Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 01, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Entity File Number | 001-31456 | |
Entity Registrant Name | GENESEEĀ & WYOMING INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 06-0984624 | |
Entity Address, Address Line One | 20 West Avenue | |
Entity Address, City or Town | Darien | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06820 | |
City Area Code | 203 | |
Local Phone Number | 202-8900 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Class A Common Stock | |
Trading Symbol | GWR | |
Security Exchange Name | NYSE | |
Document Information [Line Items] | ||
Document Transition Report | false | |
Entity Central Index Key | 0001012620 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Class A Common Shares [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 57,037,678 | |
Class B Common Shares [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,072 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 86,912 | $ 90,387 |
Accounts receivable, net | 437,062 | 426,305 |
Materials and supplies | 58,476 | 56,716 |
Prepaid expenses and other | 36,275 | 54,185 |
Total current assets | 618,725 | 627,593 |
PROPERTY AND EQUIPMENT, net | 4,664,837 | 4,613,014 |
GOODWILL | 1,096,095 | 1,115,849 |
INTANGIBLE ASSETS, net | 1,362,963 | 1,430,197 |
DEFERRED INCOME TAX ASSETS, net | 5,102 | 4,616 |
OTHER ASSETS | 536,657 | 77,192 |
Total assets | 8,284,379 | 7,868,461 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt | 38,951 | 28,303 |
Accounts payable | 278,418 | 288,070 |
Accrued expenses | 245,874 | 165,280 |
Total current liabilities | 563,243 | 481,653 |
LONG-TERM DEBT, less current portion | 2,176,563 | 2,425,235 |
DEFERRED INCOME TAX LIABILITIES, net | 884,402 | 877,721 |
DEFERRED ITEMS - grants from outside parties | 344,813 | 326,520 |
OTHER LONG-TERM LIABILITIES | 608,101 | 127,280 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY: | ||
Additional paid-in capital | 1,812,085 | 1,785,005 |
Retained earnings | 2,638,043 | 2,482,252 |
Accumulated other comprehensive loss | (230,108) | (146,456) |
Treasury stock, at cost | (711,922) | (699,852) |
Total Genesee & Wyoming Inc. stockholders' equity | 3,508,859 | 3,421,706 |
Noncontrolling interest | 198,398 | 208,346 |
Total equity | 3,707,257 | 3,630,052 |
Total liabilities and equity | 8,284,379 | 7,868,461 |
Class A Common Stock, $0.01 par value, one vote per share; 180,000,000 shares authorized at September 30, 2019 and December 31, 2018; 75,696,850 and 75,240,513 shares issued and 56,663,012 and 56,349,327 shares outstanding (net of 19,033,838 and 18,891,186 shares in treasury) on September 30, 2019 and December 31, 2018, respectively | ||
EQUITY: | ||
Common Stock | 757 | 752 |
Class B Common Stock, $0.01 par value, ten votes per share; 30,000,000 shares authorized at September 30, 2019 and December 31, 2018; 376,392 and 517,138 shares issued and outstanding on September 30, 2019 and December 31, 2018, respectively | ||
EQUITY: | ||
Common Stock | $ 4 | $ 5 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parentheticals - $ / shares | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 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 | 75,696,850 | 75,240,513 | |
Common Stock, shares outstanding | 56,663,012 | 56,349,327 | |
Treasury Stock, shares | 19,033,838 | 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 | 376,392 | 517,138 | |
Common Stock, shares outstanding | 376,392 | 517,138 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
OPERATING REVENUES | $ 583,694 | $ 603,304 | $ 1,713,263 | $ 1,772,955 |
OPERATING EXPENSES: | ||||
Labor and benefits | 175,500 | 175,853 | 539,751 | 539,407 |
Equipment rents | 30,926 | 35,325 | 95,169 | 104,214 |
Purchased services | 51,055 | 53,717 | 156,337 | 178,864 |
Depreciation and amortization | 63,026 | 65,392 | 188,169 | 197,127 |
Diesel fuel used in train operations | 41,533 | 45,713 | 127,674 | 137,487 |
Electricity used in train operations | 1,794 | 2,742 | 6,344 | 7,020 |
Casualties and insurance | 11,658 | 9,912 | 34,869 | 32,862 |
Materials | 32,435 | 32,744 | 94,949 | 97,589 |
Trackage rights | 21,266 | 22,838 | 64,633 | 67,119 |
Net gain on sale and impairment of assets | (641) | (642) | (1,151) | (2,501) |
Restructuring and related costs | 3,561 | 3,286 | 18,756 | 12,931 |
Other expenses, net | 38,825 | 28,604 | 101,097 | 82,978 |
Total operating expenses | 470,938 | 475,484 | 1,426,597 | 1,455,097 |
OPERATING INCOME | 112,756 | 127,820 | 286,666 | 317,858 |
Interest income | 1,244 | 417 | 2,615 | 1,499 |
Interest expense | (25,386) | (26,429) | (80,395) | (80,605) |
Other income/(loss), net | 1,132 | 1,515 | 4,165 | (237) |
Income before income taxes | 89,746 | 103,323 | 213,051 | 238,515 |
Provision for income taxes | (19,975) | (31,013) | (53,101) | (41,569) |
Net income | 69,771 | 72,310 | 159,950 | 196,946 |
Net income attributable to noncontrolling interest | 2,979 | 2,720 | 3,011 | 8,090 |
Net income attributable to Genesee & Wyoming Inc. | $ 66,792 | $ 69,590 | $ 156,939 | $ 188,856 |
Basic earnings per common share attributable to Genesee & Wyoming Inc. common stockholders: | $ 1.18 | $ 1.18 | $ 2.78 | $ 3.13 |
Weighted average shares - Basic | 56,638 | 59,168 | 56,497 | 60,343 |
Diluted earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $ 1.16 | $ 1.16 | $ 2.74 | $ 3.08 |
Weighted average shares - Diluted | 57,532 | 60,131 | 57,297 | 61,255 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net income | $ 69,771 | $ 72,310 | $ 159,950 | $ 196,946 |
OTHER COMPREHENSIVE INCOME/(LOSS): | ||||
Foreign currency translation adjustment, net of tax provision | (36,647) | (9,501) | (32,641) | (59,042) |
Net unrealized (loss)/gain on qualifying hedges, net of tax benefit/(provision) | (27,462) | 5,153 | (61,139) | 14,756 |
Changes in pension and other postretirement benefits, net of tax (provision)/benefit | 60 | 43 | (94) | 129 |
Other comprehensive (loss)/income | (64,049) | (4,305) | (93,874) | (44,157) |
COMPREHENSIVE INCOME | 5,722 | 68,005 | 66,076 | 152,789 |
Less: Comprehensive loss attributable to noncontrolling interest | (4,759) | (2,179) | (7,211) | (9,495) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO G&W | $ 10,481 | $ 70,184 | $ 73,287 | $ 162,284 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income Parentheticals - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $ (2,068) | $ 0 | $ (1,885) | $ 0 |
Tax benefit/(provision) on net unrealizable gain/(loss) on qualifying cash flow hedges | 8,720 | (1,583) | 19,430 | (4,612) |
Tax benefit/(provision) on changes in pension and other postretirement benefits | $ (8) | $ (14) | $ 74 | $ (42) |
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] | AOCI Attributable to Parent [Member] | AOCI Attributable to Parent [Member]ASU 2018-02 [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] |
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 | ||||||||||||
Net Income/(Loss) Attributable to Noncontrolling Interest | 927 | ||||||||||||
Net income | 76,025 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 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 | ||||||||||||
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 | |||||||||||
Equity, balance at Mar. 31, 2018 | 3,923,376 | 749 | 7 | 1,762,437 | 2,312,932 | (98,159) | (297,126) | 242,536 | |||||
Equity, balance at Dec. 31, 2017 | 3,896,092 | 748 | 7 | 1,757,332 | 2,234,864 | (105,534) | (236,951) | 245,626 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net Income Attributable to Parent | 188,856 | ||||||||||||
Net Income/(Loss) Attributable to Noncontrolling Interest | 8,090 | ||||||||||||
Net income | 196,946 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (26,572) | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | (44,157) | ||||||||||||
United States Tax Cuts and Jobs Act 2017, Reclassification from AOCL to Retained Earnings | (2,970) | ||||||||||||
Equity, balance at Sep. 30, 2018 | 3,782,570 | 752 | 5 | 1,779,168 | 2,426,690 | (135,076) | (510,245) | 221,276 | |||||
Equity, balance at Mar. 31, 2018 | 3,923,376 | 749 | 7 | 1,762,437 | 2,312,932 | (98,159) | (297,126) | 242,536 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net Income Attributable to Parent | 44,168 | ||||||||||||
Net Income/(Loss) Attributable to Noncontrolling Interest | 4,443 | ||||||||||||
Net income | 48,611 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (37,511) | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (8,668) | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | (46,179) | ||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 0 | $ 0 | $ 0 | ||||||||||
Value of stock issued for stock-based compensation | 1,857 | 1 | 1,856 | ||||||||||
Compensation cost related to stock-based compensation | 4,515 | 4,515 | |||||||||||
Value of treasury stock repurchased | (134,952) | (134,952) | |||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (14,898) | (14,898) | |||||||||||
Other | 48 | 48 | |||||||||||
Equity, balance at Jun. 30, 2018 | 3,782,378 | 750 | 7 | 1,768,808 | 2,357,100 | (135,670) | (432,078) | 223,461 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net Income Attributable to Parent | 69,590 | 69,590 | |||||||||||
Net Income/(Loss) Attributable to Noncontrolling Interest | 2,720 | 2,720 | |||||||||||
Net income | 72,310 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 594 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (4,899) | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | (4,305) | ||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | (2) | (2) | ||||||||||
Value of stock issued for stock-based compensation | 5,902 | 5,902 | |||||||||||
Compensation cost related to stock-based compensation | 4,458 | 4,458 | |||||||||||
Value of treasury stock repurchased | (78,167) | (78,167) | |||||||||||
Other | (6) | (6) | |||||||||||
Equity, balance at Sep. 30, 2018 | 3,782,570 | 752 | 5 | 1,779,168 | 2,426,690 | (135,076) | (510,245) | 221,276 | |||||
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 | ||||||||||||
Net Income/(Loss) Attributable to Noncontrolling Interest | 100 | ||||||||||||
Net income | 38,806 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (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) | |||||||||
Equity, balance at Mar. 31, 2019 | 3,657,280 | 755 | 4 | 1,790,126 | 2,519,854 | (153,445) | (708,482) | 208,468 | |||||
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 | 156,939 | ||||||||||||
Net Income/(Loss) Attributable to Noncontrolling Interest | 3,011 | ||||||||||||
Net income | 159,950 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (83,652) | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | (93,874) | ||||||||||||
Equity, balance at Sep. 30, 2019 | 3,707,257 | 757 | 4 | 1,812,085 | 2,638,043 | (230,108) | (711,922) | 198,398 | |||||
Equity, balance at Mar. 31, 2019 | 3,657,280 | 755 | 4 | 1,790,126 | 2,519,854 | (153,445) | (708,482) | 208,468 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net Income Attributable to Parent | 51,441 | ||||||||||||
Net Income/(Loss) Attributable to Noncontrolling Interest | (68) | ||||||||||||
Net income | 51,373 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (20,352) | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (3,302) | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | (23,654) | ||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 0 | $ 0 | $ 0 | ||||||||||
Value of stock issued for stock-based compensation | 2,096 | 1 | 2,095 | ||||||||||
Compensation cost related to stock-based compensation | 4,227 | 4,227 | |||||||||||
Value of treasury stock repurchased | 0 | ||||||||||||
Other | (420) | 1,346 | (44) | (1,722) | |||||||||
Equity, balance at Jun. 30, 2019 | 3,690,902 | 756 | 4 | 1,797,794 | 2,571,251 | (173,797) | (708,482) | 203,376 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net Income Attributable to Parent | 66,792 | 66,792 | |||||||||||
Net Income/(Loss) Attributable to Noncontrolling Interest | 2,979 | 2,979 | |||||||||||
Net income | 69,771 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (56,311) | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (7,738) | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | (64,049) | ||||||||||||
Value of stock issued for stock-based compensation | 10,228 | 1 | 10,227 | ||||||||||
Compensation cost related to stock-based compensation | 4,277 | 4,277 | |||||||||||
Value of treasury stock repurchased | (3,440) | (3,440) | |||||||||||
Other | (432) | (213) | (219) | ||||||||||
Equity, balance at Sep. 30, 2019 | $ 3,707,257 | $ 757 | $ 4 | $ 1,812,085 | $ 2,638,043 | $ (230,108) | $ (711,922) | $ 198,398 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity (Parenthetical) - shares | 3 Months Ended | |||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Class A Common Stock repurchased | 31,256 | 107 | 111,289 | 893,705 | 1,873,170 | 832,232 |
Class A Common Shares [Member] | ||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 112,347 | 38,512 | 164,732 | 72,925 | 42,102 | 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 | 0 | 40,746 | 100,000 | 130,000 | 30,000 | 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands, $ in Millions | 9 Months Ended | |
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 159,950 | $ 196,946 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 188,169 | 197,127 |
Stock-based compensation | 12,371 | 13,029 |
Deferred income taxes | 34,468 | 7,978 |
Gain on insurance recoveries | (2,500) | 0 |
Net gain on sale and impairment of assets | (1,151) | (2,501) |
Changes in assets and liabilities which provided/(used) cash: | ||
Accounts receivable, net | 2,594 | (50,143) |
Materials and supplies | (3,550) | 3,133 |
Prepaid expenses and other | (4,519) | (11,663) |
Accounts payable and accrued expenses | (7,065) | 33,818 |
Other assets and liabilities, net | 5,434 | 9,750 |
Net cash provided by operating activities | 384,201 | 397,474 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (227,266) | (194,132) |
Grant proceeds from outside parties | 22,987 | 16,696 |
Proceeds from settlement of derivative transactions | 45,360 | 0 |
Proceeds from sale of business | 0 | 7,927 |
Insurance proceeds for replacement of assets | 4,297 | 2,780 |
Proceeds from disposition of property and equipment | 5,200 | 3,710 |
Contributions to joint ventures | (2,965) | (2,921) |
Net cash used in investing activities | (152,387) | (165,940) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Principal payments on revolving line-of-credit, long-term debt and finance lease obligations | (426,276) | (799,726) |
Proceeds from revolving line-of-credit and long-term debt | 195,335 | 854,679 |
Debt amendment/issuance costs | 0 | (5,318) |
Purchase of additional shares in Freightliner Australia | (4,696) | 0 |
Common share repurchases | (4,796) | (270,488) |
Distribution to noncontrolling interest | 0 | 14,900 |
Installment payments on Freightliner deferred consideration | (2,522) | (6,255) |
Other financing related activities, net | 6,534 | 5,006 |
Net cash used in financing activities | (236,421) | (237,000) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 1,132 | (939) |
DECREASE IN CASH AND CASH EQUIVALENTS | (3,475) | (6,405) |
CASH AND CASH EQUIVALENTS, beginning of period | 90,387 | 80,472 |
CASH AND CASH EQUIVALENTS, end of period | $ 86,912 | $ 74,067 |
Principles of Consolidation and
Principles of Consolidation and Basis of Presentation | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 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. During the process of preparing the Form 10-K for the year ended December 31, 2018, the Company determined that there was an error in and revised its statement of cash flows for the nine months ended September 30, 2018, which resulted in the following offsetting adjustments: an increase of $33.0 million in principal payments on revolving line-of-credit, long-term debt and capital lease obligations, representing cash outflows from financing activities, and an increase of $33.0 million in proceeds from revolving line-of-credit and long-term debt, representing cash inflows from financing activities. There was no effect on any other section of the Company's statement of cash flows, and this revision had no impact on the Company's consolidated balance sheet as of December 31, 2018 or the Company's consolidated statements of operations or comprehensive income for the three and nine months ended September 30, 2018. The Company does not consider this revision material to any previously issued consolidated financial statements. |
Changes in Operations Changes i
Changes in Operations Changes in Operations | 9 Months Ended |
Sep. 30, 2019 | |
Significant Changes in Operations [Abstract] | |
Changes in Operations | CHANGES IN OPERATIONS: Proposed Merger On July 1, 2019, the Company, together with Brookfield Infrastructure, GIC and Brookfield Infrastructure's institutional partners, announced an agreement pursuant to which affiliates of Brookfield Infrastructure and GIC will acquire G&W for a transaction price of $112.00 per share of common stock valued at approximately $8.4 billion including debt (the Merger). The proposed Merger was approved by the Company stockholders on October 3, 2019 by an affirmative vote of the holders of approximately 82.9% of the voting power of the outstanding shares of G&W's common stock on the record date. Subject to the satisfaction of the other closing conditions, the Merger is expected to close by year end 2019 or early 2020. The Merger will be effected pursuant to the Agreement and Plan of Merger (the Merger Agreement), by and among the Company, DJP XX, LLC, a Delaware limited liability company (Parent), and MKM XXII Corp., a Delaware corporation and a wholly owned subsidiary of Parent (Merger Sub). Merger Sub will be merged with and into G&W with G&W surviving the Merger as a wholly-owned subsidiary of Parent. The proposed Merger will result in G&W becoming a privately held company. Completion of the proposed Merger is subject to various closing conditions, including, among others, (i) the absence of any law, injunction or other order that prohibits the consummation of the Merger, (ii) the approval or authorization of, or exemption by, the Surface Transportation Board (or approval of the use of a voting trust structure), which exemption was granted on October 29, 2019, (iii) receipt of other antitrust and regulatory approvals, including approval of the Committee on Foreign Investment in the United States, and (iv) other customary closing conditions, including the accuracy of each partyās representations and warranties and each partyās compliance with its covenants and agreements contained in the Merger Agreement (subject in the case of this clause (iv) to certain materiality qualifiers). Australian Operations Divestiture of 51.1% Interest in G&W Australia Holdings LP (GWAHLP): Under the Merger Agreement (as described in more detail above), the Company agreed to use reasonable best efforts to assist and cooperate with Parent in Parentās efforts to consummate any planned divestiture by Parent of G&W's interests in GWAHLP, the holding company for all of the Company's Australian businesses, to a third party (the GWA Divestiture), provided that (i) such cooperation would not unreasonably interfere with the Company's business or operations and (ii) the Company would not be required to take any action that would subject it to actual or potential liability, to bear any cost or expense or to pay any fee or make any other payment or agree to provide any indemnity in connection with the GWA Divestiture prior to the effective time of the Merger. Following the execution of the Merger Agreement, Parent requested that G&W cause certain of its subsidiaries to enter into a Definitive Interest Sale Agreement for the GWA Divestiture (the GWA Divestiture Agreement), and on August 4, 2019, G&W's board of directors and the governing bodies of such subsidiaries approved the GWA Divestiture Agreement and such subsidiaries entered into the GWA Divestiture Agreement. Under the GWA Divestiture Agreement, certain entities affiliated with MIRA that currently own 48.9% of GWAHLP will acquire, directly or indirectly, the remaining interests in GWAHLP from certain subsidiaries of G&W in exchange for A$627.4 million , subject to adjustment. The GWA Divestiture is subject to customary closing conditions, including the satisfaction of the closing conditions set forth in the Merger Agreement. Neither the Company nor any of its subsidiaries will have any liability under the GWA Divestiture Agreement prior to the consummation of the Merger. The GWA Divestiture Agreement may be terminated under certain circumstances, including by any party thereto if the transactions contemplated by the GWA Divestiture Agreement have not been consummated on or before July 1, 2020. The consideration to be received by the subsidiaries of the Company that are parties to the GWA Divestiture Agreement will not be distributed to any of the Companyās stockholders prior to consummation of the Merger, and the sole consideration that the Company's stockholders will receive in the Merger is $112.00 in cash per share of G&W common stock on the terms and conditions set forth in the Merger Agreement. The consummation of the GWA Divestiture is not a condition to the closing of the Merger or any of Parentās other obligations under the Merger Agreement. 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 and nine months ended September 30, 2018 included $5.1 million and $16.1 million , respectively, of revenues and operating losses of $0.9 million and $1.3 million , respectively, 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 $43 million (at an exchange rate of $1.28 for one British pound) and are comprised of the following (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2019 Total Costs Incurred Through Estimated Total Restructuring and Related Costs Rationalization of locomotive and railcar fleet $ ā $ ā $ 6,301 $ 11,000 Management restructuring (a) 1,240 10,381 15,021 17,000 Productivity and automation investments 1,998 5,136 9,179 15,000 Total $ 3,238 $ 15,517 $ 30,501 $ 43,000 (a) Subject to requisite U.K. consultative process. Changes in restructuring and related liabilities for the U.K. Operations Optimization program for the nine months ended September 30, 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 $ ā $ 5,076 Restructuring and related costs incurred ā 10,381 5,136 15,517 Cash payments (1,394 ) (8,079 ) (5,136 ) (14,609 ) Non-cash settlements ā ā ā ā Restructuring and related liabilities as of September 30, 2019 $ 2,700 $ 3,284 $ ā $ 5,984 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 ā¬11.2 million (or $13.1 million at the exchange rate on June 5, 2018) or ā¬6.8 million (or $7.9 million at the exchange rate on June 5, 2018) net of ā¬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 nine months ended September 30, 2018 included $24.1 million of revenues and $1.6 million of operating income from ERS. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2019 and 2018 (in thousands, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Numerators: Net income attributable to Genesee & Wyoming Inc. $ 66,792 $ 69,590 $ 156,939 $ 188,856 Denominators: Weighted average Class A common shares outstanding ā Basic 56,638 59,168 56,497 60,343 Weighted average Class B common shares outstanding 376 664 426 679 Dilutive effect of employee stock-based awards 518 299 374 233 Weighted average shares ā Diluted 57,532 60,131 57,297 61,255 Earnings per common share attributable to Genesee & Wyoming Inc. common stockholders: Basic earnings per common share $ 1.18 $ 1.18 $ 2.78 $ 3.13 Diluted earnings per common share $ 1.16 $ 1.16 $ 2.74 $ 3.08 The following total number of shares of Class A Common Stock issuable under the assumed exercise of stock-based awards computed based on the treasury stock method were excluded from the calculation of diluted earnings per common share, as the effect of including these shares would have been antidilutive (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Antidilutive shares ā 704 249 1,045 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 and nine months ended September 30, 2019 and 2018 (in thousands, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Class A Common Stock repurchased ā 894 65 3,560 Average price paid per share of Class A Common Stock repurchased $ ā $ 87.46 $ 73.94 $ 75.99 Repurchased shares are recorded in treasury stock, at cost, which includes any applicable commissions and fees. As of September 30, 2019 , the remaining amount authorized for repurchase under the $500 million share repurchase program was $335.0 million . In light of the Company's entry into the Merger Agreement with affiliates of Brookfield Infrastructure and GIC, future share repurchases under the repurchase program have been suspended. See Note 2 , Changes in Operations , for additional information regarding the Merger Agreement. |
Accounts Receivable
Accounts Receivable | 9 Months Ended |
Sep. 30, 2019 | |
Accounts Receivable, Net [Abstract] | |
Accounts Receivable | ACCOUNTS RECEIVABLE: Accounts receivable consisted of the following as of September 30, 2019 and December 31, 2018 (dollars in thousands): September 30, December 31, Accounts receivable ā trade $ 395,512 $ 397,255 Accounts receivable ā grants from outside parties 24,677 19,376 Accounts receivable ā insurance and other third-party claims 29,386 19,729 Total accounts receivable 449,575 436,360 Less: Allowance for doubtful accounts (12,513 ) (10,055 ) Accounts receivable, net $ 437,062 $ 426,305 The timing of revenue recognition, billings and cash collections result in trade accounts receivable, contract assets and contract liabilities. The Companyās contract assets and liabilities are typically short-term in nature, with terms settled within a 12-month period. The Company had no material contract assets or contract liabilities recorded on the consolidated balance sheet as of September 30, 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 $23.0 million and $16.7 million for the nine months ended September 30, 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 and nine months ended September 30, 2019 and 2018 (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Amortization of deferred grants $ 3,442 $ 3,173 $ 10,265 $ 8,776 Insurance and Third-Party Claims The increase in the balance of the accounts receivable from insurance and other third-party claims for the nine months ended September 30, 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 September 30, 2019 . The Company completed its annual property insurance renewal during the third quarter of 2019, which became effective on August 1, 2019. Effective with this renewal, the Company's property policies have various self-insured retentions, which vary based on the type and location of the incident, up to $10.0 million . The Company recently completed its annual liability insurance renewal, which became effective on November 1, 2019. Effective with this renewal, the Company's liability policies have various self-insured retentions up to $5.0 million . |
Leases (Notes)
Leases (Notes) | 9 Months Ended |
Sep. 30, 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 lessor 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 leased 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 ROU 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 leased assets and lease liabilities recorded in the consolidated balance sheet as of September 30, 2019 (dollars in thousands): Balance Sheet Location September 30, Leased right-of-use assets: Operating leased assets Other assets $ 471,929 Finance leased assets, net Property and equipment, net (a) 85,230 Total leased assets $ 557,159 Lease liabilities: Current Operating lease liabilities Accrued expenses $ 60,624 Finance lease liabilities Current portion of long-term debt 14,402 Non-current Operating lease liabilities Other long-term liabilities 411,153 Finance lease liabilities Long-term debt, less current portion 64,309 Total lease liabilities $ 550,488 (a) Net of $30.1 million of accumulated amortization as of September 30, 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 and nine months ended September 30, 2019 (dollars in thousands): Location of Amount Recognized in Earnings Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Finance leases: Amortization of right-of-use assets Depreciation and amortization $ 2,069 $ 5,830 Interest on lease liability Interest expense 881 2,554 Total finance lease cost $ 2,950 $ 8,384 Operating leases: Operating lease cost Equipment rents/Trackage rights $ 22,292 $ 66,976 Short-term lease cost Equipment rents/Trackage rights 2,071 7,064 Variable lease cost Equipment rents/Trackage rights 1,964 6,871 Sublease income (gross basis) Operating revenues (1,291 ) (3,541 ) Total operating lease cost $ 25,036 $ 77,370 Total lease cost $ 27,986 $ 85,754 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 September 30, 2019 (dollars in thousands): Finance Leases Operating Leases Maturity of lease liabilities: 2019 (remainder) $ 3,299 $ 23,076 2020 19,373 72,851 2021 10,495 63,445 2022 14,650 52,080 2023 10,551 43,398 Thereafter 34,778 553,484 Total lease payments 93,146 808,334 Less: Imputed interest 14,435 336,557 Total lease liabilities $ 78,711 $ 471,777 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 nine months ended September 30, 2019 (dollars in thousands): Nine Months Ended September 30, 2019 Cash flow information: Cash paid for operating leases included in operating activities $ 69,533 Cash paid for finance leases included in operating activities $ 2,608 Cash paid for finance leases included in financing activities $ 9,694 Weighted average remaining lease term (in years): Operating leases 26.8 Finance leases 8.1 Weighted average discount rate: Operating leases 3.8 % Finance leases 4.5 % New leases: Right-of-use assets obtained in exchange for operating lease liabilities $ 36,333 Right-of-use assets obtained in exchange for finance lease liabilities $ 27,592 |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 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 may designate fair value hedges to mitigate foreign currency exchange rates on non-functional currency assets or liabilities. The Company uses the mark-to-market approach to remeasure the hedged item and the hedging instrument. The changes in the fair value of the hedged item is included in other income/(loss), net and are offset by changes in the fair value of the hedging instrument which are reported in the same income statement line item. In addition, the Company may designate net investment hedges to reduce the impact of the variability of foreign currency exchange rates on its net investments in certain non-U.S. operations using cross-currency swaps. The Company measures the effectiveness of the hedge by offsetting the changes in the fair value of the cross-currency swap and the hedged asset or liability. Gains and losses on the after-tax effective portion of the net investment hedge are reported in currency translation adjustments where they remain until the investment is liquidated. The Company records the portion of the gain or loss on the hedging instrument that exceeds the gain or loss of the hedged item as an offset to the tax impact recognized during the period. 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. Gains and losses on any excluded components of derivatives designated as hedges are recorded in OCI and amortized to other income/(loss), net over the life of the hedge. From time to time, the Company may enter into certain derivative instruments that may not be designated as hedges for accounting purposes. 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 September 30, 2019 and December 31, 2018 (dollars in thousands): Fair Value Balance Sheet Location September 30, December 31, 2018 Asset Derivatives: Derivatives designated as cash flow hedges: British pound forward contracts Prepaid expenses and other $ 4,535 $ ā British pound forward contracts Other assets ā 26,011 Derivative designated as a net investment hedge: Cross-currency swap contract Other assets 8,039 ā Total derivatives designated as hedges $ 12,574 $ 26,011 Derivatives not designated as hedges: Cross-currency swap contract Prepaid expenses and other $ ā $ 19,684 Total derivatives not designated as hedges $ ā $ 19,684 Liability Derivatives: Derivatives designated as cash flow hedges: Interest rate swap agreements Accrued expenses $ 8,545 $ 1,954 Interest rate swap agreements Other long-term liabilities 86,483 12,441 British pound forward contracts Other long-term liabilities ā 59 Derivative designated as a fair value hedge: Cross-currency swap contract Other long-term liabilities 4,047 ā Total derivatives designated as hedges $ 99,075 $ 14,454 The following table shows the effective portion of net changes in the fair value of the Company's derivative instruments designated as hedges recognized in OCI, net of tax for the three and nine months ended September 30, 2019 and 2018 (dollars in thousands): Total Derivatives Designated as Hedges OCI Activity, Net of Tax Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Derivatives Designated as Hedges: Cash Flow Hedges: Interest rate swap agreements $ (26,746 ) $ 4,816 $ (61,451 ) $ 14,396 Foreign currency forward contracts ā (13 ) ā 275 British pound forward contracts, net (a) (12 ) 350 1,446 85 $ (26,758 ) $ 5,153 $ (60,005 ) $ 14,756 Net Investment Hedge: Cross-currency swap contract $ 6,821 $ ā $ 6,048 $ ā Fair Value Hedge: Cross-currency swap contract $ (704 ) $ ā $ (1,134 ) $ ā Total derivatives designated as hedges $ (20,641 ) $ 5,153 $ (55,091 ) $ 14,756 (a) The three months ended September 30, 2019 represented a net loss of $1.0 million for the mark-to-market of the U.K. intercompany loan, partially offset by a net gain of $1.0 million for the mark-to-market of the British pound forward contracts. The nine months ended September 30, 2019 represented a net gain of $18.5 million for the mark-to-market of the U.K. intercompany loan, partially offset by a net loss of $17.0 million for the mark-to-market of the British pound forward contracts. The three and nine months ended September 30, 2018 represented a net loss of $1.7 million and $5.4 million , respectively, for the mark-to-market of the U.K. intercompany loan, partially offset by a net gain of $2.0 million and $5.5 million , respectively, for the mark-to-market of the British pound forward contracts. The following table shows the effect of the Company's derivative instruments not designated as hedges for the three and nine months ended September 30, 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 Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Derivatives Not Designated as Hedges: Cross-currency swap agreements, net (a) Other income/(loss), net $ ā $ (2,410 ) $ (1,770 ) $ (4,900 ) (a) The nine months ended September 30, 2019 represented a net loss of $1.4 million for the mark-to-market of the GRail Intercompany Loan and a net loss of $0.3 million for the mark-to-market of the swaps. This derivative was settled in June 2019, and the Company received cash proceeds of ā¬17.0 million (or $19.3 million at the exchange rate on June 30, 2019). The three months ended September 30, 2018 represented a net loss of $3.0 million for the mark-to-market of the GRail Intercompany Loan, partially offset by a net gain of $0.6 million for the mark-to-market of the swaps. The nine months ended September 30, 2018 represented a net loss of $8.1 million for the mark-to-market of the GRail Intercompany Loan, partially offset by a net gain of $3.2 million for the mark-to-market of the swaps. The following table shows the cash flow impacts from the Company's derivatives that settled during the nine months ended September 30, 2019 (dollars in thousands): Nine Months Ended September 30, 2019 Derivatives designated as hedges: British pound forward contracts $ 26,088 Derivatives not designated as hedges: Cross-currency swap contract 19,272 Total cash received from settlement of derivative transactions, investing activities $ 45,360 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 the three and nine months ended September 30, 2019 , $1.7 million and $3.2 million , respectively, of net losses associated with the Company's interest rate swaps were realized and recorded as interest expense in the consolidated statements of operations. During the three and nine months ended September 30, 2018 , $0.5 million and $1.2 million , respectively, of 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 September 30, 2019 , it expects to realize $8.9 million of 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 derivatives designated as hedges. Foreign Currency Exchange Rate Risk As of September 30, 2019 , the Company's foreign subsidiaries had $948.4 million 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 Ā£120.0 million (or $181.0 million at the exchange rate on the effective date of the loan). To mitigate the foreign currency exchange rate risk related to the outstanding balance of this loan, the Company entered into British pound forward contracts, which were accounted for as cash flow hedges. During the nine months ended September 30, 2019 , the Company settled certain of its British pound forward contracts, which had notional amounts totaling Ā£120.0 million with a settlement date of March 31, 2020 and exchange rates ranging from 1.50 to 1.51 GBP to USD. Upon settlement, the Company received cash proceeds of $26.1 million . As of September 30, 2019 , the Company's outstanding British pound forward contracts had a notional amount of Ā£32.6 million with a settlement date of March 31, 2020 and exchange rates ranging from 1.28 to 1.57 GBP to USD. During the three and nine months ended September 30, 2019 , $0.1 million and $0.8 million , respectively, of net gains were recorded as interest income in the consolidated statements of operations. During the three and nine months ended September 30, 2018 , $0.2 million and $0.5 million , respectively, of net gains were recorded as interest income in the consolidated statements of operations. Based on the Company's fair value assumptions as of September 30, 2019 , it expects to realize $0.2 million of 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 derivatives designated as 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. These agreements did 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 were recorded over the life of the agreements, which expired on June 30, 2019 . Upon settlement of the agreements, the Company received cash proceeds of ā¬17.0 million (or $19.3 million at the exchange rate on June 30, 2019). In June 2019, the Company entered into two new cross-currency swap agreements designated as fair value hedges of the non-functional currency GRail intercompany loan. In addition, the Company entered into a cross-currency swap in June 2019 that was designated as a net investment hedge of the GWBV investment. During the three and nine months ended September 30, 2019 , the Company recognized a gain of $0.1 million within other income/(loss), net in the consolidated statement of operations related to amortization of excluded components of its net investment hedge. Based on the Company's assumptions as of September 30, 2019 , its net investment hedge and fair value hedge, which each terminate on June 30, 2021 , are expected to realize $0.6 million of net gains and $0.9 million of net losses, respectively, that are currently reported in AOCL into earnings within the next 12 months. See Note 11 , Accumulated Other Comprehensive Loss , for additional information regarding the Company's derivatives designated as hedges. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 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 September 30, 2019 and December 31, 2018 (dollars in thousands): September 30, December 31, Financial instruments carried at fair value using Level 2 inputs: Financial assets carried at fair value: British pound forward contracts $ 4,535 $ 26,011 Cross-currency swap contract - net investment hedge 8,039 ā Cross-currency swap contracts ā 19,684 Total financial assets carried at fair value $ 12,574 $ 45,695 Financial liabilities carried at fair value: Interest rate swap agreements $ 95,028 $ 14,395 British pound forward contracts ā 59 Cross-currency swap contract - fair value hedge 4,047 ā Total financial liabilities carried at fair value $ 99,075 $ 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. As more fully described in Note 6 , Derivative Financial Instruments , 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 derivative financial instruments based on Level 2 valuation inputs, including fixed interest rates, LIBOR, British pound LIBOR, BBR and EURIBOR 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 September 30, 2019 and December 31, 2018 (dollars in thousands): September 30, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Financial liabilities carried at historical cost: United States term loan $ 1,261,983 $ 1,258,527 $ 1,295,672 $ 1,296,079 U.K. term loan 289,357 290,883 315,524 319,556 Australian credit agreement 422,120 427,617 450,252 457,978 Australia subordinated shareholder loan from Macquarie Infrastructure and Real Assets 160,675 157,652 167,796 166,974 Revolving credit facility 319 3,687 160,033 163,662 Other debt 2,392 2,379 2,356 2,352 Total $ 2,136,846 $ 2,140,745 $ 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 | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2019 and 2018 (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Operating expense: Service cost (a) $ 3,257 $ 3,610 $ 10,094 $ 11,235 Nonoperating income, net: Interest cost 2,240 2,383 6,942 7,416 Expected return on plan assets (4,158 ) (4,572 ) (12,885 ) (14,231 ) Amortization of prior year service cost 42 ā 130 ā Total nonoperating income, net (b) (1,876 ) (2,189 ) (5,813 ) (6,815 ) Net periodic benefit cost $ 1,381 $ 1,421 $ 4,281 $ 4,420 (a) Included in labor and benefits within the Companyās consolidated statements of operations. (b) Included in other income/(loss), net within the Companyās consolidated statements of operations. During the nine months ended September 30, 2019 , the Company contributed Ā£4.7 million (or $6.0 million at the exchange rate when the payments were made) to fund the Pension Program. The Company expects to contribute Ā£2.3 million (or $2.8 million at the September 30, 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 | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES: The Company's provision for income taxes for the three months ended September 30, 2019 was $20.0 million , compared with $31.0 million for the three months ended September 30, 2018 . The Company's provision for income taxes for the three months ended September 30, 2019 included a $4.2 million benefit from the release of a reserve for an uncertain tax position as a result of a lapse of the statute of limitations. The Company's provision for income taxes for the three months ended September 30, 2018 included a $1.6 million measurement period adjustment to increase the one-time transition (toll) tax on earnings of certain foreign subsidiaries as a result of the Tax Cuts and Jobs Act (TCJA). The Company's provision for income taxes for the nine months ended September 30, 2019 was $53.1 million compared with $41.6 million for the nine months ended September 30, 2018 . Based on developments during the nine months ended September 30, 2018 , the Company recorded a reserve for uncertain tax positions of $5.5 million related to tax deductions on intercompany financing arrangements in the U.K., of which $3.7 million related to the period from March 25, 2015, the date of the Freightliner acquisition when the arrangements were established, through December 31, 2017. The provision for income taxes for the nine months ended September 30, 2018 also included an income tax benefit of $31.6 million associated with the retroactive extension of the United States Short Line Tax Credit for fiscal year 2017, which was enacted in February 2018. The Company's effective income tax rate for the three and nine months ended September 30, 2019 was 22.3% and 24.9% , respectively. The Company's effective income tax rate for the three and nine months ended September 30, 2018 was 30.0% and 17.4% , respectively. Excluding the benefit from the retroactive extension of the United States Short Line Tax Credit and the prior period portion of the reserve for uncertain tax positions, the Company's effective income tax rate for the nine months ended September 30, 2018 was 29.1% . The decrease in the Company's effective income tax rate from 2018, excluding the benefit from the retroactive extension and the prior period portion of the reserve for uncertain tax positions, to 2019 was primarily due to the $4.2 million benefit from the release of a reserve for an uncertain tax position recognized during the three months ended September 30, 2019 . The United States Short Line Tax Credit is an income tax track maintenance credit for Class II and Class III railroads to reduce their federal income tax based on qualified railroad track maintenance expenditures. Qualified expenditures include amounts incurred for maintaining track, including roadbed, bridges and related track structures owned or leased by a Class II or Class III railroad. The credit is equal to 50% of the qualified expenditures, subject to an annual limitation of $3,500 multiplied by the number of miles of railroad track owned or leased by the Class II or Class III railroad as of the end of its tax year. The United States Short Line Tax Credit was initially enacted for a three-year period, 2005 through 2007, and was subsequently extended a series of times with the last extension enacted in February 2018. The February 2018 extension provided a retroactive credit, solely for fiscal year 2017. Legislation is currently pending that seeks to make the United States Short Line Tax Credit permanent for fiscal year 2018 and beyond. |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 9 Months Ended |
Sep. 30, 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. 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. Following the filing of the Companyās definitive proxy statement (the Proxy Statement) associated with the Merger with the Securities and Exchange Commission (the SEC) on August 20, 2019, three lawsuits were filed in connection with the Merger, including two purported class action lawsuits that were filed on August 21, 2019 and September 4, 2019 in the United States District Court for the District of Delaware, and one lawsuit filed on behalf of a purported individual shareholder on September 12, 2019 in the United States District Court for the District of Connecticut. These lawsuits, Gordon vs. Genesee & Wyoming Inc. et al., Case No. 1:19-cv-01558-MN, Thompson vs. Genesee & Wyoming Inc. et al., Case No. 1;19-cv-01650-MN and Geery vs. Genesee & Wyoming Inc. et al., Case No. 3:19-cv-01438-VLB (collectively, the Disclosure Actions), named the Company and individual officers and members of the Companyās board of directors as defendants. The actions alleged, among other things, that the defendants failed to disclose certain information relating to the Companyās financial projections set forth in the Proxy Statement. On September 25, 2019, solely to eliminate the burden, expense, and uncertainty inherent in such litigation, and without admitting any liability or wrongdoing, the Company filed a Form 8-K containing certain supplemental disclosures with the SEC. In consideration for such supplemental disclosures by the Company, plaintiffs in the Disclosure Actions had agreed to voluntarily dismiss the Disclosure Actions. On October 4, 2019, pursuant to those agreements, plaintiffs filed voluntary dismissals of the Disclosure Actions. On September 17, 2019, in New South Wales, Australia, a complaint was filed by Australia Eastern Railroad Pty Ltd ACN against the Company, GWI Holdings Pty Ltd and Genesee & Wyoming Australia Pty Ltd in connection with the Merger. The complaint seeks an award of damages in connection with a right of first refusal provision in a commercial contract involving the Companyās majority-owned Australian subsidiary. The Company disputes the allegations made in the complaint and intends to defend itself appropriately. In addition to the EPA matter and the lawsuits set forth above, from time to time, the Company is a defendant in certain lawsuits resulting from its operations in the ordinary course. Management believes there are adequate provisions in the financial statements for any probable liabilities that may result from disposition of the pending lawsuits and the aforementioned EPA matter. Based upon currently available information, management does not believe it is reasonably possible that any such lawsuit, related lawsuit or matter would be material to the Company's results of operations or have a material adverse effect on its financial position or liquidity. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income/(Loss) | 9 Months Ended |
Sep. 30, 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 Hedges Accumulated Other Comprehensive Loss Balance, December 31, 2018 $ (144,503 ) $ 11,120 $ (13,073 ) $ (146,456 ) Other comprehensive loss before reclassifications (24,026 ) ā (57,612 ) (81,638 ) Amounts reclassified from accumulated other comprehensive loss, net of tax (provision)/benefit of ($26), $74 and $593, respectively 82 (a) (94 ) (b) (2,002 ) (c) (2,014 ) Current period change (23,944 ) (94 ) (59,614 ) (83,652 ) Balance, September 30, 2019 $ (168,447 ) $ 11,026 $ (72,687 ) $ (230,108 ) Foreign Currency Translation Adjustment Defined Benefit Plans Net Unrealized Gain/(Loss) on Hedges Accumulated Other Comprehensive Loss Balance, December 31, 2017 $ (74,617 ) $ (19,601 ) $ (11,316 ) $ (105,534 ) Other comprehensive income before reclassifications (41,395 ) ā 14,926 (26,469 ) Amounts reclassified from accumulated other comprehensive loss, net of tax (provision)/benefit of ($42) and $76, respectively ā 129 (b) (232 ) (c) (103 ) Current period change (41,395 ) 129 14,694 (26,572 ) Amounts reclassified from accumulated other comprehensive loss to retained earnings related to the United States Tax Cuts and Jobs Act ā (132 ) (2,838 ) (2,970 ) Balance, September 30, 2018 $ (116,012 ) $ (19,604 ) $ 540 $ (135,076 ) (a) Net gains realized were recorded in other income/(loss), net within the consolidated statements of operations. (b) Net (losses)/gains realized were recorded in labor and benefits on the consolidated statements of operations. (c) For the nine months ended September 30, 2019 , $1.7 million and $0.3 million of net losses were recorded in interest expense and other income/(loss), net, respectively, within the consolidated statements of operations. For the nine months ended September 30, 2018 , net losses realized were recorded in interest expense on the consolidated statements of operations. See Note 6 , Derivative Financial Instruments . Comprehensive Loss Attributable to Noncontrolling Interest The following table sets forth comprehensive loss attributable to noncontrolling interest for the three and nine months ended September 30, 2019 and 2018 (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net income attributable to noncontrolling interest $ 2,979 $ 2,720 $ 3,011 $ 8,090 Other comprehensive income/(loss): Foreign currency translation adjustment (7,690 ) (4,804 ) (8,697 ) (17,647 ) Net unrealized (loss)/gain on qualifying cash flow hedges, net of tax benefit/(provision) of $21, $41, $654 and ($26), respectively (48 ) (95 ) (1,525 ) 62 Comprehensive loss attributable to noncontrolling interest $ (4,759 ) $ (2,179 ) $ (7,211 ) $ (9,495 ) |
Significant Non-Cash Investing
Significant Non-Cash Investing Activities | 9 Months Ended |
Sep. 30, 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 September 30, 2019 and 2018 , the Company had outstanding accounts receivable from outside parties for the funding of capital expenditures of $24.7 million and $14.6 million , respectively. As of September 30, 2019 and 2018 , the Company also had $24.5 million and $16.1 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 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 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 September 30, 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 and nine months ended September 30, 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 nine months ended September 30, 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 nine months ended September 30, 2019 . During the nine months ended September 30, 2018 , the Australia Partnership made an A$40.0 million distribution, of which A$20.4 million (or $15.6 million at the exchange rate on June 5, 2018) and A$19.6 million (or $14.9 million at the exchange rate on June 5, 2018) were distributed to the Company and MIRA, respectively. 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 OCI. 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 September 30, 2019 and December 31, 2018 : September 30, December 31, United States dollar per Australian dollar $ 0.67 $ 0.70 United States dollar per British pound $ 1.23 $ 1.28 United States dollar per Canadian dollar $ 0.76 $ 0.73 United States dollar per Euro $ 1.09 $ 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 and nine months ended September 30, 2019 and 2018 : Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 United States dollar per Australian dollar $ 0.69 $ 0.73 $ 0.70 $ 0.76 United States dollar per British pound $ 1.23 $ 1.30 $ 1.27 $ 1.35 United States dollar per Canadian dollar $ 0.76 $ 0.77 $ 0.75 $ 0.78 United States dollar per Euro $ 1.11 $ 1.16 $ 1.12 $ 1.19 The following tables set forth select financial data for the Company's reportable segments, including operating revenues by commodity group, for the three and nine months ended September 30, 2019 and 2018 (dollars in thousands): Three Months Ended September 30, 2019 North American Operations Australian Operations U.K./European Operations Total Operating revenues: Freight revenues by commodity group: Agricultural Products $ 34,574 $ 2,631 $ 763 $ 37,968 Autos & Auto Parts 6,339 ā ā 6,339 Chemicals & Plastics 39,518 ā ā 39,518 Coal & Coke 18,336 33,187 606 52,129 Food & Kindred Products 8,355 ā ā 8,355 Intermodal 461 16,446 56,998 73,905 Lumber & Forest Products 22,862 ā ā 22,862 Metallic Ores 4,225 7,036 ā 11,261 Metals 28,115 ā ā 28,115 Minerals & Stone 41,399 1,979 21,672 65,050 Petroleum Products 19,027 178 628 19,833 Pulp & Paper 30,648 ā ā 30,648 Waste 8,278 ā ā 8,278 Other 5,888 ā ā 5,888 Total freight revenues 268,025 61,457 80,667 410,149 Freight-related revenues 68,129 8,011 65,229 141,369 All other revenues 16,288 2,132 13,756 32,176 Total operating revenues $ 352,442 $ 71,600 $ 159,652 $ 583,694 Operating income/(loss) $ 95,633 $ 19,484 $ (2,361 ) $ 112,756 Depreciation and amortization $ 39,164 $ 13,779 $ 10,083 $ 63,026 Interest expense, net $ 12,599 $ 10,694 $ 849 $ 24,142 Provision for income taxes $ 16,876 $ 2,641 $ 458 $ 19,975 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 53,239 $ 14,845 $ 6,336 $ 74,420 Three Months Ended September 30, 2018 North American Operations Australian Operations U.K./European Operations Total Operating revenues: Freight revenues by commodity group: Agricultural Products $ 30,565 $ 4,150 $ 1,053 $ 35,768 Autos & Auto Parts 5,513 ā ā 5,513 Chemicals & Plastics 38,436 ā ā 38,436 Coal & Coke 23,006 32,357 2,588 57,951 Food & Kindred Products 8,761 ā ā 8,761 Intermodal 514 17,538 58,609 76,661 Lumber & Forest Products 24,113 ā ā 24,113 Metallic Ores 3,573 8,914 ā 12,487 Metals 34,904 ā ā 34,904 Minerals & Stone 38,570 2,066 22,344 62,980 Petroleum Products 18,236 224 99 18,559 Pulp & Paper 31,961 ā ā 31,961 Waste 8,089 ā ā 8,089 Other 7,191 ā ā 7,191 Total freight revenues 273,432 65,249 84,693 423,374 Freight-related revenues 66,045 10,136 69,269 145,450 All other revenues 16,232 1,318 16,930 34,480 Total operating revenues $ 355,709 $ 76,703 $ 170,892 $ 603,304 Operating income $ 102,484 $ 20,713 $ 4,623 $ 127,820 Depreciation and amortization $ 41,388 $ 14,937 $ 9,067 $ 65,392 Interest expense, net $ 10,339 $ 12,780 $ 2,893 $ 26,012 Provision for income taxes $ 26,323 $ 2,398 $ 2,292 $ 31,013 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 42,120 $ 8,185 $ 6,704 $ 57,009 Nine Months Ended September 30, 2019 North American Operations Australian Operations U.K./European Operations Total Operating revenues: Freight revenues by commodity group: Agricultural Products $ 99,383 $ 8,684 $ 2,011 $ 110,078 Autos & Auto Parts 17,905 ā ā 17,905 Chemicals & Plastics 116,504 ā ā 116,504 Coal & Coke 56,089 91,323 6,195 153,607 Food & Kindred Products 25,559 ā ā 25,559 Intermodal 1,439 45,705 174,500 221,644 Lumber & Forest Products 68,238 ā ā 68,238 Metallic Ores 9,883 22,177 ā 32,060 Metals 87,032 ā ā 87,032 Minerals & Stone 111,806 5,834 58,709 176,349 Petroleum Products 56,779 476 2,036 59,291 Pulp & Paper 88,940 ā ā 88,940 Waste 23,104 ā ā 23,104 Other 16,308 ā ā 16,308 Total freight revenues 778,969 174,199 243,451 1,196,619 Freight-related revenues 198,740 23,902 197,385 420,027 All other revenues 49,026 5,137 42,454 96,617 Total operating revenues $ 1,026,735 $ 203,238 $ 483,290 $ 1,713,263 Operating income/(loss) $ 249,209 $ 43,642 $ (6,185 ) $ 286,666 Depreciation and amortization $ 116,333 $ 42,382 $ 29,454 $ 188,169 Interest expense, net $ 36,871 $ 34,618 $ 6,291 $ 77,780 Provision for income taxes $ 49,103 $ 2,711 $ 1,287 $ 53,101 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 153,959 $ 26,797 $ 23,523 $ 204,279 Nine Months Ended September 30, 2018 North American Operations Australian Operations U.K./European Operations Total Operating revenues: Freight revenues by commodity group: Agricultural Products $ 91,630 $ 15,639 $ 3,073 $ 110,342 Autos & Auto Parts 16,686 ā ā 16,686 Chemicals & Plastics 113,625 ā ā 113,625 Coal & Coke 62,038 96,506 8,751 167,295 Food & Kindred Products 25,587 ā ā 25,587 Intermodal 1,203 50,613 192,413 244,229 Lumber & Forest Products 70,362 ā ā 70,362 Metallic Ores 10,816 24,770 ā 35,586 Metals 95,791 ā ā 95,791 Minerals & Stone 107,122 6,247 63,849 177,218 Petroleum Products 52,870 560 107 53,537 Pulp & Paper 90,346 ā ā 90,346 Waste 21,316 ā ā 21,316 Other 19,325 ā ā 19,325 Total freight revenues 778,717 194,335 268,193 1,241,245 Freight-related revenues 193,344 32,214 203,491 429,049 All other revenues 48,835 4,017 49,809 102,661 Total operating revenues $ 1,020,896 $ 230,566 $ 521,493 $ 1,772,955 Operating income/(loss) $ 255,918 $ 62,585 $ (645 ) $ 317,858 Depreciation and amortization $ 123,266 $ 46,232 $ 27,629 $ 197,127 Interest expense, net $ 30,572 $ 38,914 $ 9,620 $ 79,106 Provision for income taxes $ 26,930 $ 7,120 $ 7,519 $ 41,569 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 129,607 $ 27,936 $ 19,893 $ 177,436 The following tables set forth select balance sheet data for the Company's reportable segments as of September 30, 2019 and December 31, 2018 (dollars in thousands): September 30, 2019 North American Operations Australian Operations U.K./European Operations Total Operations Cash and cash equivalents $ 37,261 $ 31,142 $ 18,509 $ 86,912 Property and equipment, net $ 3,747,047 $ 587,793 $ 329,997 $ 4,664,837 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) | 9 Months Ended |
Sep. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [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 Accounting Standards Update (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, IntangiblesāGoodwill 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 FrameworkāChanges to the Disclosure for Fair Value Measurement . The amendments modify the disclosure requirements for fair value measurements in FASB Accounting Standards Codification (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, CompensationāRetirement BenefitsāDefined Benefit PlansāGeneral (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans. The amendments modify the disclosure requirements for employers that sponsor defined benefit pension plans or other postretirement benefit plans to make disclosure requirements more consistent with the revisions to the Concepts Statement. The amendments will become effective for the Company beginning January 1, 2021. Early adoption is permitted on a retrospective basis to all periods presented. The Company is still evaluating the potential impact of this guidance on its disclosure requirements. |
Principles of Consolidation a_2
Principles of Consolidation and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 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 may designate fair value hedges to mitigate foreign currency exchange rates on non-functional currency assets or liabilities. The Company uses the mark-to-market approach to remeasure the hedged item and the hedging instrument. The changes in the fair value of the hedged item is included in other income/(loss), net and are offset by changes in the fair value of the hedging instrument which are reported in the same income statement line item. In addition, the Company may designate net investment hedges to reduce the impact of the variability of foreign currency exchange rates on its net investments in certain non-U.S. operations using cross-currency swaps. The Company measures the effectiveness of the hedge by offsetting the changes in the fair value of the cross-currency swap and the hedged asset or liability. Gains and losses on the after-tax effective portion of the net investment hedge are reported in currency translation adjustments where they remain until the investment is liquidated. The Company records the portion of the gain or loss on the hedging instrument that exceeds the gain or loss of the hedged item as an offset to the tax impact recognized during the period. 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. Gains and losses on any excluded components of derivatives designated as hedges are recorded in OCI and amortized to other income/(loss), net over the life of the hedge. From time to time, the Company may enter into certain derivative instruments that may not be designated as hedges for accounting purposes. 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) | 9 Months Ended |
Sep. 30, 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 lessor 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 leased 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 ROU 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) | 9 Months Ended |
Sep. 30, 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 $43 million (at an exchange rate of $1.28 for one British pound) and are comprised of the following (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2019 Total Costs Incurred Through Estimated Total Restructuring and Related Costs Rationalization of locomotive and railcar fleet $ ā $ ā $ 6,301 $ 11,000 Management restructuring (a) 1,240 10,381 15,021 17,000 Productivity and automation investments 1,998 5,136 9,179 15,000 Total $ 3,238 $ 15,517 $ 30,501 $ 43,000 (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 nine months ended September 30, 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 $ ā $ 5,076 Restructuring and related costs incurred ā 10,381 5,136 15,517 Cash payments (1,394 ) (8,079 ) (5,136 ) (14,609 ) Non-cash settlements ā ā ā ā Restructuring and related liabilities as of September 30, 2019 $ 2,700 $ 3,284 $ ā $ 5,984 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2019 and 2018 (in thousands, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Numerators: Net income attributable to Genesee & Wyoming Inc. $ 66,792 $ 69,590 $ 156,939 $ 188,856 Denominators: Weighted average Class A common shares outstanding ā Basic 56,638 59,168 56,497 60,343 Weighted average Class B common shares outstanding 376 664 426 679 Dilutive effect of employee stock-based awards 518 299 374 233 Weighted average shares ā Diluted 57,532 60,131 57,297 61,255 Earnings per common share attributable to Genesee & Wyoming Inc. common stockholders: Basic earnings per common share $ 1.18 $ 1.18 $ 2.78 $ 3.13 Diluted earnings per common share $ 1.16 $ 1.16 $ 2.74 $ 3.08 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following total number of shares of Class A Common Stock issuable under the assumed exercise of stock-based awards computed based on the treasury stock method were excluded from the calculation of diluted earnings per common share, as the effect of including these shares would have been antidilutive (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Antidilutive shares ā 704 249 1,045 |
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 and nine months ended September 30, 2019 and 2018 (in thousands, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Class A Common Stock repurchased ā 894 65 3,560 Average price paid per share of Class A Common Stock repurchased $ ā $ 87.46 $ 73.94 $ 75.99 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounts Receivable, Net [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Accounts receivable consisted of the following as of September 30, 2019 and December 31, 2018 (dollars in thousands): September 30, December 31, Accounts receivable ā trade $ 395,512 $ 397,255 Accounts receivable ā grants from outside parties 24,677 19,376 Accounts receivable ā insurance and other third-party claims 29,386 19,729 Total accounts receivable 449,575 436,360 Less: Allowance for doubtful accounts (12,513 ) (10,055 ) Accounts receivable, net $ 437,062 $ 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 and nine months ended September 30, 2019 and 2018 (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Amortization of deferred grants $ 3,442 $ 3,173 $ 10,265 $ 8,776 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Supplemental Balance Sheet Information Related to Leases [Table Text Block] | The following table summarizes the Company's leased assets and lease liabilities recorded in the consolidated balance sheet as of September 30, 2019 (dollars in thousands): Balance Sheet Location September 30, Leased right-of-use assets: Operating leased assets Other assets $ 471,929 Finance leased assets, net Property and equipment, net (a) 85,230 Total leased assets $ 557,159 Lease liabilities: Current Operating lease liabilities Accrued expenses $ 60,624 Finance lease liabilities Current portion of long-term debt 14,402 Non-current Operating lease liabilities Other long-term liabilities 411,153 Finance lease liabilities Long-term debt, less current portion 64,309 Total lease liabilities $ 550,488 (a) Net of $30.1 million of accumulated amortization as of September 30, 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 and nine months ended September 30, 2019 (dollars in thousands): Location of Amount Recognized in Earnings Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Finance leases: Amortization of right-of-use assets Depreciation and amortization $ 2,069 $ 5,830 Interest on lease liability Interest expense 881 2,554 Total finance lease cost $ 2,950 $ 8,384 Operating leases: Operating lease cost Equipment rents/Trackage rights $ 22,292 $ 66,976 Short-term lease cost Equipment rents/Trackage rights 2,071 7,064 Variable lease cost Equipment rents/Trackage rights 1,964 6,871 Sublease income (gross basis) Operating revenues (1,291 ) (3,541 ) Total operating lease cost $ 25,036 $ 77,370 Total lease cost $ 27,986 $ 85,754 |
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 September 30, 2019 (dollars in thousands): Finance Leases Operating Leases Maturity of lease liabilities: 2019 (remainder) $ 3,299 $ 23,076 2020 19,373 72,851 2021 10,495 63,445 2022 14,650 52,080 2023 10,551 43,398 Thereafter 34,778 553,484 Total lease payments 93,146 808,334 Less: Imputed interest 14,435 336,557 Total lease liabilities $ 78,711 $ 471,777 |
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 September 30, 2019 (dollars in thousands): Finance Leases Operating Leases Maturity of lease liabilities: 2019 (remainder) $ 3,299 $ 23,076 2020 19,373 72,851 2021 10,495 63,445 2022 14,650 52,080 2023 10,551 43,398 Thereafter 34,778 553,484 Total lease payments 93,146 808,334 Less: Imputed interest 14,435 336,557 Total lease liabilities $ 78,711 $ 471,777 |
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 nine months ended September 30, 2019 (dollars in thousands): Nine Months Ended September 30, 2019 Cash flow information: Cash paid for operating leases included in operating activities $ 69,533 Cash paid for finance leases included in operating activities $ 2,608 Cash paid for finance leases included in financing activities $ 9,694 Weighted average remaining lease term (in years): Operating leases 26.8 Finance leases 8.1 Weighted average discount rate: Operating leases 3.8 % Finance leases 4.5 % New leases: Right-of-use assets obtained in exchange for operating lease liabilities $ 36,333 Right-of-use assets obtained in exchange for finance lease liabilities $ 27,592 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2019 and December 31, 2018 (dollars in thousands): Fair Value Balance Sheet Location September 30, December 31, 2018 Asset Derivatives: Derivatives designated as cash flow hedges: British pound forward contracts Prepaid expenses and other $ 4,535 $ ā British pound forward contracts Other assets ā 26,011 Derivative designated as a net investment hedge: Cross-currency swap contract Other assets 8,039 ā Total derivatives designated as hedges $ 12,574 $ 26,011 Derivatives not designated as hedges: Cross-currency swap contract Prepaid expenses and other $ ā $ 19,684 Total derivatives not designated as hedges $ ā $ 19,684 Liability Derivatives: Derivatives designated as cash flow hedges: Interest rate swap agreements Accrued expenses $ 8,545 $ 1,954 Interest rate swap agreements Other long-term liabilities 86,483 12,441 British pound forward contracts Other long-term liabilities ā 59 Derivative designated as a fair value hedge: Cross-currency swap contract Other long-term liabilities 4,047 ā Total derivatives designated as hedges $ 99,075 $ 14,454 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | The following table shows the effective portion of net changes in the fair value of the Company's derivative instruments designated as hedges recognized in OCI, net of tax for the three and nine months ended September 30, 2019 and 2018 (dollars in thousands): Total Derivatives Designated as Hedges OCI Activity, Net of Tax Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Derivatives Designated as Hedges: Cash Flow Hedges: Interest rate swap agreements $ (26,746 ) $ 4,816 $ (61,451 ) $ 14,396 Foreign currency forward contracts ā (13 ) ā 275 British pound forward contracts, net (a) (12 ) 350 1,446 85 $ (26,758 ) $ 5,153 $ (60,005 ) $ 14,756 Net Investment Hedge: Cross-currency swap contract $ 6,821 $ ā $ 6,048 $ ā Fair Value Hedge: Cross-currency swap contract $ (704 ) $ ā $ (1,134 ) $ ā Total derivatives designated as hedges $ (20,641 ) $ 5,153 $ (55,091 ) $ 14,756 (a) The three months ended September 30, 2019 represented a net loss of $1.0 million for the mark-to-market of the U.K. intercompany loan, partially offset by a net gain of $1.0 million for the mark-to-market of the British pound forward contracts. The nine months ended September 30, 2019 represented a net gain of $18.5 million for the mark-to-market of the U.K. intercompany loan, partially offset by a net loss of $17.0 million for the mark-to-market of the British pound forward contracts. The three and nine months ended September 30, 2018 represented a net loss of $1.7 million and $5.4 million , respectively, for the mark-to-market of the U.K. intercompany loan, partially offset by a net gain of $2.0 million and $5.5 million |
Schedule of Derivative Instruments, Gain (Loss) in Consolidated Statement of Operations [Table Text Block] | The following table shows the effect of the Company's derivative instruments not designated as hedges for the three and nine months ended September 30, 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 Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Derivatives Not Designated as Hedges: Cross-currency swap agreements, net (a) Other income/(loss), net $ ā $ (2,410 ) $ (1,770 ) $ (4,900 ) (a) The nine months ended September 30, 2019 represented a net loss of $1.4 million for the mark-to-market of the GRail Intercompany Loan and a net loss of $0.3 million for the mark-to-market of the swaps. This derivative was settled in June 2019, and the Company received cash proceeds of ā¬17.0 million (or $19.3 million at the exchange rate on June 30, 2019). The three months ended September 30, 2018 represented a net loss of $3.0 million for the mark-to-market of the GRail Intercompany Loan, partially offset by a net gain of $0.6 million for the mark-to-market of the swaps. The nine months ended September 30, 2018 represented a net loss of $8.1 million for the mark-to-market of the GRail Intercompany Loan, partially offset by a net gain of $3.2 million for the mark-to-market of the swaps. |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following table shows the cash flow impacts from the Company's derivatives that settled during the nine months ended September 30, 2019 (dollars in thousands): Nine Months Ended September 30, 2019 Derivatives designated as hedges: British pound forward contracts $ 26,088 Derivatives not designated as hedges: Cross-currency swap contract 19,272 Total cash received from settlement of derivative transactions, investing activities $ 45,360 |
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) | 9 Months Ended |
Sep. 30, 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 September 30, 2019 and December 31, 2018 (dollars in thousands): September 30, December 31, Financial instruments carried at fair value using Level 2 inputs: Financial assets carried at fair value: British pound forward contracts $ 4,535 $ 26,011 Cross-currency swap contract - net investment hedge 8,039 ā Cross-currency swap contracts ā 19,684 Total financial assets carried at fair value $ 12,574 $ 45,695 Financial liabilities carried at fair value: Interest rate swap agreements $ 95,028 $ 14,395 British pound forward contracts ā 59 Cross-currency swap contract - fair value hedge 4,047 ā Total financial liabilities carried at fair value $ 99,075 $ 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 September 30, 2019 and December 31, 2018 (dollars in thousands): September 30, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Financial liabilities carried at historical cost: United States term loan $ 1,261,983 $ 1,258,527 $ 1,295,672 $ 1,296,079 U.K. term loan 289,357 290,883 315,524 319,556 Australian credit agreement 422,120 427,617 450,252 457,978 Australia subordinated shareholder loan from Macquarie Infrastructure and Real Assets 160,675 157,652 167,796 166,974 Revolving credit facility 319 3,687 160,033 163,662 Other debt 2,392 2,379 2,356 2,352 Total $ 2,136,846 $ 2,140,745 $ 2,391,633 $ 2,406,601 |
U.K. Pension Plan (Tables)
U.K. Pension Plan (Tables) | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2019 and 2018 (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Operating expense: Service cost (a) $ 3,257 $ 3,610 $ 10,094 $ 11,235 Nonoperating income, net: Interest cost 2,240 2,383 6,942 7,416 Expected return on plan assets (4,158 ) (4,572 ) (12,885 ) (14,231 ) Amortization of prior year service cost 42 ā 130 ā Total nonoperating income, net (b) (1,876 ) (2,189 ) (5,813 ) (6,815 ) Net periodic benefit cost $ 1,381 $ 1,421 $ 4,281 $ 4,420 (a) Included in labor and benefits within the Companyās consolidated statements of operations. (b) Included in other income/(loss), net within the Companyās consolidated statements of operations. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income/(Loss) (Tables) | 9 Months Ended |
Sep. 30, 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 Hedges Accumulated Other Comprehensive Loss Balance, December 31, 2018 $ (144,503 ) $ 11,120 $ (13,073 ) $ (146,456 ) Other comprehensive loss before reclassifications (24,026 ) ā (57,612 ) (81,638 ) Amounts reclassified from accumulated other comprehensive loss, net of tax (provision)/benefit of ($26), $74 and $593, respectively 82 (a) (94 ) (b) (2,002 ) (c) (2,014 ) Current period change (23,944 ) (94 ) (59,614 ) (83,652 ) Balance, September 30, 2019 $ (168,447 ) $ 11,026 $ (72,687 ) $ (230,108 ) Foreign Currency Translation Adjustment Defined Benefit Plans Net Unrealized Gain/(Loss) on Hedges Accumulated Other Comprehensive Loss Balance, December 31, 2017 $ (74,617 ) $ (19,601 ) $ (11,316 ) $ (105,534 ) Other comprehensive income before reclassifications (41,395 ) ā 14,926 (26,469 ) Amounts reclassified from accumulated other comprehensive loss, net of tax (provision)/benefit of ($42) and $76, respectively ā 129 (b) (232 ) (c) (103 ) Current period change (41,395 ) 129 14,694 (26,572 ) Amounts reclassified from accumulated other comprehensive loss to retained earnings related to the United States Tax Cuts and Jobs Act ā (132 ) (2,838 ) (2,970 ) Balance, September 30, 2018 $ (116,012 ) $ (19,604 ) $ 540 $ (135,076 ) (a) Net gains realized were recorded in other income/(loss), net within the consolidated statements of operations. (b) Net (losses)/gains realized were recorded in labor and benefits on the consolidated statements of operations. (c) For the nine months ended September 30, 2019 , $1.7 million and $0.3 million of net losses were recorded in interest expense and other income/(loss), net, respectively, within the consolidated statements of operations. For the nine months ended September 30, 2018 , net 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 loss attributable to noncontrolling interest for the three and nine months ended September 30, 2019 and 2018 (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net income attributable to noncontrolling interest $ 2,979 $ 2,720 $ 3,011 $ 8,090 Other comprehensive income/(loss): Foreign currency translation adjustment (7,690 ) (4,804 ) (8,697 ) (17,647 ) Net unrealized (loss)/gain on qualifying cash flow hedges, net of tax benefit/(provision) of $21, $41, $654 and ($26), respectively (48 ) (95 ) (1,525 ) 62 Comprehensive loss attributable to noncontrolling interest $ (4,759 ) $ (2,179 ) $ (7,211 ) $ (9,495 ) |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2019 and December 31, 2018 : September 30, December 31, United States dollar per Australian dollar $ 0.67 $ 0.70 United States dollar per British pound $ 1.23 $ 1.28 United States dollar per Canadian dollar $ 0.76 $ 0.73 United States dollar per Euro $ 1.09 $ 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 and nine months ended September 30, 2019 and 2018 : Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 United States dollar per Australian dollar $ 0.69 $ 0.73 $ 0.70 $ 0.76 United States dollar per British pound $ 1.23 $ 1.30 $ 1.27 $ 1.35 United States dollar per Canadian dollar $ 0.76 $ 0.77 $ 0.75 $ 0.78 United States dollar per Euro $ 1.11 $ 1.16 $ 1.12 $ 1.19 |
Schedule of segment reporting information, by segment [Table Text Block] | The following tables set forth select financial data for the Company's reportable segments, including operating revenues by commodity group, for the three and nine months ended September 30, 2019 and 2018 (dollars in thousands): Three Months Ended September 30, 2019 North American Operations Australian Operations U.K./European Operations Total Operating revenues: Freight revenues by commodity group: Agricultural Products $ 34,574 $ 2,631 $ 763 $ 37,968 Autos & Auto Parts 6,339 ā ā 6,339 Chemicals & Plastics 39,518 ā ā 39,518 Coal & Coke 18,336 33,187 606 52,129 Food & Kindred Products 8,355 ā ā 8,355 Intermodal 461 16,446 56,998 73,905 Lumber & Forest Products 22,862 ā ā 22,862 Metallic Ores 4,225 7,036 ā 11,261 Metals 28,115 ā ā 28,115 Minerals & Stone 41,399 1,979 21,672 65,050 Petroleum Products 19,027 178 628 19,833 Pulp & Paper 30,648 ā ā 30,648 Waste 8,278 ā ā 8,278 Other 5,888 ā ā 5,888 Total freight revenues 268,025 61,457 80,667 410,149 Freight-related revenues 68,129 8,011 65,229 141,369 All other revenues 16,288 2,132 13,756 32,176 Total operating revenues $ 352,442 $ 71,600 $ 159,652 $ 583,694 Operating income/(loss) $ 95,633 $ 19,484 $ (2,361 ) $ 112,756 Depreciation and amortization $ 39,164 $ 13,779 $ 10,083 $ 63,026 Interest expense, net $ 12,599 $ 10,694 $ 849 $ 24,142 Provision for income taxes $ 16,876 $ 2,641 $ 458 $ 19,975 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 53,239 $ 14,845 $ 6,336 $ 74,420 Three Months Ended September 30, 2018 North American Operations Australian Operations U.K./European Operations Total Operating revenues: Freight revenues by commodity group: Agricultural Products $ 30,565 $ 4,150 $ 1,053 $ 35,768 Autos & Auto Parts 5,513 ā ā 5,513 Chemicals & Plastics 38,436 ā ā 38,436 Coal & Coke 23,006 32,357 2,588 57,951 Food & Kindred Products 8,761 ā ā 8,761 Intermodal 514 17,538 58,609 76,661 Lumber & Forest Products 24,113 ā ā 24,113 Metallic Ores 3,573 8,914 ā 12,487 Metals 34,904 ā ā 34,904 Minerals & Stone 38,570 2,066 22,344 62,980 Petroleum Products 18,236 224 99 18,559 Pulp & Paper 31,961 ā ā 31,961 Waste 8,089 ā ā 8,089 Other 7,191 ā ā 7,191 Total freight revenues 273,432 65,249 84,693 423,374 Freight-related revenues 66,045 10,136 69,269 145,450 All other revenues 16,232 1,318 16,930 34,480 Total operating revenues $ 355,709 $ 76,703 $ 170,892 $ 603,304 Operating income $ 102,484 $ 20,713 $ 4,623 $ 127,820 Depreciation and amortization $ 41,388 $ 14,937 $ 9,067 $ 65,392 Interest expense, net $ 10,339 $ 12,780 $ 2,893 $ 26,012 Provision for income taxes $ 26,323 $ 2,398 $ 2,292 $ 31,013 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 42,120 $ 8,185 $ 6,704 $ 57,009 Nine Months Ended September 30, 2019 North American Operations Australian Operations U.K./European Operations Total Operating revenues: Freight revenues by commodity group: Agricultural Products $ 99,383 $ 8,684 $ 2,011 $ 110,078 Autos & Auto Parts 17,905 ā ā 17,905 Chemicals & Plastics 116,504 ā ā 116,504 Coal & Coke 56,089 91,323 6,195 153,607 Food & Kindred Products 25,559 ā ā 25,559 Intermodal 1,439 45,705 174,500 221,644 Lumber & Forest Products 68,238 ā ā 68,238 Metallic Ores 9,883 22,177 ā 32,060 Metals 87,032 ā ā 87,032 Minerals & Stone 111,806 5,834 58,709 176,349 Petroleum Products 56,779 476 2,036 59,291 Pulp & Paper 88,940 ā ā 88,940 Waste 23,104 ā ā 23,104 Other 16,308 ā ā 16,308 Total freight revenues 778,969 174,199 243,451 1,196,619 Freight-related revenues 198,740 23,902 197,385 420,027 All other revenues 49,026 5,137 42,454 96,617 Total operating revenues $ 1,026,735 $ 203,238 $ 483,290 $ 1,713,263 Operating income/(loss) $ 249,209 $ 43,642 $ (6,185 ) $ 286,666 Depreciation and amortization $ 116,333 $ 42,382 $ 29,454 $ 188,169 Interest expense, net $ 36,871 $ 34,618 $ 6,291 $ 77,780 Provision for income taxes $ 49,103 $ 2,711 $ 1,287 $ 53,101 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 153,959 $ 26,797 $ 23,523 $ 204,279 Nine Months Ended September 30, 2018 North American Operations Australian Operations U.K./European Operations Total Operating revenues: Freight revenues by commodity group: Agricultural Products $ 91,630 $ 15,639 $ 3,073 $ 110,342 Autos & Auto Parts 16,686 ā ā 16,686 Chemicals & Plastics 113,625 ā ā 113,625 Coal & Coke 62,038 96,506 8,751 167,295 Food & Kindred Products 25,587 ā ā 25,587 Intermodal 1,203 50,613 192,413 244,229 Lumber & Forest Products 70,362 ā ā 70,362 Metallic Ores 10,816 24,770 ā 35,586 Metals 95,791 ā ā 95,791 Minerals & Stone 107,122 6,247 63,849 177,218 Petroleum Products 52,870 560 107 53,537 Pulp & Paper 90,346 ā ā 90,346 Waste 21,316 ā ā 21,316 Other 19,325 ā ā 19,325 Total freight revenues 778,717 194,335 268,193 1,241,245 Freight-related revenues 193,344 32,214 203,491 429,049 All other revenues 48,835 4,017 49,809 102,661 Total operating revenues $ 1,020,896 $ 230,566 $ 521,493 $ 1,772,955 Operating income/(loss) $ 255,918 $ 62,585 $ (645 ) $ 317,858 Depreciation and amortization $ 123,266 $ 46,232 $ 27,629 $ 197,127 Interest expense, net $ 30,572 $ 38,914 $ 9,620 $ 79,106 Provision for income taxes $ 26,930 $ 7,120 $ 7,519 $ 41,569 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 129,607 $ 27,936 $ 19,893 $ 177,436 |
Disaggregation of Revenue [Table Text Block] | The following tables set forth select financial data for the Company's reportable segments, including operating revenues by commodity group, for the three and nine months ended September 30, 2019 and 2018 (dollars in thousands): Three Months Ended September 30, 2019 North American Operations Australian Operations U.K./European Operations Total Operating revenues: Freight revenues by commodity group: Agricultural Products $ 34,574 $ 2,631 $ 763 $ 37,968 Autos & Auto Parts 6,339 ā ā 6,339 Chemicals & Plastics 39,518 ā ā 39,518 Coal & Coke 18,336 33,187 606 52,129 Food & Kindred Products 8,355 ā ā 8,355 Intermodal 461 16,446 56,998 73,905 Lumber & Forest Products 22,862 ā ā 22,862 Metallic Ores 4,225 7,036 ā 11,261 Metals 28,115 ā ā 28,115 Minerals & Stone 41,399 1,979 21,672 65,050 Petroleum Products 19,027 178 628 19,833 Pulp & Paper 30,648 ā ā 30,648 Waste 8,278 ā ā 8,278 Other 5,888 ā ā 5,888 Total freight revenues 268,025 61,457 80,667 410,149 Freight-related revenues 68,129 8,011 65,229 141,369 All other revenues 16,288 2,132 13,756 32,176 Total operating revenues $ 352,442 $ 71,600 $ 159,652 $ 583,694 Operating income/(loss) $ 95,633 $ 19,484 $ (2,361 ) $ 112,756 Depreciation and amortization $ 39,164 $ 13,779 $ 10,083 $ 63,026 Interest expense, net $ 12,599 $ 10,694 $ 849 $ 24,142 Provision for income taxes $ 16,876 $ 2,641 $ 458 $ 19,975 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 53,239 $ 14,845 $ 6,336 $ 74,420 Three Months Ended September 30, 2018 North American Operations Australian Operations U.K./European Operations Total Operating revenues: Freight revenues by commodity group: Agricultural Products $ 30,565 $ 4,150 $ 1,053 $ 35,768 Autos & Auto Parts 5,513 ā ā 5,513 Chemicals & Plastics 38,436 ā ā 38,436 Coal & Coke 23,006 32,357 2,588 57,951 Food & Kindred Products 8,761 ā ā 8,761 Intermodal 514 17,538 58,609 76,661 Lumber & Forest Products 24,113 ā ā 24,113 Metallic Ores 3,573 8,914 ā 12,487 Metals 34,904 ā ā 34,904 Minerals & Stone 38,570 2,066 22,344 62,980 Petroleum Products 18,236 224 99 18,559 Pulp & Paper 31,961 ā ā 31,961 Waste 8,089 ā ā 8,089 Other 7,191 ā ā 7,191 Total freight revenues 273,432 65,249 84,693 423,374 Freight-related revenues 66,045 10,136 69,269 145,450 All other revenues 16,232 1,318 16,930 34,480 Total operating revenues $ 355,709 $ 76,703 $ 170,892 $ 603,304 Operating income $ 102,484 $ 20,713 $ 4,623 $ 127,820 Depreciation and amortization $ 41,388 $ 14,937 $ 9,067 $ 65,392 Interest expense, net $ 10,339 $ 12,780 $ 2,893 $ 26,012 Provision for income taxes $ 26,323 $ 2,398 $ 2,292 $ 31,013 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 42,120 $ 8,185 $ 6,704 $ 57,009 Nine Months Ended September 30, 2019 North American Operations Australian Operations U.K./European Operations Total Operating revenues: Freight revenues by commodity group: Agricultural Products $ 99,383 $ 8,684 $ 2,011 $ 110,078 Autos & Auto Parts 17,905 ā ā 17,905 Chemicals & Plastics 116,504 ā ā 116,504 Coal & Coke 56,089 91,323 6,195 153,607 Food & Kindred Products 25,559 ā ā 25,559 Intermodal 1,439 45,705 174,500 221,644 Lumber & Forest Products 68,238 ā ā 68,238 Metallic Ores 9,883 22,177 ā 32,060 Metals 87,032 ā ā 87,032 Minerals & Stone 111,806 5,834 58,709 176,349 Petroleum Products 56,779 476 2,036 59,291 Pulp & Paper 88,940 ā ā 88,940 Waste 23,104 ā ā 23,104 Other 16,308 ā ā 16,308 Total freight revenues 778,969 174,199 243,451 1,196,619 Freight-related revenues 198,740 23,902 197,385 420,027 All other revenues 49,026 5,137 42,454 96,617 Total operating revenues $ 1,026,735 $ 203,238 $ 483,290 $ 1,713,263 Operating income/(loss) $ 249,209 $ 43,642 $ (6,185 ) $ 286,666 Depreciation and amortization $ 116,333 $ 42,382 $ 29,454 $ 188,169 Interest expense, net $ 36,871 $ 34,618 $ 6,291 $ 77,780 Provision for income taxes $ 49,103 $ 2,711 $ 1,287 $ 53,101 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 153,959 $ 26,797 $ 23,523 $ 204,279 Nine Months Ended September 30, 2018 North American Operations Australian Operations U.K./European Operations Total Operating revenues: Freight revenues by commodity group: Agricultural Products $ 91,630 $ 15,639 $ 3,073 $ 110,342 Autos & Auto Parts 16,686 ā ā 16,686 Chemicals & Plastics 113,625 ā ā 113,625 Coal & Coke 62,038 96,506 8,751 167,295 Food & Kindred Products 25,587 ā ā 25,587 Intermodal 1,203 50,613 192,413 244,229 Lumber & Forest Products 70,362 ā ā 70,362 Metallic Ores 10,816 24,770 ā 35,586 Metals 95,791 ā ā 95,791 Minerals & Stone 107,122 6,247 63,849 177,218 Petroleum Products 52,870 560 107 53,537 Pulp & Paper 90,346 ā ā 90,346 Waste 21,316 ā ā 21,316 Other 19,325 ā ā 19,325 Total freight revenues 778,717 194,335 268,193 1,241,245 Freight-related revenues 193,344 32,214 203,491 429,049 All other revenues 48,835 4,017 49,809 102,661 Total operating revenues $ 1,020,896 $ 230,566 $ 521,493 $ 1,772,955 Operating income/(loss) $ 255,918 $ 62,585 $ (645 ) $ 317,858 Depreciation and amortization $ 123,266 $ 46,232 $ 27,629 $ 197,127 Interest expense, net $ 30,572 $ 38,914 $ 9,620 $ 79,106 Provision for income taxes $ 26,930 $ 7,120 $ 7,519 $ 41,569 Cash expenditures for additions to property & equipment, net of grants from outside parties $ 129,607 $ 27,936 $ 19,893 $ 177,436 |
Certain asset information by segment [Table Text Block] | The following tables set forth select balance sheet data for the Company's reportable segments as of September 30, 2019 and December 31, 2018 (dollars in thousands): September 30, 2019 North American Operations Australian Operations U.K./European Operations Total Operations Cash and cash equivalents $ 37,261 $ 31,142 $ 18,509 $ 86,912 Property and equipment, net $ 3,747,047 $ 587,793 $ 329,997 $ 4,664,837 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 |
Principles of Consolidation a_3
Principles of Consolidation and Basis of Presentation Accounting Changes and Error Corrections (Details) - Understatement [Member] - Restatement Adjustment [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Principal payments on revolving line-of-credit, long-term debt and finance lease obligations [Member] | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
Quantifying Misstatement in Current Year Financial Statements, Amount | $ (33) |
Proceeds from revolving line-of-credit and long-term debt [Member] | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
Quantifying Misstatement in Current Year Financial Statements, Amount | $ 33 |
Changes in Operations (Details)
Changes in Operations (Details) $ in Thousands, ā¬ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2018EUR (ā¬) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | |
Proceeds from sale of business | $ 0 | $ 7,927 | |||
Operating revenue | $ 583,694 | $ 603,304 | 1,713,263 | 1,772,955 | |
Operating income/(loss) | 112,756 | 127,820 | 286,666 | 317,858 | |
North American Operations [Member] | |||||
Operating revenue | 352,442 | 355,709 | 1,026,735 | 1,020,896 | |
Operating income/(loss) | 95,633 | 102,484 | 249,209 | 255,918 | |
North American Operations [Member] | GEXR and SORR [Member] | |||||
Operating revenue | 5,100 | 16,100 | |||
Operating income/(loss) | (900) | (1,300) | |||
U.K./European Operations [Member] | |||||
Operating revenue | 159,652 | 170,892 | 483,290 | 521,493 | |
Operating income/(loss) | $ (2,361) | 4,623 | $ (6,185) | (645) | |
U.K./European Operations [Member] | ERS Railways [Member] | |||||
Proceeds from Divestiture of Businesses | ā¬ 11.2 | 13,100 | |||
Proceeds from sale of business | 6.8 | 7,900 | |||
Cash Divested from Deconsolidation | ā¬ 4.4 | $ 5,200 | |||
Operating revenue | 24,100 | ||||
Operating income/(loss) | $ 1,600 |
Changes in Operations Proposed
Changes in Operations Proposed Acquisition by Brookfield Infrastructure and GIC (Details) - Proposed G&W [Member] - USD ($) $ / shares in Units, $ in Billions | Oct. 03, 2019 | Jul. 01, 2019 |
Business Acquisition, Share Price | $ 112 | |
Business Acquisition, Total Value including total debt | $ 8.4 | |
Shareholder Vote, Percentage | 82.90% |
Changes in Operations Divestitu
Changes in Operations Divestiture of GWAHLP (Details) - AUD ($) $ in Millions | 9 Months Ended | |
Jul. 01, 2020 | Sep. 30, 2019 | |
MIRA [Member] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 48.90% | |
Scenario, Forecast [Member] | GWAHLP [Member] | Australia Operations [Member] | ||
Proceeds from Divestiture of Businesses | $ 627.4 |
Changes in Operations U.K._Euro
Changes in Operations U.K./Europe Optimization Restructuring Costs (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 18 Months Ended | 21 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($)$ / Ā£ | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and related costs incurred | $ 3,561 | $ 3,286 | $ 18,756 | $ 12,931 | ||
U.K. Operations Optimization [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and related costs incurred | 3,238 | 15,517 | $ 30,501 | |||
Rationalization of locomotive and railcar fleet [Member] | U.K. Operations Optimization [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and related costs incurred | 0 | 0 | 6,301 | |||
Management restructuring [Member] | U.K. Operations Optimization [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and related costs incurred | 1,240 | 10,381 | 15,021 | |||
Productivity and automation investments [Member] | U.K. Operations Optimization [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and related costs incurred | $ 1,998 | $ 5,136 | $ 9,179 | |||
Scenario, Forecast [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Foreign Currency Exchange Rate, Translation | $ / Ā£ | 1.28 | |||||
Scenario, Forecast [Member] | U.K. Operations Optimization [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and related costs incurred | $ 43,000 | |||||
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 incurred | 11,000 | |||||
Scenario, Forecast [Member] | Management restructuring [Member] | U.K. Operations Optimization [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and related costs incurred | 17,000 | |||||
Scenario, Forecast [Member] | Productivity and automation investments [Member] | U.K. Operations Optimization [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and related costs incurred | $ 15,000 |
Changes in Operations U.K._Eu_2
Changes in Operations U.K./Europe Optimization Restructuring Reserve Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 18 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related costs incurred | $ 3,561 | $ 3,286 | $ 18,756 | $ 12,931 | |
U.K. Operations Optimization [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related liabilities - beginning balance | 5,076 | ||||
Restructuring and related costs incurred | 3,238 | 15,517 | $ 30,501 | ||
Cash payments | (14,609) | ||||
Non-cash settlements | 0 | ||||
Restructuring and related liabilities - ending balance | 5,984 | 5,984 | 5,984 | ||
Rationalization of locomotive and railcar fleet [Member] | U.K. Operations Optimization [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related liabilities - beginning balance | 4,094 | ||||
Restructuring and related costs incurred | 0 | 0 | 6,301 | ||
Cash payments | (1,394) | ||||
Non-cash settlements | 0 | ||||
Restructuring and related liabilities - ending balance | 2,700 | 2,700 | 2,700 | ||
Management restructuring [Member] | U.K. Operations Optimization [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related liabilities - beginning balance | 982 | ||||
Restructuring and related costs incurred | 1,240 | 10,381 | 15,021 | ||
Cash payments | (8,079) | ||||
Non-cash settlements | 0 | ||||
Restructuring and related liabilities - ending balance | 3,284 | 3,284 | 3,284 | ||
Productivity and automation investments [Member] | U.K. Operations Optimization [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related liabilities - beginning balance | 0 | ||||
Restructuring and related costs incurred | 1,998 | 5,136 | 9,179 | ||
Cash payments | (5,136) | ||||
Non-cash settlements | 0 | ||||
Restructuring and related liabilities - ending balance | $ 0 | $ 0 | $ 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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Numerator [Line items] | ||||
Net income attributable to Genesee & Wyoming Inc. | $ 66,792 | $ 69,590 | $ 156,939 | $ 188,856 |
Denominators [Line Items] | ||||
Weighted average Class A common shares outstanding-Basic | 56,638 | 59,168 | 56,497 | 60,343 |
Weighted average Class B common shares outstanding | 376 | 664 | 426 | 679 |
Dilutive effect of employee stock-based awards | 518 | 299 | 374 | 233 |
Weighted average shares - Diluted | 57,532 | 60,131 | 57,297 | 61,255 |
Earnings per common share [Line Items] | ||||
Basic earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $ 1.18 | $ 1.18 | $ 2.78 | $ 3.13 |
Diluted earnings per common share attributable to Genesee & Wyoming Inc. common stockholders | $ 1.16 | $ 1.16 | $ 2.74 | $ 3.08 |
Earnings per Share Antidilutive
Earnings per Share Antidilutive Shares (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares | 0 | 704 | 249 | 1,045 |
Earnings per Share Share Repurc
Earnings per Share Share Repurchase (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Oct. 25, 2018 | Sep. 30, 2015 | |
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Class A Common Stock repurchased | 31,256 | 107 | 111,289 | 893,705 | 1,873,170 | 832,232 | ||||
Share Repurchase Program 1 [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Stock Repurchase Program, Authorized Amount | $ 300,000 | |||||||||
Average stock price paid per share of Class A Common Stock repurchased | $ 87.46 | $ 75.99 | ||||||||
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 paid per share of Class A Common Stock repurchased | $ 0 | $ 73.94 | ||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 335,000 | $ 335,000 | ||||||||
Class A Common Shares [Member] | Share Repurchase Program 1 [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Class A Common Stock repurchased | 894,000 | 3,560,000 | ||||||||
Class A Common Shares [Member] | Share Repurchase Program 2 [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Class A Common Stock repurchased | 0 | 65,000 |
Accounts Receivable Accounts Re
Accounts Receivable Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | $ 449,575 | $ 436,360 | |
Allowance for doubtful accounts | (12,513) | (10,055) | |
Accounts receivable, net | 437,062 | 426,305 | |
Accounts receivable - trade [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | 395,512 | 397,255 | |
Accounts receivable - grants from outside parties [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | 24,677 | 19,376 | $ 14,600 |
Accounts receivable - insurance and other third-party claims [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | $ 29,386 | $ 19,729 |
Accounts Receivable Contract Ba
Accounts Receivable Contract Balances (Details) - USD ($) | Sep. 30, 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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Nontrade Receivables [Abstract] | ||||
Grant proceeds from outside parties | $ 22,987 | $ 16,696 | ||
Amortization of deferred grants included as offset to depreciation expense | $ 3,442 | $ 3,173 | $ 10,265 | $ 8,776 |
Accounts Receivable Insurance a
Accounts Receivable Insurance and Third Party Claims (Details) - USD ($) $ in Millions | Nov. 01, 2019 | Aug. 01, 2019 |
Property Polices [Member] | ||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | ||
Self-Insured Retention, Maximum Per Incident | $ 10 | |
Scenario, Forecast [Member] | Liability Policies [Member] | ||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | ||
Self-Insured Retention, Maximum Per Incident | $ 5 |
Leases Lease Assets and Liabili
Leases Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 |
Operating lease liabilities | $ 471,777 | |
Total leased assets | 557,159 | |
Total lease liabilities | 550,488 | |
Other assets [Member] | ||
Operating leased assets | 471,929 | |
Property and equipment, net [Member] | ||
Finance leased assets, net | 85,230 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 30,100 | |
Accrued expenses [Member] | ||
Operating lease liabilities, current | 60,624 | |
Current portion of long-term debt [Member] | ||
Finance lease liabilities, current | 14,402 | |
Other long-term liabilities [Member] | ||
Operating lease liabilities, non-current | 411,153 | |
Long-term debt, less current portion [Member] | ||
Finance lease liabilities, non-current | $ 64,309 | |
Accounting Standards Update 2016-02 [Member] | ||
Operating leased assets | $ 495,000 | |
Operating lease liabilities | $ 495,000 |
Leases Schedule of Lease Costs
Leases Schedule of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Total finance lease cost | $ 2,950 | $ 8,384 |
Total operating lease cost | 25,036 | 77,370 |
Total lease cost | 27,986 | 85,754 |
Depreciation and Amortization [Member] | ||
Amortization of right-of-use assets, Finance leases | 2,069 | 5,830 |
Interest Expense [Member] | ||
Interest on lease liability, Finance leases | 881 | 2,554 |
Equipment Rents and Trackage Rights [Member] | ||
Operating lease cost | 22,292 | 66,976 |
Short-term lease cost | 2,071 | 7,064 |
Variable lease cost | 1,964 | 6,871 |
Operating Revenues [Member] | ||
Sublease income (gross basis) | $ (1,291) | $ (3,541) |
Leases Maturity of Lease Liabil
Leases Maturity of Lease Liabilities (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
Finance Lease, Liability, Payments, Due Remainder of 2019 | $ 3,299 |
Finance Lease, Liability, Payments, Due 2020 | 19,373 |
Finance Lease, Liability, Payments, Due 2021 | 10,495 |
Finance Lease, Liability, Payments, Due 2022 | 14,650 |
Finance Lease, Liability, Payments, Due 2023 | 10,551 |
Finance Lease, Liability, Payments, Due Thereafter | 34,778 |
Finance Lease, Liability, Payments, Due | 93,146 |
Finance Lease, Liability, Imputed Interest | 14,435 |
Finance Lease, Liability | 78,711 |
Lessee, Operating Lease, Liability, Payments, Due Remainder of 2019 | 23,076 |
Lessee, Operating Lease, Liability, Payments, Due 2020 | 72,851 |
Lessee, Operating Lease, Liability, Payments, Due 2021 | 63,445 |
Lessee, Operating Lease, Liability, Payments, Due 2022 | 52,080 |
Lessee, Operating Lease, Liability, Payments, Due 2023 | 43,398 |
Lessee, Operating Lease, Liability, Payments, Due Thereafter | 553,484 |
Lessee, Operating Lease, Liability, Payments, Due | 808,334 |
Lessee, Operating Lease, Liability, Imputed Interest | 336,557 |
Total operating lease liabilities | $ 471,777 |
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 2019 | $ 11,405 |
Capital Leases, Future Minimum Payments Due 2020 | 17,261 |
Capital Leases, Future Minimum Payments Due 2021 | 8,668 |
Capital Leases, Future Minimum Payments Due 2022 | 9,625 |
Capital Leases, Future Minimum Payments Due 2023 | 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 2019 | 82,191 |
Operating Leases, Future Minimum Payments, Due 2020 | 63,062 |
Operating Leases, Future Minimum Payments, Due 2021 | 54,305 |
Operating Leases, Future Minimum Payments, Due 2022 | 44,739 |
Operating Leases, Future Minimum Payments, Due 2023 | 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 | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Leases [Abstract] | |
Cash paid for operating leases included in operating activities | $ 69,533 |
Cash paid for finance leases included in operating activities | 2,608 |
Cash paid for finance leases included in financing activities | $ 9,694 |
Operating Lease, Weighted Average Remaining Lease Term | 26 years 9 months 18 days |
Finance Lease, Weighted Average Remaining Lease Term | 8 years 1 month 6 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.80% |
Finance Lease, Weighted Average Discount Rate, Percent | 4.50% |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 36,333 |
Right-of-use assets obtained in exchange for finance lease liabilities | $ 27,592 |
Derivative Financial Instrume_3
Derivative Financial Instruments Fair Value of the Company's Derivative Instruments (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 12,574,000 | $ 26,011,000 |
Derivative Liability, Fair Value, Gross Liability | 99,075,000 | 14,454,000 |
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 | 4,535,000 | 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 | 26,011,000 |
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 | 59,000 |
Designated as Hedging Instrument [Member] | Interest rate swap agreements [Member] | Accrued expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 8,545,000 | 1,954,000 |
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 | 86,483,000 | 12,441,000 |
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Cross-currency swap contract [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 8,039,000 | |
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Cross-currency swap contract [Member] | Other long-term liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Cross-currency swap contract [Member] | Other long-term liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 4,047,000 | 0 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 19,684,000 |
Not Designated as Hedging Instrument [Member] | Cross-currency swap contract [Member] | Prepaid expenses and other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 0 | $ 19,684,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments Derivative Instruments Designated as Hedges OCI Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Foreign currency translation adjustment, net of tax provision | $ (36,647) | $ (9,501) | $ (32,641) | $ (59,042) |
Intercompany Loan [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gain (loss) for mark-to-market of the U.K. intercompany loan | (1,000) | (1,700) | 18,500 | (5,400) |
British pound forward contracts, net [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion of net changes in fair value recognized in OCI, net of tax | 1,000 | 2,000 | (17,000) | 5,500 |
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 | (20,641) | 5,153 | (55,091) | 14,756 |
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 | (26,758) | 5,153 | (60,005) | 14,756 |
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 | (26,746) | 4,816 | (61,451) | 14,396 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | 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 | 0 | (13) | 0 | 275 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | British pound forward contracts, net [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion of net changes in fair value recognized in OCI, net of tax | (12) | 350 | 1,446 | 85 |
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Cross-currency swap contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Foreign currency translation adjustment, net of tax provision | 6,821 | 0 | 6,048 | 0 |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Cross-currency swap contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion of net changes in fair value recognized in OCI, net of tax | $ (704) | $ 0 | $ (1,134) | $ 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments Derivative Instruments Not Designated as Hedges Amount Recognized in Earnings (Details) $ in Thousands, ā¬ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019EUR (ā¬) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Proceeds from settlement of derivative transactions | $ 45,360 | $ 0 | |||
Other income/(loss), net [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain/(loss) on cross-currency swap agreements, net | $ 0 | $ (2,410) | (1,770) | (4,900) | |
Currency Swap [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Proceeds from settlement of derivative transactions | ā¬ 17 | 19,300 | |||
Intercompany GRail Loan [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net gain (loss) for mark-to-market of the U.K. intercompany loan | (3,000) | (1,400) | (8,100) | ||
Mark to Market [Member] | Currency Swap [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net gain (loss) on mark-to-market of the swaps | $ 600 | $ (300) | $ 3,200 |
Derivative Financial Instrume_6
Derivative Financial Instruments Cash Flow Impact of Settled Derivative Transactions (Details) $ in Thousands, ā¬ in Millions | 9 Months Ended | ||
Sep. 30, 2019EUR (ā¬) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | |
Derivative [Line Items] | |||
Proceeds from settlement of derivative transactions | $ 45,360 | $ 0 | |
Designated as Hedging Instrument [Member] | British Pound Foreign currency forward contracts [Member] | |||
Derivative [Line Items] | |||
Proceeds from settlement of derivative transactions | 26,088 | ||
Not Designated as Hedging Instrument [Member] | Currency Swap [Member] | |||
Derivative [Line Items] | |||
Proceeds from settlement of derivative transactions | ā¬ 17 | $ 19,300 |
Derivative Financial Instrume_7
Derivative Financial Instruments Outstanding Interest Rate Swap Agreements (Details) $ in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019AUD ($) | Sep. 30, 2019USD ($) | |
Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | $ 1,700 | $ 500 | $ 3,200 | $ 1,200 | ||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ (8,900) | |||||
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_8
Derivative Financial Instruments Foreign Currency Exchange Rate Risk (Details) $ in Thousands, Ā£ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019USD ($)$ / Ā£ | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)$ / Ā£ | Sep. 30, 2018USD ($) | Sep. 30, 2019GBP (Ā£)$ / Ā£ | Mar. 25, 2015USD ($) | Mar. 25, 2015GBP (Ā£) | |
Derivative [Line Items] | |||||||
Foreign subsidiaries third-party debt denominated in local currencies | $ 948,400 | $ 948,400 | |||||
Proceeds from settlement of derivative transactions | 45,360 | $ 0 | |||||
Foreign Exchange Forward, Settled [Member] | |||||||
Derivative [Line Items] | |||||||
Notional Amount | Ā£ | Ā£ 120 | ||||||
British Pound Foreign currency forward contracts [Member] | |||||||
Derivative [Line Items] | |||||||
Notional Amount | Ā£ | Ā£ 32.6 | ||||||
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | $ 100 | $ 200 | 800 | $ 500 | |||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ 200 | ||||||
Settlement Date | Mar. 31, 2020 | ||||||
Intercompany Loan [Member] | |||||||
Derivative [Line Items] | |||||||
Long-term Debt, Gross | $ 181,000 | Ā£ 120 | |||||
Minimum [Member] | Foreign Exchange Forward, Settled [Member] | |||||||
Derivative [Line Items] | |||||||
Exchange Rate | $ / Ā£ | 1.50 | 1.50 | 1.50 | ||||
Minimum [Member] | British Pound Foreign currency forward contracts [Member] | |||||||
Derivative [Line Items] | |||||||
Exchange Rate | $ / Ā£ | 1.28 | 1.28 | 1.28 | ||||
Maximum [Member] | Foreign Exchange Forward, Settled [Member] | |||||||
Derivative [Line Items] | |||||||
Exchange Rate | $ / Ā£ | 1.51 | 1.51 | 1.51 | ||||
Maximum [Member] | British Pound Foreign currency forward contracts [Member] | |||||||
Derivative [Line Items] | |||||||
Exchange Rate | $ / Ā£ | 1.57 | 1.57 | 1.57 | ||||
Designated as Hedging Instrument [Member] | British Pound Foreign currency forward contracts [Member] | |||||||
Derivative [Line Items] | |||||||
Proceeds from settlement of derivative transactions | $ 26,088 |
Derivative Financial Instrume_9
Derivative Financial Instruments Cross Currency Swap (Details) $ in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 01, 2016AUD ($) | |
Derivative [Line Items] | |||||
Foreign currency translation adjustment, net of tax provision | $ (36,647) | $ (9,501) | $ (32,641) | $ (59,042) | |
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), Reclassification, before Tax | $ 100 | $ 100 | |||
Intercompany GRail Loan [Member] | |||||
Derivative [Line Items] | |||||
Debt Instrument, Face Amount | $ 248.9 | ||||
Cross-currency swap contract [Member] | Net Investment Hedging [Member] | |||||
Derivative [Line Items] | |||||
Settlement Date | Jun. 30, 2021 | ||||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ 600 | ||||
Cross-currency swap contract [Member] | Fair Value Hedging [Member] | |||||
Derivative [Line Items] | |||||
Settlement Date | Jun. 30, 2021 | ||||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ (900) | ||||
Cross-currency swap contract [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Settlement Date | Jun. 30, 2019 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments Financial Instruments Carried at Fair Value-Level 2 (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets carried at fair value | $ 12,574 | $ 45,695 |
Financial liabilities carried at fair value | 99,075 | 14,454 |
Interest rate swap agreements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 95,028 | 14,395 |
British pound forward contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 4,535 | 26,011 |
Derivative Liability | 0 | 59 |
Cross-currency swap contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 19,684 |
Cross-currency swap contract [Member] | Net Investment Hedging [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 8,039 | 0 |
Cross-currency swap contract [Member] | Fair Value Hedging [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ 4,047 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments Financial Instruments Carried at Historical Costs (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Value | $ 2,136,846 | $ 2,391,633 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 2,140,745 | 2,406,601 |
Australian Credit Agreement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Value | 422,120 | 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 | 427,617 | 457,978 |
Australia Subordinated Shareholder Loan from MIRA [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Value | 160,675 | 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 | 157,652 | 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 | 1,261,983 | 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 | 1,258,527 | 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 | 289,357 | 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 | 290,883 | 319,556 |
Revolving credit facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Value | 319 | 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 | 3,687 | 163,662 |
Other debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Value | 2,392 | 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 | $ 2,379 | $ 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, Ā£ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2019GBP (Ā£) | Sep. 30, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019GBP (Ā£) | |
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 | $ 1,381 | $ 1,421 | $ 4,281 | $ 4,420 | |||
Defined Benefit Plan, Contribution by Employer | 6,000 | Ā£ 4.7 | |||||
Scenario, Forecast [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Expected Future Benefit Payment, Remainder of Fiscal Year | $ 2,800 | Ā£ 2.3 | |||||
Labor and Benefits [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Service cost | 3,257 | 3,610 | 10,094 | 11,235 | |||
Other income/(loss), net [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Interest cost | 2,240 | 2,383 | 6,942 | 7,416 | |||
Expected return on plan assets | (4,158) | (4,572) | (12,885) | (14,231) | |||
Amortization of prior year service cost | 42 | 0 | 130 | 0 | |||
Total nonoperating income, net | $ (1,876) | $ (2,189) | $ (5,813) | $ (6,815) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income tax provision | $ 19,975,000 | $ 31,013,000 | $ 53,101,000 | $ 41,569,000 |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ 4,200,000 | 4,200,000 | ||
Tax Cuts and Jobs Act, Measurement Period Adjustment, Income Tax Expense (Benefit) | $ (1,600,000) | |||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | $ 5,500,000 | |||
Tax Benefit from United States Short Line Tax Credit, Amount | $ 31,600,000 | |||
Effective income tax rate | 22.30% | 30.00% | 24.90% | 17.40% |
Effective income tax reconciliation excluding short line tax credit and prior period portion of the reserve for uncertain tax positions, percentage | 29.10% | |||
Tax credits percentage of qualified maintenance expenditures to reduce federal income tax | 50.00% | |||
Tax credit limitation per mile on maintenance expenditures to reduce federal income tax | $ 3,500 | |||
March 25, 2015 through December 31, 2017 | ||||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | $ 3,700,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Millions | Sep. 30, 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 ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive income/(loss), beginning balance | $ (146,456,000) | $ (105,534,000) | $ (146,456,000) | $ (105,534,000) | ||||
Other comprehensive income/(loss) before reclassifications | (81,638,000) | (26,469,000) | ||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax (provision)/benefit | (2,014,000) | (103,000) | ||||||
Current period change in OCI | (83,652,000) | (26,572,000) | ||||||
United States Tax Cuts and Jobs Act 2017, Reclassification from AOCL to Retained Earnings | 0 | |||||||
Accumulated other comprehensive income/(loss), ending balance | $ (230,108,000) | $ (135,076,000) | (230,108,000) | (135,076,000) | ||||
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), Adjustments, Tax | (26,000) | 0 | ||||||
Foreign Currency Translation Adjustment [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive income/(loss), beginning balance | (144,503,000) | (74,617,000) | (144,503,000) | (74,617,000) | ||||
Other comprehensive income/(loss) before reclassifications | (24,026,000) | (41,395,000) | ||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax (provision)/benefit | 82,000 | 0 | ||||||
Current period change in OCI | (23,944,000) | (41,395,000) | ||||||
United States Tax Cuts and Jobs Act 2017, Reclassification from AOCL to Retained Earnings | 0 | |||||||
Accumulated other comprehensive income/(loss), ending balance | (168,447,000) | (116,012,000) | (168,447,000) | (116,012,000) | ||||
Defined Benefit Plans [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive income/(loss), beginning balance | 11,120,000 | (19,601,000) | 11,120,000 | (19,601,000) | ||||
Other comprehensive income/(loss) before reclassifications | 0 | 0 | ||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax (provision)/benefit | (94,000) | 129,000 | ||||||
Current period change in OCI | (94,000) | 129,000 | ||||||
United States Tax Cuts and Jobs Act 2017, Reclassification from AOCL to Retained Earnings | (132,000) | |||||||
Accumulated other comprehensive income/(loss), ending balance | 11,026,000 | (19,604,000) | 11,026,000 | (19,604,000) | ||||
Tax benefit/(provision) on amounts reclassified from AOCI for defined benefit plans | 74,000 | (42,000) | ||||||
Accumulated Gain (Loss), Net, Hedges, Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive income/(loss), beginning balance | (13,073,000) | (11,316,000) | (13,073,000) | (11,316,000) | ||||
Other comprehensive income/(loss) before reclassifications | (57,612,000) | 14,926,000 | ||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax (provision)/benefit | (2,002,000) | (232,000) | ||||||
Current period change in OCI | (59,614,000) | 14,694,000 | ||||||
United States Tax Cuts and Jobs Act 2017, Reclassification from AOCL to Retained Earnings | (2,838,000) | |||||||
Accumulated other comprehensive income/(loss), ending balance | (72,687,000) | 540,000 | (72,687,000) | 540,000 | ||||
Tax (provision)/benefit on amounts reclassified from AOCL for hedges | 593,000 | 76,000 | ||||||
AOCI Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Current period change in OCI | $ (56,311,000) | $ (20,352,000) | $ (6,989,000) | $ 594,000 | $ (37,511,000) | $ 10,345,000 | ||
United States Tax Cuts and Jobs Act 2017, Reclassification from AOCL to Retained Earnings | $ (2,970,000) | |||||||
Interest Expense [Member] | Accumulated Gain (Loss), Net, Hedges, Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax (provision)/benefit | (1,700,000) | |||||||
Other income/(loss), net [Member] | Accumulated Gain (Loss), Net, Hedges, Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax (provision)/benefit | $ (300,000) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income/(Loss) OCI Attributable to Noncontrolling Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Noncontrolling Interest [Abstract] | ||||
Net income attributable to noncontrolling interest | $ 2,979 | $ 2,720 | $ 3,011 | $ 8,090 |
Foreign currency translation adjustment, net of tax, portion attributable to noncontrolling interest | (7,690) | (4,804) | (8,697) | (17,647) |
Net unrealized gain/(loss) on qualifying cash flow hedges, net of tax | (48) | (95) | (1,525) | 62 |
Comprehensive loss attributable to noncontrolling interest | (4,759) | (2,179) | (7,211) | (9,495) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax, Portion Attributable to Noncontrolling Interest | $ 21 | $ 41 | $ 654 | $ (26) |
Significant Non-Cash Investin_2
Significant Non-Cash Investing Activities (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Other Significant Noncash Transactions [Line Items] | |||
Outstanding receivables from outside parties for the funding of capital expenditures | $ 449,575 | $ 436,360 | |
Purchases of property and equipment accrued in accounts payable | 24,500 | $ 16,100 | |
Accounts receivable - grants from outside parties [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Outstanding receivables from outside parties for the funding of capital expenditures | $ 24,677 | $ 14,600 | $ 19,376 |
Segment Information Foreign Cur
Segment Information Foreign Currency Exchange Rates (Details) | Sep. 30, 2019$ / Ā£ | Sep. 30, 2019$ / $ | Sep. 30, 2019$ / $ | Sep. 30, 2019$ / ā¬ | Dec. 31, 2018$ / Ā£ | Dec. 31, 2018$ / $ | Dec. 31, 2018$ / $ | Dec. 31, 2018$ / ā¬ | Sep. 30, 2018$ / Ā£ | Sep. 30, 2018$ / $ | Sep. 30, 2018$ / $ | Sep. 30, 2018$ / ā¬ |
Last day rate [Member] | ||||||||||||
Foreign Currency Exchange Rate, Translation | 1.23 | 0.67 | 0.76 | 1.09 | 1.28 | 0.70 | 0.73 | 1.15 | ||||
Quarter to Date Average [Member] | ||||||||||||
Foreign Currency Exchange Rate, Translation | 1.23 | 0.69 | 0.76 | 1.11 | 1.30 | 0.73 | 0.77 | 1.16 | ||||
Year to Date Average [Member] | ||||||||||||
Foreign Currency Exchange Rate, Translation | 1.27 | 0.70 | 0.75 | 1.12 | 1.35 | 0.76 | 0.78 | 1.19 |
Segment Information Segments (D
Segment Information Segments (Details) $ in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)reportable_segmentprovincesregion | Sep. 30, 2018AUD ($) | Sep. 30, 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% | 51.10% | |||
Payments of Ordinary Dividends | $ 40 | ||||
Payments of Ordinary Dividends, Parent | 20.4 | $ 15,600 | |||
Distribution to noncontrolling interest | $ 0 | $ (19.6) | (14,900) | ||
Operating revenue | $ 583,694 | $ 603,304 | 1,713,263 | 1,772,955 | |
Operating income/(loss) | 112,756 | 127,820 | 286,666 | 317,858 | |
Depreciation and amortization | 63,026 | 65,392 | 188,169 | 197,127 | |
Interest expense, net | 24,142 | 26,012 | 77,780 | 79,106 | |
Provision for/(benefit from) income taxes | 19,975 | 31,013 | 53,101 | 41,569 | |
Cash expenditures for additions to property and equipment, net of grants from outside parties | 74,420 | 57,009 | $ 204,279 | 177,436 | |
North American Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of operating regions | provinces | 6 | ||||
Operating revenue | 352,442 | 355,709 | $ 1,026,735 | 1,020,896 | |
Operating income/(loss) | 95,633 | 102,484 | 249,209 | 255,918 | |
Depreciation and amortization | 39,164 | 41,388 | 116,333 | 123,266 | |
Interest expense, net | 12,599 | 10,339 | 36,871 | 30,572 | |
Provision for/(benefit from) income taxes | 16,876 | 26,323 | 49,103 | 26,930 | |
Cash expenditures for additions to property and equipment, net of grants from outside parties | 53,239 | 42,120 | 153,959 | 129,607 | |
Australia Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 71,600 | 76,703 | 203,238 | 230,566 | |
Operating income/(loss) | 19,484 | 20,713 | 43,642 | 62,585 | |
Depreciation and amortization | 13,779 | 14,937 | 42,382 | 46,232 | |
Interest expense, net | 10,694 | 12,780 | 34,618 | 38,914 | |
Provision for/(benefit from) income taxes | 2,641 | 2,398 | 2,711 | 7,120 | |
Cash expenditures for additions to property and equipment, net of grants from outside parties | 14,845 | 8,185 | 26,797 | 27,936 | |
U.K./European Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 159,652 | 170,892 | 483,290 | 521,493 | |
Operating income/(loss) | (2,361) | 4,623 | (6,185) | (645) | |
Depreciation and amortization | 10,083 | 9,067 | 29,454 | 27,629 | |
Interest expense, net | 849 | 2,893 | 6,291 | 9,620 | |
Provision for/(benefit from) income taxes | 458 | 2,292 | 1,287 | 7,519 | |
Cash expenditures for additions to property and equipment, net of grants from outside parties | $ 6,336 | $ 6,704 | $ 23,523 | $ 19,893 | |
MIRA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 48.90% | 48.90% |
Segment Information Disaggregat
Segment Information Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 583,694 | $ 603,304 | $ 1,713,263 | $ 1,772,955 |
Freight [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 410,149 | 423,374 | 1,196,619 | 1,241,245 |
Freight [Member] | Agricultural Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 37,968 | 35,768 | 110,078 | 110,342 |
Freight [Member] | Autos & Auto Parts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 6,339 | 5,513 | 17,905 | 16,686 |
Freight [Member] | Chemicals & Plastics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 39,518 | 38,436 | 116,504 | 113,625 |
Freight [Member] | Coal & Coke [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 52,129 | 57,951 | 153,607 | 167,295 |
Freight [Member] | Food & Kindred Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 8,355 | 8,761 | 25,559 | 25,587 |
Freight [Member] | Intermodal [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 73,905 | 76,661 | 221,644 | 244,229 |
Freight [Member] | Lumber & Forest Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 22,862 | 24,113 | 68,238 | 70,362 |
Freight [Member] | Metallic Ores [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 11,261 | 12,487 | 32,060 | 35,586 |
Freight [Member] | Metals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 28,115 | 34,904 | 87,032 | 95,791 |
Freight [Member] | Minerals & Stone [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 65,050 | 62,980 | 176,349 | 177,218 |
Freight [Member] | Petroleum Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 19,833 | 18,559 | 59,291 | 53,537 |
Freight [Member] | Pulp & Paper [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 30,648 | 31,961 | 88,940 | 90,346 |
Freight [Member] | Waste [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 8,278 | 8,089 | 23,104 | 21,316 |
Freight [Member] | Other Commodity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 5,888 | 7,191 | 16,308 | 19,325 |
Freight-related [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 141,369 | 145,450 | 420,027 | 429,049 |
All other revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 32,176 | 34,480 | 96,617 | 102,661 |
North American Operations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 352,442 | 355,709 | 1,026,735 | 1,020,896 |
North American Operations [Member] | Freight [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 268,025 | 273,432 | 778,969 | 778,717 |
North American Operations [Member] | Freight [Member] | Agricultural Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 34,574 | 30,565 | 99,383 | 91,630 |
North American Operations [Member] | Freight [Member] | Autos & Auto Parts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 6,339 | 5,513 | 17,905 | 16,686 |
North American Operations [Member] | Freight [Member] | Chemicals & Plastics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 39,518 | 38,436 | 116,504 | 113,625 |
North American Operations [Member] | Freight [Member] | Coal & Coke [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 18,336 | 23,006 | 56,089 | 62,038 |
North American Operations [Member] | Freight [Member] | Food & Kindred Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 8,355 | 8,761 | 25,559 | 25,587 |
North American Operations [Member] | Freight [Member] | Intermodal [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 461 | 514 | 1,439 | 1,203 |
North American Operations [Member] | Freight [Member] | Lumber & Forest Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 22,862 | 24,113 | 68,238 | 70,362 |
North American Operations [Member] | Freight [Member] | Metallic Ores [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 4,225 | 3,573 | 9,883 | 10,816 |
North American Operations [Member] | Freight [Member] | Metals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 28,115 | 34,904 | 87,032 | 95,791 |
North American Operations [Member] | Freight [Member] | Minerals & Stone [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 41,399 | 38,570 | 111,806 | 107,122 |
North American Operations [Member] | Freight [Member] | Petroleum Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 19,027 | 18,236 | 56,779 | 52,870 |
North American Operations [Member] | Freight [Member] | Pulp & Paper [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 30,648 | 31,961 | 88,940 | 90,346 |
North American Operations [Member] | Freight [Member] | Waste [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 8,278 | 8,089 | 23,104 | 21,316 |
North American Operations [Member] | Freight [Member] | Other Commodity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 5,888 | 7,191 | 16,308 | 19,325 |
North American Operations [Member] | Freight-related [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 68,129 | 66,045 | 198,740 | 193,344 |
North American Operations [Member] | All other revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 16,288 | 16,232 | 49,026 | 48,835 |
Australia Operations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 71,600 | 76,703 | 203,238 | 230,566 |
Australia Operations [Member] | Freight [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 61,457 | 65,249 | 174,199 | 194,335 |
Australia Operations [Member] | Freight [Member] | Agricultural Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 2,631 | 4,150 | 8,684 | 15,639 |
Australia Operations [Member] | Freight [Member] | Autos & Auto Parts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
Australia Operations [Member] | Freight [Member] | Chemicals & Plastics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
Australia Operations [Member] | Freight [Member] | Coal & Coke [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 33,187 | 32,357 | 91,323 | 96,506 |
Australia Operations [Member] | Freight [Member] | Food & Kindred Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
Australia Operations [Member] | Freight [Member] | Intermodal [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 16,446 | 17,538 | 45,705 | 50,613 |
Australia Operations [Member] | Freight [Member] | Lumber & Forest Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
Australia Operations [Member] | Freight [Member] | Metallic Ores [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 7,036 | 8,914 | 22,177 | 24,770 |
Australia Operations [Member] | Freight [Member] | Metals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
Australia Operations [Member] | Freight [Member] | Minerals & Stone [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 1,979 | 2,066 | 5,834 | 6,247 |
Australia Operations [Member] | Freight [Member] | Petroleum Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 178 | 224 | 476 | 560 |
Australia Operations [Member] | Freight [Member] | Pulp & Paper [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
Australia Operations [Member] | Freight [Member] | Waste [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
Australia Operations [Member] | Freight [Member] | Other Commodity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
Australia Operations [Member] | Freight-related [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 8,011 | 10,136 | 23,902 | 32,214 |
Australia Operations [Member] | All other revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 2,132 | 1,318 | 5,137 | 4,017 |
U.K./European Operations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 159,652 | 170,892 | 483,290 | 521,493 |
U.K./European Operations [Member] | Freight [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 80,667 | 84,693 | 243,451 | 268,193 |
U.K./European Operations [Member] | Freight [Member] | Agricultural Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 763 | 1,053 | 2,011 | 3,073 |
U.K./European Operations [Member] | Freight [Member] | Autos & Auto Parts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
U.K./European Operations [Member] | Freight [Member] | Chemicals & Plastics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
U.K./European Operations [Member] | Freight [Member] | Coal & Coke [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 606 | 2,588 | 6,195 | 8,751 |
U.K./European Operations [Member] | Freight [Member] | Food & Kindred Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
U.K./European Operations [Member] | Freight [Member] | Intermodal [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 56,998 | 58,609 | 174,500 | 192,413 |
U.K./European Operations [Member] | Freight [Member] | Lumber & Forest Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
U.K./European Operations [Member] | Freight [Member] | Metallic Ores [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
U.K./European Operations [Member] | Freight [Member] | Metals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
U.K./European Operations [Member] | Freight [Member] | Minerals & Stone [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 21,672 | 22,344 | 58,709 | 63,849 |
U.K./European Operations [Member] | Freight [Member] | Petroleum Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 628 | 99 | 2,036 | 107 |
U.K./European Operations [Member] | Freight [Member] | Pulp & Paper [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
U.K./European Operations [Member] | Freight [Member] | Waste [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
U.K./European Operations [Member] | Freight [Member] | Other Commodity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
U.K./European Operations [Member] | Freight-related [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 65,229 | 69,269 | 197,385 | 203,491 |
U.K./European Operations [Member] | All other revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 13,756 | $ 16,930 | $ 42,454 | $ 49,809 |
Segment Information Balance She
Segment Information Balance Sheet Data (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | $ 86,912 | $ 90,387 | $ 74,067 | $ 80,472 |
Property and equipment, net | 4,664,837 | 4,613,014 | ||
North American Operations [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | 37,261 | 33,996 | ||
Property and equipment, net | 3,747,047 | 3,679,279 | ||
Australia Operations [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | 31,142 | 26,902 | ||
Property and equipment, net | 587,793 | 609,450 | ||
U.K./European Operations [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | 18,509 | 29,489 | ||
Property and equipment, net | $ 329,997 | $ 324,285 |