Universal Logistics (ULH) 10-Q 7 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 28, 2019	Nov. 04, 2019
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 28, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
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		27,282,230
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	0-51142
Entity Tax Identification Number	38-3640097
Entity Address, Address Line One	12755 E. Nine Mile Road
Entity Address, City or Town	Warren
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48089
City Area Code	586
Local Phone Number	920-0100
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, no par value
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	MI

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 28, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 6,485	$ 5,727
Marketable securities	9,139	9,333
Accounts receivable – net of allowance for doubtful accounts of $1,988 and $1,772, respectively	212,010	215,991
Other receivables	16,814	19,130
Prepaid expenses and other	18,991	19,830
Due from affiliates	3,353	5,247
Total current assets	266,792	275,258
Property and equipment – net of accumulated depreciation of $258,769 and $231,319, respectively	317,623	303,234
Operating lease right-of-use asset	79,628
Goodwill	158,416	145,152
Intangible assets – net of accumulated amortization of $75,055 and $62,624, respectively	106,989	113,775
Deferred income taxes	2,361	2,549
Other assets	2,920	3,179
Total assets	934,729	843,147
Current liabilities:
Accounts payable	101,483	92,019
Current portion of long-term debt	59,894	51,903
Insurance and claims	55,931	31,679
Accrued expenses and other current liabilities	27,242	25,126
Current portion of operating lease liabilities	24,860
Due to affiliates	20,371	17,764
Income taxes payable	2,470	2,678
Total current liabilities	292,251	221,169
Long-term liabilities:
Long-term debt, net of current portion	326,662	348,549
Operating lease liabilities, net of current portion	56,440
Deferred income taxes	56,243	59,228
Other long-term liabilities	5,218	4,902
Total long-term liabilities	444,563	412,679
Shareholders' equity:
Common stock, no par value. Authorized 100,000,000 shares; 30,970,452 and 30,965,452 shares issued; 27,282,230 and 28,378,827 shares outstanding, respectively	30,972	30,967
Paid-in capital	4,298	4,230
Treasury stock, at cost; 3,688,222 and 2,586,625 shares, respectively	(77,248)	(52,462)
Retained earnings	245,332	231,525
Accumulated other comprehensive income (loss):
Interest rate swaps, net of income taxes of $(60) and $94, respectively	(187)	298
Foreign currency translation adjustments	(5,252)	(5,259)
Total shareholders’ equity	197,915	209,299
Total liabilities and shareholders’ equity	$ 934,729	$ 843,147

Unaudited Consolidated Balanc_2

Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 28, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,988	$ 1,772
Property and equipment, accumulated depreciation	258,769	231,319
Intangible assets, accumulated amortization	$ 75,055	$ 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	27,282,230	28,378,827
Treasury stock, shares	3,688,222	2,586,625
Interest rate swaps, income taxes	$ 60	$ 94

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Operating revenues:
Truckload services	$ 62,615	$ 80,204	$ 193,133	$ 240,053
Brokerage services	94,442	98,801	269,680	269,446
Intermodal services	93,022	65,710	278,043	167,190
Dedicated services	32,730	36,195	105,618	106,915
Value-added services	92,676	93,382	289,593	291,726
Total operating revenues	375,485	374,292	1,136,067	1,075,330
Operating expenses:
Purchased transportation and equipment rent	183,902	186,239	539,584	526,502
Direct personnel and related benefits	91,946	87,189	278,763	260,548
Operating supplies and expenses	30,465	32,119	91,972	90,547
Commission expense	7,991	9,653	23,685	28,298
Occupancy expense	8,380	7,410	27,523	22,574
General and administrative	11,435	7,750	30,309	23,354
Insurance and claims	29,912	7,419	41,215	18,173
Depreciation and amortization	18,807	13,983	53,140	39,448
Total operating expenses	382,838	351,762	1,086,191	1,009,444
(Loss) income from operations	(7,353)	22,530	49,876	65,886
Interest income	14	21	57	56
Interest expense	(4,091)	(4,324)	(12,602)	(9,866)
Other non-operating income	163	1,746	1,212	1,688
(Loss) income before income taxes	(11,267)	19,973	38,543	57,764
Provision for income taxes	(2,847)	4,918	9,694	14,606
Net (loss) income	$ (8,420)	$ 15,055	$ 28,849	$ 43,158
Earnings per common share:
Basic	$ (0.30)	$ 0.53	$ 1.02	$ 1.52
Diluted	$ (0.30)	$ 0.53	$ 1.02	$ 1.52
Weighted average number of common shares outstanding:
Basic	28,263	28,382	28,342	28,388
Diluted	28,264	28,392	28,343	28,396
Dividends declared per common share	$ 0.105	$ 0.105	$ 0.315	$ 0.315

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net Income	$ (8,420)	$ 15,055	$ 28,849	$ 43,158
Other comprehensive income:
Unrealized changes in fair value of interest rate swaps, net of income taxes of $(34), $17, $(155) and $107, respectively	(107)	112	(485)	343
Foreign currency translation adjustments	(185)	589	7	764
Total other comprehensive income	(292)	701	(478)	1,107
Total comprehensive income	$ (8,712)	$ 15,756	$ 28,371	$ 44,265

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Statement Of Income And Comprehensive Income [Abstract]
Unrealized changes in fair value of interest rate swaps, tax	$ (34)	$ 17	$ (155)	$ 107

Unaudited Consolidated Statem_4

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018
Cash flows from operating activities:
Net income	$ 28,849	$ 43,158
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	53,140	39,448
Noncash lease expense	22,361
Gain on marketable equity securities	(960)	(291)
Loss (gain) on disposal of property and equipment	6	(137)
Gain on life insurance policies		(1,025)
Amortization of debt issuance costs	439	998
Stock-based compensation	73	246
Provision for doubtful accounts	2,157	561
Deferred income taxes	(1,877)	3,741
Change in assets and liabilities:
Trade and other accounts receivable	7,246	(33,239)
Prepaid expenses and other assets	1,236	(3,694)
Accounts payable, accrued expenses and other current liabilities, insurance and claims, and income taxes payable	36,230	20,421
Principal reduction in operating lease liabilities	(21,103)
Due to/from affiliates, net	4,503	2,674
Other long-term liabilities	(324)	1,040
Net cash provided by operating activities	131,976	73,901
Cash flows from investing activities:
Capital expenditures	(60,752)	(54,207)
Proceeds from the sale of property and equipment	5,002	2,132
Purchases of marketable securities	(92)	(613)
Proceeds from sale of marketable securities	1,246	5,615
Proceeds from life insurance policies		2,583
Acquisition of business	(22,457)	(100,787)
Net cash used in investing activities	(77,053)	(145,277)
Cash flows from financing activities:
Proceeds from borrowing - revolving debt	214,393	304,885
Repayments of debt - revolving debt	(229,392)	(276,000)
Proceeds from borrowing - term debt	45,433	84,133
Repayments of debt - term debt	(44,228)	(37,123)
Borrowings under margin account		12,400
Repayments under margin account	(541)	(7,149)
Payment of capital lease obligations		(69)
Capitalized financing costs		(862)
Purchases of treasury stock	(24,786)	(832)
Dividends paid	(15,042)	(7,950)
Net cash (used in) provided by financing activities	(54,163)	71,433
Effect of exchange rate changes on cash and cash equivalents	(2)	816
Net increase in cash	758	873
Cash and cash equivalents – beginning of period	5,727	1,672
Cash and cash equivalents – end of period	6,485	2,545
Supplemental cash flow information:
Cash paid for interest	11,282	8,398
Cash paid for income taxes	11,892	3,717
Acquisition of business:
Fair value of assets acquired	23,981	115,736
Liabilities assumed	(2,779)	(14,949)
Payment of acquisition obligations	1,255
Net cash paid for acquisition of business	$ 22,457	$ 100,787

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, 2017	168,765	30,943	3,841	(51,532)	186,226	(713)
Net income	43,158
Comprehensive income	1,107
Balances at Sep. 29, 2018	204,721	30,955	4,074	(52,364)	225,485	(3,429)
Balances at Mar. 31, 2018	179,405	30,955	4,074	(51,532)	198,723	(2,815)
Net income	17,669				17,669
Comprehensive income	(1,315)					(1,315)
Dividends paid	(2,981)				(2,981)
Balances at Jun. 30, 2018	192,778	30,955	4,074	(51,532)	213,411	(4,130)
Net income	15,055				15,055
Comprehensive income	701					701
Purchases of treasury stock	(832)			(832)
Dividends paid	(2,981)				(2,981)
Balances at Sep. 29, 2018	204,721	30,955	4,074	(52,364)	225,485	(3,429)
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)
Balances at Dec. 31, 2018	209,299	30,967	4,230	(52,462)	231,525	(4,961)
Net income	28,849
Comprehensive income	(478)
Balances at Sep. 28, 2019	197,915	30,972	4,298	(77,248)	245,332	(5,439)
Balances at Mar. 30, 2019	220,654	30,972	4,298	(52,462)	242,721	(4,875)
Net income	19,972				19,972
Comprehensive income	(272)					(272)
Dividends paid	(2,981)				(2,981)
Balances at Jun. 29, 2019	237,373	30,972	4,298	(52,462)	259,712	(5,147)
Net income	(8,420)				(8,420)
Comprehensive income	(292)					(292)
Purchases of treasury stock	(24,786)			(24,786)
Dividends paid	(2,980)				(2,980)
Dividends payable	(2,980)				(2,980)
Balances at Sep. 28, 2019	$ 197,915	$ 30,972	$ 4,298	$ (77,248)	$ 245,332	$ (5,439)

Unaudited Consolidated Statem_6

Unaudited Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 28, 2019	Jun. 29, 2019	Mar. 30, 2019	Sep. 29, 2018	Jun. 30, 2018	Mar. 31, 2018
Statement Of Stockholders Equity [Abstract]
Dividends paid per share	$ 0.105	$ 0.105	$ 0.215	$ 0.105	$ 0.105	$ 0.070
Dividends payable per share	$ 0.105

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 28, 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 September 28, 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	9 Months Ended
	Sep. 28, 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 2016-13, (“ASU 2016-13”), Accounting for Credit Losses

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 28, 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): September 28, 2019 December 31, 2018 Prepaid expenses and other - contract assets $ 2,391 $ 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	9 Months Ended
	Sep. 28, 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): September 28, 2019 December 31, 2018 Fair value $ 9,139 $ 9,333 Cost 8,404 11,143 Unrealized gain (loss) $ 735 $ (1,810 ) The following table sets forth the gross unrealized gains and losses on the Company’s marketable securities (in thousands): September 28, 2019 December 31, 2018 Gross unrealized gains $ 933 $ 89 Gross unrealized losses (198 ) (1,899 ) Net unrealized gains (losses) $ 735 $ (1,810 ) The following table shows the Company’s net realized gains (loss) on marketable equity securities (in thousands): Thirteen Weeks Ended Thirty-nine Weeks Ended September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Realized gain Sale proceeds $ 689 $ 2,804 $ 1,246 $ 5,615 Cost of securities sold 576 2,439 1,021 5,123 Realized gain $ 113 $ 365 $ 225 $ 492 Realized gain, net of taxes $ 84 $ 275 $ 168 $ 368 During the thirteen-week and thirty-nine week periods ended September 28, 2019, our marketable equity securities portfolio experienced a net unrealized pre-tax gain in market value of approximately $21,000 and $735,000, respectively, which was reported in other non-operating income (expense) for the period. During the thirteen-week and thirty-nine week periods ended September 29, 2018, our marketable equity securities portfolio experienced a net unrealized pre-tax gain (loss) in market value of approximately $232,000 and $(201,000), respectively, which was reported in other non-operating income (expense) for the period.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 28, 2019
Business Combinations [Abstract]
Acquisitions	( 5 ) Acquisitions 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. Approximately $0.4 million of transaction related costs were incurred in the acquisition. The Company accounted for the acquisition in accordance with ASC 805 “ Business Combinations Current assets $ 3,572 Property and equipment 2,831 Goodwill 6,049 Intangible assets 9,235 Current liabilities (461 ) Deferred tax liabilities, net (24 ) $ 21,202 The intangible assets represent the acquired company’s customer relationships and non-competition agreements. The acquired customer relationships are being amortized over a period of 11 years and the non-competition agreements are being amortized over a period of five years. The Company used the discounted cash flow method to estimate the fair value of these acquired intangible assets. The following unaudited pro forma results of operations present consolidated information of the Company as if Michael’s was acquired on January 1, 2018 (in thousands, except per share data): Thirteen Weeks Ended Thirty-nine Weeks Ended September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Operating revenues $ 375,485 $ 382,534 $ 1,145,016 $ 1,098,813 Income from operations $ (7,353 ) $ 23,510 $ 50,656 $ 68,264 Net income $ (8,420 ) $ 15,628 $ 29,230 $ 44,442 Earnings per common share: Basic $ (0.30 ) $ 0.55 $ 1.03 $ 1.57 Diluted $ (0.30 ) $ 0.55 $ 1.03 $ 1.57

Goodwill

Goodwill	9 Months Ended
	Sep. 28, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	( 6 ) Goodwill The changes in the carrying amount of goodwill during the thirty-nine weeks ended September 28, 2019 are as follows: Balance as of January 1, 2019 $ 145,152 Michael's Cartage acquisition 6,049 Purchase accounting adjustments 7,215 Balance as of September 28, 2019 $ 158,416 During the thirty-nine weeks ended September 28, 2019, the Company made purchase accounting adjustments to the preliminary purchase price allocations of the Company’s December 7, 2018 acquisition of Deco Logistics, Inc., d/b/a Container Connection, and Oaktree Logistics, Inc., October 12, 2018 acquisition of Specialized Rail Service, Inc. and August 10, 2018 acquisition of Southern Counties Express, Inc. The adjustments resulted in an increase in goodwill of $7.2 million and in deferred tax liabilities of $0.8 million, with offsetting decreases in intangible assets of $3.6 million, $3.4 million in property and equipment and $1.0 million in other current assets. At September 28, 2019 and December 31, 2018, $102.1 million and $88.9 million of goodwill was recorded in our transportation segment, respectively. At both September 28, 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	9 Months Ended
	Sep. 28, 2019
Payables And Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	( 7 ) Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities are comprised of the following (in thousands): September 28, 2019 December 31, 2018 Payroll related items $ 12,526 $ 11,476 Driver escrow liabilities 3,222 3,923 Commissions, taxes and other 11,494 9,727 Total $ 27,242 $ 25,126

Debt

Debt	9 Months Ended
	Sep. 28, 2019
Debt Disclosure [Abstract]
Debt	( 8 ) Debt Debt is comprised of the following (in thousands): Interest Rates at September 28, 2019 September 28, 2019 December 31, 2018 Outstanding Debt: Credit and Security Agreement (1) Term Loan 3.52% $ 146,250 $ 150,000 Revolver 3.52% 65,589 80,588 Equipment Financing (2) 3.18% to 5.13% 138,111 126,162 Real Estate Financing (3) 4.27% 38,870 45,864 Margin Facility (4) 3.13% — 541 Unamortized debt issuance costs (2,264 ) (2,703 ) 386,556 400,452 Less current portion of long-term debt 59,894 51,903 Total long-term debt, net of current portion $ 326,662 $ 348,549 (8) Debt – continued (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 September 28, 2019, we were in compliance with all covenants under the facility, and $134.4 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 September 28, 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 September 28, 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 September 28, 2019, the maximum available borrowings under the line of credit were $5.0 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 September 28, 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 September 28, 2019, the fair value of the swap agreements was a liability 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 9 for additional information pertaining to interest rate swaps.

Fair Value Measurements and Dis

Fair Value Measurements and Disclosures	9 Months Ended
	Sep. 28, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements and Disclosures	( 9 ) 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. ( 9 ) 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): September 28, 2019 Level 1 Level 2 Level 3 Fair Value Measurement Assets Cash equivalents $ 50 $ — $ — $ 50 Marketable securities 9,139 — — 9,139 Total $ 9,189 $ — $ — $ 9,189 Liabilities Interest rate swaps $ — $ 247 $ — $ 247 Total $ — $ 247 $ — $ 247 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 September 28, 2019 is summarized as follows: Carrying Value Estimated Fair Value Equipment promissory notes $ 138,111 $ 139,035 We have not elected the fair value option for any of our financial instruments.

Leases

Leases	9 Months Ended
	Sep. 28, 2019
Leases [Abstract]
Leases	(10) 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 as of the effective date, and as such p rior period amounts are reported under the accounting standards in effect for those periods As of September 28, 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 basis over the lease term. The following table summarizes our lease costs for the thirteen weeks and thirty-nine weeks ended September 28, 2019 and related information (in thousands): Thirteen Weeks Ended September 28, 2019 With Affiliates With Third Parties Total Lease cost Operating lease cost $ 2,495 $ 6,121 $ 8,616 Short-term lease cost 76 561 637 Variable lease cost 309 384 693 Sublease income - (701 ) (701 ) Total lease cost $ 2,880 $ 6,365 $ 9,245 Thirty-nine Weeks Ended September 28, 2019 With Affiliates With Third Parties Total Lease cost Operating lease cost $ 8,196 $ 17,395 $ 25,591 Short-term lease cost 370 2,653 3,023 Variable lease cost 607 940 1,547 Sublease income - (2,074 ) (2,074 ) Total lease cost $ 9,173 $ 18,914 $ 28,087 (10) Leases – continued The following table summarizes other lease related information as of and for the thirty-nine week period ended September 28, 2019 (in thousands): With Affiliates With Third Parties Total Other information Cash paid for amounts included in the measurement of operating leases $ 8,572 $ 15,711 $ 24,283 Right-of-use assets obtained in exchange for new operating lease liabilities $ 3,483 $ 5,500 $ 8,983 Weighted-average remaining lease term (in years) 5.1 4.3 4.6 Weighted-average discount rate 5.0 % 5.0 % 5.0 % Future minimum lease payments under these operating leases as of September 28, 2019, are as follows (in thousands): With Affiliates With Third Parties Total Year one $ 9,225 $ 18,978 $ 28,203 Year two 6,531 14,005 20,536 Year three 4,236 7,667 11,903 Year four 3,598 5,883 9,481 Year five 3,602 3,869 7,471 Thereafter 5,403 8,132 13,535 Total required lease payments $ 32,595 $ 58,534 $ 91,129 Less amounts representing interest (9,829 ) Present value of lease liabilities $ 81,300

Transactions with Affiliates

Transactions with Affiliates	9 Months Ended
	Sep. 28, 2019
Related Party Transactions [Abstract]
Transactions with Affiliates	( 1 1 ) 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 and thirty-nine weeks ended September 28, 2019 and September 29, 2018 (in thousands): Thirteen Weeks Ended Thirty-nine Weeks Ended September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Administrative support services $ 1,852 $ 615 $ 3,352 $ 2,346 Truck fuel, tolls and maintenance 212 29 726 910 Real estate rent and related costs 3,629 3,418 8,822 10,999 Insurance and employee benefit plans 8,685 16,394 34,097 39,907 Purchased transportation and equipment rent 11 92 29 1,164 Total $ 14,389 $ 20,548 $ 47,026 $ 55,326 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 that are under common control with CenTra. ( 1 1 ) Transactions with Affiliates – continued A significant number of our operating locations are located in facilities leased from affiliates. At 30 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 28, 2019 and December 31, 2018, amounts due to affiliates were $20.4 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 September 28, 2019 and December 31, 2018, there were $9.0 million and $10.5 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 29, 2018 totaling $8,300, and purchased wheels and tires from an affiliate for new trailering equipment totaling $23,000 during the same period. There were no such purchases made during the thirty-nine weeks ended September 28, 2019. 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 and thirty-nine weeks ended September 28, 2019 and September 29, 2018 (in thousands): Thirteen Weeks Ended Thirty-nine Weeks Ended September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Purchased transportation and equipment rent $ 404 $ 342 $ 1,136 $ 679 Total $ 404 $ 342 $ 1,136 $ 679 At September 28, 2019 and December 31, 2018, amounts due from affiliates were $3.4 million and $5.2 million, respectively. During the thirty-nine weeks ended September 28, 2019, we also sold a vacant parcel of land to an affiliate for $2.5 million. The sales price was established by an independent third party appraisal. The Company’s basis in the land was $2.4 million, resulting in a gain of $0.1 million. In August 2019, our Board of Directors authorized the repurchase of up to 600,000 shares of our common stock through a “Dutch auction” tender offer. Subject to certain limitations and legal requirements, we could repurchase up to an additional 2% of our outstanding shares. Following the expiration of the tender offer, we accepted 1,101,597 shares tendered through this offer for purchase at a final purchase price of $22.50 per share, for a total purchase price of approximately $24.8 million. The tender offer expired on September 13, 2019. The total amount of shares purchased in the tender offer includes 600,000 shares tendered by a director of the Company, Mr. Manuel J. Moroun, and 10,000 shares tendered by the Company’s Chief Financial Officer, Mr. Jude Beres. We used funds borrowed under our existing line of credit and from our available cash and cash equivalents to fund the purchase of the accepted shares.

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 28, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Based Compensation	( 1 2 ) 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. (12) Stock Based Compensation - continued 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, in each case subject to continued employment with the Company. 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 September 28, 2019 47,000 $ 23.02 In the thirty-nine week periods ended September 28, 2019 and September 29, 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 September 28, 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	9 Months Ended
	Sep. 28, 2019
Earnings Per Share [Abstract]
Earnings Per Share	( 1 3 ) 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 28, 2019, there were 943 and 917 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 and thirty-nine weeks ended September 29, 2018, there were 10,499 and 8,446 weighted average non-vested shares of restricted stock, respectively, included in the denominator for the calculation of diluted earnings per share In each of the thirteen weeks and thirty-nine weeks ended September 28, 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 or thirty-nine weeks ended September 29, 2018.

Dividends

Dividends	9 Months Ended
	Sep. 28, 2019
Earnings Per Share [Abstract]
Dividends	(1 4 ) Dividends On July 25, 2019, our Board of Directors declared the second quarter regular cash dividend of $0.105 per share of common stock, payable to shareholders of record at the close of business on August 5, 2019 and paid on August 12, 2019. The Board of Directors also declared the Company’s the third quarter regular cash dividend of $0.105 per share of common stock, payable to shareholders of record at the close of business on September 2, 2019 and paid on October 1, 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	9 Months Ended
	Sep. 28, 2019
Segment Reporting [Abstract]
Segment Reporting	(1 5 ) 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 28, 2019 and September 29, 2018 (in thousands): Thirteen Weeks Ended September 28, 2019 Transportation Logistics Other Total Operating revenues $ 254,129 $ 120,981 $ 375 $ 375,485 Eliminated inter-segment revenues (283 ) (126 ) - (409 ) Income from operations (17,224 ) 9,796 75 (7,353 ) Total assets 572,238 332,904 29,587 934,729 Thirteen Weeks Ended September 29, 2018 Transportation Logistics Other Total Operating revenues $ 248,529 $ 125,385 $ 378 $ 374,292 Eliminated inter-segment revenues (406 ) (3,188 ) - (3,594 ) Income from operations 11,885 10,503 142 22,530 Total assets 456,638 292,054 20,268 768,960 Thirty-nine Weeks Ended September 28, 2019 Transportation Logistics Other Total Operating revenues $ 752,610 $ 382,541 $ 916 $ 1,136,067 Eliminated inter-segment revenues (1,208 ) (751 ) - (1,959 ) Income from operations 8,601 40,955 320 49,876 Total assets 572,238 332,904 29,587 934,729 Thirty-nine Weeks Ended September 29, 2018 Transportation Logistics Other Total Operating revenues $ 688,794 $ 385,431 $ 1,105 $ 1,075,330 Eliminated inter-segment revenues (1,336 ) (8,935 ) — (10,271 ) Income from operations 32,273 32,950 663 65,886 Total assets 456,638 292,054 20,268 768,960

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 28, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	(1 6 ) Commitments and Contingencies Our principal commitments relate to long-term real estate leases and payment obligations to equipment vendors. 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 $4.0 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. As previously disclosed, a predecessor to a subsidiary of the Company was a party to a legal proceeding captioned Denton v. UACL, et al. (the “Denton Litigation”). The Company resolved the Denton Litigation on September 24, 2019 (the “Final Denton Settlement”). Under the terms of the Final Denton Settlement, the Company agreed to pay plaintiffs $36 million in cash, exclusive of amounts previously paid, based on an opinion issued by the Appellate Court of Illinois First Judicial District on September 24, 2019 affirming the trial court judgment. In connection with the Final Denton Settlement, the Company recorded a pre-tax charge to net income of $24.8 million in the third quarter of 2019. On October 23, 2019, the Company funded the $36.0 million payment. 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 September 28, 2019, approximately 30% of our employees in the United States, Canada and Colombia, and 85% of our employees in Mexico are subject to collective bargaining agreements that are renegotiated periodically, less than 10% of which are subject to contracts that expire in 2019.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 28, 2019
Subsequent Events [Abstract]
Subsequent Events	(1 7 ) Subsequent Events On October 24, 2019, our Board of Directors declared Universal’s fourth quarter cash dividend of $0.105 per share of common stock, payable to shareholders of record at the close of business on December 2, 2019 and is expected to be paid on January 2, 2020. 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. On November 5, 2019, the Company acquired Roadrunner Intermodal Services, LLC, Morgan Southern, Inc., Wando Trucking, LLC, and Central Cal Transportation, LLC (collectively, “Roadrunner Intermodal”) from Roadrunner Transportation Systems, Inc. Roadrunner Intermodal is a nationwide drayage provider, servicing major port and rail locations throughout the United States. The total cash purchase price was $54.9 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.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 28, 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 2016-13, (“ASU 2016-13”), Accounting for Credit Losses

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 28, 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): September 28, 2019 December 31, 2018 Prepaid expenses and other - contract assets $ 2,391 $ 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)	9 Months Ended
	Sep. 28, 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): September 28, 2019 December 31, 2018 Fair value $ 9,139 $ 9,333 Cost 8,404 11,143 Unrealized gain (loss) $ 735 $ (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): September 28, 2019 December 31, 2018 Gross unrealized gains $ 933 $ 89 Gross unrealized losses (198 ) (1,899 ) Net unrealized gains (losses) $ 735 $ (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 Thirty-nine Weeks Ended September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Realized gain Sale proceeds $ 689 $ 2,804 $ 1,246 $ 5,615 Cost of securities sold 576 2,439 1,021 5,123 Realized gain $ 113 $ 365 $ 225 $ 492 Realized gain, net of taxes $ 84 $ 275 $ 168 $ 368

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 28, 2019
Business Combinations [Abstract]
Summary of Preliminary Allocation of Purchase Price	The preliminary allocation of the purchase price is as follows (in thousands): Current assets $ 3,572 Property and equipment 2,831 Goodwill 6,049 Intangible assets 9,235 Current liabilities (461 ) Deferred tax liabilities, net (24 ) $ 21,202
Summary of Unaudited Pro Forma Results of Operations	The following unaudited pro forma results of operations present consolidated information of the Company as if Michael’s was acquired on January 1, 2018 (in thousands, except per share data): Thirteen Weeks Ended Thirty-nine Weeks Ended September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Operating revenues $ 375,485 $ 382,534 $ 1,145,016 $ 1,098,813 Income from operations $ (7,353 ) $ 23,510 $ 50,656 $ 68,264 Net income $ (8,420 ) $ 15,628 $ 29,230 $ 44,442 Earnings per common share: Basic $ (0.30 ) $ 0.55 $ 1.03 $ 1.57 Diluted $ (0.30 ) $ 0.55 $ 1.03 $ 1.57

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Sep. 28, 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 thirty-nine weeks ended September 28, 2019 are as follows: Balance as of January 1, 2019 $ 145,152 Michael's Cartage acquisition 6,049 Purchase accounting adjustments 7,215 Balance as of September 28, 2019 $ 158,416

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 28, 2019
Payables And Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses and other current liabilities are comprised of the following (in thousands): September 28, 2019 December 31, 2018 Payroll related items $ 12,526 $ 11,476 Driver escrow liabilities 3,222 3,923 Commissions, taxes and other 11,494 9,727 Total $ 27,242 $ 25,126

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 28, 2019
Debt Disclosure [Abstract]
Details of Debt	Debt is comprised of the following (in thousands): Interest Rates at September 28, 2019 September 28, 2019 December 31, 2018 Outstanding Debt: Credit and Security Agreement (1) Term Loan 3.52% $ 146,250 $ 150,000 Revolver 3.52% 65,589 80,588 Equipment Financing (2) 3.18% to 5.13% 138,111 126,162 Real Estate Financing (3) 4.27% 38,870 45,864 Margin Facility (4) 3.13% — 541 Unamortized debt issuance costs (2,264 ) (2,703 ) 386,556 400,452 Less current portion of long-term debt 59,894 51,903 Total long-term debt, net of current portion $ 326,662 $ 348,549 (8) Debt – continued (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 September 28, 2019, we were in compliance with all covenants under the facility, and $134.4 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 September 28, 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 September 28, 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 September 28, 2019, the maximum available borrowings under the line of credit were $5.0 million.

Fair Value Measurements and D_2

Fair Value Measurements and Disclosures (Tables)	9 Months Ended
	Sep. 28, 2019
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	( 9 ) 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): September 28, 2019 Level 1 Level 2 Level 3 Fair Value Measurement Assets Cash equivalents $ 50 $ — $ — $ 50 Marketable securities 9,139 — — 9,139 Total $ 9,189 $ — $ — $ 9,189 Liabilities Interest rate swaps $ — $ 247 $ — $ 247 Total $ — $ 247 $ — $ 247 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 September 28, 2019 is summarized as follows: Carrying Value Estimated Fair Value Equipment promissory notes $ 138,111 $ 139,035

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 28, 2019
Leases [Abstract]
Summary Lease Costs and Related Information	The following table summarizes our lease costs for the thirteen weeks and thirty-nine weeks ended September 28, 2019 and related information (in thousands): Thirteen Weeks Ended September 28, 2019 With Affiliates With Third Parties Total Lease cost Operating lease cost $ 2,495 $ 6,121 $ 8,616 Short-term lease cost 76 561 637 Variable lease cost 309 384 693 Sublease income - (701 ) (701 ) Total lease cost $ 2,880 $ 6,365 $ 9,245 Thirty-nine Weeks Ended September 28, 2019 With Affiliates With Third Parties Total Lease cost Operating lease cost $ 8,196 $ 17,395 $ 25,591 Short-term lease cost 370 2,653 3,023 Variable lease cost 607 940 1,547 Sublease income - (2,074 ) (2,074 ) Total lease cost $ 9,173 $ 18,914 $ 28,087
Summary of Other Lease Related Information	The following table summarizes other lease related information as of and for the thirty-nine week period ended September 28, 2019 (in thousands): With Affiliates With Third Parties Total Other information Cash paid for amounts included in the measurement of operating leases $ 8,572 $ 15,711 $ 24,283 Right-of-use assets obtained in exchange for new operating lease liabilities $ 3,483 $ 5,500 $ 8,983 Weighted-average remaining lease term (in years) 5.1 4.3 4.6 Weighted-average discount rate 5.0 % 5.0 % 5.0 %
Schedule of Future Minimum Lease Payments Under Operating Leases	Future minimum lease payments under these operating leases as of September 28, 2019, are as follows (in thousands): With Affiliates With Third Parties Total Year one $ 9,225 $ 18,978 $ 28,203 Year two 6,531 14,005 20,536 Year three 4,236 7,667 11,903 Year four 3,598 5,883 9,481 Year five 3,602 3,869 7,471 Thereafter 5,403 8,132 13,535 Total required lease payments $ 32,595 $ 58,534 $ 91,129 Less amounts representing interest (9,829 ) Present value of lease liabilities $ 81,300

Transactions with Affiliates (T

Transactions with Affiliates (Tables)	9 Months Ended
	Sep. 28, 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 and thirty-nine weeks ended September 28, 2019 and September 29, 2018 (in thousands): Thirteen Weeks Ended Thirty-nine Weeks Ended September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Administrative support services $ 1,852 $ 615 $ 3,352 $ 2,346 Truck fuel, tolls and maintenance 212 29 726 910 Real estate rent and related costs 3,629 3,418 8,822 10,999 Insurance and employee benefit plans 8,685 16,394 34,097 39,907 Purchased transportation and equipment rent 11 92 29 1,164 Total $ 14,389 $ 20,548 $ 47,026 $ 55,326
Schedule of Services Provided to Affiliates	Following is a schedule of services provided to affiliates for the thirteen weeks and thirty-nine weeks ended September 28, 2019 and September 29, 2018 (in thousands): Thirteen Weeks Ended Thirty-nine Weeks Ended September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Purchased transportation and equipment rent $ 404 $ 342 $ 1,136 $ 679 Total $ 404 $ 342 $ 1,136 $ 679

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 28, 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 September 28, 2019 47,000 $ 23.02

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 28, 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 and thirty-nine week periods ended September 28, 2019 and September 29, 2018 (in thousands): Thirteen Weeks Ended September 28, 2019 Transportation Logistics Other Total Operating revenues $ 254,129 $ 120,981 $ 375 $ 375,485 Eliminated inter-segment revenues (283 ) (126 ) - (409 ) Income from operations (17,224 ) 9,796 75 (7,353 ) Total assets 572,238 332,904 29,587 934,729 Thirteen Weeks Ended September 29, 2018 Transportation Logistics Other Total Operating revenues $ 248,529 $ 125,385 $ 378 $ 374,292 Eliminated inter-segment revenues (406 ) (3,188 ) - (3,594 ) Income from operations 11,885 10,503 142 22,530 Total assets 456,638 292,054 20,268 768,960 Thirty-nine Weeks Ended September 28, 2019 Transportation Logistics Other Total Operating revenues $ 752,610 $ 382,541 $ 916 $ 1,136,067 Eliminated inter-segment revenues (1,208 ) (751 ) - (1,959 ) Income from operations 8,601 40,955 320 49,876 Total assets 572,238 332,904 29,587 934,729 Thirty-nine Weeks Ended September 29, 2018 Transportation Logistics Other Total Operating revenues $ 688,794 $ 385,431 $ 1,105 $ 1,075,330 Eliminated inter-segment revenues (1,336 ) (8,935 ) — (10,271 ) Income from operations 32,273 32,950 663 65,886 Total assets 456,638 292,054 20,268 768,960

Recent Accounting Pronounceme_3

Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 28, 2019	Jan. 01, 2019	Dec. 31, 2018	Sep. 29, 2018
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Increase in assets	$ 934,729		$ 843,147	$ 768,960
Increase in current liabilities	292,251		221,169
Increase in long-term liabilities	$ 444,563		$ 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)	9 Months Ended
	Sep. 28, 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	Sep. 28, 2019	Dec. 31, 2018
Other Current Assets [Member]
Disaggregation Of Revenue [Line Items]
Prepaid expenses and other - contract assets	$ 2,391	$ 1,901

Marketable Securities - Schedul

Marketable Securities - Schedule of Market Value, Cost and Unrealized Gains on Equity Securities (Detail) - USD ($) $ in Thousands	Sep. 28, 2019	Dec. 31, 2018
Investments Debt And Equity Securities [Abstract]
Marketable securities	$ 9,139	$ 9,333
Cost	8,404	11,143
Unrealized gain (loss)	$ 735	$ (1,810)

Marketable Securities - Sched_2

Marketable Securities - Schedule of Gross Unrealized Gains and Losses on Marketable Securities (Detail) - USD ($) $ in Thousands	Sep. 28, 2019	Dec. 31, 2018
Investments Debt And Equity Securities [Abstract]
Gross unrealized gains	$ 933	$ 89
Gross unrealized losses	(198)	(1,899)
Net unrealized gains (losses)	$ 735	$ (1,810)

Marketable Securities - Summary

Marketable Securities - Summary of Net Realized Gains (Loss) on Marketable Equity Securities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Realized gain
Sale proceeds	$ 689	$ 2,804	$ 1,246	$ 5,615
Cost of securities sold	576	2,439	1,021	5,123
Realized gain	113	365	225	492
Realized gain, net of taxes	$ 84	$ 275	$ 168	$ 368

Marketable Securities - Additio

Marketable Securities - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Other Nonoperating Income (Expense)
Schedule Of Available For Sale Securities [Line Items]
Net unrealized pre-tax gain (loss) in market value	$ 21,000	$ 232,000	$ 735,000	$ (201,000)

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands	Apr. 22, 2019	Sep. 28, 2019	Sep. 29, 2018
Business Acquisition [Line Items]
Total cash purchase price		$ 22,457	$ 100,787
Michaels [Member]
Business Acquisition [Line Items]
Date of acquisition	Apr. 22, 2019
Total cash purchase price	$ 22,000
Transaction related costs incurred in acquisition	$ 400
Michaels [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Intangible assets amortization period	11 years
Michaels [Member] | Non-competition Agreement [Member]
Business Acquisition [Line Items]
Intangible assets amortization period	5 years

Acquisitions - Summary of Preli

Acquisitions - Summary of Preliminary Allocation of Purchase Price (Detail) - USD ($) $ in Thousands	Sep. 28, 2019	Apr. 22, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill	$ 158,416		$ 145,152
Michaels [Member]
Business Acquisition [Line Items]
Current assets		$ 3,572
Property and equipment		2,831
Goodwill		6,049
Intangible assets		9,235
Current liabilities		(461)
Deferred tax liabilities, net		(24)
Total purchase price		$ 21,202

Acquisitions - Summary of Unaud

Acquisitions - Summary of Unaudited Pro Forma Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Business Combinations [Abstract]
Operating revenues	$ 375,485	$ 382,534	$ 1,145,016	$ 1,098,813
Income from operations	(7,353)	23,510	50,656	68,264
Net income	$ (8,420)	$ 15,628	$ 29,230	$ 44,442
Earnings per common share:
Basic	$ (0.30)	$ 0.55	$ 1.03	$ 1.57
Diluted	$ (0.30)	$ 0.55	$ 1.03	$ 1.57

Goodwill - Schedule of Changes

Goodwill - Schedule of Changes in Carrying amount of Goodwill (Detail) $ in Thousands	9 Months Ended
	Sep. 28, 2019USD ($)
Goodwill [Line Items]
Beginning Balance	$ 145,152
Purchase accounting adjustments	7,215
Ending Balance	158,416
Michaels [Member]
Goodwill [Line Items]
Michael's Cartage acquisition	$ 6,049

Goodwill - Additional Informati

Goodwill - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2019	Dec. 31, 2018
Goodwill [Line Items]
Increase in goodwill	$ 7,215
Goodwill	158,416	$ 145,152
Transportation [Member]
Goodwill [Line Items]
Goodwill	102,100	88,900
Logistics [Member]
Goodwill [Line Items]
Goodwill	56,300	$ 56,300
Deco Logistics, Inc. and Oaktree Logistics, Inc., Specialized Rail Service, Inc. and Southern Counties Express, Inc. [Member]
Goodwill [Line Items]
Increase in goodwill	7,200
Increase in deferred tax liabilities	800
Decrease in intangible assets	3,600
Decrease in property and equipment	3,400
Decrease in other current assets	$ 1,000

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Sep. 28, 2019	Dec. 31, 2018
Payables And Accruals [Abstract]
Payroll related items	$ 12,526	$ 11,476
Driver escrow liabilities	3,222	3,923
Commissions, taxes and other	11,494	9,727
Total	$ 27,242	$ 25,126

Debt - Details of Debt (Detail)

Debt - Details of Debt (Detail) - USD ($) $ in Thousands		Sep. 28, 2019	Dec. 31, 2018
Outstanding Debt:
Unamortized debt issuance costs		$ (2,264)	$ (2,703)
Outstanding Debt		386,556	400,452
Less current portion of long-term debt		59,894	51,903
Total long-term debt, net of current portion		326,662	348,549
Credit and Security Agreement [Member] | Term Loan [Member]
Outstanding Debt:
Outstanding Debt	[1]	$ 146,250	150,000
Credit facility, Interest Rates	[1]	3.52%
Credit and Security Agreement [Member] | Revolver [Member]
Outstanding Debt:
Outstanding Debt	[1]	$ 65,589	80,588
Credit facility, Interest Rates	[1]	3.52%
Equipment Financing [Member]
Outstanding Debt:
Outstanding Debt	[2]	$ 138,111	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]	$ 38,870	45,864
Credit facility, Interest Rates	[3]	4.27%
Margin Facility [Member]
Outstanding Debt:
Outstanding Debt	[4]		$ 541
Credit facility, Interest Rates	[4]	3.13%
[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 September 28, 2019, we were in compliance with all covenants under the facility, and $134.4 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 September 28, 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 September 28, 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 September 28, 2019, the maximum available borrowings under the line of credit were $5.0 million.

Debt - Details of Debt (Parenth

Debt - Details of Debt (Parenthetical) (Detail)	9 Months Ended
	Sep. 28, 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	134,400,000
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	$ 5,000,000
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 and are generally payable in 60 monthly installments and bear interest at fixed rates ranging from 3.18% to 5.13%. At September 28, 2019, we were in compliance with all covenants.

Debt - Additional Information (

Debt - Additional Information (Detail)	9 Months Ended
	Sep. 28, 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 liability 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	Sep. 28, 2019	Dec. 31, 2018
Assets
Marketable securities	$ 9,139	$ 9,333
Fair Value, Measurements, Recurring [Member]
Assets
Cash equivalents	50
Marketable securities	9,139	9,333
Interest rate swaps		392
Total Assets	9,189	9,725
Liabilities
Interest rate swaps	247
Total Liabilities	247
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets
Cash equivalents	50
Marketable securities	9,139	9,333
Total Assets	9,189	9,333
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Assets
Interest rate swaps		392
Total Assets		$ 392
Liabilities
Interest rate swaps	247
Total Liabilities	$ 247

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]	Sep. 28, 2019USD ($)
Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument	$ 138,111
Estimated Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument	$ 139,035

Leases - Summary of Lease Cost

Leases - Summary of Lease Cost and Related Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 28, 2019	Sep. 28, 2019
Lease cost
Operating lease cost	$ 8,616	$ 25,591
Short-term lease cost	637	3,023
Variable lease cost	693	1,547
Sublease income	(701)	(2,074)
Total lease cost	9,245	28,087
With Affiliates [Member]
Lease cost
Operating lease cost	2,495	8,196
Short-term lease cost	76	370
Variable lease cost	309	607
Total lease cost	2,880	9,173
With Third Parties [Member]
Lease cost
Operating lease cost	6,121	17,395
Short-term lease cost	561	2,653
Variable lease cost	384	940
Sublease income	(701)	(2,074)
Total lease cost	$ 6,365	$ 18,914

Leases - Summary of Other Lease

Leases - Summary of Other Lease Related Information (Detail) $ in Thousands	9 Months Ended
	Sep. 28, 2019USD ($)
Other information
Cash paid for amounts included in the measurement of operating leases	$ 24,283
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 8,983
Weighted-average remaining lease term	4 years 7 months 6 days
Weighted-average discount rate	5.00%
With Affiliates [Member]
Other information
Cash paid for amounts included in the measurement of operating leases	$ 8,572
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 3,483
Weighted-average remaining lease term	5 years 1 month 6 days
Weighted-average discount rate	5.00%
With Third Parties [Member]
Other information
Cash paid for amounts included in the measurement of operating leases	$ 15,711
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 5,500
Weighted-average remaining lease term	4 years 3 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	Sep. 28, 2019USD ($)
Lease Disclosure [Line Items]
Year one	$ 28,203
Year two	20,536
Year three	11,903
Year four	9,481
Year five	7,471
Thereafter	13,535
Total required lease payments	91,129
Less amounts representing interest	(9,829)
Present value of lease liabilities	81,300
With Affiliates [Member]
Lease Disclosure [Line Items]
Year one	9,225
Year two	6,531
Year three	4,236
Year four	3,598
Year five	3,602
Thereafter	5,403
Total required lease payments	32,595
With Third Parties [Member]
Lease Disclosure [Line Items]
Year one	18,978
Year two	14,005
Year three	7,667
Year four	5,883
Year five	3,869
Thereafter	8,132
Total required lease payments	$ 58,534

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. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Related Party Transaction [Line Items]
Cost incurred for services provided by CenTra and affiliates	$ 14,389	$ 20,548	$ 47,026	$ 55,326
Administrative support services [Member]
Related Party Transaction [Line Items]
Cost incurred for services provided by CenTra and affiliates	1,852	615	3,352	2,346
Truck fuel, tolls and maintenance [Member]
Related Party Transaction [Line Items]
Cost incurred for services provided by CenTra and affiliates	212	29	726	910
Real estate rent and related costs [Member]
Related Party Transaction [Line Items]
Cost incurred for services provided by CenTra and affiliates	3,629	3,418	8,822	10,999
Insurance and employee benefit plans [Member]
Related Party Transaction [Line Items]
Cost incurred for services provided by CenTra and affiliates	8,685	16,394	34,097	39,907
Purchased transportation and equipment rent [Member]
Related Party Transaction [Line Items]
Cost incurred for services provided by CenTra and affiliates	$ 11	$ 92	$ 29	$ 1,164

Transactions with Affiliates _2

Transactions with Affiliates - Additional Information (Detail)	1 Months Ended	9 Months Ended
	Aug. 31, 2019USD ($)$ / sharesshares	Sep. 28, 2019USD ($)Facility	Sep. 29, 2018USD ($)	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Occupancy of facilities either on monthly or contractual basis | Facility		30
Insurance, claims and other receivables		$ 9,000,000		$ 10,500,000
Due to affiliates		20,371,000		17,764,000
Due from affiliates		3,353,000		5,247,000
Proceeds from the sale of property and equipment		5,002,000	$ 2,132,000
Land value		317,623,000		$ 303,234,000
Tender offer expire date	Sep. 13, 2019
Maximum [Member]
Related Party Transaction [Line Items]
Percentage of additional repurchase on outstanding shares	2.00%
Common stock [Member]
Related Party Transaction [Line Items]
Shares accepted by company under tender offer, shares | shares	1,101,597
Tender offer final purchase price, per share | $ / shares	$ 22.50
Tender offer, total purchase price	$ 24,800,000
Common stock [Member] | Mr. Manuel J. Moroun, Director [Member]
Related Party Transaction [Line Items]
Shares accepted by company under tender offer, shares | shares	600,000
Common stock [Member] | Mr. Jude Beres, Chief Financial Officer [Member]
Related Party Transaction [Line Items]
Shares accepted by company under tender offer, shares | shares	10,000
Common stock [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Number of shares available for authorized to repurchase | shares	600,000
With Affiliates [Member]
Related Party Transaction [Line Items]
Cost of purchase from an affiliate		0
With Affiliates [Member] | Used Equipment [Member]
Related Party Transaction [Line Items]
Cost of purchase from an affiliate			8,300
With Affiliates [Member] | Wheels and Tires [Member]
Related Party Transaction [Line Items]
Cost of purchase from an affiliate			$ 23,000
With Affiliates [Member] | Land [Member]
Related Party Transaction [Line Items]
Proceeds from the sale of property and equipment		2,500,000
Land value		2,400,000
Gain on sale of land		$ 100,000

Transactions with Affiliates _3

Transactions with Affiliates - Schedule of Services Provided to Affiliates (Detail) - Affiliates [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Related Party Transaction [Line Items]
Services provided to affiliates	$ 404	$ 342	$ 1,136	$ 679
Purchased Transportation And Equipment Rent [Member]
Related Party Transaction [Line Items]
Services provided to affiliates	$ 404	$ 342	$ 1,136	$ 679

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	Sep. 28, 2019	Sep. 29, 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	Sep. 28, 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		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Earnings Per Share [Abstract]
Weighted average non-vested shares of restricted shares	943	10,499	917	8,446
Antidilutive securities excluded from computation of earnings per share, amount	44,500	0	44,500	0

Dividends - Additional Informat

Dividends - Additional Information (Detail) - $ / shares	Jul. 25, 2019	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Dividends Payable [Line Items]
Quarterly cash dividend declared per common stock		$ 0.105	$ 0.105	$ 0.315	$ 0.315
Second Quarter [Member]
Dividends Payable [Line Items]
Dividends payable, date declared	Jul. 25, 2019
Quarterly cash dividend declared per common stock	$ 0.105
Dividends payable, recorded date	Aug. 5, 2019
Dividends payable, date to be paid	Aug. 12, 2019
Third Quarter
Dividends Payable [Line Items]
Dividends payable, date declared	Jul. 25, 2019
Quarterly cash dividend declared per common stock	$ 0.105
Dividends payable, recorded date	Sep. 2, 2019
Dividends payable, date to be paid	Oct. 1, 2019

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	9 Months Ended
	Sep. 28, 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		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Revenues	$ 375,485	$ 374,292	$ 1,136,067	$ 1,075,330
Income from operations	(7,353)	22,530	49,876	65,886
Total assets	934,729	768,960	934,729	768,960	$ 843,147
Operating Segments [Member] | Transportation [Member]
Segment Reporting Information [Line Items]
Revenues	254,129	248,529	752,610	688,794
Income from operations	(17,224)	11,885	8,601	32,273
Total assets	572,238	456,638	572,238	456,638
Operating Segments [Member] | Logistics [Member]
Segment Reporting Information [Line Items]
Revenues	120,981	125,385	382,541	385,431
Income from operations	9,796	10,503	40,955	32,950
Total assets	332,904	292,054	332,904	292,054
Other [Member]
Segment Reporting Information [Line Items]
Revenues	375	378	916	1,105
Income from operations	75	142	320	663
Total assets	29,587	20,268	29,587	20,268
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	(409)	(3,594)	(1,959)	(10,271)
Intersegment Eliminations [Member] | Transportation [Member]
Segment Reporting Information [Line Items]
Revenues	(283)	(406)	(1,208)	(1,336)
Intersegment Eliminations [Member] | Logistics [Member]
Segment Reporting Information [Line Items]
Revenues	$ (126)	$ (3,188)	$ (751)	$ (8,935)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Oct. 23, 2019USD ($)	Oct. 30, 2017USD ($)	Jul. 21, 2017USD ($)	Sep. 28, 2019USD ($)	Sep. 28, 2019USD ($)Employee	Sep. 24, 2019USD ($)
Concentration Risk [Line Items]
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
Accrual insurance and claims				$ 4,000,000	$ 4,000,000
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					30.00%
Mexico [Member] | Workforce Subject to Collective Bargaining Arrangements [Member] | Unionized Employees Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of revenues from major customers					85.00%
Denton Litigation [Member]
Concentration Risk [Line Items]
Agreed to pay plaintiffs amount in cash						$ 36,000,000
Amount of pre-tax charge to net income				$ 24,800,000
Denton Litigation [Member] | Subsequent Event [Member]
Concentration Risk [Line Items]
Payments for litigation settlement	$ 36,000,000
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
Maximum [Member] | United States, Canada and Colombia [Member] | Workforce Subject to Collective Bargaining Arrangements [Member] | Unionized Employees Concentration Risk [Member]
Concentration Risk [Line Items]
Number of employees subject to contracts that expire in 2019 | Employee					10

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Nov. 05, 2019	Oct. 24, 2019	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Subsequent Event [Line Items]
Quarterly cash dividend declared per common stock			$ 0.105	$ 0.105	$ 0.315	$ 0.315
Total cash purchase price					$ 22,457	$ 100,787
Subsequent Event [Member] | Roadrunner Intermodal
Subsequent Event [Line Items]
Total cash purchase price	$ 54,900
Fourth Quarter | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends payable, date declared		Oct. 24, 2019
Quarterly cash dividend declared per common stock		$ 0.105
Dividends payable, recorded date		Dec. 2, 2019
Dividends payable, date to be paid		Jan. 2, 2020