Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 30, 2019 | May 06, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ULH | |
Entity Registrant Name | Universal Logistics Holdings, Inc. | |
Entity Central Index Key | 0001308208 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 28,838,827 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 6,336 | $ 5,727 |
Marketable securities | 10,208 | 9,333 |
Accounts receivable – net of allowance for doubtful accounts of $1,757 and $1,772, respectively | 216,218 | 215,991 |
Other receivables | 20,256 | 19,130 |
Prepaid expenses and other | 17,829 | 19,830 |
Due from affiliates | 4,617 | 5,247 |
Total current assets | 275,464 | 275,258 |
Property and equipment – net of accumulated depreciation of $239,123 and $231,319, respectively | 300,262 | 303,234 |
Operating lease right-of-use asset | 83,828 | |
Goodwill | 147,935 | 145,152 |
Intangible assets – net of accumulated amortization of $66,668 and $62,624, respectively | 106,142 | 113,775 |
Deferred income taxes | 2,900 | 2,549 |
Other assets | 3,194 | 3,179 |
Total assets | 919,725 | 843,147 |
Current liabilities: | ||
Accounts payable | 100,680 | 92,019 |
Current portion of long-term debt | 53,501 | 51,903 |
Insurance and claims | 33,088 | 31,679 |
Accrued expenses and other current liabilities | 28,284 | 25,126 |
Current portion of operating lease liabilities | 25,021 | |
Due to affiliates | 12,637 | 17,764 |
Income taxes payable | 11,024 | 2,678 |
Total current liabilities | 264,235 | 221,169 |
Long-term liabilities: | ||
Long-term debt, net of current portion | 316,124 | 348,549 |
Operating lease liabilities, net of current portion | 59,277 | |
Deferred income taxes | 55,468 | 59,228 |
Other long-term liabilities | 3,967 | 4,902 |
Total long-term liabilities | 434,836 | 412,679 |
Shareholders' equity: | ||
Common stock, no par value. Authorized 100,000,000 shares; 30,970,452 and 30,965,452 shares issued; 28,383,827 and 28,378,827 shares outstanding, respectively | 30,972 | 30,967 |
Paid-in capital | 4,298 | 4,230 |
Treasury stock, at cost; 2,586,625 shares | (52,462) | (52,462) |
Retained earnings | 242,721 | 231,525 |
Accumulated other comprehensive income (loss): | ||
Interest rate swaps, net of income taxes of $50 and $94, respectively | 155 | 298 |
Foreign currency translation adjustments | (5,030) | (5,259) |
Total shareholders’ equity | 220,654 | 209,299 |
Total liabilities and shareholders’ equity | $ 919,725 | $ 843,147 |
Unaudited Consolidated Balanc_2
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 1,757 | $ 1,772 |
Property and equipment, accumulated depreciation | 239,123 | 231,319 |
Intangible assets, accumulated amortization | $ 66,668 | $ 62,624 |
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 30,970,452 | 30,965,452 |
Common stock, shares outstanding | 28,383,827 | 28,383,827 |
Treasury stock, shares | 2,586,625 | 2,586,625 |
Interest rate swaps, income taxes | $ 50 | $ 94 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Operating revenues: | ||
Truckload services | $ 65,671 | $ 77,192 |
Brokerage services | 85,867 | 78,159 |
Intermodal services | 91,168 | 46,609 |
Dedicated services | 37,021 | 35,020 |
Value-added services | 97,679 | 98,133 |
Total operating revenues | 377,406 | 335,113 |
Operating expenses: | ||
Purchased transportation and equipment rent | 177,325 | 162,011 |
Direct personnel and related benefits | 93,167 | 85,956 |
Operating supplies and expenses | 30,770 | 28,091 |
Commission expense | 7,836 | 8,913 |
Occupancy expense | 9,284 | 7,373 |
General and administrative | 9,241 | 7,987 |
Insurance and claims | 6,352 | 5,460 |
Depreciation and amortization | 16,918 | 12,218 |
Total operating expenses | 350,893 | 318,009 |
Income from operations | 26,513 | 17,104 |
Interest income | 22 | 17 |
Interest expense | (4,391) | (2,570) |
Other non-operating income (expense) | 953 | (395) |
Income before income taxes | 23,097 | 14,156 |
Income tax expense | 5,800 | 3,722 |
Net income | $ 17,297 | $ 10,434 |
Earnings per common share: | ||
Basic | $ 0.61 | $ 0.37 |
Diluted | $ 0.61 | $ 0.37 |
Weighted average number of common shares outstanding: | ||
Basic | 28,380 | 28,386 |
Diluted | 28,381 | 28,393 |
Dividends declared per common share | $ 0.105 | $ 0.105 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net Income | $ 17,297 | $ 10,434 |
Other comprehensive income: | ||
Unrealized changes in fair value of interest rate swaps, net of income taxes of $(44) and $61, respectively | (143) | 200 |
Foreign currency translation adjustments | 229 | 1,521 |
Total other comprehensive income | 86 | 1,721 |
Total comprehensive income | $ 17,383 | $ 12,155 |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Unrealized changes in fair value of interest rate swaps, tax | $ (44) | $ 61 |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 17,297 | $ 10,434 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 16,918 | 12,218 |
Noncash lease expense | 7,103 | |
(Gain) loss on marketable equity securities | (875) | 520 |
Gain on disposal of property and equipment | (24) | (9) |
Amortization of debt issuance costs | 147 | 85 |
Stock-based compensation | 73 | 245 |
Provision (credit) for doubtful accounts | 507 | (297) |
Deferred income taxes | (3,240) | (1,564) |
Change in assets and liabilities: | ||
Trade and other accounts receivable | (1,752) | (23,177) |
Prepaid expenses and other assets | 1,810 | 4,067 |
Accounts payable, accrued expenses and other current liabilities, insurance and claims, and income taxes payable | 21,926 | 21,523 |
Principal reduction in operating lease liabilities | (6,692) | |
Due to/from affiliates, net | (4,497) | (7,307) |
Other long-term liabilities | (935) | (630) |
Net cash provided by operating activities | 47,766 | 16,108 |
Cash flows from investing activities: | ||
Capital expenditures | (10,790) | (7,336) |
Proceeds from the sale of property and equipment | 913 | 1,255 |
Purchases of marketable securities | (119) | |
Proceeds from sale of marketable securities | 2,811 | |
Acquisition of business | (427) | (34,850) |
Net cash used in investing activities | (10,304) | (38,239) |
Cash flows from financing activities: | ||
Proceeds from borrowing - revolving debt | 15,565 | 89,850 |
Repayments of debt - revolving debt | (41,249) | (72,349) |
Proceeds from borrowing - term debt | 7,979 | 12,406 |
Repayments of debt - term debt | (12,728) | (12,619) |
Borrowings under margin account | 9,100 | |
Repayments under margin account | (541) | (3,364) |
Payment of capital lease obligations | (22) | |
Capitalized financing costs | (124) | |
Dividends paid | (6,101) | (1,988) |
Net cash (used in) provided by financing activities | (37,075) | 20,890 |
Effect of exchange rate changes on cash and cash equivalents | 222 | 1,714 |
Net increase in cash | 609 | 473 |
Cash and cash equivalents – beginning of period | 5,727 | 1,672 |
Cash and cash equivalents – end of period | 6,336 | 2,145 |
Supplemental cash flow information: | ||
Cash paid for interest | 4,091 | 2,408 |
Cash paid for income taxes | 769 | 1,185 |
Acquisition of business: | ||
Fair value of assets acquired | 38,943 | |
Liabilities assumed | (3,838) | |
Acquisition obligation | (255) | |
Payment of acquisition obligations | 427 | |
Net cash paid for acquisition of business | $ 427 | $ 34,850 |
Unaudited Consolidated Statem_5
Unaudited Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common stock [Member] | Paid-in capital [Member] | Treasury stock [Member] | Retained earnings [Member] | Accumulated other comprehensive income (loss) [Member] |
Balances at Dec. 31, 2017 | $ 168,765 | $ 30,943 | $ 3,841 | $ (51,532) | $ 186,226 | $ (713) |
Net income | 10,434 | 10,434 | ||||
Comprehensive income | 1,721 | 1,721 | ||||
Cumulative effect adjustment | ASU 2014-09 [Member] | 228 | 228 | ||||
Cumulative effect adjustment | ASU 2016-01 [Member] | 3,823 | (3,823) | ||||
Dividends paid | (1,988) | (1,988) | ||||
Stock based compensation | 245 | 12 | 233 | |||
Balances at Mar. 31, 2018 | 179,405 | 30,955 | 4,074 | (51,532) | 198,723 | (2,815) |
Balances at Dec. 31, 2018 | 209,299 | 30,967 | 4,230 | (52,462) | 231,525 | (4,961) |
Net income | 17,297 | 17,297 | ||||
Comprehensive income | 86 | 86 | ||||
Dividends paid | (6,101) | (6,101) | ||||
Stock based compensation | 73 | 5 | 68 | |||
Balances at Mar. 30, 2019 | $ 220,654 | $ 30,972 | $ 4,298 | $ (52,462) | $ 242,721 | $ (4,875) |
Unaudited Consolidated Statem_6
Unaudited Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | ||
Dividends paid per share | $ 0.215 | $ 0.07 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (1) Basis of Presentation The accompanying unaudited consolidated financial statements of Universal Logistics Holdings, Inc. and its wholly-owned subsidiaries (collectively, “Universal” or the “Company”) have been prepared by the Company’s management. In the opinion of management, the unaudited consolidated financial statements include all normal recurring adjustments necessary to present fairly the information required to be set forth therein. All intercompany transactions and balances have been eliminated in consolidation. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, should be read in conjunction with the consolidated financial statements as of December 31, 2018 and 2017 and for each of the years in the three-year period ended December 31, 2018 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. The Company made certain immaterial reclassifications to items in its prior financial statements so that their presentation is consistent with the format in the financial statements for the period ended March 30, 2019. These reclassifications, however, had no effect on reported consolidated net income, comprehensive income, earnings per common share, cash flows, total assets or shareholders’ equity as previously reported. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 30, 2019 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | (2) Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income financial condition, results of operations, or cash flows. In June 2016, the FASB issued ASU No. 2016-13, (“ASU 2016-13”), Accounting for Credit Losses |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 30, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | (3) Revenue Recognition The Company broadly groups its services into the following categories: truckload services, brokerage services, intermodal services, dedicated services and value-added services. We disaggregate these categories and report our service lines separately on the Consolidated Statements of Income. Truckload services include dry van, flatbed, heavy-haul and refrigerated operations. We transport a wide variety of general commodities, including automotive parts, machinery, building materials, paper, food, consumer goods, furniture, steel and other metals on behalf of customers in various industries. To complement our available capacity, we provide customers freight brokerage services by utilizing third-party transportation providers to move freight. Brokerage services also include full service domestic and international freight forwarding, and customs brokerage. Intermodal services include rail-truck, steamship-truck and support services. Our intermodal support services are primarily short-to-medium distance delivery of rail and steamship containers between the railhead or port and the customer and drayage services. Dedicated services are primarily provided in support of automotive and retail customers using van equipment. Dedicated services also include our final mile and ground expedited services. Our dedicated services are primarily short run or round-trip moves within a defined geographic area. Transportation services are short-term in nature; agreements governing their provision generally have a term of less than one year. They do not contain significant financing components. The Company recognizes revenue over the period transportation services are provided to the customer, including service performed as of the end of the reporting period for loads currently in-transit, in order to recognize the value that is transferred to a customer over the course of the transportation service. We determine revenue in-transit using the input method, under which revenue is recognized based on the duration of time that has lapsed from the departure date (start of transportation services) to the arrival date (completion of transportation services). Measurement of revenue in-transit requires the application of significant judgment. We calculate the estimated percentage of an order’s transit time that is complete at period end, and we apply that percentage of completion to the order’s estimated revenue. Value-added services, which are typically dedicated to individual customer requirements, include material handling, consolidation, sequencing, sub-assembly, cross-dock services, kitting, repacking, warehousing and returnable container management. Value-added revenues are substantially driven by the level of demand for outsourced logistics services. Major factors that affect value-added service revenue includes changes in manufacturing supply chain requirements and production levels in specific industries, particularly the North American automotive and Class-8 heavy-truck industries. Revenue is recognized as control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration the Company expects to receive in exchange for its services. We have elected to use the “right to invoice” practical expedient to recognize revenue, The contracts in our value-added services businesses are negotiated agreements, which contain both fixed and variable components. The variability of revenues is driven by volumes and transactions, which are known as of an invoice date. Value-added service contracts typically have terms that extend beyond one year, and they do not include financing components. The following table provides information related to contract balances associated with our contracts with customers (in thousands): March 30, 2019 December 31, 2018 Prepaid expenses and other - contract assets $ 1,746 $ 1,901 We generally receive payment for performance obligations within 45 days of completion of transportation services and 65 days for completion of value-added services. Contract assets in the table above generally relate to revenue in-transit at the end of the reporting period. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Securities | (4 ) Marketable Securities The Company accounts for its marketable equity securities in accordance with ASC Topic 321 “ Investments- Equity Securities Marketable equity securities are carried at fair value, with gains and losses in fair market value included in the determination of net income. The fair value of marketable equity securities is determined based on quoted market prices in active markets, as described in Note 8. The following table sets forth market value, cost, and unrealized gains on equity securities (in thousands): March 30, 2019 December 31, 2018 Fair value $ 10,208 $ 9,333 Cost 9,333 11,143 Unrealized gain (loss) $ 875 $ (1,810 ) The following table sets forth the gross unrealized gains and losses on the Company’s marketable securities (in thousands): March 30, 2019 December 31, 2018 Gross unrealized gains $ 935 $ 89 Gross unrealized losses (60 ) (1,899 ) Net unrealized gains (losses) $ 875 $ (1,810 ) The following table shows the Company’s net realized gains (loss) on marketable equity securities (in thousands): Thirteen weeks ended March 30, 2019 March 31, 2018 Realized gain Sale proceeds $ — $ 2,811 Cost of securities sold — 2,684 Realized gain $ — $ 127 Realized gain, net of taxes $ — $ 94 During the thirteen-week periods ended March 30, 2019 and March 31, 2018, our marketable equity securities portfolio experienced a net unrealized pre-tax gain (loss) in market value of approximately $875,000 and $(647,000), respectively, which was reported in other non-operating income (expense) for the period. |
Goodwill
Goodwill | 3 Months Ended |
Mar. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | ( 5 ) Goodwill The changes in the carrying amount of goodwill during the thirteen weeks ended March 30, 2019 are as follows: Balance as of January 1, 2019 $ 145,152 Container Connection purchase accounting adjustment 2,783 Balance as of March 30, 2019 $ 147,935 During the thirteen weeks ended March 30, 2019, the Company made purchase accounting adjustments to the preliminary purchase price allocation of the Company’s December 7, 2018 acquisition of Container Connection. The adjustments resulted in an increase in goodwill of $2.8 million and in deferred tax liabilities of $0.8 million, with an offsetting decrease in intangible assets of $3.6 million. At March 30, 2019 and December 31, 2018, $91.6 million and $88.9 million of goodwill was recorded in our transportation segment, respectively. At both March 30, 2019 and December 31, 2018, $56.3 million of goodwill was recorded in our logistics segment. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 30, 2019 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | ( 6 ) Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities are comprised of the following (in thousands): March 30, 2019 December 31, 2018 Payroll related items $ 14,498 $ 11,476 Driver escrow liabilities 3,768 3,923 Commissions, taxes and other 10,018 9,727 Total $ 28,284 $ 25,126 |
Debt
Debt | 3 Months Ended |
Mar. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | ( 7 ) Debt Debt is comprised of the following (in thousands): Interest Rates at March 30, 2019 March 30, 2019 December 31, 2018 Outstanding Debt: Credit and Security Agreement (1) Term Loan 4.00% $ 148,125 $ 150,000 Revolver 4.00% 54,904 80,588 Equipment Financing (2) 3.18% to 5.13% 124,761 126,162 Real Estate Financing (3) 4.75% 44,391 45,864 Margin Facility (4) 3.60% — 541 Unamortized debt issuance costs (2,556 ) (2,703 ) 369,625 400,452 Less current portion of long-term debt 53,501 51,903 Total long-term debt, net of current portion $ 316,124 $ 348,549 (1) The Credit and Security Agreement (the “Credit Agreement”) provides for maximum borrowings of $350 million in the form of a $150 million term loan and a $200 million revolver. Term loan proceeds were advanced on November 27, 2018 and mature on November 26, 2023. The term loan will be repaid in consecutive quarterly installments, as defined in the Credit Agreement, commencing March 31, 2019, with the remaining balance due at maturity. Borrowings under the revolving credit facility may be made until and mature on November 26, 2023. Borrowings under the Credit Agreement bear interest at LIBOR or a base rate, plus an applicable margin for each based the Company’s leverage ratio. The Credit Agreement is secured by a first priority pledge of the capital stock of applicable subsidiaries, as well as first priority perfected security interest in cash, deposits, accounts receivable, and selected other assets of the applicable borrowers. The Credit Agreement includes customary affirmative and negative covenants and events of default, as well as financial covenants requiring minimum fixed charge coverage and leverage ratios, and customary mandatory prepayments provisions. At March 30, 2019, we were in compliance with all covenants under the facility, and $145.1 million was available for borrowing on the revolver (7) Debt – continued (2) 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 and are generally payable in 60 monthly installments and bear interest at fixed rates ranging from 3.18% to 5.13%. At March 30, 2019, we were in compliance with all covenants. (3) The Real Estate Financing consists of a series of promissory notes issued by a wholly-owned subsidiary in order to finance certain real property. The promissory notes, which are secured by first mortgages and assignment of leases on specific parcels of real estate and improvements, include certain affirmative and negative covenants and are generally payable in 120 monthly installments. Each of the notes bears interest at LIBOR plus 2.25%. At March 30, 2019, we were in compliance with all covenants. (4) 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. At March 30, 2019, the maximum available borrowings under the line of credit were $5.6 million. The Company is also party to two 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 $15.7 million at March 30, 2019. Under 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. At March 30, 2019, the fair value of the 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 8 for additional information pertaining to interest rate swaps. |
Fair Value Measurements and Dis
Fair Value Measurements and Disclosures | 3 Months Ended |
Mar. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Disclosures | ( 8 ) Fair Value Measurements and Disclosures FASB 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. ( 8 ) Fair Value Measurements and Disclosures – continued 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): March 30, 2019 Level 1 Level 2 Level 3 Fair Value Measurement Assets Cash equivalents $ 21 $ — $ — $ 21 Marketable securities 10,208 — — 10,208 Interest rate swaps — 205 — 205 Total $ 10,229 $ 205 $ — $ 10,434 December 31, 2018 Level 1 Level 2 Level 3 Fair Value Measurement Assets Marketable securities $ 9,333 $ — $ — $ 9,333 Interest rate swaps — 392 — 392 Total $ 9,333 $ 392 $ — $ 9,725 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 – 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 value 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 March 30, 2019 is summarized as follows: Carrying Value Estimated Fair Value Equipment promissory notes $ 124,761 $ 124,523 We have not elected the fair value option for any of our financial instruments. |
Leases
Leases | 3 Months Ended |
Mar. 30, 2019 | |
Leases [Abstract] | |
Leases | (9) Leases On January 1, 2019, we adopted ASU 2016-02, Leases We initially record these assets and liabilities based on the present value of lease payments over the lease term using our incremental borrowing rate applicable to the leased asset or the implicit rate in the lease if it is readily determinable. Most of our leases did not provide a readily determinable implicit rate, and therefore we estimated our incremental borrowing rate based on information available at lease commencement. The incremental borrowing rate is defined as the rate of interest that we would have to pay to borrow, on a collateralized basis and over a similar term, an amount equal to the lease payments in a similar economic environment. We elected to utilize a portfolio approach and applied the rates to a portfolio of leases with similar underlying assets and terms. Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019. ASU 2016-02 was adopted using the modified retrospective approach, and as such p rior period amounts are reported under the accounting standards in effect for those periods As of March 30, 2019, our obligations under operating lease arrangements primarily related to the rental of office space, warehouses, freight distribution centers, terminal yards and equipment We did not separate lease and nonlease components of contracts for purposes of determining the right-of use lease asset and corresponding liability. Variable lease components that do not depend on an index or a rate, and variable nonlease components were also not contemplated in the calculation of the right-of-use asset and corresponding liability. For facility leases, variable lease costs include the costs of common area maintenance, taxes, and insurance for which we pay the lessors an estimate that is adjusted to actual expense on a quarterly or annual basis depending on the underlying contract terms. For equipment leases, variable lease costs may include additional fees associated with using equipment in excess of estimated amounts. Leases with an initial term of 12 months or less, short-term leases, are not recorded on the balance sheet. Lease expense for short-term and long-term operating leases is recognized on a straight-line bases over the lease term. The following table summarizes our lease costs for the thirteen week period ended March 30, 2019 and related information (in thousands) Lease cost Operating lease cost $ 8,177 Short-term lease cost 1,393 Variable lease cost 333 Sublease income (671 ) Total lease cost $ 9,232 Other information Cash paid for amounts included in the measurement of operating leases $ 7,700 Right-of-use assets obtained in exchange for new operating lease liabilities $ 2,107 Weighted-average remaining lease term (in years) 4.8 Weighted-average discount rate 5.0 % (9) Future minimum lease payments under these operating leases as of March 30, 2019, are as follows (in thousands): With Affiliates With Third Parties Total Year one $ 9,416 $ 19,088 $ 28,504 Year two 6,535 14,371 20,906 Year three 4,444 7,790 12,234 Year four 3,646 4,891 8,537 Year five 3,595 4,422 8,017 Thereafter 7,205 9,869 17,074 Total required lease payments $ 34,841 $ 60,431 $ 95,272 Less amounts representing interest (10,974 ) Present value of lease liabilities $ 84,298 |
Transactions with Affiliates
Transactions with Affiliates | 3 Months Ended |
Mar. 30, 2019 | |
Related Party Transactions [Abstract] | |
Transactions with Affiliates | ( 10 ) Transactions with Affiliates CenTra, Inc. (“CenTra”), an affiliate of the Company that is owned by our controlling shareholders, 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 CenTra and other affiliates under common control with CenTra . Following is a schedule of costs incurred and included in operating expenses for services provided by affiliates for the thirteen weeks ended March 30, 2019 and March 31, 2018 (in thousands): Thirteen weeks ended March 30, 2019 March 31, 2018 Administrative support services $ 714 $ 1,115 Truck fuel, tolls and maintenance 302 503 Real estate rent and related costs 3,244 4,007 Insurance and employee benefit plans 9,474 11,289 Purchased transportation and equipment rent 8 3 Total $ 13,742 $ 16,917 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 36 facilities, occupancy is based on either month-to-month or contractual, multi-year lease arrangements which are billed and paid monthly. Leasing properties provided by an affiliate that owns a substantial commercial property portfolio affords us significant operating flexibility; however, we are not limited to such arrangements. We purchase workers’ compensation, property and casualty, cargo, warehousing and other general liability insurance from an insurance company controlled by our majority shareholders. Our employee health care benefits and 401(k) programs are also provided by this affiliate. Other services from affiliates, including 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 March 30, 2019 and December 31, 2018, amounts due to affiliates were $12.6 million and $17.8 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 March 30, 2019 and December 31, 2018, there were $11.5 million and $10.5 million, respectively, included in each of these accounts for insured claims. (10) 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 services provided to affiliates for the thirteen weeks ended March 30, 2019 and March 31, 2018 (in thousands): Thirteen weeks ended March 30, 2019 March 31, 2018 Purchased transportation and equipment rent $ 249 $ 142 Total $ 249 $ 142 At March 30, 2019 and December 31, 2018, amounts due from affiliates were $4.6 million and $5.2 million, respectively. |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | ( 1 1 ) 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 and February 24, 2016, the Company granted 10,000 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 and $15.55 per share, respectively, based on the closing price of the Company’s stock on each grant date. For each award, 25% of the shares vested immediately on the grant dates, and the remaining shares vest in three equal installments with the final vesting of the 2017 award to occur on March 5, 2020, in each case subject to continued employment with the company. On February 20, 2019, the Company granted 44,500 shares of restricted stock to certain of its employees, including 12,000 shares to our Chief Executive Officer and 10,000 shares to our Chief Financial Officer. The restricted stock grants have a grant date fair value of $23.56 per share, based on the closing price of the Company’s stock, and will vest in four equal increments on each February 20 in 2020, 2021, 2022 and 2023. 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, 2019 7,500 $ 14.15 Granted 44,500 $ 23.56 Vested (5,000 ) $ 14.50 Forfeited — $ — Balance at March 30, 2019 47,000 $ 23.02 During the thirteen-week periods ended March 30, 2019 and March 31, 2018, the total grant date fair value of vested shares recognized as compensation costs was $0.1 million and $0.2 million, respectively. As of March 30, 2019, there was approximately $1.2 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 $0.3 million in each year of 2020, 2021, 2022 and 2023. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | ( 1 2 ) 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 ended March 30, 2019 and March 31, 2018, there were 882 and 6,750 weighted average non-vested shares of restricted stock, respectively, included in the denominator for the calculation of diluted earnings per share. For the thirteen weeks ended March 30, 2019, 44,500 shares of non-vested restricted stock were excluded from the calculation of diluted earnings per share because such shares were anti-dilutive. No shares were excluded from the calculation of diluted earnings per share for the thirteen weeks ended March 31, 2018. |
Dividends
Dividends | 3 Months Ended |
Mar. 30, 2019 | |
Earnings Per Share [Abstract] | |
Dividends | (1 3 ) Dividends On February 21, 2019, our Board of Directors declared the regular quarterly cash dividend of $0.105 per share of common stock. In addition, the Board of Directors approved an additional special annual dividend of $0.110 per share of common stock. Both dividends were payable to shareholders of record at the close of business on March 4, 2019 and paid on March 14, 2019. 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 | 3 Months Ended |
Mar. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | (1 4 ) 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 period ended March 30, 2019 and March 31, 2018 (in thousands): Thirteen weeks ended March 30, 2019 Transportation Logistics Other Total Operating revenues $ 246,704 $ 130,399 $ 303 $ 377,406 Eliminated inter-segment revenues (511 ) (499 ) - (1,010 ) Income from operations 12,532 13,820 161 26,513 Total assets 523,626 357,912 38,187 919,725 Thirteen weeks ended March 31, 2018 Transportation Logistics Other Total Operating revenues $ 206,108 $ 128,648 $ 357 $ 335,113 Eliminated inter-segment revenues (771 ) (2,803 ) - (3,574 ) Income from operations 10,113 7,433 (442 ) 17,104 Total assets 335,673 306,113 20,682 662,468 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (1 5 ) 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. The verdict included $19.2 million in compensatory damages and $35.0 million in punitive damages against UACL. Interest on the verdict accrues at a rate of 9% per year. The insurance coverage available for reimbursement of UACL’s damages underlying the verdict is limited to $1.0 million. We believe the facts and the law do not support the jury’s findings of liability against UACL. The Company has filed an appeal with the Appellate Court of Illinois First Judicial District to overturn the verdict and the judgment. Enforcement of the judgment has been stayed pending the outcome of the appeal. The Company currently estimates the possible range of financial exposure in the matter, net of insurance coverage and before advances made to plaintiffs, to be between $18.2 and $53.2 million. Based on the Company’s best estimate of the liability at this time, the Company recorded an accrued liability for this matter of $18.2 million, which is inclusive of any interest accruing and before consideration of advances made. In September 2018, the Company made a $7.0 million advance, the amount of which will be used as an offset against the ultimate resolution. As such, this amount was recorded as a reduction of the Company’s accrued liability. While we cannot predict with any certainty the outcome of this litigation, its ultimate resolution could be significantly different from our estimate and materially affect our financial condition, results of operations and cash flows. The Company was plaintiff in a lawsuit that was filed on June 11, 2015 against, among others, Dalton Logistics, Inc. (“Dalton”) in the United States District Court for the Southern District of Texas. The Company was seeking approximately $1.9 million in damages from a debtor relating to unpaid freight charges. In response to the 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. On October 30, 2017, the court entered a judgment against Universal for the $5.7 million, but ignored the $1.9 million jury award in favor of Universal. The Company has filed an appeal with the United States Court of Appeals for the Fifth Circuit to overturn the verdict and the judgment. Enforcement of the judgment has been stayed pending the outcome of the appeal. The Company currently estimates the possible range of financial exposure in the matter to be between $0 and $5.7 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. While we cannot predict with any certainty the outcome of this litigation, management does not believe the outcome will have a material adverse effect on our business, financial condition, results of operations or cash flows. The Company is 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. However, if we experience claims that are not covered by our insurance or that exceed our estimated claim reserve, it could increase the volatility of our earnings and have a materially adverse effect on our financial condition, results of operations or cash flows. At March 30, 2019, approximately 27% of our employees in the United States, Canada and Colombia, and 90% of our employees in Mexico are subject to collective bargaining agreements that are renegotiated periodically, 14% of which are subject to contracts that expire in 2019. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | (1 6 ) Subsequent Events On April 22, 2019, the Company acquired Michael’s Cartage, Inc. (“Michael’s”). Headquartered in Bridgeview, Illinois, Michael’s provides intermodal drayage services to customers primarily within a 300-mile radius of the Chicagoland area. The total cash purchase price was $22.0 million, subject to post-closing adjustments. The Company used available cash and borrowings on its revolving credit facility to finance the acquisition, and is in the process of finalizing the purchase accounting for this transaction. On April 25, 2019, our Board of Directors declared a quarterly cash dividend of $0.105 per share of common stock, payable to shareholders of record at the close of business on May 6, 2019 and expected to be paid on May 16, 2019. 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. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 30, 2019 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | In February 2016, the FASB issued ASU 2016-02, Leases In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income financial condition, results of operations, or cash flows. In June 2016, the FASB issued ASU No. 2016-13, (“ASU 2016-13”), Accounting for Credit Losses |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Revenue Recognition [Abstract] | |
Contacts Balances Associated with Customers | The following table provides information related to contract balances associated with our contracts with customers (in thousands): March 30, 2019 December 31, 2018 Prepaid expenses and other - contract assets $ 1,746 $ 1,901 We generally receive payment for performance obligations within 45 days of completion of transportation services and 65 days for completion of value-added services. Contract assets in the table above generally relate to revenue in-transit at the end of the reporting period. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Market Value, Cost and Unrealized Gains on Equity Securities | The following table sets forth market value, cost, and unrealized gains on equity securities (in thousands): March 30, 2019 December 31, 2018 Fair value $ 10,208 $ 9,333 Cost 9,333 11,143 Unrealized gain (loss) $ 875 $ (1,810 ) |
Schedule of Gross Unrealized Gains and Losses on Marketable Securities | The following table sets forth the gross unrealized gains and losses on the Company’s marketable securities (in thousands): March 30, 2019 December 31, 2018 Gross unrealized gains $ 935 $ 89 Gross unrealized losses (60 ) (1,899 ) Net unrealized gains (losses) $ 875 $ (1,810 ) |
Summary of Net Realized Gains (Loss) on Marketable Equity Securities | The following table shows the Company’s net realized gains (loss) on marketable equity securities (in thousands): Thirteen weeks ended March 30, 2019 March 31, 2018 Realized gain Sale proceeds $ — $ 2,811 Cost of securities sold — 2,684 Realized gain $ — $ 127 Realized gain, net of taxes $ — $ 94 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill during the thirteen weeks ended March 30, 2019 are as follows: Balance as of January 1, 2019 $ 145,152 Container Connection purchase accounting adjustment 2,783 Balance as of March 30, 2019 $ 147,935 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses and other current liabilities are comprised of the following (in thousands): March 30, 2019 December 31, 2018 Payroll related items $ 14,498 $ 11,476 Driver escrow liabilities 3,768 3,923 Commissions, taxes and other 10,018 9,727 Total $ 28,284 $ 25,126 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Debt Disclosure [Abstract] | |
Details of Debt | Debt is comprised of the following (in thousands): Interest Rates at March 30, 2019 March 30, 2019 December 31, 2018 Outstanding Debt: Credit and Security Agreement (1) Term Loan 4.00% $ 148,125 $ 150,000 Revolver 4.00% 54,904 80,588 Equipment Financing (2) 3.18% to 5.13% 124,761 126,162 Real Estate Financing (3) 4.75% 44,391 45,864 Margin Facility (4) 3.60% — 541 Unamortized debt issuance costs (2,556 ) (2,703 ) 369,625 400,452 Less current portion of long-term debt 53,501 51,903 Total long-term debt, net of current portion $ 316,124 $ 348,549 (1) The Credit and Security Agreement (the “Credit Agreement”) provides for maximum borrowings of $350 million in the form of a $150 million term loan and a $200 million revolver. Term loan proceeds were advanced on November 27, 2018 and mature on November 26, 2023. The term loan will be repaid in consecutive quarterly installments, as defined in the Credit Agreement, commencing March 31, 2019, with the remaining balance due at maturity. Borrowings under the revolving credit facility may be made until and mature on November 26, 2023. Borrowings under the Credit Agreement bear interest at LIBOR or a base rate, plus an applicable margin for each based the Company’s leverage ratio. The Credit Agreement is secured by a first priority pledge of the capital stock of applicable subsidiaries, as well as first priority perfected security interest in cash, deposits, accounts receivable, and selected other assets of the applicable borrowers. The Credit Agreement includes customary affirmative and negative covenants and events of default, as well as financial covenants requiring minimum fixed charge coverage and leverage ratios, and customary mandatory prepayments provisions. At March 30, 2019, we were in compliance with all covenants under the facility, and $145.1 million was available for borrowing on the revolver (7) Debt – continued (2) 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 and are generally payable in 60 monthly installments and bear interest at fixed rates ranging from 3.18% to 5.13%. At March 30, 2019, we were in compliance with all covenants. (3) The Real Estate Financing consists of a series of promissory notes issued by a wholly-owned subsidiary in order to finance certain real property. The promissory notes, which are secured by first mortgages and assignment of leases on specific parcels of real estate and improvements, include certain affirmative and negative covenants and are generally payable in 120 monthly installments. Each of the notes bears interest at LIBOR plus 2.25%. At March 30, 2019, we were in compliance with all covenants. (4) 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. At March 30, 2019, the maximum available borrowings under the line of credit were $5.6 million. |
Fair Value Measurements and D_2
Fair Value Measurements and Disclosures (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | ( 8 ) Fair Value Measurements and Disclosures – continued 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): March 30, 2019 Level 1 Level 2 Level 3 Fair Value Measurement Assets Cash equivalents $ 21 $ — $ — $ 21 Marketable securities 10,208 — — 10,208 Interest rate swaps — 205 — 205 Total $ 10,229 $ 205 $ — $ 10,434 December 31, 2018 Level 1 Level 2 Level 3 Fair Value Measurement Assets Marketable securities $ 9,333 $ — $ — $ 9,333 Interest rate swaps — 392 — 392 Total $ 9,333 $ 392 $ — $ 9,725 |
Summary of Carrying Values and Estimated Fair Values of Promissory Notes | The carrying value and estimated fair value of these promissory notes at March 30, 2019 is summarized as follows: Carrying Value Estimated Fair Value Equipment promissory notes $ 124,761 $ 124,523 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Leases [Abstract] | |
Summary Lease Costs and Related Information | The following table summarizes our lease costs for the thirteen week period ended March 30, 2019 and related information (in thousands) Lease cost Operating lease cost $ 8,177 Short-term lease cost 1,393 Variable lease cost 333 Sublease income (671 ) Total lease cost $ 9,232 Other information Cash paid for amounts included in the measurement of operating leases $ 7,700 Right-of-use assets obtained in exchange for new operating lease liabilities $ 2,107 Weighted-average remaining lease term (in years) 4.8 Weighted-average discount rate 5.0 % |
Schedule of Future Minimum Lease Payments Under Operating Leases | Future minimum lease payments under these operating leases as of March 30, 2019, are as follows (in thousands): With Affiliates With Third Parties Total Year one $ 9,416 $ 19,088 $ 28,504 Year two 6,535 14,371 20,906 Year three 4,444 7,790 12,234 Year four 3,646 4,891 8,537 Year five 3,595 4,422 8,017 Thereafter 7,205 9,869 17,074 Total required lease payments $ 34,841 $ 60,431 $ 95,272 Less amounts representing interest (10,974 ) Present value of lease liabilities $ 84,298 |
Transactions with Affiliates (T
Transactions with Affiliates (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Amounts Charged to UTSI | Following is a schedule of costs incurred and included in operating expenses for services provided by affiliates for the thirteen weeks ended March 30, 2019 and March 31, 2018 (in thousands): Thirteen weeks ended March 30, 2019 March 31, 2018 Administrative support services $ 714 $ 1,115 Truck fuel, tolls and maintenance 302 503 Real estate rent and related costs 3,244 4,007 Insurance and employee benefit plans 9,474 11,289 Purchased transportation and equipment rent 8 3 Total $ 13,742 $ 16,917 |
Schedule of Services Provided to Affiliates | Following is a schedule of services provided to affiliates for the thirteen weeks ended March 30, 2019 and March 31, 2018 (in thousands): Thirteen weeks ended March 30, 2019 March 31, 2018 Purchased transportation and equipment rent $ 249 $ 142 Total $ 249 $ 142 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
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, 2019 7,500 $ 14.15 Granted 44,500 $ 23.56 Vested (5,000 ) $ 14.50 Forfeited — $ — Balance at March 30, 2019 47,000 $ 23.02 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
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 period ended March 30, 2019 and March 31, 2018 (in thousands): Thirteen weeks ended March 30, 2019 Transportation Logistics Other Total Operating revenues $ 246,704 $ 130,399 $ 303 $ 377,406 Eliminated inter-segment revenues (511 ) (499 ) - (1,010 ) Income from operations 12,532 13,820 161 26,513 Total assets 523,626 357,912 38,187 919,725 Thirteen weeks ended March 31, 2018 Transportation Logistics Other Total Operating revenues $ 206,108 $ 128,648 $ 357 $ 335,113 Eliminated inter-segment revenues (771 ) (2,803 ) - (3,574 ) Income from operations 10,113 7,433 (442 ) 17,104 Total assets 335,673 306,113 20,682 662,468 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Increase in assets | $ 919,725 | $ 843,147 | $ 662,468 | |
Increase in current liabilities | 264,235 | 221,169 | ||
Increase in long-term liabilities | $ 434,836 | $ 412,679 | ||
ASU 2016-02 [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Increase in assets | $ 88,800 | |||
Increase in current liabilities | 26,000 | |||
Increase in long-term liabilities | $ 62,800 |
Revenue Recognition - Aditional
Revenue Recognition - Aditional Information (Detail) | 3 Months Ended |
Mar. 30, 2019 | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Payment receivable obligation term for completion of transportation services. | 45 days |
Payment receivable obligation for completion of value added services | 65 days |
Maximum [Member] | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Transportation services term | 1 year |
Revenue Recognition - Contact B
Revenue Recognition - Contact Balances Associated with Customers (Detail) - USD ($) $ in Thousands | Mar. 30, 2019 | Dec. 31, 2018 |
Other Current Assets [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Prepaid expenses and other - contract assets | $ 1,746 | $ 1,901 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Market Value, Cost and Unrealized Gains on Equity Securities (Detail) - USD ($) $ in Thousands | Mar. 30, 2019 | Dec. 31, 2018 |
Investments Debt And Equity Securities [Abstract] | ||
Marketable securities | $ 10,208 | $ 9,333 |
Cost | 9,333 | 11,143 |
Unrealized gain (loss) | $ 875 | $ (1,810) |
Marketable Securities - Sched_2
Marketable Securities - Schedule of Gross Unrealized Gains and Losses on Marketable Securities (Detail) - USD ($) $ in Thousands | Mar. 30, 2019 | Dec. 31, 2018 |
Investments Debt And Equity Securities [Abstract] | ||
Gross unrealized gains | $ 935 | $ 89 |
Gross unrealized losses | (60) | (1,899) |
Net unrealized gains (losses) | $ 875 | $ (1,810) |
Marketable Securities - Summary
Marketable Securities - Summary of Net Realized Gains (Loss) on Marketable Equity Securities (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Realized gain | |
Sale proceeds | $ 2,811 |
Cost of securities sold | 2,684 |
Realized gain | 127 |
Realized gain, net of taxes | $ 94 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Other Nonoperating Income (Expense) | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Net unrealized pre-tax gain (loss) in market value | $ 875,000 | $ (647,000) |
Goodwill - Schedule of Changes
Goodwill - Schedule of Changes in Carrying amount of Goodwill (Detail) $ in Thousands | 3 Months Ended |
Mar. 30, 2019USD ($) | |
Goodwill [Line Items] | |
Beginning Balance | $ 145,152 |
Ending Balance | 147,935 |
Container Connection [Member] | |
Goodwill [Line Items] | |
Container Connection purchase accounting adjustment | $ 2,783 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | ||
Goodwill | $ 147,935 | $ 145,152 |
Transportation [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 91,600 | 88,900 |
Logistics [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 56,300 | $ 56,300 |
Container Connection [Member] | ||
Goodwill [Line Items] | ||
Increase in goodwill | 2,783 | |
Increase in deferred tax liabilities | 800 | |
Decrease in intangible assets | $ 3,600 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Mar. 30, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
Payroll related items | $ 14,498 | $ 11,476 |
Driver escrow liabilities | 3,768 | 3,923 |
Commissions, taxes and other | 10,018 | 9,727 |
Total | $ 28,284 | $ 25,126 |
Debt - Details of Debt (Detail)
Debt - Details of Debt (Detail) - USD ($) $ in Thousands | Mar. 30, 2019 | Dec. 31, 2018 | |
Outstanding Debt: | |||
Unamortized debt issuance costs | $ (2,556) | $ (2,703) | |
Outstanding Debt | 369,625 | 400,452 | |
Less current portion of long-term debt | 53,501 | 51,903 | |
Total long-term debt, net of current portion | 316,124 | 348,549 | |
Credit and Security Agreement [Member] | Term Loan [Member] | |||
Outstanding Debt: | |||
Outstanding Debt | [1] | $ 148,125 | 150,000 |
Credit facility, Interest Rates | [1] | 4.00% | |
Credit and Security Agreement [Member] | Revolver [Member] | |||
Outstanding Debt: | |||
Outstanding Debt | [1] | $ 54,904 | 80,588 |
Credit facility, Interest Rates | [1] | 4.00% | |
Equipment Financing [Member] | |||
Outstanding Debt: | |||
Outstanding Debt | [2] | $ 124,761 | 126,162 |
Equipment Financing [Member] | Minimum [Member] | |||
Outstanding Debt: | |||
Credit facility, Interest Rates | [2] | 3.18% | |
Equipment Financing [Member] | Maximum [Member] | |||
Outstanding Debt: | |||
Credit facility, Interest Rates | [2] | 5.13% | |
Real Estate Financing [Member] | |||
Outstanding Debt: | |||
Outstanding Debt | [3] | $ 44,391 | 45,864 |
Credit facility, Interest Rates | [3] | 4.75% | |
Margin Facility [Member] | |||
Outstanding Debt: | |||
Outstanding Debt | [4] | $ 541 | |
Credit facility, Interest Rates | [4] | 3.60% | |
[1] | The Credit and Security Agreement (the “Credit Agreement”) provides for maximum borrowings of $350 million in the form of a $150 million term loan and a $200 million revolver. Term loan proceeds were advanced on November 27, 2018 and mature on November 26, 2023. The term loan will be repaid in consecutive quarterly installments, as defined in the Credit Agreement, commencing March 31, 2019, with the remaining balance due at maturity. Borrowings under the revolving credit facility may be made until and mature on November 26, 2023. Borrowings under the Credit Agreement bear interest at LIBOR or a base rate, plus an applicable margin for each based the Company’s leverage ratio. The Credit Agreement is secured by a first priority pledge of the capital stock of applicable subsidiaries, as well as first priority perfected security interest in cash, deposits, accounts receivable, and selected other assets of the applicable borrowers. The Credit Agreement includes customary affirmative and negative covenants and events of default, as well as financial covenants requiring minimum fixed charge coverage and leverage ratios, and customary mandatory prepayments provisions. At March 30, 2019, we were in compliance with all covenants under the facility, and $145.1 million was available for borrowing on the revolver. | ||
[2] | 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 and are generally payable in 60 monthly installments and bear interest at fixed rates ranging from 3.18% to 5.13%. At March 30, 2019, we were in compliance with all covenants. | ||
[3] | The Real Estate Financing consists of a series of promissory notes issued by a wholly-owned subsidiary in order to finance certain real property. The promissory notes, which are secured by first mortgages and assignment of leases on specific parcels of real estate and improvements, include certain affirmative and negative covenants and are generally payable in 120 monthly installments. Each of the notes bears interest at LIBOR plus 2.25%. At March 30, 2019, we were in compliance with all covenants. | ||
[4] | 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. At March 30, 2019, the maximum available borrowings under the line of credit were $5.6 million. |
Debt - Details of Debt (Parenth
Debt - Details of Debt (Parenthetical) (Detail) | 3 Months Ended | |
Mar. 30, 2019USD ($)Installment | ||
Debt Instrument [Line Items] | ||
Description of variable rate basis | LIBOR rate plus 2.25% | |
Credit and Security Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility, borrowing capacity | $ 350,000,000 | |
Credit facility available for borrowings | 145,100,000 | |
Credit and Security Agreement [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Term loan, face amount | $ 150,000,000 | |
Term loan, maturity date | Nov. 26, 2023 | |
Term loan, payment commencement date | Mar. 31, 2019 | |
Credit and Security Agreement [Member] | Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility, borrowing capacity | $ 200,000,000 | |
Credit facility, expiration date | Nov. 26, 2023 | |
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 | 3.18% | [1] |
Equipment Financing [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility, Interest Rates | 5.13% | [1] |
Real Estate Financing [Member] | Secured Debt | ||
Debt Instrument [Line Items] | ||
Description of variable rate basis | LIBOR plus 2.25% | |
Debt instrument payable number of monthly installments | Installment | 120 | |
Real Estate Financing [Member] | Secured Debt | 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 | $ 5,600,000 | |
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 and are generally payable in 60 monthly installments and bear interest at fixed rates ranging from 3.18% to 5.13%. At March 30, 2019, we were in compliance with all covenants. |
Debt - Additional Information (
Debt - Additional Information (Detail) | 3 Months Ended |
Mar. 30, 2019USD ($)Agreement | |
Line of Credit Facility [Line Items] | |
Number of swap agreements | Agreement | 2 |
Notional amount | $ 15,700,000 |
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 | |
Line of Credit Facility [Line Items] | |
Fair value asset of swap agreement | $ 200,000 |
Fair Value Measurements and D_3
Fair Value Measurements and Disclosures - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 10,208 | $ 9,333 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 21 | |
Marketable securities | 10,208 | 9,333 |
Interest rate swaps | 205 | 392 |
Total Assets | 10,434 | 9,725 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 21 | |
Marketable securities | 10,208 | 9,333 |
Total Assets | 10,229 | 9,333 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 205 | 392 |
Total Assets | $ 205 | $ 392 |
Fair Value Measurements and D_4
Fair Value Measurements and Disclosures - Summary of Carrying Values and Estimated Fair Values of Promissory Notes (Detail) - Equipment Promissory Notes [Member] | Mar. 30, 2019USD ($) |
Carrying Reported Amount Fair Value Disclosure [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Debt instrument | $ 124,761 |
Estimate of Fair Value Measurement [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Debt instrument | $ 124,523 |
Leases - Summary of Lease Cost
Leases - Summary of Lease Cost and Related Information (Detail) $ in Thousands | 3 Months Ended |
Mar. 30, 2019USD ($) | |
Lease cost | |
Operating lease cost | $ 8,177 |
Short-term lease cost | 1,393 |
Variable lease cost | 333 |
Sublease income | (671) |
Total lease cost | 9,232 |
Other information | |
Cash paid for amounts included in the measurement of operating leases | 7,700 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 2,107 |
Weighted-average remaining lease term | 4 years 9 months 18 days |
Weighted-average discount rate | 5.00% |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments Under Operating Leases (Detail) $ in Thousands | Mar. 30, 2019USD ($) |
Lease Disclosure [Line Items] | |
Year one | $ 28,504 |
Year two | 20,906 |
Year three | 12,234 |
Year four | 8,537 |
Year five | 8,017 |
Thereafter | 17,074 |
Total required lease payments | 95,272 |
Less amounts representing interest | (10,974) |
Present value of lease liabilities | 84,298 |
With Affiliates [Member] | |
Lease Disclosure [Line Items] | |
Year one | 9,416 |
Year two | 6,535 |
Year three | 4,444 |
Year four | 3,646 |
Year five | 3,595 |
Thereafter | 7,205 |
Total required lease payments | 34,841 |
With Third Parties [Member] | |
Lease Disclosure [Line Items] | |
Year one | 19,088 |
Year two | 14,371 |
Year three | 7,790 |
Year four | 4,891 |
Year five | 4,422 |
Thereafter | 9,869 |
Total required lease payments | $ 60,431 |
Transactions with Affiliates -
Transactions with Affiliates - Schedule of Amounts Charged to UTSI (Detail) - Affiliates [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Related Party Transaction [Line Items] | ||
Cost incurred for services provided by CenTra and affiliates | $ 13,742 | $ 16,917 |
Administrative support services [Member] | ||
Related Party Transaction [Line Items] | ||
Cost incurred for services provided by CenTra and affiliates | 714 | 1,115 |
Truck fuel, tolls and maintenance [Member] | ||
Related Party Transaction [Line Items] | ||
Cost incurred for services provided by CenTra and affiliates | 302 | 503 |
Real estate rent and related costs [Member] | ||
Related Party Transaction [Line Items] | ||
Cost incurred for services provided by CenTra and affiliates | 3,244 | 4,007 |
Insurance and employee benefit plans [Member] | ||
Related Party Transaction [Line Items] | ||
Cost incurred for services provided by CenTra and affiliates | 9,474 | 11,289 |
Purchased transportation and equipment rent [Member] | ||
Related Party Transaction [Line Items] | ||
Cost incurred for services provided by CenTra and affiliates | $ 8 | $ 3 |
Transactions with Affiliates _2
Transactions with Affiliates - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019USD ($)Facility | Dec. 31, 2018USD ($) | |
Related Party Transactions [Abstract] | ||
Occupancy of facilities either on monthly or contractual basis | Facility | 36 | |
Insurance, claims and other receivables | $ 11,500 | $ 10,500 |
Due to affiliates | 12,637 | 17,764 |
Due from affiliates | $ 4,617 | $ 5,247 |
Transactions with Affiliates _3
Transactions with Affiliates - Schedule of Services Provided to Affiliates (Detail) - Affiliates [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Related Party Transaction [Line Items] | ||
Services provided to affiliates | $ 249 | $ 142 |
Purchased Transportation And Equipment Rent [Member] | ||
Related Party Transaction [Line Items] | ||
Services provided to affiliates | $ 249 | $ 142 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Feb. 20, 2019 | Feb. 22, 2017 | Feb. 24, 2016 | Mar. 30, 2019 | Mar. 31, 2018 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total fair value of shares vested | $ 0.1 | $ 0.2 | |||
Total unrecognized compensation cost | 1.2 | ||||
Share based compensation cost is expected to be recognized on a straight-line basis during remainder of 2020 | 0.3 | ||||
Share based compensation cost is expected to be recognized on a straight-line basis in fiscal 2021 | 0.3 | ||||
Share based compensation cost is expected to be recognized on a straight-line basis in fiscal 2022 | 0.3 | ||||
Share based compensation cost is expected to be recognized on a straight-line basis in fiscal 2023 | $ 0.3 | ||||
Chief Executive Officer [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Restricted stock grants vested | 25.00% | 25.00% | |||
Restricted Stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares of restricted stock granted | 44,500 | 44,500 | |||
Restricted stock grant date fair value per share | $ 23.56 | $ 23.56 | |||
Restricted Stock [Member] | Chief Executive Officer [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares of restricted stock granted | 12,000 | 10,000 | 10,000 | ||
Restricted stock grant date fair value per share | $ 13.45 | $ 15.55 | |||
Restricted Stock [Member] | Chief Financial Officer [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares of restricted stock granted | 10,000 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Status of Nonvested Shares (Detail) - Restricted Stock [Member] - $ / shares | Feb. 20, 2019 | Mar. 30, 2019 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares Nonvested, Beginning Balance | 7,500 | |
Shares, Granted | 44,500 | 44,500 |
Shares, Vested | (5,000) | |
Shares, Ending Balance | 47,000 | |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 14.15 | |
Weighted Average Grant Date Fair Value, Granted | $ 23.56 | 23.56 |
Weighted Average Grant Date Fair Value, Vested | 14.50 | |
Weighted Average Grant Date Fair Value, Ending Balance | $ 23.02 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Weighted average non-vested shares of restricted shares | 882 | 6,750 |
Antidilutive securities excluded from computation of earnings per share, amount | 44,500 | 0 |
Dividends - Additional Informat
Dividends - Additional Information (Detail) - $ / shares | Feb. 21, 2019 | Mar. 30, 2019 | Mar. 31, 2018 |
Earnings Per Share [Abstract] | |||
Dividends payable, date declared | Feb. 21, 2019 | ||
Quarterly cash dividend declared per common stock | $ 0.105 | $ 0.105 | $ 0.105 |
Additional special annual dividend approved per common stock | $ 0.110 | ||
Dividends payable, recorded date | Mar. 4, 2019 | ||
Dividends payable, date to be paid | Mar. 14, 2019 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 3 Months Ended |
Mar. 30, 2019Segment | |
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 | ||
Mar. 30, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 377,406 | $ 335,113 | |
Income from operations | 26,513 | 17,104 | |
Total assets | 919,725 | 662,468 | $ 843,147 |
Operating Segments [Member] | Transportation [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 246,704 | 206,108 | |
Income from operations | 12,532 | 10,113 | |
Total assets | 523,626 | 335,673 | |
Operating Segments [Member] | Logistics [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 130,399 | 128,648 | |
Income from operations | 13,820 | 7,433 | |
Total assets | 357,912 | 306,113 | |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 303 | 357 | |
Income from operations | 161 | (442) | |
Total assets | 38,187 | 20,682 | |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | (1,010) | (3,574) | |
Intersegment Eliminations [Member] | Transportation [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | (511) | (771) | |
Intersegment Eliminations [Member] | Logistics [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ (499) | $ (2,803) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Oct. 30, 2017USD ($) | Oct. 16, 2017USD ($) | Jul. 21, 2017USD ($) | Sep. 30, 2018USD ($) | Mar. 30, 2019USD ($)Employee |
Concentration Risk [Line Items] | |||||
Accrual insurance and claims | $ 1,800,000 | ||||
Lawsuit filing date | June 11, 2015 | ||||
Damages sought from debtor relating to unpaid freight charges | $ 1,900,000 | ||||
Loss contingency damages value ignored | $ 1,900,000 | ||||
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% | ||||
Number of employees subject to contracts that expire in 2019 | Employee | 14 | ||||
Mexico [Member] | Workforce Subject to Collective Bargaining Arrangements [Member] | Unionized Employees Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Percentage of revenues from major customers | 90.00% | ||||
Damages from Debtor Relating to Unpaid Freight Charges [Member] | |||||
Concentration Risk [Line Items] | |||||
Damages awarded value | $ 1,900,000 | ||||
Dalton Logistics, Inc [Member] | |||||
Concentration Risk [Line Items] | |||||
Loss contingency damages awarded value to defendant | $ 5,700,000 | $ 5,700,000 | |||
Minimum [Member] | |||||
Concentration Risk [Line Items] | |||||
Estimated possible range of financial exposure | $ 0 | ||||
Maximum [Member] | |||||
Concentration Risk [Line Items] | |||||
Estimated possible range of financial exposure | $ 5,700,000 | ||||
Denton v. UACL, et al [Member] | |||||
Concentration Risk [Line Items] | |||||
Loss contingency damages awarded value to defendant | $ 54,200,000 | ||||
Verdict compensatory damages | 19,200,000 | ||||
Verdict punitive damages | 35,000,000 | ||||
Insurance coverage available for reimbursement | 1,000,000 | ||||
Accrual insurance and claims | $ 18,200,000 | ||||
Accrued interest on verdict, per year | 9.00% | ||||
Company’s accrued liability advance | $ 7,000,000 | ||||
Denton v. UACL, et al [Member] | Minimum [Member] | |||||
Concentration Risk [Line Items] | |||||
Estimated possible range of financial exposure | $ 18,200,000 | ||||
Denton v. UACL, et al [Member] | Maximum [Member] | |||||
Concentration Risk [Line Items] | |||||
Estimated possible range of financial exposure | $ 53,200,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Apr. 25, 2019 | Apr. 22, 2019 | Feb. 21, 2019 | Mar. 30, 2019 | Mar. 31, 2018 |
Subsequent Event [Line Items] | |||||
Total cash purchase price | $ 427 | $ 34,850 | |||
Dividends payable, date declared | Feb. 21, 2019 | ||||
Quarterly cash dividend declared per common stock | $ 0.105 | $ 0.105 | $ 0.105 | ||
Dividends payable, recorded date | Mar. 4, 2019 | ||||
Dividends payable, date to be paid | Mar. 14, 2019 | ||||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends payable, date declared | Apr. 25, 2019 | ||||
Quarterly cash dividend declared per common stock | $ 0.105 | ||||
Dividends payable, recorded date | May 6, 2019 | ||||
Dividends payable, date to be paid | May 16, 2019 | ||||
Subsequent Event [Member] | Michaels [Member] | |||||
Subsequent Event [Line Items] | |||||
Date of acquisition | Apr. 22, 2019 | ||||
Total cash purchase price | $ 22,000 |