Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 03, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | ULH | |
Entity Registrant Name | Universal Logistics Holdings, Inc. | |
Entity Central Index Key | 1,308,208 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 28,391,197 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 2,897 | $ 1,755 |
Marketable securities | 14,648 | 14,359 |
Accounts receivable – net of allowance for doubtful accounts of $1,960 and $1,613, respectively | 170,182 | 144,712 |
Other receivables | 14,543 | 15,438 |
Due from affiliates | 2,664 | 2,513 |
Prepaid income taxes | 5,679 | 11,300 |
Prepaid expenses and other | 17,519 | 17,374 |
Total current assets | 228,132 | 207,451 |
Property and equipment – net of accumulated depreciation of $200,615 and $181,294, respectively | 263,441 | 246,277 |
Goodwill | 74,484 | 74,484 |
Intangible assets – net of accumulated amortization of $55,637 and $50,971, respectively | 32,522 | 37,189 |
Deferred income taxes | 164 | 164 |
Other assets | 5,112 | 4,892 |
Total assets | 603,855 | 570,457 |
Current liabilities: | ||
Accounts payable | 100,793 | 65,945 |
Due to affiliates | 6,601 | 4,597 |
Accrued expenses and other current liabilities | 24,808 | 19,765 |
Insurance and claims | 35,478 | 19,754 |
Current portion of long-term debt | 39,186 | 34,455 |
Total current liabilities | 206,866 | 144,516 |
Long-term liabilities: | ||
Long-term debt, net of current portion | 204,354 | 226,812 |
Deferred income taxes | 43,308 | 47,819 |
Other long-term liabilities | 3,019 | 3,578 |
Total long-term liabilities | 250,681 | 278,209 |
Shareholders' equity: | ||
Common stock, no par value. Authorized 100,000,000 shares; 30,930,452 and 30,917,952 shares issued; 28,416,777 and 28,430,394 shares outstanding, respectively | 30,932 | 30,919 |
Paid-in capital | 3,684 | 3,451 |
Treasury stock, at cost; 2,513,675 and 2,487,558 shares, respectively | (50,561) | (50,044) |
Retained earnings | 163,812 | 166,033 |
Accumulated other comprehensive income (loss): | ||
Unrealized holding gain on available-for-sale securities, net of income taxes of $1,584 and $1,512, respectively | 2,825 | 2,679 |
Interest rate swaps, net of income taxes of $43 and $62, respectively | 133 | 99 |
Foreign currency translation adjustments | (4,517) | (5,405) |
Total shareholders’ equity | 146,308 | 147,732 |
Total liabilities and shareholders’ equity | $ 603,855 | $ 570,457 |
Unaudited Consolidated Balance3
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 1,960 | $ 1,613 |
Property and equipment, Accumulated depreciation | 200,615 | 181,294 |
Intangible assets, accumulated amortization | $ 55,637 | $ 50,971 |
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 30,930,452 | 30,917,952 |
Common stock, shares outstanding | 28,416,777 | 28,430,394 |
Treasury stock, shares | 2,513,675 | 2,487,558 |
Income tax expense on unrealized holding gain on available-for-sale securities | $ 1,584 | $ 1,512 |
Interest rate swaps, income taxes | $ 43 | $ 62 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Operating revenues: | ||||
Truckload services | $ 82,812 | $ 72,127 | $ 231,046 | $ 215,775 |
Brokerage services | 73,285 | 58,003 | 195,988 | 164,239 |
Intermodal services | 39,057 | 36,366 | 113,713 | 108,040 |
Dedicated services | 22,135 | 25,200 | 71,406 | 71,336 |
Value-added services | 95,712 | 79,797 | 290,489 | 249,310 |
Total operating revenues | 313,001 | 271,493 | 902,642 | 808,700 |
Operating expenses: | ||||
Purchased transportation and equipment rent | 153,277 | 131,832 | 427,104 | 385,509 |
Direct personnel and related benefits | 77,570 | 66,091 | 234,352 | 196,509 |
Operating supplies and expenses | 28,306 | 25,725 | 88,757 | 75,810 |
Commission expense | 8,503 | 8,217 | 24,284 | 24,668 |
Occupancy expense | 7,504 | 8,075 | 23,001 | 23,772 |
General and administrative | 8,968 | 7,501 | 23,421 | 21,337 |
Insurance and claims | 20,562 | 4,949 | 35,958 | 13,607 |
Depreciation and amortization | 11,795 | 9,076 | 33,663 | 26,757 |
Total operating expenses | 316,485 | 261,466 | 890,540 | 767,969 |
(Loss) income from operations | (3,484) | 10,027 | 12,102 | 40,731 |
Interest income | 29 | 15 | 67 | 141 |
Interest expense | (2,537) | (2,093) | (7,292) | (6,297) |
Other non-operating income | 721 | 170 | 1,253 | 420 |
(Loss) income before provision for income taxes | (5,271) | 8,119 | 6,130 | 34,995 |
Provision for income taxes | (1,966) | 3,122 | 2,378 | 13,474 |
Net (loss) income | $ (3,305) | $ 4,997 | $ 3,752 | $ 21,521 |
Earnings per common share: | ||||
Basic | $ (0.12) | $ 0.18 | $ 0.13 | $ 0.76 |
Diluted | $ (0.12) | $ 0.18 | $ 0.13 | $ 0.76 |
Weighted average number of common shares outstanding: | ||||
Basic | 28,441 | 28,413 | 28,440 | 28,410 |
Diluted | 28,444 | 28,413 | 28,440 | 28,410 |
Dividends declared per common share | $ 0.07 | $ 0.07 | $ 0.21 | $ 0.21 |
Unaudited Consolidated Stateme5
Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net Income | $ (3,305) | $ 4,997 | $ 3,752 | $ 21,521 |
Other comprehensive income (loss): | ||||
Unrealized holding gain (loss) on available-for-sale investments arising during the period, net of income taxes | 534 | (147) | 717 | 467 |
Realized (gain) on available-for-sale investments reclassified into income, net of taxes | (387) | (29) | (571) | (53) |
Unrealized changes in fair value of interest rate swaps, net of income taxes | 55 | 45 | 34 | (389) |
Foreign currency translation adjustments | 713 | (293) | 888 | (990) |
Total other comprehensive income (loss) | 915 | (424) | 1,068 | (965) |
Total comprehensive (loss) income | $ (2,390) | $ 4,573 | $ 4,820 | $ 20,556 |
Unaudited Consolidated Stateme6
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Cash flows from operating activities: | ||
Net Income | $ 3,752 | $ 21,521 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 33,663 | 26,757 |
Gain on sale of marketable equity securities | (923) | (53) |
Gain on disposal of property and equipment | (198) | (353) |
Amortization of debt issuance costs | 241 | 227 |
Stock-based compensation | 246 | 298 |
Provision for doubtful accounts | 1,683 | 1,369 |
Deferred income taxes | (4,771) | (251) |
Change in assets and liabilities: | ||
Trade and other accounts receivable | (25,242) | (6,558) |
Prepaid income taxes, prepaid expenses and other assets | 5,833 | (5,962) |
Accounts payable, accrued expenses and other current liabilities, and insurance and claims | 54,779 | 23,608 |
Due to/from affiliates, net | 1,848 | 2,251 |
Other long-term liabilities | (482) | (1,912) |
Net cash provided by operating activities | 70,429 | 60,942 |
Cash flows from investing activities: | ||
Capital expenditures | (46,677) | (78,651) |
Proceeds from the sale of property and equipment | 714 | 2,225 |
Purchases of marketable securities | (401) | (13) |
Proceeds from sale of marketable securities | 1,261 | 358 |
Net cash used in investing activities | (45,103) | (76,081) |
Cash flows from financing activities: | ||
Proceeds from borrowing - revolving debt | 223,723 | 140,494 |
Repayments of debt - revolving debt | (232,973) | (150,129) |
Proceeds from borrowing - term debt | 24,734 | 85,313 |
Repayments of debt - term debt | (33,452) | (63,657) |
Payment of capital lease obligations | (77) | (1,758) |
Dividends paid | (5,973) | (5,965) |
Capitalized financing costs | (396) | |
Purchases of treasury stock | (517) | (26) |
Net cash (used in) provided by financing activities | (24,535) | 3,876 |
Effect of exchange rate changes on cash and cash equivalents | 351 | (123) |
Net increase (decrease) in cash | 1,142 | (11,386) |
Cash and cash equivalents – beginning of period | 1,755 | 12,930 |
Cash and cash equivalents – end of period | 2,897 | 1,544 |
Supplemental cash flow information: | ||
Cash paid for interest | 6,758 | 5,724 |
Cash paid for income taxes | $ 1,628 | $ 18,398 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (1) Basis of Presentation The accompanying unaudited consolidated financial statements of Universal Logistics Holdings, Inc. (“Universal” or the “Company”), and its wholly-owned subsidiaries, 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, 2016 and 2015 and for each of the years in the three-year period ended December 31, 2016 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. Certain immaterial reclassifications have been made to the prior financial statements in order for them to conform to the September 30, 2017 presentation, including the reclassification of revenue categories to reflect Universal’s service offering. These reclassifications had no effect on reported consolidated net income, comprehensive income, earnings per common share, cash flows, total assets, or stockholders' equity as previously reported. |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Securities | (2) Marketable Securities At September 30, 2017 and December 31, 2016, 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 Unrealized Holding Gains Gross Unrealized Holding (Losses) Fair Value At September 30, 2017 Equity Securities $ 10,231 $ 4,991 $ (574 ) $ 14,648 At December 31, 2016 Equity Securities $ 10,168 $ 4,780 $ (589 ) $ 14,359 Included in equity securities at September 30, 2017 are securities with a fair value of $2.4 million with a cumulative loss position of $0.6 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. (2) Marketable Securities - continued 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 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses At September 30, 2017 Equity securities $ 988 $ 75 $ 1,428 $ 499 $ 2,416 $ 574 At December 31, 2016 Equity securities $ 426 $ 41 $ 2,438 $ 548 $ 2,864 $ 589 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 oil and gas, banking, communications, tobacco, and transportation industries. The fair value and unrealized losses are distributed in 21 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 September 30, 2017. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2017 | |
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): September 30, 2017 December 31, 2016 Payroll related items $ 9,718 $ 8,379 Driver escrow liabilities 3,728 7,601 Commissions, taxes and other 11,362 3,785 Total $ 24,808 $ 19,765 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | (4) Debt Debt is comprised of the following (in thousands): Interest Rates at September 30, 2017 September 30, 2017 December 31, 2016 Outstanding Debt: ABL Facility (1) 2.99% to 5.00% $ 65,350 $ 71,600 Westport Facility (2) Term Loan 4.24% 26,994 34,000 Revolver 3.74% — 3,000 Equipment Financing (3) 3.18% to 4.11% 106,777 104,607 Real Estate Financing (4) 3.48% 45,761 49,643 Margin Facility (5) 2.34% — — Unamortized debt issuance costs (1,342 ) (1,583 ) 243,540 261,267 Less current portion of long-term debt 39,186 34,455 Total long-term debt, net of current portion $ 204,354 $ 226,812 (1) The ABL Facility provides for maximum borrowings of $120 million at a variable rate of interest based on LIBOR or a base rate, and matures on December 23, 2020. The facility, which is secured by cash, deposits and accounts receivable of the borrowing subsidiaries, includes customary affirmative and negative covenants and events of default, as well as financial covenants requiring a minimum fixed charge coverage ratio to be maintained after a triggering event. Interest on base rate advances is payable quarterly, and interest on each LIBOR-based advance is payable on the last day of the applicable interest period. At September 30, 2017, we were in compliance with all covenants under the Facility, and $40.5 million was available for borrowing. (2) The Westport Facility provides our subsidiary, Westport Axle Corporation, with maximum borrowings of $60 million in the form of a $40 million term loan and a $20 million revolver. Borrowings under the Westport Facility, which matures on December 23, 2020, accrue interest at a variable interest rate based on LIBOR or a base rate, and are secured by all of Westport’s assets. The Company becomes a guarantor upon the occurrence of certain events specified in the Westport Facility. Borrowings are repaid in part quarterly with the balance due at maturity. Interest on base rate advances is payable quarterly, and interest on each LIBOR-based advance is payable on the last day of the applicable interest period. The Westport Facility includes customary affirmative and negative covenants and events of default. At September 30, 2017, we were in compliance with all covenants, and $13.7 million was available for borrowing. (3) The Equipment Financing consists of a series of promissory notes issued by a wholly-owned subsidiary in order to finance transportation equipment. The equipment notes, which are secured by liens on selected titled vehicles, include certain affirmative and negative covenants, are generally payable in 60 monthly installments and bear interest at fixed rates ranging from 3.18% to 4.11%. At September 30, 2017, we were in compliance with all covenants. (4) The Real Estate Financing consists of a series of promissory notes issued by a wholly-owned subsidiary in order to finance certain purchases of real property and refinance a portion of indebtedness pursuant to a previous $40 million unsecured loan. The promissory notes require monthly payments of principal and accrued interest until their maturity on June 30, 2026. The notes are secured by first mortgages and assignment of leases on specific parcels of real estate and improvements included in a collateral pool specified in the security documents. The Real Estate Financing includes an additional promissory note that is secured by other real property and improvements and matures on September 5, 2026. Each of the notes bears interest at LIBOR plus 2.25%. At September 30, 2017, we were in compliance with all covenants. (5) The Margin Facility is a short-term line of credit secured by our portfolio of marketable securities. It bears interest at LIBOR plus 1.10%. The amount available under the line of credit is based on a percentage of the market value of the underlying securities. We did not have any amounts outstanding under our line of credit at September 30, 2017 or December 31, 2016, and the maximum available borrowings under the line of credit were $7.0 million and $7.0 million, respectively. (4) Debt - continued The Company is also party to three interest rate swap agreements that qualify for hedge accounting. The swap agreements were executed to fix a portion of the interest rates on its variable rate debt that have a combined notional amount of $27.7 million at September 30, 2017. Under two of the swap agreements, the Company receives interest at the one-month LIBOR rate plus 2.25%, and pays a fixed rate. The March 2016 swap (swap A) became effective October 2016, has a rate of 4.16% (amortizing notional amount of $10.0 million) and expires July 2026, and an additional March 2016 swap (swap B) became effective October 2016, has a rate of 3.83% (amortizing notional amount of $5.7 million) and expires May 2022. The third interest rate swap agreement (swap C) has a notional amount of $12.0 million and expires February 2018. Under swap C, the Company receives interest at the one-month LIBOR rate, and pays a fixed rate of 0.78%. At September 30, 2017, the fair value of the three swap agreements was an asset of $0.2 million. Since these swap agreements qualify for hedge accounting, the changes in fair value are recorded in other comprehensive income (loss), net of tax. See Note 5 for additional information pertaining to interest rate swaps. |
Fair Value Measurements and Dis
Fair Value Measurements and Disclosures | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Disclosures | (5) Fair Value Measurements and Disclosures FASB Accounting Standards Codification, or ASC, Topic 820, “ Fair Value Measurements and Disclosures 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 and liabilities 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): September 30, 2017 Level 1 Level 2 Level 3 Fair Value Measurement Assets Cash equivalents $ 8 $ — $ — $ 8 Marketable securities 14,648 — — 14,648 Interest rate swaps — 177 — 177 Total $ 14,656 $ 177 $ — $ 14,833 December 31, 2016 Level 1 Level 2 Level 3 Fair Value Measurement Assets Cash equivalents $ 4 $ — $ — $ 4 Marketable securities 14,359 — — 14,359 Interest rate swaps — 161 — 161 Total $ 14,363 $ 161 $ — $ 14,524 (5) Fair Value Measurements and Disclosures – continued 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, and are listed as Level 1 assets. Fair value was measured based on quoted prices for these securities in active markets. • Interest rate swaps - The fair value of our interest rate swaps, as provided by a third party service provider, is determined using a methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments). The variable cash receipts (or payments) are based on the expectation of future interest rates (forward curves) derived from observed market interest rate curves. The fair value measurement also incorporates credit valuation adjustments to appropriately reflect both the Company’s nonperformance risk and the respective counterparty’s nonperformance risk. Our revolving credit and term loan agreements and our real estate promissory notes consist of variable rate borrowings. We categorize borrowings under these credit agreements as Level 2 in the fair value hierarchy. The carrying values of these borrowings approximate fair value because the applicable interest rates are adjusted frequently based on short-term market rates. For our equipment promissory notes, the fair values are estimated using discounted cash flow analyses, based on our current incremental borrowing rates for similar types of borrowing arrangements. We categorize borrowings under this credit agreement as Level 2 in the fair value hierarchy. The carrying value and estimated fair value of these promissory notes at September 30, 2017 is summarized as follows: Carrying Value Estimated Fair Value Equipment promissory notes $ 106,777 $ 106,671 We have not elected the fair value option for any of our financial instruments. |
Transactions with Affiliates
Transactions with Affiliates | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Transactions with Affiliates | (6) Transactions with Affiliates CenTra, Inc., an affiliate of the Company, provides administrative support services to Universal in the ordinary course of business, including legal, human resources, tax, and IT infrastructure and related services. The cost of these services is based on the actual or estimated utilization of the specific service. Universal also purchases other services from affiliates. Following is a schedule of cost incurred and included in operating expenses for services provided by affiliates for the thirteen weeks and thirty-nine weeks ended September 30, 2017 and October 1, 2016 (in thousands): Thirteen weeks ended Thirty-nine weeks ended September 30, 2017 October 1, 2016 September 30, 2017 October 1, 2016 Administrative support services $ 572 $ 548 $ 1,702 $ 1,906 Truck fuel, tolls and maintenance 645 619 1,912 1,864 Real estate rent and related costs 4,230 4,218 12,947 12,458 Insurance and employee benefit plans 14,010 12,496 43,511 34,802 Purchased transportation and equipment rent 20 4 35 230 Total $ 19,477 $ 17,885 $ 60,107 $ 51,260 We pay CenTra the direct variable cost of maintenance, fueling and other operational support costs for services delivered at our affiliate’s trucking terminals that are geographically remote from our own facilities. Such costs are billed when incurred, paid on a routine basis, and reflect actual labor utilization, repair parts costs or quantities of fuel purchased. In connection with our transportation services, we also pay tolls and other fees for international bridge crossings to certain related entities which are under common control with CenTra. A significant number of our operating locations are located in facilities leased from affiliates. At 35 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 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 September 30, 2017 and December 31, 2016, amounts due to affiliates were $6.6 million and $4.6 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 September 30, 2017 and December 31, 2016, there were $7.5 million and $8.7 million, respectively, included in each of these accounts for insured claims. We made purchases of used equipment from an affiliate during the thirty-nine weeks ended September 30, 2017, totaling $1.8 million, and also purchased wheels and tires from an affiliate for new trailering equipment totaling $1.8 million during the same period. During the thirty-nine weeks ended October 1, 2016, we contracted with an affiliate to provide real property improvements to us totaling $1.0 million, and also purchased wheels and tires for new trailering equipment totaling $1.4 million and an additional $0.2 million in revenue equipment components from an affiliate during the same period. (6) Transactions with Affiliates – continued Services provided by Universal to Affiliates We periodically assist our affiliates by providing selected transportation and logistics services in connection with their specific customer contracts or purchase orders. Following is a schedule of revenues generated from services provided to affiliates for the thirteen weeks and thirty-nine weeks ended September 30, 2017 and October 1, 2016 (in thousands): Thirteen weeks ended Thirty-nine weeks ended September 30, 2017 October 1, 2016 September 30, 2017 October 1, 2016 Purchased transportation and equipment rent $ 187 $ 284 $ 737 $ 626 Total $ 187 $ 284 $ 737 $ 626 At September 30, 2017 and December 31, 2016, amounts due from affiliates were $2.7 million and $2.5 million, respectively. |
Comprehensive Income
Comprehensive Income | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Comprehensive Income | (7) Comprehensive Income Comprehensive income includes the following (in thousands): Thirteen weeks ended Thirty-nine weeks ended September 30, 2017 October 1, 2016 September 30, 2017 October 1, 2016 Unrealized holding gain (loss) on available-for-sale investments arising during the period: Gross amount $ 846 $ (224 ) $ 1,140 $ 739 Income tax (expense) benefit (312 ) 77 (423 ) (272 ) Net of tax amount $ 534 $ (147 ) $ 717 $ 467 Realized (gains) on available-for-sale investments reclassified into income: Gross amount $ (618 ) $ (52 ) $ (923 ) $ (91 ) Income tax expense 231 23 352 38 Net of tax amount $ (387 ) $ (29 ) $ (571 ) $ (53 ) Unrealized holding loss (gain) on interest rate swaps arising during the period: Gross amount $ 50 $ 73 $ 16 $ (627 ) Income tax benefit (expense) 5 (28 ) 18 238 Net of tax amount $ 55 $ 45 $ 34 $ (389 ) Foreign currency translation adjustments $ 713 $ (293 ) $ 888 $ (990 ) |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | (8) 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 carried forward the shares of common stock that remained available for issuance under the 2004 Stock Incentive Plan. 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 February 22, 2017, February 24, 2016, April 29, 2015 and March 5, 2015, the Company granted 10,000, 10,000, 20,000 and 10,000 shares, respectively, of restricted stock to our Chief Executive Officer. The restricted stock grants have fair values of $13.45 per share, $15.55 per share, $22.03 per share, and $25.18 per share, respectively, based on the closing price of the Company’s stock on each grant date. The shares vested 25% immediately on the grant dates, and an additional 25% will vest in three equal installments with the final vesting on March 5, 2020, subject to continued employment with the company. On December 23, 2015, the Company granted 50,000 shares of restricted stock to certain of its employees, including 10,000 shares to our Chief Financial Officer. The restricted stock grants have a grant date fair value of $14.93 per share, based on the closing price of the Company’s stock, of which 25% vested immediately, and an additional 25% will vest in three equal increments on each December 20 in 2016, 2017 and 2018. On December 20, 2012, the Company granted 178,137 shares of restricted stock to certain of its employees. The restricted stock grants had a grant date fair value of $16.42 per share, based on the closing price of the Company’s stock, of which 25% vested immediately and an additional 20% vested on each anniversary of the grant through December 20, 2016. A grantee’s vesting of restricted stock awards may be accelerated under certain conditions, including retirement. The following table summarizes the status of the Company’s non-vested shares and related information for the period indicated: Shares Weighted Average Date Non-vested at January 1, 2017 45,000 $ 17.75 Granted 10,000 $ 13.45 Vested (12,500 ) $ 19.65 Forfeited — $ — Balance at September 30, 2017 42,500 $ 16.22 In each of the thirty-nine week periods ended September 30, 2017 and October 1, 2016, the total grant date fair value of vested shares recognized as compensation costs was $0.2 million. As of September 30, 2017, there was approximately $0.7 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements. That cost is expected to be recognized on a straight-line basis over the remaining vesting period. As a result, the Company expects to recognize stock-based compensation expense of $0.1 million during the remainder of 2017, and $0.4 million, $0.1 million, and $0.1 million in 2018, 2019, and 2020, respectively. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (9) 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 thirty-nine weeks ended September 30, 2017, there were 2,841 and 610 weighted average non-vested shares of restricted stock included in the denominator for the calculation of diluted earnings per share, respectively. In each of the thirteen weeks and thirty-nine weeks ended October 1, 2016, there were zero weighted average non-vested shares of restricted stock included in the denominator for the calculation of diluted earnings per share. In the thirteen weeks and thirty-nine weeks ended September 30, 2017, 35,000 and 7,500 shares of non-vested restricted stock, respectively, were excluded from the calculation of diluted earnings per share because such shares were anti-dilutive. In each of the thirteen weeks and thirty-nine weeks ended October 1, 2016, 68,225 shares of non-vested restricted stock were excluded from the calculation of diluted earnings per share because such shares were anti-dilutive. |
Dividends
Dividends | 9 Months Ended |
Sep. 30, 2017 | |
Text Block [Abstract] | |
Dividends | (10) Dividends On July 27, 2017, 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 7, 2017 and paid on August 17, 2017. 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 | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | (11) 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 thirty-nine week periods ended September 30, 2017 and October 1, 2016 (in thousands): Thirteen weeks ended September 30, 2017 Transportation Logistics Other Total Operating revenues $ 199,013 $ 113,667 $ 321 $ 313,001 Eliminated inter-segment revenues (259 ) (2,139 ) - (2,398 ) Income (loss) from operations (7,641 ) 4,692 (535 ) (3,484 ) Total assets 288,917 287,649 27,289 603,855 Thirteen weeks ended October 1, 2016 Transportation Logistics Other Total Operating revenues $ 169,655 $ 101,110 $ 728 $ 271,493 Eliminated inter-segment revenues (527 ) (1,966 ) — (2,493 ) Income from operations 4,577 5,360 90 10,027 Total assets 241,540 295,583 21,108 558,231 Thirty-nine weeks ended September 30, 2017 Transportation Logistics Other Total Operating revenues $ 552,442 $ 349,252 $ 948 $ 902,642 Eliminated inter-segment revenues (1,025 ) (6,124 ) - (7,149 ) Income (loss) from operations 7,208 6,359 (1,465 ) 12,102 Total assets 288,917 287,649 27,289 603,855 Thirty-nine weeks ended October 1, 2016 Transportation Logistics Other Total Operating revenues $ 496,488 $ 310,896 $ 1,316 $ 808,700 Eliminated inter-segment revenues (1,471 ) (5,967 ) — (7,438 ) Income (loss) from operations 17,384 24,517 (1,170 ) 40,731 Total assets 241,540 295,583 21,108 558,231 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (12) Commitments and Contingencies Our principal commitments relate to long-term real estate leases and payment obligations to equipment vendors. On October 16, 2017, a jury in state court in Cook County, Illinois rendered a verdict of $54.2 million against Universal Am-Can, Ltd. (“UACL”) in the matter of Denton v. UACL, et al. The litigation relates to a vehicular accident that occurred on February 8, 2011 on I-65 in Rensselaer, Indiana. The accident involved a tractor-trailer being driven by an independent owner-operator of UACL. The driver was braking on the expressway in order to avoid another vehicle being driven the wrong way on the interstate. The truck attempted to avoid the oncoming vehicle and the plaintiff’s vehicle and, in so doing, struck the plaintiff’s vehicle. As a result of the accident, the plaintiff sustained non-life threatening injuries. In connection with the verdict, the jury determined that UACL was responsible for the liability associated with the accident, with UACL and the other co-defendants being jointly responsible for 40% of the compensatory damages. The verdict included $19.2 million in compensatory damages and $35.0 million in punitive damages against UACL. The insurance coverage available for reimbursement of UACL’s damages underlying the verdict is limited to $1.0 million. We intend to file motions in the trial court seeking judgment in UACL’s favor on certain claims that are the subject of the verdict, and for a new trial on others. We believe the facts and the law do not support the jury’s findings of liability against UACL, and we intend to appeal the verdict to the extent the circuit court does not set it aside as a result of these motions. The Company currently estimates the possible range of financial exposure in the matter, net of insurance coverage, to be between $18.2 and $53.2 million. Based on the Company’s best estimate of the liability at this time, the Company has recorded additional insurance and claims expense of $15.6 million increasing the total accrual for this matter to $18.2 million. While it is not feasible to predict with any certainty the outcome of this litigation, its ultimate resolution could be material to our cash flows and results of operations. The Company is a plaintiff in a lawsuit that was filed on June 11, 2015 against, among others, Dalton Logistics, Inc. in the United States District Court for the Southern District of Texas. We are seeking approximately $1.9 million in damages from a debtor relating to its unpaid freight charges. In response to our filing of the complaint, the shareholders of Dalton filed a counterclaim against the Company alleging that the Company, in connection with certain unrelated negotiations with the defendant, breached an alleged agreement to acquire Dalton. The respective claims proceeded to trial and, on July 21, 2017, a jury returned two separate verdicts: One in favor of Universal for $1.9 million, and a second in favor of the defendant for approximately $5.7 million. The Company currently estimates the possible range of financial exposure in the matter to be between $0 and $3.8 million. Based on the Company’s best estimate of the liability at this time, the Company has recorded an accrued liability for this matter of $1.8 million. The Company is awaiting entry of a final judgment and assessing its post-trial and appellate strategies. While the outcome of these claims cannot be predicted with any certainty, management does not believe the outcome of any of these matters will have a material adverse effect on our business, financial position, results of operations or cash flows. We are involved in certain other 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 September 30, 2017, approximately 27% of our employees in the United States, Canada and Colombia, and 87% of our employees in Mexico are subject to collective bargaining agreements that are renegotiated periodically, none of which are subject to contracts that expire in 2017. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | (13) Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update, or ASU, 2014-09, Revenue from Contracts with Customers. ASU 2014-09, along with amendments in 2015 and 2016, is a comprehensive revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In applying the new guidance, an entity will (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the contract’s performance obligations; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The standard permits the use of either the full retrospective or modified retrospective transition method. Additionally, the new standard requires enhanced disclosures about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including revenue recognition policies to identify performance obligations, assets recognized from costs incurred to obtain and fulfill a contract, and significant judgments in measurement and recognition. The standard, as amended, will be effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period. We plan to use the modified retrospective approach for adoption, which requires us to record the cumulative effect of the transition through retained earnings as of January 1, 2018. We have gathered most of our customer contract data and are currently evaluating the potential impact of the new standard. We are also in the process of completing our applicable accounting policy memorandums. Based on our preliminary analysis to date, we do not expect there will be a significant impact on our consolidated financial statements. We are also assessing the impact of the standard on disclosures in the consolidated financial statement footnotes and expect to complete the implementation of the new standard in 2017. In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. Among other things, the ASU requires equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income; simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements; and clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities. The amendments are to be applied by means of a cumulative-effect adjustment to the balance sheet and are effective for interim and annual periods beginning after December 15, 2017. With certain exceptions, early adoption is not permitted. We are currently evaluating the effects ASU 2016-01 will have on our consolidated financial statements and related disclosures. We currently disclose approximately $5.0 million in gross unrealized holdings gains and $0.6 million in gross unrealized holdings losses in Note 2, Marketable Securities. In February 2016, the FASB issued ASU 2016-02, Leases. The objective of the new standard is to establish principles for lessees and lessors to report information about the amount, timing, and uncertainty of cash flows arising from a lease. The ASU will require a lessee to recognize the assets and liabilities that arise from leases, including operating leases. Under the new requirements, a lessee will recognize in the statement of financial position a liability to make lease payments (the lease liability) and the right-of-use asset representing the right to the underlying asset for the lease term. For leases with a term of 12 months or less, the lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the amendment is permitted. We are currently evaluating the effects ASU 2016-02 will have on our consolidated financial statements and related disclosures. As of December 31, 2016, we disclosed approximately $72.1 million in operating lease obligations in Note 10, Leases, in the Company’s Form 10-K. We will evaluate those contracts as well as other existing arrangements to determine if they qualify for lease accounting under the new standard. Upon adoption, we would expect the amount recognized for the right-of-use assets and lease liabilities to be material. We do not plan to adopt the new standard early. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This update simplifies the accounting for goodwill impairments by eliminating step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount. Under the new standard, a goodwill impairment loss is measured as the excess of the carrying value of a reporting unit over its fair value. To simplify our annual goodwill impairment tests, we elected to early adopt the ASU and the provisions of this update for our goodwill impairment test performed during the third quarter of 2017. The result of this adoption did not have an impact on our consolidated financial statements. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | (14) Subsequent Events On October 26, 2017, 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 November 6, 2017 and expected to be paid on November 16, 2017. 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update, or ASU, 2014-09, Revenue from Contracts with Customers. ASU 2014-09, along with amendments in 2015 and 2016, is a comprehensive revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In applying the new guidance, an entity will (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the contract’s performance obligations; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The standard permits the use of either the full retrospective or modified retrospective transition method. Additionally, the new standard requires enhanced disclosures about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including revenue recognition policies to identify performance obligations, assets recognized from costs incurred to obtain and fulfill a contract, and significant judgments in measurement and recognition. The standard, as amended, will be effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period. We plan to use the modified retrospective approach for adoption, which requires us to record the cumulative effect of the transition through retained earnings as of January 1, 2018. We have gathered most of our customer contract data and are currently evaluating the potential impact of the new standard. We are also in the process of completing our applicable accounting policy memorandums. Based on our preliminary analysis to date, we do not expect there will be a significant impact on our consolidated financial statements. We are also assessing the impact of the standard on disclosures in the consolidated financial statement footnotes and expect to complete the implementation of the new standard in 2017. In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. Among other things, the ASU requires equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income; simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements; and clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities. The amendments are to be applied by means of a cumulative-effect adjustment to the balance sheet and are effective for interim and annual periods beginning after December 15, 2017. With certain exceptions, early adoption is not permitted. We are currently evaluating the effects ASU 2016-01 will have on our consolidated financial statements and related disclosures. We currently disclose approximately $5.0 million in gross unrealized holdings gains and $0.6 million in gross unrealized holdings losses in Note 2, Marketable Securities. In February 2016, the FASB issued ASU 2016-02, Leases. The objective of the new standard is to establish principles for lessees and lessors to report information about the amount, timing, and uncertainty of cash flows arising from a lease. The ASU will require a lessee to recognize the assets and liabilities that arise from leases, including operating leases. Under the new requirements, a lessee will recognize in the statement of financial position a liability to make lease payments (the lease liability) and the right-of-use asset representing the right to the underlying asset for the lease term. For leases with a term of 12 months or less, the lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the amendment is permitted. We are currently evaluating the effects ASU 2016-02 will have on our consolidated financial statements and related disclosures. As of December 31, 2016, we disclosed approximately $72.1 million in operating lease obligations in Note 10, Leases, in the Company’s Form 10-K. We will evaluate those contracts as well as other existing arrangements to determine if they qualify for lease accounting under the new standard. Upon adoption, we would expect the amount recognized for the right-of-use assets and lease liabilities to be material. We do not plan to adopt the new standard early. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This update simplifies the accounting for goodwill impairments by eliminating step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount. Under the new standard, a goodwill impairment loss is measured as the excess of the carrying value of a reporting unit over its fair value. To simplify our annual goodwill impairment tests, we elected to early adopt the ASU and the provisions of this update for our goodwill impairment test performed during the third quarter of 2017. The result of this adoption did not have an impact on our consolidated financial statements. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 Unrealized Holding Gains Gross Unrealized Holding (Losses) Fair Value At September 30, 2017 Equity Securities $ 10,231 $ 4,991 $ (574 ) $ 14,648 At December 31, 2016 Equity Securities $ 10,168 $ 4,780 $ (589 ) $ 14,359 |
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 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses At September 30, 2017 Equity securities $ 988 $ 75 $ 1,428 $ 499 $ 2,416 $ 574 At December 31, 2016 Equity securities $ 426 $ 41 $ 2,438 $ 548 $ 2,864 $ 589 |
Accrued Expenses and Other Cu23
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses and other current liabilities is comprised of the following (in thousands): September 30, 2017 December 31, 2016 Payroll related items $ 9,718 $ 8,379 Driver escrow liabilities 3,728 7,601 Commissions, taxes and other 11,362 3,785 Total $ 24,808 $ 19,765 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Details of Debt | Debt is comprised of the following (in thousands): Interest Rates at September 30, 2017 September 30, 2017 December 31, 2016 Outstanding Debt: ABL Facility (1) 2.99% to 5.00% $ 65,350 $ 71,600 Westport Facility (2) Term Loan 4.24% 26,994 34,000 Revolver 3.74% — 3,000 Equipment Financing (3) 3.18% to 4.11% 106,777 104,607 Real Estate Financing (4) 3.48% 45,761 49,643 Margin Facility (5) 2.34% — — Unamortized debt issuance costs (1,342 ) (1,583 ) 243,540 261,267 Less current portion of long-term debt 39,186 34,455 Total long-term debt, net of current portion $ 204,354 $ 226,812 (1) The ABL Facility provides for maximum borrowings of $120 million at a variable rate of interest based on LIBOR or a base rate, and matures on December 23, 2020. The facility, which is secured by cash, deposits and accounts receivable of the borrowing subsidiaries, includes customary affirmative and negative covenants and events of default, as well as financial covenants requiring a minimum fixed charge coverage ratio to be maintained after a triggering event. Interest on base rate advances is payable quarterly, and interest on each LIBOR-based advance is payable on the last day of the applicable interest period. At September 30, 2017, we were in compliance with all covenants under the Facility, and $40.5 million was available for borrowing. (2) The Westport Facility provides our subsidiary, Westport Axle Corporation, with maximum borrowings of $60 million in the form of a $40 million term loan and a $20 million revolver. Borrowings under the Westport Facility, which matures on December 23, 2020, accrue interest at a variable interest rate based on LIBOR or a base rate, and are secured by all of Westport’s assets. The Company becomes a guarantor upon the occurrence of certain events specified in the Westport Facility. Borrowings are repaid in part quarterly with the balance due at maturity. Interest on base rate advances is payable quarterly, and interest on each LIBOR-based advance is payable on the last day of the applicable interest period. The Westport Facility includes customary affirmative and negative covenants and events of default. At September 30, 2017, we were in compliance with all covenants, and $13.7 million was available for borrowing. (3) The Equipment Financing consists of a series of promissory notes issued by a wholly-owned subsidiary in order to finance transportation equipment. The equipment notes, which are secured by liens on selected titled vehicles, include certain affirmative and negative covenants, are generally payable in 60 monthly installments and bear interest at fixed rates ranging from 3.18% to 4.11%. At September 30, 2017, we were in compliance with all covenants. (4) The Real Estate Financing consists of a series of promissory notes issued by a wholly-owned subsidiary in order to finance certain purchases of real property and refinance a portion of indebtedness pursuant to a previous $40 million unsecured loan. The promissory notes require monthly payments of principal and accrued interest until their maturity on June 30, 2026. The notes are secured by first mortgages and assignment of leases on specific parcels of real estate and improvements included in a collateral pool specified in the security documents. The Real Estate Financing includes an additional promissory note that is secured by other real property and improvements and matures on September 5, 2026. Each of the notes bears interest at LIBOR plus 2.25%. At September 30, 2017, we were in compliance with all covenants. (5) The Margin Facility is a short-term line of credit secured by our portfolio of marketable securities. It bears interest at LIBOR plus 1.10%. The amount available under the line of credit is based on a percentage of the market value of the underlying securities. We did not have any amounts outstanding under our line of credit at September 30, 2017 or December 31, 2016, and the maximum available borrowings under the line of credit were $7.0 million and $7.0 million, respectively. |
Fair Value Measurements and D25
Fair Value Measurements and Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | We have segregated all financial assets and liabilities 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): September 30, 2017 Level 1 Level 2 Level 3 Fair Value Measurement Assets Cash equivalents $ 8 $ — $ — $ 8 Marketable securities 14,648 — — 14,648 Interest rate swaps — 177 — 177 Total $ 14,656 $ 177 $ — $ 14,833 December 31, 2016 Level 1 Level 2 Level 3 Fair Value Measurement Assets Cash equivalents $ 4 $ — $ — $ 4 Marketable securities 14,359 — — 14,359 Interest rate swaps — 161 — 161 Total $ 14,363 $ 161 $ — $ 14,524 |
Summary of Carrying Values and Estimated Fair Values of Promissory Notes | The carrying value and estimated fair value of these promissory notes at September 30, 2017 is summarized as follows: Carrying Value Estimated Fair Value Equipment promissory notes $ 106,777 $ 106,671 |
Transactions with Affiliates (T
Transactions with Affiliates (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Amounts Charged to UTSI | Following is a schedule of cost incurred and included in operating expenses for services provided by affiliates for the thirteen weeks and thirty-nine weeks ended September 30, 2017 and October 1, 2016 (in thousands): Thirteen weeks ended Thirty-nine weeks ended September 30, 2017 October 1, 2016 September 30, 2017 October 1, 2016 Administrative support services $ 572 $ 548 $ 1,702 $ 1,906 Truck fuel, tolls and maintenance 645 619 1,912 1,864 Real estate rent and related costs 4,230 4,218 12,947 12,458 Insurance and employee benefit plans 14,010 12,496 43,511 34,802 Purchased transportation and equipment rent 20 4 35 230 Total $ 19,477 $ 17,885 $ 60,107 $ 51,260 |
Schedule of Revenues Generated from Services Provided to Affiliates | Following is a schedule of revenues generated from services provided to affiliates for the thirteen weeks and thirty-nine weeks ended September 30, 2017 and October 1, 2016 (in thousands): Thirteen weeks ended Thirty-nine weeks ended September 30, 2017 October 1, 2016 September 30, 2017 October 1, 2016 Purchased transportation and equipment rent $ 187 $ 284 $ 737 $ 626 Total $ 187 $ 284 $ 737 $ 626 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Components of Comprehensive Income | Comprehensive income includes the following (in thousands): Thirteen weeks ended Thirty-nine weeks ended September 30, 2017 October 1, 2016 September 30, 2017 October 1, 2016 Unrealized holding gain (loss) on available-for-sale investments arising during the period: Gross amount $ 846 $ (224 ) $ 1,140 $ 739 Income tax (expense) benefit (312 ) 77 (423 ) (272 ) Net of tax amount $ 534 $ (147 ) $ 717 $ 467 Realized (gains) on available-for-sale investments reclassified into income: Gross amount $ (618 ) $ (52 ) $ (923 ) $ (91 ) Income tax expense 231 23 352 38 Net of tax amount $ (387 ) $ (29 ) $ (571 ) $ (53 ) Unrealized holding loss (gain) on interest rate swaps arising during the period: Gross amount $ 50 $ 73 $ 16 $ (627 ) Income tax benefit (expense) 5 (28 ) 18 238 Net of tax amount $ 55 $ 45 $ 34 $ (389 ) Foreign currency translation adjustments $ 713 $ (293 ) $ 888 $ (990 ) |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 Date Non-vested at January 1, 2017 45,000 $ 17.75 Granted 10,000 $ 13.45 Vested (12,500 ) $ 19.65 Forfeited — $ — Balance at September 30, 2017 42,500 $ 16.22 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 thirty-nine week periods ended September 30, 2017 and October 1, 2016 (in thousands): Thirteen weeks ended September 30, 2017 Transportation Logistics Other Total Operating revenues $ 199,013 $ 113,667 $ 321 $ 313,001 Eliminated inter-segment revenues (259 ) (2,139 ) - (2,398 ) Income (loss) from operations (7,641 ) 4,692 (535 ) (3,484 ) Total assets 288,917 287,649 27,289 603,855 Thirteen weeks ended October 1, 2016 Transportation Logistics Other Total Operating revenues $ 169,655 $ 101,110 $ 728 $ 271,493 Eliminated inter-segment revenues (527 ) (1,966 ) — (2,493 ) Income from operations 4,577 5,360 90 10,027 Total assets 241,540 295,583 21,108 558,231 Thirty-nine weeks ended September 30, 2017 Transportation Logistics Other Total Operating revenues $ 552,442 $ 349,252 $ 948 $ 902,642 Eliminated inter-segment revenues (1,025 ) (6,124 ) - (7,149 ) Income (loss) from operations 7,208 6,359 (1,465 ) 12,102 Total assets 288,917 287,649 27,289 603,855 Thirty-nine weeks ended October 1, 2016 Transportation Logistics Other Total Operating revenues $ 496,488 $ 310,896 $ 1,316 $ 808,700 Eliminated inter-segment revenues (1,471 ) (5,967 ) — (7,438 ) Income (loss) from operations 17,384 24,517 (1,170 ) 40,731 Total assets 241,540 295,583 21,108 558,231 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Cost, Gross Unrealized Holding Gains Losses, and Fair Value of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Investments Debt And Equity Securities [Abstract] | ||
Equity Securities, Cost | $ 10,231 | $ 10,168 |
Equity Securities, Gross Unrealized Holding Gains | 4,991 | 4,780 |
Equity Securities, Gross Unrealized Holding (Losses) | (574) | (589) |
Equity Securities, Fair Value | $ 14,648 | $ 14,359 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($)Company | |
Marketable Securities [Abstract] | |
Fair value of equity securities | $ 2.4 |
Temporary impairment loss of equity securities | $ 0.6 |
Number of investments in publicly traded companies | Company | 21 |
Marketable Securities - Sched32
Marketable Securities - Schedule of Gross Unrealized Holding Losses and Fair Value of Marketable Securities (Detail) - Equity securities [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Equity securities, Less than 12 Months Fair Value | $ 988 | $ 426 |
Equity securities, Less than 12 Months Unrealized Losses | 75 | 41 |
Equity securities, 12 Months or Greater Fair Value | 1,428 | 2,438 |
Equity securities, 12 Months or Greater Unrealized Losses | 499 | 548 |
Equity securities, Total, Fair Value | 2,416 | 2,864 |
Equity securities, Total, Unrealized Losses | $ 574 | $ 589 |
Accrued Expenses and Other Cu33
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Payables And Accruals [Abstract] | ||
Payroll related items | $ 9,718 | $ 8,379 |
Driver escrow liabilities | 3,728 | 7,601 |
Commissions, taxes and other | 11,362 | 3,785 |
Total | $ 24,808 | $ 19,765 |
Debt - Details of Debt (Detail)
Debt - Details of Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | |
Outstanding Debt: | |||
Unamortized debt issuance costs | $ (1,342) | $ (1,583) | |
Outstanding Debt | 243,540 | 261,267 | |
Less current portion of long-term debt | 39,186 | 34,455 | |
Total long-term debt, net of current portion | 204,354 | 226,812 | |
ABL Facility [Member] | |||
Outstanding Debt: | |||
Outstanding Debt | [1] | $ 65,350 | 71,600 |
ABL Facility [Member] | Minimum [Member] | |||
Outstanding Debt: | |||
Credit facility, Interest Rates | [1] | 2.99% | |
ABL Facility [Member] | Maximum [Member] | |||
Outstanding Debt: | |||
Credit facility, Interest Rates | [1] | 5.00% | |
Westport Facility Term Loan [Member] | |||
Outstanding Debt: | |||
Credit facility, Interest Rates | [2] | 4.24% | |
Outstanding Debt | [2] | $ 26,994 | 34,000 |
Westport Facility Revolver [Member] | |||
Outstanding Debt: | |||
Credit facility, Interest Rates | [2] | 3.74% | |
Outstanding Debt | [2] | 3,000 | |
Equipment Financing [Member] | |||
Outstanding Debt: | |||
Outstanding Debt | [3] | $ 106,777 | 104,607 |
Equipment Financing [Member] | Minimum [Member] | |||
Outstanding Debt: | |||
Credit facility, Interest Rates | [3] | 3.18% | |
Equipment Financing [Member] | Maximum [Member] | |||
Outstanding Debt: | |||
Credit facility, Interest Rates | [3] | 4.11% | |
Real Estate Financing [Member] | |||
Outstanding Debt: | |||
Credit facility, Interest Rates | [4] | 3.48% | |
Outstanding Debt | [4] | $ 45,761 | $ 49,643 |
Margin Facility [Member] | |||
Outstanding Debt: | |||
Credit facility, Interest Rates | [5] | 2.34% | |
[1] | The ABL Facility provides for maximum borrowings of $120 million at a variable rate of interest based on LIBOR or a base rate, and matures on December 23, 2020. The facility, which is secured by cash, deposits and accounts receivable of the borrowing subsidiaries, includes customary affirmative and negative covenants and events of default, as well as financial covenants requiring a minimum fixed charge coverage ratio to be maintained after a triggering event. Interest on base rate advances is payable quarterly, and interest on each LIBOR-based advance is payable on the last day of the applicable interest period. At September 30, 2017, we were in compliance with all covenants under the Facility, and $40.5 million was available for borrowing. | ||
[2] | The Westport Facility provides our subsidiary, Westport Axle Corporation, with maximum borrowings of $60 million in the form of a $40 million term loan and a $20 million revolver. Borrowings under the Westport Facility, which matures on December 23, 2020, accrue interest at a variable interest rate based on LIBOR or a base rate, and are secured by all of Westport’s assets. The Company becomes a guarantor upon the occurrence of certain events specified in the Westport Facility. Borrowings are repaid in part quarterly with the balance due at maturity. Interest on base rate advances is payable quarterly, and interest on each LIBOR-based advance is payable on the last day of the applicable interest period. The Westport Facility includes customary affirmative and negative covenants and events of default. At September 30, 2017, we were in compliance with all covenants, and $13.7 million was available for borrowing. | ||
[3] | The Equipment Financing consists of a series of promissory notes issued by a wholly-owned subsidiary in order to finance transportation equipment. The equipment notes, which are secured by liens on selected titled vehicles, include certain affirmative and negative covenants, are generally payable in 60 monthly installments and bear interest at fixed rates ranging from 3.18% to 4.11%. At September 30, 2017, we were in compliance with all covenants. | ||
[4] | The Real Estate Financing consists of a series of promissory notes issued by a wholly-owned subsidiary in order to finance certain purchases of real property and refinance a portion of indebtedness pursuant to a previous $40 million unsecured loan. The promissory notes require monthly payments of principal and accrued interest until their maturity on June 30, 2026. The notes are secured by first mortgages and assignment of leases on specific parcels of real estate and improvements included in a collateral pool specified in the security documents. The Real Estate Financing includes an additional promissory note that is secured by other real property and improvements and matures on September 5, 2026. Each of the notes bears interest at LIBOR plus 2.25%. At September 30, 2017, we were in compliance with all covenants. | ||
[5] | The Margin Facility is a short-term line of credit secured by our portfolio of marketable securities. It bears interest at LIBOR plus 1.10%. The amount available under the line of credit is based on a percentage of the market value of the underlying securities. We did not have any amounts outstanding under our line of credit at September 30, 2017 or December 31, 2016, and the maximum available borrowings under the line of credit were $7.0 million and $7.0 million, respectively. |
Debt - Details of Debt (Parenth
Debt - Details of Debt (Parenthetical) (Detail) | 9 Months Ended | ||
Sep. 30, 2017USD ($)Installment | Dec. 31, 2016USD ($) | ||
Debt Instrument [Line Items] | |||
Credit facility, borrowing capacity | $ 60,000,000 | ||
Description of variable rate basis | LIBOR rate plus 2.25% | ||
ABL Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility, borrowing capacity | $ 120,000,000 | ||
Credit facility, expiration date | Dec. 23, 2020 | ||
Credit facility available for borrowings | $ 40,500,000 | ||
Westport Facility Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility, borrowing capacity | 40,000,000 | ||
Westport Facility Revolver [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility, borrowing capacity | $ 20,000,000 | ||
Westport Facility | |||
Debt Instrument [Line Items] | |||
Credit facility, expiration date | Dec. 23, 2020 | ||
Credit facility available for borrowings | $ 13,700,000 | ||
Equipment Financing [Member] | |||
Debt Instrument [Line Items] | |||
Number of installments | Installment | 60 | ||
Frequency of installments | monthly | ||
Equipment Financing [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility, Interest Rates | [1] | 3.18% | |
Equipment Financing [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility, Interest Rates | [1] | 4.11% | |
Real Estate Financing [Member] | Unsecured Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 40,000,000 | ||
Frequency of installments | Monthly | ||
Principal amount due date | Jun. 30, 2026 | ||
Real Estate Financing [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount due date | Sep. 5, 2026 | ||
Description of variable rate basis | LIBOR plus 2.25% | ||
Real Estate Financing [Member] | Secured Debt [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate above variable base rate | 2.25% | ||
Margin Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility available for borrowings | $ 7,000,000 | $ 7,000,000 | |
Description of variable rate basis | LIBOR plus 1.10% | ||
Margin Facility [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate above variable base rate | 1.10% | ||
[1] | The Equipment Financing consists of a series of promissory notes issued by a wholly-owned subsidiary in order to finance transportation equipment. The equipment notes, which are secured by liens on selected titled vehicles, include certain affirmative and negative covenants, are generally payable in 60 monthly installments and bear interest at fixed rates ranging from 3.18% to 4.11%. At September 30, 2017, we were in compliance with all covenants. |
Debt - Additional Information (
Debt - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2017USD ($)Agreement | |
Line of Credit Facility [Line Items] | |
Number of swap agreements | Agreement | 3 |
Notional amount | $ 27,700,000 |
Description of variable rate basis | LIBOR rate plus 2.25% |
Swap A [Member] | |
Line of Credit Facility [Line Items] | |
Notional amount | $ 10,000,000 |
Interest accrued percentage | 4.16% |
Effective date | Oct. 31, 2016 |
Swap B [Member] | |
Line of Credit Facility [Line Items] | |
Notional amount | $ 5,700,000 |
Interest accrued percentage | 3.83% |
Effective date | Oct. 31, 2016 |
Interest Rate Swap C | |
Line of Credit Facility [Line Items] | |
Notional amount | $ 12,000,000 |
Description of variable rate basis | one-month LIBOR rate |
Swap interest rate | 0.78% |
Fair value asset of swap agreement | $ 200,000 |
Fair Value Measurements and D37
Fair Value Measurements and Disclosures - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 14,648 | $ 14,359 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 8 | 4 |
Marketable securities | 14,648 | 14,359 |
Interest rate swaps | 177 | 161 |
Total | 14,833 | 14,524 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 8 | 4 |
Marketable securities | 14,648 | 14,359 |
Total | 14,656 | 14,363 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 177 | 161 |
Total | $ 177 | $ 161 |
Fair Value Measurements and D38
Fair Value Measurements and Disclosures - Summary of Carrying Values and Estimated Fair Values of Promissory Notes (Detail) - Equipment Promissory Notes [Member] | Sep. 30, 2017USD ($) |
Carrying Reported Amount Fair Value Disclosure [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Debt instrument | $ 106,777 |
Estimate of Fair Value Measurement [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Debt instrument | $ 106,671 |
Transactions with Affiliates -
Transactions with Affiliates - Schedule of Amounts Charged to UTSI (Detail) - Affiliates [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Related Party Transaction [Line Items] | ||||
Cost incurred for services provided by CenTra and affiliates | $ 19,477 | $ 17,885 | $ 60,107 | $ 51,260 |
Administrative support services [Member] | ||||
Related Party Transaction [Line Items] | ||||
Cost incurred for services provided by CenTra and affiliates | 572 | 548 | 1,702 | 1,906 |
Truck fuel, tolls and maintenance [Member] | ||||
Related Party Transaction [Line Items] | ||||
Cost incurred for services provided by CenTra and affiliates | 645 | 619 | 1,912 | 1,864 |
Real estate rent and related costs [Member] | ||||
Related Party Transaction [Line Items] | ||||
Cost incurred for services provided by CenTra and affiliates | 4,230 | 4,218 | 12,947 | 12,458 |
Insurance and employee benefit plans [Member] | ||||
Related Party Transaction [Line Items] | ||||
Cost incurred for services provided by CenTra and affiliates | 14,010 | 12,496 | 43,511 | 34,802 |
Purchased transportation and equipment rent [Member] | ||||
Related Party Transaction [Line Items] | ||||
Cost incurred for services provided by CenTra and affiliates | $ 20 | $ 4 | $ 35 | $ 230 |
Transactions with Affiliates 40
Transactions with Affiliates - Additional Information (Detail) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017USD ($)Facility | Oct. 01, 2016USD ($) | Dec. 31, 2016USD ($) | |
Related Party Transaction [Line Items] | |||
Occupancy of facilities either on monthly or contractual basis | Facility | 35 | ||
Insurance, claims and other receivables | $ 7,500 | $ 8,700 | |
Due to affiliates | 6,601 | 4,597 | |
Due from affiliates | 2,664 | $ 2,513 | |
Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Cost of real property improvements | $ 1,000 | ||
Affiliates [Member] | Used Equipment [Member] | |||
Related Party Transaction [Line Items] | |||
Cost of purchase from an affiliate | 1,800 | ||
Affiliates [Member] | Wheels and Tires [Member] | |||
Related Party Transaction [Line Items] | |||
Cost of purchase from an affiliate | $ 1,800 | 1,400 | |
Affiliates [Member] | Revenue Equipment [Member] | |||
Related Party Transaction [Line Items] | |||
Cost of purchase from an affiliate | $ 200 |
Transactions with Affiliates 41
Transactions with Affiliates - Schedule of Revenues Generated from Services Provided to Affiliates (Detail) - Affiliates [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Related Party Transaction [Line Items] | ||||
Revenues generated from services provided to affiliates | $ 187 | $ 284 | $ 737 | $ 626 |
Purchased transportation and equipment rent [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenues generated from services provided to affiliates | $ 187 | $ 284 | $ 737 | $ 626 |
Comprehensive Income - Componen
Comprehensive Income - Components of Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Unrealized holding gain (loss) on available-for-sale investments, Gross amount | $ 846 | $ (224) | $ 1,140 | $ 739 |
Unrealized holding gain (loss) on available-for-sale investments, Income tax (expenses) benifit | (312) | 77 | (423) | (272) |
Unrealized holding gain (loss) on available-for-sale investments, Net of tax amount | 534 | (147) | 717 | 467 |
Realized (gains) on available-for-sale investments reclassified into income, Gross amount | (618) | (52) | (923) | (91) |
Realized (gains) on available-for-sale investments reclassified into income, Income tax expense | 231 | 23 | 352 | 38 |
Realized (gains) on available-for-sale investments reclassified into income, Net of tax amount | (387) | (29) | (571) | (53) |
Unrealized holding loss (gain) on interest rate swaps, Gross amount | 50 | 73 | 16 | (627) |
Unrealized holding loss (gain) on interest rate swaps, Income tax benefit (expense) | 5 | (28) | 18 | 238 |
Unrealized holding loss (gain) on interest rate swaps, Net of tax amount | 55 | 45 | 34 | (389) |
Foreign currency translation adjustments | $ 713 | $ (293) | $ 888 | $ (990) |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Feb. 22, 2017 | Feb. 24, 2016 | Dec. 23, 2015 | Apr. 29, 2015 | Mar. 05, 2015 | Dec. 20, 2012 | Sep. 30, 2017 | Oct. 01, 2016 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Restricted stock grants vested | 25.00% | 25.00% | ||||||
Total fair value of shares vested | $ 0.2 | $ 0.2 | ||||||
Total unrecognized compensation cost | 0.7 | |||||||
Share based compensation cost is expected to be recognized on a straight-line basis during remainder of 2017 | 0.1 | |||||||
Share based compensation cost is expected to be recognized on a straight-line basis in fiscal 2018 | 0.4 | |||||||
Share based compensation cost is expected to be recognized on a straight-line basis in fiscal 2019 | 0.1 | |||||||
Share based compensation cost is expected to be recognized on a straight-line basis in fiscal 2020 | $ 0.1 | |||||||
Equal Installments with the Final Vesting on March 5, 2020 [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Additional restricted stock grants vested per year | 25.00% | |||||||
Equal Increments on Each December 20 in 2016, 2017 and 2018 [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Additional restricted stock grants vested per year | 25.00% | |||||||
Grants Vesting on December 20, 2016 [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Additional restricted stock grants vested per year | 20.00% | |||||||
Chief Executive Officer [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Restricted stock grants vested | 25.00% | 25.00% | 25.00% | 25.00% | ||||
Restricted Stock [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares of restricted stock granted | 50,000 | 178,137 | 10,000 | |||||
Restricted stock grant date fair value per share | $ 14.93 | $ 16.42 | $ 13.45 | |||||
Restricted Stock [Member] | Chief Executive Officer [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares of restricted stock granted | 10,000 | 10,000 | 10,000 | 20,000 | 10,000 | |||
Restricted stock grant date fair value per share | $ 13.45 | $ 15.55 | $ 22.03 | $ 25.18 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Status of Nonvested Shares (Detail) - Restricted Stock [Member] - $ / shares | Dec. 23, 2015 | Dec. 20, 2012 | Sep. 30, 2017 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares Nonvested, Beginning Balance | 45,000 | ||
Shares, Granted | 50,000 | 178,137 | 10,000 |
Shares, Vested | (12,500) | ||
Shares, Ending Balance | 42,500 | ||
Weighted Average Grant Date Fair Value, Beginning Balance | $ 17.75 | ||
Weighted Average Grant Date Fair Value, Granted | $ 14.93 | $ 16.42 | 13.45 |
Weighted Average Grant Date Fair Value, Vested | 19.65 | ||
Weighted Average Grant Date Fair Value, Ending Balance | $ 16.22 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Earnings Per Share [Abstract] | ||||
Weighted average non-vested shares of restricted shares | 2,841 | 0 | 610 | 0 |
Antidilutive securities excluded from computation of earnings per share, amount | 35,000 | 68,225 | 7,500 | 68,225 |
Dividends - Additional Informat
Dividends - Additional Information (Detail) - $ / shares | Jul. 27, 2017 | Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 |
Earnings Per Share [Abstract] | |||||
Quarterly cash dividend declared per common stock | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.21 | $ 0.21 |
Dividends payable, date declared | Jul. 27, 2017 | ||||
Dividends payable, recorded date | Aug. 7, 2017 | ||||
Dividends payable, date to be paid | Aug. 17, 2017 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2017Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Reporting - Summary of
Segment Reporting - Summary of Company's Reportable Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 313,001 | $ 271,493 | $ 902,642 | $ 808,700 | |
Income (loss) from operations | (3,484) | 10,027 | 12,102 | 40,731 | |
Total assets | 603,855 | 558,231 | 603,855 | 558,231 | $ 570,457 |
Operating Segments [Member] | Transportation [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 199,013 | 169,655 | 552,442 | 496,488 | |
Income (loss) from operations | (7,641) | 4,577 | 7,208 | 17,384 | |
Total assets | 288,917 | 241,540 | 288,917 | 241,540 | |
Operating Segments [Member] | Logistics [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 113,667 | 101,110 | 349,252 | 310,896 | |
Income (loss) from operations | 4,692 | 5,360 | 6,359 | 24,517 | |
Total assets | 287,649 | 295,583 | 287,649 | 295,583 | |
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 321 | 728 | 948 | 1,316 | |
Income (loss) from operations | (535) | 90 | (1,465) | (1,170) | |
Total assets | 27,289 | 21,108 | 27,289 | 21,108 | |
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (2,398) | (2,493) | (7,149) | (7,438) | |
Intersegment Eliminations [Member] | Transportation [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (259) | (527) | (1,025) | (1,471) | |
Intersegment Eliminations [Member] | Logistics [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ (2,139) | $ (1,966) | $ (6,124) | $ (5,967) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Oct. 16, 2017 | Jul. 21, 2017 | Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | Dec. 31, 2016 |
Concentration Risk [Line Items] | |||||||
Additional insurance and claims expense | $ 20,562,000 | $ 4,949,000 | $ 35,958,000 | $ 13,607,000 | |||
Insurance and claims | 35,478,000 | $ 35,478,000 | $ 19,754,000 | ||||
Lawsuit filing date | June 11, 2015 | ||||||
Damages sought from debtor relating to unpaid freight charges | $ 1,900,000 | ||||||
Damages received from debtor relating to unpaid freight charges | $ 1,900,000 | ||||||
Accrual insurance and claims | $ 1,800,000 | $ 1,800,000 | |||||
Workforce Subject to Collective Bargaining Arrangements [Member] | Unionized Employees Concentration Risk [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Percentage of employees agreements that expire in 2017 | 0.00% | ||||||
United States, Canada and Colombia [Member] | Workforce Subject to Collective Bargaining Arrangements [Member] | Unionized Employees Concentration Risk [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Percentage of revenues from major customers | 27.00% | ||||||
Mexico [Member] | Workforce Subject to Collective Bargaining Arrangements [Member] | Unionized Employees Concentration Risk [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Percentage of revenues from major customers | 87.00% | ||||||
Dalton Logistics, Inc [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Loss contingency damages awarded value to defendant | $ 5,700,000 | ||||||
Subsequent Event [Member] | Denton v. UACL, et al [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Loss contingency damages awarded value to defendant | $ 54,200,000 | ||||||
Percentage of compensatory damages | 40.00% | ||||||
Verdict compensatory damages | $ 19,200,000 | ||||||
Verdict punitive damages | 35,000,000 | ||||||
Insurance coverage available for reimbursement | 1,000,000 | ||||||
Additional insurance and claims expense | 15,600,000 | ||||||
Insurance and claims | 18,200,000 | ||||||
Minimum [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Estimated possible range of financial exposure | $ 0 | ||||||
Minimum [Member] | Subsequent Event [Member] | Denton v. UACL, et al [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Estimated possible range of financial exposure | 18,200,000 | ||||||
Maximum [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Estimated possible range of financial exposure | $ 3,800,000 | ||||||
Maximum [Member] | Subsequent Event [Member] | Denton v. UACL, et al [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Estimated possible range of financial exposure | $ 53,200,000 |
Recent Accounting Pronounceme50
Recent Accounting Pronouncements- Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Accounting Changes And Error Corrections [Abstract] | ||
Equity Securities, Gross unrealized holding gains | $ 4,991 | $ 4,780 |
Equity Securities, Gross unrealized holding losses | $ 574 | 589 |
Disclose of operating lease obligations | $ 72,100 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - $ / shares | Oct. 26, 2017 | Jul. 27, 2017 | Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 |
Subsequent Event [Line Items] | ||||||
Dividends payable, date declared | Jul. 27, 2017 | |||||
Quarterly cash dividend declared per common stock | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.21 | $ 0.21 | |
Dividends payable, recorded date | Aug. 7, 2017 | |||||
Dividends payable, date to be paid | Aug. 17, 2017 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Dividends payable, date declared | Oct. 26, 2017 | |||||
Quarterly cash dividend declared per common stock | $ 0.07 | |||||
Dividends payable, recorded date | Nov. 6, 2017 | |||||
Dividends payable, date to be paid | Nov. 16, 2017 |