Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 25, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Roadrunner Transportation Systems, Inc. | ||
Entity Central Index Key | 1,440,024 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 728,947,163 | ||
Entity Common Stock, Shares Outstanding | 38,265,869 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 8,664 | $ 11,345 |
Accounts receivable, net of allowances of $3,782 and $4,209, respectively | 272,176 | 284,379 |
Deferred income taxes | 4,876 | 8,607 |
Prepaid expenses and other current assets | 62,101 | 46,658 |
Total current assets | 347,817 | 350,989 |
Property and equipment, net of accumulated depreciation of $68,517 and $47,629, respectively | 197,744 | 146,850 |
Other assets: | ||
Goodwill | 691,118 | 669,652 |
Intangible assets, net | 76,694 | 79,878 |
Other noncurrent assets | 12,752 | 10,451 |
Total other assets | 780,564 | 759,981 |
Total assets | 1,326,125 | 1,257,820 |
Current liabilities: | ||
Current maturities of long-term debt | 15,000 | 10,000 |
Accounts payable | 104,357 | 118,743 |
Accrued expenses and other liabilities | 48,657 | 42,352 |
Total current liabilities | 168,014 | 171,095 |
Long-term debt, net of current maturities | 424,399 | 420,000 |
Other long-term liabilities | 120,405 | 107,950 |
Total liabilities | $ 712,818 | $ 699,045 |
Commitments and Contingencies (Note 12) | ||
Stockholders' investment: | ||
Common stock $.01 par value; 100,000 shares authorized; 38,266 and 37,925 shares issued and outstanding | $ 383 | $ 379 |
Additional paid-in capital | 397,253 | 390,725 |
Retained earnings | 215,671 | 167,671 |
Total stockholders’ investment | 613,307 | 558,775 |
Total liabilities and stockholder' investment | $ 1,326,125 | $ 1,257,820 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, net of allowances | $ 3,782 | $ 4,209 |
Property and equipment, net of accumulated depreciation | $ 68,517 | $ 47,629 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000 | 100,000 |
Common stock, shares issued | 38,266 | 37,925 |
Common stock, shares outstanding | 38,266 | 37,925 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Revenues | $ 1,995,019 | $ 1,872,816 | $ 1,361,410 |
Operating expenses: | |||
Purchased transportation costs | 1,315,494 | 1,293,006 | 944,275 |
Personnel and related benefits | 263,522 | 213,079 | 151,158 |
Other operating expenses | 286,443 | 243,662 | 163,452 |
Depreciation and amortization | 32,323 | 25,078 | 16,311 |
Acquisition transaction expenses | 564 | 2,305 | 851 |
Total operating expenses | 1,898,346 | 1,777,130 | 1,276,047 |
Operating income | 96,673 | 95,686 | 85,363 |
Interest Expense | 19,439 | 13,363 | 7,883 |
Income before provision for income taxes | 77,234 | 82,323 | 77,480 |
Provision for income taxes | 29,234 | 30,349 | 28,484 |
Net income available to common stockholders | $ 48,000 | $ 51,974 | $ 48,996 |
Earnings per share available to common stockholders: | |||
Basic (in usd per share) | $ 1.26 | $ 1.37 | $ 1.36 |
Diluted (in usd per share) | $ 1.23 | $ 1.32 | $ 1.29 |
Weighted average common stock outstanding: | |||
Basic (shares) | 37,969 | 37,852 | 36,133 |
Diluted (shares) | 38,974 | 39,259 | 37,913 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Investment (Equity) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings (Deficit) |
Common Stock, Shares, Outstanding | 34,371,497 | |||
Balance at Dec. 31, 2012 | $ 392,079 | $ 344 | $ 325,034 | $ 66,701 |
Issuance of Common Stock, shares | 3,192,949 | |||
Issuance of Common Stock | 53,490 | $ 32 | 53,458 | |
Share-based compensation | 1,503 | 1,503 | ||
Excess tax benefit on share-based compensation | 4,297 | 4,297 | ||
Net income (loss) | 48,996 | 48,996 | ||
Balance at Dec. 31, 2013 | 500,365 | $ 376 | 384,292 | 115,697 |
Common Stock, Shares, Outstanding | 37,564,446 | |||
Issuance of Common Stock, shares | 360,718 | |||
Issuance of Common Stock | 2,740 | $ 3 | 2,737 | |
Share-based compensation | 2,255 | 2,255 | ||
Excess tax benefit on share-based compensation | 1,441 | 1,441 | ||
Net income (loss) | 51,974 | 51,974 | ||
Balance at Dec. 31, 2014 | $ 558,775 | $ 379 | 390,725 | 167,671 |
Common Stock, Shares, Outstanding | 37,925,000 | 37,925,164 | ||
Issuance of Common Stock, shares | 340,705 | |||
Issuance of Common Stock | $ 3,082 | $ 4 | 3,078 | |
Payments of Stock Issuance Costs | (225) | (225) | ||
Share-based compensation | 2,500 | 2,500 | ||
Excess tax benefit on share-based compensation | 1,175 | 1,175 | ||
Net income (loss) | 48,000 | 48,000 | ||
Balance at Dec. 31, 2015 | $ 613,307 | $ 383 | $ 397,253 | $ 215,671 |
Common Stock, Shares, Outstanding | 38,266,000 | 38,265,869 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 48,000 | $ 51,974 | $ 48,996 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 34,608 | 27,145 | 18,490 |
Gain on disposal of buildings and equipment | (424) | (106) | (1,343) |
Share-based compensation | 2,500 | 2,255 | 1,503 |
Provision for bad debts | 3,010 | 4,499 | 2,934 |
Excess tax benefit on share-based compensation | (1,175) | (1,441) | (4,297) |
Deferred tax provision | 10,534 | 7,512 | 8,280 |
Changes in (net of acquisitions): | |||
Accounts receivable | 13,984 | (44,520) | (28,891) |
Prepaid expenses and other assets | (17,603) | (5,180) | (6,205) |
Accounts payable | (15,658) | 10,877 | (380) |
Accrued expenses and other liabilities | (4,414) | (12,385) | (2,964) |
Net cash provided by operating activities | 73,362 | 40,630 | 36,123 |
Cash flows from investing activities: | |||
Acquisition of business, net of cash acquired | (32,765) | (230,818) | (100,648) |
Capital expenditures | (54,859) | (44,977) | (31,546) |
Proceeds from sale of buildings and equipment | 6,080 | 6,951 | 5,121 |
Net cash used in investing activities | (81,544) | (268,844) | (127,073) |
Cash flows from financing activities: | |||
Borrowings under revolving credit facilities | 183,852 | 383,074 | 130,441 |
Payments under revolving credit facilities | (275,703) | (170,089) | (108,426) |
Long-term debt borrowings | 110,000 | 33,750 | 22,000 |
Long-term debt payments | (8,750) | (9,375) | (12,875) |
Debt issuance cost | (2,798) | (2,524) | (1,541) |
Payments of contingent earnouts | (3,317) | (4,804) | (2,407) |
Proceeds from Issuance of Common Stock, net of issuance costs | 2,857 | 2,740 | 53,059 |
Excess tax benefit on share-based compensation | 1,175 | 1,441 | 4,297 |
Reduction of capital lease obligation | (1,815) | (92) | (68) |
Net cash provided by financing activities | 5,501 | 234,121 | 84,480 |
Net increase (decrease) in cash and cash equivalents | (2,681) | 5,907 | (6,470) |
Cash and cash equivalents: | |||
Beginning of period | 11,345 | 5,438 | 11,908 |
End of period | 8,664 | 11,345 | 5,438 |
Supplemental cash flow information: | |||
Cash paid for interest | 16,725 | 11,351 | 6,505 |
Cash paid for income taxes (net of refunds) | 21,453 | 21,673 | 19,081 |
Noncash contingent earnout | 4,114 | 0 | 4,288 |
Non-cash capital leases and other obligations to acquire assets | $ 12,441 | $ 0 | $ 0 |
Organization, Nature of Busines
Organization, Nature of Business and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Nature of Business and Significant Accounting Policies | 1. Organization, Nature of Business and Significant Accounting Policies Nature of Business Roadrunner Transportation Systems, Inc. (the “Company”) is headquartered in Cudahy, Wisconsin and has the following three operating segments: truckload logistics (“TL”); less-than-truckload (“LTL”); and Global Solutions. Within its TL business, the Company operates a network of 48 TL service centers, four freight consolidation and inventory management centers, and 23 dispatch offices and is augmented by over 100 independent brokerage agents. Within its LTL business, the Company operates 47 LTL service centers throughout the United States, complemented by relationships with over 180 delivery agents. Within its Global Solutions business, the Company operates from eight service centers and 11 dispatch offices throughout the United States. From pickup to delivery, the Company leverages relationships with a diverse group of third-party carriers to provide scalable capacity and reliable, customized service, including domestic and international air and ocean transportation services, to its customers. The Company operates primarily in the United States. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. As of December 31, 2015 , all subsidiaries were 100% owned. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements, in conformity with accounting principles generally accepted in the United States (“GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Segment Reporting The Company determines its operating segments based on the information utilized by the chief operating decision maker, the Company’s Chief Executive Officer, to allocate resources and assess performance. Based on this information, the Company has determined that it has three operating segments: TL; LTL; and Global Solutions. Cash and Cash Equivalents Cash equivalents are defined as short-term investments that have an original maturity of three months or less at the date of purchase and are readily convertible into cash. The Company maintains cash in several banks and, at times, the balances may exceed federally insured limits. Cash equivalents consist of overnight investments in an interest bearing sweep account. Accounts Receivable and Related Reserves Accounts receivable represent trade receivables from customers and are stated net of an allowance for doubtful accounts and pricing allowances of approximately $3.8 million and $4.2 million as of December 31, 2015 and 2014 , respectively. Management estimates the portion of accounts receivable that will not be collected and accounts are written off when they are determined to be uncollectible. Accounts receivable are uncollateralized and are generally due 30 days from the invoice date. The Company provides reserves for accounts receivable. The rollforward of the allowance for doubtful accounts is as follows (in thousands): Year Ended December 31, 2015 2014 2013 Beginning balance $ 4,209 $ 2,957 $ 1,476 Provision, charged to expense 3,010 4,499 2,934 Write-offs, less recoveries (3,437 ) (3,247 ) (1,453 ) Ending balance $ 3,782 $ 4,209 $ 2,957 Property and Equipment Property and equipment are stated at cost. Maintenance and repair costs are charged to expense as incurred. For financial reporting purposes, depreciation is calculated using the straight-line method over the following estimated useful lives: Buildings and leasehold improvements 5-20 years Furniture and fixtures 5 years Equipment 3-15 years Accelerated depreciation methods are used for tax reporting purposes. Property and equipment and other long-lived assets are reviewed periodically for possible impairment. The Company evaluates whether current facts or circumstances indicate that the carrying value of the assets to be held and used may not be recoverable. If such circumstances are determined to exist, an estimate of undiscounted future cash flows produced by the long-lived asset, or the appropriate grouping of assets, is compared to the carrying value to determine whether impairment exists. If an asset is determined to be impaired, the loss is measured and recorded based on quoted market prices in active markets, if available. If quoted market prices are not available, the estimate of fair value is based on various valuation techniques, including discounted value of estimated future cash flows. The Company reports an asset to be disposed of at the lower of its carrying value or its fair value less the cost to sell. Goodwill and Other Intangibles Goodwill and other intangible assets result from business acquisitions. The Company accounts for business acquisitions by assigning the purchase price to tangible and intangible assets and liabilities. Assets acquired and liabilities assumed are recorded at their fair values and the excess of the purchase price over amounts assigned is recorded as goodwill. Goodwill is tested for impairment at least annually on July 1 using a two-step process that begins with an estimation of the fair value at the “reporting unit” level. The Company has four reporting units as this is the lowest level for which discrete financial information is prepared and regularly reviewed by segment management. The impairment test for goodwill involves comparing the fair value of a reporting unit to its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, a second step is required to measure the goodwill impairment loss. The second step includes valuing all the tangible and intangible assets of the reporting unit as if the reporting unit had been acquired in a business combination. Then, the implied fair value of the reporting unit’s goodwill is compared to the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of the goodwill, the Company recognizes an impairment loss in an amount equal to the excess, not to exceed the carrying amount. For purposes of the Company’s impairment test, the fair value of its reporting units is calculated based upon an average of an income fair value approach and market fair value approach. Based on these tests, the Company concluded that the fair value for each of the reporting units was in excess of the respective reporting unit’s carrying value. Accordingly, no goodwill impairments were identified in 2015 , 2014 , or 2013 . Other intangible assets recorded consist primarily of definite lived customer relationships. The Company evaluates its other intangible assets for impairment when current facts or circumstances indicate that the carrying value of the assets to be held and used may not be recoverable. No indicators of impairment were identified in 2015 , 2014 , or 2013 . See Note 4 for additional information on the Company's goodwill and intangible assets. Debt Issuance Costs Debt issuance costs represent costs incurred in connection with the financing agreement described in Note 6. The unamortized debt issuance costs aggregate to $6.6 million and $6.1 million as of December 31, 2015 and 2014 , respectively, and have been classified in the consolidated balance sheets as other noncurrent assets. Such costs are being amortized over the expected maturity of the financing agreements using the effective interest rate method. Share-Based Compensation The Company’s share-based payment awards are comprised of stock options, restricted stock units, and performance restricted stock units. The cost for the Company’s stock options is measured at fair value using the Black-Scholes option pricing model. The cost for restricted stock units and performance restricted stock units is measured using the stock price at the grant date. The cost is recognized over the vesting period of the award, which is typically four years. The amount of costs recognized for performance restricted stock units over the vesting period is dependent on the Company meeting the pre-established financial performance goals. Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Fair Value of Financial Instruments The fair value of cash approximates cost. The estimated fair value of the Company's debt approximated its carrying value as of December 31, 2015 and 2014 as the debt agreement bears interest based on prevailing variable market rates currently available and as such would be categorized as a Level 2 in the fair value hierarchy as defined in Note 5. Revenue Recognition TL revenue is recorded when all of the following have occurred: an agreement of sale exists; pricing is fixed or determinable; delivery has occurred; the Company’s obligation to fulfill a transaction is complete; and collection of revenue is reasonably assured. This occurs when the Company completes the delivery of a shipment or the service has been fulfilled. LTL revenue is recorded when all of the following have occurred: an agreement of sale exists; pricing is fixed or determinable; and collection of revenue is reasonably assured. The Company recognizes revenue based on a percentage of services completed for freight in-transit as of the balance sheet date. Global Solutions revenue is recorded when the shipment has been delivered by a third-party carrier. Fees for services revenue is recognized when the services have been rendered. At the time of delivery or rendering of services, as applicable, the Company’s obligation to fulfill a transaction is complete and collection of revenue is reasonably assured. The Company offers volume discounts to certain customers. Revenue is reduced as discounts are earned. In some instances, the Company performs multiple services. Typically separate fees are quoted and recognized as revenue when services are rendered. Occasionally, customers request an all-inclusive "door-to-door" fee for a set of services and revenue is allocated to the elements and recognized as each service is completed. The Company typically recognizes revenue on a gross basis, as opposed to a net basis, because it bears the risks and benefits associated with revenue-generated activities by, among other things, (1) acting as a principal in the transaction, (2) establishing prices, (3) managing all aspects of the shipping process, and (4) taking the risk of loss for collection, delivery, and returns. Certain Global Solutions transactions to provide specific services are recorded at the net amount charged to the client due to the following factors: (A) the Company does not have latitude in establishing pricing and (B) the Company does not bear the risk of loss for delivery and returns; these items are the risk of the carrier. Insurance The Company uses a combination of purchased insurance and self-insurance programs to provide for the cost of vehicle liability, cargo damage, and workers’ compensation claims. The portion of self-insurance accruals which is included in accrued expenses and other liabilities relates primarily to vehicle liability and cargo damage claims. The Company periodically evaluates the level of insurance coverage and adjusts insurance levels based on risk tolerance and premium expense. The measurement and classification of self-insured costs requires the consideration of historical cost experience, demographic and severity factors, and judgments about the current and expected levels of cost per claim and retention levels. These methods provide estimates of the liability associated with claims incurred as of the balance sheet date, including claims not reported. The Company believes these methods are appropriate for measuring these judgmental self-insurance accruals. However, the use of any estimation method is sensitive to the assumptions and factors described above, based on the magnitude of claims and the length of time from the date the claim is incurred to ultimate settlement. Accordingly, changes in these assumptions and factors can materially affect actual costs paid to settle the claims and those amounts may be different than estimates. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-09 (ASU 2014-09) which was updated in August 2015 by Accounting Standards Update No. 2015-14, Revenue from Contracts with Customers (Topic 606), which is effective for the Company in 2018. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company is in the process of evaluating the guidance in this Accounting Standards Update and has not yet determined if the adoption of this guidance will have a material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30), which is effective for the Company in 2016 and must be applied retrospectively for all periods presented. This guidance simplifies the presentation of debt issuance costs. Under the revised Accounting Standard, the Company would be required to present debt issuance costs related to a recognized debt liability in the balance sheet as a direct deduction from the carrying amount of that debt liability. Amortization of the debt issuance costs should be reported as interest expense. The Accounting Standards Update does not affect the recognition and measurement for debt issuance costs. Debt issuance costs are currently recorded in other noncurrent assets and amortization of these debt issuance costs are currently reported as interest expense. Adoption of the revised Accounting Standard will require the company to reclass the balance of the debt issuance costs from a noncurrent asset to a direct reduction from the carrying amount of debt. In April 2015, the FASB issued Accounting Standards Update No. 2015-05, Intangibles-Goodwill and Other - Internal-Use Software (Subtopic 350-40), which is effective for the Company in 2016 and can be applied prospectively to all arrangements entered into or materially modified after the effective date or retrospectively. This update provides guidance to help companies evaluate the accounting for fees paid by a customer in a cloud computing arrangement such as software as a service, infrastructure as a service, or other hosting arrangements. If a cloud computing arrangement includes a license to internal-use software, then the customer should account for the software license consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The Company is in the process of evaluating the guidance and has not yet determined if the adoption of this guidance will have a material impact on the Company's consolidated financial statements. In September 2015, the FASB issued Accounting Standards Update No. 2015-16, Simplifying the Accounting Measurement-Period Adjustments (Topic 805), which is effective for the Company in 2016. The amendments eliminate the requirement to retrospectively account for measurement period adjustments. The acquirer must record, in the period identified, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the changes to the provisional amounts, calculated as if the accounting had been completed as of the acquisition date. The acquirer must present separately on the face of the income statement, or disclose in the notes, the portion of the amount recorded in the current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment had been recognized as of the acquisition date. Adoption of the revised Accounting Standard will require some additional disclosures in the footnotes to the consolidated financial statements. In November 2015, the FASB issued Accounting Standards Update no. 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740), which is effective for the Company in 2017. The amendments in this update require that deferred tax liabilities and assets be classified as noncurrent in the statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendment. The amendments may either be applied prospectively or retrospectively. The Company is in the process of evaluating the guidance and has not yet determined if the adoption of this guidance will have a material impact on the Company's consolidated financial statements. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 2. Property and Equipment Property and equipment consisted of the following as of December 31 (in thousands): 2015 2014 Land and improvements $ 5,161 $ 3,399 Building and leasehold improvements 17,940 12,777 Furniture and fixtures 43,113 35,434 Equipment 200,047 142,869 Gross property and equipment 266,261 194,479 Less: Accumulated depreciation 68,517 47,629 Property and equipment, net $ 197,744 $ 146,850 Depreciation expense was $23.9 million , $19.1 million , and $13.3 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions On April 30, 2013 , the Company acquired all of the outstanding capital stock and the Charleston, South Carolina property of Wando Trucking, Inc. ("Wando Trucking") for the purpose of expanding its current market presence in the TL segment. Cash consideration paid was $9.0 million . The acquisition was financed with borrowings under the Company's credit facility discussed in Note 6. On April 30, 2013 , the Company also acquired all of the outstanding capital stock of Adrian Carriers, Inc. and C.B.A. Container Sales, Ltd. (collectively, "Adrian Carriers") for the purpose of expanding its current market presence in the Global Solutions segment. Cash consideration paid was $14.2 million . The acquisition was financed with borrowings under the Company's credit facility discussed in Note 6. The Adrian Carriers purchase agreement calls for contingent consideration in the form of an earnout capped at $6.5 million . The former owners of Adrian Carriers are entitled to receive a payment equal to the amount by which Adrian Carrier's operating income before amortization, as defined in the purchase agreement, exceeds $2.3 million for the years ending April 30, 2014, 2015, 2016, and 2017. Approximately $4.3 million was included in the Global Solutions purchase price allocation related to this earnout on the opening balance sheet. On July 25, 2013 , the Company acquired all of the outstanding membership interests of Marisol International, LLC ("Marisol") for the purpose of expanding its current market presence in the Global Solutions segment. Cash consideration paid was $66.0 million . The acquisition was financed with borrowings under the Company's credit facility discussed in Note 6. The Marisol purchase agreement calls for contingent consideration in the form of an earnout capped at $2.5 million . The former owners of Marisol are entitled to receive a payment equal to the amount by which Marisol's operating income before depreciation and amortization, as defined in the purchase agreement, exceeds $7.8 million for the years ending July 31, 2014 and 2015. No amount was included in the Global Solutions purchase price allocation related to this earnout on the opening balance sheet. On August 15, 2013 , the Company acquired certain assets of the Southeast drayage division of Transportation Corporation of America, Inc. ("TA Drayage") for the purpose of expanding its current market presence in the TL segment. Cash consideration paid was $1.2 million . The acquisition was financed with cash on-hand. On September 11, 2013 , the Company acquired all of the outstanding membership interests of G.W. Palmer Logistics, LLC ("G.W. Palmer") for the purpose of expanding its current market presence in the TL segment. Cash consideration paid was $2.5 million . The acquisition was financed with borrowings under the Company's credit facility discussed in Note 6. The G.W. Palmer purchase agreement calls for contingent consideration in the form of an earnout capped at $2.8 million . The former owners of G.W. Palmer are entitled to receive an initial payment, not to exceed $0.7 million , for achieving operating income before amortization in excess of $0.9 million for the period from the closing date through December 31, 2013, as defined in the purchase agreement, and a payment equal to the amount by which G.W. Palmer's operating income before amortization, as defined in the purchase agreement, exceeds $1.0 million for the years ending December 31, 2014, 2015, 2016, and 2017. No amount was included in the TL purchase price allocation related to this earnout on the opening balance sheet. On September 18, 2013 , the Company acquired substantially all of the assets of YES Trans, Inc. ("YES Trans") for the purpose of expanding its current market presence in the TL segment. Cash consideration paid was $1.2 million . The acquisition was financed with cash on-hand. The YES Trans purchase agreement calls for contingent consideration in the form of an earnout capped at $1.1 million . The former owners of YES Trans are entitled to receive a payment equal to the amount by which YES Trans' operating income, as defined in the purchase agreement, exceeds $0.2 million for the years ending December 31, 2014, 2015, 2016, and 2017. No amount was included in the TL purchase price allocation related to this earnout on the opening balance sheet. On February 24, 2014 , the Company acquired all of the outstanding capital stock of Rich Logistics and Everett Transportation Inc. and certain assets of Keith Everett (collectively, "Rich Logistics") for the purpose of expanding its current market presence in the TL segment. Cash consideration paid was $46.5 million . The acquisition was financed with borrowings under the Company's credit facility discussed in Note 6. On March 14, 2014 , the Company acquired all of the outstanding capital stock of Unitrans, Inc. ("Unitrans") for the purpose of expanding its current market presence in the Global Solutions segment. Cash consideration paid was $53.3 million . The acquisition was financed with borrowings under the Company's credit facility discussed in Note 6. On July 18, 2014 , the Company acquired all of the outstanding capital stock of ISI Acquisition Corp. (which wholly owns Integrated Services, Inc. and ISI Logistics Inc.) and ISI Logistics South, Inc. (collectively, "ISI") for the purpose of expanding its current market presence in the TL segment. Cash consideration paid was $13.0 million . The acquisition was financed with borrowings under the Company's credit facility discussed in Note 6. On August 27, 2014 , the Company acquired all of the outstanding capital stock of Active Aero Group Holdings, Inc. ("Active Aero") for the purpose of expanding its presence within the TL segment. Cash consideration paid was $118.1 million . The acquisition was financed with borrowings under the Company's credit facility discussed in Note 6. On July 28, 2015 , the Company acquired all of the outstanding partnership interests of Stagecoach Cartage and Distribution LP ("Stagecoach") for the purpose of expanding its presence within the TL segment. Cash consideration paid was $32.3 million . The acquisition was financed with borrowings under the Company's credit facility discussed in Note 6. The Stagecoach purchase agreement calls for contingent consideration in the form of an earnout capped at $5.0 million . The former owners of Stagecoach are entitled to receive a payment equal to the amount by which Stagecoach's operating income before depreciation and amortization, as defined in the purchase agreement, exceeds $7.0 million for the twelve month periods ending July 31, 2016, 2017, 2018, and 2019. Approximately $4.1 million was included in the TL purchase price allocation related to this earnout on the opening balance sheet. The results of operations and financial condition of these acquisitions have been included in our consolidated financial statements since their acquisition dates. The acquisition of Stagecoach is considered immaterial. The acquisitions of Rich Logistics, Unitrans, ISI, and Active Aero (collectively, "2014 acquisitions") are considered individually immaterial, but material in the aggregate. The acquisitions of Wando Trucking, Adrian Carriers, Marisol, TA Drayage, G.W Palmer, and YES Trans (collectively, "2013 acquisitions") are considered individually immaterial, but material in the aggregate. The following table summarizes the allocation of the purchase price paid to the fair value of the net assets for the 2014 and 2013 acquisitions, in the aggregate (in thousands): 2014 Acquisitions 2013 Acquisitions Accounts receivable $ 68,128 $ 27,731 Other current assets 7,442 922 Property and equipment 29,892 14,392 Goodwill 155,006 77,652 Customer relationship intangible assets 54,347 19,727 Other noncurrent assets — 12 Accounts payable and other liabilities (83,910 ) (39,788 ) Total $ 230,905 $ 100,648 The goodwill for the acquisitions, in the aggregate, is a result of acquiring and retaining the existing workforces and expected synergies from integrating the operations into the Company. Goodwill of $1.4 million associated with the asset purchases in 2013 will be deductible for tax purposes while the remaining goodwill will not be deductible for tax purposes. Purchase accounting is considered final for the 2013 and 2014 acquisitions. Purchase accounting is considered final for the Stagecoach acquisition except for deferred taxes, goodwill, and intangible assets, as final information was not available as of December 31, 2015 . Measurement period adjustments related to certain 2013 acquisitions were recorded prospectively as they were not considered material to the Company's consolidated financial statements as of December 31, 2013. These measurement period adjustments from previously recorded opening balance sheets related primarily to fair value measurement changes in acquired deferred tax assets and liabilities. From the dates of acquisition through December 31, 2013 , the 2013 acquisitions contributed revenues of $84.3 million and net income of $3.6 million . The following supplemental unaudited pro forma financial information of the Company for the year ended December 31, 2013 includes the results of operations for the 2013 acquisitions, in the aggregate, as if the acquisitions had been completed on January 1, 2012 (in thousands): Year Ended December 31, 2013 Revenues $ 1,466,404 Net income $ 49,137 From the dates of acquisition through December 31, 2014 , the 2014 acquisitions contributed revenues of $331.7 million and net income of $19.7 million . The following supplemental unaudited pro forma financial information of the Company for the years ended December 31, 2014 and 2013 includes the results of operations for the 2014 acquisitions, in the aggregate, as if the acquisitions had been completed on January 1, 2013 (in thousands): Year Ended December 31, 2014 2013 Revenues $ 2,103,693 $ 1,781,305 Net income $ 59,778 $ 57,443 The supplemental unaudited pro forma financial information above is presented for information purposes only. It is not necessarily indicative of what the Company's financial position or results of operations actually would have been had the Company completed the acquisitions at the dates indicated, nor is it intended to project the future financial position or operating results of the combined company. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 4. Goodwill and Intangible Assets Goodwill represents the excess of the purchase price of acquisitions over the estimated fair value of the net assets acquired. The Company evaluates goodwill and intangible assets for impairment at least annually or more frequently whenever events or changes in circumstances indicate that the asset may be impaired, or in the case of goodwill, the fair value of the reporting unit is below its carrying amount. The analysis of potential impairment of goodwill requires a two-step approach that begins with the estimation of the fair value at the reporting unit level. We have four reporting units for our three operating segments. We have one reporting unit for our LTL segment, two reporting units for our TL segment, and one reporting unit for our Global Solutions segment. For purposes of our impairment analysis, the fair value of the Company's reporting units is estimated based upon an average of an income fair value approach and a market fair value approach, both of which incorporate numerous assumptions and estimates such as company forecasts, discount rates, and growth rates, among others. The determination of fair value requires considerable judgment and is highly sensitive to changes in the underlying assumptions. The Company completed the annual impairment analysis as of July 1, 2015, and determined no impairment had occurred, as each reporting unit's calculated fair value exceeded the carrying value by at least 75% at the time of the evaluation. Subsequent to our annual impairment analysis as of July 1, 2015, a decline in revenues during the quarter ended September 30, 2015 resulted in a triggering event that required the Company to perform an interim goodwill impairment analysis of all reporting units as of September 30, 2015. The Company completed its interim impairment analysis and determined no impairment had occurred, as each reporting unit's calculated fair value exceeded the carrying value by at least 65% at the time of the evaluation. As a result, there is no goodwill impairment for any of the periods presented in the Company's condensed consolidated financial statements. The following is a rollforward of goodwill from December 31, 2013 to December 31, 2015 by reportable segment (in thousands): TL LTL Global Solutions Total Goodwill balance as of December 31, 2013 $ 211,413 $ 197,312 $ 110,018 $ 518,743 Adjustments to goodwill for purchase accounting (1,253 ) — 238 (1,015 ) Goodwill related to acquisitions 108,891 — 43,033 151,924 Goodwill balance as of December 31, 2014 $ 319,051 197,312 153,289 669,652 Adjustments to goodwill for purchase accounting 3,919 — 176 4,095 Goodwill related to acquisitions 17,371 — — 17,371 Goodwill balance as of December 31, 2015 $ 340,341 $ 197,312 $ 153,465 $ 691,118 Intangible assets consist primarily of customer relationships acquired from business acquisitions. Intangible assets were as follows as of December 31 (in thousands): 2015 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value TL $ 65,373 $ (13,916 ) $ 51,457 $ 60,173 $ (8,356 ) $ 51,817 LTL 1,358 (1,017 ) 341 1,358 (950 ) 408 Global Solutions 31,522 (6,626 ) 24,896 31,522 (3,869 ) 27,653 Total intangible assets $ 98,253 $ (21,559 ) $ 76,694 $ 93,053 $ (13,175 ) $ 79,878 The customer relationships intangible assets are amortized over their estimated five to 12 year useful lives. Amortization expense was $8.4 million , $5.8 million , and $3.0 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Estimated amortization expense for each of the next five years based on intangible assets as of December 31, 2015 is as follows (in thousands): Amount Year Ending: 2016 $ 8,725 2017 8,605 2018 8,341 2019 8,037 2020 7,665 Thereafter 35,321 Total $ 76,694 |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 5. Fair Value Measurement Accounting guidance on fair value measurements for certain financial assets and liabilities requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: Level 1 — Quoted market prices in active markets for identical assets or liabilities. Level 2 — Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3 — Unobservable inputs reflecting the reporting entity’s own assumptions or external inputs from inactive markets. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level of input that is significant to the fair value measurement. Certain of the Company’s acquisitions contain contingent purchase obligations in the form of earn-outs as described in Note 3. The contingent purchase obligation related to acquisitions is measured at fair value on a recurring basis, according to the valuation techniques the Company uses to determine fair value. Changes to the fair value are recognized as income or expense within other operating expenses in the condensed consolidated statements of operations. In measuring the fair value of the contingent purchase obligation, the Company used an income approach that considers the expected future earnings of the acquired businesses, for the varying performance periods, based on historical performance and the resulting contingent payments, discounted at a risk-adjusted rate. The range of undiscounted outcomes for the estimated remaining contingent payments is zero to $14.4 million . The following table presents information, as of December 31, 2015 and 2014 , about the Company’s financial liabilities (in thousands): December 31, 2015 Level 1 Level 2 Level 3 Fair Value Contingent purchase price related to acquisitions $ — $ — $ 6,722 $ 6,722 Total liabilities at fair value $ — $ — $ 6,722 $ 6,722 December 31, 2014 Level 1 Level 2 Level 3 Fair Value Contingent purchase price related to acquisitions $ — $ — $ 7,665 $ 7,665 Total liabilities at fair value $ — $ — $ 7,665 $ 7,665 The table below sets forth a reconciliation of the Company’s beginning and ending Level 3 financial liability balance for the three years ended December 31 (in thousands): 2015 2014 2013 Balance, beginning of period $ 7,665 $ 17,054 $ 20,907 Earnouts related to acquisitions 4,114 — 4,288 Payment of contingent purchase obligations (3,317 ) (4,804 ) (2,407 ) Adjustments to contingent purchase obligations (1) (1,740 ) (4,585 ) (5,734 ) Balance, end of period $ 6,722 $ 7,665 $ 17,054 (1) Adjustments to contingent purchase obligations are reported in other operating expenses in the consolidated statements of operations. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 6. Long-Term Debt Long-Term Debt Long-term debt consisted of the following at December 31 (in thousands): 2015 2014 Senior debt: Revolving credit facility $ 143,149 $ 235,000 Term loans 296,250 195,000 Total debt 439,399 430,000 Less: Current maturities (15,000 ) (10,000 ) Total long-term debt, net of current maturities $ 424,399 $ 420,000 Maturities for each of the next five years based on long-term debt as of December 31, 2015 are as follows (in thousands): Amount Year Ending 2016 15,000 2017 15,000 2018 15,000 2019 394,399 Total 439,399 On July 9, 2014 , the Company entered into a fifth amended and restated credit agreement with U.S. Bank National Association (“U.S. Bank”) and other lenders, which increased the revolving credit facility from $200.0 million to $350.0 million and the term loan from $175.0 million to $200.0 million . On September 24, 2015 , the Company entered into a sixth amended and restated credit agreement (the "credit agreement") with U.S. Bank and other lenders, which increased the revolving credit facility to $400.0 million and the term loan to $300.0 million . The credit facility matures on July 9, 2019 . Principal on the term loan is due in quarterly installments of $3.8 million . The Company categorizes the borrowings under the credit agreement as Level 2 in the fair value hierarchy as defined in Note 5. The carrying value of the Company's long-term debt approximates fair value as the debt agreement bears interest based on prevailing variable market rates currently available. The credit agreement is collateralized by all assets of the Company and contains certain financial covenants, including a minimum fixed charge coverage ratio and a maximum cash flow leverage ratio. Additionally, the credit agreement contains negative covenants limiting, among other things, additional indebtedness, capital expenditures, transactions with affiliates, additional liens, sales of assets, dividends, investments, advances, prepayments of debt, mergers and acquisitions, and other matters customarily restricted in such agreements. The current debt agreement prohibits the Company from paying dividends without the consent of the lenders. Borrowings under the credit agreement bear interest at either (a) the Eurocurrency Rate (as defined in the credit agreement), plus an applicable margin in the range of 2.0% to 3.3% , or (b) the Base Rate (as defined in the credit agreement), plus an applicable margin in the range of 1.0% to 2.3% . The revolving credit facility also provides for the issuance of up to $40.0 million in letters of credit. As of December 31, 2015 , the Company had outstanding letters of credit totaling $22.5 million . As of December 31, 2015 , total availability under the revolving credit facility was $234.3 million and the average interest rate on the credit agreement was 3.5% . Capital Lease Obligations The Company has a building and certain equipment classified as capital leases. The following is a schedule of future minimum lease payments under the capital leases with the present value of the net minimum lease payments as of December 31, 2015 (in thousands): Amount Year Ending: 2016 $ 5,717 2017 3,284 2018 2,348 2019 1,732 2020 204 Thereafter 21 Total minimum lease payments 13,306 Less: amount representing interest 1,426 Present value of net minimum lease payments(1) $ 11,880 (1) Reflected in the consolidated balance sheets as accrued expenses and other liabilities and other long-term liabilities of $5.0 million and $6.9 million , respectively. |
Stockholders' Investment
Stockholders' Investment | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholders' investment | 7. Stockholders’ Investment Common Stock The Company's common stock has voting rights — one vote for each share of common stock. In March 2007, the Company entered into a second amended and restated stockholders’ agreement. The agreement provides that, any time after the Company is eligible to register its common stock on a Form S-3 registration statement under the Securities Act, certain of the Company’s stockholders may request registration under the Securities Act of all or any portion of their shares of common stock. These stockholders are limited to a total of two of such registrations. In addition, if the Company proposes to file a registration statement under the Securities Act for any underwritten sale of shares of any of its securities, certain of the Company's stockholders may request that the Company include in such registration the shares of common stock held by them on the same terms and conditions as the securities otherwise being sold in such registration. In December 2012 , the Company issued and sold shares of its common stock. Additionally, the Company granted the underwriters an option to purchase up to 525,000 additional shares at the public offering price less the underwriting discount to cover any over-allotments. In January 2013 , the underwriters exercised in full their over-allotment option to purchase an additional 525,000 shares of common stock at a price of $17.25 per share to the public. The sale of the additional shares resulted in net proceeds to the Company of approximately $8.5 million after deducting the underwriting discount and estimated expenses. In August 2013 , the Company issued 1.5 million shares of its common stock at a public offering price of $27.00 per share for aggregate offering proceeds of $38.4 million , net of $2.3 million of underwriting discounts and commissions and expenses. In connection with the public offering, the Company incurred additional expenses of $0.3 million . In August 2015 , in a secondary offering, affiliates of HCI Equity Partners, L.L.C. sold 2.0 million shares of common stock. The Company did not issue any shares in the offering and did not receive any proceeds from the sale of the shares; however, the Company incurred costs of $0.2 million . Warrants to Acquire Common Stock In connection with a business combination entered in 2007, the Company issued to existing Sargent Transportation Group, Inc. stockholders warrants that, upon the closing of the Company's initial public offering, became the right to acquire 2,269,263 shares of common stock at an exercise price of $13.39 per share. The warrants are exercisable at the option of the holder any time prior to March 13, 2017 . No warrants were exercised during the year ended December 31, 2015 or 2014 . On December 11, 2009, in connection with financing the acquisition of Bullet Freight Systems, Inc. ("Bullet"), the Company issued warrants that, upon the closing of the Company's initial public offering, became the right to acquire 1,746,971 shares of common stock at an exercise price of $8.37 per share. The warrants are exercisable at the option of the holder any time prior to December 11, 2017 . No warrants were exercised during the year ended December 31, 2015 or 2014 . The $3.0 million fair value of the warrants at the date of issuance has been reflected as a component of additional paid-in capital in stockholders’ investment in the accompanying consolidated balance sheets. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | 8. Share-Based Compensation The Company's 2010 Incentive Compensation Plan (the “2010 Plan”) allows for the issuance of 2,500,000 shares of common stock. The 2010 Plan provides for the grant of stock options, restricted stock units, and other awards to the Company's employees and directors. In 2015 , the Company added performance restricted stock units to its share-based compensation plan. Under the new program, performance restricted stock units were awarded to eligible employees based on pre-established financial performance goals. No performance restricted stock unit awards were earned as of December 31, 2015 . The Company awards restricted stock units to certain key employees and non-employee directors. The restricted stock units vest ratably over a four year service period from the grant date. Restricted stock units are valued based on the market price on the date of the grant and are amortized on a straight-line basis over the vesting period. Compensation expense for restricted stock units is based on fair market value at the grant date. The following table summarizes the nonvested restricted stock units as of December 31, 2015 and 2014 : Number of Restricted Stock Units Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term (Years) Nonvested as of December 31, 2013 279,471 $ 21.76 2.8 Granted 169,300 22.89 Vested (87,061 ) 20.30 Forfeitures (29,574 ) 22.25 Nonvested as of December 31, 2014 332,136 $ 22.76 2.5 Granted 19,051 23.60 Vested (111,180 ) 21.34 Forfeitures (31,232 ) 23.17 Nonvested as of December 31, 2015 208,775 $ 23.75 1.7 Unrecognized stock compensation expense was $3.1 million and $5.7 million for the years ended December 31, 2015 and 2014 , respectively. The Company previously maintained a Key Employee Equity Plan (“Equity Plan”), a stock-based compensation plan that permitted the grant of stock options to Company employees and directors. Stock options under the Equity Plan were granted with an exercise price equal to or in excess of the fair value of the Company’s stock on the date of grant. Such options vest ratably over a two or four year service period and are exercisable ten years from the date of grant, but only to the extent vested as specified in each option agreement. Group Transportation Services ("GTS") previously maintained a Key Employee Equity Plan (“GTS Plan”), which permitted the grant of stock options to employees and directors. Stock options under the GTS Plan were granted with an exercise price equal to or in excess of the fair value of GTS’ stock on the date of grant. Such options vest ratably over a two or four year service period and are exercisable ten years from the date of grant, but only to the extent vested as specified in each option agreement. In connection with the Company’s merger with GTS effective upon the IPO, all options granted pursuant to the GTS Plan outstanding at the effective time of the merger became options to purchase shares of the Company’s common stock. No options were granted by the Company in 2013 , 2014 , or 2015 . Stock-based compensation expense was $2.5 million , $2.3 million , and $1.5 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. The related estimated income tax benefit recognized in the accompanying consolidated statements of operations, net of estimated forfeitures, was $0.9 million , $0.9 million , and $0.6 million , respectively, for the years ended December 31, 2015 , 2014 , and 2013 . A summary of the option activity under the equity plans for the years ended December 31, 2015 and 2014 is as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In thousands) Outstanding as of December 31, 2013 855,817 $ 13.67 3.0 $ 11,365 Granted — — Exercised (300,716 ) 11.35 Forfeited — — Outstanding as of December 31, 2014 555,101 $ 14.92 1.7 $ 4,680 Granted — — Exercised (265,734 ) 15.09 Forfeited — — Outstanding as of December 31, 2015 289,367 $ 14.77 0.7 $ — All outstanding options are non-qualified options. There were 289,367 , 555,101 , and 855,817 options exercisable as of December 31, 2015 , 2014 , and 2013 , respectively. As of December 31, 2015 , for exercisable options, the weighted-average exercise price was $14.77 , the weighted average remaining contractual term was 0.7 years , and there was no estimated aggregate intrinsic value per share. As of December 31, 2015 , all options were vested. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9. Earnings Per Share Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common stock outstanding during the period. Diluted earnings per share is calculated by dividing net income available to common stockholders by the weighted average common stock outstanding plus stock equivalents that would arise from the assumed exercise of stock options and conversion of warrants using the treasury stock method. The Company had stock options and warrants outstanding of 253,834 as of December 31, 2015 that were not included in the computation of diluted earnings per share because they were not assumed to be exercised under the treasury stock method or because they were anti-dilutive. As of December 31, 2014 and 2013 , all stock options and warrants were included in the computation of diluted earnings per share. The following table reconciles basic weighted average common stock outstanding to diluted weighted average common stock outstanding (in thousands): Year Ended December 31, 2015 2014 2013 Basic weighted average common stock outstanding 37,969 37,852 36,133 Effect of dilutive securities: Employee stock options 73 169 424 Warrants 885 1,183 1,285 Restricted Stock Units 47 55 71 Diluted weighted average common stock outstanding 38,974 39,259 37,913 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes The components of the Company’s provision for income taxes were as follows (in thousands): Year Ended December 31, 2015 2014 2013 Current: Federal $ 14,347 $ 19,389 $ 17,479 Foreign, state and local 4,353 3,448 2,725 Deferred: Federal 10,939 7,068 7,495 Foreign, state and local (405 ) 444 785 Provision for income taxes $ 29,234 $ 30,349 $ 28,484 The Company’s income tax provision varied from the amounts calculated by applying the U.S. statutory income tax rate to the pretax income as shown in the following reconciliations (in thousands): Year Ended December 31, 2015 2014 2013 Statutory federal rate $ 27,033 $ 28,814 $ 27,118 Meals and entertainment 287 247 227 State income taxes — net of federal benefit 2,478 2,254 2,067 Earn out adjustments (410 ) (1,381 ) (1,675 ) Other (154 ) 415 747 Total $ 29,234 $ 30,349 $ 28,484 The Company recorded assets for refundable current federal and state income taxes of $11.8 million and $7.5 million at December 31, 2015 and 2014 , respectively. These are classified in the consolidated balance sheets as a component of prepaid expenses and other current assets. The tax rate effects of temporary differences that give rise to significant elements of deferred tax assets and deferred tax liabilities as of December 31 were as follows (in thousands): 2015 2014 Current deferred income tax assets: Accounts receivable 2,714 4,253 Accounts payable and accrued expenses 2,162 4,354 Total $ 4,876 $ 8,607 Noncurrent deferred income tax assets (liabilities): Net operating losses $ 1,256 $ 758 Goodwill and intangible assets (63,801 ) (62,693 ) Property and equipment (42,304 ) (32,996 ) Deferred compensation 449 593 Total $ (104,400 ) $ (94,338 ) The Company had $8.4 million and $11.0 million of current deferred tax assets and $3.5 million and $2.4 million of current deferred tax liabilities as of December 31, 2015 and 2014 , respectively. The net current deferred income tax assets of $4.9 million as of December 31, 2015 and $8.6 million as of December 31, 2014 are classified as deferred income taxes in the consolidated balance sheet. The Company had $140.1 million and $103.1 million of noncurrent deferred tax assets and $244.5 million and $197.4 million of noncurrent deferred tax liabilities as of December 31, 2015 and 2014 , respectively. The net noncurrent deferred income tax liability of $104.4 million as of December 31, 2015 and $94.3 million as of December 31, 2014 are classified in the consolidated balance sheets as a component of other long-term liabilities. There were no unrecognized tax benefits recorded as of December 31, 2015 and 2014 . It is the Company’s policy to recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying consolidated statements of operations. Income tax related interest and penalties were immaterial as of December 31, 2015 and 2014 . The Company is subject to federal and state tax examinations for all tax years subsequent to December 31, 2013. Although the pre-2013 years are no longer subject to examinations by the Internal Revenue Service ("IRS") and various state taxing authorities, net operating loss carryforwards generated in those years were used by the Company during 2014 and 2015 and may still be adjusted upon examination by the IRS or state taxing authorities if they were used after 2013 or will be used in a future period. |
Guarantees (Notes)
Guarantees (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Guarantees [Abstract] | |
Guarantees [Text Block] | 11. Guarantees The Company provides a guarantee for a portion of the value of certain independent contractors' ("IC") leased tractors. The guarantees expire at various dates through 2020 . The potential maximum exposure under these lease guarantees was approximately $17.4 million as of December 31, 2015 . The potential maximum exposure represents the Company’s commitment on remaining lease payments on guaranteed leases as of December 31, 2015 . However, upon an IC default, the Company has the option to purchase the tractor or return the tractor to the leasing company if the residual value is greater than the Company’s guarantee. Alternatively, the Company can contract another IC to assume the lease. The declining quality and performance of the equipment in certain lease purchase programs caused escalating repair and maintenance expenses for the Company's ICs, which, coupled with the softened demand experienced during the third quarter of 2015 , resulted in increased turnover and default by certain ICs. As a result, the Company experienced an acceleration of its IC recruiting costs, guarantee payments, and reseating and reconditioning costs associated with these lease purchase programs. Accordingly, the Company decided to terminate certain lease purchase guarantee programs in favor of new lease purchase programs that do not involve a guarantee from the Company and utilize newer equipment under warranty. As of December 31, 2015 , the Company had a reserve of $1.3 million for the termination of certain lease purchase guarantee programs. The Company made payments of $3.7 million for the year ended December 31, 2015 . Payments made for the year ended December 31, 2014 were de minimis. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Employee Benefit Plans The Company sponsors defined contribution profit sharing plans for substantially all employees of the Company and its subsidiaries. The Company provides matching contributions on some of these plans. Total expense under these plans was $2.8 million , $2.3 million , and $1.4 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Operating Leases The Company leases terminals, office space, trucks, trailers, and other equipment under noncancelable operating leases expiring on various dates through 2027. The Company incurred rent expense from operating leases of $66.2 million , $55.0 million , and $28.7 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Aggregate future minimum lease payments under noncancelable operating leases with an initial term in excess of one year were as follows as of December 31, 2015 (in thousands): Year Ending: Amount 2016 $ 48,117 2017 39,236 2018 32,059 2019 17,813 2020 11,402 Thereafter 20,203 Contingencies In the ordinary course of business, the Company is a defendant in several legal proceedings arising out of the conduct of its business. These proceedings include claims for property damage or personal injury incurred in connection with the Company’s services. Although there can be no assurance as to the ultimate disposition of these proceedings, the Company does not believe, based upon the information available at this time, that these property damage or personal injury claims, in the aggregate, will have a material impact on its consolidated financial statements. The Company maintains liability insurance coverage for claims in excess of $500,000 per occurrence and cargo coverage for claims in excess of $100,000 per occurrence. The Company believes it has adequate insurance to cover losses in excess of the deductible amount. As of December 31, 2015 and December 31, 2014 , the Company had reserves for estimated uninsured losses of $7.2 million and $5.8 million , respectively. In addition to the legal proceedings described above, like many others in the transportation services industry, the Company is a defendant in five purported class-action lawsuits in California alleging violations of various California labor laws and one purported class-action lawsuit in Illinois alleging violations of the Illinois Wage Payment and Collection Act. The plaintiffs in each of these lawsuits seek to recover unspecified monetary damages and other items. In addition, the California Division of Labor Standards and Enforcement has brought administrative actions against the Company on behalf of seven individuals alleging that the Company violated California labor laws. Given the early stage of all of the proceedings described in this paragraph, the Company is not able to assess with certainty the outcome of these proceedings or the amount or range of potential damages or future payments associated with these proceedings at this time. The Company believes it has meritorious defenses to these actions and intends to defend these proceedings vigorously. However, any legal proceeding is subject to inherent uncertainties, and the Company cannot assure that the expenses associated with defending these actions or their resolution will not have a material adverse effect on its business, operating results, or financial condition. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 13. Related Party Transactions The Company has an advisory agreement with HCI Equity Management L.P. (“HCI”) to pay transaction fees and an annual advisory fee of $0.1 million . The Company paid an aggregate of $0.9 million to HCI for services performed in connection with the sixth amended and restated credit agreement, advisory fees, and travel expenses during the year ended December 31, 2015 . The Company paid an aggregate of $0.8 million to HCI for services performed in connection with the fifth amended and restated credit agreement, advisory fees, and travel expenses during the year ended December 31, 2014 . As part of the acquisition of Bullet, certain existing stockholders and their affiliates received eight -year warrants that, upon the closing of the Company's initial public offering, became the right to acquire 1,388,620 shares of the Company's common stock. No warrants were exercised by affiliated parties during 2015 or 2014 . There were 274,362 warrants outstanding as of December 31, 2015 and 2014 . The company has a number of facility leases with related parties and paid an aggregate of $1.4 million and $0.5 million under these leases during the year ended December 31, 2015 and 2014 , respectively. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | 14. Segment Reporting The Company determines its operating segments based on the information utilized by the chief operating decision maker, the Company’s Chief Executive Officer, to allocate resources and assess performance. Based on this information, the Company has determined that it has three operating segments: TL; LTL; and Global Solutions. These segments are strategic business units through which the Company offers different services. The Company evaluates the performance of the segments primarily based on their respective revenues and operating income. Accordingly, interest expense and other non-operating items are not reported in segment results. In addition, the Company has disclosed a corporate segment, which is not an operating segment and includes acquisition transaction expenses, corporate salaries, and share-based compensation expense. The following table reflects certain financial data of the Company’s reportable segments (in thousands): Year Ended December 31, 2015 2014 2013 Revenues: TL 1,175,594 999,077 657,967 LTL 516,251 577,175 558,971 Global Solutions 330,319 311,362 154,050 Eliminations (27,145 ) (14,798 ) (9,578 ) Total 1,995,019 1,872,816 1,361,410 Operating income: TL 73,867 66,186 43,385 LTL 20,164 22,981 36,914 Global Solutions 25,070 21,924 14,742 Corporate (22,428 ) (15,405 ) (9,678 ) Total operating income 96,673 95,686 85,363 Interest expense 19,439 13,363 7,883 Income before provision for income taxes $ 77,234 $ 82,323 $ 77,480 Depreciation and amortization: TL 23,489 16,888 11,143 LTL 3,309 3,287 3,255 Global Solutions 4,118 3,732 1,665 Corporate 1,407 1,171 248 Total $ 32,323 $ 25,078 $ 16,311 Capital expenditures (1) : TL 48,797 34,620 23,128 LTL 13,107 5,840 4,744 Global Solutions 3,103 1,551 668 Corporate 2,293 2,966 3,006 Total $ 67,300 $ 44,977 $ 31,546 (1) The total capital expenditures for the year ended December 31, 2015 includes both the cash and non-cash portions as reflected in the Consolidated Statement of Cash Flows. December 31, 2015 2014 2013 Total assets: TL 851,023 691,096 388,262 LTL 676,087 782,268 574,214 Global Solutions 236,810 242,512 162,718 Corporate 11,274 4,919 2,762 Eliminations (449,069 ) (462,975 ) (256,076 ) Total $ 1,326,125 $ 1,257,820 $ 871,880 |
Organization, Nature of Busin21
Organization, Nature of Business and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | Nature of Business Roadrunner Transportation Systems, Inc. (the “Company”) is headquartered in Cudahy, Wisconsin and has the following three operating segments: truckload logistics (“TL”); less-than-truckload (“LTL”); and Global Solutions. Within its TL business, the Company operates a network of 48 TL service centers, four freight consolidation and inventory management centers, and 23 dispatch offices and is augmented by over 100 independent brokerage agents. Within its LTL business, the Company operates 47 LTL service centers throughout the United States, complemented by relationships with over 180 delivery agents. Within its Global Solutions business, the Company operates from eight service centers and 11 dispatch offices throughout the United States. From pickup to delivery, the Company leverages relationships with a diverse group of third-party carriers to provide scalable capacity and reliable, customized service, including domestic and international air and ocean transportation services, to its customers. The Company operates primarily in the United States. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. As of December 31, 2015 , all subsidiaries were 100% owned. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements, in conformity with accounting principles generally accepted in the United States (“GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Segment Reporting | Segment Reporting The Company determines its operating segments based on the information utilized by the chief operating decision maker, the Company’s Chief Executive Officer, to allocate resources and assess performance. Based on this information, the Company has determined that it has three operating segments: TL; LTL; and Global Solutions. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents are defined as short-term investments that have an original maturity of three months or less at the date of purchase and are readily convertible into cash. The Company maintains cash in several banks and, at times, the balances may exceed federally insured limits. Cash equivalents consist of overnight investments in an interest bearing sweep account. |
Account Receivable | Accounts Receivable and Related Reserves Accounts receivable represent trade receivables from customers and are stated net of an allowance for doubtful accounts and pricing allowances of approximately $3.8 million and $4.2 million as of December 31, 2015 and 2014 , respectively. Management estimates the portion of accounts receivable that will not be collected and accounts are written off when they are determined to be uncollectible. Accounts receivable are uncollateralized and are generally due 30 days from the invoice date. The Company provides reserves for accounts receivable. The rollforward of the allowance for doubtful accounts is as follows (in thousands): Year Ended December 31, 2015 2014 2013 Beginning balance $ 4,209 $ 2,957 $ 1,476 Provision, charged to expense 3,010 4,499 2,934 Write-offs, less recoveries (3,437 ) (3,247 ) (1,453 ) Ending balance $ 3,782 $ 4,209 $ 2,957 |
Property and Equipment | Property and Equipment Property and equipment are stated at cost. Maintenance and repair costs are charged to expense as incurred. For financial reporting purposes, depreciation is calculated using the straight-line method over the following estimated useful lives: Buildings and leasehold improvements 5-20 years Furniture and fixtures 5 years Equipment 3-15 years Accelerated depreciation methods are used for tax reporting purposes. Property and equipment and other long-lived assets are reviewed periodically for possible impairment. The Company evaluates whether current facts or circumstances indicate that the carrying value of the assets to be held and used may not be recoverable. If such circumstances are determined to exist, an estimate of undiscounted future cash flows produced by the long-lived asset, or the appropriate grouping of assets, is compared to the carrying value to determine whether impairment exists. If an asset is determined to be impaired, the loss is measured and recorded based on quoted market prices in active markets, if available. If quoted market prices are not available, the estimate of fair value is based on various valuation techniques, including discounted value of estimated future cash flows. The Company reports an asset to be disposed of at the lower of its carrying value or its fair value less the cost to sell. |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Goodwill and other intangible assets result from business acquisitions. The Company accounts for business acquisitions by assigning the purchase price to tangible and intangible assets and liabilities. Assets acquired and liabilities assumed are recorded at their fair values and the excess of the purchase price over amounts assigned is recorded as goodwill. Goodwill is tested for impairment at least annually on July 1 using a two-step process that begins with an estimation of the fair value at the “reporting unit” level. The Company has four reporting units as this is the lowest level for which discrete financial information is prepared and regularly reviewed by segment management. The impairment test for goodwill involves comparing the fair value of a reporting unit to its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, a second step is required to measure the goodwill impairment loss. The second step includes valuing all the tangible and intangible assets of the reporting unit as if the reporting unit had been acquired in a business combination. Then, the implied fair value of the reporting unit’s goodwill is compared to the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of the goodwill, the Company recognizes an impairment loss in an amount equal to the excess, not to exceed the carrying amount. For purposes of the Company’s impairment test, the fair value of its reporting units is calculated based upon an average of an income fair value approach and market fair value approach. Based on these tests, the Company concluded that the fair value for each of the reporting units was in excess of the respective reporting unit’s carrying value. Accordingly, no goodwill impairments were identified in 2015 , 2014 , or 2013 . Other intangible assets recorded consist primarily of definite lived customer relationships. The Company evaluates its other intangible assets for impairment when current facts or circumstances indicate that the carrying value of the assets to be held and used may not be recoverable. No indicators of impairment were identified in 2015 , 2014 , or 2013 . See Note 4 for additional information on the Company's goodwill and intangible assets. |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs represent costs incurred in connection with the financing agreement described in Note 6. The unamortized debt issuance costs aggregate to $6.6 million and $6.1 million as of December 31, 2015 and 2014 , respectively, and have been classified in the consolidated balance sheets as other noncurrent assets. Such costs are being amortized over the expected maturity of the financing agreements using the effective interest rate method. |
Share-Based Compensation | Share-Based Compensation The Company’s share-based payment awards are comprised of stock options, restricted stock units, and performance restricted stock units. The cost for the Company’s stock options is measured at fair value using the Black-Scholes option pricing model. The cost for restricted stock units and performance restricted stock units is measured using the stock price at the grant date. The cost is recognized over the vesting period of the award, which is typically four years. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of cash approximates cost. The estimated fair value of the Company's debt approximated its carrying value as of December 31, 2015 and 2014 as the debt agreement bears interest based on prevailing variable market rates currently available and as such would be categorized as a Level 2 in the fair value hierarchy as defined in Note 5. |
Revenue Recognition | Revenue Recognition TL revenue is recorded when all of the following have occurred: an agreement of sale exists; pricing is fixed or determinable; delivery has occurred; the Company’s obligation to fulfill a transaction is complete; and collection of revenue is reasonably assured. This occurs when the Company completes the delivery of a shipment or the service has been fulfilled. LTL revenue is recorded when all of the following have occurred: an agreement of sale exists; pricing is fixed or determinable; and collection of revenue is reasonably assured. The Company recognizes revenue based on a percentage of services completed for freight in-transit as of the balance sheet date. Global Solutions revenue is recorded when the shipment has been delivered by a third-party carrier. Fees for services revenue is recognized when the services have been rendered. At the time of delivery or rendering of services, as applicable, the Company’s obligation to fulfill a transaction is complete and collection of revenue is reasonably assured. The Company offers volume discounts to certain customers. Revenue is reduced as discounts are earned. In some instances, the Company performs multiple services. Typically separate fees are quoted and recognized as revenue when services are rendered. Occasionally, customers request an all-inclusive "door-to-door" fee for a set of services and revenue is allocated to the elements and recognized as each service is completed. The Company typically recognizes revenue on a gross basis, as opposed to a net basis, because it bears the risks and benefits associated with revenue-generated activities by, among other things, (1) acting as a principal in the transaction, (2) establishing prices, (3) managing all aspects of the shipping process, and (4) taking the risk of loss for collection, delivery, and returns. Certain Global Solutions transactions to provide specific services are recorded at the net amount charged to the client due to the following factors: (A) the Company does not have latitude in establishing pricing and (B) the Company does not bear the risk of loss for delivery and returns; these items are the risk of the carrier. |
Insurance | Insurance The Company uses a combination of purchased insurance and self-insurance programs to provide for the cost of vehicle liability, cargo damage, and workers’ compensation claims. The portion of self-insurance accruals which is included in accrued expenses and other liabilities relates primarily to vehicle liability and cargo damage claims. The Company periodically evaluates the level of insurance coverage and adjusts insurance levels based on risk tolerance and premium expense. The measurement and classification of self-insured costs requires the consideration of historical cost experience, demographic and severity factors, and judgments about the current and expected levels of cost per claim and retention levels. These methods provide estimates of the liability associated with claims incurred as of the balance sheet date, including claims not reported. The Company believes these methods are appropriate for measuring these judgmental self-insurance accruals. However, the use of any estimation method is sensitive to the assumptions and factors described above, based on the magnitude of claims and the length of time from the date the claim is incurred to ultimate settlement. Accordingly, changes in these assumptions and factors can materially affect actual costs paid to settle the claims and those amounts may be different than estimates. |
New Accounting Pronouncements | New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-09 (ASU 2014-09) which was updated in August 2015 by Accounting Standards Update No. 2015-14, Revenue from Contracts with Customers (Topic 606), which is effective for the Company in 2018. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company is in the process of evaluating the guidance in this Accounting Standards Update and has not yet determined if the adoption of this guidance will have a material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30), which is effective for the Company in 2016 and must be applied retrospectively for all periods presented. This guidance simplifies the presentation of debt issuance costs. Under the revised Accounting Standard, the Company would be required to present debt issuance costs related to a recognized debt liability in the balance sheet as a direct deduction from the carrying amount of that debt liability. Amortization of the debt issuance costs should be reported as interest expense. The Accounting Standards Update does not affect the recognition and measurement for debt issuance costs. Debt issuance costs are currently recorded in other noncurrent assets and amortization of these debt issuance costs are currently reported as interest expense. Adoption of the revised Accounting Standard will require the company to reclass the balance of the debt issuance costs from a noncurrent asset to a direct reduction from the carrying amount of debt. In April 2015, the FASB issued Accounting Standards Update No. 2015-05, Intangibles-Goodwill and Other - Internal-Use Software (Subtopic 350-40), which is effective for the Company in 2016 and can be applied prospectively to all arrangements entered into or materially modified after the effective date or retrospectively. This update provides guidance to help companies evaluate the accounting for fees paid by a customer in a cloud computing arrangement such as software as a service, infrastructure as a service, or other hosting arrangements. If a cloud computing arrangement includes a license to internal-use software, then the customer should account for the software license consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The Company is in the process of evaluating the guidance and has not yet determined if the adoption of this guidance will have a material impact on the Company's consolidated financial statements. In September 2015, the FASB issued Accounting Standards Update No. 2015-16, Simplifying the Accounting Measurement-Period Adjustments (Topic 805), which is effective for the Company in 2016. The amendments eliminate the requirement to retrospectively account for measurement period adjustments. The acquirer must record, in the period identified, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the changes to the provisional amounts, calculated as if the accounting had been completed as of the acquisition date. The acquirer must present separately on the face of the income statement, or disclose in the notes, the portion of the amount recorded in the current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment had been recognized as of the acquisition date. Adoption of the revised Accounting Standard will require some additional disclosures in the footnotes to the consolidated financial statements. In November 2015, the FASB issued Accounting Standards Update no. 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740), which is effective for the Company in 2017. The amendments in this update require that deferred tax liabilities and assets be classified as noncurrent in the statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendment. The amendments may either be applied prospectively or retrospectively. The Company is in the process of evaluating the guidance and has not yet determined if the adoption of this guidance will have a material impact on the Company's consolidated financial statements. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property and equipment consisted of the following as of December 31 (in thousands): 2015 2014 Land and improvements $ 5,161 $ 3,399 Building and leasehold improvements 17,940 12,777 Furniture and fixtures 43,113 35,434 Equipment 200,047 142,869 Gross property and equipment 266,261 194,479 Less: Accumulated depreciation 68,517 47,629 Property and equipment, net $ 197,744 $ 146,850 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Acquisition [Line Items] | |
Schedule of allocated purchase price paid to fair value of acquired net assets | The following table summarizes the allocation of the purchase price paid to the fair value of the net assets for the 2014 and 2013 acquisitions, in the aggregate (in thousands): 2014 Acquisitions 2013 Acquisitions Accounts receivable $ 68,128 $ 27,731 Other current assets 7,442 922 Property and equipment 29,892 14,392 Goodwill 155,006 77,652 Customer relationship intangible assets 54,347 19,727 Other noncurrent assets — 12 Accounts payable and other liabilities (83,910 ) (39,788 ) Total $ 230,905 $ 100,648 |
2,013 | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information | The following supplemental unaudited pro forma financial information of the Company for the year ended December 31, 2013 includes the results of operations for the 2013 acquisitions, in the aggregate, as if the acquisitions had been completed on January 1, 2012 (in thousands): Year Ended December 31, 2013 Revenues $ 1,466,404 Net income $ 49,137 |
2,014 | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information | The following supplemental unaudited pro forma financial information of the Company for the years ended December 31, 2014 and 2013 includes the results of operations for the 2014 acquisitions, in the aggregate, as if the acquisitions had been completed on January 1, 2013 (in thousands): Year Ended December 31, 2014 2013 Revenues $ 2,103,693 $ 1,781,305 Net income $ 59,778 $ 57,443 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Rollforward of goodwill by reportable segment | The following is a rollforward of goodwill from December 31, 2013 to December 31, 2015 by reportable segment (in thousands): TL LTL Global Solutions Total Goodwill balance as of December 31, 2013 $ 211,413 $ 197,312 $ 110,018 $ 518,743 Adjustments to goodwill for purchase accounting (1,253 ) — 238 (1,015 ) Goodwill related to acquisitions 108,891 — 43,033 151,924 Goodwill balance as of December 31, 2014 $ 319,051 197,312 153,289 669,652 Adjustments to goodwill for purchase accounting 3,919 — 176 4,095 Goodwill related to acquisitions 17,371 — — 17,371 Goodwill balance as of December 31, 2015 $ 340,341 $ 197,312 $ 153,465 $ 691,118 |
Intangible assets | Intangible assets consist primarily of customer relationships acquired from business acquisitions. Intangible assets were as follows as of December 31 (in thousands): 2015 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value TL $ 65,373 $ (13,916 ) $ 51,457 $ 60,173 $ (8,356 ) $ 51,817 LTL 1,358 (1,017 ) 341 1,358 (950 ) 408 Global Solutions 31,522 (6,626 ) 24,896 31,522 (3,869 ) 27,653 Total intangible assets $ 98,253 $ (21,559 ) $ 76,694 $ 93,053 $ (13,175 ) $ 79,878 |
Estimated amortization expense | Estimated amortization expense for each of the next five years based on intangible assets as of December 31, 2015 is as follows (in thousands): Amount Year Ending: 2016 $ 8,725 2017 8,605 2018 8,341 2019 8,037 2020 7,665 Thereafter 35,321 Total $ 76,694 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Financial liabilities measured at fair value on a recurring basis | The following table presents information, as of December 31, 2015 and 2014 , about the Company’s financial liabilities (in thousands): December 31, 2015 Level 1 Level 2 Level 3 Fair Value Contingent purchase price related to acquisitions $ — $ — $ 6,722 $ 6,722 Total liabilities at fair value $ — $ — $ 6,722 $ 6,722 December 31, 2014 Level 1 Level 2 Level 3 Fair Value Contingent purchase price related to acquisitions $ — $ — $ 7,665 $ 7,665 Total liabilities at fair value $ — $ — $ 7,665 $ 7,665 |
Schedule of reconciliation of beginning and ending Level 3 financial liability balance | The table below sets forth a reconciliation of the Company’s beginning and ending Level 3 financial liability balance for the three years ended December 31 (in thousands): 2015 2014 2013 Balance, beginning of period $ 7,665 $ 17,054 $ 20,907 Earnouts related to acquisitions 4,114 — 4,288 Payment of contingent purchase obligations (3,317 ) (4,804 ) (2,407 ) Adjustments to contingent purchase obligations (1) (1,740 ) (4,585 ) (5,734 ) Balance, end of period $ 6,722 $ 7,665 $ 17,054 (1) Adjustments to contingent purchase obligations are reported in other operating expenses in the consolidated statements of operations. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term debt consisted of the following at December 31 (in thousands): 2015 2014 Senior debt: Revolving credit facility $ 143,149 $ 235,000 Term loans 296,250 195,000 Total debt 439,399 430,000 Less: Current maturities (15,000 ) (10,000 ) Total long-term debt, net of current maturities $ 424,399 $ 420,000 |
Schedule of Maturities of Long-term Debt | Maturities for each of the next five years based on long-term debt as of December 31, 2015 are as follows (in thousands): Amount Year Ending 2016 15,000 2017 15,000 2018 15,000 2019 394,399 Total 439,399 |
Long-Term Debt Capital Lease Ob
Long-Term Debt Capital Lease Obligation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Capital lease obligation [Line Items] | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | The following is a schedule of future minimum lease payments under the capital leases with the present value of the net minimum lease payments as of December 31, 2015 (in thousands): Amount Year Ending: 2016 $ 5,717 2017 3,284 2018 2,348 2019 1,732 2020 204 Thereafter 21 Total minimum lease payments 13,306 Less: amount representing interest 1,426 Present value of net minimum lease payments(1) $ 11,880 (1) Reflected in the consolidated balance sheets as accrued expenses and other liabilities and other long-term liabilities of $5.0 million and $6.9 million , respectively. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of RSU Activity | The following table summarizes the nonvested restricted stock units as of December 31, 2015 and 2014 : Number of Restricted Stock Units Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term (Years) Nonvested as of December 31, 2013 279,471 $ 21.76 2.8 Granted 169,300 22.89 Vested (87,061 ) 20.30 Forfeitures (29,574 ) 22.25 Nonvested as of December 31, 2014 332,136 $ 22.76 2.5 Granted 19,051 23.60 Vested (111,180 ) 21.34 Forfeitures (31,232 ) 23.17 Nonvested as of December 31, 2015 208,775 $ 23.75 1.7 |
Schedule of Option Activity | A summary of the option activity under the equity plans for the years ended December 31, 2015 and 2014 is as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In thousands) Outstanding as of December 31, 2013 855,817 $ 13.67 3.0 $ 11,365 Granted — — Exercised (300,716 ) 11.35 Forfeited — — Outstanding as of December 31, 2014 555,101 $ 14.92 1.7 $ 4,680 Granted — — Exercised (265,734 ) 15.09 Forfeited — — Outstanding as of December 31, 2015 289,367 $ 14.77 0.7 $ — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Reconciling basic weighted average stock outstanding to diluted weighted average stock outstanding | The following table reconciles basic weighted average common stock outstanding to diluted weighted average common stock outstanding (in thousands): Year Ended December 31, 2015 2014 2013 Basic weighted average common stock outstanding 37,969 37,852 36,133 Effect of dilutive securities: Employee stock options 73 169 424 Warrants 885 1,183 1,285 Restricted Stock Units 47 55 71 Diluted weighted average common stock outstanding 38,974 39,259 37,913 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of the Company’s provision for income taxes were as follows (in thousands): Year Ended December 31, 2015 2014 2013 Current: Federal $ 14,347 $ 19,389 $ 17,479 Foreign, state and local 4,353 3,448 2,725 Deferred: Federal 10,939 7,068 7,495 Foreign, state and local (405 ) 444 785 Provision for income taxes $ 29,234 $ 30,349 $ 28,484 |
Schedule of Effective Income Tax Reconciliation | The Company’s income tax provision varied from the amounts calculated by applying the U.S. statutory income tax rate to the pretax income as shown in the following reconciliations (in thousands): Year Ended December 31, 2015 2014 2013 Statutory federal rate $ 27,033 $ 28,814 $ 27,118 Meals and entertainment 287 247 227 State income taxes — net of federal benefit 2,478 2,254 2,067 Earn out adjustments (410 ) (1,381 ) (1,675 ) Other (154 ) 415 747 Total $ 29,234 $ 30,349 $ 28,484 |
Schedule of Deferred Tax Assets and Liabilities | The tax rate effects of temporary differences that give rise to significant elements of deferred tax assets and deferred tax liabilities as of December 31 were as follows (in thousands): 2015 2014 Current deferred income tax assets: Accounts receivable 2,714 4,253 Accounts payable and accrued expenses 2,162 4,354 Total $ 4,876 $ 8,607 Noncurrent deferred income tax assets (liabilities): Net operating losses $ 1,256 $ 758 Goodwill and intangible assets (63,801 ) (62,693 ) Property and equipment (42,304 ) (32,996 ) Deferred compensation 449 593 Total $ (104,400 ) $ (94,338 ) |
Commitments and Contingencies C
Commitments and Contingencies Commitment and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Aggregate future minimum lease payments under noncancelable operating leases with an initial term in excess of one year were as follows as of December 31, 2015 (in thousands): Year Ending: Amount 2016 $ 48,117 2017 39,236 2018 32,059 2019 17,813 2020 11,402 Thereafter 20,203 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of financial data of reportable segments | The following table reflects certain financial data of the Company’s reportable segments (in thousands): Year Ended December 31, 2015 2014 2013 Revenues: TL 1,175,594 999,077 657,967 LTL 516,251 577,175 558,971 Global Solutions 330,319 311,362 154,050 Eliminations (27,145 ) (14,798 ) (9,578 ) Total 1,995,019 1,872,816 1,361,410 Operating income: TL 73,867 66,186 43,385 LTL 20,164 22,981 36,914 Global Solutions 25,070 21,924 14,742 Corporate (22,428 ) (15,405 ) (9,678 ) Total operating income 96,673 95,686 85,363 Interest expense 19,439 13,363 7,883 Income before provision for income taxes $ 77,234 $ 82,323 $ 77,480 Depreciation and amortization: TL 23,489 16,888 11,143 LTL 3,309 3,287 3,255 Global Solutions 4,118 3,732 1,665 Corporate 1,407 1,171 248 Total $ 32,323 $ 25,078 $ 16,311 Capital expenditures (1) : TL 48,797 34,620 23,128 LTL 13,107 5,840 4,744 Global Solutions 3,103 1,551 668 Corporate 2,293 2,966 3,006 Total $ 67,300 $ 44,977 $ 31,546 (1) The total capital expenditures for the year ended December 31, 2015 includes both the cash and non-cash portions as reflected in the Consolidated Statement of Cash Flows. December 31, 2015 2014 2013 Total assets: TL 851,023 691,096 388,262 LTL 676,087 782,268 574,214 Global Solutions 236,810 242,512 162,718 Corporate 11,274 4,919 2,762 Eliminations (449,069 ) (462,975 ) (256,076 ) Total $ 1,326,125 $ 1,257,820 $ 871,880 |
Organization Nature of Business
Organization Nature of Business and Significant Accounting Policies (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)SegmentCentersFacilitiesAgentsCentres | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Organization Nature of Business and Significant Accounting Policies [Abstract] | |||
Number of operating segments | Segment | 3 | ||
Goodwill impairment | $ 0 | $ 0 | $ 0 |
Debt issuance cost | 6,600,000 | 6,100,000 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning balance | 4,209,000 | 2,957,000 | 1,476,000 |
Provision, charged to expense | 3,010,000 | 4,499,000 | 2,934,000 |
Write-off, less recoveries | (3,437,000) | (3,247,000) | (1,453,000) |
Ending balance | $ 3,782,000 | $ 4,209,000 | $ 2,957,000 |
Building and Building Improvements | Minimum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 5 | ||
Building and Building Improvements | Maximum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 20 | ||
Furniture and Fixtures | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 5 | ||
Equipment | Minimum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 3 | ||
Equipment | Maximum | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful lives | 15 | ||
LTL | |||
Organization Nature of Business and Significant Accounting Policies [Abstract] | |||
Number of service centers | Centers | 47 | ||
Number of delivery agents | Agents | 180 | ||
Global Solutions | |||
Organization Nature of Business and Significant Accounting Policies [Abstract] | |||
Number of service centers | Centers | 8 | ||
Number of dispatch offices | Centres | 11 | ||
TL | |||
Organization Nature of Business and Significant Accounting Policies [Abstract] | |||
Number of service centers | Centers | 48 | ||
Number of dispatch offices | Centres | 23 | ||
Number of consolidation facilities | Facilities | 4 | ||
Number of independent agents | Agents | 100 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Land and improvements | $ 5,161 | $ 3,399 | |
Building and leasehold improvements | 17,940 | 12,777 | |
Furniture and fixtures | 43,113 | 35,434 | |
Equipment | 200,047 | 142,869 | |
Gross property and equipment | 266,261 | 194,479 | |
Less: Accumulated depreciation | 68,517 | 47,629 | |
Property and equipment, net | 197,744 | 146,850 | |
Depreciation expense | $ 23,900 | $ 19,100 | $ 13,300 |
Acquisitions (Details Textual)
Acquisitions (Details Textual) - USD ($) $ in Millions | Jul. 28, 2015 | Aug. 27, 2014 | Jul. 18, 2014 | Mar. 14, 2014 | Feb. 24, 2014 | Sep. 18, 2013 | Sep. 11, 2013 | Aug. 15, 2013 | Jul. 25, 2013 | Apr. 30, 2013 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||||||||||
Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 14.4 | ||||||||||
Goodwill, Expected Tax Deductible Amount | $ 1.4 | ||||||||||
Wando [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date of acquisition | Apr. 30, 2013 | ||||||||||
Consideration Transferred | $ 9 | ||||||||||
Adrian [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date of acquisition | Apr. 30, 2013 | ||||||||||
Consideration Transferred | 14.2 | ||||||||||
Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 6.5 | ||||||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | $ 4.3 | ||||||||||
Adrian [Member] | 2014 | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contingent Consideration Arrangements, Basis | 2.3 | ||||||||||
Adrian [Member] | 2015 | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contingent Consideration Arrangements, Basis | 2.3 | ||||||||||
Adrian [Member] | 2016 | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contingent Consideration Arrangements, Basis | 2.3 | ||||||||||
Adrian [Member] | 2017 | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contingent Consideration Arrangements, Basis | $ 2.3 | ||||||||||
Marisol [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date of acquisition | Jul. 25, 2013 | ||||||||||
Consideration Transferred | $ 66 | ||||||||||
Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 2.5 | ||||||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | $ 0 | ||||||||||
Marisol [Member] | 2014 | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contingent Consideration Arrangements, Basis | 7.8 | ||||||||||
Marisol [Member] | 2015 | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contingent Consideration Arrangements, Basis | $ 7.8 | ||||||||||
TA Drayage [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date of acquisition | Aug. 15, 2013 | ||||||||||
Consideration Transferred | $ 1.2 | ||||||||||
GW Palmer [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date of acquisition | Sep. 11, 2013 | ||||||||||
Consideration Transferred | $ 2.5 | ||||||||||
Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 2.8 | ||||||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | $ 0 | ||||||||||
GW Palmer [Member] | 2013 | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contingent Consideration Arrangements, Basis | 0.9 | ||||||||||
Contingent Consideration Arrangements, Range of Outcomes, Value, High | 0.7 | ||||||||||
GW Palmer [Member] | 2014 | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contingent Consideration Arrangements, Basis | 1 | ||||||||||
GW Palmer [Member] | 2015 | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contingent Consideration Arrangements, Basis | 1 | ||||||||||
GW Palmer [Member] | 2016 | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contingent Consideration Arrangements, Basis | 1 | ||||||||||
GW Palmer [Member] | 2017 | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contingent Consideration Arrangements, Basis | $ 1 | ||||||||||
YES Trans [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date of acquisition | Sep. 18, 2013 | ||||||||||
Consideration Transferred | $ 1.2 | ||||||||||
Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 1.1 | ||||||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | $ 0 | ||||||||||
YES Trans [Member] | 2014 | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contingent Consideration Arrangements, Basis | 0.2 | ||||||||||
YES Trans [Member] | 2015 | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contingent Consideration Arrangements, Basis | 0.2 | ||||||||||
YES Trans [Member] | 2016 | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contingent Consideration Arrangements, Basis | 0.2 | ||||||||||
YES Trans [Member] | 2017 | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contingent Consideration Arrangements, Basis | $ 0.2 | ||||||||||
Rich Logistics [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date of acquisition | Feb. 24, 2014 | ||||||||||
Consideration Transferred | $ 46.5 | ||||||||||
ISI [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date of acquisition | Jul. 18, 2014 | ||||||||||
Consideration Transferred | $ 13 | ||||||||||
Unitrans [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date of acquisition | Mar. 14, 2014 | ||||||||||
Consideration Transferred | $ 53.3 | ||||||||||
Active Aero [Domain] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date of acquisition | Aug. 27, 2014 | ||||||||||
Consideration Transferred | $ 118.1 | ||||||||||
Stagecoach [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date of acquisition | Jul. 28, 2015 | ||||||||||
Consideration Transferred | $ 32.3 | ||||||||||
Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 5 | ||||||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | $ 4.1 | ||||||||||
Stagecoach [Member] | 2016 | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contingent Consideration Arrangements, Basis | 7 | ||||||||||
Stagecoach [Member] | 2017 | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contingent Consideration Arrangements, Basis | 7 | ||||||||||
Stagecoach [Member] | 2018 | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contingent Consideration Arrangements, Basis | 7 | ||||||||||
Stagecoach [Member] | 2019 | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contingent Consideration Arrangements, Basis | $ 7 |
Acquisitions (Purchase Price Al
Acquisitions (Purchase Price Allocation) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | |||
Goodwill | $ 691,118 | $ 669,652 | $ 518,743 |
2,014 | |||
Business Acquisition [Line Items] | |||
Accounts receivables | 68,128 | ||
Other current assets | 7,442 | ||
Property and equipment | 29,892 | ||
Goodwill | 155,006 | ||
Customer relationship intangible assets | 54,347 | ||
Other noncurrent assets | 0 | ||
Accounts payable and other liabilities | 83,910 | ||
Total | 230,905 | ||
2,013 | |||
Business Acquisition [Line Items] | |||
Accounts receivables | 27,731 | ||
Other current assets | 922 | ||
Property and equipment | 14,392 | ||
Goodwill | 77,652 | ||
Customer relationship intangible assets | 19,727 | ||
Other noncurrent assets | 12 | ||
Accounts payable and other liabilities | 39,788 | ||
Total | $ 100,648 |
Acquisitions Acquisitions (Pro
Acquisitions Acquisitions (Pro Forma) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ||
Revenue of Acquiree since Acquisition Date, Actual | $ 331,700 | $ 84,300 |
Earnings or Loss of Acquiree since Acquisition Date, Actual | 19,700 | 3,600 |
2,014 | ||
Business Acquisition [Line Items] | ||
Pro Forma Revenue | 2,103,693 | 1,781,305 |
Pro Forma Net Income (Loss) | $ 59,778 | 57,443 |
2,013 | ||
Business Acquisition [Line Items] | ||
Pro Forma Revenue | 1,466,404 | |
Pro Forma Net Income (Loss) | $ 49,137 |
Goodwill and Intangible Asset38
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets (Additional Textual) [Abstract] | |||
Goodwill impairment | $ 0 | $ 0 | $ 0 |
Amortization of Intangible Assets | $ 8,400,000 | $ 5,800,000 | $ 3,000,000 |
Customer relationships | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Period of amortization of intangible assets | 5 years | ||
Customer relationships | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Period of amortization of intangible assets | 12 years |
Goodwill and Intangible Asset39
Goodwill and Intangible Assets (Goodwill acquired in business combination by reportable segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | $ 669,652 | $ 518,743 |
Goodwill, Purchase Accounting Adjustments | 4,095 | (1,015) |
Goodwill, Acquired During Period | 17,371 | 151,924 |
Goodwill, Ending Balance | 691,118 | 669,652 |
TL | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 319,051 | 211,413 |
Goodwill, Purchase Accounting Adjustments | 3,919 | (1,253) |
Goodwill, Acquired During Period | 17,371 | 108,891 |
Goodwill, Ending Balance | 340,341 | 319,051 |
LTL | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 197,312 | 197,312 |
Goodwill, Purchase Accounting Adjustments | 0 | 0 |
Goodwill, Acquired During Period | 0 | 0 |
Goodwill, Ending Balance | 197,312 | 197,312 |
Global Solutions | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 153,289 | 110,018 |
Goodwill, Purchase Accounting Adjustments | 176 | 238 |
Goodwill, Acquired During Period | 0 | 43,033 |
Goodwill, Ending Balance | $ 153,465 | $ 153,289 |
Goodwill and Intangible Asset40
Goodwill and Intangible Assets (Intangible Assets Acquired from Business Acquisitions) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 98,253 | $ 93,053 |
Accumulated Amortization | (21,559) | (13,175) |
Net Carrying Value | 76,694 | 79,878 |
TL | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 65,373 | 60,173 |
Accumulated Amortization | (13,916) | (8,356) |
Net Carrying Value | 51,457 | 51,817 |
LTL | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,358 | 1,358 |
Accumulated Amortization | (1,017) | (950) |
Net Carrying Value | 341 | 408 |
Global Solutions | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 31,522 | 31,522 |
Accumulated Amortization | (6,626) | (3,869) |
Net Carrying Value | $ 24,896 | $ 27,653 |
Goodwill and Intangible Asset41
Goodwill and Intangible Assets (Amortization of Intangibles) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2,016 | $ 8,725 | |
2,017 | 8,605 | |
2,018 | 8,341 | |
2,019 | 8,037 | |
2,020 | 7,665 | |
Thereafter | 35,321 | |
Net Carrying Value | $ 76,694 | $ 79,878 |
Fair Value Measurement (Liabili
Fair Value Measurement (Liabilities on Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | $ 0 | |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 14,400 | |
Financial liabilities measured at fair value on a recurring basis | ||
Contingent Liability, Fair Value Disclosure | 6,722 | $ 7,665 |
Total liabilities at fair value | 6,722 | 7,665 |
Level 1 | ||
Financial liabilities measured at fair value on a recurring basis | ||
Contingent Liability, Fair Value Disclosure | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Level 2 | ||
Financial liabilities measured at fair value on a recurring basis | ||
Contingent Liability, Fair Value Disclosure | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Income Approach Valuation Technique | Level 3 | ||
Financial liabilities measured at fair value on a recurring basis | ||
Contingent Liability, Fair Value Disclosure | 6,722 | 7,665 |
Total liabilities at fair value | $ 6,722 | $ 7,665 |
Fair Value Measurement (Reconci
Fair Value Measurement (Reconciliation of Level 3 Liabilities) (Details) - Level 3 - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of beginning and ending Level 3 financial liability balance | |||
Beginning balance | $ 7,665 | $ 17,054 | $ 20,907 |
Earnouts related to acquisition | 4,114 | 0 | 4,288 |
Payment of contingent purchase obligation | (3,317) | (4,804) | (2,407) |
Adjustment to contingent purchase obligation | (1,740) | (4,585) | (5,734) |
Ending balance | $ 6,722 | $ 7,665 | $ 17,054 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Senior debt: | ||
Total debt | $ 439,399 | $ 430,000 |
Less: Current maturities | (15,000) | (10,000) |
Total long-term debt, net of current maturities | 424,399 | 420,000 |
Revolving credit facility | ||
Senior debt: | ||
Total debt | 143,149 | 235,000 |
Term loans | ||
Senior debt: | ||
Total debt | $ 296,250 | $ 195,000 |
Long-Term Debt Long Term Debt (
Long-Term Debt Long Term Debt (Repayment Schedule) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 15,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 15,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 15,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 394,399 | |
Long-term Debt | $ 439,399 | $ 430,000 |
Long-Term Debt (Details 2)
Long-Term Debt (Details 2) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Sep. 24, 2015 | Jul. 09, 2014 | Aug. 09, 2013 | |
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Maturity Date | Jul. 9, 2019 | |||
Debt Instrument Maturities Quarterly Repayments of Principal | $ 3.8 | |||
Issuance in letters of credit | $ 40 | |||
Outstanding letters of credit | 22.5 | |||
Total availability under revolving credit facility | $ 234.3 | |||
Average interest rate on credit agreement | 3.50% | |||
Revolving credit facility | ||||
Line of Credit Facility [Line Items] | ||||
Revolving credit facility | $ 350 | $ 200 | ||
Increased revolving credit facility | 400 | |||
Eurocurrency [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate applicable margin range, Minimum | 2.00% | |||
Interest Rate applicable margin range, Maximum | 3.30% | |||
Base Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate applicable margin range, Minimum | 1.00% | |||
Interest Rate applicable margin range, Maximum | 2.30% | |||
Term Loan Facility Maturing [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Term loan | $ 300 | $ 200 | $ 175 |
Long-Term Debt Capital leases (
Long-Term Debt Capital leases (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Capital Leased Assets [Line Items] | |
2,016 | $ 5,717 |
2,017 | 3,284 |
2,018 | 2,348 |
2,019 | 1,732 |
2,020 | 204 |
Thereafter | 21 |
Total minimum lease payments | 13,306 |
Less: amount representing interest | 1,426 |
Present value of net minimum lease payments(1) | 11,880 |
Accrued Liabilities [Member] | |
Capital Leased Assets [Line Items] | |
Present value of net minimum lease payments(1) | 5,000 |
Other Noncurrent Liabilities [Member] | |
Capital Leased Assets [Line Items] | |
Present value of net minimum lease payments(1) | $ 6,900 |
Stockholders' Investment (Detai
Stockholders' Investment (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 07, 2015 | Jan. 04, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 14, 2013 | Dec. 05, 2012 |
Stockholders' investment: | |||||||
Common stock, voting rights | one | ||||||
Issuance of common sock, shares | 1,500,000 | ||||||
Price per share | $ 27 | $ 17.25 | |||||
Proceeds from issuance of common stock | $ 38,400 | ||||||
Underwriting discounts and commissions | 2,300 | ||||||
Common Stock, Shares, Overallotment | 525,000 | ||||||
Proceeds from Sale of Shares, Net of Underwriting Discount and Estimated Expenses | $ 8,500 | ||||||
Additional expenses incurred for public offering | $ 300 | ||||||
StockIssuedDuringPeriodShareSecondaryOffering | 2,000,000 | ||||||
Payments of Stock Issuance Costs | $ 200 | $ 225 | |||||
Number of securities called by warrants | 1,388,620 | ||||||
Fair value of warrants on date of issue | $ 3,000 | ||||||
Warrants exercised | 0 | 0 | |||||
Sargent Transportation Group | |||||||
Stockholders' investment: | |||||||
Number of securities called by warrants | 2,269,263 | ||||||
Exercise price of warrants | $ 13.39 | ||||||
Warrants exercised | 0 | 0 | |||||
Bullet [Member] | |||||||
Stockholders' investment: | |||||||
Number of securities called by warrants | 1,746,971 | ||||||
Exercise price of warrants | $ 8.37 | ||||||
Warrants exercised | 0 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Remaining Contractual Terms | 1 year 8 months | 2 years 6 months | 2 years 9 months |
Authorized shares under the plan | 2,500,000 | ||
Share-based compensation expense | $ 2.5 | $ 2.3 | $ 1.5 |
Income tax benefit recognized | $ 0.9 | $ 0.9 | $ 0.6 |
Options exercisable | 289,367 | 555,101 | 855,817 |
Exercisable options, weighted average exercise price | $ 14.77 | ||
Exercisable options, contractual term | 8 months 12 days | ||
Exercisable options, intrinsic value | $ 0 | ||
2010 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Equity Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 10 years | ||
Equity Plan | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 2 years | ||
Equity Plan | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
GTS Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 10 years | ||
GTS Plan | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 2 years | ||
GTS Plan | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation cost | $ 3.1 | $ 5.7 | |
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units outstanding | 208,775 | 332,136 | 279,471 |
Share-Based Compensation RSU Ac
Share-Based Compensation RSU Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Additional Disclosure | |||
Weighted Average Remaining Contractual Term (Years) | 1 year 8 months | 2 years 6 months | 2 years 9 months |
Restricted stock units | |||
Number of Restricted Stock Units | |||
Beginning balance | 332,136 | 279,471 | |
Granted | 19,051 | 169,300 | |
Vested | (111,180) | (87,061) | |
Forfeitures | (31,232) | (29,574) | |
Ending balance | 208,775 | 332,136 | 279,471 |
Weighted Average Grant Date Fair Value | |||
Beginning balance | $ 22.76 | $ 21.76 | |
Granted | 23.60 | 22.89 | |
Vested | 21.34 | 20.30 | |
Forfeitures | 23.17 | 22.25 | |
Ending balance | $ 23.75 | $ 22.76 | $ 21.76 |
Minimum [Member] | Key Employee Equity Plan (Equity Plan) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||
Maximum [Member] | Key Employee Equity Plan (Equity Plan) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Share-Based Compensation Option
Share-Based Compensation Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Shares | |||
Beginning Balance | 555,101 | 855,817 | |
Granted | 0 | 0 | |
Exercised | (265,734) | (300,716) | |
Forfeited | 0 | 0 | |
Ending Balance | 289,367 | 555,101 | 855,817 |
Weighted Average Exercise Price | |||
Beginning Balance | $ 14.92 | $ 13.67 | |
Granted | 0 | 0 | |
Exercised | 15.09 | 11.35 | |
Forfeited | 0 | 0 | |
Ending Balance | $ 14.77 | $ 14.92 | $ 13.67 |
Remaining Average Contractual Term (Year) and Aggregate Intrinsic Value | |||
Weighted Average Remaining Contractual Term (Years) | 8 months 12 days | 1 year 8 months 12 days | 3 years 10 days |
Aggregate Intrinsic Value | $ 0 | $ 4,680 | $ 11,365 |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciling basic to diluted weighted average stock outstanding to diluted weighted average stock outstanding | |||
Basic weighted average stock outstanding | 37,969,000 | 37,852,000 | 36,133,000 |
Dilutive weighted average stock outstanding | 38,974,000 | 39,259,000 | 37,913,000 |
Additional stock options and warrants outstanding | 253,834 | ||
Warrants | |||
Reconciling basic to diluted weighted average stock outstanding to diluted weighted average stock outstanding | |||
Warrants | 885,000 | 1,183,000 | 1,285,000 |
Employee stock options | |||
Reconciling basic to diluted weighted average stock outstanding to diluted weighted average stock outstanding | |||
Employee stock options | 73,000 | 169,000 | 424,000 |
Restricted Stock Units (RSUs) [Member] | |||
Reconciling basic to diluted weighted average stock outstanding to diluted weighted average stock outstanding | |||
Employee stock options | 47,000 | 55,000 | 71,000 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current | |||
Federal | $ 14,347 | $ 19,389 | $ 17,479 |
Foreign, state and local | 4,353 | 3,448 | 2,725 |
Deferred | |||
Federal | 10,939 | 7,068 | 7,495 |
Foreign, state and local | (405) | 444 | 785 |
Total | $ 29,234 | $ 30,349 | $ 28,484 |
Income Taxes (Reconciliation) (
Income Taxes (Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Reconciliation | |||
Statutory federal rate | $ 27,033 | $ 28,814 | $ 27,118 |
Meals and entertainment | 287 | 247 | 227 |
State income taxes — net of federal benefit | 2,478 | 2,254 | 2,067 |
Earnout adjustments | (410) | (1,381) | (1,675) |
Other | (154) | 415 | 747 |
Total | $ 29,234 | $ 30,349 | $ 28,484 |
Income Taxes (Deferred Taxes) (
Income Taxes (Deferred Taxes) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Account receivables | $ 2,714 | $ 4,253 |
Accounts payable and accrued expenses | (2,162) | (4,354) |
Current deferred income tax assets, net | 4,876 | 8,607 |
Net operating losses | 1,256 | 758 |
Goodwill and intangible assets | (63,801) | (62,693) |
Property and equipment | (42,304) | (32,996) |
Deferred compensation | 449 | 593 |
Noncurrent deferred tax liabilities, net | $ (104,400) | $ (94,338) |
Income Taxes Textual (Details)
Income Taxes Textual (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Income Taxes Receivable | $ 11,800 | $ 7,500 |
Deferred Tax Assets, Gross, Current | 8,400 | 11,000 |
Deferred Tax Assets, Gross, Noncurrent | 140,100 | 103,100 |
Deferred Tax Liabilities, Gross, Current | (3,500) | (2,400) |
Deferred Tax Liabilities, Gross, Noncurrent | (244,500) | (197,400) |
Deferred Tax Liabilities, Net, Noncurrent | $ 104,400 | $ 94,338 |
Guarantees (Details)
Guarantees (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Guarantees [Abstract] | |
Guarantees Expiration Year | 2,020 |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 17.4 |
Loss Contingency Accrual | 1.3 |
Loss Contingency Accrual, Payments | $ 3.7 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies (Textual) [Abstract] | |||
Expense under contribution profit sharing plans | $ 2,800,000 | $ 2,300,000 | $ 1,400,000 |
Rent expense | 66,200,000 | 55,000,000 | $ 28,700,000 |
Reserves for estimated uninsured losses | 1,300,000 | ||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,016 | 48,117,000 | ||
2,017 | 39,236,000 | ||
2,018 | 32,059,000 | ||
2,019 | 17,813,000 | ||
2,020 | 11,402,000 | ||
Thereafter | 20,203,000 | ||
Insurance Claims | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Liability and cargo insurance coverage for claims | 500,000 | ||
Cargo Claims | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Liability and cargo insurance coverage for claims | 100,000 | ||
Uninsured Risk | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Reserves for estimated uninsured losses | $ 7,200,000 | $ 5,800,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 12, 2011 | |
Related Party Transaction [Line Items] | |||
Annual advisory fee | $ 0.1 | ||
Payments made | $ 0.9 | $ 0.8 | |
Period of warrant | 8 years | ||
Related party securities called by warrants | 1,388,620 | ||
Warrants exercised | 0 | 0 | |
Warrant outstanding | 274,362 | 274,362 | |
Facilities Lease [Member] | |||
Related Party Transaction [Line Items] | |||
Payments made | $ 1.4 | $ 0.5 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of Operating Segments | Segment | 3 | ||
Schedule of financial data of reportable segments | |||
Revenues | $ 1,995,019 | $ 1,872,816 | $ 1,361,410 |
Operating Income | 96,673 | 95,686 | 85,363 |
Interest expense | 19,439 | 13,363 | 7,883 |
Income before provision for income taxes | 77,234 | 82,323 | 77,480 |
Depreciation and amortization | 32,323 | 25,078 | 16,311 |
Capital expenditures | 67,300 | 44,977 | 31,546 |
Total assets | 1,326,125 | 1,257,820 | 871,880 |
TL | |||
Schedule of financial data of reportable segments | |||
Revenues | 1,175,594 | 999,077 | 657,967 |
Operating Income | 73,867 | 66,186 | 43,385 |
Depreciation and amortization | 23,489 | 16,888 | 11,143 |
Capital expenditures | 48,797 | 34,620 | 23,128 |
Total assets | 851,023 | 691,096 | 388,262 |
LTL | |||
Schedule of financial data of reportable segments | |||
Revenues | 516,251 | 577,175 | 558,971 |
Operating Income | 20,164 | 22,981 | 36,914 |
Depreciation and amortization | 3,309 | 3,287 | 3,255 |
Capital expenditures | 13,107 | 5,840 | 4,744 |
Total assets | 676,087 | 782,268 | 574,214 |
Global Solutions | |||
Schedule of financial data of reportable segments | |||
Revenues | 330,319 | 311,362 | 154,050 |
Operating Income | 25,070 | 21,924 | 14,742 |
Depreciation and amortization | 4,118 | 3,732 | 1,665 |
Capital expenditures | 3,103 | 1,551 | 668 |
Total assets | 236,810 | 242,512 | 162,718 |
Eliminations | |||
Schedule of financial data of reportable segments | |||
Revenues | (27,145) | (14,798) | (9,578) |
Total assets | (449,069) | (462,975) | (256,076) |
Corporate | |||
Schedule of financial data of reportable segments | |||
Operating Income | (22,428) | (15,405) | (9,678) |
Depreciation and amortization | 1,407 | 1,171 | 248 |
Capital expenditures | 2,293 | 2,966 | 3,006 |
Total assets | $ 11,274 | $ 4,919 | $ 2,762 |