Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 17, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Saia, Inc. | ||
Entity Central Index Key | 0001177702 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 26,529,645 | ||
Entity Public Float | $ 4,965,406,368 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Interactive Data Current | Yes | ||
Entity File Number | 0-49983 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 48-1229851 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Address, Address Line One | 11465 Johns Creek Parkway | ||
Entity Address, Address Line Two | Suite 400 | ||
Entity Address, City or Town | Johns Creek | ||
Entity Address, State or Province | GA | ||
Entity Address, Postal Zip Code | 30097 | ||
City Area Code | 770 | ||
Local Phone Number | 232-5067 | ||
Title of each class | Common Stock, par value $.001 per share | ||
Security Exchange Name | NASDAQ | ||
Trading Symbol | SAIA | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Atlanta, Georgia, United States | ||
Auditor Firm ID | 185 | ||
Documents Incorporated by Reference | Portions of the definitive Proxy Statement to be filed within 120 days of December 31, 2022, pursuant to Regulation 14A under the Securities Exchange Act of 1934 for the Annual Meeting of Stockholders to be held April 27, 2023 , have been incorporated by reference into Part III of this Form 10-K. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 187,390 | $ 106,588 |
Accounts receivable, less allowances of $5,804 in 2022 and $5,530 in 2021 | 290,306 | 276,755 |
Prepaid expenses | 22,525 | 20,329 |
Income tax receivable | 23,438 | |
Other current assets | 7,227 | 12,583 |
Total current assets | 530,886 | 416,255 |
Property and Equipment, at cost | 2,478,824 | 2,144,528 |
Less-accumulated depreciation and amortization | 996,204 | 864,074 |
Net property and equipment | 1,482,620 | 1,280,454 |
Operating Lease Right-of-Use Assets | 120,455 | 107,781 |
Goodwill and Identifiable Intangibles, net | 18,149 | 19,157 |
Other Noncurrent Assets | 22,600 | 21,603 |
Total assets | 2,174,710 | 1,845,250 |
Current Liabilities: | ||
Accounts payable | 99,792 | 114,010 |
Wages, vacation and employees’ benefits | 66,684 | 73,109 |
Claims and insurance accruals | 45,481 | 54,717 |
Other current liabilities | 22,684 | 38,551 |
Current portion of long-term debt | 14,519 | 19,396 |
Current portion of operating lease liability | 24,925 | 21,565 |
Total current liabilities | 274,085 | 321,348 |
Other Liabilities: | ||
Long-term debt, less current portion | 16,489 | 31,008 |
Operating lease liability, less current portion | 98,581 | 88,409 |
Deferred income taxes | 145,771 | 124,137 |
Claims, insurance and other | 60,443 | 60,015 |
Total other liabilities | 321,284 | 303,569 |
Stockholders’ Equity: | ||
Preferred stock, $0.001 par value, 50,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock, $0.001 par value, 100,000,000 shares authorized, 26,464,197 and 26,336,589 shares issued and outstanding at December 31, 2022 and 2021, respectively | 26 | 26 |
Additional paid-in-capital | 277,366 | 274,633 |
Deferred compensation trust, 69,982 and 94,627 shares of common stock at cost at December 31, 2022 and 2021, respectively | (5,248) | (4,101) |
Retained earnings | 1,307,197 | 949,775 |
Total stockholders’ equity | 1,579,341 | 1,220,333 |
Total liabilities and stockholders’ equity | $ 2,174,710 | $ 1,845,250 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance of accounts receivable | $ 5,804 | $ 5,530 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50,000 | 50,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 26,464,197 | 26,336,589 |
Common stock, shares outstanding | 26,464,197 | 26,336,589 |
Deferred compensation trust | 69,982 | 94,627 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Operating Revenue | $ 2,792,057 | $ 2,288,704 | $ 1,822,366 |
Operating Expenses: | |||
Salaries, wages and employees’ benefits | 1,169,539 | 1,063,703 | 963,260 |
Purchased transportation | 315,896 | 249,710 | 141,369 |
Fuel, operating expenses and supplies | 558,456 | 381,904 | 299,234 |
Operating taxes and licenses | 63,824 | 59,095 | 56,294 |
Claims and insurance | 56,601 | 61,345 | 49,761 |
Depreciation and amortization | 157,203 | 141,700 | 134,655 |
Operating (gains) losses, net | 50 | (3,894) | (2,528) |
Total operating expenses | 2,321,569 | 1,953,563 | 1,642,045 |
Operating Income | 470,488 | 335,141 | 180,321 |
Non-operating Expenses (Income): | |||
Interest expense | 2,611 | 3,212 | 5,177 |
Other, net | (171) | (844) | (1,134) |
Non-operating expenses, net | 2,440 | 2,368 | 4,043 |
Income Before Income Taxes | 468,048 | 332,773 | 176,278 |
Income Tax Expense | 110,626 | 79,538 | 37,938 |
Net Income | $ 357,422 | $ 253,235 | $ 138,340 |
Weighted average common shares outstanding – basic | 26,520 | 26,322 | 26,140 |
Weighted average common shares outstanding – diluted | 26,674 | 26,707 | 26,592 |
Basic Earnings Per Share | $ 13.48 | $ 9.62 | $ 5.29 |
Diluted Earnings Per Share | $ 13.40 | $ 9.48 | $ 5.20 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Deferred Compensation Trust [Member] | Retained Earnings [Member] |
Beginning Balance at Dec. 31, 2019 | $ 815,226 | $ 26 | $ 260,871 | $ 3,871 | $ 558,200 |
Beginning Balance, Shares at Dec. 31, 2019 | 25,937,000 | ||||
Stock compensation, including options and long-term incentives | 6,306 | 6,306 | |||
Director deferred share activity | 1,230 | 1,230 | |||
Director deferred share activity , Shares | 132,000 | ||||
Exercise of stock options less shares withheld for taxes | 3,786 | 3,786 | |||
Exercise of stock options less shares withheld for taxes, Shares | 108,000 | ||||
Shares issued for long-term incentive awards, net of shares withheld for taxes, Shares | 59,000 | ||||
Shares issued for long-term incentive awards, net of shares withheld for taxes | (3,600) | (3,600) | |||
Purchase of shares by Deferred Compensation Trust | 1,275 | (1,275) | |||
Sale of shares by Deferred Compensation Trust | (2,202) | 2,202 | |||
Net income | 138,340 | 138,340 | |||
Ending Balance at Dec. 31, 2020 | 961,288 | $ 26 | 267,666 | (2,944) | 696,540 |
Ending Balance, Shares at Dec. 31, 2020 | 26,236,000 | ||||
Stock compensation, including options and long-term incentives | 7,245 | 7,245 | |||
Director deferred share activity | 1,458 | 1,458 | |||
Director deferred share activity , Shares | 2,000 | ||||
Exercise of stock options less shares withheld for taxes | 3,678 | 3,678 | |||
Exercise of stock options less shares withheld for taxes, Shares | 47,000 | ||||
Shares issued for long-term incentive awards, net of shares withheld for taxes, Shares | 52,000 | ||||
Shares issued for long-term incentive awards, net of shares withheld for taxes | (6,571) | (6,571) | |||
Purchase of shares by Deferred Compensation Trust | 1,268 | (1,268) | |||
Sale of shares by Deferred Compensation Trust | (111) | 111 | |||
Net income | 253,235 | 253,235 | |||
Ending Balance at Dec. 31, 2021 | 1,220,333 | $ 26 | 274,633 | (4,101) | 949,775 |
Ending Balance, Shares at Dec. 31, 2021 | 26,337,000 | ||||
Stock compensation, including options and long-term incentives | 7,657 | 7,657 | |||
Director deferred share activity | 1,170 | 1,170 | |||
Director deferred share activity , Shares | 2,000 | ||||
Exercise of stock options less shares withheld for taxes | $ 4,511 | 4,511 | |||
Exercise of stock options less shares withheld for taxes, Shares | 61,778 | 62,000 | |||
Shares issued for long-term incentive awards, net of shares withheld for taxes, Shares | 63,000 | ||||
Shares issued for long-term incentive awards, net of shares withheld for taxes | $ (11,752) | (11,752) | |||
Purchase of shares by Deferred Compensation Trust | 3,254 | (3,254) | |||
Sale of shares by Deferred Compensation Trust | (2,107) | 2,107 | |||
Net income | 357,422 | 357,422 | |||
Ending Balance at Dec. 31, 2022 | $ 1,579,341 | $ 26 | $ 277,366 | $ (5,248) | $ 1,307,197 |
Ending Balance, Shares at Dec. 31, 2022 | 26,464,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Activities: | |||
Net income | $ 357,422 | $ 253,235 | $ 138,340 |
Noncash items included in net income: | |||
Depreciation and amortization | 157,203 | 141,700 | 134,655 |
Provision for doubtful accounts | 3,074 | 3,559 | 4,271 |
Deferred income taxes | 21,634 | 4,319 | 8,263 |
Loss (gain) from property disposals, net | 50 | (3,894) | (2,528) |
Stock-based compensation | 8,827 | 8,703 | 7,536 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (16,624) | (63,415) | (25,051) |
Accounts payable | (9,523) | 16,729 | 5,772 |
Other, net | (49,037) | (21,656) | 37,887 |
Net cash provided by operating activities | 473,026 | 382,592 | 309,145 |
Investing Activities: | |||
Acquisition of property and equipment | (367,429) | (285,746) | (231,142) |
Proceeds from disposal of property and equipment | 1,917 | 8,398 | 12,325 |
Investment in equity securities | 0 | (500) | 0 |
Net cash used in investing activities | (365,512) | (277,848) | (218,817) |
Financing Activities: | |||
Repayment of revolving credit agreement | (1,000) | (43,175) | (369,001) |
Borrowing of revolving credit agreement | 1,000 | 43,175 | 323,072 |
Proceeds from stock option exercises | 4,511 | 3,678 | 3,786 |
Shares withheld for taxes | (11,752) | (6,571) | (3,600) |
Repayment of finance leases | (19,471) | (20,571) | (19,525) |
Net cash used in financing activities | (26,712) | (23,464) | (65,268) |
Net Increase in Cash and Cash Equivalents | 80,802 | 81,280 | 25,060 |
Cash and cash equivalents, beginning of year | 106,588 | 25,308 | 248 |
Cash and cash equivalents, end of year | $ 187,390 | $ 106,588 | $ 25,308 |
Description of Business and Sum
Description of Business and Summary of Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Accounting Policies | 1. Description of Business and Summary of Accounting Policies Description of Business Saia, Inc., and its subsidiaries (Saia or the Company), is headquartered in Johns Creek, Georgia. Saia is a leading, less-than-truckload (LTL) motor carrier with more than 96 % of its revenue derived from transporting LTL shipments for customers. In addition to the core LTL services provided in 45 states, the Company also offers customers a wide range of other value-added services, including non-asset truckload, expedited transportation and logistics services across the United States. The Chief Operating Decision Maker is the Chief Executive Officer who manages the business, regularly reviews financial information and allocates resources. The Company has one operating segment. Basis of Presentation The accompanying consolidated financial statements include the accounts of Saia, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Use of Estimates The preparation of our consolidated financial statements in conformity with U.S. generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses. Management makes its best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new information becomes available to management. Areas where the nature of the estimate makes it reasonably possible that actual results could materially differ from amounts estimated include: revenue reserves; self-insurance accruals; long-term incentive compensation; tax liabilities; loss contingencies; litigation claims; and impairment assessments on long-lived assets and goodwill. Accounting Pronouncements Adopted in 2021 In 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, ” which is intended to simplify various aspects related to accounting for income taxes. This ASU removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The Company adopted the standard effective January 1, 2021 and, upon adoption, this standard did not have a material impact on its consolidated financial statements or related disclosures. Summary of Accounting Policies Significant accounting policies and practices used in the preparation of the accompanying consolidated financial statements are as follows: Cash and Cash Equivalents and Checks Outstanding: Cash and cash equivalents includes cash on hand and short term marketable securities with original maturities of three months or less. Spare Parts, Fuel and Operating Supplies: Spare parts, fuel and operating supplies on hand are carried at average cost and are included in other current assets on the accompanying consolidated balance sheets. Property and Equipment: Property and equipment are carried at cost less accumulated depreciation. Replacements and improvements that extend the useful life of an asset are capitalized, while repairs and maintenance that do not improve or extend the lives of the respective assets are charged to expense as incurred. The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate the carrying value of assets may not be recoverable. Depreciation is computed using the straight-line method, except for tractors (included in revenue equipment) for which the declining-balance method is used. The following service lives are used to compute depreciation: Years Structures 20 to 25 Revenue equipment 6 to 14 Technology equipment and software 3 to 5 Other 3 to 10 At December 31, property and equipment consisted of the following (in thousands): 2022 2021 Land $ 191,057 $ 159,309 Structures 638,180 521,578 Revenue equipment 1,340,761 1,196,000 Technology equipment and software 187,333 161,791 Other 121,493 105,850 Total property and equipment, at cost $ 2,478,824 $ 2,144,528 The Company’s investment in technology equipment and software consists primarily of systems to support customer service, maintenance and freight management. Depreciation and amortization expense (including amortization of assets under finance leases) was $ 156.2 million, $ 140.5 million and $ 133.5 million for the years ended December 31, 2022, 2021 and 2020, respectively. At December 31, 2022, trailers acquired under finance leases had a gross carrying value of $ 137.9 million and accumulated amortization of $ 58.7 million. At December 31, 2021, trailers acquired under finance leases had a gross carrying value of $ 137.9 million and accumulated amortization of $ 49.4 million. Claims and Insurance Accruals: The Company maintains a significant amount of insurance coverage with third-party insurance carriers that provides various levels of protection for covered risk exposure, including in the areas of workers’ compensation, bodily injury and property damage, casualty, cargo loss and damage and group health, with coverage limits and retention and deductible amounts that vary based on policy periods and claim type. Claims and insurance accruals related to workers’ compensation, bodily injury and property damage, casualty, cargo loss and damage and group health are established by management based on estimates of losses that the Company will ultimately incur on reported claims and on claims that have been incurred but not yet reported. Accruals are calculated on reported claims based on an evaluation of the nature and severity of the claim, historical loss experience and on legal, economic and other factors. Actuarial analysis is also used in calculating the accruals for workers’ compensation and bodily injury and property damage claims. Income Taxes: Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period enacted. As required by FASB Accounting Standards Codification (ASC) Topic 740, Income Taxes , the Company defines the threshold for recognizing the benefits of tax-filing positions in the financial statements as “more-likely-than-not” to be sustained by the tax authority. Revenue Recognition: The Company’s revenues are derived primarily from the transportation of freight as it satisfies performance obligations that arise from contracts with its customers. The Company’s performance obligations arise when it receives a bill of lading (BOL) to transport a customer's commodities at negotiated prices contained in either a transportation services agreement or a publicly disclosed tariff rate. Once a BOL is received and accepted, a legally-enforceable contract is formed whereby the parties are committed to perform and the rights of the parties, shipping terms and conditions, and payment terms have been identified. Each shipment represents a distinct service that is a separately identified performance obligation. The typical transit time to complete a shipment is from one to five days . Billing for transportation services normally occurs after completion of the service and payment is generally due within 30 days after the invoice date. The Company recognizes revenue related to the Company’s LTL, non-asset truckload and expedited transportation services over the transit time of the shipment as it moves from origin to destination based on the transit status at the end of each reporting period. Key estimates included in the recognition and measurement of revenue and related accounts receivable are as follows: • Revenue associated with shipments in transit is recognized ratably over transit time; and • Adjustments to revenue for billing adjustments and collectability. The portion of the gross invoice related to interline transportation services that involve the services of another party, such as another LTL service provider, is not recorded in the Company’s revenues. Revenue from logistics services is recognized as the services are provided. Credit Risk: The Company routinely grants credit to its customers. The risk of significant loss in trade receivables is substantially mitigated by the Company’s credit evaluation process, short collection terms, low revenue per transaction and services performed for a large number of customers with no single customer representing more than 5 percent of accounts receivable at year-end. Allowances for potential credit losses are based on historical loss experience, current economic environment, expected trends and customer specific factors. Stock-Based Compensation: The Company has various stock-based compensation plans for its employees and non-employee directors. The Company stock-based compensation includes awards of stock options, restricted stock awards, and stock-based compensation unit awards, all of which are accounted for under FASB ASC Topic 718, Compensation-Stock Compensation . Stock options granted to employees are valued using a Black-Scholes-Merton model with the expense amortized over the three-year vesting period. Restricted stock is valued based on the fair market value of the Company's common stock at the date of grant and the expense is amortized over the three to five year vesting period. Stock-based performance unit awards are valued using a Monte Carlo model and the expense is amortized over the three-year vesting period. Intangible Assets: The Company tests goodwill for impairment annually and whenever events or changes in circumstance indicate that impairment may have occurred. The Company first performs a qualitative assessment to determine whether it is necessary to perform a required two-step goodwill impairment test. The Company is not required to estimate the fair value of a reporting unit unless the Company determines, based on qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. Purchased intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Advertising: The costs of advertising are expensed as incurred. Advertising costs charged to expense were $ 7.2 million, $ 5.7 million, and $ 4.6 million in 2022, 2021 and 2020 , respectively. Financial Instruments: The carrying amounts of financial instruments including cash and cash equivalents, accounts receivable and accounts payable approximated fair value as of December 31, 2022 and 2021 , because of the relatively short maturity of these instruments. See Note 2 for fair value disclosures related to debt. |
Debt and Financing Arrangements
Debt and Financing Arrangements | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt and Financing Arrangements | 2. Debt and Financing Arrangements At December 31, debt consisted of the following (in thousands): December 31, 2022 December 31, 2021 Credit Agreement with Banks, described below $ — $ — Finance Leases, described below 31,008 50,404 Total debt 31,008 50,404 Less: current portion of long-term debt 14,519 19,396 Long-term debt, less current portion $ 16,489 $ 31,008 The Company's liquidity needs arise primarily from capital investment in new equipment, land and structures, information technology and letters of credit required under insurance programs, as well as funding working capital requirements. The Company is party to a credit agreement with a group of banks to fund capital investments, letters of credit and working capital needs. Credit Agreements At December 31, 2022, the Company was a party to a Sixth Amended and Restated Credit Agreement with a banking group (the Amended Credit Agreement), which provided up to a $ 300 million line of credit through February 2024 . The Amended Credit Agreement also had an accordion feature that allowed for an additional $ 100 million availability, subject to certain conditions and availability of lender commitments. Under the Amended Credit Agreement, the Company was required to maintain a minimum debt service coverage ratio set at 1.25 to 1.00 and a maximum leverage ratio set at 3.25 to 1.00. The Amended Credit Agreement provided for a pledge by the Company of certain land and structures, accounts receivable and other assets to secure indebtedness under this agreement. The Amended Credit Agreement contained certain customary representations and warranties, affirmative and negative covenants and provisions relating to events of default. At December 31, 2022 and 2021, the Company had no outstanding borrowings and outstanding letters of credit of $ 31.2 million and $ 29.3 million, respectively, under the Amended Credit Agreement. On February 3, 2023, the Company entered into a new unsecured credit agreement with a banking group (the 2023 Credit Agreement) and terminated the Amended Credit Agreement. The 2023 Credit Agreement maintains the amount of the previous line of credit of $ 300 million and extends the term until February 2028. The 2023 Credit Agreement contains an accordion feature that allows the Company to increase the size of the facility by up to $ 150 million, subject to certain conditions, for a total borrowing capacity of up to $ 450 million. Under the 2023 Credit Agreement, the Company is subject to a maximum consolidated net lease adjusted leverage ratio of less than 3.50 to 1.00 with the potential to be temporarily increased in the event the Company makes an acquisition that meets certain criteria. The 2023 Credit Agreement contains certain customary representations and warranties, affirmative and negative covenants and provisions relating to events of default. Under the 2023 Credit Agreement, if an event of default occurs, the banks will be entitled to take various actions, including the acceleration of amounts due. Finance Leases The Company is obligated under finance leases with seven-year terms which include obligations collateralized by revenue equipment totaling $ 31.0 million and $ 50.4 million as of December 31, 2022 and 2021, respectively. Amortization of assets held under the finance leases is included in depreciation and amortization expense. The estimated fair value of the finance leases at December 31, 2022 and 2021 is $ 31.2 million and $ 50.8 million, respectively, which is based on current market interest rates for similar types of financial instruments, reflective of Level 2 inputs. Other The Company paid cash for interest of $ 2.3 million, $ 3.0 million, and $ 5.9 million for the years ended December 31, 2022, 2021 and 2020 , respectively. |
Commitments, Contingencies and
Commitments, Contingencies and Uncertainties | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Uncertainties | 3. Commitments, Contingencies and Uncertainties The Company has contractual obligations and commitments in the form of finance leases, operating leases and purchase commitments. At December 31, 2022, the Company was committed under non-cancellable operating lease agreements requiring minimum annual rentals payable as follows (in thousands): Amount 2023 $ 30,188 2024 29,714 2025 24,979 2026 18,321 2027 15,522 Thereafter 22,513 Total (1) $ 141,237 (1) In April 2021, the Company committed to an additional terminal lease estimated to commence in 2023 of approximately $ 57 million with a lease term of 15 years with annual rent ranging from $ 3.1 million to $ 4.6 million. Annual rental payments under this lease are not included in this table. Rent expense was $ 33.4 million, $ 31.6 million, and $ 30.6 million for the years ended December 31, 2022, 2021 and 2020, respectively. Management expects that in the normal course of business, leases will be renewed or replaced as they expire. Finance and operating leases are discussed further in Note 4. Purchase commitments related to capital expenditures were $ 117.2 million at December 31, 2022. As of December 31, 2022 and 2021, the Company had $ 19.5 million and $ 24.2 million, respectively, of capital expenditures accrued for in accounts payable. Other The Company is subject to legal proceedings that arise in the ordinary course of its business. Management believes that adequate provisions for resolution of all contingencies, claims and pending litigation have been made for probable and estimable losses and that the ultimate outcome of these actions will not have a material adverse effect on its financial condition but could have a material adverse effect on its results of operations in a given quarter or annual period. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | 4. Leases The Company’s leases include but are not limited to real estate, including terminals and general office buildings, trailers, corporate fleet vehicles and other equipment. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. As of December 31, 2022 and 2021, approximately $ 60.5 million and $ 85.1 million , respectively, of finance leased assets, net of depreciation and amortization, were included in property and equipment. Accumulated depreciation and amortization for these assets totaled $ 43.8 million and $ 53.5 million as of the same periods ended. A summary of the lease costs for the years ended December 31, 2022 and 2021 follows (in thousands): 2022 2021 Finance lease cost: Amortization of right-of-use assets $ 8,276 $ 11,170 Interest on lease liabilities 1,476 2,166 Operating lease cost (includes variable and sublease costs as they are immaterial) 30,919 28,859 Short-term lease cost 19,387 8,322 Total lease cost $ 60,058 $ 50,517 Other Information Right-of-use assets obtained in exchange for new finance lease liabilities — — Right-of-use assets obtained in exchange for new operating lease liabilities 39,122 18,148 The discount rate used in the Company's calculation of its right-of-use assets and corresponding lease liabilities was determined based on the stated rate within each contract when available, or its incremental borrowing rate, which approximates the rate at which the Company could borrow, on a collateralized basis, over the term of a lease. Supplemental cash flow and balance sheet information related to leases was as follows (in thousands, except where noted): 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows from finance leases $ 1,484 $ 2,178 Operating cash outflows from operating leases 31,043 28,908 Financing cash outflows from finance leases 19,471 20,571 Weighted-average remaining lease term - finance leases (years) 1.8 2.5 Weighted-average remaining lease term - operating leases (years) 5.2 5.6 Weighted-average discount rate - finance leases 3.7 % 3.6 % Weighted-average discount rate - operating leases 5.1 % 4.5 % As of December 31, 2022, maturities of lease liabilities were as follows (in thousands): Operating Leases Finance Leases Maturity of Lease Liabilities 2023 $ 30,155 $ 15,409 2024 29,714 10,606 2025 24,979 5,453 2026 18,321 995 2027 15,522 - Thereafter 22,513 - Total lease payments 141,204 32,463 Less: Interest 17,698 1,455 Present value of lease liabilities $ 123,506 $ 31,008 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 5. Goodwill and Other Intangible Assets There was no change to the carrying amount of goodwill of $ 12.1 million for fiscal years ending December 31, 2022, 2021 and 2020, respectively. The gross amounts and accumulated amortization of identifiable intangible assets are as follows (in thousands): December 31, 2022 December 31, 2021 Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Amortizable intangible assets: Customer relationships (useful life of 6 - 15 years ) $ 19,000 $ 13,664 $ 19,000 $ 12,756 Trademarks (useful life of 15 years) 1,500 792 1,500 692 Total $ 20,500 $ 14,456 $ 20,500 $ 13,448 Amortization expense for intangible assets was $ 1.0 million for 2022 and $ 1.2 million in 2021 and 2020 . Estimated amortization expense for the next five years is as follows (in thousands): Amount 2023 $ 853 2024 853 2025 853 2026 853 2027 853 |
Computation of Earnings Per Sha
Computation of Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Share | . Computation of Earnings Per Share The calculation of basic earnings per common share and diluted earnings per common share is as follows (in thousands except per share amounts): For The Years Ended December 31, 2022 2021 2020 Numerator: Net income $ 357,422 $ 253,235 $ 138,340 Denominator: Denominator for basic earnings per share–weighted 26,520 26,322 26,140 Dilutive effect of share-based awards 154 385 452 Denominator for diluted earnings per share–adjusted 26,674 26,707 26,592 Basic Earnings Per Share $ 13.48 $ 9.62 $ 5.29 Diluted Earnings Per Share $ 13.40 $ 9.48 $ 5.20 In 2022, there were 22,237 anti-dilutive options or restricted stock. In 2021, there were 19,386 anti-dilutive options or restricted stock. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | 7. Stockholders’ Equity Deferred Compensation Trust The Saia Executive Capital Accumulation Plan (the Capital Accumulation Plan) allows plan participants to make an irrevocable election to invest in the Company’s common stock. Upon distribution, the funds invested in the Company’s common stock are paid out in Company stock rather than cash. The following table summarizes the shares of the Company’s common stock that were purchased and sold by the Company’s rabbi trust, which holds the investments for the Capital Accumulation Plan: For The Years Ended December 31, 2022 2021 2020 Shares of common stock purchased 12,117 5,580 16,660 Aggregate purchase price of shares purchased $ 3,253,577 $ 1,268,370 $ 1,274,641 Shares of common stock sold 36,762 2,841 68,759 Aggregate sale price of shares sold $ 10,370,165 $ 802,030 $ 9,722,577 Since the Capital Accumulation Plan requires the obligation to be settled in Company stock, the deferred compensation obligation is classified as an equity instrument, with no adjustments to operating results based on changes in fair value. Directors’ Deferred Compensation Under the Company’s Directors’ Deferred Fee Plan, non-employee directors may elect to defer all or a portion of their annual fees and retainers. Such deferrals are converted into units equivalent to the value of the Company’s stock. Upon the director’s termination, death or disability, accumulated deferrals are distributed in the form of Company common stock. The Company had 97,381 and 94,109 shares reserved for issuance under the Directors’ Deferred Fee Plan at December 31, 2022 and 2021 , respectively. The shares reserved for issuance under the Directors’ Deferred Fee Plan are treated as common stock in computing basic earnings per share. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 8. Stock-Based Compensation The stockholders of the Company approved the 2018 Omnibus Incentive Plan (the 2018 Omnibus Plan) and the Second Amended and Restated 2011 Omnibus Incentive Plan (the 2011 Omnibus Plan) to allow the Company to issue equity based compensation to help attract and retain executive, managerial, supervisory or professional employees and non-employee directors. The 2018 Omnibus Plan has 1,100,000 shares of common stock reserved. The 2011 Omnibus Plan had a total of 2,350,000 shares of common stock reserved. Following stockholder approval of the 2018 Omnibus Plan, no additional awards have been made under the 2011 Omnibus Plan. The 2018 Omnibus Plan and the 2011 Omnibus Plan provide for the grant or award of stock options; stock appreciation rights; restricted and unrestricted stock; restricted stock units; and performance unit awards. At December 31, 2022 and 2021, 391,089 shares remain reserved and unissued under the provisions of the 2011 Omnibus Plan, a portion of which are allocated to outstanding stock options described below. At December 31, 2022 and 2021, 765,617 and 876,641 shares, respectively, remain reserved and unissued under the provisions of the 2018 Omnibus Plan, a portion of which are allocated to outstanding performance unit awards, outstanding stock options and restricted stock described below. The Company has historically issued new shares to satisfy stock option exercises or other awards issued under the 2018 Omnibus Plan and 2011 Omnibus Plan. Stock option awards have been granted with an exercise price equal to the market price of the Company’s stock at the date of grant. Stock option awards granted to employees under the plans to date are non-qualified stock options, have vesting over three years , subject to earlier vesting upon a change of control and certain other events, and have a seven-year contractual term. All outstanding stock options held by non-employee directors were granted to the director while employed by Saia, and total 15,780 shares as of December 31, 2022. The Company grants shares of restricted stock as part of its long-term incentive plan. These shares of restricted stock cliff vest in three years , subject to earlier vesting upon a change in control. The value of restricted stock is based on the fair market value of the Company’s common stock at the date of grant. In addition, the Company has periodically granted shares of restricted stock to certain key executives that vests 25 % after three years , 25 % after four years and the remaining 50 % after five years , assuming the executive has been in continuous service to the Company since the award date, subject to earlier vesting upon a change in control. Stock option and restricted stock compensation expense of $ 3.9 million, $ 3.3 million and $ 2.8 million, was recorded for the years ended December 31, 2022, 2021 and 2020, respectively, and is included in salaries, wages and employees’ benefits. As of December 31, 2022, there is unrecognized compensation expense of $ 5.2 million related to unvested stock options and restricted stock, which is expected to be recognized over a weighted average period of 2.2 years. The following table summarizes stock option activity for the year ended December 31, 2022 for employees: Options Weighted Average Exercise price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2021 120,959 $ 98.28 4.7 $ 28,879 Granted 14,980 278.21 Exercised ( 61,778 ) 73.03 Forfeited ( 1,838 ) 149.14 Outstanding at December 31, 2022 72,323 $ 155.83 4.6 $ 4,921 Exercisable at December 31, 2022 31,307 $ 107.53 3.9 $ 3,198 The total intrinsic value of options exercised during the years ended December 31, 2022, 2021 and 2020 was $ 10.8 million, $ 5.9 million, and $ 8.3 million, respectively. The weighted-average grant-date fair value per share of options granted during the years ended December 31, 2022, 2021 and 2020 was $ 94.36 , $ 62.65 , and $ 25.40 , respectively. The following table summarizes the weighted average assumptions used in valuing options for the years ended December 31, 2022, 2021 and 2020: 2022 2021 2020 Risk-free interest rate 1.92 % 1.19 % 1.66 % Expected life in years 3.5 3.5 3.2 Expected volatility 43.32 % 40.57 % 32.80 % Dividend rate — — — The risk-free interest rate for periods within the contractual life of the option is based on a three-month average U.S. Treasury yield at the time of grant. The expected life of the options represents the period of time that options granted are expected to be outstanding. Expected volatilities are based on historical volatility of the Company’s stock. The following table summarizes restricted stock activity during the year ended December 31, 2022: Shares Weighted Average Grant-date Fair Value Restricted Stock at December 31, 2021 62,071 $ 112.21 Granted 15,203 246.11 Vested ( 27,404 ) 75.32 Forfeited ( 1,630 ) 145.22 Restricted Stock at December 31, 2022 48,240 $ 177.89 The total fair value of restricted stock shares that vested during the years ended December 31, 2022, 2021, and 2020 were $ 2.1 million, $ 1.4 million and $ 1.1 million, respectively. Performance Unit Awards The Company grants performance unit awards to executives as part of the Company’s long term incentive plan. The criteria for payout of the awards is based on a comparison over the three-year performance period of these awards of the total stockholder return (TSR) of the Company’s common stock compared to the TSR of the companies in a peer group established by the Compensation Committee. The stock-based awards are accounted for in accordance with ASC Topic 718 with the expense amortized over the three-year vesting period based on the fair value of the awards at the grant date using the Monte Carlo method. Operating results include expense for the performance unit awards of $ 3.8 million in 2022 , $ 4.0 million in 2021 and $ 3.5 million in 2020. Shares earned under the performance unit awards are issued in the first quarter of the year following the end of the performance period. There was an issuance of 63,188 shares for the January 2020 - December 2022 performance period in February 2023, 78,710 shares for the January 2019 - December 2021 performance period in February 2022, and 58,662 shares for the January 2018 - December 2020 performance period in February 2021. At December 31, 2022, performance unit awards are outstanding for a maximum of 26,654 shares for the January 2021 – December 2023 performance period and for a maximum of 25,020 shares for the January 2022 – December 2024 performance period. As of December 31, 2022, there is unrecognized compensation expense of $ 4.3 million related to unvested performance unit awards, which is expected to be recognized over a weighted average period of 1.7 years. The following table summarizes performance unit awards during the year ended December 31, 2022: Shares Weighted Average Grant-date Fair Value Performance Unit Awards at December 31, 2021 86,675 $ 140.35 Granted 12,510 312.30 Added by performance factor 39,355 91.62 Vested ( 78,710 ) 91.62 Forfeited ( 2,399 ) 233.08 Performance Unit Awards at December 31, 2022 57,431 $ 207.32 The total fair value of performance unit awards shares that vested during the years ended December 31, 2022, 2021, and 2020 were $ 3.6 million, $ 3.0 million and $ 2.3 million, respectively. Director Awards The 2018 Omnibus Plan provides for an annual grant to each non-employee director of shares of Saia stock with a value not to exceed $ 500,000 with the number of shares to be determined each year by the Compensation Committee. For 2022, 2021 and 2020 each non-employee director was granted 396 , 548 and 1,098 shares, respectively of Saia stock under the 2018 Omnibus Plan. These shares vest in one year from grant, subject to accelerated vesting upon leaving the Board (other than for cause) or a change in control. Under the Director’s Deferred Fee Plan, non-employee directors may defer all or a portion of annual fees and awards earned. The deferrals are converted into phantom stock units equivalent to the value of Company common stock. Upon the director’s termination, death or disability, accumulated deferrals are distributed in the form of Company common stock in accordance with elections made by the directors. Non-employee directors were issued 3,272 ; 3,929 ; and 9,379 units equivalent to shares in the Company's common stock under the Directors' Deferred Fee Plan during the years ended December 31, 2022, 2021 and 2020 , respectively. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefits | 9. Employee Benefits Defined Contribution Plans The Company sponsors defined contribution plans, principally consisting of contributory 401(k) savings plans and noncontributory profit sharing plans. The Company’s contributions to the 401(k) savings plans consist of a matching percentage. The Company match has historically been 50 percent of the first six percent of an eligible employee’s contributions. The Company’s total contributions to the 401(k) savings plans included in continuing operations for the years ended December 31, 2022, 2021 and 2020, were $ 14.0 million, $ 12.4 million, and $ 8.0 million, respectively. Deferred Compensation Plan The Saia Executive Capital Accumulation Plan is a nonqualified deferred compensation plan for Saia executives. The Capital Accumulation Plan allows for the plan participants to invest in the Company’s common stock. Elections to invest in the Company’s common stock are irrevocable, and upon distribution, the funds invested in the Company’s common stock are paid out in Company common stock rather than cash. At December 31, 2022 and 2021, the Company’s rabbi trust, which holds the investments for the Capital Accumulation Plan, held 69,982 and 94,627 shares of the Company’s common stock, respectively, all of which were purchased on the open market. Cash Incentive Awards The Company provides cash incentive awards to certain salaried employees which are based primarily on actual operating results achieved for the year, compared to targeted operating results. Operating results include cash incentive awards of $ 32.6 million, $ 36.4 million, and $ 19.0 million in 2022, 2021 and 2020, respectively. Included in these amounts are also incentives that are based on other targets specifically associated with the respective employees' positions. Employee Stock Purchase Plan In January 2003, the Company adopted the Employee Stock Purchase Plan of Saia, Inc. (the ESPP) allowing eligible employees to purchase common stock of the Company at current market prices through payroll deductions of up to 10 percent of annual wages. In 2015, the Company amended the ESPP to allow highly compensated employees as defined by Section 401(a)(17) of the Internal Revenue Code to make payroll deductions of up to 20 percent of annual wages. The custodian uses the funds to purchase the Company’s common stock at current market prices. The custodian purchased 2,158 ; 2,516 and 5,682 shares in the open market during 2022, 2021 and 2020 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes The income tax provision consists of the following (in thousands): 2022 2021 2020 Current: U.S. federal $ 68,934 $ 62,222 $ 24,311 State 20,058 12,997 5,364 Total current income tax provision 88,992 75,219 29,675 Deferred: U.S. federal 21,440 3,915 8,255 State 194 404 8 Total deferred income tax provision 21,634 4,319 8,263 Total income tax provision $ 110,626 $ 79,538 $ 37,938 A reconciliation between income taxes at the federal statutory rate (21 percent) and the actual income tax provision is as follows (in thousands): 2022 2021 2020 Provision at federal statutory rate $ 98,290 $ 69,856 $ 37,018 State income taxes, net of federal benefit 16,274 11,435 5,664 Tax credits ( 1,355 ) ( 1,754 ) ( 1,424 ) Excess tax benefit on stock compensation ( 1,578 ) ( 793 ) ( 4,500 ) Other, net ( 1,005 ) 794 1,180 Total provision $ 110,626 $ 79,538 $ 37,938 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax (liabilities) assets are comprised of the following at December 31 (in thousands): 2022 2021 Depreciation $ ( 183,276 ) $ ( 165,405 ) Leases ( 30,886 ) ( 27,876 ) Other ( 5,471 ) ( 4,658 ) Gross deferred tax liabilities ( 219,633 ) ( 197,939 ) Allowance for doubtful accounts 1,435 1,374 Equity-based compensation 4,089 3,626 Employee benefits 9,988 8,516 Leases 30,578 27,357 Claims and insurance 22,137 27,351 Other 5,635 5,578 Gross deferred tax assets 73,862 73,802 Net deferred tax liability $ ( 145,771 ) $ ( 124,137 ) The Company has determined that a valuation allowance was not necessary at December 31, 2022 or 2021 for substantially all deferred tax assets since it is more likely than not they will be realized from future reversals of temporary differences or future taxable income. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. For the U.S. federal jurisdiction, tax years 2019 - 2022 remain open to examination. The expiration of the statute of limitations related to the various state income tax returns that the Company files varies by state. In general, tax years 2013 - 2022 remain open to examination by the various state and local jurisdictions. However, a state could challenge certain tax positions back to the 2009 tax year. A reconciliation of the beginning and ending total amounts of gross unrecognized tax benefits is as follows (in thousands): 2022 2021 Gross unrecognized tax benefits at beginning of year $ 1,370 $ 1,052 Gross (decreases) increases in tax positions for prior years 1,779 ( 4 ) Gross increases in tax positions for current year 1,005 598 Settlements — ( 96 ) Lapse of statute of limitations ( 287 ) ( 180 ) Gross unrecognized tax benefits at end of year $ 3,867 $ 1,370 The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense. The total amount of unrecognized tax benefits, which is recorded within claims, insurance and other liabilities on the consolidated balance sheets, that would affect the Company’s effective tax rate if recognized is $ 3.9 million and $ 1.4 million as of December 31, 2022 and 2021, respectively. The Company paid cash for income taxes of $ 115.3 million, $ 81.6 million, and $ 10.0 million in 2022, 2021 and 2020, respectively. The Company does not anticipate total unrecognized tax benefits will significantly change during the next twelve months due to the settlements of audits and the expiration of statutes of limitations. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | 11. Valuation and Qualifying Accounts The following is a rollforward of the allowance for doubtful accounts for receivables (in thousands): Additions Balance, beginning of period Charged to costs and expenses Charged to other accounts Deductions(1) Balance, end of period For the period ended December 31, 2022 5,530 $ 3,074 $ — $ ( 2,800 ) $ 5,804 For the period ended December 31, 2021 5,666 3,559 — ( 3,695 ) 5,530 For the period ended December 31, 2020 3,742 4,271 — ( 2,347 ) 5,666 (1) Primarily uncollectible accounts written off — net of recoveries. |
Description of Business and S_2
Description of Business and Summary of Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business Saia, Inc., and its subsidiaries (Saia or the Company), is headquartered in Johns Creek, Georgia. Saia is a leading, less-than-truckload (LTL) motor carrier with more than 96 % of its revenue derived from transporting LTL shipments for customers. In addition to the core LTL services provided in 45 states, the Company also offers customers a wide range of other value-added services, including non-asset truckload, expedited transportation and logistics services across the United States. The Chief Operating Decision Maker is the Chief Executive Officer who manages the business, regularly reviews financial information and allocates resources. The Company has one operating segment. |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of Saia, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of our consolidated financial statements in conformity with U.S. generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses. Management makes its best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new information becomes available to management. Areas where the nature of the estimate makes it reasonably possible that actual results could materially differ from amounts estimated include: revenue reserves; self-insurance accruals; long-term incentive compensation; tax liabilities; loss contingencies; litigation claims; and impairment assessments on long-lived assets and goodwill. |
Accounting Pronouncements Adopted | Accounting Pronouncements Adopted in 2021 In 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, ” which is intended to simplify various aspects related to accounting for income taxes. This ASU removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The Company adopted the standard effective January 1, 2021 and, upon adoption, this standard did not have a material impact on its consolidated financial statements or related disclosures. |
Cash and Cash Equivalents and Checks Outstanding | Cash and Cash Equivalents and Checks Outstanding: Cash and cash equivalents includes cash on hand and short term marketable securities with original maturities of three months or less. |
Parts, fuel and operating supplies | Spare Parts, Fuel and Operating Supplies: Spare parts, fuel and operating supplies on hand are carried at average cost and are included in other current assets on the accompanying consolidated balance sheets. |
Property and Equipment Including Repairs and Maintenance | Property and Equipment: Property and equipment are carried at cost less accumulated depreciation. Replacements and improvements that extend the useful life of an asset are capitalized, while repairs and maintenance that do not improve or extend the lives of the respective assets are charged to expense as incurred. The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate the carrying value of assets may not be recoverable. Depreciation is computed using the straight-line method, except for tractors (included in revenue equipment) for which the declining-balance method is used. The following service lives are used to compute depreciation: Years Structures 20 to 25 Revenue equipment 6 to 14 Technology equipment and software 3 to 5 Other 3 to 10 At December 31, property and equipment consisted of the following (in thousands): 2022 2021 Land $ 191,057 $ 159,309 Structures 638,180 521,578 Revenue equipment 1,340,761 1,196,000 Technology equipment and software 187,333 161,791 Other 121,493 105,850 Total property and equipment, at cost $ 2,478,824 $ 2,144,528 The Company’s investment in technology equipment and software consists primarily of systems to support customer service, maintenance and freight management. Depreciation and amortization expense (including amortization of assets under finance leases) was $ 156.2 million, $ 140.5 million and $ 133.5 million for the years ended December 31, 2022, 2021 and 2020, respectively. At December 31, 2022, trailers acquired under finance leases had a gross carrying value of $ 137.9 million and accumulated amortization of $ 58.7 million. At December 31, 2021, trailers acquired under finance leases had a gross carrying value of $ 137.9 million and accumulated amortization of $ 49.4 million. |
Claims and Insurance Accruals | Claims and Insurance Accruals: The Company maintains a significant amount of insurance coverage with third-party insurance carriers that provides various levels of protection for covered risk exposure, including in the areas of workers’ compensation, bodily injury and property damage, casualty, cargo loss and damage and group health, with coverage limits and retention and deductible amounts that vary based on policy periods and claim type. Claims and insurance accruals related to workers’ compensation, bodily injury and property damage, casualty, cargo loss and damage and group health are established by management based on estimates of losses that the Company will ultimately incur on reported claims and on claims that have been incurred but not yet reported. Accruals are calculated on reported claims based on an evaluation of the nature and severity of the claim, historical loss experience and on legal, economic and other factors. Actuarial analysis is also used in calculating the accruals for workers’ compensation and bodily injury and property damage claims. |
Income Taxes | Income Taxes: Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period enacted. As required by FASB Accounting Standards Codification (ASC) Topic 740, Income Taxes , the Company defines the threshold for recognizing the benefits of tax-filing positions in the financial statements as “more-likely-than-not” to be sustained by the tax authority. |
Revenue Recognition | Revenue Recognition: The Company’s revenues are derived primarily from the transportation of freight as it satisfies performance obligations that arise from contracts with its customers. The Company’s performance obligations arise when it receives a bill of lading (BOL) to transport a customer's commodities at negotiated prices contained in either a transportation services agreement or a publicly disclosed tariff rate. Once a BOL is received and accepted, a legally-enforceable contract is formed whereby the parties are committed to perform and the rights of the parties, shipping terms and conditions, and payment terms have been identified. Each shipment represents a distinct service that is a separately identified performance obligation. The typical transit time to complete a shipment is from one to five days . Billing for transportation services normally occurs after completion of the service and payment is generally due within 30 days after the invoice date. The Company recognizes revenue related to the Company’s LTL, non-asset truckload and expedited transportation services over the transit time of the shipment as it moves from origin to destination based on the transit status at the end of each reporting period. Key estimates included in the recognition and measurement of revenue and related accounts receivable are as follows: • Revenue associated with shipments in transit is recognized ratably over transit time; and • Adjustments to revenue for billing adjustments and collectability. The portion of the gross invoice related to interline transportation services that involve the services of another party, such as another LTL service provider, is not recorded in the Company’s revenues. Revenue from logistics services is recognized as the services are provided. |
Stock-Based Compensation | Stock-Based Compensation: The Company has various stock-based compensation plans for its employees and non-employee directors. The Company stock-based compensation includes awards of stock options, restricted stock awards, and stock-based compensation unit awards, all of which are accounted for under FASB ASC Topic 718, Compensation-Stock Compensation . Stock options granted to employees are valued using a Black-Scholes-Merton model with the expense amortized over the three-year vesting period. Restricted stock is valued based on the fair market value of the Company's common stock at the date of grant and the expense is amortized over the three to five year vesting period. Stock-based performance unit awards are valued using a Monte Carlo model and the expense is amortized over the three-year vesting period. |
Credit Risk | Credit Risk: The Company routinely grants credit to its customers. The risk of significant loss in trade receivables is substantially mitigated by the Company’s credit evaluation process, short collection terms, low revenue per transaction and services performed for a large number of customers with no single customer representing more than 5 percent of accounts receivable at year-end. Allowances for potential credit losses are based on historical loss experience, current economic environment, expected trends and customer specific factors. |
Impairment of Long-Lived Assets | Intangible Assets: The Company tests goodwill for impairment annually and whenever events or changes in circumstance indicate that impairment may have occurred. The Company first performs a qualitative assessment to determine whether it is necessary to perform a required two-step goodwill impairment test. The Company is not required to estimate the fair value of a reporting unit unless the Company determines, based on qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. Purchased intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. |
Advertising | Advertising: The costs of advertising are expensed as incurred. Advertising costs charged to expense were $ 7.2 million, $ 5.7 million, and $ 4.6 million in 2022, 2021 and 2020 , respectively. |
Financial Instruments | Financial Instruments: The carrying amounts of financial instruments including cash and cash equivalents, accounts receivable and accounts payable approximated fair value as of December 31, 2022 and 2021 , because of the relatively short maturity of these instruments. See Note 2 for fair value disclosures related to debt. |
Description of Business and S_3
Description of Business and Summary of Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Property and Equipment, Estimated Useful Lives | Depreciation is computed using the straight-line method, except for tractors (included in revenue equipment) for which the declining-balance method is used. The following service lives are used to compute depreciation: Years Structures 20 to 25 Revenue equipment 6 to 14 Technology equipment and software 3 to 5 Other 3 to 10 |
Schedule of Property and Equipment | At December 31, property and equipment consisted of the following (in thousands): 2022 2021 Land $ 191,057 $ 159,309 Structures 638,180 521,578 Revenue equipment 1,340,761 1,196,000 Technology equipment and software 187,333 161,791 Other 121,493 105,850 Total property and equipment, at cost $ 2,478,824 $ 2,144,528 |
Debt and Financing Arrangemen_2
Debt and Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Reconciliation of Debt | At December 31, debt consisted of the following (in thousands): December 31, 2022 December 31, 2021 Credit Agreement with Banks, described below $ — $ — Finance Leases, described below 31,008 50,404 Total debt 31,008 50,404 Less: current portion of long-term debt 14,519 19,396 Long-term debt, less current portion $ 16,489 $ 31,008 |
Commitments, Contingencies an_2
Commitments, Contingencies and Uncertainties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Non-Cancellable Capital And Operating Lease Agreements Requiring Minimum Annual Rentals Payable | At December 31, 2022, the Company was committed under non-cancellable operating lease agreements requiring minimum annual rentals payable as follows (in thousands): Amount 2023 $ 30,188 2024 29,714 2025 24,979 2026 18,321 2027 15,522 Thereafter 22,513 Total (1) $ 141,237 (1) In April 2021, the Company committed to an additional terminal lease estimated to commence in 2023 of approximately $ 57 million with a lease term of 15 years with annual rent ranging from $ 3.1 million to $ 4.6 million. Annual rental payments under this lease are not included in this table. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Summary of Lease Cost and Other Information | 2022 2021 Finance lease cost: Amortization of right-of-use assets $ 8,276 $ 11,170 Interest on lease liabilities 1,476 2,166 Operating lease cost (includes variable and sublease costs as they are immaterial) 30,919 28,859 Short-term lease cost 19,387 8,322 Total lease cost $ 60,058 $ 50,517 Other Information Right-of-use assets obtained in exchange for new finance lease liabilities — — Right-of-use assets obtained in exchange for new operating lease liabilities 39,122 18,148 |
Summary of Supplemental Cash Flow and Balance Sheet Information Related to Leases | The discount rate used in the Company's calculation of its right-of-use assets and corresponding lease liabilities was determined based on the stated rate within each contract when available, or its incremental borrowing rate, which approximates the rate at which the Company could borrow, on a collateralized basis, over the term of a lease. Supplemental cash flow and balance sheet information related to leases was as follows (in thousands, except where noted): 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows from finance leases $ 1,484 $ 2,178 Operating cash outflows from operating leases 31,043 28,908 Financing cash outflows from finance leases 19,471 20,571 Weighted-average remaining lease term - finance leases (years) 1.8 2.5 Weighted-average remaining lease term - operating leases (years) 5.2 5.6 Weighted-average discount rate - finance leases 3.7 % 3.6 % Weighted-average discount rate - operating leases 5.1 % 4.5 % |
Summary of Maturity of Lease Liabilities | As of December 31, 2022, maturities of lease liabilities were as follows (in thousands): Operating Leases Finance Leases Maturity of Lease Liabilities 2023 $ 30,155 $ 15,409 2024 29,714 10,606 2025 24,979 5,453 2026 18,321 995 2027 15,522 - Thereafter 22,513 - Total lease payments 141,204 32,463 Less: Interest 17,698 1,455 Present value of lease liabilities $ 123,506 $ 31,008 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Gross Amounts and Accumulated Amortization of Identifiable Intangible Assets | The gross amounts and accumulated amortization of identifiable intangible assets are as follows (in thousands): December 31, 2022 December 31, 2021 Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Amortizable intangible assets: Customer relationships (useful life of 6 - 15 years ) $ 19,000 $ 13,664 $ 19,000 $ 12,756 Trademarks (useful life of 15 years) 1,500 792 1,500 692 Total $ 20,500 $ 14,456 $ 20,500 $ 13,448 |
Summary of Estimated Amortization Expense for Next Five Years | Estimated amortization expense for the next five years is as follows (in thousands): Amount 2023 $ 853 2024 853 2025 853 2026 853 2027 853 |
Computation of Earnings Per S_2
Computation of Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Calculation of Basic Earnings Per Common Share and Diluted Earnings Per Common Share | The calculation of basic earnings per common share and diluted earnings per common share is as follows (in thousands except per share amounts): For The Years Ended December 31, 2022 2021 2020 Numerator: Net income $ 357,422 $ 253,235 $ 138,340 Denominator: Denominator for basic earnings per share–weighted 26,520 26,322 26,140 Dilutive effect of share-based awards 154 385 452 Denominator for diluted earnings per share–adjusted 26,674 26,707 26,592 Basic Earnings Per Share $ 13.48 $ 9.62 $ 5.29 Diluted Earnings Per Share $ 13.40 $ 9.48 $ 5.20 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Summary of Purchase and Sale of Common Stock | The following table summarizes the shares of the Company’s common stock that were purchased and sold by the Company’s rabbi trust, which holds the investments for the Capital Accumulation Plan: For The Years Ended December 31, 2022 2021 2020 Shares of common stock purchased 12,117 5,580 16,660 Aggregate purchase price of shares purchased $ 3,253,577 $ 1,268,370 $ 1,274,641 Shares of common stock sold 36,762 2,841 68,759 Aggregate sale price of shares sold $ 10,370,165 $ 802,030 $ 9,722,577 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity | The following table summarizes stock option activity for the year ended December 31, 2022 for employees: Options Weighted Average Exercise price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2021 120,959 $ 98.28 4.7 $ 28,879 Granted 14,980 278.21 Exercised ( 61,778 ) 73.03 Forfeited ( 1,838 ) 149.14 Outstanding at December 31, 2022 72,323 $ 155.83 4.6 $ 4,921 Exercisable at December 31, 2022 31,307 $ 107.53 3.9 $ 3,198 |
Summary of Weighted Average Assumptions Used In Valuing Options | The following table summarizes the weighted average assumptions used in valuing options for the years ended December 31, 2022, 2021 and 2020: 2022 2021 2020 Risk-free interest rate 1.92 % 1.19 % 1.66 % Expected life in years 3.5 3.5 3.2 Expected volatility 43.32 % 40.57 % 32.80 % Dividend rate — — — |
Summary of Restricted Stock Activity | The following table summarizes restricted stock activity during the year ended December 31, 2022: Shares Weighted Average Grant-date Fair Value Restricted Stock at December 31, 2021 62,071 $ 112.21 Granted 15,203 246.11 Vested ( 27,404 ) 75.32 Forfeited ( 1,630 ) 145.22 Restricted Stock at December 31, 2022 48,240 $ 177.89 |
Summary of Performance Unit Awards | The following table summarizes performance unit awards during the year ended December 31, 2022: Shares Weighted Average Grant-date Fair Value Performance Unit Awards at December 31, 2021 86,675 $ 140.35 Granted 12,510 312.30 Added by performance factor 39,355 91.62 Vested ( 78,710 ) 91.62 Forfeited ( 2,399 ) 233.08 Performance Unit Awards at December 31, 2022 57,431 $ 207.32 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Provision | The income tax provision consists of the following (in thousands): 2022 2021 2020 Current: U.S. federal $ 68,934 $ 62,222 $ 24,311 State 20,058 12,997 5,364 Total current income tax provision 88,992 75,219 29,675 Deferred: U.S. federal 21,440 3,915 8,255 State 194 404 8 Total deferred income tax provision 21,634 4,319 8,263 Total income tax provision $ 110,626 $ 79,538 $ 37,938 |
Summary of Reconciliation Between Income Taxes and Effective Income Tax Provision | A reconciliation between income taxes at the federal statutory rate (21 percent) and the actual income tax provision is as follows (in thousands): 2022 2021 2020 Provision at federal statutory rate $ 98,290 $ 69,856 $ 37,018 State income taxes, net of federal benefit 16,274 11,435 5,664 Tax credits ( 1,355 ) ( 1,754 ) ( 1,424 ) Excess tax benefit on stock compensation ( 1,578 ) ( 793 ) ( 4,500 ) Other, net ( 1,005 ) 794 1,180 Total provision $ 110,626 $ 79,538 $ 37,938 |
Summary of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending total amounts of gross unrecognized tax benefits is as follows (in thousands): 2022 2021 Gross unrecognized tax benefits at beginning of year $ 1,370 $ 1,052 Gross (decreases) increases in tax positions for prior years 1,779 ( 4 ) Gross increases in tax positions for current year 1,005 598 Settlements — ( 96 ) Lapse of statute of limitations ( 287 ) ( 180 ) Gross unrecognized tax benefits at end of year $ 3,867 $ 1,370 |
Summary of Deferred Tax Liabilities and Assets | Deferred tax (liabilities) assets are comprised of the following at December 31 (in thousands): 2022 2021 Depreciation $ ( 183,276 ) $ ( 165,405 ) Leases ( 30,886 ) ( 27,876 ) Other ( 5,471 ) ( 4,658 ) Gross deferred tax liabilities ( 219,633 ) ( 197,939 ) Allowance for doubtful accounts 1,435 1,374 Equity-based compensation 4,089 3,626 Employee benefits 9,988 8,516 Leases 30,578 27,357 Claims and insurance 22,137 27,351 Other 5,635 5,578 Gross deferred tax assets 73,862 73,802 Net deferred tax liability $ ( 145,771 ) $ ( 124,137 ) |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Summary of Valuation and Qualifying Accounts | The following is a rollforward of the allowance for doubtful accounts for receivables (in thousands): Additions Balance, beginning of period Charged to costs and expenses Charged to other accounts Deductions(1) Balance, end of period For the period ended December 31, 2022 5,530 $ 3,074 $ — $ ( 2,800 ) $ 5,804 For the period ended December 31, 2021 5,666 3,559 — ( 3,695 ) 5,530 For the period ended December 31, 2020 3,742 4,271 — ( 2,347 ) 5,666 (1) Primarily uncollectible accounts written off — net of recoveries. |
Description of Business and S_4
Description of Business and Summary of Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Description of Business and Summary of Significant Accounting Policies [Line Items] | |||
Number of operating segments | Segment | 1 | ||
Change in accounting principle, accounting standards update, adoption date | Jan. 01, 2021 | ||
Change in accounting principle, accounting standards update, adopted | true | true | |
Change in accounting principle, accounting standards update, immaterial effect | true | true | |
Depreciation and amortization | $ 157,203 | $ 141,700 | $ 134,655 |
Advertising costs | $ 7,200 | 5,700 | 4,600 |
Credit Concentration Risk [Member] | Accounts Receivable [Member] | No Single Customer [Member] | |||
Description of Business and Summary of Significant Accounting Policies [Line Items] | |||
Percentage of accounts receivable | 5% | ||
Property and Equipment [Member] | |||
Description of Business and Summary of Significant Accounting Policies [Line Items] | |||
Depreciation and amortization | $ 156,200 | 140,500 | $ 133,500 |
Trailers [Member] | |||
Description of Business and Summary of Significant Accounting Policies [Line Items] | |||
Assets acquired under finance lease, gross | 137,900 | 137,900 | |
Assets acquired under finance lease, accumulated depreciation | $ 58,700 | $ 49,400 | |
Minimum [Member] | |||
Description of Business and Summary of Significant Accounting Policies [Line Items] | |||
Percentage of revenue derived from transporting | 96% | ||
Average transit time | 1 day | ||
Minimum [Member] | Restricted Stock [Member] | |||
Description of Business and Summary of Significant Accounting Policies [Line Items] | |||
Stock-based awards compensation expense amortization period | 3 years | ||
Maximum [Member] | |||
Description of Business and Summary of Significant Accounting Policies [Line Items] | |||
Average transit time | 5 days | ||
Maximum [Member] | Restricted Stock [Member] | |||
Description of Business and Summary of Significant Accounting Policies [Line Items] | |||
Stock-based awards compensation expense amortization period | 5 years |
Description of Business and S_5
Description of Business and Summary of Accounting Policies - Summary of Property and Equipment, Estimated Useful Lives (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Structures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, service lives | 20 years | |
Structures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, service lives | 25 years | 25 years |
Tractors [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, service lives | 10 years | |
Trailers [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, service lives | 14 years | |
Other Revenue Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, service lives | 6 years | |
Other Revenue Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, service lives | 14 years | 14 years |
Technology Equipment and Software [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, service lives | 3 years | |
Technology Equipment and Software [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, service lives | 5 years | 5 years |
Other [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, service lives | 3 years | |
Other [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, service lives | 10 years | 10 years |
Description of Business and S_6
Description of Business and Summary of Accounting Policies - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | $ 2,478,824 | $ 2,144,528 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | 191,057 | 159,309 |
Structures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | 638,180 | 521,578 |
Other Revenue Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | 1,340,761 | 1,196,000 |
Technology Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | 187,333 | 161,791 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | $ 121,493 | $ 105,850 |
Description of Business and S_7
Description of Business and Summary of Accounting Policies - Additional Information1 (Detail) | Dec. 31, 2022 |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Description of Business and Summary of Significant Accounting Policies [Line Items] | |
Payment terms | 30 days |
Debt and Financing Arrangemen_3
Debt and Financing Arrangements - Summary of Reconciliation of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Credit Agreement with Banks, described below | $ 0 | $ 0 |
Finance Leases, described below | 31,008 | 50,404 |
Total debt | 31,008 | 50,404 |
Less: current portion of long-term debt | 14,519 | 19,396 |
Long-term debt, less current portion | $ 16,489 | $ 31,008 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | us-gaap:FinanceLeaseLiabilityNoncurrent | us-gaap:FinanceLeaseLiabilityNoncurrent |
Debt and Financing Arrangemen_4
Debt and Financing Arrangements - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Feb. 05, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 03, 2023 | |
Debt Instrument [Line Items] | |||||
Borrowing capacity under credit agreement | $ 0 | $ 0 | |||
Amendment line of credit facility expiration year and month | 2024-02 | ||||
Finance lease liability | 31,008,000 | 50,404,000 | |||
Estimated fair value of the finance leases | 31,200,000 | 50,800,000 | |||
Cash paid for interest | 2,300,000 | 3,000,000 | $ 5,900,000 | ||
2023 Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Borrowing capacity under credit agreement | $ 300,000,000 | ||||
Company Increase The Size | 150,000,000 | ||||
Total Borrowing Capacity | $ 450,000,000 | ||||
Adjusted Leverage Ratio | 3.50% | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Borrowing capacity under credit agreement | $ 300,000,000 | ||||
Additional borrowing capacity under revolving credit facility | $ 100,000,000 | ||||
Minimum debt service coverage ratio | 125% | ||||
Maximum leverage ratio | 325% | ||||
Existing Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Borrowing capacity under credit agreement | 0 | 0 | |||
Letter of credit facility outstanding amount | $ 31,200,000 | $ 29,300,000 |
Debt and Financing Arrangemen_5
Debt and Financing Arrangements - Schedule of Principal Maturities of Long-Term Debt Including Interest On Finance Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instruments [Abstract] | ||
Less: Interest on Finance Leases | $ 1,455 | |
Total | $ 31,008 | $ 50,404 |
Commitments, Contingencies an_3
Commitments, Contingencies and Uncertainties - Schedule of Non-Cancellable Capital and Operating Lease Agreements Requiring Minimum Annual Rentals Payable (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2023 | $ 30,188 |
2024 | 29,714 |
2025 | 24,979 |
2026 | 18,321 |
2027 | 15,522 |
Thereafter | 22,513 |
Total | $ 141,237 |
Commitments, Contingencies an_4
Commitments, Contingencies and Uncertainties - Schedule of Non-Cancellable Capital and Operating Lease Agreements Requiring Minimum Annual Rentals Payable (Parenthetical) (Detail) | 1 Months Ended |
Apr. 30, 2021 USD ($) | |
Other Commitments [Line Items] | |
Additional terminal lease not yet commenced, cost | $ 57,000,000 |
Operating lease term | 15 years |
Minimum [Member] | |
Other Commitments [Line Items] | |
Operating leases annual rent expense | $ 3,100,000 |
Maximum [Member] | |
Other Commitments [Line Items] | |
Operating leases annual rent expense | $ 4,600,000 |
Commitments, Contingencies an_5
Commitments, Contingencies and Uncertainties - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $ 33.4 | $ 31.6 | $ 30.6 |
Purchase commitments related to capital expenditures | 117.2 | ||
Capital expenditures in accounts payable | $ 19.5 | $ 24.2 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Finance leased assets, net | $ 60.5 | $ 85.1 |
Accumulated depreciation and amortization of finance leased assets | $ 43.8 | $ 53.5 |
Leases - Summary of Lease Cost
Leases - Summary of Lease Cost and Other Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finance lease cost: | ||
Amortization of right-of-use assets | $ 8,276 | $ 11,170 |
Interest on lease liabilities | 1,476 | 2,166 |
Operating lease cost (includes variable and sublease costs as they are immaterial) | 30,919 | 28,859 |
Short-term lease cost | 19,387 | 8,322 |
Total lease cost | 60,058 | 50,517 |
Other Information | ||
Right-of-use assets obtained in exchange for new finance lease liabilities | 0 | 0 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 39,122 | $ 18,148 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow and Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash outflows from finance leases | $ 1,484 | $ 2,178 | |
Operating cash outflows from operating leases | 31,043 | 28,908 | |
Financing cash outflows from finance leases | $ 19,471 | $ 20,571 | $ 19,525 |
Weighted-average remaining lease term - finance leases (years) | 1 year 9 months 18 days | 2 years 6 months | |
Weighted-average remaining lease term - operating leases (years) | 5 years 2 months 12 days | 5 years 7 months 6 days | |
Weighted-average discount rate - finance leases | 3.70% | 3.60% | |
Weighted-average discount rate - operating leases | 5.10% | 4.50% |
Leases - Summary of Maturity of
Leases - Summary of Maturity of Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Leases | ||
2023 | $ 30,155 | |
2024 | 29,714 | |
2025 | 24,979 | |
2026 | 18,321 | |
2027 | 15,522 | |
Thereafter | 22,513 | |
Total lease payments | 141,204 | |
Less: Interest | 17,698 | |
Present value of lease liabilities | 123,506 | |
Finance Leases | ||
2023 | 15,409 | |
2024 | 10,606 | |
2025 | 5,453 | |
2026 | 995 | |
2027 | 0 | |
Thereafter | 0 | |
Total lease payments | 32,463 | |
Less: Interest | 1,455 | |
Finance Leases, described below | $ 31,008 | $ 50,404 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | us-gaap:FinanceLeaseLiabilityNoncurrent | us-gaap:FinanceLeaseLiabilityNoncurrent |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 12.1 | $ 12.1 | $ 12.1 |
Amortization expense for intangible assets | $ 1 | $ 1.2 | $ 1.2 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Gross Amounts and Accumulated Amortization of Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 20,500 | $ 20,500 |
Accumulated Amortization | 14,456 | 13,448 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 19,000 | 19,000 |
Accumulated Amortization | 13,664 | 12,756 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 1,500 | 1,500 |
Accumulated Amortization | $ 792 | $ 692 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Summary of Gross Amounts and Accumulated Amortization of Identifiable Intangible Assets (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Trademarks [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortizable intangible assets, useful life | 15 years |
Minimum [Member] | Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortizable intangible assets, useful life | 6 years |
Maximum [Member] | Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortizable intangible assets, useful life | 15 years |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Summary of Estimated Amortization Expense for Next Five Years (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2023 | $ 853 |
2024 | 853 |
2025 | 853 |
2026 | 853 |
2027 | $ 853 |
Computation of Earnings Per S_3
Computation of Earnings Per Share - Summary of Calculation of Basic Earnings Per Common Share and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator: | |||
Net income | $ 357,422 | $ 253,235 | $ 138,340 |
Denominator: | |||
Denominator for basic earnings per share–weighted average common shares | 26,520 | 26,322 | 26,140 |
Dilutive effect of share-based awards | 154 | 385 | 452 |
Denominator for diluted earnings per share–adjusted weighted average common shares | 26,674 | 26,707 | 26,592 |
Basic Earnings Per Share | $ 13.48 | $ 9.62 | $ 5.29 |
Diluted Earnings Per Share | $ 13.40 | $ 9.48 | $ 5.20 |
Computation of Earnings Per S_4
Computation of Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Common stock excluded from the calculation of diluted earnings per share | 22,237 | 19,386 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Purchase and Sale of Common Stock (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | |||
Shares of common stock purchased | 12,117 | 5,580 | 16,660 |
Aggregate purchase price of shares purchased | $ 3,253,577 | $ 1,268,370 | $ 1,274,641 |
Shares of common stock sold | 36,762 | 2,841 | 68,759 |
Aggregate sale price of shares sold | $ 10,370,165 | $ 802,030 | $ 9,722,577 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - shares | Dec. 31, 2022 | Dec. 31, 2021 |
Equity [Abstract] | ||
Shares reserved for issuance under the Directors Deferred Fee Plan | 97,381 | 94,109 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 28, 2023 | Feb. 23, 2022 | Feb. 24, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Outstanding stock options | 72,323 | 120,959 | ||||
Number of shares granted | 14,980 | |||||
Stock-based compensation | $ 8,827,000 | $ 8,703,000 | $ 7,536,000 | |||
Unrecognized compensation expense | $ 5,200,000 | |||||
Weighted average recognition period of compensation expenses | 2 years 2 months 12 days | |||||
Total intrinsic value of options exercised | $ 10,800,000 | $ 5,900,000 | $ 8,300,000 | |||
Weighted-average grant-date fair value per share of options granted | $ 94.36 | $ 62.65 | $ 25.40 | |||
Stock Option and Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation | $ 3,900,000 | $ 3,300,000 | $ 2,800,000 | |||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Fair value of shares vested | $ 2,100,000 | 1,400,000 | 1,100,000 | |||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock vesting period | 3 years | |||||
Unrecognized compensation expense | $ 4,300,000 | |||||
Weighted average recognition period of compensation expenses | 1 year 8 months 12 days | |||||
Operating expense | $ 3,800,000 | 4,000,000 | 3,500,000 | |||
Fair value of shares vested | $ 3,600,000 | $ 3,000,000 | $ 2,300,000 | |||
After three years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock vesting percentage | 25% | |||||
After three years [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock vesting period | 3 years | |||||
After five years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock vesting period | 50 years | |||||
After five years [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock vesting period | 5 years | |||||
After four years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock vesting percentage | 25% | |||||
After four years [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock vesting period | 4 years | |||||
January 2019 - December 2021 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance period share issuance range | 78,710 | |||||
January 2018 - December 2020 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance period share issuance range | 58,662 | |||||
January 2020 – December 2022 [Member] | Subsequent Event [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance period share issuance range | 63,188 | |||||
Maximum [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock vesting period | 5 years | |||||
Maximum [Member] | January 2021 – December 2023 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance unit awards, outstanding | 26,654 | |||||
Maximum [Member] | January 2019 - December 2024 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance unit awards, outstanding | 25,020 | |||||
Minimum [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock vesting period | 3 years | |||||
Non Employee Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Contractual service | 3 years | |||||
Contractual term | 7 years | |||||
Restricted stock vesting period | 3 years | |||||
Number of shares granted | 15,780 | |||||
2018 Omnibus Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock reserved | 1,100,000 | |||||
Reserved and unissued shares | 765,617 | 876,641 | ||||
2018 Omnibus Incentive Plan [Member] | Non Employee Director [Member] | Director Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued to non employee director | 396 | 548 | 1,098 | |||
2018 Omnibus Incentive Plan [Member] | Non Employee Director [Member] | Maximum [Member] | Director Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Annual grant amount | $ 500,000 | |||||
2011 Omnibus Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock reserved | 2,350,000 | |||||
Additional grant under Plan | 0 | |||||
Reserved and unissued shares | 391,089 | 391,089 | ||||
Directors' Deferred Fee Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued to non employee director | 3,272 | 3,929 | 9,379 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||
Beginning balance, options | 120,959 | |
Granted, options | 14,980 | |
Exercised, options | (61,778) | |
Forfeited, options | (1,838) | |
Ending balance, options | 72,323 | 120,959 |
Exercisable, options | 31,307 | |
Beginning balance, weighted average exercise price | $ 98.28 | |
Granted | $ 278.21 | |
Exercised | 73.03 | |
Forfeited | 149.14 | |
Ending balance, weighted average exercise price | 155.83 | |
Exercisable, weighted average exercisable price | $ 107.53 | |
Outstanding, weighted average remaining contractual life (years) | 4 years 7 months 6 days | 4 years 8 months 12 days |
Exercisable, weighted average remaining contractual life (years) | 3 years 10 months 24 days | |
Outstanding, aggregate intrinsic value | $ 4,921 | $ 28,879 |
Exercisable, aggregate intrinsic value | $ 3,198 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Weighted Average Assumptions Used In Valuing Options (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement [Abstract] | |||
Risk-free interest rate | 1.92% | 1.19% | 1.66% |
Expected life in years | 3 years 6 months | 3 years 6 months | 3 years 2 months 12 days |
Expected volatility | 43.32% | 40.57% | 32.80% |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested, options beginning balance | shares | 62,071 |
Granted, options | shares | 15,203 |
Vested, options | shares | (27,404) |
Forfeited, options | shares | (1,630) |
Unvested, options ending balance | shares | 48,240 |
Unvested, weighted average grant date fair value beginning balance | $ / shares | $ 112.21 |
Granted | $ / shares | 246.11 |
Vested | $ / shares | 75.32 |
Forfeited | $ / shares | 145.22 |
Unvested, weighted average grant date fair value ending balance | $ / shares | $ 177.89 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Performance Unit Awards (Details) - Performance Shares [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unvested, options beginning balance | shares | 86,675 |
Granted, options | shares | 12,510 |
Added by performance factor, options | shares | 39,355 |
Vested, options | shares | (78,710) |
Forfeited, options | shares | (2,399) |
Unvested, options ending balance | shares | 57,431 |
Unvested, weighted average grant date fair value beginning balance | $ / shares | $ 140.35 |
Granted | $ / shares | 312.30 |
Added by performance factor | $ / shares | 91.62 |
Vested | $ / shares | 91.62 |
Forfeited | $ / shares | 233.08 |
Unvested, weighted average grant date fair value ending balance | $ / shares | $ 207.32 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Shares held by the rabbi trust | 69,982 | 94,627 | |
Cash incentive awards | $ 32.6 | $ 36.4 | $ 19 |
Shares purchased by custodians | 2,158 | 2,516 | 5,682 |
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Payroll deduction for ESPP, percent of annual wages | 10% | ||
Highly Compensated Employees [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Payroll deduction for ESPP, percent of annual wages | 20% | ||
401(k)Saving Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company match of contribution | 50% | ||
Employees contribution share | 6% | ||
Contribution in operation | $ 14 | $ 12.4 | $ 8 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||
U.S. federal | $ 68,934 | $ 62,222 | $ 24,311 |
State | 20,058 | 12,997 | 5,364 |
Total current income tax provision | 88,992 | 75,219 | 29,675 |
Deferred: | |||
U.S. federal | 21,440 | 3,915 | 8,255 |
State | 194 | 404 | 8 |
Total deferred income tax provision | 21,634 | 4,319 | 8,263 |
Total provision | $ 110,626 | $ 79,538 | $ 37,938 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation Between Income Taxes and Effective Income Tax Provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Provision at federal statutory rate | $ 98,290 | $ 69,856 | $ 37,018 |
State income taxes, net of federal benefit | 16,274 | 11,435 | 5,664 |
Tax credits | (1,355) | (1,754) | (1,424) |
Excess tax benefit on stock compensation | (1,578) | (793) | (4,500) |
Other, net | (1,005) | 794 | 1,180 |
Total provision | $ 110,626 | $ 79,538 | $ 37,938 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax [Line Items] | ||||
Interest related to unrecognized tax benefits | $ 0 | $ 0 | $ 0 | |
Unrecognized tax benefits that would affect the Company's effective tax rate if recognized | $ 3,900,000 | 1,400,000 | ||
Cash (received) paid for income taxes | $ 115,300,000 | $ 81,600,000 | $ 10,000,000 | |
Maximum [Member] | ||||
Income Tax [Line Items] | ||||
Income tax year open for examination | 2022 | |||
Maximum [Member] | State and Local Jurisdiction [Member] | ||||
Income Tax [Line Items] | ||||
Income tax year open for examination | 2022 | |||
Minimum [Member] | ||||
Income Tax [Line Items] | ||||
Income tax year open for examination | 2019 | |||
Minimum [Member] | State and Local Jurisdiction [Member] | ||||
Income Tax [Line Items] | ||||
Income tax year open for examination | 2013 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Liabilities and Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Depreciation | $ (183,276) | $ (165,405) |
Leases | (30,886) | (27,876) |
Other | (5,471) | (4,658) |
Gross deferred tax liabilities | (219,633) | (197,939) |
Allowance for doubtful accounts | 1,435 | 1,374 |
Equity-based compensation | 4,089 | 3,626 |
Employee benefits | 9,988 | 8,516 |
Leases | 30,578 | 27,357 |
Claims and insurance | 22,137 | 27,351 |
Other | 5,635 | 5,578 |
Gross deferred tax assets | 73,862 | 73,802 |
Net deferred tax liability | $ (145,771) | $ (124,137) |
Income Taxes - Summary of Gross
Income Taxes - Summary of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Gross unrecognized tax benefits at beginning of year | $ 1,370 | $ 1,052 |
Gross (decreases) increases in tax positions for prior years | 1,779 | (4) |
Gross increases in tax positions for current year | 1,005 | 598 |
Settlements | (96) | |
Lapse of statute of limitations | (287) | (180) |
Gross unrecognized tax benefits at end of year | $ 3,867 | $ 1,370 |
Valuation and Qualifying Acco_3
Valuation and Qualifying Accounts - Summary of Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance, beginning of period | $ 5,530 | $ 5,666 | $ 3,742 | |
Additions - Charged to costs and expenses | 3,074 | 3,559 | 4,271 | |
Additions - Charged to other accounts | 0 | 0 | 0 | |
Deductions | [1] | (2,800) | (3,695) | (2,347) |
Balance, end of period | $ 5,804 | $ 5,530 | $ 5,666 | |
[1] Primarily uncollectible accounts written off — net of recoveries. |