Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2019 | May 01, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | GENESEE & WYOMING INC. | |
Entity Central Index Key | 0001012620 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Trading Symbol | GWR | |
Class A Common Shares [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 56,517,254 | |
Class B Common Shares [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 417,138 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 70,108 | $ 90,387 |
Accounts receivable, net | 439,527 | 426,305 |
Materials and supplies | 59,368 | 56,716 |
Prepaid expenses and other | 66,125 | 54,185 |
Total current assets | 635,128 | 627,593 |
PROPERTY AND EQUIPMENT, net | 4,643,936 | 4,613,014 |
GOODWILL | 1,120,212 | 1,115,849 |
INTANGIBLE ASSETS, net | 1,429,602 | 1,430,197 |
DEFERRED INCOME TAX ASSETS, net | 5,261 | 4,616 |
OTHER ASSETS | 547,669 | 77,192 |
Total assets | 8,381,808 | 7,868,461 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt | 26,522 | 28,303 |
Accounts payable | 282,917 | 288,070 |
Accrued expenses | 232,731 | 165,280 |
Total current liabilities | 542,170 | 481,653 |
LONG-TERM DEBT, less current portion | 2,391,695 | 2,425,235 |
DEFERRED INCOME TAX LIABILITIES, net | 886,183 | 877,721 |
DEFERRED ITEMS - grants from outside parties | 328,347 | 326,520 |
OTHER LONG-TERM LIABILITIES | 576,133 | 127,280 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY: | ||
Additional paid-in capital | 1,790,126 | 1,785,005 |
Retained earnings | 2,519,854 | 2,482,252 |
Accumulated other comprehensive loss | (153,445) | (146,456) |
Treasury stock, at cost | (708,482) | (699,852) |
Total Genesee & Wyoming Inc. stockholders' equity | 3,448,812 | 3,421,706 |
Noncontrolling interest | 208,468 | 208,346 |
Total equity | 3,657,280 | 3,630,052 |
Total liabilities and equity | 8,381,808 | 7,868,461 |
Class A Common Stock, $0.01 par value, one vote per share; 180,000,000 shares authorized at March 31, 2019 and December 31, 2018; 75,505,245 and 75,240,513 shares issued and 56,502,770 and 56,349,327 shares outstanding (net of 19,002,475 and 18,891,186 shares in treasury) on March 31, 2019 and December 31, 2018, respectively | ||
EQUITY: | ||
Common Stock | 755 | 752 |
Class B Common Stock, $0.01 par value, ten votes per share; 30,000,000 shares authorized at March 31, 2019 and December 31, 2018; 417,138 and 517,138 shares issued and outstanding on March 31, 2019 and December 31, 2018, respectively | ||
EQUITY: | ||
Common Stock | $ 4 | $ 5 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parentheticals - $ / shares | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
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 | 75,505,245 | 75,240,513 | |
Common Stock, shares outstanding | 56,502,770 | 56,349,327 | |
Treasury Stock, shares | 19,002,475 | 18,891,186 | |
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 | 417,138 | 517,138 | |
Common Stock, shares outstanding | 417,138 | 517,138 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
OPERATING REVENUES | $ 558,089 | $ 574,661 |
OPERATING EXPENSES: | ||
Labor and benefits | 184,308 | 183,716 |
Equipment rents | 32,233 | 34,087 |
Purchased services | 51,248 | 64,102 |
Depreciation and amortization | 62,626 | 65,990 |
Diesel fuel used in train operations | 44,637 | 46,151 |
Electricity used in train operations | 2,324 | 2,234 |
Casualties and insurance | 11,372 | 9,966 |
Materials | 31,220 | 32,469 |
Trackage rights | 21,640 | 20,978 |
Net gain on sale and impairment of assets | (1,490) | (1,036) |
Restructuring and related costs | 7,634 | 283 |
Other expenses, net | 30,627 | 28,808 |
Total operating expenses | 478,379 | 487,748 |
OPERATING INCOME | 79,710 | 86,913 |
Interest income | 547 | 498 |
Interest expense | (27,610) | (25,236) |
Other income/(loss), net | 419 | (2,040) |
Income before income taxes | 53,066 | 60,135 |
(Provision for)/benefit from income taxes | (14,260) | 15,890 |
Net income | 38,806 | 76,025 |
Net income attributable to noncontrolling interest | 100 | 927 |
Net income attributable to Genesee & Wyoming Inc. | $ 38,706 | $ 75,098 |
Basic earnings per common share attributable to Genesee & Wyoming Inc. common stockholders: | $ 0.69 | $ 1.21 |
Weighted average shares - Basic | 56,368 | 61,918 |
Diluted earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $ 0.68 | $ 1.19 |
Weighted average shares - Diluted | 57,132 | 62,887 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net income | $ 38,806 | $ 76,025 |
OTHER COMPREHENSIVE INCOME/(LOSS): | ||
Foreign currency translation adjustment | 7,019 | (617) |
Net unrealized (loss)/gain on qualifying cash flow hedges, net of tax (provision)/benefit | (12,974) | 6,901 |
Changes in pension and other postretirement benefits, net of tax (provision)/benefit | (216) | 43 |
Other comprehensive (loss)/income | (6,171) | 6,327 |
COMPREHENSIVE INCOME | 32,635 | 82,352 |
Less: Comprehensive income/(loss) attributable to noncontrolling interest | 918 | (3,091) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO G&W | $ 31,717 | $ 85,443 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income Parentheticals - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Tax benefit/(provision) on net unrealizable gain/(loss) on qualifying cash flow hedges | $ 4,226 | $ (2,150) |
Tax benefit/(provision) on changes in pension and other postretirement benefits | $ 89 | $ (14) |
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, 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 | 75,098 | 75,098 | |||||||||||
Net Income Attributable to Noncontrolling Interest | 927 | 927 | |||||||||||
Net income | 76,025 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 10,345 | 10,345 | |||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (4,018) | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 6,327 | ||||||||||||
Value of stock issued for stock-based compensation | 1,050 | 1 | 1,049 | ||||||||||
Compensation cost related to stock-based compensation | 4,056 | 4,056 | |||||||||||
Value of treasury stock repurchased | (60,175) | (60,175) | |||||||||||
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 | 1 | 1 | |||||||||||
Stockholders' Equity, balance at Mar. 31, 2018 | 3,923,376 | 749 | 7 | 1,762,437 | 2,312,932 | (98,159) | (297,126) | 242,536 | |||||
Stockholders' Equity, balance at Dec. 31, 2018 | 3,630,052 | 752 | 5 | 1,785,005 | 2,482,252 | (146,456) | (699,852) | 208,346 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net Income Attributable to Parent | 38,706 | 38,706 | |||||||||||
Net Income Attributable to Noncontrolling Interest | 100 | 100 | |||||||||||
Net income | 38,806 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (6,989) | (6,989) | |||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 818 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | (6,171) | ||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 0 | $ 1 | $ 1 | ||||||||||
Value of stock issued for stock-based compensation | 2,071 | 2 | 2,069 | ||||||||||
Compensation cost related to stock-based compensation | 3,884 | 3,884 | |||||||||||
Value of treasury stock repurchased | (8,630) | (8,630) | |||||||||||
Other | (2,732) | (832) | (1,104) | (796) | |||||||||
Stockholders' Equity, balance at Mar. 31, 2019 | $ 3,657,280 | $ 755 | $ 4 | $ 1,790,126 | $ 2,519,854 | $ (153,445) | $ (708,482) | $ 208,468 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity (Parenthetical) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Class A Common Stock repurchased | 111,289 | 832,232 |
Class A Common Shares [Member] | ||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 164,732 | 115,897 |
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 | 100,000 | 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 38,806 | $ 76,025 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 62,626 | 65,990 |
Stock-based compensation | 3,880 | 4,052 |
Deferred income taxes | 9,312 | (24,148) |
Net gain on sale and impairment of assets | (1,490) | (1,036) |
Changes in assets and liabilities which provided/(used) cash: | ||
Accounts receivable, net | 4,393 | (6,299) |
Materials and supplies | (1,972) | 2,593 |
Prepaid expenses and other | 819 | (7,025) |
Accounts payable and accrued expenses | (21,062) | (12,381) |
Other assets and liabilities, net | 8,077 | 3,588 |
Net cash provided by operating activities | 103,389 | 101,359 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (67,788) | (58,222) |
Grant proceeds from outside parties | 6,495 | 5,934 |
Insurance proceeds for replacement of assets | 0 | 1,600 |
Proceeds from disposition of property and equipment | 2,594 | 1,423 |
Net cash used in investing activities | (58,699) | (49,265) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Principal payments on revolving line-of-credit, long-term debt and finance lease obligations | (155,045) | (121,850) |
Proceeds from revolving line-of-credit and long-term borrowings | 95,951 | 176,840 |
Common share repurchases | (4,796) | (57,376) |
Installment payments on Freightliner deferred consideration | 0 | (6,255) |
Other financing related activities, net | (1,989) | (1,973) |
Net cash used in financing activities | (65,879) | (10,614) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 910 | (562) |
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS | (20,279) | 40,918 |
CASH AND CASH EQUIVALENTS, beginning of period | 90,387 | 80,472 |
CASH AND CASH EQUIVALENTS, end of period | $ 70,108 | $ 121,390 |
Principles of Consolidation and
Principles of Consolidation and Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
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 months ended March 31, 2019 and 2018 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 2018 was derived from the audited financial statements in the Company's 2018 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, 2018 included in the Company's 2018 Annual Report on Form 10-K. 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 and divestitures, 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 i
Changes in Operations Changes in Operations | 3 Months Ended |
Mar. 31, 2019 | |
Significant Changes in Operations [Abstract] | |
Changes in Operations | CHANGES IN OPERATIONS: North American Operations Canada Lease Expirations: Two of the Company's short line railroad leases in Canada (Goderich-Exeter Railway (GEXR) and Southern Ontario Railway (SORR)) expired at the end of 2018. The Company's results for the three months ended March 31, 2018 included $5.5 million of revenues and no material impact on operating income from these leased railroads. U.K./European Operations U.K. Operations Optimization: In May 2018, the Company began a program to restructure and further optimize its operations in the U.K., which it intends to complete by 2020. 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 costs associated with the optimization are expected to be approximately $34 million (at an exchange rate of $1.30 for one British pound) and are comprised of the following (dollars in thousands): Three Months Ended Total Costs Incurred Through Estimated Total Restructuring and Related Costs Rationalization of locomotive and railcar fleet $ — $ 6,301 $ 8,000 Management restructuring (a) 4,083 8,723 12,000 Productivity and automation investments 1,413 5,456 14,000 Total $ 5,496 $ 20,480 $ 34,000 (a) Subject to requisite U.K. consultative process. Changes in restructuring and related liabilities for the U.K. Operations Optimization program for the three months ended March 31, 2019 was as follows (dollars in thousands): Rationalization of Locomotive and Railcar Fleet Management Restructuring Productivity and Automation Investments Total Restructuring and related liabilities as of December 31, 2018 $ 4,094 $ 982 $ — $ 5,076 Restructuring and related costs incurred — 4,083 1,413 5,496 Cash payments (352 ) (3,478 ) (1,413 ) (5,243 ) Non-cash settlements — — — — Restructuring and related liabilities as of March 31, 2019 $ 3,742 $ 1,587 $ — $ 5,329 Continental Europe Intermodal Business: On June 5, 2018, the Company sold its Continental Europe intermodal business, ERS Railways B.V. (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 Company's results for the three months ended March 31, 2018 included $14.7 million of revenues and no material impact on operating income from ERS. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2019 | |
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 months ended March 31, 2019 and 2018 (in thousands, except per share amounts): Three Months Ended March 31, 2019 2018 Numerators: Net income attributable to Genesee & Wyoming Inc. $ 38,706 $ 75,098 Denominators: Weighted average Class A common shares outstanding – Basic 56,368 61,918 Weighted average Class B common shares outstanding 498 701 Dilutive effect of employee stock-based awards 266 268 Weighted average shares – Diluted 57,132 62,887 Earnings per common share attributable to Genesee & Wyoming Inc. common stockholders: Basic earnings per common share $ 0.69 $ 1.21 Diluted earnings per common share $ 0.68 $ 1.19 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 March 31, 2019 2018 Antidilutive shares 717 945 Share Repurchase In October 2018, the Company completed its $300 million share repurchase program that had been approved in 2015, and the Company's Board of Directors authorized a new $500 million share repurchase program of Class A Common Stock, subject to certain limitations under the Company's credit facility. The table below presents information regarding shares repurchased by the Company under the share repurchase programs during the three months ended March 31, 2019 and 2018 (in thousands, except for per share amounts): Three Months Ended March 31, 2019 2018 Class A Common Stock repurchased 65 793 Average price paid per share of Class A Common Stock repurchased $ 73.94 $ 72.35 Repurchased shares are recorded in treasury stock, at cost, which includes any applicable commissions and fees. As of March 31, 2019 , the remaining amount authorized for repurchase under the $500 million share repurchase program was $335.0 million . |
Accounts Receivable
Accounts Receivable | 3 Months Ended |
Mar. 31, 2019 | |
Accounts Receivable, Net [Abstract] | |
Accounts Receivable | ACCOUNTS RECEIVABLE: Accounts receivable consisted of the following as of March 31, 2019 and December 31, 2018 (dollars in thousands): March 31, December 31, Accounts receivable – trade $ 399,157 $ 397,255 Accounts receivable – grants from outside parties 17,263 19,376 Accounts receivable – insurance and other third-party claims 33,575 19,729 Total accounts receivable 449,995 436,360 Less: Allowance for doubtful accounts (10,468 ) (10,055 ) Accounts receivable, net $ 439,527 $ 426,305 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 March 31, 2019 or December 31, 2018 . 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 $6.5 million and $5.9 million for the three months ended March 31, 2019 and 2018 , respectively, from such grant programs. The proceeds were presented as cash inflows from investing activities within the statement of cash flows for each of the applicable periods. The Company records additions to property and equipment for its grant-funded projects and defers 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 months ended March 31, 2019 and 2018 , (dollars in thousands): Three Months Ended March 31, 2019 2018 Amortization of deferred grants $ 3,508 $ 2,467 Insurance and Third-Party Claims The increase in the balance of the accounts receivable from insurance and other third-party claims for the three months ended March 31, 2019 was primarily related to the anticipated insurance recovery associated with a personal injury that occurred in the U.K. in 2019. The receivable and the associated claim liability were recorded on the balance sheet as of March 31, 2019 . |
Leases (Notes)
Leases (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lessee, Operating and Financing Leases [Text Block] | LEASES: On January 1, 2019, the Company adopted Accounting Standards Update (ASU) 2016-02, Leases (the New Standard), and all related amendments, which supersedes the previous lease guidance, using the transition method with the election not to adjust comparative periods. The New Standard requires lessees to recognize leases on their balance sheet as a right-of-use (ROU) asset with a corresponding lease liability. The adoption resulted in the recognition of ROU assets included in other assets and lease liabilities included in accrued expenses and other long-term liabilities of approximately $495 million in the Company's consolidated balance sheet, each as a result of the new requirement to recognize operating leases. No material cumulative-effect adjustment was recognized in retained earnings, and the adoption did not materially impact operating results, liquidity or the Company's debt-covenant compliance under these agreements. The Company continues to recognize its capital leases on the balance sheet but these leases are now referred to as "finance" leases, as required by the New Standard. The Company enters into leases for railcars, locomotives and other equipment as well as real property. These leases may contain variable payments that vary with rate or index changes or include payment of a per car fee or per mile fee to use the track under variable lease contracts. The Company may receive rent holidays and other incentives provided by the landlord on lease agreements. On occasion the Company subleases assets to other parties. As of January 1, 2019, the Company adopted a number of practical expedients and exemptions included in the New Standard, which were intended to reduce the cost and complexity of complying with the transition requirements. The Company chose the following practical expedients and exemptions in setting its accounting policy elections for transition to: 1. Not recognize an asset and liability for leases of all asset classes with a term of 12 months or less; 2. Carry forward the historical lease classification and not reassess its existing contracts to determine whether the arrangements contained a lease or whether initial direct costs qualified for capitalization; 3. Not separate lease and non-lease components; and 4. Carry forward its current accounting treatment for land easements on existing agreements. Lease contracts may include one or more renewal options, with renewal terms from one to fifty years or more. Leases may also include options to terminate the arrangement or options to purchase the underlying lease property. The exercise of lease options are generally at the discretion of the Company's management team. The Company determines the expected term of a lease and includes options that are reasonably certain to be exercised in the calculation of its right-of-use assets and lease liabilities. The determination of whether a contract contains a lease, as well as the analysis regarding the allocation of consideration in a contract between lease and non-lease components, is performed on a case by case basis and considers the nature and interdependency of the individual assets in the arrangement. The Company generally accounts for lease assets as a single component as the assets in most agreements are highly interrelated and dependent upon each other to fulfill the arrangement. As the implicit rate is not readily determinable in most of the Company's lease agreements, the Company uses its estimated secured incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The following table summarizes the Company's lease assets and liabilities recorded in the consolidated balance sheet as of March 31, 2019 (dollars in thousands): Balance Sheet Location March 31, Lease right-of-use assets: Operating lease assets Other assets $ 495,399 Finance lease assets, net Property and equipment, net (a) 74,816 Total lease assets $ 570,215 Lease liabilities: Current Operating lease liabilities Accrued expenses $ 62,759 Finance lease liabilities Current portion of long-term debt 9,786 Non-current Operating lease liabilities Other long-term liabilities 431,218 Finance lease liabilities Long-term debt, less current portion 60,955 Total lease liabilities $ 564,718 (a) Net of $25.6 million of accumulated amortization as of March 31, 2019 , which was recognized in depreciation and amortization expense within the Company's consolidated statement of operations. The following table summarizes the components of lease expense for the three months ended March 31, 2019 (dollars in thousands): Location of Amount Recognized in Earnings Three Months Ended March 31, 2019 Finance leases: Amortization of right-of-use assets Depreciation and amortization $ 1,873 Interest on lease liability Interest expense 826 Total finance lease cost $ 2,699 Operating leases: Operating lease cost Equipment rents/Trackage rights $ 21,760 Short-term lease cost Equipment rents/Trackage rights 1,355 Variable lease cost Equipment rents/Trackage rights 704 Sublease income (gross basis) Operating revenues (723 ) Total operating lease cost $ 23,096 Total lease cost $ 25,795 The maturities of lease liabilities under the New Standard based on the Company's reasonably certain holding period for each lease were as follows as of March 31, 2019 (dollars in thousands): Finance Leases Operating Leases Maturity of lease liabilities: 2019 (remainder) $ 7,590 $ 65,831 2020 18,859 68,232 2021 9,886 60,260 2022 14,281 50,476 2023 9,969 42,357 Thereafter 20,726 536,872 Total lease payments 81,311 824,028 Less: Imputed interest 10,570 330,051 Total lease liabilities $ 70,741 $ 493,977 The following is a summary of future minimum lease payments based on the minimum non-cancelable lease term as required under previous guidance for capital and operating leases as of December 31, 2018 (dollars in thousands): Capital Operating 2019 $ 11,405 $ 82,191 2020 17,261 63,062 2021 8,668 54,305 2022 9,625 44,739 2023 10,780 35,919 Thereafter 13,988 383,739 Total minimum payments $ 71,727 $ 663,955 The following table presents supplemental cash flow and other information for the Company's leases as of and for the three months ended March 31, 2019 (dollars in thousands): Three Months Ended March 31, 2019 Cash flow information: Cash paid for operating leases included in operating activities $ 23,126 Cash paid for finance leases included in operating activities $ 722 Cash paid for finance leases included in financing activities $ 2,288 Weighted average remaining lease term (in years): Operating leases 27.0 Finance leases 5.9 Weighted average discount rate: Operating leases 3.9 % Finance leases 5.0 % New leases: Right-of-use assets obtained in exchange for operating lease liabilities $ 15,038 Right-of-use assets obtained in exchange for finance lease liabilities $ 9,926 |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Summary of Derivative Instruments [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS: The Company actively monitors its exposure to interest rate and foreign currency exchange rate risks and uses derivative financial instruments to manage the impact of risks associated with underlying interest rate and foreign exchange rate exposures. The Company's use of these derivative financial instruments may result in short-term gains or losses and increased earnings volatility. The instruments held by the Company 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) (OCI). Amounts recorded in OCI may be realized and reported in the consolidated statements of operations on the same line item as the hedged item in the event the hedged item is settled, did not or is no longer expected to occur or if the hedging relationship is no longer effective. 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 instrument ceases to be a highly effective hedge of the underlying transaction, 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. The following table summarizes the fair value of the Company's derivative instruments recorded in the consolidated balance sheets as of March 31, 2019 and December 31, 2018 (dollars in thousands): Fair Value Balance Sheet Location March 31, December 31, 2018 Asset Derivatives: Derivatives designated as hedges: British pound forward contracts Prepaid expenses and other $ 23,198 $ — British pound forward contracts Other assets — 26,011 Total derivatives designated as hedges $ 23,198 $ 26,011 Derivatives not designated as hedges: Cross-currency swap contract Prepaid expenses and other $ 13,648 $ 19,684 Total derivatives not designated as hedges $ 13,648 $ 19,684 Liability Derivatives: Derivatives designated as hedges: Interest rate swap agreements Accrued expenses $ 3,864 $ 1,954 British pound forward contracts Accrued expenses 191 — Interest rate swap agreements Other long-term liabilities 28,323 12,441 British pound forward contracts Other long-term liabilities — 59 Total derivatives designated as hedges $ 32,378 $ 14,454 The following table shows the effect of the Company's derivative instruments designated as cash flow hedges for the three months ended March 31, 2019 and 2018 in OCI (dollars in thousands): Total Cash Flow Hedge OCI Activity, Three Months Ended March 31, 2019 2018 Derivatives Designated as Cash Flow Hedges: Effective portion of net changes in fair value recognized in OCI, net of tax: Interest rate swap agreements $ (13,406 ) $ 6,892 British pound forward contracts, net (a) 432 9 $ (12,974 ) $ 6,901 (a) The three months ended March 31, 2019 represented a net gain of $2.8 million for the mark-to-market of the U.K. intercompany loan, partially offset by a net loss of $2.4 million for the mark-to-market of the British pound forward contracts. The three months ended March 31, 2018 represented a net gain of $5.5 million for the mark-to-market of the U.K. intercompany loan, offset by a net loss of $5.5 million 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 months ended March 31, 2019 and 2018 in the consolidated statements of operations (dollars in thousands): Amount Recognized in Earnings Location of Amount Recognized in Earnings Three Months Ended March 31, 2019 2018 Derivative Instruments Not Designated as Hedges: Cross-currency swap agreements, net (a) Other income/(loss), net $ (2,485 ) $ (2,762 ) $ (2,485 ) $ (2,762 ) (a) The three months ended March 31, 2019 represented a net loss of $7.4 million for the mark-to-market of the Swaps, partially offset by a net gain of $4.9 million for the mark-to-market of the GRail Intercompany Loan. The three months ended March 31, 2018 represented a net loss of $8.2 million for the mark-to-market of the GRail Intercompany Loan, offset by a net gain of $5.4 million for the mark-to-market of the Swaps. Interest Rate Risk Management The Company uses interest rate swap agreements to manage its exposure to the changes in interest rates on the Company's variable rate debt. Interest payments accrued each reporting period for these interest rate swaps are recognized in interest expense. The following table summarizes the terms of the Company's outstanding interest rate swap agreements entered into to manage the Company's exposure to changes in interest rates on its variable rate debt (amounts in thousands): Effective Date Expiration Date Notional Amount Pay Fixed Rate Receive Variable Rate 12/1/2016 12/1/2021 A$ 517,500 2.44% AUD-BBR 8/31/2018 8/31/2021 - 8/31/2048 $ 500,000 2.70% - 2.87% 1-month LIBOR During each of the three months ended March 31, 2019 and 2018 , $0.5 million of existing net losses associated with the Company's interest rate swaps were realized and recorded as interest expense in the consolidated statements of operations. Based on the Company's fair value assumptions as of March 31, 2019 , it expects to realize $4.0 million of existing net losses that are reported in accumulated other comprehensive loss (AOCL) into earnings within the next 12 months. See Note 11 , Accumulated Other Comprehensive Loss , for additional information regarding the Company's cash flow hedges. Foreign Currency Exchange Rate Risk As of March 31, 2019 , the Company's foreign subsidiaries had $1.0 billion of third-party debt, including finance 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 related to non-functional currency denominated intercompany debt, foreign currency forward contracts or cross-currency swaps may be entered into for periods consistent with the underlying debt. In cases where foreign currency forward contracts or cross-currency swaps do not qualify for hedge accounting, the gains or losses from changes in the fair value are recognized in current period earnings within other income/(loss), net. In 2015, the Company, in conjunction with the acquisition of Freightliner Group Limited (Freightliner) in the U.K., transferred cash 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). The loan and its associated accrued interest as of March 31, 2019 of £32.6 million (or $42.4 million at the exchange rate on March 31, 2019 ) are each expected to remain outstanding 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. As of March 31, 2019 , the Company's outstanding British Pound forwards had a notional amount of £152.6 million with a settlement date of March 31, 2020 and exchange rates ranging from 1.28 to 1.57 GBP to USD. During each of the three months ended March 31, 2019 and 2018 , $0.2 million of net gains were recorded as interest income in the consolidated statements of operations. Based on the Company's fair value assumptions as of March 31, 2019 , 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 11 , Accumulated Other Comprehensive Loss , for additional information regarding the Company's cash flow hedges. In 2016, in conjunction with an acquisition in Australia, the Company's subsidiaries, G&W Australia Holdings LP (GWAHLP) and 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. 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 months ended March 31, 2019 and 2018 , $2.5 million and $2.8 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. 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. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS: The following table presents the Company's financial instruments carried at fair value using Level 2 inputs as of March 31, 2019 and December 31, 2018 (dollars in thousands): March 31, December 31, Financial instruments carried at fair value using Level 2 inputs: Financial assets carried at fair value: British pound forward contracts $ 23,198 $ 26,011 Cross-currency swap contracts 13,648 19,684 Total financial assets carried at fair value $ 36,846 $ 45,695 Financial liabilities carried at fair value: Interest rate swap agreements $ 32,187 $ 14,395 British pound forward contracts 191 59 Total financial liabilities carried at fair value $ 32,378 $ 14,454 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 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 March 31, 2019 and December 31, 2018 (dollars in thousands): March 31, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Financial liabilities carried at historical cost: United States term loan $ 1,296,110 $ 1,296,905 $ 1,295,672 $ 1,296,079 U.K. term loan 321,703 318,286 315,524 319,556 Australian credit agreement 450,542 458,522 450,252 457,978 Australia subordinated shareholder loan from MIRA 169,082 167,760 167,796 166,974 Revolving credit facility 107,618 111,057 160,033 163,662 Other debt 2,422 2,420 2,356 2,352 Total $ 2,347,477 $ 2,354,950 $ 2,391,633 $ 2,406,601 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. |
U.K. Pension Plan
U.K. Pension Plan | 3 Months Ended |
Mar. 31, 2019 | |
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 months ended March 31, 2019 and 2018 (dollars in thousands): Three Months Ended March 31, 2019 2018 Operating expense: Service cost (a) $ 3,440 $ 3,872 Nonoperating income, net: Interest cost 2,366 2,556 Expected return on plan assets (4,391 ) (4,905 ) Amortization of prior year service cost 44 — Total nonoperating income, net (b) (1,981 ) (2,349 ) Net periodic benefit cost $ 1,459 $ 1,523 (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 three months ended March 31, 2019 , the Company contributed £1.6 million (or $2.1 million at the exchange rate when the payments were made) to fund the Pension Program. The Company expects to contribute £5.4 million (or $7.0 million at the March 31, 2019 exchange rate) to the Pension Program for the remainder of 2019 . 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 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 | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES: The Company's provision for income taxes for the three months ended March 31, 2019 was $14.3 million , compared with a benefit from income taxes of $15.9 million for the three months ended March 31, 2018 . The Company's effective income tax rate for the three months ended March 31, 2019 was 26.9% . The Company's provision for income taxes for the three months ended March 31, 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. Excluding the benefit from the retroactive extension, the effective income tax rate for the three months ended March 31, 2018 was 26.2% . 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) | 3 Months Ended |
Mar. 31, 2019 | |
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. Although the cleanup associated with this derailment is substantially complete, the civil penalty associated with the contamination is subject to further discussion and potential litigation. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income/(Loss) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2018 $ (144,503 ) $ 11,120 $ (13,073 ) $ (146,456 ) Other comprehensive income/(loss) before reclassifications 5,432 — (11,990 ) (6,558 ) Amounts reclassified from accumulated other comprehensive loss, net of tax benefit of $89 and $91, respectively — (216 ) (a) (215 ) (b) (431 ) Current period change 5,432 (216 ) (12,205 ) (6,989 ) Balance, March 31, 2019 $ (139,071 ) $ 10,904 $ (25,278 ) $ (153,445 ) 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 income before reclassifications 3,401 — 7,149 10,550 Amounts reclassified from accumulated other comprehensive loss, net of tax (provision)/benefit of ($14) and $89, respectively — 43 (a) (248 ) (b) (205 ) Current period change 3,401 43 6,901 10,345 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, March 31, 2018 $ (71,216 ) $ (19,690 ) $ (7,253 ) $ (98,159 ) (a) Existing net gains/(losses) 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 6 , Derivative Financial Instruments ). Comprehensive Income/(Loss) Attributable to Noncontrolling Interest The following table sets forth comprehensive income attributable to noncontrolling interest for the three months ended March 31, 2019 and 2018 (dollars in thousands): Three Months Ended March 31, 2019 2018 Net income attributable to noncontrolling interest $ 100 $ 927 Other comprehensive income/(loss): Foreign currency translation adjustment 1,587 (4,018 ) Net unrealized loss on qualifying cash flow hedges, net of tax benefit of $330 (769 ) — Comprehensive income/(loss) attributable to noncontrolling interest $ 918 $ (3,091 ) |
Significant Non-Cash Investing
Significant Non-Cash Investing Activities | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 and 2018 , the Company had outstanding accounts receivable from outside parties for the funding of capital expenditures of $17.3 million and $16.1 million , respectively. As of March 31, 2019 and 2018 , the Company also had $21.1 million and $8.8 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. See Note 5 , Leases , for right-of-use assets obtained during the reporting period in exchange for lease liabilities. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment and Geographic Area Information | SEGMENT INFORMATION: The Company presents the financial results of its eight operating regions as three reportable segments: North American Operations, Australian Operations and U.K./European Operations. During the three months ended March 31, 2019 , the Company's Central Region railroads were consolidated into the Company's Midwest and Southern regions. The Company's remaining six 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 Glencore Rail (NSW) Pty Limited (GRail) and the formation of a partnership with Macquarie Infrastructure and Real Assets (MIRA) (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 March 31, 2019 and December 31, 2018 , with MIRA's 48.9% noncontrolling interest reflected in the equity section, (2) the Company's operating revenues and operating income for the three months ended March 31, 2019 and 2018 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 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 three months ended March 31, 2019 and 2018 . 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 Company's Australian Partnership agreement with MIRA, the cash and cash equivalents of the Company's Australian Operations can be used to make payments in the ordinary course of business, to pay down debt of the Australia Partnership and to make distributions to the partners in proportion to their investments. No such distributions were made during the three months ended March 31, 2019 or 2018 . 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 exchange rate at the end of the period for balance sheet items and, for the statement of operations, at the average rate for the period. Currency translation adjustments are reflected within the equity section of the balance sheet and are included in other comprehensive income. Upon complete or substantially complete liquidation of the underlying investment in the foreign subsidiary, cumulative translation adjustments are recognized in the consolidated statements of operations. 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 table reflects the balance sheet exchange rates used to translate each foreign entity's respective local currency balance sheet into United States dollars as of March 31, 2019 and December 31, 2018 : March 31, December 31, United States dollar per Australian dollar $ 0.71 $ 0.70 United States dollar per British pound $ 1.30 $ 1.28 United States dollar per Canadian dollar $ 0.75 $ 0.73 United States dollar per Euro $ 1.12 $ 1.15 The following table reflects the average exchange rates used to translate each foreign entity's respective local currency results of operations into United States dollars for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 United States dollar per Australian dollar $ 0.71 $ 0.79 United States dollar per British pound $ 1.30 $ 1.39 United States dollar per Canadian dollar $ 0.75 $ 0.79 United States dollar per Euro $ 1.14 $ 1.23 The following tables set forth select financial data for the Company's reportable segments, including operating revenues by commodity group, for the three months ended March 31, 2019 and 2018 (dollars in thousands): Three Months Ended March 31, 2019 North American Operations Australian Operations U.K./European Operations Total Operations Operating revenues: Freight revenues by commodity group: Agricultural Products $ 31,963 $ 3,054 $ 736 $ 35,753 Autos & Auto Parts 5,482 — — 5,482 Chemicals & Plastics 37,173 — — 37,173 Coal & Coke 19,190 29,171 4,693 53,054 Food & Kindred Products 8,403 — — 8,403 Intermodal 455 13,800 59,205 73,460 Lumber & Forest Products 21,857 — — 21,857 Metallic Ores 2,793 7,618 — 10,411 Metals 29,862 — — 29,862 Minerals & Stone 31,810 2,038 15,882 49,730 Petroleum Products 20,699 138 691 21,528 Pulp & Paper 30,279 — — 30,279 Waste 6,862 — — 6,862 Other 4,935 — — 4,935 Total freight revenues 251,763 55,819 81,207 388,789 Freight-related revenues 64,476 7,855 63,931 136,262 All other revenues 16,207 1,433 15,398 33,038 Total operating revenues $ 332,446 $ 65,107 $ 160,536 $ 558,089 Operating income/(loss) $ 69,315 $ 12,503 $ (2,108 ) $ 79,710 Depreciation and amortization $ 38,431 $ 14,411 $ 9,784 $ 62,626 Interest expense, net $ 12,401 $ 12,123 $ 2,539 $ 27,063 Provision for income taxes $ 14,087 $ 114 $ 59 $ 14,260 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 48,071 $ 2,849 $ 10,373 $ 61,293 Three Months Ended March 31, 2018 North American Operations Australian Operations U.K./European Operations Total Operations Operating revenues: Freight revenues by commodity group: Agricultural Products $ 31,372 $ 5,483 $ 1,235 $ 38,090 Autos & Auto Parts 5,367 — — 5,367 Chemicals & Plastics 36,217 — — 36,217 Coal & Coke 19,945 31,579 3,476 55,000 Food & Kindred Products 8,350 — — 8,350 Intermodal 309 15,973 67,321 83,603 Lumber & Forest Products 22,439 — — 22,439 Metallic Ores 3,573 7,731 — 11,304 Metals 28,394 — — 28,394 Minerals & Stone 30,518 2,094 19,179 51,791 Petroleum Products 18,483 151 — 18,634 Pulp & Paper 28,871 — — 28,871 Waste 5,888 — — 5,888 Other 5,691 — — 5,691 Total freight revenues 245,417 63,011 91,211 399,639 Freight-related revenues 63,832 10,563 66,802 141,197 All other revenues 16,381 1,260 16,184 33,825 Total operating revenues $ 325,630 $ 74,834 $ 174,197 $ 574,661 Operating income/(loss) $ 73,160 $ 15,976 $ (2,223 ) $ 86,913 Depreciation and amortization $ 40,631 $ 16,007 $ 9,352 $ 65,990 Interest expense, net $ 8,455 $ 13,241 $ 3,042 $ 24,738 (Benefit from)/provision for income taxes $ (19,485 ) $ 821 $ 2,774 $ (15,890 ) Cash expenditures for additions to property & equipment, net of grants from outside parties $ 38,563 $ 5,262 $ 8,463 $ 52,288 The following tables set forth select balance sheet data for the Company's reportable segments as of March 31, 2019 and December 31, 2018 (dollars in thousands): March 31, 2019 North American Operations Australian Operations U.K./European Operations Total Operations Cash and cash equivalents $ 11,367 $ 39,782 $ 18,959 $ 70,108 Property and equipment, net $ 3,702,660 $ 606,947 $ 334,329 $ 4,643,936 December 31, 2018 North American Operations Australian Operations U.K./European Operations Total Operations Cash and cash equivalents $ 33,996 $ 26,902 $ 29,489 $ 90,387 Property and equipment, net $ 3,679,279 $ 609,450 $ 324,285 $ 4,613,014 |
Recently Issued Accounting Stan
Recently Issued Accounting Standards (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
New Accounting Pronouncements And Changes In Accounting Principles Abstract [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | RECENTLY ISSUED ACCOUNTING STANDARDS: Accounting Standards Not Yet Effective In June 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments , which requires assessment of credit losses on an expected model rather than an incurred loss model. The guidance requires the consideration of all available relevant information when estimating expected credit losses, including past events, current conditions and forecasts. The amendment 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 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 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. |
Principles of Consolidation a_2
Principles of Consolidation and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
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 months ended March 31, 2019 and 2018 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 2018 was derived from the audited financial statements in the Company's 2018 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. |
Derivatives, Policy [Policy Text Block] | The Company actively monitors its exposure to interest rate and foreign currency exchange rate risks and uses derivative financial instruments to manage the impact of risks associated with underlying interest rate and foreign exchange rate exposures. The Company's use of these derivative financial instruments may result in short-term gains or losses and increased earnings volatility. The instruments held by the Company 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) (OCI). Amounts recorded in OCI may be realized and reported in the consolidated statements of operations on the same line item as the hedged item in the event the hedged item is settled, did not or is no longer expected to occur or if the hedging relationship is no longer effective. 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 instrument ceases to be a highly effective hedge of the underlying transaction, 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. |
Leases (Policies)
Leases (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lessee, Leases [Policy Text Block] | On January 1, 2019, the Company adopted Accounting Standards Update (ASU) 2016-02, Leases (the New Standard), and all related amendments, which supersedes the previous lease guidance, using the transition method with the election not to adjust comparative periods. The New Standard requires lessees to recognize leases on their balance sheet as a right-of-use (ROU) asset with a corresponding lease liability. The adoption resulted in the recognition of ROU assets included in other assets and lease liabilities included in accrued expenses and other long-term liabilities of approximately $495 million in the Company's consolidated balance sheet, each as a result of the new requirement to recognize operating leases. No material cumulative-effect adjustment was recognized in retained earnings, and the adoption did not materially impact operating results, liquidity or the Company's debt-covenant compliance under these agreements. The Company continues to recognize its capital leases on the balance sheet but these leases are now referred to as "finance" leases, as required by the New Standard. The Company enters into leases for railcars, locomotives and other equipment as well as real property. These leases may contain variable payments that vary with rate or index changes or include payment of a per car fee or per mile fee to use the track under variable lease contracts. The Company may receive rent holidays and other incentives provided by the landlord on lease agreements. On occasion the Company subleases assets to other parties. As of January 1, 2019, the Company adopted a number of practical expedients and exemptions included in the New Standard, which were intended to reduce the cost and complexity of complying with the transition requirements. The Company chose the following practical expedients and exemptions in setting its accounting policy elections for transition to: 1. Not recognize an asset and liability for leases of all asset classes with a term of 12 months or less; 2. Carry forward the historical lease classification and not reassess its existing contracts to determine whether the arrangements contained a lease or whether initial direct costs qualified for capitalization; 3. Not separate lease and non-lease components; and 4. Carry forward its current accounting treatment for land easements on existing agreements. Lease contracts may include one or more renewal options, with renewal terms from one to fifty years or more. Leases may also include options to terminate the arrangement or options to purchase the underlying lease property. The exercise of lease options are generally at the discretion of the Company's management team. The Company determines the expected term of a lease and includes options that are reasonably certain to be exercised in the calculation of its right-of-use assets and lease liabilities. The determination of whether a contract contains a lease, as well as the analysis regarding the allocation of consideration in a contract between lease and non-lease components, is performed on a case by case basis and considers the nature and interdependency of the individual assets in the arrangement. The Company generally accounts for lease assets as a single component as the assets in most agreements are highly interrelated and dependent upon each other to fulfill the arrangement. As the implicit rate is not readily determinable in most of the Company's lease agreements, the Company uses its estimated secured incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. |
Changes in Operations (Tables)
Changes in Operations (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Significant Changes in Operations [Abstract] | |
Restructuring and Related Costs [Table Text Block] | Restructuring and related costs associated with the optimization are expected to be approximately $34 million (at an exchange rate of $1.30 for one British pound) and are comprised of the following (dollars in thousands): Three Months Ended Total Costs Incurred Through Estimated Total Restructuring and Related Costs Rationalization of locomotive and railcar fleet $ — $ 6,301 $ 8,000 Management restructuring (a) 4,083 8,723 12,000 Productivity and automation investments 1,413 5,456 14,000 Total $ 5,496 $ 20,480 $ 34,000 (a) Subject to requisite U.K. consultative process. |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Changes in restructuring and related liabilities for the U.K. Operations Optimization program for the three months ended March 31, 2019 was as follows (dollars in thousands): Rationalization of Locomotive and Railcar Fleet Management Restructuring Productivity and Automation Investments Total Restructuring and related liabilities as of December 31, 2018 $ 4,094 $ 982 $ — $ 5,076 Restructuring and related costs incurred — 4,083 1,413 5,496 Cash payments (352 ) (3,478 ) (1,413 ) (5,243 ) Non-cash settlements — — — — Restructuring and related liabilities as of March 31, 2019 $ 3,742 $ 1,587 $ — $ 5,329 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 months ended March 31, 2019 and 2018 (in thousands, except per share amounts): Three Months Ended March 31, 2019 2018 Numerators: Net income attributable to Genesee & Wyoming Inc. $ 38,706 $ 75,098 Denominators: Weighted average Class A common shares outstanding – Basic 56,368 61,918 Weighted average Class B common shares outstanding 498 701 Dilutive effect of employee stock-based awards 266 268 Weighted average shares – Diluted 57,132 62,887 Earnings per common share attributable to Genesee & Wyoming Inc. common stockholders: Basic earnings per common share $ 0.69 $ 1.21 Diluted earnings per common share $ 0.68 $ 1.19 |
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 March 31, 2019 2018 Antidilutive shares 717 945 |
Class of Treasury Stock [Table Text Block] | The table below presents information regarding shares repurchased by the Company under the share repurchase programs during the three months ended March 31, 2019 and 2018 (in thousands, except for per share amounts): Three Months Ended March 31, 2019 2018 Class A Common Stock repurchased 65 793 Average price paid per share of Class A Common Stock repurchased $ 73.94 $ 72.35 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounts Receivable, Net [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Accounts receivable consisted of the following as of March 31, 2019 and December 31, 2018 (dollars in thousands): March 31, December 31, Accounts receivable – trade $ 399,157 $ 397,255 Accounts receivable – grants from outside parties 17,263 19,376 Accounts receivable – insurance and other third-party claims 33,575 19,729 Total accounts receivable 449,995 436,360 Less: Allowance for doubtful accounts (10,468 ) (10,055 ) Accounts receivable, net $ 439,527 $ 426,305 |
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 months ended March 31, 2019 and 2018 , (dollars in thousands): Three Months Ended March 31, 2019 2018 Amortization of deferred grants $ 3,508 $ 2,467 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Schedule of Supplemental Balance Sheet Information Related to Leases [Table Text Block] | The following table summarizes the Company's lease assets and liabilities recorded in the consolidated balance sheet as of March 31, 2019 (dollars in thousands): Balance Sheet Location March 31, Lease right-of-use assets: Operating lease assets Other assets $ 495,399 Finance lease assets, net Property and equipment, net (a) 74,816 Total lease assets $ 570,215 Lease liabilities: Current Operating lease liabilities Accrued expenses $ 62,759 Finance lease liabilities Current portion of long-term debt 9,786 Non-current Operating lease liabilities Other long-term liabilities 431,218 Finance lease liabilities Long-term debt, less current portion 60,955 Total lease liabilities $ 564,718 (a) Net of $25.6 million of accumulated amortization as of March 31, 2019 , which was recognized in depreciation and amortization expense within the Company's consolidated statement of operations. |
Lease, Cost [Table Text Block] | The following table summarizes the components of lease expense for the three months ended March 31, 2019 (dollars in thousands): Location of Amount Recognized in Earnings Three Months Ended March 31, 2019 Finance leases: Amortization of right-of-use assets Depreciation and amortization $ 1,873 Interest on lease liability Interest expense 826 Total finance lease cost $ 2,699 Operating leases: Operating lease cost Equipment rents/Trackage rights $ 21,760 Short-term lease cost Equipment rents/Trackage rights 1,355 Variable lease cost Equipment rents/Trackage rights 704 Sublease income (gross basis) Operating revenues (723 ) Total operating lease cost $ 23,096 Total lease cost $ 25,795 |
Finance Lease, Liability, Maturity [Table Text Block] | The maturities of lease liabilities under the New Standard based on the Company's reasonably certain holding period for each lease were as follows as of March 31, 2019 (dollars in thousands): Finance Leases Operating Leases Maturity of lease liabilities: 2019 (remainder) $ 7,590 $ 65,831 2020 18,859 68,232 2021 9,886 60,260 2022 14,281 50,476 2023 9,969 42,357 Thereafter 20,726 536,872 Total lease payments 81,311 824,028 Less: Imputed interest 10,570 330,051 Total lease liabilities $ 70,741 $ 493,977 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The maturities of lease liabilities under the New Standard based on the Company's reasonably certain holding period for each lease were as follows as of March 31, 2019 (dollars in thousands): Finance Leases Operating Leases Maturity of lease liabilities: 2019 (remainder) $ 7,590 $ 65,831 2020 18,859 68,232 2021 9,886 60,260 2022 14,281 50,476 2023 9,969 42,357 Thereafter 20,726 536,872 Total lease payments 81,311 824,028 Less: Imputed interest 10,570 330,051 Total lease liabilities $ 70,741 $ 493,977 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | The following is a summary of future minimum lease payments based on the minimum non-cancelable lease term as required under previous guidance for capital and operating leases as of December 31, 2018 (dollars in thousands): Capital Operating 2019 $ 11,405 $ 82,191 2020 17,261 63,062 2021 8,668 54,305 2022 9,625 44,739 2023 10,780 35,919 Thereafter 13,988 383,739 Total minimum payments $ 71,727 $ 663,955 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The following is a summary of future minimum lease payments based on the minimum non-cancelable lease term as required under previous guidance for capital and operating leases as of December 31, 2018 (dollars in thousands): Capital Operating 2019 $ 11,405 $ 82,191 2020 17,261 63,062 2021 8,668 54,305 2022 9,625 44,739 2023 10,780 35,919 Thereafter 13,988 383,739 Total minimum payments $ 71,727 $ 663,955 |
Other Supplemental Lease Information | The following table presents supplemental cash flow and other information for the Company's leases as of and for the three months ended March 31, 2019 (dollars in thousands): Three Months Ended March 31, 2019 Cash flow information: Cash paid for operating leases included in operating activities $ 23,126 Cash paid for finance leases included in operating activities $ 722 Cash paid for finance leases included in financing activities $ 2,288 Weighted average remaining lease term (in years): Operating leases 27.0 Finance leases 5.9 Weighted average discount rate: Operating leases 3.9 % Finance leases 5.0 % New leases: Right-of-use assets obtained in exchange for operating lease liabilities $ 15,038 Right-of-use assets obtained in exchange for finance lease liabilities $ 9,926 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative [Line Items] | |
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 March 31, 2019 and December 31, 2018 (dollars in thousands): Fair Value Balance Sheet Location March 31, December 31, 2018 Asset Derivatives: Derivatives designated as hedges: British pound forward contracts Prepaid expenses and other $ 23,198 $ — British pound forward contracts Other assets — 26,011 Total derivatives designated as hedges $ 23,198 $ 26,011 Derivatives not designated as hedges: Cross-currency swap contract Prepaid expenses and other $ 13,648 $ 19,684 Total derivatives not designated as hedges $ 13,648 $ 19,684 Liability Derivatives: Derivatives designated as hedges: Interest rate swap agreements Accrued expenses $ 3,864 $ 1,954 British pound forward contracts Accrued expenses 191 — Interest rate swap agreements Other long-term liabilities 28,323 12,441 British pound forward contracts Other long-term liabilities — 59 Total derivatives designated as hedges $ 32,378 $ 14,454 |
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 months ended March 31, 2019 and 2018 in OCI (dollars in thousands): Total Cash Flow Hedge OCI Activity, Three Months Ended March 31, 2019 2018 Derivatives Designated as Cash Flow Hedges: Effective portion of net changes in fair value recognized in OCI, net of tax: Interest rate swap agreements $ (13,406 ) $ 6,892 British pound forward contracts, net (a) 432 9 $ (12,974 ) $ 6,901 (a) The three months ended March 31, 2019 represented a net gain of $2.8 million for the mark-to-market of the U.K. intercompany loan, partially offset by a net loss of $2.4 million for the mark-to-market of the British pound forward contracts. The three months ended March 31, 2018 represented a net gain of $5.5 million for the mark-to-market of the U.K. intercompany loan, offset by a net loss of $5.5 million 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 months ended March 31, 2019 and 2018 in the consolidated statements of operations (dollars in thousands): Amount Recognized in Earnings Location of Amount Recognized in Earnings Three Months Ended March 31, 2019 2018 Derivative Instruments Not Designated as Hedges: Cross-currency swap agreements, net (a) Other income/(loss), net $ (2,485 ) $ (2,762 ) $ (2,485 ) $ (2,762 ) (a) The three months ended March 31, 2019 represented a net loss of $7.4 million for the mark-to-market of the Swaps, partially offset by a net gain of $4.9 million for the mark-to-market of the GRail Intercompany Loan. The three months ended March 31, 2018 represented a net loss of $8.2 million for the mark-to-market of the GRail Intercompany Loan, offset by a net gain of $5.4 million for the mark-to-market of the Swaps |
Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The following table summarizes the terms of the Company's outstanding interest rate swap agreements entered into to manage the Company's exposure to changes in interest rates on its variable rate debt (amounts in thousands): Effective Date Expiration Date Notional Amount Pay Fixed Rate Receive Variable Rate 12/1/2016 12/1/2021 A$ 517,500 2.44% AUD-BBR 8/31/2018 8/31/2021 - 8/31/2048 $ 500,000 2.70% - 2.87% 1-month LIBOR |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
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 March 31, 2019 and December 31, 2018 (dollars in thousands): March 31, December 31, Financial instruments carried at fair value using Level 2 inputs: Financial assets carried at fair value: British pound forward contracts $ 23,198 $ 26,011 Cross-currency swap contracts 13,648 19,684 Total financial assets carried at fair value $ 36,846 $ 45,695 Financial liabilities carried at fair value: Interest rate swap agreements $ 32,187 $ 14,395 British pound forward contracts 191 59 Total financial liabilities carried at fair value $ 32,378 $ 14,454 |
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 March 31, 2019 and December 31, 2018 (dollars in thousands): March 31, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Financial liabilities carried at historical cost: United States term loan $ 1,296,110 $ 1,296,905 $ 1,295,672 $ 1,296,079 U.K. term loan 321,703 318,286 315,524 319,556 Australian credit agreement 450,542 458,522 450,252 457,978 Australia subordinated shareholder loan from MIRA 169,082 167,760 167,796 166,974 Revolving credit facility 107,618 111,057 160,033 163,662 Other debt 2,422 2,420 2,356 2,352 Total $ 2,347,477 $ 2,354,950 $ 2,391,633 $ 2,406,601 |
U.K. Pension Plan (Tables)
U.K. Pension Plan (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 months ended March 31, 2019 and 2018 (dollars in thousands): Three Months Ended March 31, 2019 2018 Operating expense: Service cost (a) $ 3,440 $ 3,872 Nonoperating income, net: Interest cost 2,366 2,556 Expected return on plan assets (4,391 ) (4,905 ) Amortization of prior year service cost 44 — Total nonoperating income, net (b) (1,981 ) (2,349 ) Net periodic benefit cost $ 1,459 $ 1,523 (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) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2018 $ (144,503 ) $ 11,120 $ (13,073 ) $ (146,456 ) Other comprehensive income/(loss) before reclassifications 5,432 — (11,990 ) (6,558 ) Amounts reclassified from accumulated other comprehensive loss, net of tax benefit of $89 and $91, respectively — (216 ) (a) (215 ) (b) (431 ) Current period change 5,432 (216 ) (12,205 ) (6,989 ) Balance, March 31, 2019 $ (139,071 ) $ 10,904 $ (25,278 ) $ (153,445 ) 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 income before reclassifications 3,401 — 7,149 10,550 Amounts reclassified from accumulated other comprehensive loss, net of tax (provision)/benefit of ($14) and $89, respectively — 43 (a) (248 ) (b) (205 ) Current period change 3,401 43 6,901 10,345 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, March 31, 2018 $ (71,216 ) $ (19,690 ) $ (7,253 ) $ (98,159 ) (a) Existing net gains/(losses) 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 6 , 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 months ended March 31, 2019 and 2018 (dollars in thousands): Three Months Ended March 31, 2019 2018 Net income attributable to noncontrolling interest $ 100 $ 927 Other comprehensive income/(loss): Foreign currency translation adjustment 1,587 (4,018 ) Net unrealized loss on qualifying cash flow hedges, net of tax benefit of $330 (769 ) — Comprehensive income/(loss) attributable to noncontrolling interest $ 918 $ (3,091 ) |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Foreign Currency Disclosure [Text Block] | The following table reflects the balance sheet exchange rates used to translate each foreign entity's respective local currency balance sheet into United States dollars as of March 31, 2019 and December 31, 2018 : March 31, December 31, United States dollar per Australian dollar $ 0.71 $ 0.70 United States dollar per British pound $ 1.30 $ 1.28 United States dollar per Canadian dollar $ 0.75 $ 0.73 United States dollar per Euro $ 1.12 $ 1.15 The following table reflects the average exchange rates used to translate each foreign entity's respective local currency results of operations into United States dollars for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 United States dollar per Australian dollar $ 0.71 $ 0.79 United States dollar per British pound $ 1.30 $ 1.39 United States dollar per Canadian dollar $ 0.75 $ 0.79 United States dollar per Euro $ 1.14 $ 1.23 |
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 months ended March 31, 2019 and 2018 (dollars in thousands): Three Months Ended March 31, 2019 North American Operations Australian Operations U.K./European Operations Total Operations Operating revenues: Freight revenues by commodity group: Agricultural Products $ 31,963 $ 3,054 $ 736 $ 35,753 Autos & Auto Parts 5,482 — — 5,482 Chemicals & Plastics 37,173 — — 37,173 Coal & Coke 19,190 29,171 4,693 53,054 Food & Kindred Products 8,403 — — 8,403 Intermodal 455 13,800 59,205 73,460 Lumber & Forest Products 21,857 — — 21,857 Metallic Ores 2,793 7,618 — 10,411 Metals 29,862 — — 29,862 Minerals & Stone 31,810 2,038 15,882 49,730 Petroleum Products 20,699 138 691 21,528 Pulp & Paper 30,279 — — 30,279 Waste 6,862 — — 6,862 Other 4,935 — — 4,935 Total freight revenues 251,763 55,819 81,207 388,789 Freight-related revenues 64,476 7,855 63,931 136,262 All other revenues 16,207 1,433 15,398 33,038 Total operating revenues $ 332,446 $ 65,107 $ 160,536 $ 558,089 Operating income/(loss) $ 69,315 $ 12,503 $ (2,108 ) $ 79,710 Depreciation and amortization $ 38,431 $ 14,411 $ 9,784 $ 62,626 Interest expense, net $ 12,401 $ 12,123 $ 2,539 $ 27,063 Provision for income taxes $ 14,087 $ 114 $ 59 $ 14,260 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 48,071 $ 2,849 $ 10,373 $ 61,293 Three Months Ended March 31, 2018 North American Operations Australian Operations U.K./European Operations Total Operations Operating revenues: Freight revenues by commodity group: Agricultural Products $ 31,372 $ 5,483 $ 1,235 $ 38,090 Autos & Auto Parts 5,367 — — 5,367 Chemicals & Plastics 36,217 — — 36,217 Coal & Coke 19,945 31,579 3,476 55,000 Food & Kindred Products 8,350 — — 8,350 Intermodal 309 15,973 67,321 83,603 Lumber & Forest Products 22,439 — — 22,439 Metallic Ores 3,573 7,731 — 11,304 Metals 28,394 — — 28,394 Minerals & Stone 30,518 2,094 19,179 51,791 Petroleum Products 18,483 151 — 18,634 Pulp & Paper 28,871 — — 28,871 Waste 5,888 — — 5,888 Other 5,691 — — 5,691 Total freight revenues 245,417 63,011 91,211 399,639 Freight-related revenues 63,832 10,563 66,802 141,197 All other revenues 16,381 1,260 16,184 33,825 Total operating revenues $ 325,630 $ 74,834 $ 174,197 $ 574,661 Operating income/(loss) $ 73,160 $ 15,976 $ (2,223 ) $ 86,913 Depreciation and amortization $ 40,631 $ 16,007 $ 9,352 $ 65,990 Interest expense, net $ 8,455 $ 13,241 $ 3,042 $ 24,738 (Benefit from)/provision for income taxes $ (19,485 ) $ 821 $ 2,774 $ (15,890 ) Cash expenditures for additions to property & equipment, net of grants from outside parties $ 38,563 $ 5,262 $ 8,463 $ 52,288 |
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 months ended March 31, 2019 and 2018 (dollars in thousands): Three Months Ended March 31, 2019 North American Operations Australian Operations U.K./European Operations Total Operations Operating revenues: Freight revenues by commodity group: Agricultural Products $ 31,963 $ 3,054 $ 736 $ 35,753 Autos & Auto Parts 5,482 — — 5,482 Chemicals & Plastics 37,173 — — 37,173 Coal & Coke 19,190 29,171 4,693 53,054 Food & Kindred Products 8,403 — — 8,403 Intermodal 455 13,800 59,205 73,460 Lumber & Forest Products 21,857 — — 21,857 Metallic Ores 2,793 7,618 — 10,411 Metals 29,862 — — 29,862 Minerals & Stone 31,810 2,038 15,882 49,730 Petroleum Products 20,699 138 691 21,528 Pulp & Paper 30,279 — — 30,279 Waste 6,862 — — 6,862 Other 4,935 — — 4,935 Total freight revenues 251,763 55,819 81,207 388,789 Freight-related revenues 64,476 7,855 63,931 136,262 All other revenues 16,207 1,433 15,398 33,038 Total operating revenues $ 332,446 $ 65,107 $ 160,536 $ 558,089 Operating income/(loss) $ 69,315 $ 12,503 $ (2,108 ) $ 79,710 Depreciation and amortization $ 38,431 $ 14,411 $ 9,784 $ 62,626 Interest expense, net $ 12,401 $ 12,123 $ 2,539 $ 27,063 Provision for income taxes $ 14,087 $ 114 $ 59 $ 14,260 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 48,071 $ 2,849 $ 10,373 $ 61,293 Three Months Ended March 31, 2018 North American Operations Australian Operations U.K./European Operations Total Operations Operating revenues: Freight revenues by commodity group: Agricultural Products $ 31,372 $ 5,483 $ 1,235 $ 38,090 Autos & Auto Parts 5,367 — — 5,367 Chemicals & Plastics 36,217 — — 36,217 Coal & Coke 19,945 31,579 3,476 55,000 Food & Kindred Products 8,350 — — 8,350 Intermodal 309 15,973 67,321 83,603 Lumber & Forest Products 22,439 — — 22,439 Metallic Ores 3,573 7,731 — 11,304 Metals 28,394 — — 28,394 Minerals & Stone 30,518 2,094 19,179 51,791 Petroleum Products 18,483 151 — 18,634 Pulp & Paper 28,871 — — 28,871 Waste 5,888 — — 5,888 Other 5,691 — — 5,691 Total freight revenues 245,417 63,011 91,211 399,639 Freight-related revenues 63,832 10,563 66,802 141,197 All other revenues 16,381 1,260 16,184 33,825 Total operating revenues $ 325,630 $ 74,834 $ 174,197 $ 574,661 Operating income/(loss) $ 73,160 $ 15,976 $ (2,223 ) $ 86,913 Depreciation and amortization $ 40,631 $ 16,007 $ 9,352 $ 65,990 Interest expense, net $ 8,455 $ 13,241 $ 3,042 $ 24,738 (Benefit from)/provision for income taxes $ (19,485 ) $ 821 $ 2,774 $ (15,890 ) Cash expenditures for additions to property & equipment, net of grants from outside parties $ 38,563 $ 5,262 $ 8,463 $ 52,288 |
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 March 31, 2019 and December 31, 2018 (dollars in thousands): March 31, 2019 North American Operations Australian Operations U.K./European Operations Total Operations Cash and cash equivalents $ 11,367 $ 39,782 $ 18,959 $ 70,108 Property and equipment, net $ 3,702,660 $ 606,947 $ 334,329 $ 4,643,936 December 31, 2018 North American Operations Australian Operations U.K./European Operations Total Operations Cash and cash equivalents $ 33,996 $ 26,902 $ 29,489 $ 90,387 Property and equipment, net $ 3,679,279 $ 609,450 $ 324,285 $ 4,613,014 |
Changes in Operations (Details)
Changes in Operations (Details) $ in Thousands, € in Millions | 3 Months Ended | |||
Mar. 31, 2019USD ($) | Jun. 30, 2018EUR (€) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | |
Operating revenue | $ 558,089 | $ 574,661 | ||
GEXR and SORR [Member] | ||||
Operating revenue | 5,500 | |||
ERS Railways [Member] | ||||
Proceeds from Divestiture of Businesses | € 11.2 | $ 13,100 | ||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 6.8 | 7,900 | ||
Cash Divested from Deconsolidation | € 4.4 | $ 5,200 | ||
Operating revenue | $ 14,700 |
Changes in Operations U.K._Euro
Changes in Operations U.K./Europe Optimization Restructuring Costs (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | 21 Months Ended | |
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($)$ / £ | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related costs | $ 7,634 | $ 283 | ||
U.K. Operations Optimization [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related costs | 5,496 | $ 20,480 | ||
Rationalization of locomotive and railcar fleet [Member] | U.K. Operations Optimization [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related costs | 0 | 6,301 | ||
Management restructuring [Member] | U.K. Operations Optimization [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related costs | 4,083 | 8,723 | ||
Productivity and automation investments [Member] | U.K. Operations Optimization [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related costs | $ 1,413 | $ 5,456 | ||
Scenario, Forecast [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Foreign Currency Exchange Rate, Translation | $ / £ | 1.30 | |||
Scenario, Forecast [Member] | U.K. Operations Optimization [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related costs | $ 34,000 | |||
Scenario, Forecast [Member] | Rationalization of locomotive and railcar fleet [Member] | U.K. Operations Optimization [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related costs | 8,000 | |||
Scenario, Forecast [Member] | Management restructuring [Member] | U.K. Operations Optimization [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related costs | 12,000 | |||
Scenario, Forecast [Member] | Productivity and automation investments [Member] | U.K. Operations Optimization [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related costs | $ 14,000 |
Changes in Operations U.K._Eu_2
Changes in Operations U.K./Europe Optimization Restructuring Reserve Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related costs | $ 7,634 | $ 283 | ||
U.K. Operations Optimization [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 5,329 | $ 5,329 | $ 5,076 | |
Restructuring and related costs | 5,496 | 20,480 | ||
Payments for Restructuring | (5,243) | |||
Restructuring Reserve, Settled without Cash | 0 | |||
Rationalization of locomotive and railcar fleet [Member] | U.K. Operations Optimization [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 3,742 | 3,742 | 4,094 | |
Restructuring and related costs | 0 | 6,301 | ||
Payments for Restructuring | (352) | |||
Restructuring Reserve, Settled without Cash | 0 | |||
Management restructuring [Member] | U.K. Operations Optimization [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 1,587 | 1,587 | 982 | |
Restructuring and related costs | 4,083 | 8,723 | ||
Payments for Restructuring | (3,478) | |||
Restructuring Reserve, Settled without Cash | 0 | |||
Productivity and automation investments [Member] | U.K. Operations Optimization [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 0 | 0 | $ 0 | |
Restructuring and related costs | 1,413 | $ 5,456 | ||
Payments for Restructuring | (1,413) | |||
Restructuring Reserve, Settled without Cash | $ 0 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Numerator [Line items] | ||
Net income attributable to Genesee & Wyoming Inc. | $ 38,706 | $ 75,098 |
Denominators [Line Items] | ||
Weighted average Class A common shares outstanding-Basic | 56,368 | 61,918 |
Weighted average Class B common shares outstanding | 498 | 701 |
Dilutive effect of employee stock-based awards | 266 | 268 |
Weighted average shares - Diluted | 57,132 | 62,887 |
Earnings per common share [Line Items] | ||
Basic earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $ 0.69 | $ 1.21 |
Diluted earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $ 0.68 | $ 1.19 |
Earnings per Share Antidilutive
Earnings per Share Antidilutive Shares (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares | 717 | 945 |
Earnings per Share Share Repurc
Earnings per Share Share Repurchase (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Oct. 25, 2018 | Sep. 30, 2015 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Class A Common Stock repurchased | 111,289 | 832,232 | ||
Share Repurchase Program 1 [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 300,000 | |||
Average stock price of Class A Common Stock repurchased | $ 72.35 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 0 | |||
Share Repurchase Program 2 [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 500,000 | |||
Average stock price of Class A Common Stock repurchased | $ 73.94 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 335,000 | |||
Class A Common Shares [Member] | Share Repurchase Program 1 [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Class A Common Stock repurchased | 793,000 | |||
Class A Common Shares [Member] | Share Repurchase Program 2 [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Class A Common Stock repurchased | 65,000 |
Accounts Receivable Accounts Re
Accounts Receivable Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | $ 449,995 | $ 436,360 | |
Allowance for doubtful accounts | (10,468) | (10,055) | |
Accounts receivable, net | 439,527 | 426,305 | |
Accounts receivable - trade [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | 399,157 | 397,255 | |
Accounts receivable - grants from outside parties [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | 17,263 | 19,376 | $ 16,100 |
Accounts receivable - insurance and other third-party claims [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | $ 33,575 | $ 19,729 |
Accounts Receivable Contract Ba
Accounts Receivable Contract Balances (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Contract Balances [Abstract] | ||
Material Contract Asset | $ 0 | $ 0 |
Material Contract Liability | $ 0 | $ 0 |
Accounts Receivable Grants from
Accounts Receivable Grants from Outside Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Nontrade Receivables [Abstract] | ||
Grant proceeds received from outside parties | $ 6,495 | $ 5,934 |
Amortization of deferred grants included as offset to depreciation expense | $ 3,508 | $ 2,467 |
Leases Lease Assets and Liabili
Leases Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
Operating lease liabilities | $ 493,977 | |
Lease assets | 570,215 | |
Lease liabilities | 564,718 | |
Accounting Standards Update 2016-02 [Member] | ||
Operating lease assets | $ 495,000 | |
Operating lease liabilities | $ 495,000 | |
Other assets [Member] | ||
Operating lease assets | 495,399 | |
Property and equipment, net [Member] | ||
Finance lease assets, net | 74,816 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 25,600 | |
Accrued expenses [Member] | ||
Operating lease liabilities, current | 62,759 | |
Current portion of long-term debt [Member] | ||
Finance lease liabilities, current | 9,786 | |
Other long-term liabilities [Member] | ||
Operating lease liabilities, non-current | 431,218 | |
Long-term debt, less current portion [Member] | ||
Finance lease liabilities, non-current | $ 60,955 |
Leases Schedule of Lease Costs
Leases Schedule of Lease Costs (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Finance Lease Cost | $ 2,699 |
Total operating lease cost | 23,096 |
Lease cost | 25,795 |
Depreciation and Amortization [Member] | |
Amortization of right-of-use assets, Finance leases | 1,873 |
Interest Expense [Member] | |
Interest on lease liability, Finance leases | 826 |
Equipment Rents and Trackage Rights [Member] | |
Operating lease cost | 21,760 |
Short-term lease cost | 1,355 |
Variable lease cost | 704 |
Operating Revenues [Member] | |
Sublease income (gross basis) | $ (723) |
Leases Maturity of Lease Liabil
Leases Maturity of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
Finance Lease, Liability, Payments, Due Remainder of 2019 | $ 7,590 |
Finance Lease, Liability, Payments, Due 2020 | 18,859 |
Finance Lease, Liability, Payments, Due 2021 | 9,886 |
Finance Lease, Liability, Payments, Due 2022 | 14,281 |
Finance Lease, Liability, Payments, Due 2023 | 9,969 |
Finance Lease, Liability, Payments, Due Thereafter | 20,726 |
Finance Lease, Liability, Payments, Due | 81,311 |
Finance Lease, Liability, Imputed Interest | 10,570 |
Finance Lease, Liability | 70,741 |
Lessee, Operating Lease, Liability, Payments, Due Remainder of 2019 | 65,831 |
Lessee, Operating Lease, Liability, Payments, Due 2020 | 68,232 |
Lessee, Operating Lease, Liability, Payments, Due 2021 | 60,260 |
Lessee, Operating Lease, Liability, Payments, Due 2022 | 50,476 |
Lessee, Operating Lease, Liability, Payments, Due 2023 | 42,357 |
Lessee, Operating Lease, Liability, Payments, Due Thereafter | 536,872 |
Lessee, Operating Lease, Liability, Payments, Due | 824,028 |
Lessee, Operating Lease, Liability, Imputed Interest | 330,051 |
Operating lease liabilities | $ 493,977 |
Leases Future Minimum Lease Pay
Leases Future Minimum Lease Payments for Capital and Operating Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | $ 11,405 |
Capital Leases, Future Minimum Payments Due in Two Years | 17,261 |
Capital Leases, Future Minimum Payments Due in Three Years | 8,668 |
Capital Leases, Future Minimum Payments Due in Four Years | 9,625 |
Capital Leases, Future Minimum Payments Due in Five Years | 10,780 |
Capital Leases, Future Minimum Payments Due Thereafter | 13,988 |
Capital Leases, Future Minimum Payments Due | 71,727 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 82,191 |
Operating Leases, Future Minimum Payments, Due in Two Years | 63,062 |
Operating Leases, Future Minimum Payments, Due in Three Years | 54,305 |
Operating Leases, Future Minimum Payments, Due in Four Years | 44,739 |
Operating Leases, Future Minimum Payments, Due in Five Years | 35,919 |
Operating Leases, Future Minimum Payments, Due Thereafter | 383,739 |
Operating Leases, Future Minimum Payments Due | $ 663,955 |
Leases Supplemental Cash Flow I
Leases Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Cash paid for operating leases included in operating activities | $ 23,126 |
Cash paid for finance leases included in operating activities | 722 |
Cash paid for finance leases included in financing activities | $ 2,288 |
Operating Lease, Weighted Average Remaining Lease Term | 27 years |
Finance Lease, Weighted Average Remaining Lease Term | 5 years 10 months 24 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.90% |
Finance Lease, Weighted Average Discount Rate, Percent | 5.00% |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 15,038 |
Right-of-use assets obtained in exchange for finance lease liabilities | $ 9,926 |
Derivative Financial Instrume_3
Derivative Financial Instruments Fair Value of the Company's Derivative Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 23,198 | $ 26,011 |
Derivative Liability, Fair Value, Gross Liability | 32,378 | 14,454 |
Designated as Hedging Instrument [Member] | British Pound Foreign currency forward contracts [Member] | Prepaid expenses and other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 23,198 | 0 |
Designated as Hedging Instrument [Member] | British Pound Foreign currency forward contracts [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 26,011 |
Designated as Hedging Instrument [Member] | British Pound Foreign currency forward contracts [Member] | Accrued expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 191 | 0 |
Designated as Hedging Instrument [Member] | British Pound Foreign currency forward contracts [Member] | Other long-term liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 59 |
Designated as Hedging Instrument [Member] | Interest rate swap agreements [Member] | Accrued expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 3,864 | 1,954 |
Designated as Hedging Instrument [Member] | Interest rate swap agreements [Member] | Other long-term liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 28,323 | 12,441 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 13,648 | 19,684 |
Not Designated as Hedging Instrument [Member] | Cross-currency swap [Member] | Prepaid expenses and other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 13,648 | $ 19,684 |
Derivative Financial Instrume_4
Derivative Financial Instruments Derivative Instruments Designated as Cash Flow Hedges OCI Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Intercompany Loan [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) for mark-to-market of the U.K. intercompany loan | $ 2,800 | $ 5,500 |
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 | (2,400) | (5,500) |
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 | (12,974) | 6,901 |
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 | (13,406) | 6,892 |
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 | $ 432 | $ 9 |
Derivative Financial Instrume_5
Derivative Financial Instruments Derivative Instruments Not Designated as Hedges Amount Recognized in Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cross-currency swap agreements, net | $ (2,485) | $ (2,762) |
Other income/(loss), net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cross-currency swap agreements, net | (2,485) | (2,762) |
Intercompany GRail Loan [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) for mark-to-market of the U.K. intercompany loan | 4,900 | (8,200) |
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 | $ (7,400) | $ 5,400 |
Derivative Financial Instrume_6
Derivative Financial Instruments Outstanding Interest Rate Swap Agreements (Details) $ in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019AUD ($) | Mar. 31, 2019USD ($) | |
Australia Dollar Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Effective Date | Dec. 1, 2016 | |
Settlement Date | Dec. 1, 2021 | |
Notional Amount | $ 517,500 | |
Pay Fixed Rate | 2.44% | 2.44% |
United States Dollar Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Effective Date | Aug. 31, 2018 | |
Notional Amount | $ 500,000 | |
United States Dollar Interest Rate Swaps [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Settlement Date | Aug. 31, 2021 | |
Pay Fixed Rate | 2.70% | 2.70% |
United States Dollar Interest Rate Swaps [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Settlement Date | Aug. 31, 2048 | |
Pay Fixed Rate | 2.87% | 2.87% |
Derivative Financial Instrume_7
Derivative Financial Instruments Net Losses Realized (Details) - Interest Rate Swap [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | $ 0.5 | $ 0.5 |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ (4) |
Derivative Financial Instrume_8
Derivative Financial Instruments Foreign Currency Exchange Rate Risk (Details) £ in Millions, $ in Millions | 3 Months Ended | |||||
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2019GBP (£)$ / £ | Mar. 31, 2019USD ($)$ / £ | Mar. 25, 2015GBP (£) | Mar. 25, 2015USD ($) | |
Derivative [Line Items] | ||||||
Foreign subsidiaries third-party debt denominated in local currencies | $ 1,000 | |||||
British Pound Foreign currency forward contracts [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | $ 0.2 | $ 0.2 | ||||
Existing net gains expected to be realized within the next 12 months | $ 0.8 | |||||
Settlement Date | Mar. 31, 2020 | |||||
Notional Amount | £ | £ 152.6 | |||||
Intercompany Loan [Member] | ||||||
Derivative [Line Items] | ||||||
Long-term Debt, Gross | £ 120 | $ 181 | ||||
Accrued interest | £ 32.6 | $ 42.4 | ||||
Minimum [Member] | British Pound Foreign currency forward contracts [Member] | ||||||
Derivative [Line Items] | ||||||
Exchange Rate | $ / £ | 1.28 | 1.28 | ||||
Maximum [Member] | British Pound Foreign currency forward contracts [Member] | ||||||
Derivative [Line Items] | ||||||
Exchange Rate | $ / £ | 1.57 | 1.57 |
Derivative Financial Instrume_9
Derivative Financial Instruments Cross Currency Swap (Details) $ in Thousands, € in Millions, $ in Millions | Dec. 22, 2016EUR (€) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | 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 | $ (2,485) | $ (2,762) | ||||
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 | $ (2,485) | $ (2,762) |
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 | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets carried at fair value | $ 36,846 | $ 45,695 |
Financial liabilities carried at fair value | 32,378 | 14,454 |
British pound forward contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 23,198 | 26,011 |
Derivative Liability | 191 | 59 |
Cross-currency swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 13,648 | 19,684 |
Interest rate swap agreements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ 32,187 | $ 14,395 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments Financial Instruments Carried at Historical Costs (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Value | $ 2,347,477 | $ 2,391,633 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 2,354,950 | 2,406,601 |
Australian Credit Agreement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Value | 450,542 | 450,252 |
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 | 458,522 | 457,978 |
Australia Subordinated Shareholder Loan from MIRA [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Value | 169,082 | 167,796 |
Australia Subordinated Shareholder Loan from MIRA [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 167,760 | 166,974 |
United States term loan [Member] | Credit agreement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Value | 1,296,110 | 1,295,672 |
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 | 1,296,905 | 1,296,079 |
U.K. term loan [Member] | Credit agreement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Value | 321,703 | 315,524 |
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 | 318,286 | 319,556 |
Revolving credit facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Value | 107,618 | 160,033 |
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 | 111,057 | 163,662 |
Other debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Value | 2,422 | 2,356 |
Other debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $ 2,420 | $ 2,352 |
U.K. Pension Plan Net Periodic
U.K. Pension Plan Net Periodic Service Cost (Details) - Pension Plan [Member] - U.K. Pension [Member] $ in Thousands, £ in Millions | 3 Months Ended | ||||
Mar. 31, 2019GBP (£) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2019USD ($) | |
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% | |||
Net periodic benefit cost | $ 1,459 | $ 1,523 | |||
Defined Benefit Plan, Contribution by Employer | £ 1.6 | 2,100 | |||
Scenario, Forecast [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Expected Future Benefit Payment, Remainder of Fiscal Year | £ 5.4 | $ 7,000 | |||
Labor and Benefits [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 3,440 | 3,872 | |||
Other income/(loss), net [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest cost | 2,366 | 2,556 | |||
Expected return on plan assets | (4,391) | (4,905) | |||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 44 | 0 | |||
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | $ (1,981) | $ (2,349) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income tax provision | $ 14,260,000 | $ (15,890,000) |
Effective income tax rate | 26.90% | |
Tax Benefit from United States Short Line Tax Credit, Amount | $ 31,600,000 | |
Effective income tax reconciliation excluding short line tax credit, percentage | 26.20% | |
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 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Millions | Mar. 31, 2019USD ($) |
Damage from Fire, Explosion or Other Hazard [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Estimate of Possible Loss | $ 14.1 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income/(Loss) AOCI Attributable to G&W (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income/(loss), beginning balance | $ (146,456) | $ (105,534) |
Other comprehensive income/(loss) before reclassifications | (6,558) | 10,550 |
Amounts reclassified from accumulated other comprehensive loss, net of tax (provision)/benefit | (431) | (205) |
Current period change in OCI | (6,989) | 10,345 |
United States Tax Cuts and Jobs Act 2017, Reclassification from AOCL to Retained Earnings | 0 | |
Accumulated other comprehensive income/(loss), ending balance | (153,445) | (98,159) |
Foreign Currency Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income/(loss), beginning balance | (144,503) | (74,617) |
Other comprehensive income/(loss) before reclassifications | 5,432 | 3,401 |
Amounts reclassified from accumulated other comprehensive loss, net of tax (provision)/benefit | 0 | 0 |
Current period change in OCI | 5,432 | 3,401 |
United States Tax Cuts and Jobs Act 2017, Reclassification from AOCL to Retained Earnings | 0 | |
Accumulated other comprehensive income/(loss), ending balance | (139,071) | (71,216) |
Defined Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income/(loss), beginning balance | 11,120 | (19,601) |
Other comprehensive income/(loss) before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss, net of tax (provision)/benefit | (216) | 43 |
Current period change in OCI | (216) | 43 |
United States Tax Cuts and Jobs Act 2017, Reclassification from AOCL to Retained Earnings | (132) | |
Accumulated other comprehensive income/(loss), ending balance | 10,904 | (19,690) |
Tax (provision) on amounts reclassified from AOCL for defined benefit plans | 89 | (14) |
Net Unrealized Gain/(Loss) on Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income/(loss), beginning balance | (13,073) | (11,316) |
Other comprehensive income/(loss) before reclassifications | (11,990) | 7,149 |
Amounts reclassified from accumulated other comprehensive loss, net of tax (provision)/benefit | (215) | (248) |
Current period change in OCI | (12,205) | 6,901 |
United States Tax Cuts and Jobs Act 2017, Reclassification from AOCL to Retained Earnings | (2,838) | |
Accumulated other comprehensive income/(loss), ending balance | (25,278) | (7,253) |
Tax (provision)/benefit on amounts reclassified from AOCL for cash flow hedges | 91 | 89 |
AOCL Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Current period change in OCI | $ (6,989) | 10,345 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Noncontrolling Interest [Abstract] | ||
Net income attributable to noncontrolling interest | $ 100 | $ 927 |
Foreign currency translation adjustment, net of tax, portion attributable to noncontrolling interest | 1,587 | (4,018) |
Net unrealized gain/(loss) on qualifying cash flow hedges, net of tax | (769) | 0 |
Comprehensive income attributable to noncontrolling interest | 918 | (3,091) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax, Portion Attributable to Noncontrolling Interest | $ 330 | $ 0 |
Significant Non-Cash Investin_2
Significant Non-Cash Investing Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Other Significant Noncash Transactions [Line Items] | |||
Outstanding receivables from outside parties for the funding of capital expenditures | $ 449,995 | $ 436,360 | |
Purchases of property and equipment accrued in accounts payable | 21,100 | $ 8,800 | |
Accounts receivable - grants from outside parties [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Outstanding receivables from outside parties for the funding of capital expenditures | $ 17,263 | $ 16,100 | $ 19,376 |
Segment Information Foreign Cur
Segment Information Foreign Currency Exchange Rates (Details) | Mar. 31, 2019$ / £ | Mar. 31, 2019$ / € | Mar. 31, 2019$ / $ | Mar. 31, 2019$ / $ | Dec. 31, 2018$ / £ | Dec. 31, 2018$ / € | Dec. 31, 2018$ / $ | Dec. 31, 2018$ / $ | Mar. 31, 2018$ / £ | Mar. 31, 2018$ / € | Mar. 31, 2018$ / $ | Mar. 31, 2018$ / $ |
Last day rate [Member] | ||||||||||||
Foreign Currency Exchange Rate, Translation | 1.30 | 1.12 | 0.71 | 0.75 | 1.28 | 1.15 | 0.70 | 0.73 | ||||
Quarter to Date Average [Member] | ||||||||||||
Foreign Currency Exchange Rate, Translation | 1.30 | 1.14 | 0.71 | 0.75 | 1.39 | 1.23 | 0.79 | 0.79 |
Segment Information Segments (D
Segment Information Segments (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)regionreportable_segmentprovinces | Mar. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of operating regions | region | 8 | |
Number of reportable segments | reportable_segment | 3 | |
Noncontrolling Interest, Ownership Percentage by Parent | 51.10% | |
Operating revenue | $ 558,089 | $ 574,661 |
Operating income/(loss) | 79,710 | 86,913 |
Depreciation and amortization | 62,626 | 65,990 |
Interest expense, net | 27,063 | 24,738 |
Provision for/(benefit from) income taxes | 14,260 | (15,890) |
Expenditures for Additions to Property and Equipment Net of Grants From Outside Parties | $ 61,293 | 52,288 |
North American Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of operating regions | provinces | 6 | |
Operating revenue | $ 332,446 | 325,630 |
Operating income/(loss) | 69,315 | 73,160 |
Depreciation and amortization | 38,431 | 40,631 |
Interest expense, net | 12,401 | 8,455 |
Provision for/(benefit from) income taxes | 14,087 | (19,485) |
Expenditures for Additions to Property and Equipment Net of Grants From Outside Parties | 48,071 | 38,563 |
Australia Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating revenue | 65,107 | 74,834 |
Operating income/(loss) | 12,503 | 15,976 |
Depreciation and amortization | 14,411 | 16,007 |
Interest expense, net | 12,123 | 13,241 |
Provision for/(benefit from) income taxes | 114 | 821 |
Expenditures for Additions to Property and Equipment Net of Grants From Outside Parties | 2,849 | 5,262 |
U.K./European Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating revenue | 160,536 | 174,197 |
Operating income/(loss) | (2,108) | (2,223) |
Depreciation and amortization | 9,784 | 9,352 |
Interest expense, net | 2,539 | 3,042 |
Provision for/(benefit from) income taxes | 59 | 2,774 |
Expenditures for Additions to Property and Equipment Net of Grants From Outside Parties | $ 10,373 | $ 8,463 |
MIRA [Member] | ||
Segment Reporting Information [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 48.90% |
Segment Information Disaggregat
Segment Information Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Operating revenue | $ 558,089 | $ 574,661 |
Freight [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 388,789 | 399,639 |
Freight [Member] | Agricultural Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 35,753 | 38,090 |
Freight [Member] | Autos & Auto Parts [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 5,482 | 5,367 |
Freight [Member] | Chemicals & Plastics [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 37,173 | 36,217 |
Freight [Member] | Coal & Coke [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 53,054 | 55,000 |
Freight [Member] | Food & Kindred Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 8,403 | 8,350 |
Freight [Member] | Intermodal [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 73,460 | 83,603 |
Freight [Member] | Lumber & Forest Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 21,857 | 22,439 |
Freight [Member] | Metallic Ores [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 10,411 | 11,304 |
Freight [Member] | Metals [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 29,862 | 28,394 |
Freight [Member] | Minerals & Stone [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 49,730 | 51,791 |
Freight [Member] | Petroleum Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 21,528 | 18,634 |
Freight [Member] | Pulp & Paper [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 30,279 | 28,871 |
Freight [Member] | Waste [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 6,862 | 5,888 |
Freight [Member] | Other Commodity [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 4,935 | 5,691 |
Freight-related [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 136,262 | 141,197 |
All other revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 33,038 | 33,825 |
North American Operations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 332,446 | 325,630 |
North American Operations [Member] | Freight [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 251,763 | 245,417 |
North American Operations [Member] | Freight [Member] | Agricultural Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 31,963 | 31,372 |
North American Operations [Member] | Freight [Member] | Autos & Auto Parts [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 5,482 | 5,367 |
North American Operations [Member] | Freight [Member] | Chemicals & Plastics [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 37,173 | 36,217 |
North American Operations [Member] | Freight [Member] | Coal & Coke [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 19,190 | 19,945 |
North American Operations [Member] | Freight [Member] | Food & Kindred Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 8,403 | 8,350 |
North American Operations [Member] | Freight [Member] | Intermodal [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 455 | 309 |
North American Operations [Member] | Freight [Member] | Lumber & Forest Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 21,857 | 22,439 |
North American Operations [Member] | Freight [Member] | Metallic Ores [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 2,793 | 3,573 |
North American Operations [Member] | Freight [Member] | Metals [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 29,862 | 28,394 |
North American Operations [Member] | Freight [Member] | Minerals & Stone [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 31,810 | 30,518 |
North American Operations [Member] | Freight [Member] | Petroleum Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 20,699 | 18,483 |
North American Operations [Member] | Freight [Member] | Pulp & Paper [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 30,279 | 28,871 |
North American Operations [Member] | Freight [Member] | Waste [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 6,862 | 5,888 |
North American Operations [Member] | Freight [Member] | Other Commodity [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 4,935 | 5,691 |
North American Operations [Member] | Freight-related [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 64,476 | 63,832 |
North American Operations [Member] | All other revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 16,207 | 16,381 |
Australia Operations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 65,107 | 74,834 |
Australia Operations [Member] | Freight [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 55,819 | 63,011 |
Australia Operations [Member] | Freight [Member] | Agricultural Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 3,054 | 5,483 |
Australia Operations [Member] | Freight [Member] | Autos & Auto Parts [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 0 | 0 |
Australia Operations [Member] | Freight [Member] | Chemicals & Plastics [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 0 | 0 |
Australia Operations [Member] | Freight [Member] | Coal & Coke [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 29,171 | 31,579 |
Australia Operations [Member] | Freight [Member] | Food & Kindred Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 0 | 0 |
Australia Operations [Member] | Freight [Member] | Intermodal [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 13,800 | 15,973 |
Australia Operations [Member] | Freight [Member] | Lumber & Forest Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 0 | 0 |
Australia Operations [Member] | Freight [Member] | Metallic Ores [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 7,618 | 7,731 |
Australia Operations [Member] | Freight [Member] | Metals [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 0 | 0 |
Australia Operations [Member] | Freight [Member] | Minerals & Stone [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 2,038 | 2,094 |
Australia Operations [Member] | Freight [Member] | Petroleum Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 138 | 151 |
Australia Operations [Member] | Freight [Member] | Pulp & Paper [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 0 | 0 |
Australia Operations [Member] | Freight [Member] | Waste [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 0 | 0 |
Australia Operations [Member] | Freight [Member] | Other Commodity [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 0 | 0 |
Australia Operations [Member] | Freight-related [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 7,855 | 10,563 |
Australia Operations [Member] | All other revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 1,433 | 1,260 |
U.K./European Operations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 160,536 | 174,197 |
U.K./European Operations [Member] | Freight [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 81,207 | 91,211 |
U.K./European Operations [Member] | Freight [Member] | Agricultural Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 736 | 1,235 |
U.K./European Operations [Member] | Freight [Member] | Autos & Auto Parts [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 0 | 0 |
U.K./European Operations [Member] | Freight [Member] | Chemicals & Plastics [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 0 | 0 |
U.K./European Operations [Member] | Freight [Member] | Coal & Coke [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 4,693 | 3,476 |
U.K./European Operations [Member] | Freight [Member] | Food & Kindred Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 0 | 0 |
U.K./European Operations [Member] | Freight [Member] | Intermodal [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 59,205 | 67,321 |
U.K./European Operations [Member] | Freight [Member] | Lumber & Forest Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 0 | 0 |
U.K./European Operations [Member] | Freight [Member] | Metallic Ores [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 0 | 0 |
U.K./European Operations [Member] | Freight [Member] | Metals [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 0 | 0 |
U.K./European Operations [Member] | Freight [Member] | Minerals & Stone [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 15,882 | 19,179 |
U.K./European Operations [Member] | Freight [Member] | Petroleum Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 691 | 0 |
U.K./European Operations [Member] | Freight [Member] | Pulp & Paper [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 0 | 0 |
U.K./European Operations [Member] | Freight [Member] | Waste [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 0 | 0 |
U.K./European Operations [Member] | Freight [Member] | Other Commodity [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 0 | 0 |
U.K./European Operations [Member] | Freight-related [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 63,931 | 66,802 |
U.K./European Operations [Member] | All other revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | $ 15,398 | $ 16,184 |
Segment Information Balance She
Segment Information Balance Sheet Data (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | $ 70,108 | $ 90,387 | $ 121,390 | $ 80,472 |
Property and equipment, net | 4,643,936 | 4,613,014 | ||
North American Operations [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | 11,367 | 33,996 | ||
Property and equipment, net | 3,702,660 | 3,679,279 | ||
Australia Operations [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | 39,782 | 26,902 | ||
Property and equipment, net | 606,947 | 609,450 | ||
U.K./European Operations [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | 18,959 | 29,489 | ||
Property and equipment, net | $ 334,329 | $ 324,285 |