Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 28, 2014 | Jul. 28, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 28-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'UACL | ' |
Entity Registrant Name | 'Universal Truckload Services, Inc. | ' |
Entity Central Index Key | '0001308208 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 29,954,459 |
Unaudited_Consolidated_Balance
Unaudited Consolidated Balance Sheets (USD $) | Jun. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $8,106 | $10,223 |
Marketable securities | 12,407 | 11,626 |
Accounts receivable - net of allowance for doubtful accounts of $3,030 and $2,688, respectively | 161,214 | 132,001 |
Other receivables | 17,919 | 17,966 |
Due from affiliates | 2,541 | 2,283 |
Prepaid income taxes | 5,649 | 7,988 |
Prepaid expenses and other | 16,859 | 16,426 |
Deferred income taxes | 3,462 | 4,876 |
Total current assets | 228,157 | 203,389 |
Property and equipment - net of accumulated depreciation of $141,547 and $137,606, respectively | 161,429 | 142,656 |
Goodwill | 74,589 | 74,589 |
Intangible assets - net of accumulated amortization of $29,403 and $24,345, respectively | 57,749 | 62,807 |
Other assets | 6,588 | 6,695 |
Total assets | 528,512 | 490,136 |
Current liabilities: | ' | ' |
Accounts payable | 66,888 | 46,487 |
Due to affiliates | 4,960 | 3,618 |
Accrued expenses and other current liabilities | 23,871 | 21,072 |
Insurance and claims | 22,476 | 22,719 |
Current maturities of capital lease obligations | 1,408 | 1,592 |
Current portion of long-term debt | 7,572 | 5,482 |
Total current liabilities | 127,175 | 100,970 |
Long-term liabilities: | ' | ' |
Long-term debt | 234,831 | 232,018 |
Capital lease obligations, net of current maturities | 2,487 | 3,051 |
Deferred income taxes | 40,436 | 43,748 |
Other long-term liabilities | 4,517 | 4,784 |
Total long-term liabilities | 282,271 | 283,601 |
Shareholders' equity: | ' | ' |
Common stock, no par value. Authorized 100,000,000 shares; 30,766,067 and 30,746,067 shares issued; 29,954,459 and 30,114,324 shares outstanding, respectively | 30,766 | 30,746 |
Paid-in capital | 1,073 | 1,074 |
Treasury stock, at cost; 811,608 and 631,743 shares, respectively | -13,745 | -9,322 |
Retained earnings | 98,493 | 80,952 |
Accumulated other comprehensive income: | ' | ' |
Unrealized holding gain on available-for-sale securities, net of income taxes of $1,699 and $1,433, respectively | 2,940 | 2,476 |
Foreign currency translation adjustments | -461 | -361 |
Total shareholders' equity | 119,066 | 105,565 |
Total liabilities and shareholders' equity | $528,512 | $490,136 |
Unaudited_Consolidated_Balance1
Unaudited Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 28, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $3,030 | $2,688 |
Property and equipment, accumulated depreciation | 141,547 | 137,606 |
Intangible assets, accumulated amortization | $29,403 | $24,345 |
Common stock, par value | $0 | $0 |
Common stock, shares authorized | 100,000,000 | ' |
Common stock, shares issued | 30,766,067 | 30,746,067 |
Common stock, shares outstanding | 29,954,459 | 30,114,324 |
Treasury stock, shares | 811,608 | 631,743 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Statement Of Financial Position [Abstract] | ' | ' |
Income tax expense on unrealized holding gain on available-for-sale securities | $1,699 | $1,433 |
Unaudited_Consolidated_Stateme
Unaudited Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Operating revenues: | ' | ' | ' | ' |
Transportation services | $197,505 | $179,439 | $377,321 | $346,366 |
Value-added services | 76,009 | 51,181 | 145,489 | 98,951 |
Intermodal services | 34,035 | 33,552 | 64,103 | 66,964 |
Total operating revenues | 307,549 | 264,172 | 586,913 | 512,281 |
Operating expenses: | ' | ' | ' | ' |
Purchased transportation and equipment rent | 155,518 | 141,640 | 295,943 | 276,154 |
Direct personnel and related benefits | 55,017 | 45,652 | 107,918 | 88,999 |
Commission expense | 11,022 | 9,787 | 20,753 | 19,122 |
Operating expenses (exclusive of items shown separately) | 30,789 | 19,715 | 61,279 | 38,875 |
Occupancy expense | 6,578 | 5,300 | 13,413 | 10,262 |
Selling, general, and administrative | 11,217 | 8,739 | 21,308 | 16,541 |
Insurance and claims | 4,973 | 4,704 | 11,594 | 9,382 |
Depreciation and amortization | 8,022 | 5,006 | 15,663 | 10,066 |
Total operating expenses | 283,136 | 240,543 | 547,871 | 469,401 |
Income from operations | 24,413 | 23,629 | 39,042 | 42,880 |
Interest income | 8 | 29 | 23 | 53 |
Interest expense | -2,471 | -957 | -4,061 | -2,083 |
Other non-operating income | 125 | 127 | 214 | 261 |
Income before provision for income taxes | 22,075 | 22,828 | 35,218 | 41,111 |
Provision for income taxes | 8,442 | 8,674 | 13,461 | 15,583 |
Net income | $13,633 | $14,154 | $21,757 | $25,528 |
Earnings per common share: | ' | ' | ' | ' |
Basic | $0.45 | $0.47 | $0.72 | $0.85 |
Diluted | $0.45 | $0.47 | $0.72 | $0.85 |
Weighted average number of common shares outstanding: | ' | ' | ' | ' |
Basic | 30,054 | 30,054 | 30,082 | 30,054 |
Diluted | 30,092 | 30,196 | 30,124 | 30,196 |
Dividends paid common share | $0.07 | ' | $0.14 | ' |
Unaudited_Consolidated_Stateme1
Unaudited Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $13,633 | $14,154 | $21,757 | $25,528 |
Other comprehensive income: | ' | ' | ' | ' |
Unrealized holding gains on available-for-sale investments arising during the period, net of income taxes | 337 | 4 | 464 | 647 |
Realized gains on available-for-sale investments reclassified into income, net of income taxes | ' | -35 | ' | -67 |
Foreign currency translation adjustments | 27 | -461 | -100 | -173 |
Total other comprehensive income | 364 | -492 | 364 | 407 |
Total comprehensive income | $13,997 | $13,662 | $22,121 | $25,935 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $21,757 | $25,528 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 15,663 | 10,066 |
Gain on sale of marketable equity securities | ' | -107 |
Loss (gain) on disposal of property and equipment | 42 | -63 |
Provision for doubtful accounts | 674 | 889 |
Amortization of debt issuance costs | 346 | ' |
Deferred income taxes | -2,165 | 123 |
Change in assets and liabilities: | ' | ' |
Trade and other accounts receivable | -29,857 | -10,825 |
Prepaid income taxes, prepaid expenses and other assets | 1,653 | -359 |
Accounts payable, accrued expenses and other current liabilities, and insurance and claims | 22,977 | -1,368 |
Due to/from affiliates, net | 1,074 | 2,495 |
Other long-term liabilities | -267 | -144 |
Net cash provided by operating activities | 31,897 | 26,235 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -30,157 | -5,498 |
Proceeds from the sale of property and equipment | 734 | 641 |
Purchases of marketable securities | -51 | -9 |
Proceeds from sale of marketable securities | ' | 520 |
Acquisition of business | ' | -250 |
Net cash used in investing activities | -29,474 | -4,596 |
Cash flows from financing activities: | ' | ' |
Proceeds from borrowing - revolving debt | 66,697 | 8,431 |
Repayments of debt - revolving debt | -62,008 | -26,431 |
Proceeds from borrowing - term debt | 2,500 | ' |
Repayments of debt - term debt | -2,286 | ' |
Payment of capital lease obligations | -748 | ' |
Dividends paid | -4,216 | ' |
Purchases of treasury stock | -4,423 | ' |
Proceeds from issuance of common stock, net of issuance costs | 19 | ' |
Payment of earnout obligations related to acquisitions | ' | -23 |
Net cash used in financing activities | -4,465 | -18,023 |
Effect of exchange rate changes on cash and cash equivalents | -75 | 7 |
Net (decrease) increase in cash | -2,117 | 3,623 |
Cash and cash equivalents - beginning of period | 10,223 | 2,554 |
Cash and cash equivalents - end of period | 8,106 | 6,177 |
Supplemental cash flow information: | ' | ' |
Cash paid for interest | 3,579 | 1,856 |
Cash paid for income taxes | 13,253 | 14,954 |
Acquisition of business: | ' | ' |
Payment of acquisition obligation | ' | 250 |
Net cash paid for acquisition of business | ' | $250 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended | |
Jun. 28, 2014 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
-1 | Basis of Presentation | |
The accompanying unaudited consolidated financial statements of Universal Truckload Services, Inc. and its wholly-owned subsidiaries (“we”, “us”, “our”, “Universal”, or “the Company”), have been prepared by the Company’s management. In the opinion of management, the unaudited consolidated financial statements include all normal recurring adjustments necessary to present fairly the information required to be set forth therein. All intercompany transactions and balances have been eliminated in consolidation. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, should be read in conjunction with the consolidated financial statements as of December 31, 2013 and 2012 and for each of the years in the three-year period ended December 31, 2013 included in the Company’s Form 10-K filed with the Securities and Exchange Commission. The preparation of the consolidated financial statements requires the use of management’s estimates. Actual results could differ from those estimates. | ||
Our fiscal year ends on December 31 and consists of four quarters, each with thirteen weeks. |
Marketable_Securities
Marketable Securities | 6 Months Ended | ||||||||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Marketable Securities | ' | ||||||||||||||||||||||||
-2 | Marketable Securities | ||||||||||||||||||||||||
At June 28, 2014 and December 31, 2013, marketable securities, all of which are available-for-sale, consist of common and preferred stocks. Marketable securities are carried at fair value, with unrealized gains and losses, net of related income taxes, reported as accumulated other comprehensive income, except for losses from impairments which are determined to be other-than-temporary. Realized gains and losses, and declines in value judged to be other-than-temporary on available-for-sale securities are included in the determination of net income and are included in other non-operating income (expense), at which time the average cost basis of these securities are adjusted to fair value. Fair values are based on quoted market prices at the reporting date. Interest and dividends on available-for-sale securities are included in other non-operating income (expense). | |||||||||||||||||||||||||
The cost, gross unrealized holding gains, gross unrealized holding losses, and fair value of available-for-sale securities by type were as follows (in thousands): | |||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||
unrealized | unrealized | Value | |||||||||||||||||||||||
holding | holding | ||||||||||||||||||||||||
gains | (losses) | ||||||||||||||||||||||||
At June 28, 2014 | |||||||||||||||||||||||||
Equity Securities | $ | 7,768 | $ | 4,776 | $ | (137 | ) | $ | 12,407 | ||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Equity Securities | $ | 7,717 | $ | 3,974 | $ | (65 | ) | $ | 11,626 | ||||||||||||||||
Included in equity securities at June 28, 2014 are securities with a fair value of $0.4 million with a cumulative loss position of $0.1 million, the impairment of which we consider to be temporary. We consider several factors in our determination as to whether declines in value are judged to be temporary or other-than-temporary, including the severity and duration of the decline, the financial condition and near-term prospects of the specific issuers and the industries in which they operate, and our intent and ability to hold these securities. We may incur future impairment charges if declines in market values continue and/or worsen and impairments are no longer considered temporary. | |||||||||||||||||||||||||
The fair value and gross unrealized holding losses of our marketable securities that are not deemed to be other-than-temporarily impaired aggregated by type and length of time they have been in a continuous unrealized loss position were as follows (in thousands): | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
At June 28, 2014 | |||||||||||||||||||||||||
Equity securities | $ | 279 | $ | 62 | $ | 168 | $ | 75 | $ | 447 | $ | 137 | |||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Equity securities | $ | 167 | $ | 3 | $ | 289 | $ | 62 | $ | 456 | $ | 65 | |||||||||||||
Our portfolio of equity securities in a continuous loss position, the impairment of which we consider to be temporary, consists primarily of common stocks in the banking, steel, and transportation industries. The fair value and unrealized losses are distributed in 5 publicly traded companies, with no single industry or company representing a material or concentrated unrealized loss. We have evaluated the near-term prospects of the various industries, as well as the specific issuers within our portfolio, in relation to the severity and duration of the impairments, and based on that evaluation, as well as our ability and intent to hold these investments for a reasonable period of time to allow for a recovery of fair value, we do not consider these investments to be other-than-temporarily impaired at June 28, 2014. | |||||||||||||||||||||||||
We may, from time to time, invest cash in excess of our current needs in marketable securities, much of which is held in equity securities, which are actively traded on public exchanges. It is our philosophy to minimize the risk of capital loss without foregoing the potential for capital appreciation through investing in value-and-income oriented investments. However, holding equity securities subjects us to fluctuations in the market value of our investment portfolio based on current market prices, and a decline in market prices or other unstable market conditions could cause a loss in the value of our marketable securities classified as available-for-sale. |
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Expenses and Other Current Liabilities | ' | ||||||||
-3 | Accrued Expenses and Other Current Liabilities | ||||||||
Accrued expenses and other current liabilities is comprised of the following (in thousands): | |||||||||
June 28, | December 31, | ||||||||
2014 | 2013 | ||||||||
Payroll related items | $ | 9,990 | $ | 8,080 | |||||
Driver escrow liabilities | 6,537 | 6,099 | |||||||
Commissions, taxes and other | 7,344 | 6,893 | |||||||
Total | $ | 23,871 | $ | 21,072 | |||||
Debt
Debt | 6 Months Ended | ||||||||||
Jun. 28, 2014 | |||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||
Debt | ' | ||||||||||
-4 | Debt | ||||||||||
Debt is comprised of the following (in thousands): | |||||||||||
Interest Rates | June 28, | December 31, | |||||||||
at June 28, 2014 | 2014 | 2013 | |||||||||
Outstanding Debt: | |||||||||||
Syndicated credit facility | |||||||||||
$120 million revolving credit facility | LIBOR + 1.85% | $ | 61,500 | $ | 60,000 | ||||||
Swing Line sub-facility | Prime + 0.85% | 3,189 | — | ||||||||
$60 million equipment financing facility | LIBOR + 2.35% | 57,714 | 57,500 | ||||||||
$50 million term loan | LIBOR + 3.00% | 50,000 | 50,000 | ||||||||
$70 million term loan B | LIBOR + 3.00% | 70,000 | 70,000 | ||||||||
UBS secured borrowing facility | LIBOR + 1.10% | — | — | ||||||||
242,403 | 237,500 | ||||||||||
Less current portion | 7,572 | 5,482 | |||||||||
Total long-term debt | $ | 234,831 | $ | 232,018 | |||||||
Syndicated credit facility | |||||||||||
On December 19, 2013, we entered into a Second Amendment (the “Amendment”) to our Revolving Credit and Term Loan Agreement dated August 28, 2012, (the “Credit Agreement”) with and among the lenders parties thereto and Comerica Bank, as administrative agent, to provide for aggregate borrowing facilities of up to $300 million. The Amendment modifies the Credit Agreement to allow for additional borrowings of $70 million under a new term loan and a $10 million increase in the revolving credit facility. The Credit Agreement, as amended, consists of a $120 million revolving credit facility (which amount may be increased by up to $20 million upon our request and approval of the lenders), a $60 million equipment credit facility, a $50 million term loan, and a $70 million term loan B. Additionally, the Credit Agreement provides for up to $5 million in letters of credit, which letters of credit reduce availability under the revolving credit facility. | |||||||||||
$120 million Revolving Credit Facility | |||||||||||
The revolving credit facility is available to refinance existing indebtedness and to finance working capital through August 28, 2017. Two interest rate options are applicable to advances borrowed pursuant to the facility: Eurodollar-based advances and base rate advances. Eurodollar-based advances bear interest at 30, 60 or 90-day LIBOR rates plus an applicable margin, which varies from 1.35% to 2.10% based on our ratio of total debt to earnings before interest, taxes, depreciation and amortization (“EBITDA”), as defined. As an alternative, base rate advances bear interest at a base rate, as defined, plus an applicable margin, which also varies based on our ratio of total debt to EBITDA in a range from 0.35% to 1.10%. The base rate is the greater of the prime rate announced by Comerica Bank, the federal funds effective rate plus 1.0%, or the daily adjusting LIBOR rate plus 1.0%. At June 28, 2014, interest accrued at 2.00% based on 30-day LIBOR. | |||||||||||
To support daily borrowing and other operating requirements, the revolving credit facility contains a $10.0 million Swing Line sub-facility and a $5.0 million letter of credit sub-facility. On June 3, 2013, we executed an amendment to our Revolving Credit and Term Loan Agreement (the “First Amendment”) which split the availability on the Swing Line between two existing lenders, Comerica Bank and KeyBank. The SwingLine was split to provide for borrowings of up to $7.0 million from Comerica Bank and $3.0 million from KeyBank, so long as the Comerica Bank and KeyBank advances do not exceed $10.0 million in the aggregate. Swing Line borrowings incur interest at either the base rate plus the applicable margin or, alternatively, at a quoted rate offered by the applicable Swing Line lender in its sole discretion. At June 28, 2014, there was $3.2 million outstanding under the Swing Line and interest accrued at 4.10% based on the prime rate. We did not have any letters of credit issued against the revolving credit facility. | |||||||||||
Interest on the unpaid balance of all revolving credit facility and swing line base rate advances is payable quarterly in arrears commencing on October 1, 2012, and on the first day of each October, January, April and July thereafter. Interest on the unpaid balance of each Eurodollar-based advance of the revolving credit facility is payable on the last day of the applicable Eurodollar interest period. Interest on the unpaid balance of each quoted rate based advance of the swing line is payable on the last day of the applicable quoted rate interest period. | |||||||||||
The revolving credit facility is subject to a facility fee, which is payable quarterly in arrears, of either 0.25% or 0.50%, depending on our ratio of total debt to EBITDA. Other than in connection with Eurodollar-based advances or quoted rate advances that are paid off and terminated prior to an applicable interest period, there are no premiums or penalties resulting from prepayment. Borrowings outstanding at any time under the revolving credit facility are limited to the value of eligible accounts receivable of our principal operating subsidiaries, pursuant to a monthly borrowing base certificate. At June 28, 2014, our $61.5 million revolver advance was secured by, among other assets, net eligible accounts receivable totaling $136.3 million, of which, $103.8 million were available for borrowing against pursuant to the agreement. | |||||||||||
$60 million Equipment Credit Facility | |||||||||||
The equipment credit facility is available to refinance existing indebtedness and to finance capital expenditures including in connection with acquisitions. Borrowings under the equipment credit facility may be made until August 28, 2015, and such borrowings shall be repaid in quarterly installments equal to 1/28th of the aggregate amount of borrowings under the equipment credit facility commencing on January 1, 2014. | |||||||||||
The two interest rate options that apply to revolving credit facility advances also apply to equipment credit facility advances. Eurodollar-based advances bear interest at 30, 60 or 90-day LIBOR rates plus an applicable margin, which varies from 1.60% to 2.60% based on our ratio of total debt to EBITDA. Base rate advances bear interest at a base rate, as defined, plus an applicable margin, which also varies based on our ratio of total debt to EBITDA in a range from 0.60% to 1.60%. The equipment credit facility is subject to an unused fee, which is payable quarterly in arrears, of 0.50%. At June 28, 2014, interest accrued at 2.50% based on 30-day LIBOR. | |||||||||||
Interest on the unpaid balance of all equipment credit facility base rate advances is payable quarterly in arrears commencing on October 1, 2012, and on the first day of each October, January, April and July thereafter. Interest on the unpaid balance of each Eurodollar-based advance of the equipment credit facility is payable on the last day of the applicable Eurodollar interest period. | |||||||||||
$50 million Term Loan | |||||||||||
Proceeds of the term loan were advanced on October 1, 2012 and used to refinance existing indebtedness of LINC. The outstanding principal balance is due on August 28, 2017, to the extent not already reduced by mandatory or optional prepayments. The applicable interest rate on the effective date of the term loan indebtedness was the base rate. Base rate advances bear interest at a defined base rate plus an applicable margin which varies from 1.50% to 2.25%, based on our ratio of total debt to EBITDA. Thereafter, we may convert base rate advances to Eurodollar-based advances, which bear interest at 30, 60 or 90-day LIBOR rates plus an applicable margin which varies from 2.50% to 3.25%, based on our ratio of total debt to EBITDA. At June 28, 2014, interest accrued at 3.15% based on 30-day LIBOR. | |||||||||||
Interest on the unpaid principal of all term loan base rate advances is payable quarterly in arrears commencing on October 1, 2012, and on the first day of each October, January, April and July thereafter. Interest on the unpaid principal of each Eurodollar-based advance of the term loan is payable on the last day of the applicable Eurodollar interest period. | |||||||||||
$70 million Term Loan B | |||||||||||
Proceeds of the term loan were advanced on December 19, 2013 and used to finance the acquisition of Westport. The outstanding principal balance is due on August 28, 2017, to the extent not already reduced by mandatory or optional prepayments. The applicable interest rate on the effective date of the term loan indebtedness was the base rate. Base rate advances bear interest at a defined base rate plus an applicable margin which varies from 1.50% to 2.25%, based on our ratio of total debt to EBITDA. Thereafter, we may convert base rate advances to Eurodollar-based advances, which bear interest at 30, 60 or 90-day LIBOR rates plus an applicable margin which varies from 2.50% to 3.25%, based on our ratio of total debt to EBITDA. At June 28, 2014, interest accrued at 3.15% based on 30-day LIBOR. | |||||||||||
Interest on the unpaid principal of all term loan base rate advances is payable quarterly in arrears commencing on January 1, 2014, and on the first day of each January, April, July and October thereafter. Interest on the unpaid principal of each Eurodollar-based advance of the term loan is payable on the last day of the applicable Eurodollar interest period. | |||||||||||
The Credit Agreement requires us to repay the borrowings made under the term loan facilities and the equipment credit facility as follows: 50% (which percentage shall be reduced to 0% subject to the Company attaining a certain leverage ratio) of our annual excess cash flow, as defined; 100% of net cash proceeds of certain asset sales; and 100% of certain insurance and condemnation proceeds. There were no mandatory prepayments of the term loans due as of June 28, 2014. We may voluntarily repay outstanding loans under each of the facilities at any time, subject to certain customary “breakage” costs with respect to LIBOR-based borrowings. In addition, we may elect to permanently terminate or reduce all or a portion of the revolving credit facility. | |||||||||||
All obligations under the Credit Agreement are unconditionally guaranteed by the Company’s material U.S. subsidiaries and the obligations of the Company and such subsidiaries under the Credit Agreement and such guarantees are secured by, subject to certain exceptions, substantially all of their assets. The Credit Agreement also may, in certain circumstances, limit our ability to pay dividends or distributions. The Credit Agreement includes annual, quarterly and ad hoc financial reporting requirements and financial covenants requiring us to maintain maximum leverage ratios and a minimum fixed charge coverage ratio, as well as customary affirmative and negative covenants and events of default. Specifically, we may not exceed a maximum senior debt to EBITDA ratio, as defined, of 2.5:1 and a maximum total debt to EBITDA ratio, as defined, of 3.0:1. We must also maintain a fixed charge coverage ratio, as defined, of not less than 1.25:1. As of June 28, 2014, we were in compliance with our debt covenants. | |||||||||||
UBS Secured Borrowing Facility | |||||||||||
We also maintain a secured borrowing facility at UBS Financial Services, Inc., or UBS, using our marketable securities as collateral for the short-term line of credit. The line of credit bears an interest rate equal to LIBOR plus 1.10% (effective rate of 1.25% at June 28, 2014), and interest is adjusted and billed monthly. No principal payments are due on the borrowing; however, the line of credit is callable at any time. The amount available under the line of credit is based on a percentage of the market value of the underlying securities. If the equity value in the account falls below the minimum requirement, we must restore the equity value, or UBS may call the line of credit. As of June 28, 2014 and December 31, 2013, there were no amounts outstanding under the line of credit, and the maximum available borrowings were $5.9 million and $5.4 million, respectively. |
Fair_Value_Measurements_and_Di
Fair Value Measurements and Disclosures | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements and Disclosures | ' | ||||||||||||||||
-5 | Fair Value Measurements and Disclosures | ||||||||||||||||
FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date and expanded disclosures with respect to fair value measurements. | |||||||||||||||||
FASB ASC Topic 820 also establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: | |||||||||||||||||
• | Level 1 — Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
• | Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | ||||||||||||||||
• | Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | ||||||||||||||||
We have segregated all financial assets that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the tables below (in thousands): | |||||||||||||||||
June 28, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||
Measurement | |||||||||||||||||
Assets | |||||||||||||||||
Cash equivalents | $ | 34 | $ | — | $ | — | $ | 34 | |||||||||
Marketable securities | 12,407 | — | — | 12,407 | |||||||||||||
Total Assets | $ | 12,441 | $ | — | $ | — | $ | 12,441 | |||||||||
31-Dec-13 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||
Measurement | |||||||||||||||||
Assets | |||||||||||||||||
Cash equivalents | $ | 117 | $ | — | $ | — | $ | 117 | |||||||||
Marketable securities | 11,626 | — | — | 11,626 | |||||||||||||
Total Assets | $ | 11,743 | $ | — | $ | — | $ | 11,743 | |||||||||
The valuation techniques used to measure fair value for the items in the tables above are as follows: | |||||||||||||||||
• | Cash equivalents – This category consists of money market funds which are listed as Level 1 assets and measured at fair value based on quoted prices for identical instruments in active markets. | ||||||||||||||||
• | Marketable securities – Marketable securities represent equity securities, which consist of common and preferred stocks, are actively traded on public exchanges and are listed as Level 1 assets. Fair value was measured based on quoted prices for these securities in active markets. | ||||||||||||||||
Our senior debt and line of credit consists of variable rate borrowings. We categorize borrowings under the credit agreement and line of credit as Level 2 in the fair value hierarchy. The carrying value of these borrowings approximate fair value because the applicable interest rates are adjusted frequently based on short-term market rates. |
Transactions_with_Affiliates
Transactions with Affiliates | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||
Transactions with Affiliates | ' | ||||||||||||||||
-6 | Transactions with Affiliates | ||||||||||||||||
Through December 31, 2004, we were a wholly-owned subsidiary of CenTra, Inc. On December 31, 2004, CenTra distributed all of our common stock to the shareholders of CenTra. Subsequent to our initial public offering in 2005, our majority shareholders retained and continue to hold a controlling interest in us. CenTra and affiliates of CenTra provide administrative support services to us, including legal, human resources, and tax services. The cost of these services is based on the actual or estimated utilization of the specific service. Management believes these charges are reasonable. However, the costs of these services charged to us are not necessarily indicative of the costs that would have been incurred if we had internally performed or acquired these services as a separate unaffiliated entity. | |||||||||||||||||
In addition to the administrative support services described above, we purchase other services from affiliates. Following is a schedule of cost incurred for services provided by affiliates for the thirteen weeks and twenty-six weeks ended June 28, 2014 and June 29, 2013 (in thousands): | |||||||||||||||||
Thirteen weeks ended | Twenty-six weeks ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Administrative support services | $ | 434 | $ | 355 | $ | 958 | $ | 889 | |||||||||
Truck fueling and maintenance | 404 | 703 | 606 | 1,142 | |||||||||||||
Real estate rent and related costs | 2,310 | 2,885 | 5,274 | 5,487 | |||||||||||||
Insurance and employee benefit plans | 8,694 | 7,632 | 19,022 | 17,534 | |||||||||||||
Contracted transportation services | 122 | 83 | 211 | 149 | |||||||||||||
Total | $ | 11,964 | $ | 11,658 | $ | 26,071 | $ | 25,201 | |||||||||
In connection with our transportation services, we also routinely cross the Ambassador Bridge between Detroit, Michigan and Windsor Ontario, and we pay tolls and other fees to certain related entities which are under common control with CenTra. CenTra also charges us for the direct variable cost of various maintenance, fueling and other operational support costs for services delivered at their trucking terminals that are geographically remote from our own facilities. Such activities are billed when incurred, paid on a routine basis, and reflect actual labor utilization, repair parts costs or quantities of fuel purchased. | |||||||||||||||||
A significant number of our transportation and logistics service operations are located at facilities leased from affiliates. At 36 facilities, occupancy is based on either month-to-month or contractual, multi-year lease arrangements which are billed and paid monthly. Leasing properties provided by an affiliate that owns a substantial commercial property portfolio affords us significant operating flexibility. However, we are not limited to such arrangements. | |||||||||||||||||
We purchase workers’ compensation, property and casualty, cargo, warehousing and other general liability insurance from an insurance company controlled by our majority shareholders. Our employee health care benefits and 401(k) programs are also provided by this affiliate. | |||||||||||||||||
Other services from affiliates, including leased real estate, insurance and employee benefit plans, and contracted transportation services, are delivered to us on a per-transaction-basis or pursuant to separate contractual arrangements provided in the ordinary course of business. At June 28, 2014 and December 31, 2013, amounts due to affiliates were $5.0 million and $3.6 million, respectively. In our Consolidated Balance Sheets, we record our insured claims liability and the related recovery from an affiliate insurance provider in insurance and claims, and other receivables. At June 28, 2014 and December 31, 2013, there were $14.8 million and $15.8 million, respectively, included in each of these accounts for insured claims. | |||||||||||||||||
During the thirteen weeks ended June 28, 2014, we purchased one used trailer from an affiliate for approximately $4 thousand. For the twenty-six weeks ended June 28, 2014, we purchased ten used tractors and one used trailer from an affiliate totaling approximately $0.8 million. | |||||||||||||||||
We also retained the law firm of Sullivan Hincks & Conway to provide legal services during the period. Daniel C. Sullivan, a member of our Board, is a partner at Sullivan Hincks & Conway. Not included in the table above are amounts paid for legal services during the thirteen and twenty-six weeks ended June 28, 2014 of $12 thousand and $25 thousand, respectively. Also not included in the table above are amounts paid for legal services during the thirteen and twenty-six weeks ended June 29, 2013 of $3 thousand. | |||||||||||||||||
Services provided by Universal to Affiliates | |||||||||||||||||
We may assist our affiliates with selected transportation and logistics services in connection with their specific customer contracts or purchase orders. Following is a schedule of services provided to affiliates for the thirteen weeks and twenty-six weeks ended June 28, 2014 and June 29, 2013 (in thousands): | |||||||||||||||||
Thirteen weeks ended | Twenty-six weeks ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Transportation and intermodal services | $ | 30 | $ | 2,362 | $ | 288 | $ | 7,573 | |||||||||
Truck fueling and maintenance | 42 | 63 | 86 | 98 | |||||||||||||
Administrative and customer support services | — | 92 | 5 | 120 | |||||||||||||
Total | $ | 72 | $ | 2,517 | $ | 379 | $ | 7,791 | |||||||||
At June 28, 2014 and December 31, 2013, amounts due from Affiliates were $2.5 million and $2.3 million, respectively. | |||||||||||||||||
During the thirteen weeks ended June 28, 2014, we sold 16 used trailers to an affiliate for $32 thousand. For the twenty-six weeks ended June 28, 2014, we sold 39 used trailers to an affiliate for approximately $78 thousand. The trailers were fully depreciated, and therefore, the sale of which resulted in a gain of approximately $78 thousand. | |||||||||||||||||
During the thirteen weeks ended June 28, 2014, we incurred approximately $0.5 million of costs related to an underwritten public offering of our common stock. Under the Amended and Restated Registration Rights Agreement, dated as of July 25, 2012 with our majority shareholders, we were responsible to pay for the cost of the offering. After deducting the underwriting discount and offering expenses, we had approximately $19 thousand in proceeds remaining from the sale of our common stock. |
Comprehensive_Income
Comprehensive Income | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Comprehensive Income | ' | ||||||||||||||||
-7 | Comprehensive Income | ||||||||||||||||
Comprehensive income includes the following (in thousands): | |||||||||||||||||
Thirteen weeks ended | Twenty-six weeks ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Unrealized holding gains (losses) on available-for-sale investments arising during the period: | |||||||||||||||||
Gross amount | $ | 532 | $ | 16 | $ | 730 | $ | 798 | |||||||||
Income tax (expense) benefit | (195 | ) | (12 | ) | (266 | ) | (151 | ) | |||||||||
Net of tax amount | $ | 337 | $ | 4 | $ | 464 | $ | 647 | |||||||||
Realized (gains) on available-for-sale investments reclassified into income: | |||||||||||||||||
Gross amount | $ | — | $ | (55 | ) | $ | — | $ | (107 | ) | |||||||
Income tax expense | — | 20 | — | 40 | |||||||||||||
Net of tax amount | $ | — | $ | (35 | ) | $ | — | $ | (67 | ) | |||||||
Foreign currency translation adjustments | $ | 27 | $ | (461 | ) | $ | (100 | ) | $ | (173 | ) |
Shareholders_Equity
Shareholders' Equity | 6 Months Ended | |
Jun. 28, 2014 | ||
Equity [Abstract] | ' | |
Shareholders' Equity | ' | |
-8 | Shareholders’ Equity | |
In May 2014, we sold 20,000 shares of our common stock in an underwritten public offering at a price of $26.00 per share. After deducting the underwriting discount and offering expenses, we had we had approximately $19 thousand in proceeds remaining from the sale of our common stock. |
Stock_Based_Compensation
Stock Based Compensation | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Stock Based Compensation | ' | ||||||||
-9 | Stock Based Compensation | ||||||||
On April 23, 2014, our Board of Directors adopted the 2014 Amended and Restated Stock Incentive Plan, or the Plan. The Plan was approved by our shareholders at the 2014 Annual Meeting and became effective as of the date it was adopted by the Board of Directors. The Plan replaced our 2004 Stock Incentive Plan and allows for the issuance of a total of 500,000 shares of common stock. The grants may be made in the form of stock options, restricted stock bonuses, restricted stock purchase rights, stock appreciation rights, phantom stock units, restricted stock units or unrestricted common stock. Restricted stock awards currently outstanding under the 2004 Stock Incentive Plan will remain outstanding in accordance with the terms of that plan. | |||||||||
On December 20, 2012, the Company granted 178,137 shares of restricted stock to certain of its employees under the 2004 Stock Incentive Plan. The restricted stock grants vested 20% on December 20, 2012, and an additional 20% will vest on each anniversary of the grant through December 20, 2016, subject to continued employment of the grantee with the Company. | |||||||||
The following table summarizes the status of the Company’s non-vested shares and related information for the period indicated: | |||||||||
Shares | Weighted | ||||||||
Average Grant | |||||||||
Date Fair Value | |||||||||
Non-vested at January 1, 2014 | 106,885 | $ | 16.42 | ||||||
Granted | — | $ | — | ||||||
Vested | — | $ | — | ||||||
Forfeited | — | $ | — | ||||||
Balance at June 28, 2014 | 106,885 | $ | 16.42 | ||||||
As of June 28, 2014, there was approximately $1.8 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements. That cost is expected to be recognized over a weighted-average period of 3 years. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |
Jun. 28, 2014 | ||
Earnings Per Share [Abstract] | ' | |
Earnings Per Share | ' | |
-10 | Earnings Per Share | |
Basic earnings per common share amounts are based on the weighted average number of common shares outstanding, excluding outstanding non-vested restricted stock. Diluted earnings per common share include dilutive common stock equivalents determined by the treasury stock method. For the thirteen weeks and twenty-six weeks ended June 28, 2014, there were 37,652 and 41,859 weighted average non-vested shares of restricted stock included in the denominator for the calculation of diluted earnings per share, respectively. For the thirteen weeks and twenty-six weeks ended June 29, 2013, there were 142,511 weighted average non-vested shares of restricted stock included in the denominator for the calculation of diluted earnings per share. |
Dividends
Dividends | 6 Months Ended | |
Jun. 28, 2014 | ||
Text Block [Abstract] | ' | |
Dividends | ' | |
-11 | Dividends | |
On April 24, 2014, our Board of Directors declared a quarterly cash dividend of $0.07 per share of common stock, payable to shareholders of record at the close of business on May 5, 2014 and paid on May 15, 2014. Declaration of future cash dividends is subject to final determination by the Board of Directors each quarter after its review of our financial condition, results of operations, capital requirements, any legal or contractual restrictions on the payment of dividends and other factors the Board of Directors deems relevant. |
Segment_Reporting
Segment Reporting | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting | ' | ||||||||||||||||
-12 | Segment Reporting | ||||||||||||||||
We report our financial results in two reportable segments, the transportation segment and the logistics segment, based on the nature of the underlying customer commitment and the types of investments required to support these commitments. This presentation reflects the manner in which management evaluates our operating segments, including an evaluation of economic characteristics and applicable aggregation criteria. | |||||||||||||||||
Operations aggregated in our transportation segment are associated with individual freight shipments coordinated by our agents, company-managed terminals and specialized services operations. In contrast, operations aggregated in our logistics segment deliver value-added services or transportation services to specific customers on a dedicated basis, generally pursuant to contract terms of one year or longer. Other non-reportable operating segments are comprised of the Company’s subsidiaries that provide support services to other subsidiaries and to owner-operators, including shop maintenance and equipment leasing. | |||||||||||||||||
The following tables summarize information about our reportable segments as of and for the thirteen week and twenty-six week period ended June 28, 2014 and June 29, 2013 (in thousands): | |||||||||||||||||
Thirteen weeks ended June 28, 2014 | |||||||||||||||||
Transportation | Logistics | Other | Total | ||||||||||||||
Operating revenues | $ | 195,374 | $ | 112,062 | $ | 113 | $ | 307,549 | |||||||||
Eliminated inter-segment revenues | 1,676 | 1,769 | — | 3,445 | |||||||||||||
Income from operations | 9,819 | 16,081 | (1,487 | ) | 24,413 | ||||||||||||
Total assets | 240,486 | 253,270 | 34,756 | 528,512 | |||||||||||||
Thirteen weeks ended June 29, 2013 | |||||||||||||||||
Transportation | Logistics | Other | Total | ||||||||||||||
Operating revenues | $ | 178,261 | $ | 85,805 | $ | 106 | $ | 264,172 | |||||||||
Eliminated inter-segment revenues | 169 | 23 | — | 192 | |||||||||||||
Income from operations | 7,504 | 16,890 | (765 | ) | 23,629 | ||||||||||||
Total assets | 225,755 | 87,869 | 21,758 | 335,382 | |||||||||||||
Twenty-six weeks ended June 28, 2014 | |||||||||||||||||
Transportation | Logistics | Other | Total | ||||||||||||||
Operating revenues | $ | 370,723 | $ | 215,968 | $ | 222 | $ | 586,913 | |||||||||
Eliminated inter-segment revenues | 3,238 | 3,505 | — | 6,743 | |||||||||||||
Income from operations | 15,129 | 25,762 | (1,849 | ) | 39,042 | ||||||||||||
Total assets | 240,486 | 253,270 | 34,756 | 528,512 | |||||||||||||
Twenty-six weeks ended June 29, 2013 | |||||||||||||||||
Transportation | Logistics | Other | Total | ||||||||||||||
Operating revenues | $ | 347,803 | $ | 164,267 | $ | 211 | $ | 512,281 | |||||||||
Eliminated inter-segment revenues | 320 | 49 | — | 369 | |||||||||||||
Income from operations | 13,220 | 30,644 | (984 | ) | 42,880 | ||||||||||||
Total assets | 225,755 | 87,869 | 21,758 | 335,382 |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | |
Jun. 28, 2014 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies | ' | |
-13 | Commitments and Contingencies | |
Our principal commitments relate to long-term real estate leases and payment obligations to equipment vendors. | ||
We are involved in certain claims and pending litigation arising from the ordinary conduct of business. We also provide accruals for claims within our self-insured retention amounts. Based on the knowledge of the facts, and in certain cases, opinions of outside counsel, in the Company’s opinion the resolution of these claims and pending litigation will not have a material effect on our financial position, results of operations or cash flows. | ||
At June 28, 2014, approximately 40.7% of our employees in the United States, Mexico and Canada are subject to collective bargaining agreements that are renegotiated periodically, none of which are subject to contracts that expire in 2014. |
New_Accounting_Standards
New Accounting Standards | 6 Months Ended | |
Jun. 28, 2014 | ||
Accounting Changes And Error Corrections [Abstract] | ' | |
New Accounting Standards | ' | |
-14 | New Accounting Standards | |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment, which provided new guidance related to reporting discontinued operations. This new standard raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The new standard is effective for fiscal years beginning on or after December 15, 2014. Early adoption is permitted but only for disposals that have not been reported in financial statements previously issued. We are evaluating the impact, if any, of adopting this new accounting standard on our financial statements. | ||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which provided new accounting guidance related to revenue recognition. ASU 2014-09 will replace all current U.S. GAAP guidance on this topic and eliminate all industry-specific guidance. The new revenue recognition standard provides a unified model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. This guidance will be effective for fiscal periods beginning January 1, 2017 and can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. We are evaluating the impact of adopting this new accounting standard on our financial statements. |
Subsequent_Events
Subsequent Events | 6 Months Ended | |
Jun. 28, 2014 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
-15 | Subsequent Events | |
On July 24, 2014, our Board of Directors declared a quarterly cash dividend of $0.07 per share of common stock, payable to shareholders of record at the close of business on August 4, 2014 and expected to be paid on August 14, 2014. Declaration of future cash dividends is subject to final determination by the Board of Directors each quarter after its review of our financial condition, results of operations, capital requirements, any legal or contractual restrictions on the payment of dividends and other factors the Board of Directors deems relevant. |
Marketable_Securities_Tables
Marketable Securities (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Cost, Gross Unrealized Holding Gains Losses, and Fair Value of Available-for-Sale Securities | ' | ||||||||||||||||||||||||
The cost, gross unrealized holding gains, gross unrealized holding losses, and fair value of available-for-sale securities by type were as follows (in thousands): | |||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||
unrealized | unrealized | Value | |||||||||||||||||||||||
holding | holding | ||||||||||||||||||||||||
gains | (losses) | ||||||||||||||||||||||||
At June 28, 2014 | |||||||||||||||||||||||||
Equity Securities | $ | 7,768 | $ | 4,776 | $ | (137 | ) | $ | 12,407 | ||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Equity Securities | $ | 7,717 | $ | 3,974 | $ | (65 | ) | $ | 11,626 | ||||||||||||||||
Schedule of Gross Unrealized Holding Losses and Fair Value of Marketable Securities | ' | ||||||||||||||||||||||||
The fair value and gross unrealized holding losses of our marketable securities that are not deemed to be other-than-temporarily impaired aggregated by type and length of time they have been in a continuous unrealized loss position were as follows (in thousands): | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
At June 28, 2014 | |||||||||||||||||||||||||
Equity securities | $ | 279 | $ | 62 | $ | 168 | $ | 75 | $ | 447 | $ | 137 | |||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Equity securities | $ | 167 | $ | 3 | $ | 289 | $ | 62 | $ | 456 | $ | 65 | |||||||||||||
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Expenses and Other Current Liabilities | ' | ||||||||
Accrued expenses and other current liabilities is comprised of the following (in thousands): | |||||||||
June 28, | December 31, | ||||||||
2014 | 2013 | ||||||||
Payroll related items | $ | 9,990 | $ | 8,080 | |||||
Driver escrow liabilities | 6,537 | 6,099 | |||||||
Commissions, taxes and other | 7,344 | 6,893 | |||||||
Total | $ | 23,871 | $ | 21,072 | |||||
Debt_Tables
Debt (Tables) | 6 Months Ended | ||||||||||||
Jun. 28, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Details of Debt | ' | ||||||||||||
Debt is comprised of the following (in thousands): | |||||||||||||
Interest Rates | June 28, | December 31, | |||||||||||
at June 28, 2014 | 2014 | 2013 | |||||||||||
Outstanding Debt: | |||||||||||||
Syndicated credit facility | |||||||||||||
$120 million revolving credit facility | LIBOR + 1.85 | % | $ | 61,500 | $ | 60,000 | |||||||
Swing Line sub-facility | Prime + 0.85 | % | 3,189 | — | |||||||||
$60 million equipment financing facility | LIBOR + 2.35 | % | 57,714 | 57,500 | |||||||||
$50 million term loan | LIBOR + 3.00 | % | 50,000 | 50,000 | |||||||||
$70 million term loan B | LIBOR + 3.00 | % | 70,000 | 70,000 | |||||||||
UBS secured borrowing facility | LIBOR + 1.10 | % | — | — | |||||||||
242,403 | 237,500 | ||||||||||||
Less current portion | 7,572 | 5,482 | |||||||||||
Total long-term debt | $ | 234,831 | $ | 232,018 | |||||||||
Fair_Value_Measurements_and_Di1
Fair Value Measurements and Disclosures (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Financial Assets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
We have segregated all financial assets that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the tables below (in thousands): | |||||||||||||||||
June 28, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||
Measurement | |||||||||||||||||
Assets | |||||||||||||||||
Cash equivalents | $ | 34 | $ | — | $ | — | $ | 34 | |||||||||
Marketable securities | 12,407 | — | — | 12,407 | |||||||||||||
Total Assets | $ | 12,441 | $ | — | $ | — | $ | 12,441 | |||||||||
31-Dec-13 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||
Measurement | |||||||||||||||||
Assets | |||||||||||||||||
Cash equivalents | $ | 117 | $ | — | $ | — | $ | 117 | |||||||||
Marketable securities | 11,626 | — | — | 11,626 | |||||||||||||
Total Assets | $ | 11,743 | $ | — | $ | — | $ | 11,743 | |||||||||
Transactions_with_Affiliates_T
Transactions with Affiliates (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||
Schedule of Amounts Charged to UTSI | ' | ||||||||||||||||
Following is a schedule of cost incurred for services provided by affiliates for the thirteen weeks and twenty-six weeks ended June 28, 2014 and June 29, 2013 (in thousands): | |||||||||||||||||
Thirteen weeks ended | Twenty-six weeks ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Administrative support services | $ | 434 | $ | 355 | $ | 958 | $ | 889 | |||||||||
Truck fueling and maintenance | 404 | 703 | 606 | 1,142 | |||||||||||||
Real estate rent and related costs | 2,310 | 2,885 | 5,274 | 5,487 | |||||||||||||
Insurance and employee benefit plans | 8,694 | 7,632 | 19,022 | 17,534 | |||||||||||||
Contracted transportation services | 122 | 83 | 211 | 149 | |||||||||||||
Total | $ | 11,964 | $ | 11,658 | $ | 26,071 | $ | 25,201 | |||||||||
Schedule of Services Provided to Affiliates | ' | ||||||||||||||||
Following is a schedule of services provided to affiliates for the thirteen weeks and twenty-six weeks ended June 28, 2014 and June 29, 2013 (in thousands): | |||||||||||||||||
Thirteen weeks ended | Twenty-six weeks ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Transportation and intermodal services | $ | 30 | $ | 2,362 | $ | 288 | $ | 7,573 | |||||||||
Truck fueling and maintenance | 42 | 63 | 86 | 98 | |||||||||||||
Administrative and customer support services | — | 92 | 5 | 120 | |||||||||||||
Total | $ | 72 | $ | 2,517 | $ | 379 | $ | 7,791 | |||||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Components of Comprehensive Income | ' | ||||||||||||||||
Comprehensive income includes the following (in thousands): | |||||||||||||||||
Thirteen weeks ended | Twenty-six weeks ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Unrealized holding gains (losses) on available-for-sale investments arising during the period: | |||||||||||||||||
Gross amount | $ | 532 | $ | 16 | $ | 730 | $ | 798 | |||||||||
Income tax (expense) benefit | (195 | ) | (12 | ) | (266 | ) | (151 | ) | |||||||||
Net of tax amount | $ | 337 | $ | 4 | $ | 464 | $ | 647 | |||||||||
Realized (gains) on available-for-sale investments reclassified into income: | |||||||||||||||||
Gross amount | $ | — | $ | (55 | ) | $ | — | $ | (107 | ) | |||||||
Income tax expense | — | 20 | — | 40 | |||||||||||||
Net of tax amount | $ | — | $ | (35 | ) | $ | — | $ | (67 | ) | |||||||
Foreign currency translation adjustments | $ | 27 | $ | (461 | ) | $ | (100 | ) | $ | (173 | ) | ||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Summary of Status of Nonvested Shares | ' | ||||||||
The following table summarizes the status of the Company’s non-vested shares and related information for the period indicated: | |||||||||
Shares | Weighted | ||||||||
Average Grant | |||||||||
Date Fair Value | |||||||||
Non-vested at January 1, 2014 | 106,885 | $ | 16.42 | ||||||
Granted | — | $ | — | ||||||
Vested | — | $ | — | ||||||
Forfeited | — | $ | — | ||||||
Balance at June 28, 2014 | 106,885 | $ | 16.42 | ||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Summary of Company's Reportable Segment Information | ' | ||||||||||||||||
The following tables summarize information about our reportable segments as of and for the thirteen week and twenty-six week period ended June 28, 2014 and June 29, 2013 (in thousands): | |||||||||||||||||
Thirteen weeks ended June 28, 2014 | |||||||||||||||||
Transportation | Logistics | Other | Total | ||||||||||||||
Operating revenues | $ | 195,374 | $ | 112,062 | $ | 113 | $ | 307,549 | |||||||||
Eliminated inter-segment revenues | 1,676 | 1,769 | — | 3,445 | |||||||||||||
Income from operations | 9,819 | 16,081 | (1,487 | ) | 24,413 | ||||||||||||
Total assets | 240,486 | 253,270 | 34,756 | 528,512 | |||||||||||||
Thirteen weeks ended June 29, 2013 | |||||||||||||||||
Transportation | Logistics | Other | Total | ||||||||||||||
Operating revenues | $ | 178,261 | $ | 85,805 | $ | 106 | $ | 264,172 | |||||||||
Eliminated inter-segment revenues | 169 | 23 | — | 192 | |||||||||||||
Income from operations | 7,504 | 16,890 | (765 | ) | 23,629 | ||||||||||||
Total assets | 225,755 | 87,869 | 21,758 | 335,382 | |||||||||||||
Twenty-six weeks ended June 28, 2014 | |||||||||||||||||
Transportation | Logistics | Other | Total | ||||||||||||||
Operating revenues | $ | 370,723 | $ | 215,968 | $ | 222 | $ | 586,913 | |||||||||
Eliminated inter-segment revenues | 3,238 | 3,505 | — | 6,743 | |||||||||||||
Income from operations | 15,129 | 25,762 | (1,849 | ) | 39,042 | ||||||||||||
Total assets | 240,486 | 253,270 | 34,756 | 528,512 | |||||||||||||
Twenty-six weeks ended June 29, 2013 | |||||||||||||||||
Transportation | Logistics | Other | Total | ||||||||||||||
Operating revenues | $ | 347,803 | $ | 164,267 | $ | 211 | $ | 512,281 | |||||||||
Eliminated inter-segment revenues | 320 | 49 | — | 369 | |||||||||||||
Income from operations | 13,220 | 30,644 | (984 | ) | 42,880 | ||||||||||||
Total assets | 225,755 | 87,869 | 21,758 | 335,382 |
Marketable_Securities_Schedule
Marketable Securities - Schedule of Cost, Gross Unrealized Holding Gains Losses, and Fair Value of Available-for-Sale Securities (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 28, 2014 | Dec. 31, 2013 |
Investments Debt And Equity Securities [Abstract] | ' | ' |
Equity Securities, Cost | $7,768 | $7,717 |
Equity Securities, Gross unrealized holding gains | 4,776 | 3,974 |
Equity Securities, Gross unrealized holding (losses) | -137 | -65 |
Equity Securities, Fair Value | $12,407 | $11,626 |
Marketable_Securities_Addition
Marketable Securities - Additional Information (Detail) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 28, 2014 |
Company | |
Marketable Securities [Abstract] | ' |
Fair value of equity securities | $0.40 |
Temporary impairment loss of equity securities | $0.10 |
Number of investments in publicly traded companies | 5 |
Marketable_Securities_Schedule1
Marketable Securities - Schedule of Gross Unrealized Holding Losses and Fair Value of Marketable Securities (Detail) (Equity securities [Member], USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 28, 2014 | Dec. 31, 2013 |
Equity securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Equity securities, Less than 12 Months Fair Value | $279 | $167 |
Equity securities, Less than 12 Months Unrealized Losses | 62 | 3 |
Equity securities, 12 Months or Greater Fair Value | 168 | 289 |
Equity securities, 12 Months or Greater Unrealized Losses | 75 | 62 |
Equity securities, Total, Fair Value | 447 | 456 |
Equity securities, Total, Unrealized Losses | $137 | $65 |
Accrued_Expenses_and_Other_Cur2
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) (USD $) | Jun. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Payroll related items | $9,990 | $8,080 |
Driver escrow liabilities | 6,537 | 6,099 |
Commissions, taxes and other | 7,344 | 6,893 |
Total | $23,871 | $21,072 |
Debt_Details_of_Debt_Detail
Debt - Details of Debt (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 28, 2014 | Dec. 31, 2013 |
Outstanding Debt: | ' | ' |
Long-term debt | $242,403 | $237,500 |
Less current portion | 7,572 | 5,482 |
Total long-term debt | 234,831 | 232,018 |
Syndicated credit facility, $120 million revolving credit facility [Member] | ' | ' |
Outstanding Debt: | ' | ' |
Credit facility, Interest Rates | 'LIBOR + 1.85 % | ' |
Debt instrument, carrying amount | 61,500 | 60,000 |
Swing Line sub-facility [Member] | ' | ' |
Outstanding Debt: | ' | ' |
Credit facility, Interest Rates | 'Prime + 0.85 % | ' |
Swing Line sub-facility | 3,189 | ' |
Syndicated credit facility, $60 million equipment financing facility [Member] | ' | ' |
Outstanding Debt: | ' | ' |
Credit facility, Interest Rates | 'LIBOR + 2.35 % | ' |
Debt instrument, carrying amount | 57,714 | 57,500 |
Syndicated credit facility, $50 million term loan [Member] | ' | ' |
Outstanding Debt: | ' | ' |
Credit facility, Interest Rates | 'LIBOR + 3.00 % | ' |
Debt instrument, carrying amount | 50,000 | 50,000 |
Syndicated credit facility, $70 million term loan B [Member] | ' | ' |
Outstanding Debt: | ' | ' |
Credit facility, Interest Rates | 'LIBOR + 3.00 % | ' |
Debt instrument, carrying amount | $70,000 | $70,000 |
UBS secured borrowing facility [Member] | ' | ' |
Outstanding Debt: | ' | ' |
Credit facility, Interest Rates | 'LIBOR + 1.10 % | ' |
Debt_Details_of_Debt_Parenthet
Debt - Details of Debt (Parenthetical) (Detail) (USD $) | Jun. 28, 2014 | Dec. 19, 2013 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Dec. 19, 2013 | Jun. 28, 2014 | Jun. 28, 2014 | Dec. 19, 2013 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 |
In Millions, unless otherwise specified | Syndicated credit facility, $120 million revolving credit facility [Member] | Syndicated credit facility, $120 million revolving credit facility [Member] | Syndicated credit facility, $120 million revolving credit facility [Member] | Swing Line sub-facility [Member] | Syndicated credit facility, $60 million equipment financing facility [Member] | Syndicated credit facility, $60 million equipment financing facility [Member] | Syndicated credit facility, $60 million equipment financing facility [Member] | Syndicated credit facility, $50 million term loan [Member] | Syndicated credit facility, $50 million term loan [Member] | Syndicated credit facility, $50 million term loan [Member] | Syndicated credit facility, $70 million term loan B [Member] | Syndicated credit facility, $70 million term loan B [Member] | UBS secured borrowing facility [Member] | UBS secured borrowing facility [Member] |
LIBOR [Member] | Prime [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate above variable base rate | ' | ' | 1.85% | 0.85% | ' | ' | 2.35% | ' | ' | 3.00% | ' | 3.00% | 1.10% | 1.10% |
Debt instrument, face amount | $120 | $120 | ' | ' | $60 | $60 | ' | $50 | $50 | ' | $70 | ' | ' | ' |
Debt_Syndicated_Credit_Facilit
Debt - Syndicated Credit Facility - Additional Information (Detail) (USD $) | Jun. 28, 2014 | Dec. 19, 2013 | Dec. 19, 2013 | Dec. 19, 2013 | Jun. 28, 2014 | Dec. 19, 2013 | Jun. 28, 2014 | Dec. 19, 2013 | Jun. 28, 2014 | Dec. 19, 2013 | Jun. 28, 2014 | Dec. 19, 2013 | Dec. 19, 2013 |
In Millions, unless otherwise specified | Letters of credit [Member] | Syndicated credit facility [Member] | Syndicated credit facility [Member] | Second Amendment [Member] | Syndicated credit facility, $70 million term loan B [Member] | Syndicated credit facility, $70 million term loan B [Member] | Syndicated credit facility, $120 million revolving credit facility [Member] | Syndicated credit facility, $120 million revolving credit facility [Member] | Syndicated credit facility, $60 million equipment financing facility [Member] | Syndicated credit facility, $60 million equipment financing facility [Member] | Syndicated credit facility, $50 million term loan [Member] | Syndicated credit facility, $50 million term loan [Member] | Term Loan B [Member] |
Letters of credit [Member] | Syndicated credit facility [Member] | ||||||||||||
Credit Facilities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | $300 | ' | ' | $70 | ' | $120 | $120 | $60 | $60 | $50 | $50 | $70 |
Increase in revolving credit facility | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility additional borrowing capacity | ' | ' | ' | ' | ' | 70 | ' | ' | ' | ' | ' | ' | ' |
Increase in revolving credit facility | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | ' | ' |
Credit facility, borrowing capacity | $5 | ' | $5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Revolving_Credit_Facility
Debt - Revolving Credit Facility - Additional Information (Detail) (USD $) | 6 Months Ended | |
Jun. 28, 2014 | Dec. 31, 2013 | |
Option | ||
Credit Facilities [Line Items] | ' | ' |
Letters of credit issued against line of credit facility | $0 | ' |
Comerica Bank Credit Facility [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Credit facility, borrowing capacity | 7,000,000 | ' |
Key Bank Credit Facility [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Credit facility, borrowing capacity | 3,000,000 | ' |
Letters of credit [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Credit facility, borrowing capacity | 5,000,000 | ' |
Syndicated credit facility, $120 million revolving credit facility [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Revolving credit facility maturity date | 28-Aug-17 | ' |
Number of interest rate options | 2 | ' |
Federal funds effective rate plus | 1.00% | ' |
Adjusting LIBOR rate plus | 'LIBOR + 1.85 % | ' |
Interest rate above LIBOR | 1.00% | ' |
Interest accrued percentage | 2.00% | ' |
Debt instrument, carrying amount | 61,500,000 | 60,000,000 |
Credit facility, secured by accounts receivable | 136,300,000 | ' |
Credit facility available for borrowings pursuant to the agreement | 103,800,000 | ' |
Premiums or penalties resulting from prepayment | 0 | ' |
Syndicated credit facility, $120 million revolving credit facility [Member] | Minimum [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Facility fee | 0.25% | ' |
Syndicated credit facility, $120 million revolving credit facility [Member] | Maximum [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Facility fee | 0.50% | ' |
Syndicated credit facility, $120 million revolving credit facility [Member] | Eurodollar-based [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Line of credit facility, interest rate description | 'Interest at 30, 60 or 90-day LIBOR rates plus an applicable margin, which varies from 1.35% to 2.10% based on our ratio of total debt to earnings before interest, taxes, depreciation and amortization ("EBITDA"), as defined. | ' |
Syndicated credit facility, $120 million revolving credit facility [Member] | Eurodollar-based [Member] | Minimum [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Margin rate | 1.35% | ' |
Syndicated credit facility, $120 million revolving credit facility [Member] | Eurodollar-based [Member] | Maximum [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Margin rate | 2.10% | ' |
Syndicated credit facility, $120 million revolving credit facility [Member] | Base rate [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Line of credit facility, interest rate description | 'Base rate advances bear interest at a base rate, as defined, plus an applicable margin, which also varies based on our ratio of total debt to EBITDA in a range from 0.35% to 1.10%. | ' |
Syndicated credit facility, $120 million revolving credit facility [Member] | Base rate [Member] | Minimum [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Margin rate | 0.35% | ' |
Syndicated credit facility, $120 million revolving credit facility [Member] | Base rate [Member] | Maximum [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Margin rate | 1.10% | ' |
Syndicated credit facility, $120 million revolving credit facility [Member] | LIBOR [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Margin rate | 1.85% | ' |
Adjusting LIBOR rate plus | 'LIBOR + 1.35% | ' |
Swing Line sub-facility [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Adjusting LIBOR rate plus | 'Prime + 0.85 % | ' |
Credit facility, borrowing capacity | 10,000,000 | ' |
Credit facility, outstanding | $3,200,000 | ' |
Swing Line sub-facility [Member] | Prime [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Margin rate | 0.85% | ' |
Interest accrued under the Swing Line | 4.10% | ' |
Debt_Equipment_Credit_Facility
Debt - Equipment Credit Facility - Additional Information (Detail) (Syndicated credit facility, $60 million equipment financing facility [Member]) | 6 Months Ended |
Jun. 28, 2014 | |
Installment | |
Option | |
Credit Facilities [Line Items] | ' |
Credit facility, expiration date | 28-Aug-15 |
Frequency of installments | 'Quarterly |
Number of installments | 28 |
Number of interest rate options | 2 |
Credit facility fees percentage | 0.50% |
Interest accrued percentage | 2.50% |
Eurodollar-based [Member] | ' |
Credit Facilities [Line Items] | ' |
Line of credit facility, interest rate description | 'Eurodollar-based advances bear interest at 30, 60 or 90-day LIBOR rates plus an applicable margin, which varies from 1.60% to 2.60% based on our ratio of total debt to EBITDA |
Eurodollar-based [Member] | Minimum [Member] | ' |
Credit Facilities [Line Items] | ' |
Margin rate | 1.60% |
Eurodollar-based [Member] | Maximum [Member] | ' |
Credit Facilities [Line Items] | ' |
Margin rate | 2.60% |
Base rate [Member] | ' |
Credit Facilities [Line Items] | ' |
Line of credit facility, interest rate description | 'Base rate advances bear interest at a base rate, as defined, plus an applicable margin, which also varies based on our ratio of total debt to EBITDA in a range from 0.60% to 1.60% |
Base rate [Member] | Minimum [Member] | ' |
Credit Facilities [Line Items] | ' |
Margin rate | 0.60% |
Base rate [Member] | Maximum [Member] | ' |
Credit Facilities [Line Items] | ' |
Margin rate | 1.60% |
Debt_Term_Loan_Additional_Info
Debt - Term Loan - Additional Information (Detail) (Syndicated credit facility, $50 million term loan [Member]) | 6 Months Ended |
Jun. 28, 2014 | |
Credit Facilities [Line Items] | ' |
Credit facility, expiration date | 28-Aug-17 |
Interest accrued percentage | 3.15% |
Base rate [Member] | ' |
Credit Facilities [Line Items] | ' |
Line of credit facility, interest rate description | 'Base rate advances bear interest at a defined base rate plus an applicable margin which varies from 1.50% to 2.25%, based on our ratio of total debt to EBITDA |
Base rate [Member] | Minimum [Member] | ' |
Credit Facilities [Line Items] | ' |
Margin rate | 1.50% |
Base rate [Member] | Maximum [Member] | ' |
Credit Facilities [Line Items] | ' |
Margin rate | 2.25% |
Eurodollar-based [Member] | ' |
Credit Facilities [Line Items] | ' |
Line of credit facility, interest rate description | 'Which bear interest at 30, 60 or 90-day LIBOR rates plus an applicable margin which varies from 2.50% to 3.25%, based on our ratio of total debt to EBITDA |
Eurodollar-based [Member] | Minimum [Member] | ' |
Credit Facilities [Line Items] | ' |
Margin rate | 2.50% |
Eurodollar-based [Member] | Maximum [Member] | ' |
Credit Facilities [Line Items] | ' |
Margin rate | 3.25% |
Debt_Term_Loan_B_Additional_In
Debt - Term Loan B - Additional Information (Detail) (Syndicated credit facility, $70 million term loan B [Member], USD $) | 6 Months Ended |
Jun. 28, 2014 | |
Credit Facilities [Line Items] | ' |
Credit facility, expiration date | 28-Aug-17 |
Interest accrued percentage | 3.15% |
Repayments of borrowings under term loan facility | '50% (which percentage shall be reduced to 0% subject to the Company attaining a certain leverage ratio) of our annual excess cash flow, as defined; 100% of net cash proceeds of certain asset sales; and 100% of certain insurance and condemnation proceeds |
Prepayment of term loan | $0 |
Maximum senior debt to EBITDA | 2.5 |
Maximum total debt to EBITDA | 3 |
Fixed charge coverage ratio | 1.25 |
Eurodollar-based [Member] | ' |
Credit Facilities [Line Items] | ' |
Line of credit facility, interest rate description | 'Which bear interest at 30, 60 or 90-day LIBOR rates plus an applicable margin which varies from 2.50% to 3.25%, based on our ratio of total debt to EBITDA |
Eurodollar-based [Member] | Minimum [Member] | ' |
Credit Facilities [Line Items] | ' |
Margin rate | 2.50% |
Eurodollar-based [Member] | Maximum [Member] | ' |
Credit Facilities [Line Items] | ' |
Margin rate | 3.25% |
Base rate [Member] | ' |
Credit Facilities [Line Items] | ' |
Line of credit facility, interest rate description | 'Base rate advances bear interest at a defined base rate plus an applicable margin which varies from 1.50% to 2.25%, based on our ratio of total debt to EBITDA |
Base rate [Member] | Minimum [Member] | ' |
Credit Facilities [Line Items] | ' |
Margin rate | 1.50% |
Base rate [Member] | Maximum [Member] | ' |
Credit Facilities [Line Items] | ' |
Margin rate | 2.25% |
Debt_UBS_Secured_Borrowing_Fac
Debt - UBS Secured Borrowing Facility - Additional Information (Detail) (UBS secured borrowing facility [Member], USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 28, 2014 | Dec. 31, 2013 |
UBS secured borrowing facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Margin rate | 1.10% | ' |
Effective rate, percentage | 1.25% | ' |
Credit facility, borrowing capacity | $5.90 | $5.40 |
Principal payments outstanding | $0 | ' |
Fair_Value_Measurements_and_Di2
Fair Value Measurements and Disclosures - Financial Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Jun. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | $12,407 | $11,626 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 34 | 117 |
Marketable securities | 12,407 | 11,626 |
Total Assets | 12,441 | 11,743 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 34 | 117 |
Marketable securities | 12,407 | 11,626 |
Total Assets | 12,441 | 11,743 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 0 | ' |
Marketable securities | 0 | ' |
Total Assets | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 0 | ' |
Marketable securities | 0 | ' |
Total Assets | $0 | ' |
Transactions_with_Affiliates_S
Transactions with Affiliates - Schedule of Amounts Charged to UTSI (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Cost incurred for services provided by CenTra and affiliates | $11,964 | $11,658 | $26,071 | $25,201 |
Administrative support services [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Cost incurred for services provided by CenTra and affiliates | 434 | 355 | 958 | 889 |
Truck fueling and maintenance [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Cost incurred for services provided by CenTra and affiliates | 404 | 703 | 606 | 1,142 |
Real estate rent and related costs [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Cost incurred for services provided by CenTra and affiliates | 2,310 | 2,885 | 5,274 | 5,487 |
Insurance and employee benefit plans [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Cost incurred for services provided by CenTra and affiliates | 8,694 | 7,632 | 19,022 | 17,534 |
Contracted transportation services [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Cost incurred for services provided by CenTra and affiliates | $122 | $83 | $211 | $149 |
Transactions_with_Affiliates_A
Transactions with Affiliates - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 31, 2013 | |
Facility | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Occupancy of facilities either on monthly or contractual basis | ' | ' | 36 | ' | ' |
Due to affiliates | $4,960,000 | ' | $4,960,000 | ' | $3,618,000 |
Insurance, claims and other receivables | 14,800,000 | ' | 14,800,000 | ' | 15,800,000 |
Amounts paid for legal services | 12,000 | 3,000 | 25,000 | 3,000 | ' |
Due from affiliates | 2,541,000 | ' | 2,541,000 | ' | 2,283,000 |
Cost related to an underwritten public offering | 500,000 | ' | ' | ' | ' |
Proceeds from issuance of common stock | 19,000 | ' | 19,000 | ' | ' |
Affiliate [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Number of additional used tractors purchased | ' | ' | 10 | ' | ' |
Cost of tractor purchased from affiliates | 4,000 | ' | 800,000 | ' | ' |
Number of used trailer purchased | 1 | ' | 1 | ' | ' |
Number of used trailers sold | 16 | ' | 39 | ' | ' |
Sale of trailers to an affiliate | 32,000 | ' | 78,000 | ' | ' |
Gain on sale of trailers to an affiliate | $78,000 | ' | $78,000 | ' | ' |
Transactions_with_Affiliates_S1
Transactions with Affiliates - Schedule of Services Provided to Affiliates (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Services provided to affiliates | $72 | $2,517 | $379 | $7,791 |
Transportation and intermodal services [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Services provided to affiliates | 30 | 2,362 | 288 | 7,573 |
Truck fueling and maintenance [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Services provided to affiliates | 42 | 63 | 86 | 98 |
Administrative and customer support services [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Services provided to affiliates | ' | $92 | $5 | $120 |
Comprehensive_Income_Component
Comprehensive Income - Components of Comprehensive Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Unrealized holding gains (losses) on available-for-sale investments, Gross amount | $532 | $16 | $730 | $798 |
Unrealized holding gains (losses) on available-for-sale investments, Income tax (expense) benefit | -195 | -12 | -266 | -151 |
Unrealized holding gains (losses) on available-for-sale investments, Net of tax amount | 337 | 4 | 464 | 647 |
Realized (gains) on available-for-sale investments reclassified into income, Gross amount | ' | -55 | ' | -107 |
Realized (gains) on available-for-sale investments reclassified into income, Income tax expense | ' | 20 | ' | 40 |
Realized (gains) on available-for-sale investments reclassified into income, Net of tax amount | ' | -35 | ' | -67 |
Foreign currency translation adjustments | $27 | ($461) | ($100) | ($173) |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended |
In Thousands, except Share data, unless otherwise specified | 31-May-14 | Jun. 28, 2014 | Jun. 28, 2014 |
Equity [Abstract] | ' | ' | ' |
Common stock sold in public offering | 20,000 | ' | ' |
Common stock price per share | $26 | ' | ' |
Proceeds from issuance of common stock | ' | $19 | $19 |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | 0 Months Ended | 6 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 20, 2012 | Jun. 28, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted stock grants vested | 20.00% | ' |
Additional restricted stock grants vested per year | ' | 20.00% |
Total unrecognized compensation cost | ' | 1.8 |
Weighted-average period of cost expected to be recognized | ' | '3 years |
2014 Amended and Restated Stock Incentive Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Issuance of shares | ' | 500,000 |
Restricted stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares of restricted stock granted | 178,137 | ' |
Stock_Based_Compensation_Summa
Stock Based Compensation - Summary of Status of Nonvested Shares (Detail) (Restricted stock [Member], USD $) | 0 Months Ended | 6 Months Ended |
Dec. 20, 2012 | Jun. 28, 2014 | |
Restricted stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares Nonvested, Beginning Balance | ' | 106,885 |
Shares, Granted | 178,137 | ' |
Shares, Vested | ' | ' |
Shares, Forfeited | ' | ' |
Shares, Ending Balance | ' | 106,885 |
Weighted Average Grant Date Fair Value, Beginning Balance | ' | $16.42 |
Weighted Average Grant Date Fair Value, Granted | ' | ' |
Weighted Average Grant Date Fair Value, Vested | ' | ' |
Weighted Average Grant Date Fair Value, Forfeited | ' | ' |
Weighted Average Grant Date Fair Value, Ending Balance | ' | $16.42 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted average non-vested shares of restricted shares | 37,652 | 142,511 | 41,859 | 142,511 |
Dividends_Additional_Informati
Dividends - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | |
Jun. 28, 2014 | Jun. 28, 2014 | 15-May-14 | Apr. 24, 2014 | Jun. 28, 2014 | |
Installment 2 FY 2014 [Member] | Installment 2 FY 2014 [Member] | Installment 2 FY 2014 [Member] | |||
Dividends Payable [Line Items] | ' | ' | ' | ' | ' |
Dividend declared per common share | ' | ' | ' | $0.07 | ' |
Dividends paid per common share | $0.07 | $0.14 | $0.07 | ' | ' |
Dividends payable, date declared | ' | ' | ' | ' | 24-Apr-14 |
Dividends payable, recorded date | ' | ' | ' | ' | 5-May-14 |
Dividends payable, date to be paid | ' | ' | ' | ' | 15-May-14 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 6 Months Ended |
Jun. 28, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segment | 2 |
Segment_Reporting_Summary_of_C
Segment Reporting - Summary of Company's Reportable Segment Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | $307,549 | $264,172 | $586,913 | $512,281 | ' |
Income from operations | 24,413 | 23,629 | 39,042 | 42,880 | ' |
Total assets | 528,512 | 335,382 | 528,512 | 335,382 | 490,136 |
Transportation [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Income from operations | 9,819 | 7,504 | 15,129 | 13,220 | ' |
Total assets | 240,486 | 225,755 | 240,486 | 225,755 | ' |
Logistics [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Income from operations | 16,081 | 16,890 | 25,762 | 30,644 | ' |
Total assets | 253,270 | 87,869 | 253,270 | 87,869 | ' |
Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Income from operations | -1,487 | -765 | -1,849 | -984 | ' |
Total assets | 34,756 | 21,758 | 34,756 | 21,758 | ' |
Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 307,549 | 264,172 | 586,913 | 512,281 | ' |
Operating Segments [Member] | Transportation [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 195,374 | 178,261 | 370,723 | 347,803 | ' |
Operating Segments [Member] | Logistics [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 112,062 | 85,805 | 215,968 | 164,267 | ' |
Operating Segments [Member] | Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 113 | 106 | 222 | 211 | ' |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | -3,445 | -192 | -6,743 | -369 | ' |
Intersegment Eliminations [Member] | Transportation [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | -1,676 | -169 | -3,238 | -320 | ' |
Intersegment Eliminations [Member] | Logistics [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | ($1,769) | ($23) | ($3,505) | ($49) | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (Workforce Subject to Collective Bargaining Arrangements [Member], Unionized Employees Concentration Risk [Member]) | 6 Months Ended |
Jun. 28, 2014 | |
Workforce Subject to Collective Bargaining Arrangements [Member] | Unionized Employees Concentration Risk [Member] | ' |
Concentration Risk [Line Items] | ' |
Percentage of employees collective bargaining agreements | 40.70% |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | |
Jun. 28, 2014 | Jun. 28, 2014 | Aug. 14, 2014 | Jul. 24, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | ' | ' | ' | ' |
Quarterly cash dividend declared per common stock | ' | ' | ' | $0.07 |
Dividends paid per common share | $0.07 | $0.14 | $0.07 | ' |
Dividends payable, date declared | ' | ' | ' | 24-Jul-14 |
Dividends payable, recorded date | ' | ' | ' | 4-Aug-14 |
Dividends payable, date to be paid | ' | ' | ' | 14-Aug-14 |