foreign Currency Exchange Rate Risk As of September 30, 2018 , the Company's foreign subsidiaries had $1.0 billion of third-party debt, including capital leases, 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 its 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, including non-functional currency intercompany debt, typically 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. To mitigate currency exposures related to significant asset purchases in non-functional denominated currencies, foreign currency forward contracts may be entered into for periods consistent with the anticipated future outflow of cash. 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/(loss), net. The following table summarizes the Company's outstanding foreign currency forward contracts associated with assets to be purchased by GWA in United States dollars within the next six months (dollars in thousands): Effective date Settlement Date Notional Amount Exchange Rate (AUD to USD) 5/2/2018 11/5/2018 $4,315 0.75 5/2/2018 12/21/2018 $5,753 0.75 The following table summarizes the Company's foreign currency forward contract that was settled during the nine months ended September 30, 2018 (dollars in thousands): Effective date Settlement Date Notional Amount Exchange Rate (AUD to USD) 4/18/2018 7/5/2018 $5,379 0.78 The fair values of the Company's foreign currency forward contracts were estimated based on Level 2 inputs, as further described in Note 9 , Fair Value of Financial Instruments . During the three and nine months ended September 30, 2018 , $0.4 million of net gains were recorded as other income/(loss), net in the consolidated statements of operations. Based on the Company's fair value assumptions as of September 30, 2018 , it expects to realize $0.4 million of existing net gains that are reported in AOCL into earnings within the next 12 months. See Note 13 , Accumulated Other Comprehensive Loss , for additional information regarding the Company's cash flow hedges. On March 25, 2015, the Company closed on the Freightliner acquisition and paid cash consideration 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 were 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 September 30, 2018 of £28.1 million (or $36.7 million at the exchange rate on September 30, 2018 ), 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. During the three and nine months ended September 30, 2018 , $0.2 million and $0.5 million , respectively, of net gains were recorded as interest income in the consolidated statements of operations. During the three and nine months ended September 30, 2017 , $0.1 million and $0.4 million , respectively, of net gains were recorded as interest income in the consolidated statements of operations. Based on the Company's fair value assumptions as of September 30, 2018 , it expects to realize $0.8 million of existing net gains that are reported in AOCL into earnings within the next 12 months. See Note 13 , Accumulated Other Comprehensive Loss , for additional information regarding the Company's cash flow hedges. The following table summarizes the Company's outstanding British pound forward contracts (British pounds in thousands): Effective Date Settlement Date Notional Amount Exchange Rate (GBP to USD) 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 3/31/2016 3/31/2020 £1,881 1.45 6/30/2016 3/31/2020 £1,909 1.35 9/30/2016 3/31/2020 £1,959 1.33 12/30/2016 3/31/2020 £1,989 1.28 3/31/2017 3/31/2020 £1,975 1.30 6/30/2017 3/31/2020 £2,026 1.34 10/2/2017 3/31/2020 £2,079 1.36 12/29/2017 3/31/2020 £2,111 1.39 3/29/2018 3/31/2020 £2,096 1.44 6/29/2018 3/31/2020 £2,151 1.36 9/28/2018 3/31/2020 £2,207 1.34 On December 1, 2016, GWAHLP and the Company's subsidiary, GWI Holding B.V. (GWBV), entered into an A$248.9 million non-recourse subordinated partner loan agreement (GRail Intercompany Loan), which is eliminated in consolidation. GWAHLP used the proceeds from this loan to fund a portion of the acquisition of GRail. To mitigate the foreign currency exchange rate risk related to the non-functional currency intercompany loan, the Company entered into two Euro/Australian dollar floating-to-floating cross-currency swap agreements (the Swaps) on December 22, 2016, which effectively convert the A$248.9 million intercompany loan receivable in the Netherlands into a €171.7 million loan receivable. These agreements do not qualify as hedges for accounting purposes and, accordingly, mark-to-market changes in the fair value of the Swaps relative to the underlying GRail Intercompany Loan will be recorded over the life of the agreements, which expire on June 30, 2019 . The first swap requires the Company to pay Australian dollar BBR plus 4.50% based on a notional amount of A$123.9 million and allows the Company to receive EURIBOR plus 2.68% based on a notional amount of €85.5 million on a semi-annual basis. BBR is the Bankers Buyers Rate and EURIBOR is the Euro Interbank Offered Rate, which the Company believes are generally considered equivalents to LIBOR. The second swap requires the Company to pay Australian dollar BBR plus 4.50% based on a notional amount of A$125.0 million and allows the Company to receive EURIBOR plus 2.90% based on a notional amount of €86.3 million on a semi-annual basis. The Swaps require semi-annual net settlement payments. During the three and nine months ended September 30, 2018 , $2.4 million and $4.9 million of net expense, respectively, was realized within other income/(loss), net in the consolidated statement of operations as a result of the mark-to-market impact of the GRail Intercompany Loan compared to the mark-to-market of the Swaps. During the three and nine months ended September 30, 2017 , $0.8 million and $4.5 million , respectively, of net expense was realized within other income/(loss), net in the consolidated statements of operations as a result of the mark-to-market impact of the GRail Intercompany Loan compared to the mark-to-market of the Swaps. Over the life of the Swaps, the Company expects the cumulative impact of net gains and losses from the mark-to-market of the GRail Intercompany Loan and Swaps to be approximately zero. The following table summarizes the fair value of the Company's derivative instruments recorded in the consolidated balance sheets as of September 30, 2018 and December 31, 2017 (dollars in thousands): Fair Value Balance Sheet Location September 30, December 31, 2017 Asset Derivatives: Derivatives designated as hedges: Interest rate swap agreements Prepaid expenses and other $ 527 $ — Foreign currency forward contracts Prepaid expenses and other 383 — Interest rate swap agreements Other assets 6,596 — British pound forward contracts Other assets 20,803 13,657 Total derivatives designated as hedges $ 28,309 $ 13,657 Derivatives not designated as hedges: Cross-currency swap contract Prepaid expenses and other $ 16,648 $ 5,775 Cross-currency swap contract Other assets — 2,887 Total derivatives not designated as hedges $ 16,648 $ 8,662 Liability Derivatives: Derivatives designated as hedges: Interest rate swap agreements Accrued expenses $ 755 $ 1,972 Interest rate swap agreements Other long-term liabilities 1,706 12,410 British pound forward contracts Other long-term liabilities 246 829 Total derivatives designated as hedges $ 2,707 $ 15,211 The following table shows the effect of the Company's derivative instruments designated as cash flow hedges for the three and nine months ended September 30, 2018 and 2017 in other comprehensive income (OCI) (dollars in thousands): Total Cash Flow Hedge OCI Activity, Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Derivatives Designated as Cash Flow Hedges: Effective portion of net changes in fair value recognized in OCI, net of tax: Interest rate swap agreements $ 4,816 $ 388 $ 14,396 $ (1,382 ) Foreign currency forward contracts (13 ) — 275 — British pound forward contracts, net (a) 350 348 85 2,020 $ 5,153 $ 736 $ 14,756 $ 638 (a) The three and nine months ended September 30, 2018 represented a net gain of $2.0 million and $5.5 million , respectively, for the mark-to-market of the British pound forward contracts, offset by a net loss of $1.7 million and $5.4 million , respectively, for the mark-to-market of the U.K. intercompany loan. The three and nine months ended September 30, 2017 represented a net gain of $3.2 million and $8.6 million , respectively, for the mark-to-market of the U.K. intercompany loan, offset by a net loss of $2.8 million and $6.6 million , respectively, for the mark-to-market of the British pound forward contracts. The following table shows the effect of the Company's derivative instruments not designated as hedges for the three and nine months ended September 30, 2018 and 2017 in the consolidated statements of operations (dollars in thousands): Amount Recognized in Earnings Location of Amount Recognized in Earnings Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Derivative Instruments Not Designated as Hedges: Cross-currency swap agreements Interest expense $ — $ (1,887 ) $ — $ (1,887 ) Cross-currency swap agreements, net (a) Other income/(loss), net (2,410 ) (842 ) (4,900 ) (4,510 ) $ (2,410 ) $ (2,729 ) $ (4,900 ) $ (6,397 ) (a) The three months ended September 30, 2018 represented a net gain of $0.6 million for the mark-to-market of the Swaps, offset by a net loss of $3.0 million for the mark-to-market of the GRail Intercompany Loan. The nine months ended September 30, 2018 represented a net gain of $3.2 million for the mark-to-market of the Swaps, partially offset by a net loss of $8.1 million for the mark-to-market of the GRail Intercompany Loan. The three and nine months ended September 30, 2017 represented a net gain of $1.7 million and $2.0 million , respectively, for the mark-to-market of the Swaps, offset by a net loss of $2.5 million and $6.5 million , respectively, for the mark-to-market of the GRail Intercompany Loan. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 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. The following methods and assumptions were used to estimate the fair value of each class of financial instruments held by the Company: Financial Instruments Carried at Fair Value: Derivative instruments are recorded on the 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, foreign currency forward contracts and cross-currency swap agreements. The Company estimated the fair value of its interest rate swap agreements based on Level 2 valuation inputs, including fixed interest rates, LIBOR and BBR 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 estimated the fair value of its foreign currency forward contracts based on Level 2 valuation inputs, including BBR implied forward interest rates and the remaining time to maturity. The Company estimated the fair value of its cross-currency swap agreements based on Level 2 valuation inputs, including EURIBOR implied forward interest rates, BBR implied forward interest rates and the remaining time to maturity. The Company's recurring fair value measurements using significant unobservable inputs (Level 3) relate to the Company's deferred consideration from the HOG acquisition in 2017. The fair values of the deferred consideration liabilities were estimated by discounting, to present value, contingent payments expected to be made. 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 carried at fair value using Level 2 inputs as of September 30, 2018 and December 31, 2017 (dollars in thousands): September 30, December 31, Financial instruments carried at fair value using Level 2 inputs: Financial assets carried at fair value: Interest rate swap agreements $ 7,123 $ — Foreign currency forward contracts 383 — British pound forward contracts 20,803 13,657 Cross-currency swap contracts 16,648 8,662 Total financial assets carried at fair value $ 44,957 $ 22,319 Financial liabilities carried at fair value: Interest rate swap agreements $ 2,461 $ 14,382 British pound forward contracts 246 829 Total financial liabilities carried at fair value $ 2,707 $ 15,211 The following table presents the Company's financial instrument carried at fair value using Level 3 inputs as of September 30, 2018 and December 31, 2017 (dollars in thousands): September 30, December 31, Financial instrument carried at fair value using Level 3 inputs: Financial liabilities carried at fair value: Accrued deferred consideration – HOG $ 6,368 $ 5,974 At the date of acquisition of HOG in 2017, the contingent liability represented the fair value of the deferred consideration payable to the sellers upon satisfaction of certain conditions, which the Company expects to be paid in 2021. See Note 2 , Changes in Operations , for additional information regarding HOG. As of September 30, 2017, the Company also had a $37.2 million deferred consideration liability associated with the 2015 acquisition of Freightliner. At the date of acquisition of Freightliner, the contingent liability represented the aggregate fair value of the shares transferred to the Company by certain former management shareholders of Freightliner (Management Shareholders) in exchange for the right to receive cash consideration for the representative economic interest of approximately 6% in Freightliner in the future (deferred consideration). The Company's contingent liabilities have been adjusted each period since the acquisition dates to represent the fair value of the deferred consideration as of each balance sheet date. To do so, the Company recalculated the estimated fair value of the Freightliner deferred consideration in each reporting period 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. The Company bought out the Freightliner deferred consideration in November 2017. In addition, the Company recalculates the HOG's deferred consideration based on the contractual formula as defined in the stock purchase agreement. These calculations effectively represent the present value of the expected payment to be made upon settlement of the deferred consideration. Accordingly, such recalculations reflect both the impact of the time value of money and the impact of changes in the expected future performance of the acquired business, as applicable. The Company expects to recognize future changes in HOG's contingent liability for the estimated fair value of the deferred consideration through other expenses within the Company's consolidated statement of operations. This future change in the estimated fair value of the deferred consideration is not expected to be deductible for tax purposes. The following table presents the amounts recognized, through other expenses, net within the Company's consolidated statements of operations during the three and nine months ended September 30, 2018 and 2017 , as a result of the change in the estimated fair value of the deferred consideration, which primarily represented the time value of money (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Freightliner $ — $ 859 $ — $ 2,405 HOG $ 137 $ 126 $ 394 $ 166 The following table presents the carrying value, net of debt issuance costs and fair value using Level 2 inputs of the Company's financial instruments carried at historical cost as of September 30, 2018 and December 31, 2017 (dollars in thousands): September 30, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value Financial liabilities carried at historical cost: United States term loan $ 1,295,234 $ 1,302,650 $ 1,204,714 $ 1,208,657 U.K. term loan 322,526 325,565 124,747 126,480 Australian credit agreement 465,547 473,331 513,192 528,105 Australia subordinated shareholder loan from MIRA 172,296 170,173 186,085 184,750 Revolving credit facility 2,395 6,304 225,155 229,483 Other debt 2,375 2,363 2,419 2,426 Total $ 2,260,373 $ 2,280,386 $ 2,256,312 $ 2,279,901 |
U.K. Pension Plan
U.K. Pension Plan | 9 Months Ended |
Sep. 30, 2018 | |
Defined Benefit Plan [Abstract] | |
U.K. Pension Plan | U.K. PENSION PLAN: Through its Freightliner subsidiary, the Company has a defined benefit pension plan for Freightliner's eligible 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 participating members, 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 tables summarize the components of the Pension Program related to the net benefit costs recognized in labor and benefits and other income/(loss), net in the Company's consolidated statements of operations for the three and nine months ended September 30, 2018 and 2017 (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Operating expense: Service cost (a) $ 3,610 $ 3,909 $ 11,235 $ 11,434 Nonoperating income, net: Interest cost 2,383 2,588 7,416 7,569 Expected return on plan assets (4,572 ) (4,327 ) (14,231 ) (12,655 ) Total nonoperating income, net (b) (2,189 ) (1,739 ) (6,815 ) (5,086 ) Net periodic benefit cost $ 1,421 $ 2,170 $ 4,420 $ 6,348 (a) Included in labor and benefits within the Company’s consolidated statement of operations. (b) Included in other income/(loss), net within the Company’s consolidated statement of operations. During the nine months ended September 30, 2018 , the Company contributed £4.5 million (or $6.0 million at the exchange rate when the payments were made) to fund the Pension Program. The Company expects to contribute £2.9 million (or $3.8 million at the September 30, 2018 exchange rate) to the Pension Program for the remainder of 2018. The Pension Program's assets may undergo significant changes over time as a result of market conditions, and its assets and liabilities are formally valued on an independent actuarial basis every three years to assess the adequacy of funding levels. A key element of the valuation process is an assessment of the creditworthiness of the participating employer. In March 2018, the Company completed its triennial valuation based on the program's funding position as of December 31, 2016, which did not have and is not expected to have a material impact on its consolidated financial statements. 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 could not be shared with active members. Currently, the Company has no intention of terminating the Pension Program. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES: On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (TCJA) was enacted into law, and the SEC's staff issued Staff Accounting Bulletin No. 118 (SAB 118) to address the application of the TCJA on accounting for income taxes in the period which includes the enactment date. Specifically, when the initial accounting for items under the TCJA is incomplete, SAB 118 allows companies to include provisional amounts when reasonable estimates can be made. SAB 118 provides for an up to one-year measurement period during which the tax effect of the TCJA can be recomputed based on additional guidance and analysis. Any adjustment will be recorded as a tax expense or benefit in the reporting period during which the amounts are determined. As a result, during the three months ended September 30, 2018 , the Company made a $1.6 million measurement period adjustment to increase the one-time transition (toll) tax on earnings of certain foreign subsidiaries. The Company will continue to refine its estimates as additional guidance and information is available including deferred taxes related to certain equity compensation arrangements. The Company's provision for income taxes for the three months ended September 30, 2018 was $31.0 million , compared with $30.5 million for the three months ended September 30, 2017 . The Company's effective income tax rate for the three months ended September 30, 2018 was 30.0% , including the $1.6 million TCJA measurement period adjustment, compared with 36.4% for the three months ended September 30, 2017 . The Company's provision for income taxes for the three months ended September 30, 2017 included the recognition of $3.3 million of previously unrecognized tax benefits resulting from the lapse of the statute of limitations on acquired liabilities for uncertain tax positions. The decrease in the Company's effective income tax rate was primarily a result of the TCJA, which decreased the United States federal corporate income tax rate from 35% to 21% . The Company's provision for income taxes for the nine months ended September 30, 2018 was $41.6 million , compared with $82.0 million for the nine months ended September 30, 2017 . The provision for income taxes for the nine months ended September 30, 2018 included a $31.6 million benefit from the retroactive extension of the United States Short Line Tax Credit for fiscal year 2017, which was enacted in February 2018. In addition, the provision for income taxes for the nine months ended September 30, 2018 , included an adjustment to record a reserve for uncertain tax positions of $5.5 million related to tax deductions on intercompany financing arrangements in the U.K., of which $3.7 million related to the period from March 25, 2015, the date of the Freightliner acquisition when the arrangements were established, through December 31, 2017. Excluding the benefit from the retroactive extension and the reserve for uncertain tax positions, the effective income tax rate for the nine months ended September 30, 2018 was 28.4% . The Company's effective income tax rate for the nine months ended September 30, 2017 was 38.9% . The decrease in the effective income tax rate was primarily a result of the TCJA, which decreased the United States federal corporate income tax rate from 35% to 21% . The United States Short Line Tax Credit is an income tax track maintenance credit for Class II and Class III railroads to reduce their federal income tax based on qualified railroad track maintenance expenditures. Qualified expenditures include amounts incurred for maintaining track, including roadbed, bridges and related track structures owned or leased by a Class II or Class III railroad. The credit is equal to 50% of the qualified expenditures, subject to an annual limitation of $3,500 multiplied by the number of miles of railroad track owned or leased by the Class II or Class III railroad as of the end of its tax year. The United States Short Line Tax Credit was initially enacted for a three-year period, 2005 through 2007, and was subsequently extended a series of times with the last extension enacted in February 2018. The February 2018 extension provided a retroactive credit, solely for fiscal year 2017. Legislation is currently pending that seeks to make the United States Short Line Tax Credit permanent for fiscal year 2018 and beyond. |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES: From time to time, the Company is a defendant in certain lawsuits and a party to certain arbitrations 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, including those related to property damage, personal injury, freight loss, labor and employment, environmental and other matters. The Company maintains insurance policies to mitigate the financial risk associated with such claims. Management believes there are adequate provisions in the financial statements for any probable liabilities that may result from disposition of the pending lawsuits and arbitrations. However, any material changes to pending litigation or a catastrophic rail accident or series of accidents involving material freight loss or property damage, personal injuries or environmental liability or other claims or disputes that are not covered by insurance could have a material adverse effect on the Company's results of operations, financial condition and liquidity. In November 2014, the Company received a notice from the United States Environmental Protection Agency (EPA) requesting information under the Clean Water Act related to the discharge of crude oil as a result of a derailment of an Alabama & Gulf Coast Railway LLC (AGR) freight train in November 2013 in the vicinity of Aliceville, Alabama. In May 2018, the EPA notified the AGR of a maximum civil payment of up to $14.1 million , based on the amount of oil allegedly discharged and other relevant factors considered under the applicable regulation. The Company's evaluation of its defenses, settlement options and insurance coverage is ongoing. The Company has also been involved in several arbitrations related to contractual disputes that are not covered by insurance, which have been resolved during the three months ended September 30, 2018. In March 2017, CSX Transportation, Inc. (CSXT) initiated arbitration against several of the Company’s subsidiaries associated with freight revenue factors (or divisions) under certain operating agreements associated with leased railroads. During the three months ended September 30, 2018, a final award was issued in the CSXT arbitration that denied CSXT's request to reduce freight revenue factors and resolved the related contractual disputes with no material impact on the Company's subsidiaries. The pending arbitration related to the AGR's collection of approximately $13 million of liquidated damages under a volume commitment contract with a customer was also favorably resolved during the three months ended September 30, 2018, and all outstanding amounts due to AGR, plus interest, were collected in October 2018. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income/(Loss) | 9 Months Ended |
Sep. 30, 2018 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | ACCUMULATED OTHER COMPREHENSIVE LOSS: The following tables set forth the components of AOCL attributable to Genesee & Wyoming Inc. included in the consolidated balance sheets and consolidated statements of comprehensive income (dollars in thousands): Foreign Currency Translation Adjustment Defined Benefit Plans Net Unrealized Gain/(Loss) on Cash Flow Hedges Accumulated Other Comprehensive Loss Balance, December 31, 2017 $ (74,617 ) $ (19,601 ) $ (11,316 ) $ (105,534 ) Other comprehensive (loss)/income before reclassifications (41,395 ) — 14,926 (26,469 ) Amounts reclassified from accumulated other comprehensive loss, net of tax (provision)/benefit of ($42) and $76, respectively — 129 (a) (232 ) (b) (103 ) Current period change (41,395 ) 129 14,694 (26,572 ) Amounts reclassified from accumulated other comprehensive loss to retained earnings related to the United States Tax Cuts and Jobs Act — (132 ) (2,838 ) (2,970 ) Balance, September 30, 2018 $ (116,012 ) $ (19,604 ) $ 540 $ (135,076 ) Foreign Currency Translation Adjustment Defined Benefit Plans Net Unrealized Gain/(Loss) on Cash Flow Hedges Accumulated Other Comprehensive Loss Balance, December 31, 2016 $ (163,642 ) $ (19,948 ) $ (13,726 ) $ (197,316 ) Other comprehensive income/(loss) before reclassifications 81,412 (2,262 ) (7,003 ) 72,147 Amounts reclassified from accumulated other comprehensive loss, net of tax (provision) of ($60) and ($5,347), respectively — 113 (a) 7,937 (b) 8,050 Current period change 81,412 (2,149 ) 934 80,197 Balance, September 30, 2017 $ (82,230 ) $ (22,097 ) $ (12,792 ) $ (117,119 ) (a) Existing net gains realized were recorded in labor and benefits on the consolidated statements of operations. (b) Existing net gains/(losses) realized were recorded in interest expense on the consolidated statements of operations (see Note 8 , Derivative Financial Instruments ). Comprehensive Income/(Loss) Attributable to Noncontrolling Interest The following table sets forth comprehensive income attributable to noncontrolling interest for the three and nine months ended September 30, 2018 and 2017 (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net income attributable to noncontrolling interest $ 2,720 $ 3,145 $ 8,090 $ 6,317 Other comprehensive income/(loss): Foreign currency translation adjustment (4,804 ) 4,972 (17,647 ) 18,642 Net unrealized gain/(loss) on qualifying cash flow hedges, net of tax (provision)/benefit of $41, ($164), ($26), and $127, respectively (95 ) 383 62 (296 ) Comprehensive (loss)/income attributable to noncontrolling interest $ (2,179 ) $ 8,500 $ (9,495 ) $ 24,663 |
Significant Non-Cash Investing
Significant Non-Cash Investing Activities | 9 Months Ended |
Sep. 30, 2018 | |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |
Significant Non-Cash Investing and Financing Activities | SIGNIFICANT NON-CASH INVESTING AND FINANCING ACTIVITIES: As of September 30, 2018 and 2017 , the Company had outstanding accounts receivable from outside parties for the funding of capital expenditures of $14.6 million and $12.2 million , respectively. As of September 30, 2018 and 2017 , the Company also had $16.1 million and $12.3 million , respectively, of purchases of property and equipment that were not paid and, accordingly, were accrued in accounts payable in the normal course of business. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment and Geographic Area Information | SEGMENT INFORMATION: The Company presents the financial results of its nine operating regions as three reportable segments: North American Operations, Australian Operations and U.K./European Operations. The Company's seven North American regions are aggregated into one segment as a result of having similar economic and operating characteristics. Each of the Company's segments generates the following three categories of revenues from external customers: freight revenues, freight-related revenues and all other revenues. The Company's Australian business underwent a transformational change on December 1, 2016, with the acquisition of GRail and the formation of the Australia Partnership, which the Company controls through its 51.1% interest. The GRail acquisition significantly expanded the Company's operations in New South Wales. In conjunction with the GRail acquisition, the Company issued a 48.9% equity stake in its Australian subsidiary, GWAHLP, to MIRA. The Company retained a 51.1% controlling interest in GWAHLP and continues to consolidate 100% of its Australian Operations in the Company's financial statements and reports a noncontrolling interest for MIRA's 48.9% equity ownership. As a result, (1) 100% of the assets and liabilities of the Company's Australian Operations, after the elimination of intercompany balances, were included in the Company's consolidated balance sheets as of September 30, 2018 and December 31, 2017 , with MIRA's 48.9% noncontrolling interest reflected in the equity section, (2) the Company's operating revenues and operating income for the three and nine months ended September 30, 2018 and 2017 included 100% of the Australian Operations, while net income attributable to G&W reflected the Company's 51.1% ownership position in the Australian Operations since the formation of the partnership on December 1, 2016 and (3) 100% of the cash flows of the Australian Operations, after the elimination of intercompany items, were included in the Company's consolidated statements of cash flows for the nine months ended September 30, 2018 and 2017 . Accordingly, any payments between the Company's Australian Operations and its other businesses are eliminated in consolidation, while the Company's cash flows reflect 100% of any cash flows between the Australian Operations and MIRA. In accordance with the Australia Partnership agreement, the cash and cash equivalents of the Company's Australian Operations can be used to make payments in the usual and regular course of business, to pay down debt of the Australia Partnership and to make distributions to the partners in proportion to their investments. During the nine months ended September 30, 2018 , the Australia Partnership made a A$40.0 million distribution, of which A$20.4 million (or $15.6 million at the exchange rate at the time the payment was made) and A$19.6 million (or $14.9 million at the exchange rate at the time the payment was made) were distributed to the Company and MIRA, respectively, and no such distributions were made for the nine months ended September 30, 2017 . The results of operations of the Company's foreign entities are maintained in the respective local currency (the Australian dollar, the British pound, the Canadian dollar and the Euro) and then translated into United States dollars at the applicable exchange rates for inclusion in the consolidated financial statements. As a result, any appreciation or depreciation of these currencies against the United States dollar will impact the Company's results of operations. The following tables reflect the balance sheet exchange rates as of September 30, 2018 and December 31, 2017 and the average exchange rates for the three and nine months ended September 30, 2018 and 2017 used to translate the foreign entities respective local currency balance sheet and results of operations into United States dollars for the respective period: September 30, December 31, United States dollar per Australian dollar $ 0.72 $ 0.78 United States dollar per British pound $ 1.30 $ 1.35 United States dollar per Canadian dollar $ 0.77 $ 0.80 United States dollar per Euro $ 1.16 $ 1.20 Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 United States dollar per Australian dollar $ 0.73 $ 0.79 $ 0.76 $ 0.77 United States dollar per British pound $ 1.30 $ 1.31 $ 1.35 $ 1.28 United States dollar per Canadian dollar $ 0.77 $ 0.80 $ 0.78 $ 0.77 United States dollar per Euro $ 1.16 $ 1.17 $ 1.19 $ 1.11 The following tables set forth select financial data for the Company's reportable segments, including operating revenues by commodity group, for the three and nine months ended September 30, 2018 and 2017 (dollars in thousands) (prior period revenue amounts have not been adjusted under the modified retrospective method): Three Months Ended September 30, 2018 North American Operations Australian Operations U.K./European Operations Total Operations Operating revenues: Freight revenues by commodity group: Agricultural Products $ 30,565 $ 4,150 $ 1,053 $ 35,768 Autos & Auto Parts 5,513 — — 5,513 Chemicals & Plastics 38,436 — — 38,436 Coal & Coke 23,006 32,357 2,588 57,951 Food & Kindred Products 8,761 — — 8,761 Intermodal 514 17,538 58,609 76,661 Lumber & Forest Products 24,113 — — 24,113 Metallic Ores 3,573 8,914 — 12,487 Metals 34,904 — — 34,904 Minerals & Stone 38,570 2,066 22,344 62,980 Petroleum Products 18,236 224 99 18,559 Pulp & Paper 31,961 — — 31,961 Waste 8,089 — — 8,089 Other 7,191 — — 7,191 Total freight revenues 273,432 65,249 84,693 423,374 Freight-related revenues 66,045 10,136 69,269 145,450 All other revenues 16,232 1,318 16,930 34,480 Total operating revenues $ 355,709 $ 76,703 $ 170,892 $ 603,304 Operating income $ 102,484 $ 20,713 $ 4,623 $ 127,820 Depreciation and amortization $ 41,388 $ 14,937 $ 9,067 $ 65,392 Interest expense, net $ 10,339 $ 12,780 $ 2,893 $ 26,012 Provision for income taxes $ 26,323 $ 2,398 $ 2,292 $ 31,013 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 42,120 $ 8,185 $ 6,704 $ 57,009 Three Months Ended September 30, 2017 North American Operations Australian Operations U.K./European Operations Total Operations Operating revenues: Freight revenues by commodity group: Agricultural Products $ 28,699 $ 6,059 $ 964 $ 35,722 Autos & Auto Parts 6,079 — — 6,079 Chemicals & Plastics 36,745 — — 36,745 Coal & Coke 20,008 29,013 2,345 51,366 Food & Kindred Products 8,257 — — 8,257 Intermodal 311 19,012 67,374 86,697 Lumber & Forest Products 22,204 — — 22,204 Metallic Ores 3,703 11,305 — 15,008 Metals 26,008 — — 26,008 Minerals & Stone 34,769 792 20,680 56,241 Petroleum Products 16,425 223 — 16,648 Pulp & Paper 28,135 — — 28,135 Waste 6,662 — — 6,662 Other 4,963 — — 4,963 Total freight revenues 242,968 66,404 91,363 400,735 Freight-related revenues 60,286 12,880 67,757 140,923 All other revenues 15,673 1,986 17,610 35,269 Total operating revenues $ 318,927 $ 81,270 $ 176,730 $ 576,927 Operating income $ 82,203 $ 22,276 $ 5,363 $ 109,842 Depreciation and amortization $ 40,036 $ 15,753 $ 8,433 $ 64,222 Interest expense, net $ 9,817 $ 13,678 $ 4,323 $ 27,818 Provision for income taxes $ 28,270 $ 2,013 $ 224 $ 30,507 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 41,713 $ 4,545 $ 6,981 $ 53,239 Nine Months Ended September 30, 2018 North American Operations Australian Operations U.K./European Operations Total Operations Operating revenues: Freight revenues by commodity group: Agricultural Products $ 91,630 $ 15,639 $ 3,073 $ 110,342 Autos & Auto Parts 16,686 — — 16,686 Chemicals & Plastics 113,625 — — 113,625 Coal & Coke 62,038 96,506 8,751 167,295 Food & Kindred Products 25,587 — — 25,587 Intermodal 1,203 50,613 192,413 244,229 Lumber & Forest Products 70,362 — — 70,362 Metallic Ores 10,816 24,770 — 35,586 Metals 95,791 — — 95,791 Minerals & Stone 107,122 6,247 63,849 177,218 Petroleum Products 52,870 560 107 53,537 Pulp & Paper 90,346 — — 90,346 Waste 21,316 — — 21,316 Other 19,325 — — 19,325 Freight revenues 778,717 194,335 268,193 1,241,245 Freight-related revenues 193,344 32,214 203,491 429,049 All other revenues 48,835 4,017 49,809 102,661 Total operating revenues $ 1,020,896 $ 230,566 $ 521,493 $ 1,772,955 Operating income/(loss) $ 255,918 $ 62,585 $ (645 ) $ 317,858 Depreciation and amortization $ 123,266 $ 46,232 $ 27,629 $ 197,127 Interest expense, net $ 30,572 $ 38,914 $ 9,620 $ 79,106 Provision for income taxes $ 26,930 $ 7,120 $ 7,519 $ 41,569 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 129,607 $ 27,936 $ 19,893 $ 177,436 Nine Months Ended September 30, 2017 North American Operations Australian Operations U.K./European Operations Total Operations Operating revenues: Freight revenues by commodity group: Agricultural Products $ 92,956 $ 17,737 $ 3,532 $ 114,225 Autos & Auto Parts 17,019 — — 17,019 Chemicals & Plastics 111,660 — — 111,660 Coal & Coke 57,123 86,292 7,464 150,879 Food & Kindred Products 24,856 — — 24,856 Intermodal 726 52,113 190,163 243,002 Lumber & Forest Products 64,903 — — 64,903 Metallic Ores 10,519 29,595 — 40,114 Metals 78,681 — — 78,681 Minerals & Stone 97,446 4,787 49,823 152,056 Petroleum Products 50,696 507 — 51,203 Pulp & Paper 79,690 — — 79,690 Waste 19,000 — — 19,000 Other 14,347 — — 14,347 Freight revenues $ 719,622 $ 191,031 $ 250,982 $ 1,161,635 Freight-related revenues 186,814 36,089 164,978 387,881 All other revenues 47,641 4,866 34,445 86,952 Total operating revenues $ 954,077 $ 231,986 $ 450,405 $ 1,636,468 Operating income/(loss) $ 229,545 $ 59,685 $ (3,755 ) $ 285,475 Depreciation and amortization $ 117,822 $ 45,915 $ 22,772 $ 186,509 Interest expense, net $ 29,928 $ 41,500 $ 7,732 $ 79,160 Provision for/(benefit from) income taxes $ 78,133 $ 4,805 $ (906 ) $ 82,032 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 105,940 $ 9,721 $ 17,446 $ 133,107 The following tables set forth select balance sheet data for the Company's reportable segments as of September 30, 2018 and December 31, 2017 (dollars in thousands): September 30, 2018 North American Operations Australian Operations U.K./European Operations Total Operations Cash and cash equivalents $ 7,624 $ 52,568 $ 13,875 $ 74,067 Property and equipment, net $ 3,674,865 $ 617,960 $ 320,470 $ 4,613,295 December 31, 2017 North American Operations Australian Operations U.K./European Operations Total Operations Cash and cash equivalents $ 13,584 $ 52,407 $ 14,481 $ 80,472 Property and equipment, net $ 3,657,801 $ 664,367 $ 334,753 $ 4,656,921 |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Standards [Text Block] | RECENTLY ISSUED ACCOUNTING STANDARDS: Accounting Standards Not Yet Effective In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, Leases (Topic 842) , which will require lessees to recognize leases on their balance sheets as a right-of-use asset with a corresponding liability. Lessees are permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of 12 months or less. Additional qualitative and quantitative disclosures, including significant judgments made by management, will also be required. The new standard will become effective for the Company beginning January 1, 2019, and previously required the use of a modified retrospective adoption approach. In July 2018, the FASB approved another, optional, transition method that would instead allow companies to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company plans to elect the cumulative-effect adjustment transition method. Changes to processes and internal controls to meet the standard's reporting and disclosure requirements are being assessed. The Company is currently implementing a lease management system to support the new accounting requirements. At December 31, 2017, the Company disclosed approximately $615 million in aggregate future minimum operating lease payments and continues to evaluate those contracts as well as other existing arrangements to determine whether a right-of-use asset or lease liability will need to be recognized under the new standard and will assess new contracts entered into prior to the adoption of the new standard. The adoption of the new standard will result in a material increase to right of use assets and lease liabilities on the Company's consolidated balance sheet, primarily as a result of operating leases currently not recognized on the balance sheet. The Company, however, does not anticipate a material impact to its operating results or liquidity as a result of the adoption of this new standard and is currently evaluating disclosure requirements. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment, which simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. The amendments will become effective for the Company beginning January 1, 2020. 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 January 2018, the FASB issued ASU 2018-01, Leases (Topic 842), Land Easement Practical Expedient for Transition to Topic 842, which permits an entity to make an election not to apply Topic 842 to land easements that existed or expired before the effective date of Topic 842 provided that they were not previously assessed under ASC 840, Leases . Effective January 1, 2019, Topic 842 will be applied to new and modified land easements to determine whether the arrangement should be accounted for as a lease. Upon the Company's adoption of Topic 842, the Company intends to apply this guidance by making an election to not apply Topic 842 to its land easements that existed or expired before January 1, 2019. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure for Fair Value Measurement . The amendments modify the disclosure requirements for fair value measurements in ASC 820 based on revisions to the FASB Concepts Statement, Conceptual Framework for Financial Reporting (Concepts Statement), and cost/benefit considerations. The amendments will become effective for the Company beginning January 1, 2020. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on its disclosure requirements. In August 2018, the FASB issued ASU 2018-14, Compensation–Retirement Benefits–Defined Benefit Plans–General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans. The amendments modify the disclosure requirements for employers that sponsor defined benefit pension plans or other postretirement benefit plans to make disclosure requirements more consistent with the revisions to the Concepts Statement. The amendments will become effective for the Company beginning January 1, 2021. Early adoption is permitted on a retrospective basis to all periods presented. The Company is still evaluating the impact of this guidance on disclosure requirements. |
Principles of Consolidation a_2
Principles of Consolidation and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation, Policy [Policy Text Block] | The interim consolidated financial statements presented herein include the accounts of Genesee & Wyoming Inc. and its subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation. These interim consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) and are unaudited. They do not contain all disclosures which would be required in a full set of financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). In the opinion of management, the unaudited financial statements for the three and nine months ended September 30, 2018 and 2017 are presented on a basis consistent with the audited financial statements and contain all adjustments, consisting only of normal recurring adjustments, necessary to provide a fair statement of the results for the interim periods presented. The results of operations for interim periods are not necessarily indicative of results of operations for the full year. The consolidated balance sheet data for 2017 was derived from the audited financial statements in the Company's 2017 Annual Report on Form 10-K, but does not include all disclosures required by U.S. GAAP. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | The results of operations of the foreign entities are maintained in the local currency of the respective subsidiary and translated into United States dollars at the applicable exchange rates for inclusion in the consolidated financial statements. As a result, any appreciation or depreciation of these currencies against the United States dollar will impact the Company's results of operations. |
Revenue Recognition, Policy [Policy Text Block] | The Company classifies its operating revenues into the following three categories: freight, freight-related and all other. Revenue is recognized when obligations under the terms of a contract with a customer are satisfied. Revenue is measured as the amount of consideration the Company expects to receive in exchange for providing services. 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. 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 over time as shipments move from origin to destination as the customer simultaneously receives and consumes the benefit. Related expenses are 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, trucking haulage services, 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 customer's 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, container sales, property rentals 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. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. The Company’s contracts may have a single performance obligation or multiple performance obligations. Contracts with multiple obligations are evaluated to define the specific performance obligations to the customer. The Company typically allocates the standalone selling price adjusted for any applicable variable consideration to each performance obligation to determine the transaction price. 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. The Company records revenue related to interline traffic that involves the services of another party or railroad on a net basis. The portion of the gross amount billed to customers that is remitted by the Company to another party is not reflected as revenue. The timing of revenue recognition, billings and cash collections result in trade accounts receivable, contract assets and contract liabilities. The Company’s contract assets and liabilities are typically short-term in nature, with terms settled within a 12-month period. The Company had no material contract assets or contract liabilities recorded on the consolidated balance sheet as of September 30, 2018 . |
Derivatives, Policy [Policy Text Block] | On January 1, 2018, the Company adopted ASU 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities, which expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The amendment also includes certain improvements to ease the application of current guidance related to the assessment of hedge effectiveness. The adoption of this guidance amended the Company’s accounting for cross-currency swaps whereby interest expense accruals previously presented in an interest expense line item are presented as a gain/loss on currency conversion within other income/(loss), net in the non-operating section of the consolidated statement of operations. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. 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, 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 is recorded in other comprehensive income/(loss). 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 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/(loss), net. Derivative instruments entered into in conjunction with contemplated acquisitions also do not qualify as hedges for accounting purposes. |
Fair Value Measurement, Policy [Policy Text Block] | 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. The following methods and assumptions were used to estimate the fair value of each class of financial instruments held by the Company: Financial Instruments Carried at Fair Value: Derivative instruments are recorded on the 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, foreign currency forward contracts and cross-currency swap agreements. The Company estimated the fair value of its interest rate swap agreements based on Level 2 valuation inputs, including fixed interest rates, LIBOR and BBR 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 estimated the fair value of its foreign currency forward contracts based on Level 2 valuation inputs, including BBR implied forward interest rates and the remaining time to maturity. The Company estimated the fair value of its cross-currency swap agreements based on Level 2 valuation inputs, including EURIBOR implied forward interest rates, BBR implied forward interest rates and the remaining time to maturity. The Company's recurring fair value measurements using significant unobservable inputs (Level 3) relate to the Company's deferred consideration from the HOG acquisition in 2017. The fair values of the deferred consideration liabilities were estimated by discounting, to present value, contingent payments expected to be made. 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. |
Changes in Operations (Tables)
Changes in Operations (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Significant Changes in Operations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The acquisition date fair values were assigned to the acquired net assets as follows (amounts in thousands): GBP USD Cash and cash equivalents £ 20,224 $ 26,117 Accounts receivable 16,849 21,759 Materials and supplies 13,360 17,253 Prepaid expenses and other 3,238 4,182 Property and equipment 20,649 26,666 Goodwill 8,592 11,096 Intangible assets 42,000 54,239 Total assets 124,912 161,312 Accounts payable and accrued expenses 21,341 27,560 Deferred income tax liabilities, net 5,220 6,741 Deferred items-grants from outside parties 601 776 Net assets £ 97,750 $ 126,235 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 for the three and nine months ended September 30, 2018 and 2017 (in thousands, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Numerators: Net income attributable to Genesee & Wyoming Inc. $ 69,590 $ 50,240 $ 188,856 $ 122,485 Denominators: Weighted average Class A common shares outstanding – Basic 59,168 61,629 60,343 61,518 Weighted average Class B common shares outstanding 664 723 679 743 Dilutive effect of employee stock-based awards 299 125 233 138 Weighted average shares – Diluted 60,131 62,477 61,255 62,399 Earnings per common share attributable to Genesee & Wyoming Inc. common stockholders: Basic earnings per common share $ 1.18 $ 0.82 $ 3.13 $ 1.99 Diluted earnings per common share $ 1.16 $ 0.80 $ 3.08 $ 1.96 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following total number of shares of Class A Common Stock issuable under the assumed exercise of stock-based awards computed based on the treasury stock method were excluded from the calculation of diluted earnings per common share, as the effect of including these shares would have been antidilutive (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Antidilutive shares 704 1,245 1,045 1,302 |
Class of Treasury Stock [Table Text Block] | The table below presents information regarding shares repurchased by the Company under the Repurchase Program during the three and nine months ended September 30, 2018 (in thousands, except for per share amounts): Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Class A Common Stock repurchased 894 3,560 Average price paid per share of Class A Common Stock repurchased $ 87.46 $ 75.99 Shares excluded from weighted-average basic shares outstanding 301 1,707 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accounts Receivable, Net [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Accounts receivable consisted of the following as of September 30, 2018 and December 31, 2017 (dollars in thousands): September 30, December 31, Accounts receivable – trade $ 423,880 $ 401,723 Accounts receivable – grants from outside parties 14,610 17,734 Accounts receivable – insurance and other third-party claims 12,186 10,753 Total accounts receivable 450,676 430,210 Less: Allowance for doubtful accounts (9,571 ) (13,505 ) Accounts receivable, net $ 441,105 $ 416,705 |
Grant amortization offset to depreciation expense | The following table sets forth the offset to depreciation expense from the amortization of deferred grants recorded by the Company during the three and nine months ended September 30, 2018 and 2017 (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Amortization of deferred grants $ 3,173 $ 2,978 $ 8,776 $ 9,287 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Instrument [Line Items] | |
Schedule of Debt [Table Text Block] | The Company's availability to draw from the unused borrowing capacity is subject to covenant limitations as discussed below. As of September 30, 2018 , the Company had the following unused borrowing capacity under its revolving credit facility (amounts in thousands): September 30, 2018 Total available borrowing capacity $ 625,000 Outstanding revolving loans $ 6,304 Outstanding letter of credit guarantees $ 2,086 Unused borrowing capacity $ 616,610 |
Schedule of Line of Credit Facilities [Table Text Block] | As of September 30, 2018 , the Company had the following outstanding revolving loans under its revolving credit facility (amounts in thousands, except percentages): Local Currency United States Dollar Equivalent Interest Rate United States dollar (swingline loan) $ 5,000 $ 5,000 5.75 % British pound (swingline loan) £ 1,000 $ 1,304 2.20 % |
Credit agreement [Member] | |
Debt Instrument [Line Items] | |
Schedule of Debt [Table Text Block] | Since entering into the Amendment, the Company has made prepayments of $120.0 million on its United States term loan and £25.0 million (or $32.8 million at the exchange rate at the time the payments were made) on its U.K. term loan, which were applied towards its future quarterly installments. As of September 30, 2018 , the Company had the following amounts of term loans outstanding under the Amended Credit Agreement (amounts in thousands, except percentages): Local Currency United States Dollar Equivalent Interest Rate United States dollar $ 1,303,000 $ 1,303,000 3.74 % British pound £ 247,932 $ 323,353 2.22 % |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Schedule of Debt [Table Text Block] | The United States dollar-denominated and British pound-denominated term loans will amortize in quarterly installments, with the remaining principal balance payable upon maturity, as set forth below (amounts in thousands): Quarterly Payment Date Principal Amount of Each Quarterly Installment United States dollar: March 31, 2020 $ 4,513 June 30, 2020 through March 31, 2023 $ 17,788 Maturity date - June 5, 2023 $ 1,085,031 British pound: June 30, 2020 £ 2,293 September 30, 2020 through March 31, 2023 £ 3,412 Maturity date - June 5, 2023 £ 208,111 |
U.K. Operations Optimization (T
U.K. Operations Optimization (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | Restructuring and related expenses associated with the optimization are expected to be approximately $52 million (assuming the adjustment described in footnote (a) below does not occur and an exchange rate of $1.30 for one British pound) and are comprised of the following, including the current estimate of the timing of the related charges, which is subject to change (dollars in thousands): Three Months Ended September 30, 2018 Nine Months Ended Estimated Total Restructuring and Related Costs Rationalization of locomotive and railcar fleet (a) $ 379 $ 6,317 $ 28,000 Management restructuring (b) 1,610 3,739 10,000 Productivity and automation investments 1,502 2,790 14,000 Total $ 3,491 $ 12,846 $ 52,000 (a) The emergence of new commercial opportunities may result in less restructuring and related expense. (b) Subject to requisite U.K. consultative process. |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Restructuring and related activity for the U.K. Operations Optimization program for the nine months ended September 30, 2018 was as follows (dollars in thousands): Rationalization of Locomotive and Railcar Fleet Management Restructuring Productivity and Automation Investments Total Restructuring and related liability as of December 31, 2017 $ — $ — $ — $ — Restructuring and related costs incurred 6,317 3,739 2,790 12,846 Cash payments (797 ) (2,405 ) (2,567 ) (5,769 ) Non-cash settlements (897 ) — (223 ) (1,120 ) Restructuring and related liability as of September 30, 2018 $ 4,623 $ 1,334 $ — $ 5,957 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Derivative [Line Items] | |
Schedule of Interest Rate Derivatives [Table Text Block] | The following table summarizes the Company's interest rate swap agreements that were settled during the nine months ended September 30, 2018 (dollars in thousands): Notional Amount Effective Date Settlement Date Date Amount Pay Fixed Rate Receive Variable Rate 9/30/2016 8/15/2018 9/30/2026 $ 100,000 2.76% 1-month LIBOR 9/30/2016 8/15/2018 9/30/2026 $ 100,000 2.74% 1-month LIBOR 9/30/2016 8/15/2018 9/30/2026 $ 100,000 2.73% 1-month LIBOR |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table summarizes the fair value of the Company's derivative instruments recorded in the consolidated balance sheets as of September 30, 2018 and December 31, 2017 (dollars in thousands): Fair Value Balance Sheet Location September 30, December 31, 2017 Asset Derivatives: Derivatives designated as hedges: Interest rate swap agreements Prepaid expenses and other $ 527 $ — Foreign currency forward contracts Prepaid expenses and other 383 — Interest rate swap agreements Other assets 6,596 — British pound forward contracts Other assets 20,803 13,657 Total derivatives designated as hedges $ 28,309 $ 13,657 Derivatives not designated as hedges: Cross-currency swap contract Prepaid expenses and other $ 16,648 $ 5,775 Cross-currency swap contract Other assets — 2,887 Total derivatives not designated as hedges $ 16,648 $ 8,662 Liability Derivatives: Derivatives designated as hedges: Interest rate swap agreements Accrued expenses $ 755 $ 1,972 Interest rate swap agreements Other long-term liabilities 1,706 12,410 British pound forward contracts Other long-term liabilities 246 829 Total derivatives designated as hedges $ 2,707 $ 15,211 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | The following table shows the effect of the Company's derivative instruments designated as cash flow hedges for the three and nine months ended September 30, 2018 and 2017 in other comprehensive income (OCI) (dollars in thousands): Total Cash Flow Hedge OCI Activity, Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Derivatives Designated as Cash Flow Hedges: Effective portion of net changes in fair value recognized in OCI, net of tax: Interest rate swap agreements $ 4,816 $ 388 $ 14,396 $ (1,382 ) Foreign currency forward contracts (13 ) — 275 — British pound forward contracts, net (a) 350 348 85 2,020 $ 5,153 $ 736 $ 14,756 $ 638 (a) The three and nine months ended September 30, 2018 represented a net gain of $2.0 million and $5.5 million , respectively, for the mark-to-market of the British pound forward contracts, offset by a net loss of $1.7 million and $5.4 million , respectively, for the mark-to-market of the U.K. intercompany loan. The three and nine months ended September 30, 2017 represented a net gain of $3.2 million and $8.6 million , respectively, for the mark-to-market of the U.K. intercompany loan, offset by a net loss of $2.8 million and $6.6 million , respectively, for the mark-to-market of the British pound forward contracts. |
Schedule of Derivative Instruments, Gain (Loss) in Consolidated Statement of Operations [Table Text Block] | The following table shows the effect of the Company's derivative instruments not designated as hedges for the three and nine months ended September 30, 2018 and 2017 in the consolidated statements of operations (dollars in thousands): Amount Recognized in Earnings Location of Amount Recognized in Earnings Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Derivative Instruments Not Designated as Hedges: Cross-currency swap agreements Interest expense $ — $ (1,887 ) $ — $ (1,887 ) Cross-currency swap agreements, net (a) Other income/(loss), net (2,410 ) (842 ) (4,900 ) (4,510 ) $ (2,410 ) $ (2,729 ) $ (4,900 ) $ (6,397 ) (a) The three months ended September 30, 2018 represented a net gain of $0.6 million for the mark-to-market of the Swaps, offset by a net loss of $3.0 million for the mark-to-market of the GRail Intercompany Loan. The nine months ended September 30, 2018 represented a net gain of $3.2 million for the mark-to-market of the Swaps, partially offset by a net loss of $8.1 million for the mark-to-market of the GRail Intercompany Loan. The three and nine months ended September 30, 2017 represented a net gain of $1.7 million and $2.0 million , respectively, for the mark-to-market of the Swaps, offset by a net loss of $2.5 million and $6.5 million , respectively, for the mark-to-market of the GRail Intercompany Loan. |
Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The following table summarizes the terms of the Company's outstanding interest rate swap agreements entered into to manage the Company's exposure to changes in interest rates on its variable rate debt (amounts in thousands): Notional Amount Effective Date Expiration Date Date Amount Pay Fixed Rate Receive Variable Rate 12/1/2016 12/1/2021 12/1/2021 A$ 372,600 2.44% AUD-BBR 12/1/2016 12/1/2021 12/1/2021 A$ 110,746 2.44% AUD-BBR 12/1/2016 12/1/2021 12/1/2021 A$ 34,155 2.44% AUD-BBR 8/31/2018 8/31/2021 8/31/2021 $ 100,000 2.70% 1-month LIBOR 8/31/2018 8/31/2021 8/31/2021 $ 100,000 2.71% 1-month LIBOR 8/31/2018 8/31/2048 8/31/2048 $ 100,000 2.84% 1-month LIBOR 8/31/2018 8/31/2048 8/31/2048 $ 100,000 2.87% 1-month LIBOR 8/31/2018 8/31/2048 8/31/2048 $ 100,000 2.84% 1-month LIBOR |
Foreign Currency Forward [Member] | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The following table summarizes the Company's outstanding foreign currency forward contracts associated with assets to be purchased by GWA in United States dollars within the next six months (dollars in thousands): Effective date Settlement Date Notional Amount Exchange Rate (AUD to USD) 5/2/2018 11/5/2018 $4,315 0.75 5/2/2018 12/21/2018 $5,753 0.75 |
Schedule of Derivative Instruments [Table Text Block] | The following table summarizes the Company's outstanding foreign currency forward contracts associated with assets to be purchased by GWA in United States dollars within the next six months (dollars in thousands): Effective date Settlement Date Notional Amount Exchange Rate (AUD to USD) 5/2/2018 11/5/2018 $4,315 0.75 5/2/2018 12/21/2018 $5,753 0.75 The following table summarizes the Company's foreign currency forward contract that was settled during the nine months ended September 30, 2018 (dollars in thousands): Effective date Settlement Date Notional Amount Exchange Rate (AUD to USD) 4/18/2018 7/5/2018 $5,379 0.78 |
British Pound Foreign currency forward contracts [Member] | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The following table summarizes the Company's outstanding British pound forward contracts (British pounds in thousands): Effective Date Settlement Date Notional Amount Exchange Rate (GBP to USD) 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 3/31/2016 3/31/2020 £1,881 1.45 6/30/2016 3/31/2020 £1,909 1.35 9/30/2016 3/31/2020 £1,959 1.33 12/30/2016 3/31/2020 £1,989 1.28 3/31/2017 3/31/2020 £1,975 1.30 6/30/2017 3/31/2020 £2,026 1.34 10/2/2017 3/31/2020 £2,079 1.36 12/29/2017 3/31/2020 £2,111 1.39 3/29/2018 3/31/2020 £2,096 1.44 6/29/2018 3/31/2020 £2,151 1.36 9/28/2018 3/31/2020 £2,207 1.34 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |
Schedule of Financial Instruments Carried at Fair Value [Table Text Block] | The following table presents the Company's financial instruments carried at fair value using Level 2 inputs as of September 30, 2018 and December 31, 2017 (dollars in thousands): September 30, December 31, Financial instruments carried at fair value using Level 2 inputs: Financial assets carried at fair value: Interest rate swap agreements $ 7,123 $ — Foreign currency forward contracts 383 — British pound forward contracts 20,803 13,657 Cross-currency swap contracts 16,648 8,662 Total financial assets carried at fair value $ 44,957 $ 22,319 Financial liabilities carried at fair value: Interest rate swap agreements $ 2,461 $ 14,382 British pound forward contracts 246 829 Total financial liabilities carried at fair value $ 2,707 $ 15,211 The following table presents the Company's financial instrument carried at fair value using Level 3 inputs as of September 30, 2018 and December 31, 2017 (dollars in thousands): September 30, December 31, Financial instrument carried at fair value using Level 3 inputs: Financial liabilities carried at fair value: Accrued deferred consideration – HOG $ 6,368 $ 5,974 |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block] | The following table presents the amounts recognized, through other expenses, net within the Company's consolidated statements of operations during the three and nine months ended September 30, 2018 and 2017 , as a result of the change in the estimated fair value of the deferred consideration, which primarily represented the time value of money (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Freightliner $ — $ 859 $ — $ 2,405 HOG $ 137 $ 126 $ 394 $ 166 |
Schedule of Financial Instruments Carried at Historical Cost [Table Text Block] | The following table presents the carrying value, net of debt issuance costs and fair value using Level 2 inputs of the Company's financial instruments carried at historical cost as of September 30, 2018 and December 31, 2017 (dollars in thousands): September 30, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value Financial liabilities carried at historical cost: United States term loan $ 1,295,234 $ 1,302,650 $ 1,204,714 $ 1,208,657 U.K. term loan 322,526 325,565 124,747 126,480 Australian credit agreement 465,547 473,331 513,192 528,105 Australia subordinated shareholder loan from MIRA 172,296 170,173 186,085 184,750 Revolving credit facility 2,395 6,304 225,155 229,483 Other debt 2,375 2,363 2,419 2,426 Total $ 2,260,373 $ 2,280,386 $ 2,256,312 $ 2,279,901 |
U.K. Pension Plan (Tables)
U.K. Pension Plan (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Defined Benefit Plan [Abstract] | |
Schedule of Net Benefit Costs | The following tables summarize the components of the Pension Program related to the net benefit costs recognized in labor and benefits and other income/(loss), net in the Company's consolidated statements of operations for the three and nine months ended September 30, 2018 and 2017 (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Operating expense: Service cost (a) $ 3,610 $ 3,909 $ 11,235 $ 11,434 Nonoperating income, net: Interest cost 2,383 2,588 7,416 7,569 Expected return on plan assets (4,572 ) (4,327 ) (14,231 ) (12,655 ) Total nonoperating income, net (b) (2,189 ) (1,739 ) (6,815 ) (5,086 ) Net periodic benefit cost $ 1,421 $ 2,170 $ 4,420 $ 6,348 (a) Included in labor and benefits within the Company’s consolidated statement of operations. (b) Included in other income/(loss), net within the Company’s consolidated statement of operations. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income/(Loss) (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Schedule of Accumulated Other Comprehensive Income/(Loss) [Table Text Block] | The following tables set forth the components of AOCL attributable to Genesee & Wyoming Inc. included in the consolidated balance sheets and consolidated statements of comprehensive income (dollars in thousands): Foreign Currency Translation Adjustment Defined Benefit Plans Net Unrealized Gain/(Loss) on Cash Flow Hedges Accumulated Other Comprehensive Loss Balance, December 31, 2017 $ (74,617 ) $ (19,601 ) $ (11,316 ) $ (105,534 ) Other comprehensive (loss)/income before reclassifications (41,395 ) — 14,926 (26,469 ) Amounts reclassified from accumulated other comprehensive loss, net of tax (provision)/benefit of ($42) and $76, respectively — 129 (a) (232 ) (b) (103 ) Current period change (41,395 ) 129 14,694 (26,572 ) Amounts reclassified from accumulated other comprehensive loss to retained earnings related to the United States Tax Cuts and Jobs Act — (132 ) (2,838 ) (2,970 ) Balance, September 30, 2018 $ (116,012 ) $ (19,604 ) $ 540 $ (135,076 ) Foreign Currency Translation Adjustment Defined Benefit Plans Net Unrealized Gain/(Loss) on Cash Flow Hedges Accumulated Other Comprehensive Loss Balance, December 31, 2016 $ (163,642 ) $ (19,948 ) $ (13,726 ) $ (197,316 ) Other comprehensive income/(loss) before reclassifications 81,412 (2,262 ) (7,003 ) 72,147 Amounts reclassified from accumulated other comprehensive loss, net of tax (provision) of ($60) and ($5,347), respectively — 113 (a) 7,937 (b) 8,050 Current period change 81,412 (2,149 ) 934 80,197 Balance, September 30, 2017 $ (82,230 ) $ (22,097 ) $ (12,792 ) $ (117,119 ) (a) Existing net gains realized were recorded in labor and benefits on the consolidated statements of operations. (b) Existing net gains/(losses) realized were recorded in interest expense on the consolidated statements of operations (see Note 8 , Derivative Financial Instruments ). |
Noncontrolling Interest [Member] | |
Comprehensive Income (Loss) [Table Text Block] | The following table sets forth comprehensive income attributable to noncontrolling interest for the three and nine months ended September 30, 2018 and 2017 (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net income attributable to noncontrolling interest $ 2,720 $ 3,145 $ 8,090 $ 6,317 Other comprehensive income/(loss): Foreign currency translation adjustment (4,804 ) 4,972 (17,647 ) 18,642 Net unrealized gain/(loss) on qualifying cash flow hedges, net of tax (provision)/benefit of $41, ($164), ($26), and $127, respectively (95 ) 383 62 (296 ) Comprehensive (loss)/income attributable to noncontrolling interest $ (2,179 ) $ 8,500 $ (9,495 ) $ 24,663 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Foreign Currency Disclosure [Text Block] | The following tables reflect the balance sheet exchange rates as of September 30, 2018 and December 31, 2017 and the average exchange rates for the three and nine months ended September 30, 2018 and 2017 used to translate the foreign entities respective local currency balance sheet and results of operations into United States dollars for the respective period: September 30, December 31, United States dollar per Australian dollar $ 0.72 $ 0.78 United States dollar per British pound $ 1.30 $ 1.35 United States dollar per Canadian dollar $ 0.77 $ 0.80 United States dollar per Euro $ 1.16 $ 1.20 Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 United States dollar per Australian dollar $ 0.73 $ 0.79 $ 0.76 $ 0.77 United States dollar per British pound $ 1.30 $ 1.31 $ 1.35 $ 1.28 United States dollar per Canadian dollar $ 0.77 $ 0.80 $ 0.78 $ 0.77 United States dollar per Euro $ 1.16 $ 1.17 $ 1.19 $ 1.11 |
Schedule of segment reporting information, by segment [Table Text Block] | The following tables set forth select financial data for the Company's reportable segments, including operating revenues by commodity group, for the three and nine months ended September 30, 2018 and 2017 (dollars in thousands) (prior period revenue amounts have not been adjusted under the modified retrospective method): Three Months Ended September 30, 2018 North American Operations Australian Operations U.K./European Operations Total Operations Operating revenues: Freight revenues by commodity group: Agricultural Products $ 30,565 $ 4,150 $ 1,053 $ 35,768 Autos & Auto Parts 5,513 — — 5,513 Chemicals & Plastics 38,436 — — 38,436 Coal & Coke 23,006 32,357 2,588 57,951 Food & Kindred Products 8,761 — — 8,761 Intermodal 514 17,538 58,609 76,661 Lumber & Forest Products 24,113 — — 24,113 Metallic Ores 3,573 8,914 — 12,487 Metals 34,904 — — 34,904 Minerals & Stone 38,570 2,066 22,344 62,980 Petroleum Products 18,236 224 99 18,559 Pulp & Paper 31,961 — — 31,961 Waste 8,089 — — 8,089 Other 7,191 — — 7,191 Total freight revenues 273,432 65,249 84,693 423,374 Freight-related revenues 66,045 10,136 69,269 145,450 All other revenues 16,232 1,318 16,930 34,480 Total operating revenues $ 355,709 $ 76,703 $ 170,892 $ 603,304 Operating income $ 102,484 $ 20,713 $ 4,623 $ 127,820 Depreciation and amortization $ 41,388 $ 14,937 $ 9,067 $ 65,392 Interest expense, net $ 10,339 $ 12,780 $ 2,893 $ 26,012 Provision for income taxes $ 26,323 $ 2,398 $ 2,292 $ 31,013 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 42,120 $ 8,185 $ 6,704 $ 57,009 Three Months Ended September 30, 2017 North American Operations Australian Operations U.K./European Operations Total Operations Operating revenues: Freight revenues by commodity group: Agricultural Products $ 28,699 $ 6,059 $ 964 $ 35,722 Autos & Auto Parts 6,079 — — 6,079 Chemicals & Plastics 36,745 — — 36,745 Coal & Coke 20,008 29,013 2,345 51,366 Food & Kindred Products 8,257 — — 8,257 Intermodal 311 19,012 67,374 86,697 Lumber & Forest Products 22,204 — — 22,204 Metallic Ores 3,703 11,305 — 15,008 Metals 26,008 — — 26,008 Minerals & Stone 34,769 792 20,680 56,241 Petroleum Products 16,425 223 — 16,648 Pulp & Paper 28,135 — — 28,135 Waste 6,662 — — 6,662 Other 4,963 — — 4,963 Total freight revenues 242,968 66,404 91,363 400,735 Freight-related revenues 60,286 12,880 67,757 140,923 All other revenues 15,673 1,986 17,610 35,269 Total operating revenues $ 318,927 $ 81,270 $ 176,730 $ 576,927 Operating income $ 82,203 $ 22,276 $ 5,363 $ 109,842 Depreciation and amortization $ 40,036 $ 15,753 $ 8,433 $ 64,222 Interest expense, net $ 9,817 $ 13,678 $ 4,323 $ 27,818 Provision for income taxes $ 28,270 $ 2,013 $ 224 $ 30,507 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 41,713 $ 4,545 $ 6,981 $ 53,239 Nine Months Ended September 30, 2018 North American Operations Australian Operations U.K./European Operations Total Operations Operating revenues: Freight revenues by commodity group: Agricultural Products $ 91,630 $ 15,639 $ 3,073 $ 110,342 Autos & Auto Parts 16,686 — — 16,686 Chemicals & Plastics 113,625 — — 113,625 Coal & Coke 62,038 96,506 8,751 167,295 Food & Kindred Products 25,587 — — 25,587 Intermodal 1,203 50,613 192,413 244,229 Lumber & Forest Products 70,362 — — 70,362 Metallic Ores 10,816 24,770 — 35,586 Metals 95,791 — — 95,791 Minerals & Stone 107,122 6,247 63,849 177,218 Petroleum Products 52,870 560 107 53,537 Pulp & Paper 90,346 — — 90,346 Waste 21,316 — — 21,316 Other 19,325 — — 19,325 Freight revenues 778,717 194,335 268,193 1,241,245 Freight-related revenues 193,344 32,214 203,491 429,049 All other revenues 48,835 4,017 49,809 102,661 Total operating revenues $ 1,020,896 $ 230,566 $ 521,493 $ 1,772,955 Operating income/(loss) $ 255,918 $ 62,585 $ (645 ) $ 317,858 Depreciation and amortization $ 123,266 $ 46,232 $ 27,629 $ 197,127 Interest expense, net $ 30,572 $ 38,914 $ 9,620 $ 79,106 Provision for income taxes $ 26,930 $ 7,120 $ 7,519 $ 41,569 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 129,607 $ 27,936 $ 19,893 $ 177,436 Nine Months Ended September 30, 2017 North American Operations Australian Operations U.K./European Operations Total Operations Operating revenues: Freight revenues by commodity group: Agricultural Products $ 92,956 $ 17,737 $ 3,532 $ 114,225 Autos & Auto Parts 17,019 — — 17,019 Chemicals & Plastics 111,660 — — 111,660 Coal & Coke 57,123 86,292 7,464 150,879 Food & Kindred Products 24,856 — — 24,856 Intermodal 726 52,113 190,163 243,002 Lumber & Forest Products 64,903 — — 64,903 Metallic Ores 10,519 29,595 — 40,114 Metals 78,681 — — 78,681 Minerals & Stone 97,446 4,787 49,823 152,056 Petroleum Products 50,696 507 — 51,203 Pulp & Paper 79,690 — — 79,690 Waste 19,000 — — 19,000 Other 14,347 — — 14,347 Freight revenues $ 719,622 $ 191,031 $ 250,982 $ 1,161,635 Freight-related revenues 186,814 36,089 164,978 387,881 All other revenues 47,641 4,866 34,445 86,952 Total operating revenues $ 954,077 $ 231,986 $ 450,405 $ 1,636,468 Operating income/(loss) $ 229,545 $ 59,685 $ (3,755 ) $ 285,475 Depreciation and amortization $ 117,822 $ 45,915 $ 22,772 $ 186,509 Interest expense, net $ 29,928 $ 41,500 $ 7,732 $ 79,160 Provision for/(benefit from) income taxes $ 78,133 $ 4,805 $ (906 ) $ 82,032 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 105,940 $ 9,721 $ 17,446 $ 133,107 |
Disaggregation of Revenue [Table Text Block] | The following tables set forth select financial data for the Company's reportable segments, including operating revenues by commodity group, for the three and nine months ended September 30, 2018 and 2017 (dollars in thousands) (prior period revenue amounts have not been adjusted under the modified retrospective method): Three Months Ended September 30, 2018 North American Operations Australian Operations U.K./European Operations Total Operations Operating revenues: Freight revenues by commodity group: Agricultural Products $ 30,565 $ 4,150 $ 1,053 $ 35,768 Autos & Auto Parts 5,513 — — 5,513 Chemicals & Plastics 38,436 — — 38,436 Coal & Coke 23,006 32,357 2,588 57,951 Food & Kindred Products 8,761 — — 8,761 Intermodal 514 17,538 58,609 76,661 Lumber & Forest Products 24,113 — — 24,113 Metallic Ores 3,573 8,914 — 12,487 Metals 34,904 — — 34,904 Minerals & Stone 38,570 2,066 22,344 62,980 Petroleum Products 18,236 224 99 18,559 Pulp & Paper 31,961 — — 31,961 Waste 8,089 — — 8,089 Other 7,191 — — 7,191 Total freight revenues 273,432 65,249 84,693 423,374 Freight-related revenues 66,045 10,136 69,269 145,450 All other revenues 16,232 1,318 16,930 34,480 Total operating revenues $ 355,709 $ 76,703 $ 170,892 $ 603,304 Operating income $ 102,484 $ 20,713 $ 4,623 $ 127,820 Depreciation and amortization $ 41,388 $ 14,937 $ 9,067 $ 65,392 Interest expense, net $ 10,339 $ 12,780 $ 2,893 $ 26,012 Provision for income taxes $ 26,323 $ 2,398 $ 2,292 $ 31,013 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 42,120 $ 8,185 $ 6,704 $ 57,009 Three Months Ended September 30, 2017 North American Operations Australian Operations U.K./European Operations Total Operations Operating revenues: Freight revenues by commodity group: Agricultural Products $ 28,699 $ 6,059 $ 964 $ 35,722 Autos & Auto Parts 6,079 — — 6,079 Chemicals & Plastics 36,745 — — 36,745 Coal & Coke 20,008 29,013 2,345 51,366 Food & Kindred Products 8,257 — — 8,257 Intermodal 311 19,012 67,374 86,697 Lumber & Forest Products 22,204 — — 22,204 Metallic Ores 3,703 11,305 — 15,008 Metals 26,008 — — 26,008 Minerals & Stone 34,769 792 20,680 56,241 Petroleum Products 16,425 223 — 16,648 Pulp & Paper 28,135 — — 28,135 Waste 6,662 — — 6,662 Other 4,963 — — 4,963 Total freight revenues 242,968 66,404 91,363 400,735 Freight-related revenues 60,286 12,880 67,757 140,923 All other revenues 15,673 1,986 17,610 35,269 Total operating revenues $ 318,927 $ 81,270 $ 176,730 $ 576,927 Operating income $ 82,203 $ 22,276 $ 5,363 $ 109,842 Depreciation and amortization $ 40,036 $ 15,753 $ 8,433 $ 64,222 Interest expense, net $ 9,817 $ 13,678 $ 4,323 $ 27,818 Provision for income taxes $ 28,270 $ 2,013 $ 224 $ 30,507 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 41,713 $ 4,545 $ 6,981 $ 53,239 Nine Months Ended September 30, 2018 North American Operations Australian Operations U.K./European Operations Total Operations Operating revenues: Freight revenues by commodity group: Agricultural Products $ 91,630 $ 15,639 $ 3,073 $ 110,342 Autos & Auto Parts 16,686 — — 16,686 Chemicals & Plastics 113,625 — — 113,625 Coal & Coke 62,038 96,506 8,751 167,295 Food & Kindred Products 25,587 — — 25,587 Intermodal 1,203 50,613 192,413 244,229 Lumber & Forest Products 70,362 — — 70,362 Metallic Ores 10,816 24,770 — 35,586 Metals 95,791 — — 95,791 Minerals & Stone 107,122 6,247 63,849 177,218 Petroleum Products 52,870 560 107 53,537 Pulp & Paper 90,346 — — 90,346 Waste 21,316 — — 21,316 Other 19,325 — — 19,325 Freight revenues 778,717 194,335 268,193 1,241,245 Freight-related revenues 193,344 32,214 203,491 429,049 All other revenues 48,835 4,017 49,809 102,661 Total operating revenues $ 1,020,896 $ 230,566 $ 521,493 $ 1,772,955 Operating income/(loss) $ 255,918 $ 62,585 $ (645 ) $ 317,858 Depreciation and amortization $ 123,266 $ 46,232 $ 27,629 $ 197,127 Interest expense, net $ 30,572 $ 38,914 $ 9,620 $ 79,106 Provision for income taxes $ 26,930 $ 7,120 $ 7,519 $ 41,569 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 129,607 $ 27,936 $ 19,893 $ 177,436 Nine Months Ended September 30, 2017 North American Operations Australian Operations U.K./European Operations Total Operations Operating revenues: Freight revenues by commodity group: Agricultural Products $ 92,956 $ 17,737 $ 3,532 $ 114,225 Autos & Auto Parts 17,019 — — 17,019 Chemicals & Plastics 111,660 — — 111,660 Coal & Coke 57,123 86,292 7,464 150,879 Food & Kindred Products 24,856 — — 24,856 Intermodal 726 52,113 190,163 243,002 Lumber & Forest Products 64,903 — — 64,903 Metallic Ores 10,519 29,595 — 40,114 Metals 78,681 — — 78,681 Minerals & Stone 97,446 4,787 49,823 152,056 Petroleum Products 50,696 507 — 51,203 Pulp & Paper 79,690 — — 79,690 Waste 19,000 — — 19,000 Other 14,347 — — 14,347 Freight revenues $ 719,622 $ 191,031 $ 250,982 $ 1,161,635 Freight-related revenues 186,814 36,089 164,978 387,881 All other revenues 47,641 4,866 34,445 86,952 Total operating revenues $ 954,077 $ 231,986 $ 450,405 $ 1,636,468 Operating income/(loss) $ 229,545 $ 59,685 $ (3,755 ) $ 285,475 Depreciation and amortization $ 117,822 $ 45,915 $ 22,772 $ 186,509 Interest expense, net $ 29,928 $ 41,500 $ 7,732 $ 79,160 Provision for/(benefit from) income taxes $ 78,133 $ 4,805 $ (906 ) $ 82,032 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 105,940 $ 9,721 $ 17,446 $ 133,107 |
Certain asset information by segment [Table Text Block] | The following tables set forth select balance sheet data for the Company's reportable segments as of September 30, 2018 and December 31, 2017 (dollars in thousands): September 30, 2018 North American Operations Australian Operations U.K./European Operations Total Operations Cash and cash equivalents $ 7,624 $ 52,568 $ 13,875 $ 74,067 Property and equipment, net $ 3,674,865 $ 617,960 $ 320,470 $ 4,613,295 December 31, 2017 North American Operations Australian Operations U.K./European Operations Total Operations Cash and cash equivalents $ 13,584 $ 52,407 $ 14,481 $ 80,472 Property and equipment, net $ 3,657,801 $ 664,367 $ 334,753 $ 4,656,921 |
Principles of Consolidation a_3
Principles of Consolidation and Basis of Presentation New Accounting Pronouncements and Changes in Accounting Principles (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Decrease in operating income - Labor and benefits expense | $ 175,853 | $ 169,576 | $ 539,407 | $ 500,936 |
Other income/(loss), net | $ 1,515 | 1,868 | (237) | 4,519 |
United States Tax Cuts and Jobs Act 2017, Reclassification from AOCL to Retained Earnings | 0 | |||
AOCL Attributable to Parent [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
United States Tax Cuts and Jobs Act 2017, Reclassification from AOCL to Retained Earnings | 2,970 | |||
ASU 2017-07 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Decrease in operating income - Labor and benefits expense | 1,600 | 4,800 | ||
Other income/(loss), net | $ (1,600) | $ (4,800) | ||
Adjustments for New Accounting Principle, Early Adoption [Member] | AOCL Attributable to Parent [Member] | ASU 2018-02 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
United States Tax Cuts and Jobs Act 2017, Reclassification from AOCL to Retained Earnings | 2,970 | |||
Adjustments for New Accounting Principle, Early Adoption [Member] | Retained Earnings [Member] | ASU 2018-02 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
United States Tax Cuts and Jobs Act 2017, Reclassification from AOCL to Retained Earnings | $ (2,970) |
Principles of Consolidation a_4
Principles of Consolidation and Basis of Presentation Accounting Changes and Error Corrections (Details) - Restatement Adjustment [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
overstatement [Member] | Noncontrolling Interest [Member] | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
Quantifying Misstatement in Current Year Financial Statements, Amount | $ 71.9 |
overstatement [Member] | AOCL Attributable to Parent [Member] | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
Quantifying Misstatement in Current Year Financial Statements, Amount | 14 |
understatement [Member] | Additional Paid-in Capital [Member] | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
Quantifying Misstatement in Current Year Financial Statements, Amount | $ (57.9) |
Changes in Operations United St
Changes in Operations United States - HOG (Details) - Heart of Georgia Railroad [Member] $ in Millions | May 31, 2017USD ($) | Sep. 30, 2018milecarload |
Business Acquisition, Effective Date of Acquisition | May 31, 2017 | |
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |
Cash consideration | $ 5.6 | |
Contingent consideration | $ 5.7 | |
Track Miles Leased | mile | 219 | |
Annual carloads transported | carload | 7,000 |
Changes in Operations Australia
Changes in Operations Australia - Arrium (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2017 | Mar. 31, 2016 | Sep. 30, 2018 | |
Arrium Limited [Member] | ||||
Proceeds from Customers | $ 0.9 | |||
Gain on settlement | $ 0.9 | $ 7.3 | ||
Australia Operations [Member] | ||||
Asset Impairment Charges | $ 13 | |||
Australia Operations [Member] | Arrium Limited [Member] | ||||
Allowance for Doubtful Accounts Receivable, Write-offs | $ 8.1 |
Changes in Operations United Ki
Changes in Operations United Kingdom - ERS (Details) $ in Thousands, € in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018EUR (€) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018EUR (€) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | |
Proceeds from sale of business, net of cash | $ 7,927 | $ 0 | ||||
ERS Railways [Member] | ||||||
Proceeds from sale of business | € 11.2 | $ 13,100 | ||||
Proceeds from sale of business, net of cash | € 6.8 | 7,900 | ||||
Cash of divested business that transferred to buyer | € 4.4 | 5,200 | ||||
Loss on sale of business | $ 1,400 | |||||
ERS Railways [Member] | U.K. Europe Operations [Member] | ||||||
Restructuring Charges | $ 700 | $ 5,200 |
Changes in Operations United _2
Changes in Operations United Kingdom - Pentalver (Details) £ in Thousands, $ in Thousands | May 03, 2017GBP (£)aseaporttruck$ / £ | May 03, 2017USD ($)aseaport | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | May 03, 2017USD ($)truck$ / £ |
Payments to acquire business, net of cash acquired | $ 0 | $ 107,586 | ||||
Foreign currency exchange rate | $ / £ | 1.29 | 1.29 | ||||
Goodwill | $ 1,128,580 | $ 1,165,587 | ||||
Pentalver Transport Limited [Member] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 100.00% | ||||
Business Acquisition, Effective Date of Acquisition | May 3, 2017 | May 3, 2017 | ||||
Cash Acquired from Acquisition | £ 20,200 | $ 26,100 | ||||
Payments to Acquire Businesses, Gross | 97,800 | 126,200 | ||||
Payments to acquire business, net of cash acquired | £ 77,500 | $ 100,100 | ||||
Number of Major Seaports | seaport | 3 | 3 | ||||
Number of trucks | truck | 150 | 150 | ||||
Cash and cash equivalents | £ 20,224 | $ 26,117 | ||||
Accounts receivable | 16,849 | 21,759 | ||||
Materials and supplies | 13,360 | 17,253 | ||||
Prepaid expenses and other | 3,238 | 4,182 | ||||
Property and equipment | 20,649 | 26,666 | ||||
Goodwill | 8,592 | 11,096 | ||||
Total Assets | 124,912 | 161,312 | ||||
Accounts payable and accrued expenses | 21,341 | 27,560 | ||||
Deferred income tax liabilities, net | 5,220 | 6,741 | ||||
Deferred items-grants from outside parties | 601 | 776 | ||||
Net assets | £ 97,750 | $ 126,235 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 33 years | 33 years | ||||
Pentalver Transport Limited [Member] | Minimum [Member] | ||||||
Number of Acres Providing Storage for Loaded and Empty Containers | a | 100 | 100 | ||||
Pentalver Transport Limited [Member] | Maximum [Member] | ||||||
Term of contract of operational rights, in years | 50 years | 50 years | ||||
Operational Network Rights [Member] | Pentalver Transport Limited [Member] | ||||||
Intangible assets | £ 42,000 | $ 54,239 |
Earnings per Share Basic and Di
Earnings per Share Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Numerator [Line items] | ||||
Net income attributable to Genesee & Wyoming Inc. | $ 69,590 | $ 50,240 | $ 188,856 | $ 122,485 |
Denominators [Line Items] | ||||
Weighted average Class A common shares outstanding – Basic | 59,168 | 61,629 | 60,343 | 61,518 |
Weighted average Class B common shares outstanding | 664 | 723 | 679 | 743 |
Dilutive effect of employee stock-based awards | 299 | 125 | 233 | 138 |
Weighted average shares - Diluted | 60,131 | 62,477 | 61,255 | 62,399 |
Earnings per common share [Line Items] | ||||
Basic earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $ 1.18 | $ 0.82 | $ 3.13 | $ 1.99 |
Diluted earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $ 1.16 | $ 0.80 | $ 3.08 | $ 1.96 |
Earnings per Share Antidilutive
Earnings per Share Antidilutive Shares (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares | 704 | 1,245 | 1,045 | 1,302 |
Earnings per Share Share Repurc
Earnings per Share Share Repurchase (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Oct. 25, 2018 | Sep. 30, 2015 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Class A Common Stock repurchased | 3,599,107 | 44,114 | |||
Average stock price of Class A Common Stock repurchased | $ 87.46 | $ 75.99 | |||
Stock Repurchased and Retired During Period Weighted Average Basic Shares Impact | 301,000 | 1,707,000 | |||
Share Repurchase Program 1 [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 300,000 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 29,500 | $ 29,500 | |||
Class A Common Shares [Member] | Share Repurchase Program 1 [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Class A Common Stock repurchased | 894,000 | 3,560,000 | |||
Subsequent Event [Member] | Share Repurchase Program 1 [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 0 | ||||
Subsequent Event [Member] | Share Repurchase Program 2 [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 500,000 |
Revenue (Details)
Revenue (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset, Net | $ 0 |
Contract with Customer, Liability | $ 0 |
Accounts Receivable Accounts Re
Accounts Receivable Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | $ 450,676 | $ 430,210 | |
Allowance for doubtful accounts | (9,571) | (13,505) | |
Accounts receivable, net | 441,105 | 416,705 | |
Accounts receivable - trade [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | 423,880 | 401,723 | |
Accounts receivable - grants from outside parties [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | 14,610 | 17,734 | $ 12,200 |
Accounts receivable - insurance and other third-party claims [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | $ 12,186 | $ 10,753 |
Accounts Receivable Grants from
Accounts Receivable Grants from Outside Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Nontrade Receivables [Abstract] | ||||
Grant proceeds received from outside parties | $ 16,700 | $ 16,000 | ||
Amortization of deferred grants | $ 3,173 | $ 2,978 | $ 8,776 | $ 9,287 |
Accounts Receivable Insurance a
Accounts Receivable Insurance and Third-Party Claims (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | $ 450,676 | $ 430,210 | |
Insurance proceeds for replacement of assets | 2,780 | $ 1,406 | |
Accounts receivable - insurance and other third-party claims [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | 12,186 | 10,753 | |
North American Operations [Member] | Accounts receivable - insurance and other third-party claims [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | 5,800 | 5,900 | |
U.K./European Operations [Member] | Accounts receivable - insurance and other third-party claims [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | $ 6,400 | 4,300 | |
Australia Operations [Member] | Accounts receivable - insurance and other third-party claims [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | $ 600 |
Long-Term Debt Credit Agreement
Long-Term Debt Credit Agreement and Amendment (Details) £ in Millions, $ in Millions | 9 Months Ended | ||
Sep. 30, 2018USD ($) | Jun. 05, 2018GBP (£) | Jun. 05, 2018USD ($) | |
Credit agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Credit agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||
Credit agreement [Member] | Base Rate [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | ||
Credit agreement [Member] | Base Rate [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Credit agreement [Member] | United States Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 1,423 | ||
Long-term Debt, Maturity Date | Jun. 5, 2023 | Jun. 5, 2023 | |
Credit agreement [Member] | U.K. term loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | £ 272.9 | $ 365.2 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 625 | ||
Revolving Credit Facility [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility Commitment Fee Percentage | 0.20% | ||
Revolving Credit Facility [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility Commitment Fee Percentage | 0.30% |
Long-Term Debt Debt Issuance Co
Long-Term Debt Debt Issuance Costs (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Debt Disclosure [Abstract] | |
Write off of unamortized deferred financing fees | $ 2.2 |
Capitalized deferred financing fees | $ 5.3 |
Long-Term Debt Outstanding Term
Long-Term Debt Outstanding Term Loans (Details) - Credit agreement [Member] £ in Thousands, $ in Thousands | Sep. 30, 2018GBP (£) | Sep. 30, 2018USD ($) |
United States Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.74% | 3.74% |
Long-term Debt, Gross | $ 1,303,000 | |
U.K. term loan [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.22% | 2.22% |
Long-term Debt, Gross | £ 247,932 | $ 323,353 |
Long-Term Debt Amortization of
Long-Term Debt Amortization of Term Loans (Details) - 9 months ended Sep. 30, 2018 - Credit agreement [Member] $ in Thousands, £ in Millions | GBP (£) | USD ($) |
United States Term Loan [Member] | ||
Debt Instrument, Prepayment, Principal | $ 120,000 | |
U.K. term loan [Member] | ||
Debt Instrument, Prepayment, Principal | £ 25 | 32,800 |
March 31, 2020 | United States Term Loan [Member] | ||
Debt Instrument, Periodic Payment, Principal | 4,513 | |
June 30, 2020 through March 31, 2023 | United States Term Loan [Member] | ||
Debt Instrument, Periodic Payment, Principal | 17,788 | |
June 30, 2020 | U.K. term loan [Member] | ||
Debt Instrument, Periodic Payment, Principal | 2,293 | |
September 30, 2020 through March 31, 2023 | U.K. term loan [Member] | ||
Debt Instrument, Periodic Payment, Principal | 3,412 | |
Maturity date - June 5, 2023 | United States Term Loan [Member] | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 1,085,031 | |
Maturity date - June 5, 2023 | U.K. term loan [Member] | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 208,111 |
Long-Term Debt Unused Borrowing
Long-Term Debt Unused Borrowing Capacity (Details) - Credit agreement [Member] $ in Thousands | Sep. 30, 2018USD ($) |
Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Total available borrowing capacity | $ 625,000 |
Outstanding revolving loans | 6,304 |
Unused borrowing capacity | 616,610 |
Letter of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Outstanding letter of credit guarantees | $ 2,086 |
Long-Term Debt Outstanding Revo
Long-Term Debt Outstanding Revolving Loans (Details) - Revolving Credit Facility [Member] £ in Thousands, $ in Thousands | Sep. 30, 2018GBP (£) | Sep. 30, 2018USD ($) |
United States Swingline Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Outstanding revolving loans | $ 5,000 | |
Interest rate | 5.75% | 5.75% |
British Pound Swingline Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Outstanding revolving loans | £ 1,000 | $ 1,304 |
Interest rate | 2.20% | 2.20% |
Long-Term Debt Covenants and Gu
Long-Term Debt Covenants and Guarantees (Details) | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Stock Repurchase Program, Additional Allowable Amount Under Credit Agreement | $ 500,000,000 |
Covenant compliance | the Company was in compliance with the covenants under the Amended Credit Agreement |
Stock Repurchase Program, Maximum Amount Allowable Under Credit Agreement | $ 529,500,000 |
Credit agreement [Member] | |
Acquisition amount that will trigger higher senior secured leverage ratio | $ 500,000,000 |
Maximum [Member] | Credit agreement [Member] | |
Senior secured leverage ratio through June 30, 2019 | 4.25 |
Senior secured leverage ratio after June 30, 2019 | 4 |
Senior secured leverage ratio after acquisition limit exceeded | 4.50 |
Maximum total leverage ratio | 4.50 |
Total coverage ratio after repurchase of stock | 3.25 |
Minimum [Member] | Credit agreement [Member] | |
Maximum interest coverage ratio | 3.50 |
Cash and Available Revolving Credit Capacity | $ 100,000,000 |
U.K. Operations Optimization (D
U.K. Operations Optimization (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 15 Months Ended | |||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2019USD ($)$ / £ | May 03, 2017$ / £ | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and related costs | $ 3,286 | $ 2,628 | $ 12,931 | $ 8,744 | ||
Foreign currency exchange rate | $ / £ | 1.29 | |||||
Scenario, Forecast [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Foreign currency exchange rate | $ / £ | 1.30 | |||||
U.K. Operations Optimization [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and related costs | 3,491 | 12,846 | ||||
U.K. Operations Optimization [Member] | Rationalization of locomotive and railcar fleet [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and related costs | 379 | 6,317 | ||||
U.K. Operations Optimization [Member] | Management restructuring [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and related costs | 1,610 | 3,739 | ||||
U.K. Operations Optimization [Member] | Productivity and automation investments [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and related costs | $ 1,502 | $ 2,790 | ||||
U.K. Operations Optimization [Member] | Scenario, Forecast [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and related costs | $ 52,000 | |||||
U.K. Operations Optimization [Member] | Scenario, Forecast [Member] | Rationalization of locomotive and railcar fleet [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and related costs | 28,000 | |||||
U.K. Operations Optimization [Member] | Scenario, Forecast [Member] | Management restructuring [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and related costs | 10,000 | |||||
U.K. Operations Optimization [Member] | Scenario, Forecast [Member] | Productivity and automation investments [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and related costs | $ 14,000 |
U.K. Operations Optimization Re
U.K. Operations Optimization Restructuring Reserve Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related costs | $ 3,286 | $ 2,628 | $ 12,931 | $ 8,744 |
U.K. Operations Optimization [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related liability, beginning balance | 0 | |||
Restructuring and related costs | 3,491 | 12,846 | ||
Cash payments | (5,769) | |||
Non-cash settlements | (1,120) | |||
Restructuring and related liability, ending balance | 5,957 | 5,957 | ||
U.K. Operations Optimization [Member] | Rationalization of locomotive and railcar fleet [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related liability, beginning balance | 0 | |||
Restructuring and related costs | 379 | 6,317 | ||
Cash payments | (797) | |||
Non-cash settlements | (897) | |||
Restructuring and related liability, ending balance | 4,623 | 4,623 | ||
U.K. Operations Optimization [Member] | Management restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related liability, beginning balance | 0 | |||
Restructuring and related costs | 1,610 | 3,739 | ||
Cash payments | (2,405) | |||
Non-cash settlements | 0 | |||
Restructuring and related liability, ending balance | 1,334 | 1,334 | ||
U.K. Operations Optimization [Member] | Productivity and automation investments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related liability, beginning balance | 0 | |||
Restructuring and related costs | 1,502 | 2,790 | ||
Cash payments | (2,567) | |||
Non-cash settlements | (223) | |||
Restructuring and related liability, ending balance | $ 0 | $ 0 |
Derivative Financial Instrume_3
Derivative Financial Instruments Outstanding Interest Rate Swap Agreements (Details) $ in Thousands, $ in Thousands | 9 Months Ended | |
Sep. 30, 2018USD ($) | Sep. 30, 2018AUD ($) | |
Fixed rate debt [Member] | ||
Derivative [Line Items] | ||
Probable future debt | $ 300,000 | |
Variable rate debt [Member] | ||
Derivative [Line Items] | ||
Probable future debt | $ 300,000 | |
Interest Rate Swap 4 [Member] | ||
Derivative [Line Items] | ||
Effective Date | Dec. 1, 2016 | |
Settlement Date | Dec. 1, 2021 | |
Notional Amount | $ 372,600 | |
Pay Fixed Rate | 2.44% | 2.44% |
Interest Rate Swap 5 [Member] | ||
Derivative [Line Items] | ||
Effective Date | Dec. 1, 2016 | |
Settlement Date | Dec. 1, 2021 | |
Notional Amount | $ 110,746 | |
Pay Fixed Rate | 2.44% | 2.44% |
Interest Rate Swap 6 [Member] | ||
Derivative [Line Items] | ||
Effective Date | Dec. 1, 2016 | |
Settlement Date | Dec. 1, 2021 | |
Notional Amount | $ 34,155 | |
Pay Fixed Rate | 2.44% | 2.44% |
Interest Rate Swap 7 [Member] | ||
Derivative [Line Items] | ||
Effective Date | Aug. 31, 2018 | |
Settlement Date | Aug. 31, 2021 | |
Notional Amount | $ 100,000 | |
Pay Fixed Rate | 2.70% | 2.70% |
Interest Rate Swap 8 [Member] | ||
Derivative [Line Items] | ||
Effective Date | Aug. 31, 2018 | |
Settlement Date | Aug. 31, 2021 | |
Notional Amount | $ 100,000 | |
Pay Fixed Rate | 2.71% | 2.71% |
Interest Rate Swap 9 [Member] | ||
Derivative [Line Items] | ||
Effective Date | Aug. 31, 2018 | |
Settlement Date | Aug. 31, 2048 | |
Notional Amount | $ 100,000 | |
Pay Fixed Rate | 2.84% | 2.84% |
Mandatory Termination Date | Aug. 31, 2023 | |
Interest Rate Swap 10 [Member] | ||
Derivative [Line Items] | ||
Effective Date | Aug. 31, 2018 | |
Settlement Date | Aug. 31, 2048 | |
Notional Amount | $ 100,000 | |
Pay Fixed Rate | 2.87% | 2.87% |
Mandatory Termination Date | Aug. 31, 2023 | |
Interest Rate Swap 11 [Member] | ||
Derivative [Line Items] | ||
Effective Date | Aug. 31, 2018 | |
Settlement Date | Aug. 31, 2048 | |
Notional Amount | $ 100,000 | |
Pay Fixed Rate | 2.84% | 2.84% |
Mandatory Termination Date | Aug. 31, 2023 |
Derivative Financial Instrume_4
Derivative Financial Instruments Settled Interest Rate Swap Agreements (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Interest Rate Swap 1 [Member] | |
Derivatives, Fair Value [Line Items] | |
Effective Date | Sep. 30, 2016 |
Settlement Date | Aug. 15, 2018 |
Maturity Date | Sep. 30, 2026 |
Notional Amount | $ 100,000 |
Pay Fixed Rate | 2.76% |
Interest Rate Swap 2 [Member] | |
Derivatives, Fair Value [Line Items] | |
Effective Date | Sep. 30, 2016 |
Settlement Date | Aug. 15, 2018 |
Maturity Date | Sep. 30, 2026 |
Notional Amount | $ 100,000 |
Pay Fixed Rate | 2.74% |
Interest Rate Swap 3 [Member] | |
Derivatives, Fair Value [Line Items] | |
Effective Date | Sep. 30, 2016 |
Settlement Date | Aug. 15, 2018 |
Maturity Date | Sep. 30, 2026 |
Notional Amount | $ 100,000 |
Pay Fixed Rate | 2.73% |
Derivative Financial Instrume_5
Derivative Financial Instruments Net Losses Realized (Details) - Interest Rate Swap [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | $ 0.5 | $ 0.6 | $ 1.2 | $ 1.5 |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ (0.2) |
Derivative Financial Instrume_6
Derivative Financial Instruments Foreign Currency Exchange Rate Risk (Details) £ in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Mar. 31, 2015GBP (£) | Mar. 31, 2015USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018GBP (£)$ / $$ / £ | Sep. 30, 2018USD ($)$ / $$ / £ | Mar. 25, 2015GBP (£) | Mar. 25, 2015USD ($) | |
Derivative [Line Items] | ||||||||||
Foreign subsidiaries third-party debt denominated in local currencies | $ | $ 1,000,000 | |||||||||
Foreign Currency Forward [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | $ | $ 400 | $ 400 | ||||||||
Existing net gains expected to be realized within the next 12 months | $ | $ 400 | |||||||||
Foreign Currency Forward 2 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Effective Date | May 2, 2018 | |||||||||
Settlement Date | Nov. 5, 2018 | |||||||||
Notional Amount | $ | $ 4,315 | |||||||||
Exchange Rate | $ / $ | 0.75 | 0.75 | ||||||||
Foreign Currency Forward 3 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Effective Date | May 2, 2018 | |||||||||
Settlement Date | Dec. 21, 2018 | |||||||||
Notional Amount | $ | $ 5,753 | |||||||||
Exchange Rate | $ / $ | 0.75 | 0.75 | ||||||||
British Pound Foreign currency forward contracts [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | $ | $ 200 | $ 100 | $ 500 | $ 400 | ||||||
Existing net gains expected to be realized within the next 12 months | $ | $ 800 | |||||||||
British Pound Foreign Currency Forward Contract 1 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Effective Date | Mar. 25, 2015 | |||||||||
Settlement Date | Mar. 31, 2020 | |||||||||
Notional Amount | £ | £ 60,000 | |||||||||
Exchange Rate | $ / £ | 1.51 | 1.51 | ||||||||
British Pound Foreign Currency Forward Contract 2 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Effective Date | Mar. 25, 2015 | |||||||||
Settlement Date | Mar. 31, 2020 | |||||||||
Notional Amount | £ | £ 60,000 | |||||||||
Exchange Rate | $ / £ | 1.50 | 1.50 | ||||||||
British Pound Foreign Currency Forward Contract 3 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Effective Date | Jun. 30, 2015 | |||||||||
Settlement Date | Mar. 31, 2020 | |||||||||
Notional Amount | £ | £ 2,035 | |||||||||
Exchange Rate | $ / £ | 1.57 | 1.57 | ||||||||
British Pound Foreign Currency Forward Contract 4 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Effective Date | Sep. 30, 2015 | |||||||||
Settlement Date | Mar. 31, 2020 | |||||||||
Notional Amount | £ | £ 1,846 | |||||||||
Exchange Rate | $ / £ | 1.51 | 1.51 | ||||||||
British Pound Foreign Currency Forward Contract 5 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Effective Date | Dec. 31, 2015 | |||||||||
Settlement Date | Mar. 31, 2020 | |||||||||
Notional Amount | £ | £ 1,873 | |||||||||
Exchange Rate | $ / £ | 1.48 | 1.48 | ||||||||
British Pound Foreign Currency Forward Contract 6 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Effective Date | Mar. 31, 2016 | |||||||||
Settlement Date | Mar. 31, 2020 | |||||||||
Notional Amount | £ | £ 1,881 | |||||||||
Exchange Rate | $ / £ | 1.45 | 1.45 | ||||||||
British Pound Foreign Currency Forward Contract 7 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Effective Date | Jun. 30, 2016 | |||||||||
Settlement Date | Mar. 31, 2020 | |||||||||
Notional Amount | £ | £ 1,909 | |||||||||
Exchange Rate | $ / £ | 1.35 | 1.35 | ||||||||
British Pound Foreign Currency Forward Contract 8 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Effective Date | Sep. 30, 2016 | |||||||||
Settlement Date | Mar. 31, 2020 | |||||||||
Notional Amount | £ | £ 1,959 | |||||||||
Exchange Rate | $ / £ | 1.33 | 1.33 | ||||||||
British Pound Foreign Currency Forward Contract 9 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Effective Date | Dec. 30, 2016 | |||||||||
Settlement Date | Mar. 31, 2020 | |||||||||
Notional Amount | £ | £ 1,989 | |||||||||
Exchange Rate | $ / £ | 1.28 | 1.28 | ||||||||
British Pound Foreign Currency Forward Contract 10 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Effective Date | Mar. 31, 2017 | |||||||||
Settlement Date | Mar. 31, 2020 | |||||||||
Notional Amount | £ | £ 1,975 | |||||||||
Exchange Rate | $ / £ | 1.30 | 1.30 | ||||||||
British Pound Foreign Currency Forward Contract 11 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Effective Date | Jun. 30, 2017 | |||||||||
Settlement Date | Mar. 31, 2020 | |||||||||
Notional Amount | £ | £ 2,026 | |||||||||
Exchange Rate | $ / £ | 1.34 | 1.34 | ||||||||
British Pound Foreign Currency Forward Contract 12 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Effective Date | Oct. 2, 2017 | |||||||||
Settlement Date | Mar. 31, 2020 | |||||||||
Notional Amount | £ | £ 2,079 | |||||||||
Exchange Rate | $ / £ | 1.36 | 1.36 | ||||||||
British Pound Foreign Currency Forward Contract 13 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Effective Date | Dec. 29, 2017 | |||||||||
Settlement Date | Mar. 31, 2020 | |||||||||
Notional Amount | £ | £ 2,111 | |||||||||
Exchange Rate | $ / £ | 1.39 | 1.39 | ||||||||
British Pound Foreign Currency Forward Contract 14 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Effective Date | Mar. 29, 2018 | |||||||||
Settlement Date | Mar. 31, 2020 | |||||||||
Notional Amount | £ | £ 2,096 | |||||||||
Exchange Rate | $ / £ | 1.44 | 1.44 | ||||||||
British Pound Foreign Currency Forward Contract 15 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Effective Date | Jun. 29, 2018 | |||||||||
Settlement Date | Mar. 31, 2020 | |||||||||
Notional Amount | £ | £ 2,151 | |||||||||
Exchange Rate | $ / £ | 1.36 | 1.36 | ||||||||
British Pound Foreign Currency Forward Contract 16 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Effective Date | Sep. 28, 2018 | |||||||||
Settlement Date | Mar. 31, 2020 | |||||||||
Notional Amount | £ | £ 2,207 | |||||||||
Exchange Rate | $ / £ | 1.34 | 1.34 | ||||||||
Freightliner [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Cash consideration | £ 492,100 | $ 733,000 | ||||||||
Intercompany Loan [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Long-term Debt, Gross | £ 120,000 | $ 181,000 | ||||||||
Accrued interest | £ 28,100 | $ 36,700 |
Derivative Financial Instrume_7
Derivative Financial Instruments Settled Foreign Currency Exchange Rate Agreements (Details) - Foreign Currency Forward 1 [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($)$ / $ | |
Derivative [Line Items] | |
Effective Date | Apr. 18, 2018 |
Maturity Date | Jul. 5, 2018 |
Notional Amount | $ | $ 5,379 |
Exchange Rate | $ / $ | 0.78 |
Derivative Financial Instrume_8
Derivative Financial Instruments Cross Currency Swap (Details) $ in Thousands, € in Millions, $ in Millions | Dec. 22, 2016EUR (€) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 22, 2016AUD ($) | Dec. 01, 2016EUR (€) | Dec. 01, 2016AUD ($) |
Derivative [Line Items] | ||||||||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Net of Foreign Currency Transaction Gain (Loss) on Intercompany Loan | $ (2,410) | $ (2,729) | $ (4,900) | $ (6,397) | ||||
Currency Swap [Member] | ||||||||
Derivative [Line Items] | ||||||||
Settlement Date | Jun. 30, 2019 | |||||||
Currency Swap 1 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional Amount | € 85.5 | $ 123.9 | ||||||
Currency Swap 2 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional Amount | € 86.3 | $ 125 | ||||||
BBR Interest rate [Member] | Currency Swap 1 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Description of Terms | Australian dollar BBR plus 4.50% | |||||||
BBR Interest rate [Member] | Currency Swap 2 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Description of Terms | Australian dollar BBR plus 4.50% | |||||||
EURIBOR Interest Rate [Member] | Currency Swap 1 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Description of Terms | EURIBOR plus 2.68% | |||||||
EURIBOR Interest Rate [Member] | Currency Swap 2 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Description of Terms | EURIBOR plus 2.90% | |||||||
Intercompany GRail Loan [Member] | ||||||||
Derivative [Line Items] | ||||||||
Debt Instrument, Face Amount | € 171.7 | $ 248.9 | ||||||
Other income/(loss), net [Member] | ||||||||
Derivative [Line Items] | ||||||||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Net of Foreign Currency Transaction Gain (Loss) on Intercompany Loan | $ (2,410) | $ (842) | $ (4,900) | $ (4,510) |
Derivative Financial Instrume_9
Derivative Financial Instruments Fair Value of the Company's Derivative Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Interest rate swap agreements [Member] | Designated as Hedging Instrument [Member] | Prepaid expenses and other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 527 | $ 0 |
Interest rate swap agreements [Member] | Designated as Hedging Instrument [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 6,596 | 0 |
Interest rate swap agreements [Member] | Designated as Hedging Instrument [Member] | Accrued expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 755 | 1,972 |
Interest rate swap agreements [Member] | Designated as Hedging Instrument [Member] | Other long-term liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 1,706 | 12,410 |
Foreign Currency Forward [Member] | Designated as Hedging Instrument [Member] | Prepaid expenses and other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 383 | 0 |
British Pound Foreign currency forward contracts [Member] | Designated as Hedging Instrument [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 20,803 | 13,657 |
British Pound Foreign currency forward contracts [Member] | Designated as Hedging Instrument [Member] | Other long-term liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 246 | 829 |
Cross-currency swap [Member] | Not Designated as Hedging Instrument [Member] | Prepaid expenses and other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 16,648 | 5,775 |
Cross-currency swap [Member] | Not Designated as Hedging Instrument [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 2,887 |
Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 16,648 | 8,662 |
Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 28,309 | 13,657 |
Derivative Liability, Fair Value, Gross Liability | $ 2,707 | $ 15,211 |
Derivative Financial Instrum_10
Derivative Financial Instruments Derivative Instruments Designated as Cash Flow Hedges OCI Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Intercompany Loan [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gain (loss) for mark-to-market of the U.K. intercompany loan | $ (1,700) | $ 3,200 | $ (5,400) | $ 8,600 |
British Pound Foreign currency forward contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion of net changes in fair value recognized in OCI, net of tax | 2,000 | (2,800) | 5,500 | (6,600) |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion of net changes in fair value recognized in OCI, net of tax | 5,153 | 736 | 14,756 | 638 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest rate swap agreements [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion of net changes in fair value recognized in OCI, net of tax | 4,816 | 388 | 14,396 | (1,382) |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Currency Forward [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion of net changes in fair value recognized in OCI, net of tax | (13) | 0 | 275 | 0 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | British Pound Foreign currency forward contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion of net changes in fair value recognized in OCI, net of tax | $ 350 | $ 348 | $ 85 | $ 2,020 |
Derivative Financial Instrum_11
Derivative Financial Instruments Derivative Instruments Not Designated as Hedges Amount Recognized in Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Cross-currency swap agreements, net | $ (2,410) | $ (2,729) | $ (4,900) | $ (6,397) |
Other income/(loss), net [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Cross-currency swap agreements, net | (2,410) | (842) | (4,900) | (4,510) |
Currency Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gain (loss) on mark-to-market of the swaps | 1,700 | 2,000 | ||
Currency Swap [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | (1,887) | 0 | (1,887) |
Intercompany GRail Loan [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gain (loss) for mark-to-market of the U.K. intercompany loan | (3,000) | $ (2,500) | (8,100) | $ (6,500) |
Mark to Market [Member] | Currency Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gain (loss) on mark-to-market of the swaps | $ 600 | $ 3,200 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments Financial Instruments Carried at Fair Value-Level 2 (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets carried at fair value | $ 44,957 | $ 22,319 |
Financial liabilities carried at fair value | 2,707 | 15,211 |
Designated as Hedging Instrument [Member] | Interest rate swap agreements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 7,123 | 0 |
Derivative Liability | 2,461 | 14,382 |
Designated as Hedging Instrument [Member] | Foreign currency forward contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 383 | 0 |
Designated as Hedging Instrument [Member] | British pound forward contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 20,803 | 13,657 |
Derivative Liability | 246 | 829 |
Not Designated as Hedging Instrument [Member] | Cross-currency swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 16,648 | $ 8,662 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments Financial instruments Carried at Fair Value-Level 3 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Freightliner [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Loss recognized in earnings as a result of the change in estimated fair value | $ 0 | $ 859 | $ 0 | $ 2,405 | |
Heart of Georgia Railroad [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Loss recognized in earnings as a result of the change in estimated fair value | 137 | 126 | 394 | 166 | |
Fair Value, Inputs, Level 3 [Member] | Freightliner [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Accrued deferred consideration | $ 37,200 | $ 37,200 | |||
Fair Value, Inputs, Level 3 [Member] | Heart of Georgia Railroad [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Accrued deferred consideration | $ 6,368 | $ 6,368 | $ 5,974 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments Financial Instruments Carried at Historical Costs (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Value | $ 2,260,373 | $ 2,256,312 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 2,280,386 | 2,279,901 |
Australian Credit Agreement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Value | 465,547 | 513,192 |
Australian Credit Agreement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 473,331 | 528,105 |
Australian Partner Loan Agreement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Value | 172,296 | 186,085 |
Australian Partner Loan Agreement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 170,173 | 184,750 |
United States term loan [Member] | Credit agreement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Value | 1,295,234 | 1,204,714 |
United States term loan [Member] | Credit agreement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 1,302,650 | 1,208,657 |
U.K. term loan [Member] | Credit agreement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Value | 322,526 | 124,747 |
U.K. term loan [Member] | Credit agreement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 325,565 | 126,480 |
Revolving credit facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Value | 2,395 | 225,155 |
Revolving credit facility [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 6,304 | 229,483 |
Other debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Value | 2,375 | 2,419 |
Other debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $ 2,363 | $ 2,426 |
U.K. Pension Plan Net Periodic
U.K. Pension Plan Net Periodic Service Cost (Details) - Pension Plan [Member] $ in Thousands, £ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018GBP (£) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2018GBP (£) | Dec. 31, 2018USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Net periodic benefit cost | $ 1,421 | $ 2,170 | $ 4,420 | $ 6,348 | |||
Defined Benefit Plan, Contribution by Employer | £ 4.5 | $ 6,000 | |||||
Scenario, Forecast [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Expected Future Benefit Payment, Remainder of Fiscal Year | £ 2.9 | $ 3,800 | |||||
U.K. Pension [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Company contribution % required in shared cost arrangement | 60.00% | 60.00% | |||||
Defined benefit plan, contribution percent by participant | 40.00% | 40.00% | |||||
Labor and Benefits [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Service cost | 3,610 | 3,909 | $ 11,235 | 11,434 | |||
Other income/(loss), net [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Interest cost | 2,383 | 2,588 | 7,416 | 7,569 | |||
Expected return on plan assets | (4,572) | (4,327) | (14,231) | (12,655) | |||
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | $ (2,189) | $ (1,739) | $ (6,815) | $ (5,086) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Tax Cuts and Jobs Act, Measurement Period Adjustment, Income Tax Expense (Benefit) | $ (1,600,000) | ||||
Income tax provision | $ 31,013,000 | $ 30,507,000 | $ 41,569,000 | $ 82,032,000 | |
Effective income tax rate | 30.00% | 36.40% | 38.90% | ||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | $ 3,300,000 | ||||
Tax Benefit from United States Short Line Tax Credit, Amount | 31,600,000 | ||||
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | $ (5,500,000) | ||||
Effective income tax excluding short line tax credit and prior period portion of the reserve for uncertain tax positions, percentage | 28.40% | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 35.00% | ||
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 | ||||
March 25, 2015 through December 31, 2017 | |||||
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | $ (3,700,000) |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Millions | Sep. 30, 2018USD ($) |
Damage from Fire, Explosion or Other Hazard [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Estimate of Possible Loss | $ 14.1 |
Customer Contracts [Member] | Accounts Receivable [Member] | Collectibility of Receivables [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Estimate of Possible Loss | $ 13 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income/(Loss) AOCI Attributable to G&W (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income/(loss), beginning balance | $ (105,534) | $ (197,316) |
Other comprehensive income/(loss) before reclassifications | (26,469) | 72,147 |
Amounts reclassified from accumulated other comprehensive loss, net of tax (provision)/benefit | (103) | 8,050 |
Current period change in OCI | (26,572) | 80,197 |
United States Tax Cuts and Jobs Act 2017, Reclassification from AOCL to Retained Earnings | 0 | |
Accumulated other comprehensive income/(loss), ending balance | (135,076) | (117,119) |
Foreign Currency Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income/(loss), beginning balance | (74,617) | (163,642) |
Other comprehensive income/(loss) before reclassifications | (41,395) | 81,412 |
Amounts reclassified from accumulated other comprehensive loss, net of tax (provision)/benefit | 0 | 0 |
Current period change in OCI | (41,395) | 81,412 |
United States Tax Cuts and Jobs Act 2017, Reclassification from AOCL to Retained Earnings | 0 | |
Accumulated other comprehensive income/(loss), ending balance | (116,012) | (82,230) |
Defined Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income/(loss), beginning balance | (19,601) | (19,948) |
Other comprehensive income/(loss) before reclassifications | 0 | (2,262) |
Amounts reclassified from accumulated other comprehensive loss, net of tax (provision)/benefit | 129 | 113 |
Current period change in OCI | 129 | (2,149) |
United States Tax Cuts and Jobs Act 2017, Reclassification from AOCL to Retained Earnings | (132) | |
Accumulated other comprehensive income/(loss), ending balance | (19,604) | (22,097) |
Tax (provision) on amounts reclassified from AOCL for defined benefit plans | (42) | (60) |
Net Unrealized Gain/(Loss) on Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income/(loss), beginning balance | (11,316) | (13,726) |
Other comprehensive income/(loss) before reclassifications | 14,926 | (7,003) |
Amounts reclassified from accumulated other comprehensive loss, net of tax (provision)/benefit | (232) | 7,937 |
Current period change in OCI | 14,694 | 934 |
United States Tax Cuts and Jobs Act 2017, Reclassification from AOCL to Retained Earnings | (2,838) | |
Accumulated other comprehensive income/(loss), ending balance | 540 | (12,792) |
Tax (provision)/benefit on amounts reclassified from AOCL for cash flow hedges | 76 | (5,347) |
AOCL Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Current period change in OCI | (26,572) | $ 80,197 |
United States Tax Cuts and Jobs Act 2017, Reclassification from AOCL to Retained Earnings | $ (2,970) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income/(Loss) OCI Attributable to Noncontrolling Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Noncontrolling Interest [Abstract] | ||||
Net income attributable to noncontrolling interest | $ 2,720 | $ 3,145 | $ 8,090 | $ 6,317 |
Foreign currency translation adjustment, net of tax, portion attributable to noncontrolling interest | (4,804) | 4,972 | (17,647) | 18,642 |
Net unrealized gain/(loss) on qualifying cash flow hedges, net of tax | (95) | 383 | 62 | (296) |
Comprehensive income attributable to noncontrolling interest | (2,179) | 8,500 | (9,495) | 24,663 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax, Portion Attributable to Noncontrolling Interest | $ 41 | $ (164) | $ (26) | $ 127 |
Significant Non-Cash Investin_2
Significant Non-Cash Investing Activities (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Other Significant Noncash Transactions [Line Items] | |||
Outstanding receivables from outside parties for the funding of capital expenditures | $ 450,676 | $ 430,210 | |
Purchases of property and equipment accrued in accounts payable | 16,100 | $ 12,300 | |
Accounts receivable - grants from outside parties [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Outstanding receivables from outside parties for the funding of capital expenditures | $ 14,610 | $ 12,200 | $ 17,734 |
Segment Information Foreign Cur
Segment Information Foreign Currency Exchange Rates (Details) | Sep. 30, 2018$ / $ | Sep. 30, 2018$ / £ | Sep. 30, 2018$ / $ | Sep. 30, 2018$ / € | Dec. 31, 2017$ / $ | Dec. 31, 2017$ / £ | Dec. 31, 2017$ / $ | Dec. 31, 2017$ / € | Sep. 30, 2017$ / $ | Sep. 30, 2017$ / £ | Sep. 30, 2017$ / $ | Sep. 30, 2017$ / € | May 03, 2017$ / £ |
Foreign currency exchange rate | 1.29 | ||||||||||||
Last day rate [Member] | |||||||||||||
Foreign currency exchange rate | 0.72 | 1.30 | 0.77 | 1.16 | 0.78 | 1.35 | 0.80 | 1.20 | |||||
Quarter to Date Average [Member] | |||||||||||||
Foreign currency exchange rate | 0.73 | 1.30 | 0.77 | 1.16 | 0.79 | 1.31 | 0.80 | 1.17 | |||||
Year to Date Average [Member] | |||||||||||||
Foreign currency exchange rate | 0.76 | 1.35 | 0.78 | 1.19 | 0.77 | 1.28 | 0.77 | 1.11 |
Segment Information Segments (D
Segment Information Segments (Details) $ in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)reportable_segmentprovincesregion | Sep. 30, 2018AUD ($)reportable_segmentprovincesregion | Sep. 30, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of operating regions | region | 9 | 9 | |||
Number of reportable segments | reportable_segment | 3 | 3 | |||
Noncontrolling Interest, Ownership Percentage by Parent | 51.10% | 51.10% | 51.10% | ||
Payments of Ordinary Dividends | $ 40 | ||||
Payments of Ordinary Dividends, Parent | $ 15,600 | 20.4 | |||
Payments of Ordinary Dividends, Noncontrolling Interest | 14,898 | $ 19.6 | $ 0 | ||
Operating revenue | $ 603,304 | $ 576,927 | 1,772,955 | 1,636,468 | |
Operating income/(loss) | 127,820 | 109,842 | 317,858 | 285,475 | |
Depreciation and amortization | 65,392 | 64,222 | 197,127 | 186,509 | |
Interest expense, net | 26,012 | 27,818 | 79,106 | 79,160 | |
Provision for/(benefit from) income taxes | 31,013 | 30,507 | 41,569 | 82,032 | |
Expenditures for Additions to Property and Equipment Net of Grants From Outside Parties | 57,009 | 53,239 | $ 177,436 | 133,107 | |
North American Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of operating regions | provinces | 7 | 7 | |||
Operating revenue | 355,709 | 318,927 | $ 1,020,896 | 954,077 | |
Operating income/(loss) | 102,484 | 82,203 | 255,918 | 229,545 | |
Depreciation and amortization | 41,388 | 40,036 | 123,266 | 117,822 | |
Interest expense, net | 10,339 | 9,817 | 30,572 | 29,928 | |
Provision for/(benefit from) income taxes | 26,323 | 28,270 | 26,930 | 78,133 | |
Expenditures for Additions to Property and Equipment Net of Grants From Outside Parties | 42,120 | 41,713 | 129,607 | 105,940 | |
Australia Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 76,703 | 81,270 | 230,566 | 231,986 | |
Operating income/(loss) | 20,713 | 22,276 | 62,585 | 59,685 | |
Depreciation and amortization | 14,937 | 15,753 | 46,232 | 45,915 | |
Interest expense, net | 12,780 | 13,678 | 38,914 | 41,500 | |
Provision for/(benefit from) income taxes | 2,398 | 2,013 | 7,120 | 4,805 | |
Expenditures for Additions to Property and Equipment Net of Grants From Outside Parties | 8,185 | 4,545 | 27,936 | 9,721 | |
U.K./European Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 170,892 | 176,730 | 521,493 | 450,405 | |
Operating income/(loss) | 4,623 | 5,363 | (645) | (3,755) | |
Depreciation and amortization | 9,067 | 8,433 | 27,629 | 22,772 | |
Interest expense, net | 2,893 | 4,323 | 9,620 | 7,732 | |
Provision for/(benefit from) income taxes | 2,292 | 224 | 7,519 | (906) | |
Expenditures for Additions to Property and Equipment Net of Grants From Outside Parties | $ 6,704 | $ 6,981 | $ 19,893 | $ 17,446 | |
MIRA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 48.90% | 48.90% | 48.90% |
Segment Information Disaggregat
Segment Information Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 603,304 | $ 576,927 | $ 1,772,955 | $ 1,636,468 |
Freight [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 423,374 | 400,735 | 1,241,245 | 1,161,635 |
Freight [Member] | Agricultural Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 35,768 | 35,722 | 110,342 | 114,225 |
Freight [Member] | Autos & Auto Parts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 5,513 | 6,079 | 16,686 | 17,019 |
Freight [Member] | Chemicals & Plastics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 38,436 | 36,745 | 113,625 | 111,660 |
Freight [Member] | Coal & Coke [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 57,951 | 51,366 | 167,295 | 150,879 |
Freight [Member] | Food & Kindred Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 8,761 | 8,257 | 25,587 | 24,856 |
Freight [Member] | Intermodal [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 76,661 | 86,697 | 244,229 | 243,002 |
Freight [Member] | Lumber & Forest Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 24,113 | 22,204 | 70,362 | 64,903 |
Freight [Member] | Metallic Ores [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 12,487 | 15,008 | 35,586 | 40,114 |
Freight [Member] | Metals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 34,904 | 26,008 | 95,791 | 78,681 |
Freight [Member] | Minerals & Stone [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 62,980 | 56,241 | 177,218 | 152,056 |
Freight [Member] | Petroleum Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 18,559 | 16,648 | 53,537 | 51,203 |
Freight [Member] | Pulp & Paper [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 31,961 | 28,135 | 90,346 | 79,690 |
Freight [Member] | Waste [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 8,089 | 6,662 | 21,316 | 19,000 |
Freight [Member] | Other Commodity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 7,191 | 4,963 | 19,325 | 14,347 |
Freight-related [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 145,450 | 140,923 | 429,049 | 387,881 |
All other revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 34,480 | 35,269 | 102,661 | 86,952 |
North American Operations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 355,709 | 318,927 | 1,020,896 | 954,077 |
North American Operations [Member] | Freight [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 273,432 | 242,968 | 778,717 | 719,622 |
North American Operations [Member] | Freight [Member] | Agricultural Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 30,565 | 28,699 | 91,630 | 92,956 |
North American Operations [Member] | Freight [Member] | Autos & Auto Parts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 5,513 | 6,079 | 16,686 | 17,019 |
North American Operations [Member] | Freight [Member] | Chemicals & Plastics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 38,436 | 36,745 | 113,625 | 111,660 |
North American Operations [Member] | Freight [Member] | Coal & Coke [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 23,006 | 20,008 | 62,038 | 57,123 |
North American Operations [Member] | Freight [Member] | Food & Kindred Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 8,761 | 8,257 | 25,587 | 24,856 |
North American Operations [Member] | Freight [Member] | Intermodal [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 514 | 311 | 1,203 | 726 |
North American Operations [Member] | Freight [Member] | Lumber & Forest Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 24,113 | 22,204 | 70,362 | 64,903 |
North American Operations [Member] | Freight [Member] | Metallic Ores [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 3,573 | 3,703 | 10,816 | 10,519 |
North American Operations [Member] | Freight [Member] | Metals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 34,904 | 26,008 | 95,791 | 78,681 |
North American Operations [Member] | Freight [Member] | Minerals & Stone [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 38,570 | 34,769 | 107,122 | 97,446 |
North American Operations [Member] | Freight [Member] | Petroleum Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 18,236 | 16,425 | 52,870 | 50,696 |
North American Operations [Member] | Freight [Member] | Pulp & Paper [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 31,961 | 28,135 | 90,346 | 79,690 |
North American Operations [Member] | Freight [Member] | Waste [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 8,089 | 6,662 | 21,316 | 19,000 |
North American Operations [Member] | Freight [Member] | Other Commodity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 7,191 | 4,963 | 19,325 | 14,347 |
North American Operations [Member] | Freight-related [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 66,045 | 60,286 | 193,344 | 186,814 |
North American Operations [Member] | All other revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 16,232 | 15,673 | 48,835 | 47,641 |
Australia Operations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 76,703 | 81,270 | 230,566 | 231,986 |
Australia Operations [Member] | Freight [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 65,249 | 66,404 | 194,335 | 191,031 |
Australia Operations [Member] | Freight [Member] | Agricultural Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 4,150 | 6,059 | 15,639 | 17,737 |
Australia Operations [Member] | Freight [Member] | Autos & Auto Parts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
Australia Operations [Member] | Freight [Member] | Chemicals & Plastics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
Australia Operations [Member] | Freight [Member] | Coal & Coke [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 32,357 | 29,013 | 96,506 | 86,292 |
Australia Operations [Member] | Freight [Member] | Food & Kindred Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
Australia Operations [Member] | Freight [Member] | Intermodal [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 17,538 | 19,012 | 50,613 | 52,113 |
Australia Operations [Member] | Freight [Member] | Lumber & Forest Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
Australia Operations [Member] | Freight [Member] | Metallic Ores [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 8,914 | 11,305 | 24,770 | 29,595 |
Australia Operations [Member] | Freight [Member] | Metals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
Australia Operations [Member] | Freight [Member] | Minerals & Stone [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 2,066 | 792 | 6,247 | 4,787 |
Australia Operations [Member] | Freight [Member] | Petroleum Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 224 | 223 | 560 | 507 |
Australia Operations [Member] | Freight [Member] | Pulp & Paper [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
Australia Operations [Member] | Freight [Member] | Waste [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
Australia Operations [Member] | Freight [Member] | Other Commodity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
Australia Operations [Member] | Freight-related [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 10,136 | 12,880 | 32,214 | 36,089 |
Australia Operations [Member] | All other revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 1,318 | 1,986 | 4,017 | 4,866 |
U.K./European Operations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 170,892 | 176,730 | 521,493 | 450,405 |
U.K./European Operations [Member] | Freight [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 84,693 | 91,363 | 268,193 | 250,982 |
U.K./European Operations [Member] | Freight [Member] | Agricultural Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 1,053 | 964 | 3,073 | 3,532 |
U.K./European Operations [Member] | Freight [Member] | Autos & Auto Parts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
U.K./European Operations [Member] | Freight [Member] | Chemicals & Plastics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
U.K./European Operations [Member] | Freight [Member] | Coal & Coke [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 2,588 | 2,345 | 8,751 | 7,464 |
U.K./European Operations [Member] | Freight [Member] | Food & Kindred Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
U.K./European Operations [Member] | Freight [Member] | Intermodal [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 58,609 | 67,374 | 192,413 | 190,163 |
U.K./European Operations [Member] | Freight [Member] | Lumber & Forest Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
U.K./European Operations [Member] | Freight [Member] | Metallic Ores [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
U.K./European Operations [Member] | Freight [Member] | Metals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
U.K./European Operations [Member] | Freight [Member] | Minerals & Stone [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 22,344 | 20,680 | 63,849 | 49,823 |
U.K./European Operations [Member] | Freight [Member] | Petroleum Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 99 | 0 | 107 | 0 |
U.K./European Operations [Member] | Freight [Member] | Pulp & Paper [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
U.K./European Operations [Member] | Freight [Member] | Waste [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
U.K./European Operations [Member] | Freight [Member] | Other Commodity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
U.K./European Operations [Member] | Freight-related [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 69,269 | 67,757 | 203,491 | 164,978 |
U.K./European Operations [Member] | All other revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 16,930 | $ 17,610 | $ 49,809 | $ 34,445 |
Segment Information Balance She
Segment Information Balance Sheet Data (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | $ 74,067 | $ 80,472 | $ 80,277 | $ 32,319 |
Property and equipment, net | 4,613,295 | 4,656,921 | ||
North American Operations [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | 7,624 | 13,584 | ||
Property and equipment, net | 3,674,865 | 3,657,801 | ||
Australia Operations [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | 52,568 | 52,407 | ||
Property and equipment, net | 617,960 | 664,367 | ||
U.K./European Operations [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | 13,875 | 14,481 | ||
Property and equipment, net | $ 320,470 | $ 334,753 |
Recently Issued Accounting St_2
Recently Issued Accounting Standards Recently Issued Accounting Standards (Details) $ in Millions | Dec. 31, 2017USD ($) |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Operating Leases, Future Minimum Payments Due | $ 615 |