Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Jun. 28, 2013 | Feb. 19, 2014 | Feb. 19, 2014 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | |||
Entity Information [Line Items] | ' | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Trading Symbol | 'SWFT | ' | ' | ' |
Entity Registrant Name | 'SWIFT TRANSPORTATION Co | ' | ' | ' |
Entity Central Index Key | '0001492691 | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 88,452,144 | 52,441,938 |
Entity Public Float | ' | $1,398,402,666 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $59,178 | $53,596 |
Restricted cash | 50,833 | 51,678 |
Restricted investments, held to maturity, amortized cost | 25,814 | 22,275 |
Accounts receivable, net | 418,436 | 392,770 |
Equipment sales receivable | 368 | 563 |
Income tax refund receivable | 23,704 | 10,046 |
Inventories and supplies | 18,430 | 17,524 |
Assets held for sale | 19,268 | 31,544 |
Prepaid taxes, licenses, insurance and other | 63,958 | 58,903 |
Deferred income taxes | 46,833 | 98,235 |
Current portion of notes receivable | 7,210 | 4,957 |
Total current assets | 734,032 | 742,091 |
Property and equipment, at cost: | ' | ' |
Revenue and service equipment | 1,942,423 | 1,863,634 |
Land | 117,929 | 120,442 |
Facilities and improvements | 248,724 | 250,816 |
Furniture and office equipment | 61,396 | 51,340 |
Total property and equipment | 2,370,472 | 2,286,232 |
Less: accumulated depreciation and amortization | 922,665 | 888,696 |
Net property and equipment | 1,447,807 | 1,397,536 |
Other assets | 57,166 | 65,537 |
Intangible assets, net | 316,747 | 333,561 |
Goodwill | 253,256 | 253,256 |
Total assets | 2,809,008 | 2,791,981 |
Current liabilities: | ' | ' |
Accounts payable | 118,014 | 113,374 |
Accrued liabilities | 110,745 | 107,772 |
Current portion of claims accruals | 75,469 | 86,587 |
Current portion of long-term debt and obligations under capital leases | 75,056 | 73,497 |
Fair value of guarantees | 366 | 366 |
Current portion of interest rate swaps | 4,718 | 1,853 |
Total current liabilities | 384,368 | 383,449 |
Revolving line of credit | 17,000 | 2,531 |
Long-term debt and obligations under capital leases, less current portion | 1,246,764 | 1,357,101 |
Claims accruals, less current portion | 118,582 | 98,919 |
Fair value of interest rate swaps, less current portion | 7,050 | 11,497 |
Deferred income taxes | 484,200 | 441,381 |
Securitization of accounts receivable | 264,000 | 204,000 |
Other liabilities | 3,457 | 2,899 |
Total liabilities | 2,525,421 | 2,501,777 |
Commitments and contingencies (notes 15 and 16) | ' | ' |
Stockholdersb equity: | ' | ' |
Preferred stock, par value $0.01 per share; Authorized 10,000,000 shares; none issued | 0 | 0 |
Additional paid-in capital | 759,408 | 920,827 |
Accumulated deficit | -471,169 | -601,777 |
Central stockholders' loans receivable, pre-acquisition | 0 | -22,142 |
Accumulated other comprehensive loss | -6,162 | -8,202 |
Noncontrolling interest | 102 | 102 |
Total stockholdersb equity | 283,587 | 290,204 |
Total liabilities and stockholdersb equity | 2,809,008 | 2,791,981 |
Class A Common Stock [Member] | ' | ' |
Stockholdersb equity: | ' | ' |
Common stock, value | 883 | 871 |
Class B Common Stock [Member] | ' | ' |
Stockholdersb equity: | ' | ' |
Common stock, value | $525 | $525 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares Authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Class A Common Stock [Member] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares Authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 88,402,991 | 87,055,664 |
Common stock, shares outstanding | 88,402,991 | 87,055,664 |
Class B Common Stock [Member] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares Authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 52,441,938 | 52,495,236 |
Common stock, shares outstanding | 52,441,938 | 52,495,236 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Operating revenue | $4,118,195 | $3,976,085 | $3,778,963 |
Operating expenses: | ' | ' | ' |
Salaries, wages and employee benefits | 903,990 | 879,856 | 861,423 |
Operating supplies and expenses | 319,023 | 290,472 | 281,872 |
Fuel | 640,000 | 668,707 | 698,530 |
Purchased transportation | 1,255,646 | 1,195,033 | 1,055,416 |
Rental expense | 180,328 | 149,433 | 122,279 |
Insurance and claims | 142,179 | 121,655 | 110,639 |
Depreciation and amortization of property and equipment | 226,008 | 218,839 | 218,098 |
Amortization of intangibles | 16,814 | 16,925 | 18,258 |
Impairments | 0 | 3,387 | 0 |
Gain on disposal of property and equipment | -22,664 | -18,351 | -8,902 |
Communication and utilities | 25,593 | 26,464 | 27,757 |
Operating taxes and licenses | 74,319 | 71,849 | 71,557 |
Total operating expenses | 3,761,236 | 3,624,269 | 3,456,927 |
Operating income | 356,959 | 351,816 | 322,036 |
Other (income) expenses: | ' | ' | ' |
Interest expense | 99,534 | 122,049 | 149,981 |
Derivative interest expense | 3,852 | 5,101 | 15,057 |
Interest income | -2,474 | -2,156 | -1,997 |
Merger and acquisition expense | 4,913 | 0 | 0 |
Loss on debt extinguishment | 5,540 | 22,219 | 0 |
Impairments on non-operating assets | 0 | 5,979 | 0 |
Gain on sale of real property | -6,876 | 0 | 0 |
Other | -3,934 | -3,077 | -2,244 |
Total other (income) expenses, net | 100,555 | 150,115 | 160,797 |
Income before income taxes | 256,404 | 201,701 | 161,239 |
Income tax expense | 100,982 | 61,614 | 58,492 |
Net income | $155,422 | $140,087 | $102,747 |
Net income | ' | ' | ' |
Basic earnings per share | $1.11 | $1 | $0.74 |
Diluted earnings per share | $1.09 | $1 | $0.74 |
Shares used in per share calculations | ' | ' | ' |
Basic (in shares) | 140,179 | 139,532 | 139,155 |
Diluted (in shares) | 142,221 | 139,619 | 139,663 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Statement Of Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income | $45,298 | [1] | $29,953 | [1] | $49,879 | [1] | $30,292 | [1] | $54,684 | $33,656 | $40,920 | $10,827 | $155,422 | $140,087 | $102,747 |
Other comprehensive income before income taxes: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Accumulated losses on derivatives reclassified to derivative interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 3,143 | 5,101 | 15,057 | ||||
Change in fair value of interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | -145 | -2,786 | -9,952 | ||||
Other comprehensive income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 2,998 | 2,315 | 5,105 | ||||
Income tax effect of items of other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | -958 | 1,142 | 3,897 | ||||
Other comprehensive income, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 2,040 | 3,457 | 9,002 | ||||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | $157,462 | $143,544 | $111,749 | ||||
[1] | The first and second quarter results of 2013 have been recast due to the acquisition of Central. Refer to Notes 1 and 2 for further information regarding the Acquisition. |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (USD $) | Total | Central Refrigerated Service, Inc. [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interest [Member] | Central Refrigerated Stockholders' Loans Receivable, Pre-Acquisition [Member] |
In Thousands, except Share data | Class A Common Stock [Member] | Class B Common Stock [Member] | Central Refrigerated Service, Inc. [Member] | |||||||
Beginning balance at Dec. 31, 2010 | ($9,557) | ' | $733 | $601 | $845,721 | ' | ($826,042) | ($20,661) | $102 | ($10,011) |
Beginning balance, shares at Dec. 31, 2010 | ' | ' | 73,300,000 | 60,116,713 | ' | ' | ' | ' | ' | ' |
Issuance of Class A common stock for cash, net of fees and expenses of issuance | 62,994 | ' | 61 | ' | 62,933 | ' | ' | ' | ' | ' |
Issuance of Class A common stock for cash, net of fees and expenses of issuance, shares | ' | ' | 6,050,000 | ' | ' | ' | ' | ' | ' | ' |
Grant of restricted Class A common stock | 140 | ' | ' | ' | 140 | ' | ' | ' | ' | ' |
Grant of restricted Class A common stock, shares | ' | ' | 9,344 | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options and tax deficiency | 41 | ' | ' | ' | 41 | ' | ' | ' | ' | ' |
Exercise of stock options and tax deficiency, shares | 22,519,000 | ' | 22,519 | ' | ' | ' | ' | ' | ' | ' |
Conversion of Class B common stock to Class A common stock | 0 | ' | 65 | -65 | ' | ' | ' | ' | ' | ' |
Conversion of Class B common stock to Class A common stock, shares | ' | ' | 6,553,253 | 6,553,253 | ' | ' | ' | ' | ' | ' |
Other comprehensive income, net | 9,002 | ' | ' | ' | ' | ' | ' | 9,002 | ' | ' |
Non-cash equity compensation | 6,861 | ' | ' | ' | 6,861 | ' | ' | ' | ' | ' |
Issuance of Central stockholders' loan receivable, pre-acquisition | -12,000 | ' | ' | ' | ' | ' | ' | ' | ' | -12,000 |
Distribution to Central stockholders, pre-acquisition | -4,964 | ' | ' | ' | ' | ' | -4,964 | ' | ' | ' |
Interest on Central stockholders' loans receivable, pre-acquisition | -78 | ' | ' | ' | ' | ' | ' | ' | ' | -78 |
Net income | 102,747 | ' | ' | ' | ' | ' | 102,747 | ' | ' | ' |
Ending balance at Dec. 31, 2011 | 155,186 | ' | 859 | 536 | 915,696 | ' | -728,259 | -11,659 | 102 | -22,089 |
Ending balance, shares at Dec. 31, 2011 | ' | ' | 85,935,116 | 53,563,460 | ' | ' | ' | ' | ' | ' |
Grant of restricted Class A common stock | 4 | ' | ' | ' | 4 | ' | ' | ' | ' | ' |
Grant of restricted Class A common stock, shares | 11,676 | ' | 11,676 | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 268 | ' | ' | ' | 268 | ' | ' | ' | ' | ' |
Exercise of stock options, shares | ' | ' | 24,427 | ' | ' | ' | ' | ' | ' | ' |
Excess tax deficiency of stock options | -370 | ' | ' | ' | -370 | ' | ' | ' | ' | ' |
Exercise of stock options and tax deficiency, shares | 24,427,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Class B common stock to Class A common stock | 0 | ' | 11 | -11 | ' | ' | ' | ' | ' | ' |
Conversion of Class B common stock to Class A common stock, shares | ' | ' | 1,068,224 | 1,068,224 | ' | ' | ' | ' | ' | ' |
Shares issued under employee stock purchase plan | 134 | ' | 1 | ' | 133 | ' | ' | ' | ' | ' |
Shares issued under employee stock purchase plan, shares | ' | ' | 16,221 | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income, net | 3,457 | ' | ' | ' | ' | ' | ' | 3,457 | ' | ' |
Non-cash equity compensation | 4,886 | ' | ' | ' | 4,886 | ' | ' | ' | ' | ' |
Central non-cash exercise of stock options | 210 | ' | ' | ' | 210 | ' | ' | ' | ' | ' |
Distribution to Central stockholders, pre-acquisition | -13,605 | ' | ' | ' | ' | ' | -13,605 | ' | ' | ' |
Interest on Central stockholders' loans receivable, pre-acquisition | -53 | ' | ' | ' | ' | ' | ' | ' | ' | -53 |
Net income | 140,087 | ' | ' | ' | ' | ' | 140,087 | ' | ' | ' |
Ending balance at Dec. 31, 2012 | 290,204 | ' | 871 | 525 | 920,827 | ' | -601,777 | -8,202 | 102 | -22,142 |
Ending balance, shares at Dec. 31, 2012 | ' | ' | 87,055,664 | 52,495,236 | ' | ' | ' | ' | ' | ' |
Grant of restricted Class A common stock | 86 | ' | ' | ' | 86 | ' | ' | ' | ' | ' |
Grant of restricted Class A common stock, shares | 10,480 | ' | 10,480 | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 12,985 | ' | 12 | ' | 12,973 | ' | ' | ' | ' | ' |
Exercise of stock options, shares | 1,210,184 | ' | 1,210,184 | ' | ' | ' | ' | ' | ' | ' |
Excess tax deficiency of stock options | 187 | ' | ' | ' | 187 | ' | ' | ' | ' | ' |
Exercise of stock options and tax deficiency, shares | 1,210,184,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Class B common stock to Class A common stock | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Class B common stock to Class A common stock, shares | ' | ' | 53,298 | 53,298 | ' | ' | ' | ' | ' | ' |
Shares issued under employee stock purchase plan | 960 | ' | ' | ' | 960 | ' | ' | ' | ' | ' |
Shares issued under employee stock purchase plan, shares | ' | ' | 73,365 | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income, net | 2,040 | ' | ' | ' | ' | ' | ' | 2,040 | ' | ' |
Non-cash equity compensation | 3,670 | 887 | ' | ' | 3,670 | 887 | ' | ' | ' | ' |
Central non-cash exercise of stock options | 0 | ' | ' | ' | 3,415 | ' | ' | ' | ' | -3,415 |
Issuance of Central stockholders' loan receivable, pre-acquisition | -30,000 | ' | ' | ' | ' | ' | ' | ' | ' | -30,000 |
Net settlements of distribution to Central stockholders in satisfaction of stockholders' loans receivable, pre-acquisition | 0 | ' | ' | ' | ' | ' | -22,315 | ' | ' | 22,315 |
Distribution to Central stockholders, pre-acquisition | -2,499 | ' | ' | ' | -2,499 | ' | ' | ' | ' | ' |
Interest on Central stockholders' loans receivable, pre-acquisition | -53 | ' | ' | ' | ' | ' | ' | ' | ' | -53 |
Acquisition of Central, a common control entity, net of repayment of stockholders' loans receivable at closing of acquisition | -150,302 | ' | ' | ' | -183,597 | ' | ' | ' | ' | 33,295 |
Net income | 155,422 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance at Dec. 31, 2013 | $283,587 | ' | $883 | $525 | $759,408 | ' | ($471,169) | ($6,162) | $102 | $0 |
Ending balance, shares at Dec. 31, 2013 | ' | ' | 88,402,991 | 52,441,938 | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $155,422 | $140,087 | $102,747 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization of property, equipment and intangibles | 242,822 | 235,764 | 236,356 |
Amortization of debt issuance costs, original issue discount, and losses on terminated swaps | 7,247 | 10,645 | 22,607 |
Gain on disposal of property and equipment less write-off of totaled tractors | -21,574 | -16,674 | -6,817 |
Gain on sale of real property | -6,876 | 0 | 0 |
Impairments | 0 | 9,366 | 0 |
Equity losses of investee | 537 | 1,007 | -264 |
Deferred income taxes | 102,290 | 45,753 | 49,265 |
Provision for (reduction of) allowance for losses on accounts receivable | 1,370 | 977 | -357 |
Loss on debt extinguishment | 5,540 | 22,219 | 0 |
Non-cash equity compensation | 4,645 | 4,890 | 7,001 |
Income effect of mark-to-market adjustment of interest rate swaps | 805 | 0 | 0 |
Interest on Central stockholders' loan receivable, pre-acquisition | -53 | -53 | -78 |
Increase (decrease) in cash resulting from changes in: | ' | ' | ' |
Accounts receivable | -16,613 | -17,534 | -55,159 |
Inventories and supplies | -912 | 1,484 | -7,991 |
Prepaid expenses and other current assets | -12,013 | -1,643 | 2,884 |
Other assets | 6,296 | 3,879 | -16,553 |
Accounts payable, accrued and other liabilities | 4,571 | 6,951 | 6,543 |
Net cash provided by operating activities | 473,504 | 447,118 | 340,184 |
Cash flows from investing activities: | ' | ' | ' |
Decrease in restricted cash | 845 | 20,046 | 12,844 |
Change in restricted investments | -3,539 | -22,275 | 0 |
Funding of note receivable | 0 | -7,500 | 0 |
Proceeds from sale of property and equipment | 119,158 | 142,684 | 77,471 |
Capital expenditures | -318,271 | -314,142 | -249,895 |
Payments received on notes receivable | 3,868 | 5,948 | 7,334 |
Expenditures on assets held for sale | -18,415 | -12,040 | -8,965 |
Payments received on assets held for sale | 53,486 | 12,778 | 11,018 |
Payments received on equipment sale receivables | 1,450 | 5,642 | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | -150,302 | 0 | 0 |
Other investing activities | 0 | -270 | 275 |
Net cash used in investing activities | -311,720 | -169,129 | -149,918 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of Class A common stock, net of issuance costs | 0 | 0 | 62,994 |
Repayment of long-term debt and capital leases | -236,388 | -311,935 | -224,269 |
Proceeds from long-term debt | 26,267 | 11,304 | 7,263 |
Payment of deferred loan costs | -2,183 | -9,023 | -3,914 |
Net borrowings on revolving line of credit | 14,469 | -6,506 | 9,037 |
Borrowings under accounts receivable securitization | 184,000 | 255,000 | 263,000 |
Repayment of accounts receivable securitization | -124,000 | -231,000 | -254,500 |
Issuance of Central stockholders' loan receivable, pre-acquisition | -30,000 | 0 | -12,000 |
Distribution to Central stockholders, pre-acquisition | -2,499 | -13,605 | -4,964 |
Proceeds from exercise of stock options and the issuance of employee stock purchase plan shares | 13,945 | 401 | 247 |
Income tax benefit (deficiency) from exercise of stock options | 187 | -370 | -206 |
Other financing activities | 0 | -743 | 0 |
Net cash used in financing activities | -156,202 | -306,477 | -157,312 |
Net increase (decrease) in cash and cash equivalents | 5,582 | -28,488 | 32,954 |
Cash and cash equivalents at beginning of period | 53,596 | 82,084 | 49,130 |
Cash and cash equivalents at end of period | 59,178 | 53,596 | 82,084 |
Cash paid during the period for: | ' | ' | ' |
Interest | 103,238 | 121,940 | 123,426 |
Income taxes | 20,625 | 22,410 | 9,959 |
Non-cash investing activities: | ' | ' | ' |
Equipment sales receivables | 1,252 | 705 | 5,500 |
Equipment purchase accrual | 7,710 | 14,361 | 2,373 |
Notes receivable from sale of assets | 8,089 | 7,784 | 4,283 |
Non-cash financing activities: | ' | ' | ' |
Accrued deferred loan costs | 0 | 0 | 0 |
Capital lease additions | 85,094 | 38,453 | 59,358 |
Notes payable from purchase of revenue equipment | 0 | 3,775 | 1,601 |
Insurance premium and software notes payable | 9,189 | 7,694 | 6,784 |
Non-cash distribution to Central stockholders in satisfaction of stockholders' loans receivable, pre-acquisition | 22,315 | 0 | 0 |
Non-cash exercise of Central stock options in exchange for stockholders' loans receivable, pre-acquisition | 3,415 | 0 | 0 |
Cancellation of Central stockholders' loans receivable at closing of acquisition | $33,295 | $0 | $0 |
Description_of_Business_and_Su
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Basis Of Presentation | ' |
Description of Business and Summary of Significant Accounting Policies | |
Description of business | |
Swift Transportation Company is the holding company for Swift Transportation Co., LLC (a Delaware limited liability company) and its subsidiaries (collectively, “Swift Transportation Co.”), a truckload carrier headquartered in Phoenix, Arizona, and Interstate Equipment Leasing, LLC (“IEL”) (all the foregoing being, collectively, “Swift” or the “Company”). | |
On August 6, 2013, the Company entered into a Stock Purchase Agreement (“SPA”) with the stockholders of Central Refrigerated Transportation, Inc. ("Central"), pursuant to which the Company acquired all of the outstanding capital stock of Central (the "Acquisition"). Jerry Moyes, Swift's Chief Executive Officer and controlling stockholder, was the majority stockholder of Central prior to the Acquisition. Given Mr. Moyes' controlling interest in both Swift and Central, the Acquisition was accounted for using the guidance for transactions between entities under common control as described in Accounting Standard Codification ("ASC") Topic 805 – “Business Combinations”. In accordance with ASC Topic 805-30, the Company has recognized the assets and liabilities of Central at their carrying amounts at the date of transfer. As a result, the financial statements of the Company have been recast to reflect the accounts of Central as if it had been consolidated for all previous periods presented. | |
As of December 31, 2013, the Company operated a national terminal network and a tractor fleet of approximately 18,000 units comprised of 12,800 tractors driven by company drivers and 5,200 owner-operator tractors, a fleet of 57,300 trailers, and 8,700 intermodal containers. Subsequent to the acquisition of Central, the Company's chief operating decision makers separately evaluated the performance of Central from its three reportable segments that predated the Acquisition. The Company’s four reportable operating segments are Truckload, Dedicated, Central Refrigerated and Intermodal. | |
In the opinion of management, the accompanying financial statements prepared in accordance with U.S. GAAP include all adjustments necessary for the fair presentation of the periods presented. Management has evaluated the effect on the Company’s reported financial condition and results of operations of events subsequent to December 31, 2013 through the issuance of the financial statements. | |
Basis of presentation | |
The accompanying consolidated financial statements include the accounts of Swift Transportation Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in preparing the consolidated financial statements. When the Company does not have a controlling interest in an entity, but exerts significant influence over the entity, the Company applies the equity method of accounting. | |
Use of estimates | |
The preparation of the consolidated financial statements, in accordance with GAAP, requires management to make estimates and assumptions about future events that affect the amounts reported in the Company’s consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include the carrying amount of property and equipment, intangibles, and goodwill; valuation allowances for receivables, inventories, and deferred income tax assets; valuation of financial instruments; calculation of share-based compensation; estimates of claims accruals; and contingent obligations. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including but not limited to the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. Volatile energy markets and changes in consumer spending have combined to increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. | |
Cash and cash equivalents | |
The Company considers all highly liquid debt instruments purchased with original maturities of three months or less to be cash equivalents. | |
Restricted cash | |
The Company’s wholly owned captive insurance companies, Red Rock Risk Retention Group, Inc. (“Red Rock”) and Mohave Transportation Insurance Company (“Mohave”), maintain certain operating bank accounts, working trust accounts, and investment accounts. The cash and short term investments within the accounts have been set aside to fund the insurance claim losses to be paid by the captive insurance companies and are restricted by insurance regulations. Therefore, these cash and short term investments have been classified as restricted cash. As of December 31, 2013 and 2012, cash and short term investments held within the accounts were $50.8 million and $51.7 million, respectively. | |
Restricted investments | |
The Company accounts for its investments in accordance with ASC Topic 320, Investments - Debt and Equity Securities. Management determines the appropriate classification of its investments in debt securities at the time of purchase and re-evaluates such determination on a quarterly basis. As of December 31, 2013, all of the Company’s investments in fixed maturity securities were classified as held to maturity, as the Company has the positive intent and ability to hold these securities to maturity. Held to maturity securities are carried at amortized cost. The amortized cost of debt securities is adjusted using the effective interest rate method for amortization of premiums and accretion of discounts. Such amortization and accretion is reported in other (income) expenses in the Company’s consolidated statements of operations. | |
Inventories and supplies | |
Inventories and supplies consist primarily of spare parts, tires, fuel and supplies and are stated at lower of cost or market. Cost is determined using the first-in, first-out (“FIFO”) method. | |
Property and equipment | |
Property and equipment are stated at cost. Costs to construct significant assets include capitalized interest incurred during the construction and development period. Expenditures for replacements and betterments are capitalized; maintenance and repair expenditures are charged to expense as incurred. Depreciation on property and equipment is calculated on the straight-line method over the estimated useful lives of 5 to 40 years for facilities and improvements, 3 to 20 years for revenue and service equipment and 3 to 5 years for furniture and office equipment. For the years ended December 31, 2013, 2012 and 2011 net gains on the disposal of property and equipment were $22.7 million, $18.4 million and $8.9 million, respectively. | |
Tires on revenue equipment purchased are capitalized as a component of the related equipment cost when the vehicle is placed in service and depreciated over the life of the vehicle. Replacement tires are classified as inventory and charged to expense when placed in service. | |
Intangible assets other than goodwill | |
The Company reviews its intangible assets other than goodwill for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. When such events or changes in circumstances occur, a recoverability test is performed comparing projected undiscounted cash flows from the use and eventual disposition of an asset or asset group to its carrying amount. If the projected undiscounted cash flows are less than the carrying amount, an impairment is recorded for the excess of the carrying amount over the estimated fair value, which is generally determined using discounted future cash flows. | |
The Company’s intangible assets other than goodwill primarily consists of acquired customer relationships and trade names. Amortization of the customer relationships acquired are calculated on the 150% declining balance method over the estimated useful life of 15 years. The customer relationship contributed to the Company at May 9, 2007 is amortized using the straight-line method over 15 years. The trade name has an indefinite useful life and is not amortized, but rather is tested for impairment at least annually, unless events occur or circumstances change between annual tests that would more likely than not reduce the fair value. | |
Goodwill | |
The Company evaluates goodwill on an annual basis as of November 30th or more frequently if indicators of impairment exist. The Company assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than the carrying amount. If the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company conducts a two-step quantitative goodwill impairment test. The first step of the impairment test involves comparing the fair values of the applicable reporting units with their carrying values. The Company estimate the fair values of its reporting units using a combination of the income and market approach. If the carrying amount of a reporting unit exceeds the reporting unit’s fair value, the Company performs the second step of the goodwill impairment test. The second step of the goodwill impairment test involves comparing the implied fair value of the affected reporting unit’s goodwill with the carrying value of that goodwill. The amount, by which the carrying value of the goodwill exceeds its implied fair value, if any, is recognized as an impairment loss. Refer to Note 25 for discussion of the results of the Company's annual evaluation as of November 30, 2013. | |
Claims accruals | |
The Company is self-insured for a portion of its auto liability, workers’ compensation, property damage, cargo damage, and employee medical expense risk. This self-insurance results from buying insurance coverage that applies in excess of a retained portion of risk for each respective line of coverage. The Company accrues for the cost of the uninsured portion of pending claims by evaluating the nature and severity of individual claims and by estimating future claims development based upon historical claims development trends. The actual cost to settle our self-insured claim liabilities can differ from our reserve estimates because of legal costs, claims that have been incurred but not reported and a number of uncertainties, including the inherent difficulty in estimating the severity of the claims and the potential judgment or settlement amount to dispose of the claim. | |
Fair value measurements | |
The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures,” for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements. See Note 23 for additional information relating to the fair value measurements. | |
Revenue recognition | |
The Company recognizes operating revenues and the related direct costs of such revenue as of the date the freight is delivered, in accordance with ASC Topic 605-20-25-13, “Services for Freight-in-Transit at the End of a Reporting Period.” | |
The Company recognizes revenue from leasing tractors and related equipment to owner-operators as operating leases. Therefore, revenues from rental operations are recognized on the straight-line basis as earned under the operating lease agreements. Losses from lease defaults are recognized as an offset to revenue in the amount of earned, but not collected revenue. | |
Stock compensation plans | |
The Company adopted ASC Topic 718, “Compensation - Stock Compensation,” using the modified prospective method. Topic 718 requires that all share-based payments to employees and non-employee directors, including grants of employee stock options, be recognized in the financial statements based upon a grant-date fair value of an award. See Note 17 for additional information relating to the Company’s stock compensation plan. | |
Income taxes | |
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to operating loss and tax credit carryforwards as well as differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
A valuation allowance will be provided against deferred tax assets if the Company determines it is more likely than not, such assets will not ultimately be realized. | |
The Company does not recognize a tax benefit for uncertain tax positions unless it concludes that it is more likely than not that the benefit will be sustained on audit by the taxing authority based solely on the technical merits of the associated tax position. If the recognition threshold is met, the Company recognizes a tax benefit measured at the largest amount of the tax benefit that, in the Company’s judgment, is greater than 50 percent likely to be realized. The Company records interest and penalties related to unrecognized tax positions in income tax expense. | |
Impairments | |
The Company evaluates its long-lived assets, including property and equipment, and certain intangible assets subject to amortization for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with ASC Topic 360, “Property, Plant and Equipment” and ASC Topic 350, respectively. If circumstances required a long-lived asset be tested for possible impairment, the Company compares undiscounted cash flows expected to be generated by an asset to the carrying value of the asset. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. | |
Derivative Instruments | |
All financial derivative instruments are recorded on our consolidated balance sheets at estimated fair value. Derivatives not designated as hedges must be adjusted to fair value through the Company’s consolidated statements of operations. If a derivative is designated as a hedge, depending on the nature of the hedge, changes in its fair value that are considered to be effective, as defined, either offset the change in fair value of the hedged assets, liabilities or firm commitments through the Company’s consolidated statements of operations, or are recorded in accumulated other comprehensive income (“OCI”) until the hedged item is recorded in the Company’s consolidated statements of operations. Any portion of a change in a derivative's estimated fair value that is considered to be ineffective, or is excluded from the measurement of effectiveness, is recorded immediately in income. | |
Recent accounting pronouncements | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-02, "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" ("ASU 2013-02"), which provides guidance on disclosure requirements for items reclassified out of accumulated other comprehensive income. The standard requires entities to present (either on the face of the income statement or in the notes to the financial statements) the effects of amounts reclassified out of accumulated other comprehensive income on income statement line items. ASU 2013-02 was effective prospectively for reporting periods beginning after December 15, 2012. The adoption of this guidance impacted the Company's financial statement disclosures, but did not have an impact on Swift's financial position or results of operations. | |
In July 2012,FASB issued ASU 2012-02, Intangibles-Goodwill and Other (“Topic 350”): Testing Indefinite-Lived Intangible Assets for Impairment, which simplifies the guidance for testing the decline in the realizable value (impairment) of indefinite-lived intangible assets other than goodwill. An organization is now allowed to first assess qualitative factors to determine whether it is necessary to perform the quantitative impairment test. The adoption did not have a material impact on the amounts and disclosures in the Company’s consolidated financial statements. | |
Effective January 1, 2012, the Company adopted ASU No. 2011-04, Fair Value Measurements and Disclosures (“Topic 820”) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. This ASU was issued concurrently with International Financial Reporting Standards ("IFRS") 13, Fair Value Measurements (“IFRS 13”), and amends Topic 820 to provide largely identical guidance about fair value measurement and disclosure requirements. The new standards do not extend the use of fair value but, rather, provide guidance about how fair value should be applied where it already is required or permitted under IFRS or GAAP. For GAAP, most of the updated guidance relates to clarifications of existing guidance or wording changes to better align with IFRS 13. The adoption did not have a material impact on the amounts and disclosures in the Company’s consolidated financial statements. |
Acquisition
Acquisition | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Acquisition | ' | |||||||||||||||
Acquisition | ||||||||||||||||
As discussed in Note 1, on August 6, 2013, the Company acquired all of the outstanding capital stock of Central, a premium service truckload carrier specializing in temperature-controlled freight transportation and the fifth-largest provider of temperature-controlled truckload services in the U.S., for aggregate consideration of approximately $225.0 million. The Company paid approximately $189.0 million in cash to the stockholders of Central and assumed approximately $36.0 million of capital lease obligations and other debt. Cash consideration was primarily funded from borrowings on the Company's existing credit facilities, including $85.0 million from the Company's revolving line of credit and $100.0 million from the Company's accounts receivable securitization facility. Pursuant to the SPA, within 90 days after the closing date, the Company prepared a final closing statement setting forth the final estimate of the purchase price. As a result of this process and calculation, the purchase price was increased by $2.4 million. | ||||||||||||||||
Given Mr. Moyes’ ownership interest in, and control of, Central, the Company's Board of Directors established a Special Committee comprised solely of independent and disinterested directors in May of 2011 to evaluate Swift’s expansion of its temperature-controlled operations. The Special Committee evaluated alternative business opportunities, including organic growth and various acquisition targets, and negotiated the transaction contemplated by the SPA on the Company's behalf, with the assistance of independent financial advisors and independent legal advisors. The Special Committee received a fairness opinion from its independent financial advisors. Upon the unanimous recommendation of the Special Committee, the Acquisition was approved by the Company's Board of Directors with Mr. Moyes not participating in the vote. | ||||||||||||||||
At closing, a portion of the purchase price was placed in escrow to secure payment of any post-closing adjustments to the purchase price and to secure the seller’s indemnification obligations to the Company. Mr. Moyes also contributed into escrow 1,131,862 shares of Swift Class B common stock to further secure such indemnification obligations. | ||||||||||||||||
As discussed in Note 1, as a result of Mr. Moyes' majority ownership in both Swift and Central, the Acquisition was accounted for using the guidance for transactions between entities under common control pursuant to ASC Topic 805, in which the Company recognized the assets and liabilities of Central at its carrying amounts at the date of transfer. Pursuant to ASC Topic 805 - "Business Combinations", the following financial information as of December 31, 2012 and for the years ended December 31, 2012 and 2011 have been recast to reflect the accounts of Central as if it was consolidated as of January 1, 2011 (in thousands, except per share data): | ||||||||||||||||
31-Dec-12 | ||||||||||||||||
Swift | Central | Intercompany | ||||||||||||||
Transportation | Refrigerated | Elimination | Total | |||||||||||||
Company | Transportation Inc. | Entries | (Recast) | |||||||||||||
Total current assets | $ | 674,537 | $ | 68,211 | $ | (657 | ) | $ | 742,091 | |||||||
Total assets | 2,632,178 | 160,560 | (757 | ) | 2,791,981 | |||||||||||
Total current liabilities | 323,293 | 60,813 | (657 | ) | 383,449 | |||||||||||
Total liabilities | 2,402,067 | 100,367 | (657 | ) | 2,501,777 | |||||||||||
Total stockholders' equity | $ | 230,111 | $ | 60,193 | $ | (100 | ) | $ | 290,204 | |||||||
Year Ended December 31, 2012 | ||||||||||||||||
Swift | Central | Intercompany | ||||||||||||||
Transportation | Refrigerated | Elimination | Total | |||||||||||||
Company | Transportation Inc. | Entries | (Recast) | |||||||||||||
Operating revenue | $ | 3,493,182 | $ | 484,657 | $ | (1,754 | ) | $ | 3,976,085 | |||||||
Operating income | $ | 322,046 | $ | 29,770 | — | $ | 351,816 | |||||||||
Net income | $ | 114,589 | $ | 25,498 | $ | — | $ | 140,087 | ||||||||
Basic earnings per share | $ | 0.82 | $ | 0.18 | (1) | $ | — | $ | 1 | |||||||
Diluted earnings per share | $ | 0.82 | $ | 0.18 | (1) | $ | — | $ | 1 | |||||||
Net cash provided by operating activities | $ | 406,556 | $ | 40,562 | $ | — | $ | 447,118 | ||||||||
Net cash provided by (used in) investing activities | $ | (172,499 | ) | $ | 3,370 | — | $ | (169,129 | ) | |||||||
Net cash used in financing activities | $ | (262,545 | ) | $ | (43,932 | ) | $ | — | $ | (306,477 | ) | |||||
Year Ended December 31, 2011 | ||||||||||||||||
Operating revenue | $ | 3,333,908 | $ | 447,173 | $ | (2,118 | ) | $ | 3,778,963 | |||||||
Operating income | $ | 306,013 | $ | 16,023 | $ | — | $ | 322,036 | ||||||||
Net income | $ | 90,550 | $ | 12,197 | $ | — | $ | 102,747 | ||||||||
Basic earnings per share | $ | 0.65 | $ | 0.09 | (1) | $ | — | $ | 0.74 | |||||||
Diluted earnings per share | $ | 0.65 | $ | 0.09 | (1) | $ | — | $ | 0.74 | |||||||
Net cash provided by operating activities | $ | 323,897 | $ | 16,287 | $ | — | $ | 340,184 | ||||||||
Net cash provided by (used in) investing activities | $ | (150,236 | ) | $ | 318 | $ | — | $ | (149,918 | ) | ||||||
Net cash used in financing activities | $ | (139,071 | ) | $ | (18,241 | ) | $ | — | $ | (157,312 | ) | |||||
(1) Represents Central's pro-forma basic and diluted earnings per share based on Swift's diluted weighted average share count for the applicable period. |
Investments
Investments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Schedule of Investments [Abstract] | ' | ||||||||||||||||
Investments | ' | ||||||||||||||||
Investments | |||||||||||||||||
These investments will be used to pay insurance claim losses incurred by the Company’s captive insurance companies, Red Rock and Mohave, and are restricted by insurance regulations. The following table presents the cost or amortized cost, gross unrealized gains and losses, and estimated fair value of the Company’s restricted investments as of December 31, 2013 and 2012 (in thousands): | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Cost or | Gross Unrealized | Estimated | |||||||||||||||
Amortized | Gains | Temporary | Fair | ||||||||||||||
Cost | Losses | Value | |||||||||||||||
U.S. corporate securities | $ | 20,197 | $ | 2 | $ | 7 | $ | 20,192 | |||||||||
Foreign corporate securities | 3,502 | — | — | 3,502 | |||||||||||||
Negotiable certificate of deposits | 2,115 | — | 1 | 2,114 | |||||||||||||
Total restricted investments | $ | 25,814 | $ | 2 | $ | 8 | $ | 25,808 | |||||||||
December 31, 2012 | |||||||||||||||||
Cost or | Gross Unrealized | Estimated | |||||||||||||||
Amortized | Temporary | Fair | |||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
U.S. corporate securities | $ | 20,274 | $ | 3 | $ | 8 | $ | 20,269 | |||||||||
Foreign corporate securities | 2,001 | 1 | — | 2,002 | |||||||||||||
Total restricted investments | $ | 22,275 | $ | 4 | $ | 8 | $ | 22,271 | |||||||||
As of December 31, 2013, the contractual maturities of the restricted investments were 1 year or less. There were 15 securities and seven securities that were in an unrealized loss position for less than twelve months as of December 31, 2013 and 2012, respectively. | |||||||||||||||||
The Company periodically evaluates restricted investments for impairment. The assessment of whether impairments have occurred is based on management’s case-by-case evaluation of the underlying reasons for the decline in estimated fair value. | |||||||||||||||||
The Company accounts for other-than-temporary impairments of debt securities using the provisions of Topic 320, Investments – Debt and Equity Securities, related to the recognition of other-than-temporary impairments of debt securities. This guidance requires the Company to evaluate whether it intends to sell an impaired debt security or whether it is more likely than not that it will be required to sell an impaired debt security before recovery of the amortized cost basis. If either of these criteria is met, an impairment equal to the difference between the debt security’s amortized cost and its estimated fair value is recognized in earnings. | |||||||||||||||||
For impaired debt securities that do not meet this criteria, the Company determines if a credit loss exists with respect to the impaired security. If a credit loss exists, the credit loss component of the impairment (i.e., the difference between the security’s amortized cost and the present value of projected future cash flows expected to be collected) is recognized in earnings and the remaining portion of the impairment is recognized as a component of accumulated OCI. The Company did not recognize any impairment losses for the years ended December 31, 2013 or 2012. |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Receivables [Abstract] | ' | |||||||||||
Accounts Receivable | ' | |||||||||||
Accounts Receivable | ||||||||||||
Accounts receivable as of December 31, 2013 and 2012 were (in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
(Recast) | ||||||||||||
Trade customers | $ | 392,233 | $ | 376,653 | ||||||||
Equipment manufacturers | 6,102 | 5,443 | ||||||||||
Other | 27,605 | 18,106 | ||||||||||
Total accounts receivable | 425,940 | 400,202 | ||||||||||
Less: Allowance for doubtful accounts | 7,504 | 7,432 | ||||||||||
Accounts receivable, net | $ | 418,436 | $ | 392,770 | ||||||||
The schedule of allowance for doubtful accounts for the years ended December 31, 2013, 2012 and 2011 was as follows (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Recast) | (Recast) | |||||||||||
Beginning balance | $ | 7,432 | $ | 6,617 | $ | 7,060 | ||||||
Provision (Reversal) | 1,370 | 977 | (357 | ) | ||||||||
Recoveries | 35 | 103 | 558 | |||||||||
Write-offs | (1,333 | ) | (265 | ) | (644 | ) | ||||||
Ending balance | $ | 7,504 | $ | 7,432 | $ | 6,617 | ||||||
See Note 10 for a discussion of the Company’s accounts receivable securitization program and the related accounting treatment. |
Assets_Held_For_Sale
Assets Held For Sale | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Assets Held For Sale | ' | ||||||||
Assets Held for Sale | |||||||||
Assets held for sale as of December 31, 2013 and 2012 was as follows (in thousands): | |||||||||
2013 | 2012 | ||||||||
Land and facilities | $ | 14,627 | $ | 25,148 | |||||
Revenue equipment | 4,641 | 6,396 | |||||||
Assets held for sale | $ | 19,268 | $ | 31,544 | |||||
As of December 31, 2013 and 2012, assets held for sale are carried at the lower of depreciated cost or estimated fair value less expected selling costs when the required criteria, as defined by ASC Topic 360 “Property, Plant and Equipment” are satisfied. Depreciation ceases on the date that the held for sale criteria are met. The Company expects to sell these assets within the next 12 months. The Company did not recognize any impairment losses for the years ended December 31, 2013, 2012 or 2011. | |||||||||
During the year ended December 31, 2013, the Company sold three non-operating properties classified as held for sale with a carrying value of $25.6 million. As a result, the Company recognized a pre-tax gain of $6.9 million in gain on sale of real property in the Company’s consolidated statements of operations. Additionally, management identified facilities in Utah, Oregon, California and Georgia with a carrying value of $14.1 million as assets held for sale as of December 31, 2013. | |||||||||
During the year ended December 31, 2012, a vacant property located in Phoenix, Arizona with a carrying value of $10.2 million and a facility in Wilmington, California with a carrying value of $4.5 million were identified by management as assets held for sale. |
Equity_Investment_And_Note_Rec
Equity Investment And Note Receivable - Swift Power Services, LLC | 12 Months Ended |
Dec. 31, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | ' |
Equity Investment And Note Receivable - Swift Power Services, LLC | ' |
Equity Investment and Note Receivable – Swift Power Services, LLC | |
In February 2012, the Company contributed approximately $500 thousand to Swift Power Services, LLC (“SPS”) in return for 49.95% ownership interest. SPS was formed in 2012 for the purpose of acquiring the assets and business of three trucking companies engaged in bulk transporting of water, oil, liquids and pipe to various oil companies drilling in the Bakken shale in northwestern North Dakota. The Company accounts for its interest in SPS using the equity method. | |
Additionally, in February 2012, the Company loaned $7.5 million to SPS pursuant to a secured promissory note, which is secured by substantially all of the assets of SPS. SPS failed to make its first scheduled principal payment and quarterly interest payment to the Company on December 31, 2012, which resulted in a $6.0 million pre-tax impairment charge in the fourth quarter of 2012. As a result, this note had been placed on nonaccrual status since December 31, 2012. During the years ended December 31, 2013 and 2012, the Company recorded equity losses of $277 thousand and $1.0 million, respectively, in other expense in the Company’s consolidated statements of operations related to its note receivable and investment in SPS, respectively. As a result of the accumulated equity losses and the impairment recorded during the year ended December 31, 2012, the net carrying value of the investment in SPS is zero as of December 31, 2013 and 2012, and the net carrying value of the note receivable is zero and $1.0 million as of December 31, 2013 and 2012, respectively. |
Notes_Receivable
Notes Receivable | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Notes Receivable | ' | |||||||
Notes Receivable | ||||||||
Notes receivable are included in current portion of notes receivable and other assets in the accompanying consolidated balance sheets and were comprised of the following as of December 31, 2013 and 2012 (in thousands): | ||||||||
2013 | 2012 | |||||||
Notes receivable due from owner-operators, with interest rates at 15%, secured by revenue equipment. Terms range from several months to three years | $ | 13,264 | $ | 9,504 | ||||
Notes receivable due from SPS | — | 1,000 | ||||||
Other | 2,361 | 102 | ||||||
Total notes receivable | 15,625 | 10,606 | ||||||
Less: current portion | 7,210 | 4,957 | ||||||
Long-term notes receivable | $ | 8,415 | $ | 5,649 | ||||
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Liabilities [Abstract] | ' | |||||||
Accrued Liabilities | ' | |||||||
Accrued Liabilities | ||||||||
Accrued liabilities as of December 31, 2013 and 2012 were (in thousands): | ||||||||
2013 | 2012 | |||||||
(Recast) | ||||||||
Employee compensation | $ | 56,427 | $ | 52,041 | ||||
Owner-operator lease purchase reserve | 10,335 | 8,828 | ||||||
Income taxes accrual | 4,785 | 3,843 | ||||||
Accrued owner-operator expenses | 6,866 | 6,638 | ||||||
Deferred revenue | 484 | 712 | ||||||
Fuel, mileage and property taxes | 5,241 | 5,144 | ||||||
Accrued interest expense | 11,328 | 15,277 | ||||||
Other | 15,279 | 15,289 | ||||||
Accrued liabilities | $ | 110,745 | $ | 107,772 | ||||
Claims_Accruals
Claims Accruals | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Claims Accruals [Abstract] | ' | |||||||
Claims Accruals | ' | |||||||
Claims Accruals | ||||||||
Claims accruals represent accruals for the uninsured portion of outstanding claims at year end. The current portion reflects the amounts of claims expected to be paid in the following year. These accruals are estimated based on management’s evaluation of the nature and severity of individual claims and an estimate of future claims development based on the Company’s historical claims development experience. The Company’s insurance program for workers’ compensation, group medical liability, auto and collision liability, physical damage and cargo damage involves self-insurance with varying risk retention levels. | ||||||||
As of December 31, 2013 and 2012, claims accruals were (in thousands): | ||||||||
2013 | 2012 | |||||||
(Recast) | ||||||||
Auto and collision liability | $ | 102,462 | $ | 93,798 | ||||
Workers’ compensation liability | 70,145 | 64,237 | ||||||
Owner-operator claims liability | 8,610 | 13,402 | ||||||
Group medical liability | 9,946 | 11,709 | ||||||
Cargo damage liability | 2,888 | 2,360 | ||||||
Claims accrual | 194,051 | 185,506 | ||||||
Less: current portion | 75,469 | 86,587 | ||||||
Long-term claim accruals | $ | 118,582 | $ | 98,919 | ||||
Accounts_Receivable_Securitiza
Accounts Receivable Securitization | 12 Months Ended |
Dec. 31, 2013 | |
Transfers and Servicing [Abstract] | ' |
Accounts Receivable Securitization | ' |
Accounts Receivable Securitization | |
In June 2013, Swift Receivables Company II, LLC, a Delaware limited liability company (“SRCII”), a wholly-owned bankruptcy-remote special purpose subsidiary, entered into an Amended and Restated Receivables Sale Agreement (the “2013 RSA”) with unrelated financial entities (the “Purchasers”) to replace the Company's prior accounts receivable sale facility ("2011 RSA") and to sell, on a revolving basis, undivided interests in the Company’s accounts receivable. Pursuant to the 2013 RSA, the Company’s receivable originator subsidiaries will sell all of their eligible accounts receivable to SRCII, which in turn sells a variable percentage ownership interest in its accounts receivable to the Purchasers. The 2013 RSA increases the borrowing capacity secured by the receivables from $275.0 million under the 2011 RSA to $325.0 million and extends the final maturity date from June 8, 2014 to July 13, 2016 and is subject to customary fees and contains various customary affirmative and negative covenants, representations and warranties, and default and termination provisions. Outstanding balances under the 2013 RSA accrue program fees generally at commercial paper rates plus 95 basis points, down from commercial paper rates plus 125 basis points, and unused capacity is subject to an unused commitment fee of 35 basis points, decreasing from 40 basis points. Pursuant to the 2013 RSA, collections on the underlying receivables by the Company are held for the benefit of SRCII and the Purchasers in the facility and are unavailable to satisfy claims of the Company and its subsidiaries. The facility qualifies for treatment as a secured borrowing under ASC Topic 860, Transfers and Servicing, and as such, outstanding amounts are carried on the Company’s consolidated balance sheets as a liability with program fees recorded in interest expense in the Company's consolidated statements of operations. | |
For the year ended December 31, 2013, the Company incurred program fees of $3.1 million, associated with the 2013 RSA and the 2011 RSA. For the years ended December 31, 2012 and 2011, the Company incurred program fee expenses of $3.3 million and $4.1 million, respectively, associated its prior receivable sale facilities. | |
As discussed in Note 2, the Company borrowed $100.0 million under the 2013 RSA to fund a portion of the cash consideration paid for the acquisition of Central on August 6, 2013. As of December 31, 2013, the outstanding borrowing under the 2013 RSA was $264.0 million, including the amounts borrowed to fund the Acquisition noted above, against a total available borrowing base of $300.8 million, leaving $36.8 million available. As of December 31, 2013, interest accrues at 1.1% on the aggregate principal balance. As of December 31, 2012, the outstanding borrowing under the 2011 RSA was $204.0 million against a total available borrowing base of $268.6 million. |
Fair_Value_of_Operating_Lease_
Fair Value of Operating Lease Guarantees | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value Operating Lease Guarantees (Notes) [Abstract] | ' |
Fair Value of Operating Lease Guarantees | ' |
Fair Value of Operating Lease Guarantees | |
The Company guarantees certain residual values under its operating lease agreements for revenue equipment. At the termination of these operating leases, the Company would be responsible for the excess, if any, of the guarantee amount above the fair market value of the equipment. As of December 31, 2013 and 2012, the Company has recorded a liability for the estimated fair value of the guarantees in the amount of $0.4 million and $0.4 million, respectively. The maximum potential amount of future payments the Company would be required to make under all of these guarantees as of December 31, 2013 is $1.5 million. |
Debt_And_Financing_Transaction
Debt And Financing Transactions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt And Financing Transactions | ' | ||||||||
Debt and Financing Transactions | |||||||||
Other than the Company’s accounts receivable securitization as discussed in Note 10 and its outstanding capital lease obligations as discussed in Note 13, the Company had long-term debt outstanding as of December 31, 2013 and 2012 as follows (in thousands): | |||||||||
2013 | 2012 | ||||||||
(Recast) | |||||||||
Senior secured first lien term loan B-1 tranche due December 2016 | $ | 229,000 | $ | — | |||||
Senior secured first lien term loan B-2 tranche due December 2017 | 410,000 | — | |||||||
Senior secured first lien term loan B-1 tranche due December 2016, net of $405 OID as of December 31, 2012 | — | 157,095 | |||||||
Senior secured first lien term loan B-2 tranche due December 2017, net of $1,440 OID as of December 31, 2012 | — | 575,560 | |||||||
Senior second priority secured notes due November 15, 2018, net of $6,175 and $7,439 OID as of December 31, 2013 and December 31, 2012, respectively | 493,825 | 492,561 | |||||||
Other | 15,290 | 11,126 | |||||||
Central Debt | |||||||||
Various notes payable to financing companies, due dates through May 2015, secured by revenue equipment, assumed in the Acquisition | 2,190 | 11,508 | |||||||
Note payable to a bank, due March 2016, secured by real estate, repaid at closing of the Acquisition | — | 4,066 | |||||||
Notes payable to a financing company, due June 2013, secured by prepaid insurance premiums, repaid at closing of the Acquisition | — | 816 | |||||||
Total | 1,150,305 | 1,252,732 | |||||||
Less: current portion | 11,387 | 18,926 | |||||||
Long-term debt | $ | 1,138,918 | $ | 1,233,806 | |||||
The aggregate annual maturities of long-term debt, including original issue discount on the Senior second priority secured notes, as of December 31, 2013 were (in thousands): | |||||||||
Years Ending December 31, | |||||||||
2014 | $ | 11,387 | |||||||
2015 | 4,632 | ||||||||
2016 | 230,461 | ||||||||
2017 | 410,000 | ||||||||
2018 | 500,000 | ||||||||
Thereafter | — | ||||||||
Long-term debt | $ | 1,156,480 | |||||||
The credit facility and senior notes are secured by substantially all of the assets of the Company and are guaranteed by Swift Transportation Company, IEL, Central Refrigerated Transportation, Inc. and its subsidiaries, Swift Transportation Co. and its domestic subsidiaries other than its captive insurance subsidiaries, driver training academy subsidiary, and its bankruptcy-remote special purpose subsidiary. | |||||||||
Senior Secured Credit Facility | |||||||||
On March 7, 2013, the Company entered into a Second Amended and Restated Credit Agreement (the “2013 Agreement”) replacing its previous Amended and Restated Credit Agreement dated March 6, 2012 (the “2012 Agreement”). The 2013 Agreement replaced the previous first lien term loan B-1 and B-2 tranches with outstanding principal balances of $152.0 million and $508.0 million, respectively, with new first lien term B-1 and B-2 tranches with balances of $250.0 million and $410.0 million, respectively. In addition, the 2013 Agreement reduced the interest rate applicable to the first lien term loan B-1 tranche to the LIBOR rate plus 2.75% with no LIBOR floor, down from the LIBOR rate plus 3.75% with no LIBOR floor, and reduced the interest rate applicable to the first lien term loan B-2 tranche to the LIBOR rate plus 3.00% with a 1.00% LIBOR floor, down from the LIBOR rate plus 3.75% with a 1.25% LIBOR floor. As of December 31, 2013, interest accrues at 2.92% and 4.00% on the Company’s first lien term loan B-1 and B-2 tranches, respectively. | |||||||||
In addition to the pricing changes described above, the 2013 Agreement increased the availability pursuant to the accordion feature up to $350.0 million in aggregate, subject to the satisfaction of certain conditions and the participation of lenders. | |||||||||
During 2013, the Company made voluntary prepayments of $26.5 million on the first lien term loan B-1 tranche and $69.0 million on the first lien term loan B-2 tranche. The prepayments were funded though proceeds from operating cash flows and advances from its accounts receivable securitization program . These prepayments have satisfied the scheduled principal payments on the first lien term loan B-1 tranche through March 2015 and the first lien term loan B-2 tranche through maturity. | |||||||||
In the first quarter of 2012, the Company entered into the 2012 Agreement which replaced the then-existing, remaining $874.0 million face value first lien term loan,which matured in December 2016 and accrued interest at the LIBOR rate plus 4.50%, including a minimum LIBOR rate of 1.50%. | |||||||||
The 2012 Agreement was initially comprised of a $200.0 million face value first lien term loan B-1 tranche, net of unamortized original issue discount of $0.5 million, and a $674.0 million face value first lien term loan B-2 tranche, net of unamortized original issue discount of $1.7 million as of March 6, 2012. The $200.0 million face value first lien term loan B-1 accrued interest at the LIBOR rate plus 3.75% with no minimum LIBOR rate and called for scheduled quarterly principal payments beginning June 30, 2012 of $5.0 million per quarter through December 2013 and generally $10.0 million per quarter thereafter until maturity in December 2016. The $674.0 million face value first lien term loan B-2 tranche accrued interest at the LIBOR rate plus 3.75% with a minimum LIBOR rate of 1.25% and called for scheduled quarterly principal payments of 0.25% of the original loan amount, or $1.685 million, until maturity in December 2017. On April 17, 2012, the Company entered into the Incremental Facility Amendment to the Amended and Restated Credit Agreement (“Incremental Facility Amendment”). Pursuant to the Incremental Facility Amendment, the Company received $10.0 million in proceeds from a Specified Incremental Tranche B-1 Term Loan (“Incremental Term Loan”). The terms applicable to the Incremental Term Loan are the same as those applicable to the Company’s previous first lien term loan B-1 tranche. | |||||||||
In the second quarter of 2012, the Company entered into the First Amendment to the then existing 2012 Agreement (“Amendment”). The Amendment reduced the applicable rate on the revolving credit facility from 4.50% to a range of 3.00% to 3.25% for LIBOR based borrowings and letters of credit from 3.50% to a range of 2.00% to 2.25% for Base Rate borrowings, depending on the Company’s consolidated leverage ratio as defined in the 2012 Agreement. Additionally, the commitment fee for the unused portion of the revolving credit facility was reduced from a range of 0.50% to 0.75% to a range of 0.25% to 0.50%, depending on the Company’s consolidated leverage ratio. In addition, the maturity date of the $400.0 million revolving credit facility was extended from December 21, 2015 to September 21, 2016. | |||||||||
As of December 31, 2013, the Company had outstanding borrowings of $17.0 million under the $400.0 million revolving line of credit, and the Company had outstanding letters of credit under this facility primarily for workers’ compensation and self-insurance liability purposes totaling $108.5 million, leaving $274.5 million available under the revolving line of credit. As discussed in Note 2, the Company borrowed $85.0 million on the revolving credit agreement to fund a portion of the cash consideration paid for the acquisition of Central on August 6, 2013. As of December 31, 2013, the Company has repaid $68.0 million of these amounts borrowed. As of December 31, 2013, interest accrues at 3.2% on the aggregate principal balance. As of December 31, 2013, interest accrues at 3.00% and 0.44% on the outstanding letters of credit and unused portion, respectively, on the revolving line of credit. | |||||||||
The senior secured credit agreement contains certain financial covenants with respect to maximum leverage ratio, minimum consolidated interest coverage ratio, and maximum capital expenditures in addition to customary representations and warranties and customary events of default, including a change of control default. The senior secured credit agreement also contains certain affirmative and negative covenants, including, but not limited to, restrictions, subject to certain exceptions, on incremental indebtedness, asset sales, certain restricted payments (including dividends), certain incremental investments or advances, transactions with affiliates, engaging in additional business activities, and prepayments of certain other indebtedness. | |||||||||
Senior Second Priority Secured Notes | |||||||||
In December 2010, Swift Services Holdings, Inc., a wholly owned subsidiary, completed a private placement of senior second priority secured notes totaling $500.0 million face value which mature in November 2018 and bear interest at 10.00% (the “senior notes”). The Company received proceeds of $490.0 million, net of a $10.0 million original issue discount. | |||||||||
Other than in conjunction with an equity offering, the Company may redeem all or a part of the senior notes at any time throughout the term of such notes at various premiums provided for in the indenture governing the senior notes, which premium shall be not less than 105.00% of the principal amount of such notes at any time prior to November 15, 2014. | |||||||||
The indenture governing the senior notes contains covenants that, among other things, limit the Company’s ability to incur additional indebtedness or issue certain preferred shares, to pay dividends on, repurchase, or make distributions in respect of capital stock or make other restricted payments, to make certain investments, to sell certain assets, to create liens, enter into sale and leaseback transactions, prepay or defease subordinated debt, to consolidate, merge, sell, or otherwise dispose of all or substantially all assets, and to enter into certain transactions with affiliates. These covenants are subject to a number of limitations and exceptions. | |||||||||
Fixed rate notes | |||||||||
On May 21, 2012, the Company completed the call of its remaining $15.2 million face value 12.50% fixed rate notes due May 15, 2017, at a price of 106.25% of face value pursuant to the terms of the indenture governing the notes. The Company paid total proceeds of $16.2 million, which included the aggregate outstanding principal balance, the premium and the unpaid interest through closing and resulted in a loss on debt extinguishment of $1.3 million. | |||||||||
Central Debt | |||||||||
As discussed in Note 2, the Company completed the acquisition of Central on August 6, 2013. As of December 31, 2013, Central had outstanding principal balances of $2.2 million in various notes payable to finance companies secured by revenue equipment with due dates through May 2015. Additionally, at the closing of the Acquisition, the Company repaid a Central note payable to a bank secured by real estate with a due date of March 2016 including outstanding principal and unpaid interest of $3.4 million. | |||||||||
Central Credit Facilities | |||||||||
On November 22, 2011, Central entered into a loan agreement ("Central 2011 Agreement") with a bank to replace its then existing revolving line of credit . The Central 2011 Agreement provided a $35.0 million revolving line of credit facility. Initial proceeds from the facility were used to repay and replace the previous line of credit. As of December 31, 2012, the balance outstanding on the line was $2.5 million and the interest accrued at 2.56% based on the LIBOR rate plus 2.25%. | |||||||||
On March 8, 2013, Central entered into a credit agreement ("Central 2013 Agreement") to replace its then existing Central 2011 Agreement. The Central 2013 Agreement included a $50.0 million revolving line of credit, subject to certain limits. | |||||||||
The agreement also provided a $16.0 million term loan, which included quarterly principal payments with a balloon payment of 30.0%. The term loan accrued interest at the same rates as the revolving line of credit. | |||||||||
As discussed in Note 2, in conjunction with the Acquisition on August 6, 2013, the Company repaid the outstanding principal, unpaid interest and bank fees associated with Central's revolving line of credit and term loan under the Central 2013 Agreement for aggregate payments of $38.0 million. | |||||||||
Debt Issuance and extinguishment costs | |||||||||
As of December 31, 2013 and 2012, the balance of deferred loan costs was $8.9 million and $13.2 million, respectively, and is reported in Other assets in the Company’s consolidated balance sheets. The repayment at the closing of the Acquisition resulted in a loss on debt extinguishment of $0.5 million during the third quarter of 2013, representing the write-off of the unamortized deferred financing fees associated with the Central 2013 Agreement. The replacement of Swift's 2012 Agreement resulted in a loss on debt extinguishment of $5.0 million for the year ended December 31, 2013, representing the write-off of the unamortized original issue discount and deferred financing fees associated with the 2012 Agreement. | |||||||||
During 2012, the Company incurred $7.0 million of transaction costs related to both the 2012 Agreement and a related Amendment, excluding original issue discounts. Such costs were capitalized as deferred loan costs and are amortized over the terms of the debt instruments. Additionally, as noted above, the replacement of the then existing first lien term loan with the 2012 Agreement on March 6, 2012 resulted in a loss on debt extinguishment of $20.9 million, before tax, representing the write-off of the remaining $8.6 million and $12.3 million of the unamortized original issue discount and deferred financing fees, respectively, associated with the then existing first lien term loan in the first quarter of 2012. |
Capital_Leases
Capital Leases | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases [Abstract] | ' | |||
Capital Leases | ' | |||
Capital Leases | ||||
The Company leases certain revenue equipment under capital leases. The Company’s capital leases are typically structured with balloon payments at the end of the lease term equal to the residual value the Company is contracted to receive from certain equipment manufacturers upon sale or trade back to the manufacturers. The Company is obligated to pay the balloon payments at the end of the leased term whether or not it receives the proceeds of the contracted residual values from the respective manufacturers. Certain leases contain renewal or fixed price purchase options. As of December 31, 2013 and 2012 , the present value of obligations under capital leases totaled $171.5 million and $177.9 million, of which the current portion was $63.7 million and $54.6 million, respectively. The leases are collateralized by revenue equipment with a cost of $325.2 million and accumulated amortization of $89.0 million as of December 31, 2013. The amortization of the equipment under capital leases is included in depreciation and amortization expense in the Company’s consolidated statements of operations. | ||||
The following is a schedule of the future minimum lease payments under capital leases together with the present value of the minimum lease payments as of December 31, 2013 (in thousands): | ||||
Years Ending December 31, | ||||
2014 | $ | 69,450 | ||
2015 | 38,427 | |||
2016 | 36,439 | |||
2017 | 37,874 | |||
2018 | — | |||
Total minimum lease payments | 182,190 | |||
Less: amount representing interest | 10,675 | |||
Present value of minimum lease payments | 171,515 | |||
Less: current portion | 63,669 | |||
Capital lease obligations, long-term | $ | 107,846 | ||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Derivative Financial Instruments | ' | ||||||||||||
Derivative Financial Instruments | |||||||||||||
The Company is exposed to certain risks relating to its ongoing business operations. The primary risk managed by using derivative instruments is interest rate risk. The Company’s strategy has generally been to use pay-fixed/receive-variable interest rate swaps to reduce the Company’s aggregate exposure to interest rate risk. Derivative instruments are not entered into for speculative purposes. | |||||||||||||
In April 2011, as contemplated by the then existing credit facility, the Company entered into two forward-starting interest rate swap agreements with a notional amount of $350.0 million. These interest rate swaps were effective in January 2013 and have a maturity date of July 2015. On April 27, 2011 (“designation date”), the Company designated and qualified these interest rate swaps as cash flow hedges. Subsequent to the designation date, the effective portion of the changes in estimated fair value of the designated swaps was recorded in accumulated OCI and is thereafter recognized to derivative interest expense as the interest on the hedged debt affects earnings, which hedged interest accruals began in January 2013. As of December 31, 2013 and 2012, changes in fair value of the designated interest rate swaps $0.1 million and $1.6 million, net-of-tax, respectively, were reflected in accumulated OCI. As of December 31, 2013, $6.2 million of deferred losses on derivatives in accumulated OCI is expected to be reclassified to earnings within the next 12 months. | |||||||||||||
The fair value of the interest rate swap liability as of December 31, 2013 and 2012 was $11.8 million and $13.4 million, net-of-tax, respectively. The fair values of the interest rate swaps are based on valuations provided by third parties, derivative pricing models, and credit spreads derived from the trading levels of the Company’s first lien term loan as of December 31, 2013 and 2012. Refer to Note 23 below for further discussion of the Company’s estimated fair value methodology. | |||||||||||||
As discussed in Note 12—Debt and Financing Transactions, on March 7, 2013, the Company entered into the 2013 Agreement replacing the 2012 Agreement dated March 6, 2012. Due to the incorporation of a new interest rate floor provision in the 2013 Agreement, the Company concluded as of February 28, 2013 the outstanding interest rate swaps would no longer be highly effective in achieving offsetting changes in cash flows related to the hedged interest payments. As a result, the Company de-designated the hedges as of February 28, 2013 (“de-designation date”). Beginning on March 1, 2013, the effective portion of the change in fair value of interest rate swaps prior to the change (i.e. amounts previously recorded in accumulated OCI) have been and will continue to be amortized as derivative interest expense over the period of the originally designated hedged interest payments through July 2015. Following the de-designation date, changes in fair value of the interest rate swaps are immediately recognized in the consolidated statements of operations as derivative interest expense. | |||||||||||||
Central Interest Rate Swap | |||||||||||||
In connection with the note payable to a bank due March 2016, Central entered into an interest rate swap agreement to manage its interest rate exposure. The interest rate swap agreement was designated as a cash flow hedge. The interest rate swap agreement reduced the effect of changes in interest rates on the floating rate associated with this note. As of December 31, 2012 the interest rate swap agreement had a notional principal amount of $4.1 million. The agreement effectively changed Central's interest rate exposure on this note to a fixed rate of 8.9 percent. | |||||||||||||
In conjunction with the Acquisition on August 6, 2013, the Company repaid $0.3 million to terminate Central's interest rate swap agreements. | |||||||||||||
The following table presents the consolidated changes in fair value, pre-tax of derivatives designated as cash flow hedges had on accumulated OCI and earnings (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Recast) | (Recast) | ||||||||||||
Amount of loss recognized in OCI on derivatives (effective portion) | $ | 145 | $ | 2,786 | $ | 9,952 | |||||||
Amount of loss reclassified from accumulated OCI into income as “Derivative interest expense” (effective portion) | $ | (3,143 | ) | $ | (5,101 | ) | $ | (15,057 | ) | ||||
The following tables presents information about pre-tax gains and losses recognized in earnings on the Company’s interest rate derivative contracts that were de-designated on February 28, 2013 as hedging instruments under ASC Topic 815, is as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Amount of loss recognized in income as “Derivative interest expense” | $ | (709 | ) | $ | — | $ | — | ||||||
Commitments
Commitments | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments | ' | |||
Commitments | ||||
Operating leases (as lessee) | ||||
The Company leases various revenue equipment and terminal facilities under operating leases. The revenue equipment leases generally include a purchase option exercisable at the completion of the lease. Rent expense related to our operating leases was $175.2 million, $144.6 million and $118.8 million for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||
As of December 31, 2013, the future minimum lease payments under noncancelable operating leases were as follows (in thousands): | ||||
Years Ending December 31, | Total | |||
2014 | $ | 177,889 | ||
2015 | 154,535 | |||
2016 | 98,589 | |||
2017 | 45,108 | |||
2018 | 15,485 | |||
Thereafter | 13,459 | |||
Total | $ | 505,065 | ||
Future minimum lease payments used in determining lease classification represent the minimum rental payments called for over the lease term, inclusive of residual value guarantees and amounts that would be required to be paid, if any, by the Company upon default for leases containing subjective acceleration or cross default clauses. | ||||
Operating leases (as lessor) | ||||
The Company’s wholly-owned financing subsidiaries leases revenue equipment to the Company’s owner-operators under operating leases. As of December 31, 2013, the annual future minimum lease payments receivable under operating leases were as follows (in thousands): | ||||
Years Ending December 31, | Total | |||
2014 | $ | 128,590 | ||
2015 | 96,937 | |||
2016 | 55,214 | |||
2017 | 22,387 | |||
2018 | 1,253 | |||
Thereafter | — | |||
Total | $ | 304,381 | ||
Future minimum lease payments receivable used in determining lease classification represent the minimum rental payments called for over the lease term, inclusive of residual value guarantees and amounts that would be required to be paid to the Company upon default for leases containing subjective acceleration or cross default clauses. | ||||
In the normal course of business, some owner-operators default on their leases with the Company. The Company normally re-leases the equipment to other owner-operators, shortly thereafter. As a result, the future lease payments are reflective of payments from original leases as well as the subsequent re-leases. | ||||
Purchase commitments | ||||
As of December 31, 2013, the Company had commitments outstanding to acquire revenue equipment in 2014 for approximately $542.6 million. The Company generally has the option to cancel tractor purchase orders with 60 days to 90 days day notice prior to the scheduled production, although the notice period has lapsed for approximately 29.0% of the commitments outstanding as of December 31, 2013. These purchases are expected to be financed by the combination of operating leases, capital leases, debt, proceeds from sales of existing equipment and cash flows from operations. | ||||
As of December 31, 2013, we have outstanding purchase commitments of approximately $18.0 million for fuel, facilities, and non-revenue equipment. Factors such as costs and opportunities for future terminal expansions may change the amount of such expenditures. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Contingencies | |
The Company is involved in certain claims and pending litigation primarily arising in the normal course of business. The majority of these claims relate to workers compensation, auto collision and liability, and physical damage and cargo damage. The Company expenses legal fees as incurred and accrues for the uninsured portion of contingent losses from these and other pending claims when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Based on the knowledge of the facts and, in certain cases, advice of outside counsel, management believes the resolution of claims and pending litigation, taking into account existing reserves, will not have a material adverse effect on the Company. Moreover, the results of complex legal proceedings are difficult to predict and the Company’s view of these matters may change in the future as the litigation and events related thereto unfold. | |
For certain cases described below, management is unable to provide a meaningful estimate of the possible loss or range of loss because, among other reasons, (i) the proceedings are in various stages; (ii) damages have not been sought; (iii) damages are unsupported and/or exaggerated; (iv) there is uncertainty as to the outcome of pending appeals and/or (v) there are significant factual issues to be resolved. For these cases, however, management does not believe, based on currently available information, that the outcomes of these proceedings will have a material adverse effect on our financial condition, though the outcomes could be material to our operating results for any particular period, depending, in part, upon the operating results for such period. | |
2004 owner-operator class action litigation | |
On January 30, 2004, a class action lawsuit was filed by Leonel Garza on behalf of himself and all similarly situated persons against Swift Transportation: Garza vs. Swift Transportation Co., Inc., Case No. CV7-472, or the Garza Complaint. The putative class originally involved certain owner-operators who contracted with the Company under a 2001 Contractor Agreement that was in place for one year. The putative class is alleging that the Company should have reimbursed owner-operators for actual miles driven rather than the contracted and industry standard remuneration based upon dispatched miles. The trial court denied plaintiff’s petition for class certification, the plaintiff appealed and on August 6, 2008, the Arizona Court of Appeals issued an unpublished Memorandum Decision reversing the trial court’s denial of class certification and remanding the case back to the trial court. On November 14, 2008, the Company filed a petition for review to the Arizona Supreme Court regarding the issue of class certification as a consequence of the denial of the Motion for Reconsideration by the Court of Appeals. On March 17, 2009, the Arizona Supreme Court granted the Company’s petition for review, and on July 31, 2009, the Arizona Supreme Court vacated the decision of the Court of Appeals opining that the Court of Appeals lacked automatic appellate jurisdiction to reverse the trial court’s original denial of class certification and remanded the matter back to the trial court for further evaluation and determination. Thereafter, the plaintiff renewed the motion for class certification and expanded it to include all persons who were employed by Swift as employee drivers or who contracted with Swift as owner-operators on or after January 30, 1998, in each case who were compensated by reference to miles driven. On November 4, 2010, the Maricopa County trial court entered an order certifying a class of owner-operators and expanding the class to include employees. Upon certification, the Company filed a motion to compel arbitration as well as filing numerous motions in the trial court urging dismissal on several other grounds including, but not limited to the lack of an employee as a class representative, and because the named owner-operator class representative only contracted with the Company for a three month period under a one year contract that no longer exists. In addition to these trial court motions, the Company also filed a petition for special action with the Arizona Court of Appeals arguing that the trial court erred in certifying the class because the trial court relied upon the Court of Appeals ruling that was previously overturned by the Arizona Supreme Court. On April 7, 2011, the Arizona Court of Appeals declined jurisdiction to hear this petition for special action and the Company filed a petition for review to the Arizona Supreme Court. On August 31, 2011, the Arizona Supreme Court declined to review the decision of the Arizona Court of Appeals. In April 2012, the court issued the following rulings with respect to certain motions filed by Swift: (1) denied Swift’s motion to compel arbitration; (2) denied Swift’s request to decertify the class; (3) granted Swift’s motion that there is no breach of contract; and (4) granted Swift’s motion to limit class size based on statute of limitations. The Company intends to continue to pursue all available appellate relief supported by the record, which the Company believes demonstrates that the class is improperly certified and, further, that the claims raised have no merit. The Company retains all of its defenses against liability and damages. The final disposition of this case and the impact of such final disposition cannot be determined at this time. | |
Owner-operator misclassification class action litigation | |
On December 22, 2009, a class action lawsuit was filed against Swift Transportation and IEL: John Doe 1 and Joseph Sheer v. Swift Transportation Co., Inc., and Interstate Equipment Leasing, Inc., Jerry Moyes, and Chad Killebrew, Case No. 9-CIV-10376 filed in the United States District Court for the Southern District of New York, or the Sheer Complaint. The putative class involves owner-operators alleging that Swift Transportation misclassified owner-operators as independent contractors in violation of the federal Fair Labor Standards Act, or FLSA, and various New York and California state laws and that such owner-operators should be considered employees. The lawsuit also raises certain related issues with respect to the lease agreements that certain owner-operators have entered into with IEL. At present, in addition to the named plaintiffs, approximately 200 other current or former owner-operators have joined this lawsuit. Upon Swift’s motion, the matter has been transferred from the United States District Court for the Southern District of New York to the United States District Court in Arizona. On May 10, 2010, the plaintiffs filed a motion to conditionally certify an FLSA collective action and authorize notice to the potential class members. On September 23, 2010, plaintiffs filed a motion for a preliminary injunction seeking to enjoin Swift and IEL from collecting payments from plaintiffs who are in default under their lease agreements and related relief. On September 30, 2010, the District Court granted Swift’s motion to compel arbitration and ordered that the class action be stayed pending the outcome of arbitration. The court further denied plaintiff’s motion for preliminary injunction and motion for conditional class certification. The Court also denied plaintiff’s request to arbitrate the matter as a class. The plaintiff filed a petition for a writ of mandamus asking that the District Court’s order be vacated. On July 27, 2011, the court denied the plaintiff’s petition for writ of mandamus and the plaintiff’s filed another request for interlocutory appeal and remanded the matter back to the District Court for further determination. On December 9, 2011, the court permitted the plaintiffs to proceed with their interlocutory appeal. The Company intends to vigorously defend against any proceedings and is appealing the decision of the appellate court to the U.S. Supreme Court. The final disposition of this case and the impact of such final disposition cannot be determined at this time. | |
California wage, meal and rest employee class action | |
On March 22, 2010, a class action lawsuit was filed by John Burnell, individually and on behalf of all other similarly situated persons against Swift Transportation: John Burnell and all others similarly situated v. Swift Transportation Co., Inc. , Case No. CIVDS 1004377 filed in the Superior Court of the State of California, for the County of San Bernardino, or the Burnell Complaint. On September 3, 2010, upon motion by Swift, the matter was removed to the United States District Court for the Central District of California, Case No. EDCV10-809-VAP. The putative class includes drivers who worked for Swift during the four years preceding the date of filing alleging that Swift failed to pay the California minimum wage, failed to provide proper meal and rest periods and failed to timely pay wages upon separation from employment. The Burnell Complaint was subject to a stay of proceedings pending determination of similar issues in a case unrelated to Swift, Brinker v Hohnbaum, which was then pending before the California Supreme Court. A ruling was entered in the Brinker matter and in August 2012 the stay in the Burnell Complaint was lifted. On April 9, 2013 the Company filed a motion for judgment on the pleadings requesting dismissal of plaintiff's claims related to alleged meal and rest break violations under the California Labor Code alleging that such claims are preempted by the Federal Aviation Administration Authorization Act. On May 29, 2013, the U.S. District Court for the Central District of California granted the Company's motion for judgment on the pleadings and dismissed plaintiff's claims that are based on alleged violations of meal and rest periods set forth in the California Labor Code. | |
On April 5, 2012, the Company was served with an additional class action complaint alleging facts similar to those as set forth in the Burnell Complaint. This new class action is James R. Rudsell, on behalf of himself and all others similarly situated v. Swift Transportation Co. of Arizona, LLC and Swift Transportation Company, Case No. CIVDS 1200255, in the Superior Court of California for the County of San Bernardino, or the Rudsell Complaint. The Rudsell matter has been stayed pending a resolution in Burnell v Swift. Any claims related to orientation pay in the Rudsell matter have been subsumed within the Montalvo v. Swift class action matter (discussed below). | |
The issue of class certification must first be resolved before the court will address the merits of the case, and we retain all of our defenses against liability and damages pending a determination of class certification. The Company intends to vigorously defend certification of the class in both matters as well as the merits of these matters should the classes be certified. The final disposition of both cases and the impact of such final dispositions of these cases cannot be determined at this time. | |
California and Oregon minimum wage class action | |
On July 12, 2011, a class action lawsuit was filed by Simona Montalvo on behalf of herself and all similarly situated persons against Swift Transportation: Montalvo et al. v. Swift Transportation Corporation d/b/a ST Swift Transportation Corporation in the Superior Court of California, County of San Diego, or the Montalvo Complaint. The Montalvo Complaint was removed to federal court on August 15, 2011, case number 3-11-CV-1827-L. Upon petition by plaintiffs, the matter was remanded to state court and the Company filed an appeal to this remand, which appeal has been denied. The putative class includes employees alleging that candidates for employment within the four year statutory period in California were not paid the state mandated minimum wage during their orientation phase. On July 29, 2013, the court certified the class. The Company is appealing the class certification and the remand to state court. | |
The issue of class certification in the Montalvo Complaint remains subject to appeal and must first be resolved before the court will address the merits of the case, and we retain all of our defenses against liability and damages pending a determination of class certification. The Company intends to vigorously defend against certification of the class as well as the merits of this matter should the class be certified. The final disposition of this case and the impact of such final disposition of this case cannot be determined at this time. | |
Washington overtime class action | |
On September 9, 2011, a class action lawsuit was filed by Troy Slack on behalf of himself and all similarly situated persons against Swift Transportation: Troy Slack, et al v. Swift Transportation Co. of Arizona, LLC and Swift Transportation Corporation in the State Court of Washington, Pierce County, or the Slack Complaint. The Slack Complaint was removed to federal court on October 12, 2011, case number 11-2-114380. The putative class includes all current and former Washington State based employee drivers during the three year statutory period alleging that they were not paid overtime in accordance with Washington State law and that they were not properly paid for meals and rest periods. On November 23, 2013 the court entered an order on plaintiffs' motion to certify the class. The court only certified the class as it pertains to dedicated route drivers and did not certify any other class or claims including any class related to over the road drivers (“OTR Drivers”). The court also further limited the class of dedicated drivers to only those dedicated drivers that either begin or end their shift in the state of Washington and therefore is a Washington "based" employee. Swift is appealing the limited certification of the Washington dedicated drivers. | |
The issue of class certification must first be resolved before the court will address the merits of the case, and we retain all of our defenses against liability and damages pending a determination of class certification. The Company intends to vigorously defend certification of the class as well as the merits of these matters should the class be certified. The final disposition of this case and the impact of such final disposition of this case cannot be determined at this time. | |
Virginia FCRA class action | |
On July 23, 2013, a class action lawsuit was filed by James Ellis III on behalf of himself and all similarly situated persons against Swift Transportation of Arizona, LLC; James Ellis III v. Swift Transportation of Arizona, LLC (“Swift Arizona”) in the United States District Court, Eastern District of Virginia, Civil Action No. 3:13-CV-00473-JAG, or the Ellis Complaint. Mr. Ellis, an applicant for a driver position, has alleged that the Swift’s disclosures regarding criminal background checks did not comply with the Fair Credit Reporting Act (“FCRA”). The class action seeks to certify the FCRA claims as a class action, and in that regard Mr. Ellis is seeking to represent a class of applicants from North Carolina, South Carolina, Virginia, Maryland, and West Virginia over the five year period preceding the filing. Swift has answered the complaint denying the allegations including the allegations that a class should be certified. On February 5, 2014, the plaintiff's filed a motion for leave to file a first amended complaint to add plaintiff representatives and expand the class from the original five states to a nationwide class. A mediation is scheduled for February 26, 2014. This claim is covered by Swift's employment practices and liability insurance. | |
The issue of class certification must first be resolved before the court will address the merits of the case, and we retain all of our defenses against liability and damages pending a determination of class certification. Swift Arizona intends to vigorously defend certification of the class as well as the merits of these matters should the class be certified. The final disposition of this case and the impact of such final disposition of this case cannot be determined at this time. Central has filed a petition with the court to compel arbitration. | |
Utah minimum wage collective action | |
On October 8, 2013, a collective action lawsuit was filed by Jacob Roberts on behalf of himself and all similarly situated persons against Central Refrigerated Service, Inc., Jon Isaacson, Bob Baer and John Does 1-10 (“CRS”): Jacob Roberts and Collective Action Plaintiffs John Does 1-10 v. Central Refrigerated Service, Inc., Jon Isaacson, Bob Baer and John Does 1-10 in the United States District Court for the District of Utah, Case No. 2;13-ev-00911-EJF, or the Roberts Complaint. The putative nationwide class includes employees alleging that candidates for employment within the three year statutory period in Utah were not paid proper compensation pursuant to the FLSA, specifically that the putative collective action plaintiffs were not paid the state mandated minimum wage for orientation, travel, and training. | |
The issue of collective action certification in the Roberts Complaint must first be resolved before the court will address the merits of the case, and we retain all of our defenses against liability and damages pending a determination of collective action certification. Central intends to vigorously defend against collective action certification as well as the merits of this matter should the collective action be certified. The final disposition of this case and the impact of such final disposition of this case cannot be determined at this time. | |
Collective and Individual Arbitration | |
On June 1, 2012, a collective and class action complaint was filed by Gabriel Cilluffo, Kevin Shire and Bryan Ratterree individually and on behalf of themselves and all similarly situated persons against Central Refrigerated Services, Inc., Central Leasing, Inc., Jon Isaacson, and Jerry Moyes (“Central”): Gabriel Cilluffo, Kevin Shire and Bryan Ratterree individually and on behalf themselves and all similarly situated persons v. Central Refrigerated Services, Inc., Central Leasing, Inc., Jon Isaacson, and Jerry Moyes in the United States District Court for the Central District of California, Case No. ED CV 12-00886, or the Cilluffo Complaint. The putative class involves owner-operators alleging that Central misclassified owner-operators as independent contractors in violation of the FLSA, and that such owner-operators should be considered employees. The lawsuit also raises a claim of forced labor and state law contractual claims. On September 24, 2012, the California District Court ordered that FLSA claim proceed to collective arbitration under the Utah Uniform Arbitration Act (“UUAA”) and not the Federal Arbitration Act (“FAA”). The September 24, 2012 order directed the arbitrator to determine the validity of proceeding as a collective arbitration under the UAA, and then if the arbitrator determines that such collective action is permitted, then the arbitrator is to consider the plaintiff’s FLSA claim. On November 8, 2012, the California District Court entered a clarification order clarifying that the plaintiff’s FLSA claim was to proceed to collective arbitration under the UUAA, but the plaintiff’s forced labor claim and state law contractual claims were to proceed as individual arbitrations for those plaintiffs seeking to pursue those specific claims. Central filed a motion for reconsideration and a motion for interlocutory appeal of the California District Court’s orders, both of which were denied and the claims are proceeding to collective and individual arbitration as originally ordered. On December 9, 2013 the arbitrator determined that the issue of misclassification as it relates to the FLSA will proceed as a collective arbitration, however the plaintiff's forced labor claim and state law claims of contractual misrepresentation and breach of contract must proceed on an individual arbitration basis and not as a class. | |
Central intends to vigorously defend collective arbitration in the Cilluffo Complaint as well as the merits of the FLSA claim and any individual arbitration matters that are filed and proceed on the forced labor and state contract law claims. The final disposition of this case and the impact of such final disposition of this case cannot be determined at this time. | |
California minimum wage class action | |
On November 7, 2013, a class action lawsuit was filed by Jorge Calix on behalf of himself and all similarly situated persons against Central Refrigerated Service, Inc.: Calix et al. v. Central Refrigerated Service, Inc. (“Central”) in the Superior Court of California, County of San Bernadino, or the Calix Complaint. The putative class includes employees alleging that candidates for employment within the four year statutory period in California were not paid the state mandated minimum wage during their orientation phase. On December 13, 2013, Central filed an answer denying the allegations. | |
The issue of class certification in the Calix Complaint remains subject to appeal and must first be resolved before the court will address the merits of the case, and we retain all of our defenses against liability and damages pending a determination of class certification. Central intends to vigorously defend against certification of the class as well as the merits of this matter should the class be certified. The final disposition of this case and the impact of such final disposition of this case cannot be determined at this time. | |
Environmental notice | |
On April 17, 2009, the Company received a notice from the Lower Willamette Group, or LWG, advising that there are a total of 250 potentially responsible parties, or PRPs, with respect to alleged environmental contamination of the Lower Willamette River in Portland, Oregon designated as the Portland Harbor Superfund site, or the Site, and that as a previous landowner at the Site the Company has been asked to join a group of 60 PRPs and proportionately contribute to (i) reimbursement of funds expended by LWG to investigate environmental contamination at the Site and (ii) remediation costs of the same, rather than be exposed to potential litigation. Although the Company does not believe it contributed any contaminants to the Site, the Company was at one time the owner of property at the Site and the Comprehensive Environmental Response, Compensation and Liability Act imposes a standard of strict liability on property owners with respect to environmental claims. Notwithstanding this standard of strict liability, the Company believes our potential proportionate exposure to be minimal and not material. No formal complaint has been filed in this matter. The Company’s pollution liability insurer has been notified of this potential claim. The Company does not believe the outcome of this matter is likely to have a material adverse effect on Swift. However, the final disposition of this matter and the impact of such final disposition cannot be determined at this time. | |
2013 environmental incident | |
On May 14, 2013, a Swift Transportation tractor and trailer was involved in an accident in Bridgeport, California that resulted in fuel and other liquid components being released into the ground and a nearby stream. Based on soil and water testing of the impacted area, the Company expects the range of cost to remediate this release is $300 thousand to $500 thousand. | |
Other environmental | |
Our tractors and trailers are involved in motor vehicle accidents, experience damage, mechanical failures and cargo issues as an incidental part of our normal ordinary course of operations. From time to time these matters result in the discharge of diesel fuel, motor oil or other hazardous materials into the environment. Depending on local regulations and who is determined to be at fault, we are sometimes responsible for the clean-up costs of these discharges. As of December 31, 2013, we estimate our total legal liability for all such clean-up and remediation costs to be approximately $600 thousand in the aggregate for all current and prior years claims. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Equity [Abstract] | ' | |||||||||||||
Stockholders' Equity | ' | |||||||||||||
Stockholders' Equity | ||||||||||||||
Common Stock | ||||||||||||||
Immediately prior to the IPO in December 2010, Swift Corporation merged with and into Swift Transportation Company, the registrant, with Swift Transportation Company surviving as a Delaware corporation. In the merger, all of the outstanding common stock of Swift Corporation was converted into shares of Swift Transportation Company Class B common stock on a one-for-one basis, and all outstanding stock options of Swift Corporation were converted into options to purchase shares of Class A common stock of Swift Transportation Company. All outstanding Class B shares are held by Jerry Moyes directly or indirectly through various Moyes Affiliates. | ||||||||||||||
The holders of Class A common stock are entitled to one vote per share and the holders of Class B common stock are entitled to two votes per share on any matter to be voted on by the stockholders. Holders of Class A and Class B common stock vote together as a single class on all matters submitted to a vote of stockholders, unless otherwise required by law and except a separate vote of each class will be required for: a) any merger or consolidation in which holders of shares of Class A common stock receive consideration that is not identical to holders of shares of Class B common stock; b) any amendment of Swift Transportation Company’s amended and restated certificate of incorporation or amended and restated bylaws that alters the relative rights of its common stockholders; and c) any increase in the authorized number of shares of Class B common stock or the issuance of shares of Class B common stock, other than such increase or issuance required to effect a stock split, stock dividend, or recapitalization pro rata with any increase or issuance of Class A common stock. | ||||||||||||||
On December 31, 2013, the Moyes affiliates converted 53,298 shares of Class B common stock into Class A common stock on a one-for-one basis. On March 12, 2012, the Moyes affiliates converted 1,068,224 shares of Class B common stock into 1,068,224 shares of Class A common stock on a one-for-one basis. During December 2011, Cactus Holding Company II, LLC, an entity controlled by Mr. Moyes, converted 6,553,253 shares of Class B common stock into 6,553,253 shares of Class A common stock on a one-for-one basis. The shares were converted in connection with a pledge of securities to support a personal loan arrangement entered into by Cactus Holding Company II, LLC and related to Mr. Moyes. | ||||||||||||||
2007 Stock Plan | ||||||||||||||
Description of plan- General terms | ||||||||||||||
The Company’s 2007 Omnibus Incentive Plan, as amended and restated (the “2007 Plan”), is stockholder approved and permits the payment of cash incentive compensation and authorizes the granting of Stock Options, Stock Appreciation Rights, Restricted Stock or Restricted Stock Units, Performance Shares or Performance Share Units, Cash-Based Awards and Stock-Based Awards (each as defined in the 2007 Plan with reference to Shares) to its employees and non-employee directors for up to 12 million shares of Class A common stock. As of December 31, 2013, the aggregate number of shares remaining available for issuance pursuant to the 2007 Plan was 5.6 million. | ||||||||||||||
Compensation expense related to awards under the 2007 Plan is recognized based on the number of awards expected to vest, which represents the awards granted less expected forfeitures over the life of the award, as estimated at the date of grant. Compensation expense is recorded for all stock options expected to vest based on the amortization of the fair value at the date of grant on a graded vesting attribution model basis primarily over the vesting period of the options. Unless a material deviation from the assumed forfeiture rate is observed during the term in which the awards are expensed, any adjustment necessary to reflect differences in actual experience is recognized in the period the award becomes payable or exercisable. | ||||||||||||||
Compensation expense related to awards under the 2007 Plan is principally related to the issuance of stock options and restricted stock awards. | ||||||||||||||
Compensation expense related to stock-based compensation | ||||||||||||||
The components of compensation expense related to stock-based compensation were as follows (in thousands): | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(Recast) | (Recast) | |||||||||||||
Stock options | $ | 3,359 | $ | 4,886 | $ | 6,861 | ||||||||
Restricted stock awards and restricted stock units | 887 | 4 | 140 | |||||||||||
Performance Shares | 399 | — | — | |||||||||||
Total compensation expenses | $ | 4,645 | $ | 4,890 | $ | 7,001 | ||||||||
Income tax benefit | $ | 1,788 | $ | 1,883 | $ | 2,695 | ||||||||
All stock-based compensation expense is recorded in salaries, wages and employee benefits expense in the Company’s consolidated statements of operations. | ||||||||||||||
During 2010, the Company repriced approximately 4.3 million outstanding options whose exercise price was above the IPO price to the IPO price of $11.00 per share. These options were held by approximately 1,100 employees. This resulted in $5.6 million of incremental equity compensation expense to be recognized over the remaining service period of the repriced options through August 2013. | ||||||||||||||
The following table presents the total unrecognized compensation expense related to stock-based compensation and the expected weighted average period over which these expenses will be recognized at (dollars in thousands): | ||||||||||||||
December 31, 2013 | ||||||||||||||
Weighted Average | ||||||||||||||
Expense | Period | |||||||||||||
(Years) | ||||||||||||||
Stock options | $ | 2,377 | 2.27 | |||||||||||
Restricted stock awards and restricted stock units | $ | 3,078 | 2.5 | |||||||||||
Performance Shares | $ | 956 | 2.15 | |||||||||||
Stock options | ||||||||||||||
Stock options are the contingent right of award holders to purchase shares of Swift Transportation Company Class A common stock at a stated price for a limited time. For options granted prior to the Company's IPO in December 2010, the exercise price of options granted equaled or exceeded the estimated fair value of the common stock on the date of grant. The estimated fair value of the common stock prior to the Company’s IPO in each case was determined by management based upon a number of factors, including the Company's discounted projected cash flows, comparative multiples of similar companies, the lack of liquidity of the Company's common stock and certain risks the Company faced at the time of the valuation. For options granted after the Company’s IPO in December 2010, the exercise price of options granted equaled the fair value of the Company’s common stock on the date of grant. The fair value of the Company’s common stock after the Company’s IPO was based on the closing price of the Company’s Class A common stock quoted on the NYSE on the date of grant. | ||||||||||||||
The options have a ten year contractual term and were granted to two categories of employees. The options granted to the first category of employees vest upon the occurrence of the earliest of (i) a sale or a change in control of the Company or, (ii) a five-year vesting period at a rate of 33 1/3% following the third anniversary date of the grant. The options granted to the second category of employees vest upon the later of (i) the occurrence of an initial public offering of the Company or (ii) a five-year vesting period at a rate of 33 1/3% following the third anniversary date of the grant. To the extent vested, both types of options become exercisable simultaneous with the closing of the earlier of (i) an initial public offering, (ii) a sale, or (iii) a change in control of the Company. The options granted in 2013 vest upon a three-year vesting period at a rate of 33 1/3% each year. | ||||||||||||||
A summary of the activity related to stock options for the year ended December 31, 2013 was as follows: | ||||||||||||||
Shares Under | Weighted Average | Weighted | Aggregate | |||||||||||
Option | Exercise Price | Average | Intrinsic | |||||||||||
Remaining | Value (1) | |||||||||||||
Contractual | ||||||||||||||
Term | ||||||||||||||
(Years) | (In thousands) | |||||||||||||
Outstanding at January 1, 2013 | 5,769,392 | $ | 10.39 | 5.79 | $ | 1,057 | ||||||||
Granted | 437,712 | 14.97 | ||||||||||||
Exercised | (1,210,184 | ) | 10.73 | |||||||||||
Expired | (49,083 | ) | 10.82 | |||||||||||
Forfeited | (162,704 | ) | 10.9 | |||||||||||
Outstanding at December 31, 2013 | 4,785,133 | $ | 10.7 | 5.28 | $ | 55,059 | ||||||||
Aggregate number of stock options expected to vest at a future date as of December 31, 2013 | 1,530,634 | $ | 10.81 | 7.28 | $ | 17,451 | ||||||||
Exercisable at December 31, 2013 | 3,178,545 | $ | 10.65 | 4.28 | $ | 36,738 | ||||||||
(1) The aggregate intrinsic value was computed using the closing share price on December 31, 2013 of $22.21 and on December 31, 2012 of $9.12, as applicable. | ||||||||||||||
The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes-Merton option-pricing model, which uses a number of assumptions to determine the fair value of the options on the date of grant. The following table presents the weighted average assumptions used to determine the fair value of stock options issued: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Dividend yield | — | % | — | % | — | % | ||||||||
Risk-free rate of return | 1.04 | % | 1.2 | % | 1.89 | % | ||||||||
Expected volatility | 40.8 | % | 41.4 | % | 40 | % | ||||||||
Expected term (in years) | 5.8 | 6.3 | 6.3 | |||||||||||
Weighted average fair value of stock options granted | $ | 5.9 | $ | 3.56 | $ | 4.74 | ||||||||
The dividend yield assumption is based on anticipated dividend payouts. The risk-free interest rate assumption is based on the U.S. Treasury yield curve at the date of grant with maturity dates approximately equal to the expected life at the grant date. The Company estimates the expected volatility and expected option life assumption consistent with ASC Topic 718, “Compensation - Stock Compensation.” Expected volatility is based upon an analysis of historical prices of similar market capitalized trucking group participants within the Dow Jones Total U.S. Market Index over the expected term of the options. The Company chose a daily measurement interval for historical volatility as it believes this better depicts the nature of employee option exercise decisions being based on shorter-term trends in the price of the underlying shares rather than on monthly price movements. As a result of the inability to predict the expected future employee exercise behavior, the Company estimated the expected term of the options using a simplified method based on contractual and vesting terms of the options. The Company uses historical data to estimate pre-vesting option forfeitures and records stock-based compensation expense only for those awards that are expected to vest. | ||||||||||||||
The following table summarizes information regarding the exercise of stock options (in thousands, except share data): | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Number of stock options exercised | 1,210,184 | 24,427 | 22,519 | |||||||||||
Intrinsic value of stock options exercised | $ | 8,773 | $ | 25 | $ | 43 | ||||||||
Cash received upon exercise of stock options | $ | 12,985 | $ | 268 | $ | 247 | ||||||||
Income tax benefit (deficiency) | $ | 187 | $ | (370 | ) | $ | (206 | ) | ||||||
A summary of the status of the Company's nonvested shares for the year ended December 31, 2013 is as follows: | ||||||||||||||
2013 | ||||||||||||||
Shares | Weighted | |||||||||||||
Average | ||||||||||||||
Fair Value | ||||||||||||||
Nonvested at January 1, 2013 | 2,043,281 | $ | 4.79 | |||||||||||
Granted | 437,712 | 5.9 | ||||||||||||
Vested | (711,701 | ) | 5.56 | |||||||||||
Forfeited | (162,704 | ) | 5.34 | |||||||||||
Nonvested at December 31, 2013 | 1,606,588 | $ | 4.66 | |||||||||||
The total fair value of the shares vested during the years ended December 31, 2013, 2012, and 2011 was $4.0 million, $10.0 million and $9.9 million, respectively. | ||||||||||||||
Restricted stock awards | ||||||||||||||
Restricted stock awards are shares of Swift Transportation Class A common stock that are subject to forfeiture until the lapse of defined restrictions, including time-based restrictions. Restricted stock awards are accounted for as equity awards. Accordingly, the estimated fair value of restricted stock awards is based upon the closing price of the Company’s Class A common stock on the date of grant. | ||||||||||||||
These awards are generally in one of two forms: restricted stock grants or restricted stock units. The Company's board of directors are the recipients of restricted stock grants and are entitled to vote during the vesting period. The forfeiture restrictions associated with the restricted stock shares lapse on each of the first three anniversaries of the date of grant with respect to an equal installment of shares. In addition, any restricted stock shares acquired thereupon will not be transferable for a period of four years from the date of grant, other than for applicable tax withholding purposes. Awards of restricted stock units are generally limited to employees. A restricted stock unit represents a right to receive a common share of stock when the unit vests. Recipients of restricted stock units cannot vote during the vesting period. They forfeit their units if their employment terminates before the vesting date. | ||||||||||||||
In 2013 and 2012, independent members of the Company’s board of directors were granted 10,480 and 11,676 restricted stock of Class A shares under the 2007 Plan, respectively. During 2013, employees of the Company were granted 254,533 restricted stock units. | ||||||||||||||
Performance Shares | ||||||||||||||
Beginning in 2013, the Company granted certain members of executive management performance shares ("Performance Share Program"). The Performance Share Program provides for the issuance to each grantee of a number of shares of Swift's common stock at the end of a three-year period based upon the Company's achievement of performance criteria established by the Compensation Committee of the board of directors for the three-year period. The performance criteria are designed to focus management attention on two key factors that create long-term stockholder value: Leverage Ratio and Return on Net Assets each adjusted for leases. | ||||||||||||||
The following table presents a summary of restricted stock awards, restricted stock units and performance shares activity for the year ended December 31, 2013: | ||||||||||||||
Restricted stock awards and restricted stock units | Performance shares | |||||||||||||
Number of awards | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | |||||||||||
Nonvested at January 1, 2013 | 17,905 | $ | 13.24 | — | $ | — | ||||||||
Granted | 265,013 | 16.35 | 101,366 | 13.36 | ||||||||||
Vested | (7,007 | ) | 13.24 | — | — | |||||||||
Forfeited | (3,755 | ) | 17.17 | — | — | |||||||||
Nonvested at December 31, 2013 | 272,156 | $ | 16.2 | 101,366 | $ | 13.36 | ||||||||
2012 Employee Stock Purchase Plan | ||||||||||||||
In 2012, the Company’s board of directors adopted and its stockholders approved the Swift Transportation Company 2012 Employee Stock Purchase Plan (“2012 ESPP”). The 2012 ESPP is intended to qualify under Section 423 of the Internal Revenue Code and is considered noncompensatory. Pursuant to the 2012 ESPP, the Company is authorized to issue up to 2 million shares of its Class A common stock to eligible employees who participate in the plan. Employees are eligible to participate in the 2012 ESPP following at least 90 days of employment with the Company or any of its Participating Subsidiaries, as defined. Under the terms of the 2012 ESPP, eligible employees may elect to purchase common stock through payroll deductions, not to exceed 15 percent of their gross cash compensation, as defined. The purchase price of the common stock is 95 percent of the common stock’s fair market value quoted on the NYSE on the last trading day of each offering period. There are four three month offering periods corresponding to the calendar quarters. Each eligible employee is restricted to purchasing a maximum of $6,250 of common stock during an offering period determined by the fair market value of the common stock as of the first day of the offering period and $25,000 of common stock during a calendar year. Employees who own 5 percent or more of the total voting power or value of all classes of common stock are restricted from participating in the 2012 ESPP. | ||||||||||||||
During the year ended December 31, 2013, the Company issued 73,365 shares, under the 2012 ESPP at an average price per share of $13.10 per share. As of December 31, 2013, the Company is authorized to issue an additional 1.9 million shares under the 2012 ESPP. | ||||||||||||||
Central Refrigerated Stockholder Loans Receivable | ||||||||||||||
On March 8, 2013, Central loaned its majority stockholder $30.0 million in the form of an unsecured promissory note. This note was repaid by the stockholder in connection with the acquisition of Central by the Company on August 6, 2013. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Equity [Abstract] | ' | |||||||||||||
Accumulated Other Comprehensive Income | ' | |||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||
The following table is a reconciliation of accumulated other comprehensive income (loss) by component (in thousands): | ||||||||||||||
Derivative Financial Instruments | Foreign Currency Transactions | Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Balance as of December 31, 2012 (Recast) | $ | (8,285 | ) | $ | 83 | $ | (8,202 | ) | ||||||
Other comprehensive loss before reclassifications | (121 | ) | — | (121 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 2,161 | — | 2,161 | |||||||||||
Net current-period other comprehensive income | 2,040 | — | 2,040 | |||||||||||
Balance as of December 31, 2013 | $ | (6,245 | ) | $ | 83 | $ | (6,162 | ) | ||||||
All amounts are net-of-tax. Amounts in parenthesis indicate debits. | ||||||||||||||
The following table presents details about reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2013, 2012 and 2011 are as follows (in thousands): | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | Statement of Operations Classifications | |||||||||||
Gains and losses on cash flow hedging: | ||||||||||||||
Interest rate swaps | $ | 3,143 | $ | 5,101 | $ | 15,057 | Derivative interest expense | |||||||
Income tax (benefit) expense | (1,226 | ) | 1,989 | 5,872 | Income tax expense | |||||||||
$ | 1,917 | $ | 7,090 | $ | 20,929 | Net income | ||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
Income tax expense (benefit) was (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current expense (benefit): | (Recast) | (Recast) | ||||||||||
Federal | $ | (224 | ) | $ | 9,913 | $ | 2,775 | |||||
State | 5,143 | 3,148 | 4,353 | |||||||||
Foreign | 1,530 | 1,949 | 2,232 | |||||||||
6,449 | 15,010 | 9,360 | ||||||||||
Deferred expense (benefit): | ||||||||||||
Federal | 85,512 | 47,501 | 46,485 | |||||||||
State | 4,273 | (2,010 | ) | 2,368 | ||||||||
Foreign | 4,748 | 1,113 | 279 | |||||||||
$ | 94,533 | 46,604 | 49,132 | |||||||||
Income tax expense | $ | 100,982 | $ | 61,614 | $ | 58,492 | ||||||
The Company’s effective tax rate was 39.4%, 30.5% and 36.3%, for the years ended December 31, 2013, 2012 and 2011, respectively. Actual tax expense differs from the “expected” tax expense (computed by applying the U.S. Federal corporate income tax rate of 35% to earnings before income taxes) as follows (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Recast) | (Recast) | |||||||||||
Computed “expected” tax expense | $ | 89,742 | $ | 70,595 | $ | 56,433 | ||||||
Increase (decrease) in income taxes resulting from: | ||||||||||||
State income taxes, net of federal income tax benefit | 6,912 | 6,627 | 7,470 | |||||||||
Central pre-affiliation earnings taxed as S-Corp | (4,986 | ) | (9,118 | ) | (4,342 | ) | ||||||
State tax rate change in deferred items | 711 | (6,414 | ) | (2,178 | ) | |||||||
Foreign tax rate change in deferred items | 5,023 | — | — | |||||||||
Effect of providing taxes on mark-to-market adjustment of derivatives recorded in accumulated OCI | — | 1,785 | 5,270 | |||||||||
Other | 3,580 | (1,861 | ) | (4,161 | ) | |||||||
Income tax expense | $ | 100,982 | $ | 61,614 | $ | 58,492 | ||||||
The components of the net deferred tax asset (liability) as of December 31, 2013 and 2012 were (in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | (Recast) | |||||||||||
Self-insurance accruals | $ | 49,810 | $ | 43,877 | ||||||||
Allowance for doubtful accounts | 6,968 | 7,843 | ||||||||||
Derivative financial instruments | 4,537 | 5,021 | ||||||||||
Vacation accrual | 3,899 | 3,541 | ||||||||||
Minimum tax credit | 5,061 | 5,995 | ||||||||||
Net operating loss | 4,529 | 74,929 | ||||||||||
Amortization of stock options | 10,782 | 12,628 | ||||||||||
Other | 17,259 | 12,304 | ||||||||||
Total deferred tax assets | 102,845 | 166,138 | ||||||||||
Valuation allowance | — | — | ||||||||||
Total deferred tax assets, net | 102,845 | 166,138 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property and equipment, principally due to differences in depreciation | (393,239 | ) | (363,082 | ) | ||||||||
Prepaid taxes, licenses and permits deducted for tax purposes | (12,897 | ) | (10,218 | ) | ||||||||
Cancellation of debt | (9,401 | ) | (9,409 | ) | ||||||||
Intangible assets | (119,567 | ) | (122,434 | ) | ||||||||
Other | (7,354 | ) | (5,211 | ) | ||||||||
Total deferred tax liabilities | (542,458 | ) | (510,354 | ) | ||||||||
Net deferred tax liability | $ | (439,613 | ) | $ | (344,216 | ) | ||||||
These amounts are presented in the accompanying consolidated balance sheets in the indicated captions, except the current deferred tax liability which is included in accrued liabilities, at December 31, 2013 and 2012 as follows (in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
(Recast) | ||||||||||||
Current deferred tax asset | $ | 46,833 | $ | 98,235 | ||||||||
Current deferred tax liability | (2,246 | ) | (1,070 | ) | ||||||||
Noncurrent deferred tax liability | (484,200 | ) | (441,381 | ) | ||||||||
Net deferred tax liability | $ | (439,613 | ) | $ | (344,216 | ) | ||||||
As of December 31, 2013, the Company had fully utilized the Federal net operating loss carryforward from prior years, The Company has state net operating loss carryforwards remaining, with an estimated tax effect of $4.5 million, available at December 31, 2013. The state net operating losses will expire at various times between 2014 and 2030. The Company has not established a valuation allowance as it has been determined that, based upon available evidence, a valuation allowance is not required. All other deferred tax assets are expected to be realized and utilized by continued profitability in future periods. | ||||||||||||
U.S. income and foreign withholding taxes have not been provided on approximately $9.8 million of cumulative undistributed earnings of foreign subsidiaries. The earnings are considered to be permanently reinvested outside the U.S. As the Company intends to reinvest these earnings indefinitely outside the U.S., it is not required to provide U.S. income taxes on them until they are repatriated in the form of dividends or otherwise. | ||||||||||||
The reconciliation of our unrecognized tax benefits for the years ending December 31, 2013, 2012 and 2011, is as follows (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Unrecognized tax benefits at beginning of year | $ | 2,385 | $ | 2,332 | $ | 5,702 | ||||||
Increases for tax positions taken prior to beginning of year | — | 149 | 28 | |||||||||
Decreases for tax positions taken prior to beginning of year | — | (53 | ) | (3,106 | ) | |||||||
Settlements | — | (43 | ) | (292 | ) | |||||||
Unrecognized tax benefits at end of year | $ | 2,385 | $ | 2,385 | $ | 2,332 | ||||||
As of December 31, 2013, the Company had unrecognized tax benefits totaling approximately $2.4 million, all of which would favorably impact our effective tax rate if subsequently recognized. | ||||||||||||
During the year ended December 31, 2011, the Company concluded its federal examination for certain of its subsidiaries for tax years 2005, 2006 and the short period ending May 10, 2007. In addition, the Company concluded its California examination for certain of its subsidiaries for tax years 1997, 1998, 2003 and 2004. The Company also concluded various other state examinations for certain of its subsidiaries during the years ended December 31, 2013, 2012 and 2011. The conclusion of these examinations resulted in $0.0 million, $0.1 million and $0.5 million, of additional tax payments made during 2013, 2012 and 2011, respectively. Also in conjunction with these examinations, interest and/or penalties in the amount of $0.3 million were paid during 2011 . Certain of the Company’s subsidiaries are currently under examination by the state of California for the 2005, 2006 and May 10, 2007 tax years. In addition, other state jurisdictions are conducting examinations for years ranging from 2010 to 2012. The Company, during 2014, anticipates concluding its California examination for 2005, 2006 and May 10, 2007. At the completion of these examinations, management does not expect any adjustments that would have a material impact on the Company’s effective tax rate. Years subsequent to 2009 remain subject to examination. | ||||||||||||
The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. Accrued interest and penalties as of December 31, 2013, 2012 and 2011, were approximately $1.5 million, $1.3 million, and $1.1 million, respectively. To the extent interest and penalties are not assessed with respect to uncertain tax positions, amounts accrued will be reduced and reflected as a reduction of the overall income tax provision. | ||||||||||||
The Company anticipates that the total amount of unrecognized tax benefits may decrease by approximately $0.7 million during the next twelve months, which will not have a material impact on the financial statements. |
Employee_Benefit_Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee Benefit Plan | ' |
Employee Benefit Plan | |
The Company maintains a 401(k) benefit plan available to all employees who are 19 years of age or older and have completed six months of service. Under the plan, the Company has the option to match employee discretionary contributions up to 3% of an employee’s compensation. Employees’ rights to employer contributions vest after five years from their date of employment. | |
For the years ended December 31, 2013, 2012, and 2011, the Company’s expense totaled approximately $5.5 million, $5.6 million and $6.3 million, respectively. As of December 31, 2013 and 2012, $4.4 million and $4.4 million, respectively, were owed to the plan by the Company in respect of such matching contributions. |
Key_Customer
Key Customer | 12 Months Ended |
Dec. 31, 2013 | |
Risks and Uncertainties [Abstract] | ' |
Key Customer | ' |
Key Customer | |
Services provided to the Company’s largest customer, Wal-Mart, generated 10.8%, 11.4% and 10.4% of operating revenue in 2013, 2012 and 2011, respectively. Operating revenue generated by Wal-Mart is reported in the Truckload, Dedicated, Central Refrigerated and Intermodal operating segments. No other customer accounted for 10% or more of operating revenue in the reporting period. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
Related Party Transactions | ' | |||||||||||
Related party transactions | ||||||||||||
The Company provided and received freight services, facility leases, equipment leases and other services, including repair and employee services to and from several companies controlled by and/or affiliated with Jerry Moyes, as follows (in thousands): | ||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||
Central | Other | Total | ||||||||||
Freight Lines, | Affiliated | |||||||||||
Inc. | Entities | |||||||||||
Services Provided by Swift: | ||||||||||||
Freight Services(1) | $ | 15 | $ | 160 | $ | 175 | ||||||
Facility Leases | $ | 716 | $ | 20 | $ | 736 | ||||||
Other Services (4) | $ | 1,000 | $ | 159 | $ | 1,159 | ||||||
Services Received by Swift: | ||||||||||||
Freight Services(2) | $ | 47 | $ | — | $ | 47 | ||||||
Facility Leases | $ | 399 | $ | 200 | $ | 599 | ||||||
Other Services(3) | $ | — | $ | 996 | $ | 996 | ||||||
As of December 31, 2013 | ||||||||||||
Receivable | $ | 1,034 | $ | 32 | $ | 1,066 | ||||||
Payable | $ | 74 | $ | 1 | $ | 75 | ||||||
For the Year Ended December 31, 2012 | ||||||||||||
Central | Other | Total | ||||||||||
Freight Lines, | Affiliated | |||||||||||
Inc. | Entities | |||||||||||
Services Provided by Swift: | (Recast) | (Recast) | (Recast) | |||||||||
Freight Services(1) | $ | 8,117 | $ | 1,265 | $ | 9,382 | ||||||
Facility Leases | $ | 711 | $ | 20 | $ | 731 | ||||||
Other Services (4) | $ | — | $ | 135 | $ | 135 | ||||||
Services Received by Swift: | ||||||||||||
Freight Services(2) | $ | 50 | $ | — | $ | 50 | ||||||
Facility Leases | $ | 626 | $ | — | $ | 626 | ||||||
Other Services(3) | $ | — | $ | 1,175 | $ | 1,175 | ||||||
As of December 31, 2012 | ||||||||||||
Receivable | $ | 1,460 | $ | 233 | $ | 1,693 | ||||||
Payable | $ | 48 | $ | 510 | $ | 558 | ||||||
For the Year Ended December 31, 2011 | ||||||||||||
Central | Other | Total | ||||||||||
Freight Lines, | Affiliated | |||||||||||
Inc. | Entities | |||||||||||
Services Provided by Swift: | (Recast) | (Recast) | (Recast) | |||||||||
Freight Services(1) | $ | 9,345 | $ | 1,060 | $ | 10,405 | ||||||
Facility Leases | $ | 614 | $ | 20 | $ | 634 | ||||||
Other Services (4) | $ | — | $ | 131 | $ | 131 | ||||||
Services Received by Swift: | ||||||||||||
Freight Services(2) | $ | 46 | $ | — | $ | 46 | ||||||
Facility Leases | $ | 480 | $ | — | $ | 480 | ||||||
Other Services(3) | $ | — | $ | 417 | $ | 417 | ||||||
As of December 31, 2011 | ||||||||||||
Receivable | $ | 1,891 | $ | 189 | $ | 2,080 | ||||||
Payable | $ | 19 | $ | 10 | $ | 29 | ||||||
-1 | The rates the Company charges for freight services to each of these companies for transportation services are market rates, which are comparable to what it charges third-party customers. These transportation services provided to affiliated entities provide the Company with an additional source of operating revenue at its normal freight rates. | |||||||||||
-2 | Transportation services received from Central Freight represent LTL (less-than-truckload) freight services rendered to haul parts and equipment to Company shop locations. The rates paid to Central Freight for these loads are comparable to market rates charged by other non-affiliated LTL carriers. These brokered loads make it possible for the Company to provide freight services to customers even in areas that the Company does not serve, providing the Company with an additional source of income. | |||||||||||
-3 | Other services received by the Company from the identified related parties included: executive air transport; fuel storage; event fees; equipment purchases; and miscellaneous repair services. | |||||||||||
(4) Other services provided by the Company to the identified related parties included: equipment sales and miscellaneous services. | ||||||||||||
In addition to the transactions identified above, the Company had the following related party activity as of and for the years ended December 31, 2013, 2012, and 2011: | ||||||||||||
Prior to April 2011, IEL contracted its personnel from a third party, Compensi Services (formerly Transpay, Inc.), which is partially owned by Jerry Moyes. Compensi Services was responsible for all payroll related liabilities and employee benefits administration. During 2011, these contracted personnel were transferred to and employed by IEL, which resulted in the Company being responsible for all salaries and wages, payroll related liabilities and employee benefits of these employees. Compensi Services continued to provide IEL third-party administration services. For the years ended December 31, 2013, 2012 and 2011, the Company paid Compensi Services $12 thousand, $71 thousand and $178 thousand, respectively, for these services. As of December 31, 2013 and 2012, the Company had no outstanding balances payable to Compensi Services. | ||||||||||||
Concurrently with the Company’s IPO in December 2010, Mr. Moyes and certain Moyes Affiliates completed a private placement by an unaffiliated special purpose trust (the “2010 Trust”) of $262.3 million of Trust Issued Mandatory Common Exchange Securities (“2010 METS”) which was required to be settled with up to 23,846,364 shares of the Company’s Class A common stock, or cash, on December 31, 2013. | ||||||||||||
On December 31, 2013, Mr. Moyes and his Affiliates chose to deliver 19.5 million shares of Class A common stock to settle the 2010 METS facility which were obtained by entering into a variable prepaid forward (“VPF”) contract on October 29, 2013 with Citibank, N.A. (“Citibank”). | ||||||||||||
To fulfill the VPF contract, Citibank borrowed 19.5 million shares of Class A common stock from the public market. These shares were sold to Mr. Moyes and certain of his affiliates, through their ownership of M Capital II, and were held as collateral by Citibank for a new loan that facilitated the purchase of the shares. On December 31, 2013, Citibank delivered the 19.5 million Class A shares to the 2010 Trust in exchange for the 23.8 million shares of Class B common stock held by the 2010 Trust as collateral. The holders of the 2010 METS received their respective portion of 19.5 million shares of Class A common stock as settlement of the facility. Citibank now holds the 23.8 million shares of Class B common stock transferred from the 2010 Trust and an additional 2.15 million shares of Class B common stock contributed directly by Mr. Moyes and his Affiliates as collateral for VPF contract. | ||||||||||||
Under the VPF contract, M Capital II is obligated to deliver to Citibank a variable amount of stock or cash during two twenty trading day periods beginning on January 4, 2016, and July 5, 2016, respectively. Although M Capital II may settle its obligations to Citibank in cash, any or all of the collateralized shares could be converted into Class A common stock and delivered on such dates to settle such obligations. If settled in cash, we believe Citibank would likely purchase Class A shares on the open market to settle its short position. If settled in shares, we believe Citibank would likely use the shares to settle its position. The 2013 VPF contract allows Mr. Moyes and his Affiliates to retain the same number of shares and voting percentage as they had prior to the inception of the 2013 VPF contract and the settlement of the 2010 METS facility. In addition, Mr. Moyes and his Affiliates are able to participate in future price appreciation of the Company’s common stock. |
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurement | ' | ||||||||||||||||||||
Fair Value Measurement | |||||||||||||||||||||
ASC Topic 820, Fair Value Measurements and Disclosures, requires that the Company disclose estimated fair values for its financial instruments. The estimated fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market for the asset or liability. Fair value estimates are made at a specific point in time and are based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Changes in assumptions could significantly affect these estimates. Because the fair value is estimated as of December 31, 2013 and 2012, the amounts that will actually be realized or paid at settlement or maturity of the instruments in the future could be significantly different. | |||||||||||||||||||||
The tables below exclude certain financial instruments. The excluded financial instruments are as follows: cash and cash equivalents, restricted cash, accounts receivable, net, income tax refund receivable and accounts payable. The estimated fair value of these financial instruments approximate carrying value as they are short-term in nature. Additionally, for notes payable under revolving lines of credit, fair value approximates the carrying value due to the variable interest rate. For capital leases, the carrying value approximates the fair value. The table below also excludes financial instruments reported at estimated fair value on a recurring basis. See “— Recurring Fair Value Measurements.” All remaining balance sheet amounts excluded from the table below are not considered financial instruments subject to this disclosure.The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments as of December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||||||
(Recast) | (Recast) | ||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Restricted investments | $ | 25,814 | $ | 25,808 | $ | 22,275 | $ | 22,271 | |||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Senior secured first lien term loan B-1 tranche (2013 Agreement) | 229,000 | 230,031 | — | — | |||||||||||||||||
Senior secured first lien term loan B-2 tranche (2013 Agreement) | 410,000 | 412,358 | — | — | |||||||||||||||||
Senior secured first lien term loan B-1 tranche (2012 Agreement) | — | — | 157,095 | 157,346 | |||||||||||||||||
Senior secured first lien term loan B-2 tranche (2012 Agreement) | — | — | 575,560 | 582,236 | |||||||||||||||||
Senior second priority secured notes | 493,825 | 549,059 | 492,561 | 541,817 | |||||||||||||||||
Securitization of accounts receivable | 264,000 | 264,000 | 204,000 | 204,000 | |||||||||||||||||
Central Financial Liabilities: | |||||||||||||||||||||
Various notes payables to financing companies, due dates through May 2015, secured by revenue equipment | 2,190 | 2,190 | 11,508 | 11,508 | |||||||||||||||||
Note payable to a bank, due March 2016 | — | — | 4,066 | 4,066 | |||||||||||||||||
Note payable to a financing company, due June 2013 | — | — | 816 | 816 | |||||||||||||||||
The carrying amounts shown in the table (other than the restricted investments, and the securitization of accounts receivable) are included in the consolidated balance sheets in long-term debt and obligations under capital leases. The estimated fair values of the financial instruments shown in the above table as of December 31, 2013 and 2012, represent management’s best estimates of the amounts that would be received to sell those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants at that date. The estimated fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the estimated fair value measurement reflects the Company’s own judgments about the assumptions that market participants would use in pricing the asset or liability. These judgments are developed by the Company based on the best information available under the circumstances. | |||||||||||||||||||||
The following summary presents a description of the methods and assumptions used to estimate the fair value of each class of financial instrument. | |||||||||||||||||||||
Restricted investments | |||||||||||||||||||||
The estimated fair value of the Company’s restricted investments is based on quoted prices in active markets that are readily and regularly obtainable. | |||||||||||||||||||||
First lien term loans and senior second priority secured notes | |||||||||||||||||||||
The estimated fair values of the first lien term loan and senior second priority secured notes were determined by bid prices in trades between qualified institutional buyers. | |||||||||||||||||||||
Central Notes Payables | |||||||||||||||||||||
Fair value is assumed to approximate carrying values for these financial instruments since they are short term in nature, or had stated interest rates that approximate the interest rates available to the Company as of the reporting date. | |||||||||||||||||||||
Securitization of Accounts Receivable | |||||||||||||||||||||
The Company’s securitization of accounts receivable consists of borrowings outstanding pursuant to the Company’s 2013 RSA and 2011 RSA as of December 31, 2013 and 2012, respectively, as discussed in Note 10. Its fair value is estimated by discounting future cash flows using a discount rate commensurate with the uncertainty involved. | |||||||||||||||||||||
Fair value hierarchy | |||||||||||||||||||||
ASC Topic 820 establishes a framework for measuring fair value in accordance with GAAP and expands financial statement disclosure requirements for fair value measurements. ASC Topic 820 further specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows: | |||||||||||||||||||||
• | Level 1 — Valuation techniques in which all significant inputs are quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured. | ||||||||||||||||||||
• | Level 2 — Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and/or quoted prices from markets that are not active for assets or liabilities that are identical or similar to the assets or liabilities being measured. Also, model-derived valuations in which all significant inputs and significant value drivers are observable in active markets are Level 2 valuation techniques. | ||||||||||||||||||||
• | Level 3 — Valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are valuation technique inputs that reflect the Company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. | ||||||||||||||||||||
When available, the Company uses quoted market prices to determine the estimated fair value of an asset or liability. If quoted market prices are not available, the Company will measure fair value using valuation techniques that use, when possible, current market-based or independently-sourced market parameters, such as interest rates and currency rates. The level in the fair value hierarchy within which a fair measurement in its entirety falls is based on the lowest level input that is significant to the estimated fair value measurement in its entirety. Following is a brief summary of the Company’s classification within the fair value hierarchy of each major category of assets and liabilities that it measures and reports on its consolidated balance sheets at estimated fair value on a recurring basis as of December 31, 2013: | |||||||||||||||||||||
• | Interest rate swaps. The Company’s interest rate swaps are not actively traded but are valued using valuation models and credit valuation adjustments, both of which use significant inputs that are observable in active markets over the terms of the instruments the Company holds, and accordingly, the Company classified these valuation techniques as Level 2 in the hierarchy. Interest rate yield curves and credit spreads derived from trading levels of the Company’s first lien term loan are the significant inputs into these valuation models. These inputs are observable in active markets over the terms of the instruments the Company holds. The Company considers the effect of its own credit standing and that of its counterparties in the valuations of its derivative financial instruments. | ||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||
As of December 31, 2013 and 2012, no assets of the Company were measured at estimated fair value on a recurring basis. As of December 31, 2013 and 2012, information about inputs into the estimated fair value measurements of each major category of the Company’s liabilities that were measured at estimated fair value on a recurring basis in periods subsequent to their initial recognition was as follows (in thousands): | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
Description | Total | Quoted Prices in | Significant | Significant | |||||||||||||||||
Estimated | Active Markets for | Other | Unobservable | ||||||||||||||||||
Fair Value | Identical Assets or | Observable | Inputs | ||||||||||||||||||
Liabilities | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Interest rate swaps | $ | 11,768 | $ | — | $ | 11,768 | $ | — | |||||||||||||
As of December 31, 2012 (Recast) | |||||||||||||||||||||
Interest rate swaps | $ | 13,350 | $ | — | $ | 13,350 | $ | — | |||||||||||||
Nonrecurring Fair Value Measurements | |||||||||||||||||||||
As of December 31, 2013, no assets of the Company were measured at estimated fair value on a nonrecurring basis. As of December 31, 2012, information about inputs into the estimated fair value measurements of the Company’s assets that were measured at estimated fair value on a nonrecurring basis in the period is as follows (in thousands): | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | Total Gains (Losses) | |||||||||||||||||
Estimated Fair Value | in Active | Other | Unobservable Inputs (Level 3) | ||||||||||||||||||
Markets for | Observable Inputs (Level 2) | ||||||||||||||||||||
Description | Identical Assets (Level 1) | ||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Real property | $ | 665 | $ | — | $ | — | $ | 665 | $ | (1,065 | ) | ||||||||||
Other assets | $ | — | $ | — | $ | — | $ | — | $ | (2,322 | ) | ||||||||||
Note receivable | $ | 1,000 | $ | — | $ | — | $ | 1,000 | $ | (5,979 | ) | ||||||||||
As of December 31, 2012, a deposit related to the purchase of certain fuel technology equipment and a related asset were written off as the supplier ceased operations, resulting in a pre-tax impairment of $2.3 million. Swift Power Services, LLC (“SPS”), an entity in which the Company owns a minority interest and hold a secured promissory note from, failed to make its first scheduled principal payment and quarterly interest payment to the Company on December 31, 2012 due to a decline in its financial performance resulting from, among other things, a legal dispute with the former owners and its primary customer. This caused the Company to re-evaluate the secured promissory note due from SPS for impairment, which resulted in a $6.0 million pre-tax adjustment that was recorded in Impairments of non-operating assets in the fourth quarter of 2012. In accordance with the provisions of ASC Topic 360, Property, Plant and Equipment, real property with a carrying amount of $1.7 million was written down to its estimated fair value of $0.6 million during the first quarter of 2012, resulting in an impairment charge of $1.1 million, which was included in Impairments in the Company’s consolidated statements of operations. The impairment of this asset was identified due to the Company’s decision to no longer use this property for its initial intended purpose. The Company estimated its fair value using significant unobservable inputs because there have been no recent sales of similar properties in the market place. |
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Intangible Assets | ' | ||||||||
Intangible Assets | |||||||||
Intangible assets as of December 31, 2013 and 2012 were as follows (in thousands): | |||||||||
2013 | 2012 | ||||||||
Customer Relationship: | |||||||||
Gross carrying value | $ | 275,324 | $ | 275,324 | |||||
Accumulated amortization | (139,614 | ) | (122,800 | ) | |||||
Trade Name: | |||||||||
Gross carrying value | 181,037 | 181,037 | |||||||
Intangible assets, net | $ | 316,747 | $ | 333,561 | |||||
For all periods ending on or after December 31, 2007, amortization of intangibles consists primarily of amortization of $261.2 million gross carrying value of definite-lived intangible assets recognized under purchase accounting in connection with Swift Transportation Co.’s 2007 going private transaction. Intangible assets acquired as a result of the 2007 going private transaction include trade name, customer relationships, and owner-operator relationships. Amortization of the customer relationship acquired in the going private transaction is calculated on the 150% declining balance method over the estimated useful life of 15 years. The customer relationship contributed to the Company at May 9, 2007 is amortized using the straight-line method over 15 years. The trade name has an indefinite useful life and is not amortized, but rather is tested for impairment at least annually, unless events occur or circumstances change between annual tests that would more likely than not reduce the fair value. | |||||||||
Amortization of intangibles for 2013, 2012 and 2011 is comprised of $15.6 million, $15.8 million, and $17.1 million, respectively, related to intangible assets recognized in conjunction with the 2007 Transactions and $1.2 million in each year related to previous intangible assets existing prior to the 2007 Transactions. Management estimates that non-cash amortization expense associated with all of the intangibles on the balance sheet as of December 31, 2013 will be $16.8 million in each of the next four years, all but $1.2 million of which, in each period, represents amortization of the intangible assets recognized in conjunction with the 2007 going private transaction. In the fifth year, we estimate our non-cash expense will be $16.3 million, of which $0.6 million, represents the final amortization of the intangible assets existing prior to the 2007 Transactions. | |||||||||
The preceding expected amortization expense is an estimate. Actual amounts of amortization expense may differ from estimated amounts due to additional intangible asset acquisitions, impairment of intangible assets, accelerated amortization of intangible assets and other events. |
Goodwill
Goodwill | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Goodwill | ' | |||||||||||
Goodwill | ||||||||||||
The following presents the components of the net carrying amount of our goodwill by reportable segment as of December 31, 2013 and 2012 (in thousands): | ||||||||||||
Gross Carrying Amount | Accumulated Impairment Losses (1) | Carrying Amount | ||||||||||
Truckload | $ | 376,998 | $ | (190,394 | ) | $ | 186,604 | |||||
Dedicated | 130,742 | (64,090 | ) | 66,652 | ||||||||
Total | $ | 507,740 | $ | (254,484 | ) | $ | 253,256 | |||||
(1) The Company recognized accumulated impairment losses of $190.4 million in its Truckload reporting unit during 2007 and 2008 and $64.1 million in its Dedicated reporting unit during 2007. | ||||||||||||
For the years ended December 31, 2013, 2012 and 2011, there were no changes to the carrying amount of goodwill. In connection with the annual impairment test as of November 30, 2013, the Company concluded that the goodwill of its reporting units was not impaired as of December 31, 2013. |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings per Share | ' | |||||||||||
Earnings per Share | ||||||||||||
The Company calculates its basic earnings per share by dividing net income by the weighted average number of common shares outstanding during the period. The Company’s diluted earnings per share is calculated in a similar manner, but include the effect of dilutive securities, if any, from stock options and using the treasury stock method. To the extent these securities are anti-dilutive; they are excluded from the calculation of diluted earnings per share. | ||||||||||||
The following table sets forth the calculations of basic and diluted earnings per share attributable to the stockholders of the Company (in thousands, except per share data): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Recast) | (Recast) | |||||||||||
Net income | $ | 155,422 | $ | 140,087 | $ | 102,747 | ||||||
Basic: | ||||||||||||
Weighted average common shares outstanding | 140,179 | 139,532 | 139,155 | |||||||||
Diluted: | ||||||||||||
Dilutive effect of stock options | 2,042 | 87 | 508 | |||||||||
Total weighted average diluted shares outstanding | 142,221 | 139,619 | 139,663 | |||||||||
Anti-dilutive shares excluded from the diluted earnings per share calculation (1) | 174 | 4,356 | 5,978 | |||||||||
Earnings per share: | ||||||||||||
Basic earnings per share | $ | 1.11 | $ | 1 | $ | 0.74 | ||||||
Diluted earnings per share | $ | 1.09 | $ | 1 | $ | 0.74 | ||||||
-1 | Impact of outstanding options to purchase shares of the Company’s Class A common stock were anti-dilutive because the options exercise price was greater than the average market price of the common shares and were excluded from the calculation of diluted earnings per share. |
Quarterly_Result_Of_Operations
Quarterly Result Of Operations (unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ' | |||||||||||||||
Quarterly Results of Operations (unaudited) | ' | |||||||||||||||
Quarterly Results of Operations (unaudited) | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Year Ended December 31, 2013 (1) | ||||||||||||||||
Operating revenue | $ | 981,608 | $ | 1,029,071 | $ | 1,032,127 | $ | 1,075,389 | ||||||||
Operating income | $ | 69,718 | $ | 100,266 | $ | 84,420 | $ | 102,555 | ||||||||
Net income | $ | 30,292 | $ | 49,879 | $ | 29,953 | $ | 45,298 | ||||||||
Basic earnings per share | $ | 0.22 | $ | 0.36 | $ | 0.21 | $ | 0.32 | ||||||||
Diluted earnings per share | $ | 0.21 | $ | 0.35 | $ | 0.21 | $ | 0.32 | ||||||||
Year Ended December 31, 2012 (recast) | ||||||||||||||||
Operating revenue | $ | 943,818 | $ | 992,083 | $ | 992,624 | $ | 1,047,560 | ||||||||
Operating income | $ | 63,573 | $ | 95,049 | $ | 77,190 | $ | 116,004 | ||||||||
Net income | $ | 10,827 | $ | 40,920 | $ | 33,656 | $ | 54,684 | ||||||||
Basic and diluted earnings per share | $ | 0.08 | $ | 0.29 | $ | 0.24 | $ | 0.39 | ||||||||
(1) The first and second quarter results of 2013 have been recast due to the acquisition of Central. Refer to Notes 1 and 2 for further information regarding the Acquisition. | ||||||||||||||||
The above quarterly financial data is unaudited, but in the opinion of management, all adjustments necessary for a fair presentation of the selected data for these interim periods presented have been included. These results are not necessarily indicative of future quarterly results. |
Settlement_City_of_Los_Angeles
Settlement- City of Los Angeles | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Settlement City Of Los Angeles [Abstract] | ' |
Settlement-City Of Los Angeles | ' |
Settlement - City of Los Angeles | |
Effective March 2, 2012, the Company and the City of Los Angeles (the “City”) entered into the Settlement Agreement and Mutual Release of Claims (“Settlement”). The Settlement was associated with the Incentive Addendum to Drayage Services Concession Agreement entered into by the Company and the City in December 2008 and as amended, in June 2009 (collectively the “Amended Addendum”). Pursuant to the Amended Addendum, in 2008 the Company received a one-time, early commitment incentive based on a minimum number of required drays to be completed by the Company over a five year term. The Company initially recorded the incentive as deferred revenue, and at the time of the Settlement, the Company had approximately $9.2 million remaining as deferred revenue. Concurrent with the City’s and the Company’s execution of the Settlement and the corresponding termination of the Amended Addendum, the Company refunded the City $4.0 million in full satisfaction of its obligations under the Amended Addendum and in full and final settlement of all claims for payment and damages that may be alleged by the City under the Amended Addendum. The remaining $5.2 million recorded as deferred revenue was recognized into income and classified as a reduction of operating supplies and expenses in the Company’s consolidated statements of operations. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Information | ' | ||||||||||||
Segment information | |||||||||||||
Subsequent to the acquisition of Central discussed in Note 2, the Company concluded it will evaluate the performance of Central separately from the three reportable segments that predated the Central Acquisition. The Company’s four reportable operating segments are Truckload, Dedicated, Central Refrigerated and Intermodal. The subsequent finalization of our organizational design and financial reporting systems may result in future modifications of our reportable segments. | |||||||||||||
• | Truckload. The truckload segment consists of one-way movements over irregular routes throughout the United States, Mexico, and Canada. This service utilizes both company and owner-operator tractors with dry van, flatbed, and other specialized trailing equipment. | ||||||||||||
• | Dedicated. Through the dedicated segment, the Company devotes use of equipment and offers tailored solutions under long-term contracts. This dedicated segment utilizes refrigerated, dry van, flatbed and other specialized trailing equipment. | ||||||||||||
• | Central Refrigerated. The Central Refrigerated segment is primarily shipments for customers that require temperature-controlled trailers and represents the core operations of Central Refrigerated. These shipments include one-way movements over irregular routes, dedicated truck operations, as well as a small number of intermodal trailer on flat car ("TOFC") and third party logistics loads. | ||||||||||||
• | Intermodal. The intermodal segment includes revenue generated by moving freight over the rail in our containers and other trailing equipment, combined with revenue for drayage to transport loads between the railheads and customer locations. | ||||||||||||
• | Other businesses. Nonreportable segments are comprised of the Company’s freight brokerage and logistics management services, as well as revenue generated by the Company’s subsidiaries offering support services to its customers and owner-operators, including shop maintenance, equipment leasing, and insurance. | ||||||||||||
The Company uses the “management approach” to determine its reportable operating segments, as well as to determine the basis of reporting the operating segment information. The management approach focuses on financial information that the Company’s management uses to make operating decisions. The chief operating decision makers use operating revenues, operating expense categories, operating ratios, operating income and key operating statistics to evaluate performance and allocate resources to the Company’s operations. | |||||||||||||
Operating income is the measure of segment profit or loss the Company uses to evaluate segment performance and allocate resources and, consistent with GAAP accounting guidance for segment reporting, it is the Company’s measure of segment performance and is reported below. Operating income should not be viewed as a substitute for GAAP net income (loss). The Company believes the presentation of operating income enhances the understanding of its performance by highlighting the results of operations and the underlying profitability drivers of the business segments. | |||||||||||||
Operating income is defined as operating revenues less operating expenses, before tax. | |||||||||||||
Based on the unique nature of the operating structure of the Company, revenue generating assets are interchangeable between segments. Therefore, the Company does not prepare separate balance sheets by segment as assets are not separately identifiable by segment. The Company allocates depreciation and amortization expense on its property and equipment to the segments based on the actual utilization of the asset by the segment during the period. | |||||||||||||
The Company’s foreign operations total revenue was less than 5.0% of the Company’s total revenue for each of the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
Set forth in the tables below is certain financial information with respect to the Company’s reportable segments (in thousands): | |||||||||||||
Operating Revenue | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Recast) | (Recast) | ||||||||||||
Truckload | $ | 2,313,035 | $ | 2,282,342 | $ | 2,336,056 | |||||||
Dedicated | 738,929 | 724,405 | 625,268 | ||||||||||
Central Refrigerated | 533,993 | 484,657 | 447,173 | ||||||||||
Intermodal | 350,093 | 333,938 | 237,875 | ||||||||||
Subtotal | 3,936,050 | 3,825,342 | 3,646,372 | ||||||||||
Nonreportable segments | 224,425 | 211,112 | 192,987 | ||||||||||
Intersegment eliminations | (42,280 | ) | (60,369 | ) | (60,396 | ) | |||||||
Consolidated operating revenue | $ | 4,118,195 | $ | 3,976,085 | $ | 3,778,963 | |||||||
Operating Income (Loss) | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Recast) | (Recast) | ||||||||||||
Truckload | $ | 225,963 | $ | 246,005 | $ | 222,954 | |||||||
Dedicated | 83,520 | 74,026 | 69,753 | ||||||||||
Central Refrigerated | 25,821 | 29,770 | 16,023 | ||||||||||
Intermodal | 6,030 | (6,854 | ) | 3,146 | |||||||||
Subtotal | 341,334 | 342,947 | 311,876 | ||||||||||
Nonreportable segments | 15,625 | 8,869 | 10,160 | ||||||||||
Consolidated operating income | $ | 356,959 | $ | 351,816 | $ | 322,036 | |||||||
Depreciation and Amortization | |||||||||||||
Expense | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Recast) | (Recast) | ||||||||||||
Truckload | $ | 127,404 | $ | 121,004 | $ | 135,863 | |||||||
Dedicated | 45,568 | 44,088 | 39,888 | ||||||||||
Central Refrigerated | 16,440 | 19,010 | 13,925 | ||||||||||
Intermodal | 9,032 | 9,041 | 7,805 | ||||||||||
Subtotal | 198,444 | 193,143 | 197,481 | ||||||||||
Nonreportable segments | 27,564 | 25,696 | 20,617 | ||||||||||
Consolidated depreciation and amortization expense | $ | 226,008 | $ | 218,839 | $ | 218,098 | |||||||
Other Intersegment Transactions | |||||||||||||
Certain operating segments provide transportation and related services for other affiliates outside their reportable segment. Revenues for such services are based on negotiated rates, which we believe approximate fair value, and are reflected as revenues of the billing segment. These rates are adjusted from time to time based on market conditions. Such intersegment revenues and expenses are eliminated in our consolidated results. |
Guarantor_Condensed_Consolidat
Guarantor Condensed Consolidating Financial Statements | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Guarantor Condensed Consolidating Financial Statements | ' | ||||||||||||||||||||||||
Guarantor Condensed Consolidating Financial Statements | |||||||||||||||||||||||||
The payment of principal and interest on the Company’s senior second priority secured notes are guaranteed by the Company’s 100% owned domestic subsidiaries (the “Guarantor Subsidiaries”) other than its driver academy subsidiary, its captive insurance subsidiaries, its special-purpose receivables securitization subsidiary, and its foreign subsidiaries (the “Non-guarantor Subsidiaries”). The separate financial statements of the Guarantor Subsidiaries are not included herein because the Guarantor Subsidiaries are the Company’s 100% owned consolidated subsidiaries and are jointly, severally, fully and unconditionally liable for the obligations represented by the senior second priority secured notes. | |||||||||||||||||||||||||
Pursuant to the terms of the Indenture governing the senior second priority secured notes, the guarantees are full and unconditional, but are subject to release under the following circumstances: | |||||||||||||||||||||||||
Ÿ in connection with any sale, disposition or transfer of all or substantially all of the assets to a person that is not the parent Company or a subsidiary guarantor | |||||||||||||||||||||||||
Ÿ in connection with any sale, disposition or transfer of all of the capital stock of that subsidiary guarantor to a person that is not the parent, the Company or a subsidiary guarantor | |||||||||||||||||||||||||
Ÿ if the Company designates any restricted subsidiary that is a subsidiary guarantor to be an Unrestricted Subsidiary | |||||||||||||||||||||||||
Ÿ upon legal Defeasance or the discharge of the Company's obligation under the indenture | |||||||||||||||||||||||||
Ÿ at such time as such subsidiary guarantor does not have any indebtedness that would have required a guarantee | |||||||||||||||||||||||||
Although the guarantees are subject to release under the above described circumstances, we have concluded they are still deemed "full and unconditional" for purposes of Rule 3-10 of Regulation S-X because these circumstances are customary, and accordingly, the Company concluded that it may rely on Rule 3-10 of Regulation S-X, as the other requirements of Rule 3-10 have been met. | |||||||||||||||||||||||||
The condensed financial statements present condensed financial data for (i) Swift Transportation Company (on a parent only basis), (ii) Swift Services Holdings, Inc. (on an issuer only basis), (iii) the combined Guarantor Subsidiaries, (iv) the combined Non-Guarantor Subsidiaries, (v) an elimination column for adjustments to arrive at the information for the parent company and subsidiaries on a consolidated basis and (vi) the parent company and subsidiaries on a consolidated basis as of December 31, 2013 and 2012 and for each of the three years in the period ended ended December 31, 2013. | |||||||||||||||||||||||||
Investments in subsidiaries are accounted for by the respective parent company using the equity method for purposes of this presentation. Results of operations of subsidiaries are therefore reflected in the parent company’s investment accounts and earnings. The principal elimination entries set forth below eliminate investments in subsidiaries and intercompany balances and transactions. | |||||||||||||||||||||||||
Condensed consolidating balance sheet as of December 31, 2013 (in thousands) | |||||||||||||||||||||||||
Swift | Swift | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Services | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | Holdings, Inc. | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | (Issuer) | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 54,564 | $ | 4,614 | $ | — | $ | 59,178 | |||||||||||||
Restricted cash | — | — | — | 50,833 | — | 50,833 | |||||||||||||||||||
Restricted investments, held to maturity, amortized cost | 25,814 | 25,814 | |||||||||||||||||||||||
Accounts receivable, net | — | — | 28,997 | 394,044 | (4,605 | ) | 418,436 | ||||||||||||||||||
Intercompany receivable | 85,498 | 400,569 | — | 55,799 | (541,866 | ) | — | ||||||||||||||||||
Other current assets | 37,022 | — | 127,775 | 16,270 | (1,296 | ) | 179,771 | ||||||||||||||||||
Total current assets | 122,520 | 400,569 | 211,336 | 547,374 | (547,767 | ) | 734,032 | ||||||||||||||||||
Property and equipment, net | — | — | 1,407,414 | 40,393 | — | 1,447,807 | |||||||||||||||||||
Investment in subsidiaries | 239,432 | 870,599 | 983,289 | — | (2,093,320 | ) | — | ||||||||||||||||||
Other assets | 11,780 | 2,355 | 83,967 | 4,639 | (45,575 | ) | 57,166 | ||||||||||||||||||
Intangible assets, net | — | — | 307,092 | 9,655 | — | 316,747 | |||||||||||||||||||
Goodwill | — | — | 246,977 | 6,279 | — | 253,256 | |||||||||||||||||||
Total assets | $ | 373,732 | $ | 1,273,523 | $ | 3,240,075 | $ | 608,340 | $ | (2,686,662 | ) | $ | 2,809,008 | ||||||||||||
Intercompany payable | $ | — | $ | 1,296 | $ | 542,772 | $ | — | $ | (544,068 | ) | $ | — | ||||||||||||
Current portion of long-term debt and obligations under capital leases | 6,036 | — | 64,970 | 36,626 | (32,576 | ) | 75,056 | ||||||||||||||||||
Other current liabilities | 2,281 | 6,389 | 277,921 | 27,170 | (4,449 | ) | 309,312 | ||||||||||||||||||
Total current liabilities | 8,317 | 7,685 | 885,663 | 63,796 | (581,093 | ) | 384,368 | ||||||||||||||||||
Long-term debt and obligations under capital leases, less current portion | — | 493,825 | 747,918 | 5,046 | (25 | ) | 1,246,764 | ||||||||||||||||||
Deferred income taxes | — | — | 487,670 | 8,754 | (12,224 | ) | 484,200 | ||||||||||||||||||
Securitization of accounts receivable | — | — | — | 264,000 | — | 264,000 | |||||||||||||||||||
Revolving line of credit | — | — | 17,000 | — | — | 17,000 | |||||||||||||||||||
Other liabilities | — | — | 73,774 | 55,315 | — | 129,089 | |||||||||||||||||||
Total liabilities | 8,317 | 501,510 | 2,212,025 | 396,911 | (593,342 | ) | 2,525,421 | ||||||||||||||||||
Total stockholders’ equity | 365,415 | 772,013 | 1,028,050 | 211,429 | (2,093,320 | ) | 283,587 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 373,732 | $ | 1,273,523 | $ | 3,240,075 | $ | 608,340 | $ | (2,686,662 | ) | $ | 2,809,008 | ||||||||||||
Condensed consolidating balance sheet as of December 31, 2012 (in thousands) | |||||||||||||||||||||||||
Swift | Swift | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Services | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | Holdings, Inc. | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | (Issuer) | ||||||||||||||||||||||||
(Recast) | (Recast) | (Recast) | |||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 43,877 | $ | 9,719 | $ | — | $ | 53,596 | |||||||||||||
Restricted cash | — | — | — | 51,678 | — | 51,678 | |||||||||||||||||||
Restricted investments, held to maturity, amortized cost | — | — | — | 22,275 | — | 22,275 | |||||||||||||||||||
Accounts receivable, net | — | — | 72,319 | 324,597 | (4,146 | ) | 392,770 | ||||||||||||||||||
Intercompany receivable | 24,239 | 430,030 | — | 53,665 | (507,934 | ) | — | ||||||||||||||||||
Other current assets | 57,914 | 181 | 150,090 | 13,587 | — | 221,772 | |||||||||||||||||||
Total current assets | 82,153 | 430,211 | 266,286 | 475,521 | (512,080 | ) | 742,091 | ||||||||||||||||||
Property and equipment, net | — | — | 1,360,358 | 37,178 | — | 1,397,536 | |||||||||||||||||||
Investment in subsidiaries | 106,194 | 757,590 | 904,412 | — | (1,768,196 | ) | — | ||||||||||||||||||
Other assets | 19,622 | 2,647 | 87,631 | 4,974 | (49,337 | ) | 65,537 | ||||||||||||||||||
Intangible assets, net | — | — | 323,134 | 10,427 | — | 333,561 | |||||||||||||||||||
Goodwill | — | — | 246,977 | 6,279 | — | 253,256 | |||||||||||||||||||
Total assets | $ | 207,969 | $ | 1,190,448 | $ | 3,188,798 | $ | 534,379 | $ | (2,329,613 | ) | $ | 2,791,981 | ||||||||||||
Intercompany payable | $ | — | $ | — | $ | 507,934 | $ | — | $ | (507,934 | ) | $ | — | ||||||||||||
Current portion of long-term debt and obligations under capital leases | — | — | 71,705 | 28,301 | (26,509 | ) | 73,497 | ||||||||||||||||||
Other current liabilities | 1,656 | 6,389 | 277,738 | 28,315 | (4,146 | ) | 309,952 | ||||||||||||||||||
Total current liabilities | 1,656 | 6,389 | 857,377 | 56,616 | (538,589 | ) | 383,449 | ||||||||||||||||||
Long-term debt and obligations under capital leases, less current portion | — | 492,561 | 861,534 | 6,116 | (3,110 | ) | 1,357,101 | ||||||||||||||||||
Deferred income taxes | — | — | 456,098 | 5,001 | (19,718 | ) | 441,381 | ||||||||||||||||||
Securitization of accounts receivable | — | — | — | 204,000 | — | 204,000 | |||||||||||||||||||
Revolving line of credit | — | — | 2,531 | — | — | 2,531 | |||||||||||||||||||
Other liabilities | — | — | 63,739 | 49,576 | — | 113,315 | |||||||||||||||||||
Total liabilities | 1,656 | 498,950 | 2,241,279 | 321,309 | (561,417 | ) | 2,501,777 | ||||||||||||||||||
Total stockholders’ equity | 206,313 | 691,498 | 947,519 | 213,070 | (1,768,196 | ) | 290,204 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 207,969 | $ | 1,190,448 | $ | 3,188,798 | $ | 534,379 | $ | (2,329,613 | ) | $ | 2,791,981 | ||||||||||||
Condensed consolidating statement of operations for year ended December 31, 2013 (in thousands) | |||||||||||||||||||||||||
Swift | Swift | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Services | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | Holdings, Inc. | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | (Issuer) | ||||||||||||||||||||||||
Operating revenue | $ | — | $ | — | $ | 4,044,469 | $ | 164,483 | $ | (90,757 | ) | $ | 4,118,195 | ||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Salaries, wages and employee benefits | 3,638 | — | 870,463 | 29,889 | — | 903,990 | |||||||||||||||||||
Operating supplies and expenses | 2,245 | 10 | 309,863 | 15,122 | (8,217 | ) | 319,023 | ||||||||||||||||||
Fuel | — | — | 614,074 | 25,926 | — | 640,000 | |||||||||||||||||||
Purchased transportation | — | — | 1,294,889 | 17,297 | (56,540 | ) | 1,255,646 | ||||||||||||||||||
Rental expense | — | — | 177,566 | 3,410 | (648 | ) | 180,328 | ||||||||||||||||||
Insurance and claims | 1,017 | — | 116,908 | 49,606 | (25,352 | ) | 142,179 | ||||||||||||||||||
Depreciation and amortization of property and equipment | — | — | 221,264 | 4,744 | — | 226,008 | |||||||||||||||||||
Amortization of intangibles | — | — | 16,042 | 772 | — | 16,814 | |||||||||||||||||||
Gain on disposal of property and equipment | — | — | (22,688 | ) | 24 | — | (22,664 | ) | |||||||||||||||||
Communication and utilities | — | — | 24,652 | 941 | — | 25,593 | |||||||||||||||||||
Operating taxes and licenses | — | — | 63,448 | 10,871 | — | 74,319 | |||||||||||||||||||
Total operating expenses | 6,900 | 10 | 3,686,481 | 158,602 | (90,757 | ) | 3,761,236 | ||||||||||||||||||
Operating income (loss) | (6,900 | ) | (10 | ) | 357,988 | 5,881 | — | 356,959 | |||||||||||||||||
Interest expense, net | 27 | 51,654 | 45,095 | 4,136 | — | 100,912 | |||||||||||||||||||
Loss on debt extinguishment | — | — | 5,540 | — | — | 5,540 | |||||||||||||||||||
Other (income) expenses, net | (133,239 | ) | (113,008 | ) | (79,966 | ) | (10,447 | ) | 330,763 | (5,897 | ) | ||||||||||||||
Income before income taxes | 126,312 | 61,344 | 387,319 | 12,192 | (330,763 | ) | 256,404 | ||||||||||||||||||
Income tax expense (benefit) | (15,018 | ) | (19,172 | ) | 126,980 | 8,192 | — | 100,982 | |||||||||||||||||
Net income | $ | 141,330 | $ | 80,516 | $ | 260,339 | $ | 4,000 | $ | (330,763 | ) | $ | 155,422 | ||||||||||||
Condensed consolidating statement of operations for the year ended December 31, 2012 (in thousands) | |||||||||||||||||||||||||
Swift | Swift | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Services | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | Holdings, Inc. | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | (Issuer) | ||||||||||||||||||||||||
(Recast) | (Recast) | (Recast) | |||||||||||||||||||||||
Operating revenue | $ | — | $ | — | $ | 3,912,979 | $ | 147,649 | $ | (84,543 | ) | $ | 3,976,085 | ||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Salaries, wages and employee benefits | 4,645 | — | 849,022 | 26,189 | — | 879,856 | |||||||||||||||||||
Operating supplies and expenses | 2,503 | 12 | 281,911 | 12,769 | (6,723 | ) | 290,472 | ||||||||||||||||||
Fuel | — | — | 647,827 | 20,880 | — | 668,707 | |||||||||||||||||||
Purchased transportation | — | — | 1,233,107 | 21,738 | (59,812 | ) | 1,195,033 | ||||||||||||||||||
Rental expense | — | — | 146,367 | 3,752 | (686 | ) | 149,433 | ||||||||||||||||||
Insurance and claims | — | — | 100,448 | 38,529 | (17,322 | ) | 121,655 | ||||||||||||||||||
Depreciation and amortization of property and equipment | — | — | 214,819 | 4,020 | — | 218,839 | |||||||||||||||||||
Amortization of intangibles | — | — | 16,147 | 778 | — | 16,925 | |||||||||||||||||||
Impairments | — | — | 3,387 | — | — | 3,387 | |||||||||||||||||||
Gain on disposal of property and equipment | — | — | (18,231 | ) | (120 | ) | — | (18,351 | ) | ||||||||||||||||
Communication and utilities | — | — | 25,536 | 928 | — | 26,464 | |||||||||||||||||||
Operating taxes and licenses | — | — | 63,183 | 8,666 | — | 71,849 | |||||||||||||||||||
Total operating expenses | 7,148 | 12 | 3,563,523 | 138,129 | (84,543 | ) | 3,624,269 | ||||||||||||||||||
Operating income (loss) | (7,148 | ) | (12 | ) | 349,456 | 9,520 | — | 351,816 | |||||||||||||||||
Interest expense, net | — | 51,654 | 69,183 | 4,157 | — | 124,994 | |||||||||||||||||||
Loss on debt extinguishment | — | — | 22,219 | — | — | 22,219 | |||||||||||||||||||
Other (income) expenses, net | (118,843 | ) | (80,090 | ) | (43,849 | ) | (10,284 | ) | 255,968 | 2,902 | |||||||||||||||
Income before income taxes | 111,695 | 28,424 | 301,903 | 15,647 | (255,968 | ) | 201,701 | ||||||||||||||||||
Income tax expense (benefit) | (2,894 | ) | (19,167 | ) | 77,472 | 6,203 | — | 61,614 | |||||||||||||||||
Net income | $ | 114,589 | $ | 47,591 | $ | 224,431 | $ | 9,444 | $ | (255,968 | ) | $ | 140,087 | ||||||||||||
Condensed consolidating statement of operations for the year ended December 31, 2011 (in thousands) | |||||||||||||||||||||||||
Swift | Swift | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Services | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | Holdings, Inc. | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | (Issuer) | ||||||||||||||||||||||||
(Recast) | (Recast) | (Recast) | |||||||||||||||||||||||
Operating revenue | $ | — | $ | — | $ | 3,720,679 | $ | 138,091 | $ | (79,807 | ) | $ | 3,778,963 | ||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Salaries, wages and employee benefits | 6,784 | — | 828,293 | 26,346 | — | 861,423 | |||||||||||||||||||
Operating supplies and expenses | 3,044 | 5 | 263,480 | 21,514 | (6,171 | ) | 281,872 | ||||||||||||||||||
Fuel | — | — | 679,507 | 19,023 | — | 698,530 | |||||||||||||||||||
Purchased transportation | — | — | 1,092,135 | 15,893 | (52,612 | ) | 1,055,416 | ||||||||||||||||||
Rental expense | — | — | 121,783 | 1,238 | (742 | ) | 122,279 | ||||||||||||||||||
Insurance and claims | — | — | 92,970 | 37,951 | (20,282 | ) | 110,639 | ||||||||||||||||||
Depreciation and amortization of property and equipment | — | — | 215,142 | 2,956 | — | 218,098 | |||||||||||||||||||
Amortization of intangibles | — | — | 17,415 | 843 | — | 18,258 | |||||||||||||||||||
Gain on disposal of property and equipment | — | — | (8,957 | ) | 55 | — | (8,902 | ) | |||||||||||||||||
Communication and utilities | — | — | 26,758 | 999 | — | 27,757 | |||||||||||||||||||
Operating taxes and licenses | — | — | 63,171 | 8,386 | — | 71,557 | |||||||||||||||||||
Total operating expenses | 9,828 | 5 | 3,391,697 | 135,204 | (79,807 | ) | 3,456,927 | ||||||||||||||||||
Operating income (loss), net | (9,828 | ) | (5 | ) | 328,982 | 2,887 | — | 322,036 | |||||||||||||||||
Interest expense, net | — | 51,600 | 105,746 | 5,695 | — | 163,041 | |||||||||||||||||||
Other (income) expenses | (95,283 | ) | (22,277 | ) | 18,229 | (23,272 | ) | 120,359 | (2,244 | ) | |||||||||||||||
Income (loss) before income taxes | 85,455 | (29,328 | ) | 205,007 | 20,464 | (120,359 | ) | 161,239 | |||||||||||||||||
Income tax expense (benefit) | (5,095 | ) | (18,911 | ) | 75,251 | 7,247 | — | 58,492 | |||||||||||||||||
Net income (loss) | $ | 90,550 | $ | (10,417 | ) | $ | 129,756 | $ | 13,217 | $ | (120,359 | ) | $ | 102,747 | |||||||||||
Condensed consolidating statement of comprehensive income for the year ended December 31, 2013 (in thousands) | |||||||||||||||||||||||||
Swift | Swift Services | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Holdings, Inc. | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | (Issuer) | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | |||||||||||||||||||||||||
Net income | $ | 141,330 | $ | 80,516 | $ | 260,339 | $ | 4,000 | $ | (330,763 | ) | $ | 155,422 | ||||||||||||
Other comprehensive income before income taxes: | |||||||||||||||||||||||||
Accumulated losses on derivatives reclassified to derivative interest expense | — | — | 3,143 | — | — | 3,143 | |||||||||||||||||||
Change in fair value of interest rate swaps | — | — | (145 | ) | — | — | (145 | ) | |||||||||||||||||
Other comprehensive income before income taxes | — | — | 2,998 | — | — | 2,998 | |||||||||||||||||||
Income tax effect of items of other comprehensive income | — | — | (958 | ) | — | — | (958 | ) | |||||||||||||||||
Total comprehensive income | $ | 141,330 | $ | 80,516 | $ | 262,379 | $ | 4,000 | $ | (330,763 | ) | $ | 157,462 | ||||||||||||
Condensed consolidating statement of comprehensive income for the year ended December 31, 2012 (in thousands) | |||||||||||||||||||||||||
Swift | Swift Services | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Holdings, Inc. | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | (Issuer) | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | |||||||||||||||||||||||||
(Recast) | (Recast) | (Recast) | |||||||||||||||||||||||
Net income | $ | 114,589 | $ | 47,591 | $ | 224,431 | $ | 9,444 | $ | (255,968 | ) | $ | 140,087 | ||||||||||||
Other comprehensive income before income taxes: | |||||||||||||||||||||||||
Accumulated losses on derivatives reclassified to derivative interest expense | — | — | 5,101 | — | — | 5,101 | |||||||||||||||||||
Change in fair value of interest rate swaps | — | — | (2,786 | ) | — | — | (2,786 | ) | |||||||||||||||||
Other comprehensive income before income taxes | — | — | 2,315 | — | — | 2,315 | |||||||||||||||||||
Income tax effect of items of other comprehensive income | — | — | 1,142 | — | — | 1,142 | |||||||||||||||||||
Total comprehensive income | $ | 114,589 | $ | 47,591 | $ | 227,888 | $ | 9,444 | $ | (255,968 | ) | $ | 143,544 | ||||||||||||
Condensed consolidating statement of comprehensive income for the year ended December 31, 2011 (in thousands) | |||||||||||||||||||||||||
Swift | Swift Services | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Holdings, Inc. | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | (Issuer) | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | |||||||||||||||||||||||||
(Recast) | (Recast) | (Recast) | |||||||||||||||||||||||
Net income (loss) | $ | 90,550 | $ | (10,417 | ) | $ | 129,756 | $ | 13,217 | $ | (120,359 | ) | $ | 102,747 | |||||||||||
Other comprehensive income before income taxes: | |||||||||||||||||||||||||
Accumulated losses on derivatives reclassified to derivative interest expense | — | — | 15,057 | — | — | 15,057 | |||||||||||||||||||
Change in fair value of interest rate swaps | — | — | (9,952 | ) | — | — | (9,952 | ) | |||||||||||||||||
Other comprehensive income before income taxes | — | — | 5,105 | — | — | 5,105 | |||||||||||||||||||
Income tax effect of items of other comprehensive income | — | — | 3,897 | — | — | 3,897 | |||||||||||||||||||
Total comprehensive income (loss) | $ | 90,550 | $ | (10,417 | ) | $ | 138,758 | $ | 13,217 | $ | (120,359 | ) | $ | 111,749 | |||||||||||
Condensed consolidating statement of cash flows for the year ended December 31, 2013 (in thousands) | |||||||||||||||||||||||||
Swift | Swift Services | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Holdings, Inc. | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | (Issuer) | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | |||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 47,129 | $ | (29,460 | ) | $ | 511,024 | $ | (55,189 | ) | $ | — | $ | 473,504 | |||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Decrease in restricted cash | — | — | — | 845 | — | 845 | |||||||||||||||||||
Change in restricted investments | — | — | — | (3,539 | ) | — | (3,539 | ) | |||||||||||||||||
Proceeds from sale of property and equipment | — | — | 119,009 | 149 | — | 119,158 | |||||||||||||||||||
Capital expenditures | — | — | (312,713 | ) | (5,558 | ) | — | (318,271 | ) | ||||||||||||||||
Payments received on notes receivable | — | 3,868 | — | — | 3,868 | ||||||||||||||||||||
Expenditures on assets held for sale | — | — | (18,415 | ) | — | — | (18,415 | ) | |||||||||||||||||
Payments received on assets held for sale | — | — | 53,486 | — | — | 53,486 | |||||||||||||||||||
Payments received on equipment sale receivables | — | — | 1,450 | — | — | 1,450 | |||||||||||||||||||
Dividends from subsidiary | — | — | 6,800 | — | (6,800 | ) | — | ||||||||||||||||||
Payments received on intercompany notes payable | — | — | 3,399 | — | (3,399 | ) | — | ||||||||||||||||||
Capital contribution to subsidiary | (1,160 | ) | — | 1,160 | — | ||||||||||||||||||||
Acquisition of Central Refrigerated, net of debt repayment | — | — | (150,302 | ) | — | — | (150,302 | ) | |||||||||||||||||
Net cash used in investing activities | — | — | (294,578 | ) | (8,103 | ) | (9,039 | ) | (311,720 | ) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Proceeds from long-term debt | — | — | 15,999 | 10,268 | — | 26,267 | |||||||||||||||||||
Payment of deferred loan costs | — | — | (1,332 | ) | (851 | ) | — | (2,183 | ) | ||||||||||||||||
Borrowings under accounts receivable securitization | — | — | — | 184,000 | — | 184,000 | |||||||||||||||||||
Repayment of accounts receivable securitization | — | — | — | (124,000 | ) | — | (124,000 | ) | |||||||||||||||||
Repayment of long-term debt and capital leases | — | — | (228,130 | ) | (8,258 | ) | — | (236,388 | ) | ||||||||||||||||
Repayment of intercompany notes payable | — | — | — | (3,399 | ) | 3,399 | — | ||||||||||||||||||
Dividend to parent | — | — | — | (6,800 | ) | 6,800 | — | ||||||||||||||||||
Capital contribution | — | — | — | 1,160 | (1,160 | ) | — | ||||||||||||||||||
Net funding (to) from affiliates | (61,261 | ) | 29,460 | 25,734 | 6,067 | — | — | ||||||||||||||||||
Distribution to Central stockholders, pre-acquisition | — | — | (2,499 | ) | — | — | (2,499 | ) | |||||||||||||||||
Issuance of Central loan receivable, pre-acquisition | — | — | (30,000 | ) | — | — | (30,000 | ) | |||||||||||||||||
Net borrowings on revolving line of credit | — | — | 14,469 | — | — | 14,469 | |||||||||||||||||||
Proceeds from exercise of stock options and the issuance of employee stock purchase plan shares | 13,945 | — | — | — | — | 13,945 | |||||||||||||||||||
Income tax benefit (deficiency) from exercise of stock options | 187 | — | — | — | — | 187 | |||||||||||||||||||
Net cash provided by (used in) financing activities | (47,129 | ) | 29,460 | (205,759 | ) | 58,187 | 9,039 | (156,202 | ) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | 10,687 | (5,105 | ) | — | 5,582 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 43,877 | 9,719 | — | 53,596 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 54,564 | $ | 4,614 | $ | — | $ | 59,178 | |||||||||||||
Condensed consolidating statement of cash flows for the year ended December 31, 2012 (in thousands) | |||||||||||||||||||||||||
Swift | Swift Services | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Holdings, Inc. | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | (Issuer) | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | |||||||||||||||||||||||||
(Recast) | (Recast) | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 13,076 | $ | (11,970 | ) | $ | 442,480 | $ | 3,532 | $ | — | $ | 447,118 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Decrease in restricted cash | — | — | — | 20,046 | — | 20,046 | |||||||||||||||||||
Change in restricted investments | — | — | — | (22,275 | ) | — | (22,275 | ) | |||||||||||||||||
Funding of notes receivable | — | — | (7,500 | ) | — | — | (7,500 | ) | |||||||||||||||||
Proceeds from sale of property and equipment | — | — | 141,504 | 1,180 | — | 142,684 | |||||||||||||||||||
Capital expenditures | — | — | (310,885 | ) | (3,257 | ) | — | (314,142 | ) | ||||||||||||||||
Payments received on notes receivable | — | — | 5,948 | — | — | 5,948 | |||||||||||||||||||
Expenditures on assets held for sale | — | — | (12,040 | ) | — | — | (12,040 | ) | |||||||||||||||||
Payments received on assets held for sale | — | — | 12,778 | — | — | 12,778 | |||||||||||||||||||
Payments received on equipment sale receivables | — | — | 5,642 | — | — | 5,642 | |||||||||||||||||||
Dividends from subsidiary | — | — | 6,700 | — | (6,700 | ) | — | ||||||||||||||||||
Payments received on intercompany notes payable | — | — | 2,125 | — | (2,125 | ) | — | ||||||||||||||||||
Funding of intercompany notes payable | — | — | — | — | — | — | |||||||||||||||||||
Other investing activities | — | — | (270 | ) | — | — | (270 | ) | |||||||||||||||||
Net cash used in investing activities | — | — | (155,998 | ) | (4,306 | ) | (8,825 | ) | (169,129 | ) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Payment of deferred loan costs | — | — | (9,023 | ) | — | — | (9,023 | ) | |||||||||||||||||
Borrowings under accounts receivable securitization | — | — | — | 255,000 | — | 255,000 | |||||||||||||||||||
Repayment of accounts receivable securitization | — | — | — | (231,000 | ) | — | (231,000 | ) | |||||||||||||||||
Repayment of long-term debt and capital leases | — | — | (311,401 | ) | (534 | ) | — | (311,935 | ) | ||||||||||||||||
Dividend to parent | — | — | — | (6,700 | ) | 6,700 | — | ||||||||||||||||||
Proceeds from long term notes | — | — | 11,304 | — | — | 11,304 | |||||||||||||||||||
Proceeds from intercompany notes payable | — | — | — | — | — | — | |||||||||||||||||||
Repayment of intercompany notes payable | — | — | — | (2,125 | ) | 2,125 | — | ||||||||||||||||||
Net funding (to) from affiliates | (24,239 | ) | 11,970 | 22,652 | (10,383 | ) | — | — | |||||||||||||||||
Net borrowings on revolving line of credit | — | — | (6,506 | ) | — | — | (6,506 | ) | |||||||||||||||||
Distribution to Central stockholders, pre-acquisition | — | — | (13,605 | ) | — | — | (13,605 | ) | |||||||||||||||||
Proceeds from exercise of stock options and the issuance of employee stock purchase plan shares | 401 | — | — | — | — | 401 | |||||||||||||||||||
Income tax benefit (deficiency) from exercise of stock options | (370 | ) | — | — | — | — | (370 | ) | |||||||||||||||||
Other financing activities | — | — | (743 | ) | — | — | (743 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | (24,208 | ) | 11,970 | (307,322 | ) | 4,258 | 8,825 | (306,477 | ) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (11,132 | ) | — | (20,840 | ) | 3,484 | — | (28,488 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | 11,132 | — | 64,717 | 6,235 | — | 82,084 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 43,877 | $ | 9,719 | $ | — | $ | 53,596 | |||||||||||||
Condensed consolidating statement of cash flows for the year ended December 31, 2011 ( in thousands) | |||||||||||||||||||||||||
Swift | Swift Services | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Holdings, Inc. | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | (Issuer) | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | |||||||||||||||||||||||||
(Recast) | (Recast) | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (6,571 | ) | $ | (44,963 | ) | $ | 429,773 | $ | (38,055 | ) | $ | — | $ | 340,184 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Decrease in restricted cash | — | — | — | 12,844 | — | 12,844 | |||||||||||||||||||
Proceeds from sale of property and equipment | — | — | 77,336 | 135 | — | 77,471 | |||||||||||||||||||
Capital expenditures | — | — | (243,312 | ) | (6,583 | ) | — | (249,895 | ) | ||||||||||||||||
Payments received on notes receivable | — | — | 7,334 | — | — | 7,334 | |||||||||||||||||||
Expenditures on assets held for sale | — | — | (8,965 | ) | — | — | (8,965 | ) | |||||||||||||||||
Payments received on assets held for sale | — | — | 11,018 | — | — | 11,018 | |||||||||||||||||||
Funding of intercompany notes | — | — | (4,702 | ) | — | 4,702 | — | ||||||||||||||||||
Payments received on intercompany notes | — | — | 4,566 | — | (4,566 | ) | — | ||||||||||||||||||
Dividend from subsidiary | — | — | 15,600 | — | (15,600 | ) | — | ||||||||||||||||||
Other investing activities | — | — | 275 | — | — | 275 | |||||||||||||||||||
Net cash (used in) provided by investing activities | — | — | (140,850 | ) | 6,396 | (15,464 | ) | (149,918 | ) | ||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Proceeds from issuance of class A common stock, net of issuance costs | 62,994 | — | — | — | — | 62,994 | |||||||||||||||||||
Payment of deferred loan costs | — | (979 | ) | (2,051 | ) | (884 | ) | — | (3,914 | ) | |||||||||||||||
Borrowings under accounts receivable securitization | — | — | — | 263,000 | — | 263,000 | |||||||||||||||||||
Repayment of accounts receivable securitization | — | — | — | (254,500 | ) | — | (254,500 | ) | |||||||||||||||||
Repayment of long-term debt and capital leases | — | — | (223,029 | ) | (1,240 | ) | — | (224,269 | ) | ||||||||||||||||
Proceeds from intercompany notes | — | — | — | 4,702 | (4,702 | ) | — | ||||||||||||||||||
Repayment of intercompany notes | — | — | — | (4,566 | ) | 4,566 | — | ||||||||||||||||||
Net borrowings on revolving line of credit | — | — | 9,037 | — | — | 9,037 | |||||||||||||||||||
Proceeds from long term notes | — | — | 7,263 | — | — | 7,263 | |||||||||||||||||||
Distribution to Central stockholders, pre-acquisition | — | — | (4,964 | ) | — | — | (4,964 | ) | |||||||||||||||||
Issuance of Central loan receivable, pre-acquisition | — | — | (12,000 | ) | — | — | (12,000 | ) | |||||||||||||||||
Dividend to parent | — | — | — | (15,600 | ) | 15,600 | — | ||||||||||||||||||
Proceeds from exercise of stock options and the issuance of employee stock purchase plan shares | 247 | — | — | — | — | 247 | |||||||||||||||||||
Income tax benefit (deficiency) from exercise of stock options | (206 | ) | — | — | — | — | (206 | ) | |||||||||||||||||
Net funding (to) from affiliates | (46,893 | ) | 45,942 | (35,942 | ) | 36,893 | — | — | |||||||||||||||||
Net cash provided by (used in) financing activities | 16,142 | 44,963 | (261,686 | ) | 27,805 | 15,464 | (157,312 | ) | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 9,571 | — | 27,237 | (3,854 | ) | — | 32,954 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | 1,561 | — | 37,480 | 10,089 | — | 49,130 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 11,132 | $ | — | $ | 64,717 | $ | 6,235 | $ | — | $ | 82,084 | |||||||||||||
Description_of_Business_and_Su1
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Description of business | ' |
Description of business | |
Swift Transportation Company is the holding company for Swift Transportation Co., LLC (a Delaware limited liability company) and its subsidiaries (collectively, “Swift Transportation Co.”), a truckload carrier headquartered in Phoenix, Arizona, and Interstate Equipment Leasing, LLC (“IEL”) (all the foregoing being, collectively, “Swift” or the “Company”). | |
On August 6, 2013, the Company entered into a Stock Purchase Agreement (“SPA”) with the stockholders of Central Refrigerated Transportation, Inc. ("Central"), pursuant to which the Company acquired all of the outstanding capital stock of Central (the "Acquisition"). Jerry Moyes, Swift's Chief Executive Officer and controlling stockholder, was the majority stockholder of Central prior to the Acquisition. Given Mr. Moyes' controlling interest in both Swift and Central, the Acquisition was accounted for using the guidance for transactions between entities under common control as described in Accounting Standard Codification ("ASC") Topic 805 – “Business Combinations”. In accordance with ASC Topic 805-30, the Company has recognized the assets and liabilities of Central at their carrying amounts at the date of transfer. As a result, the financial statements of the Company have been recast to reflect the accounts of Central as if it had been consolidated for all previous periods presented. | |
As of December 31, 2013, the Company operated a national terminal network and a tractor fleet of approximately 18,000 units comprised of 12,800 tractors driven by company drivers and 5,200 owner-operator tractors, a fleet of 57,300 trailers, and 8,700 intermodal containers. Subsequent to the acquisition of Central, the Company's chief operating decision makers separately evaluated the performance of Central from its three reportable segments that predated the Acquisition. The Company’s four reportable operating segments are Truckload, Dedicated, Central Refrigerated and Intermodal. | |
In the opinion of management, the accompanying financial statements prepared in accordance with U.S. GAAP include all adjustments necessary for the fair presentation of the periods presented. Management has evaluated the effect on the Company’s reported financial condition and results of operations of events subsequent to December 31, 2013 through the issuance of the financial statements. | |
Basis of presentation | ' |
Basis of presentation | |
The accompanying consolidated financial statements include the accounts of Swift Transportation Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in preparing the consolidated financial statements. When the Company does not have a controlling interest in an entity, but exerts significant influence over the entity, the Company applies the equity method of accounting. | |
Use of estimates | ' |
Use of estimates | |
The preparation of the consolidated financial statements, in accordance with GAAP, requires management to make estimates and assumptions about future events that affect the amounts reported in the Company’s consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include the carrying amount of property and equipment, intangibles, and goodwill; valuation allowances for receivables, inventories, and deferred income tax assets; valuation of financial instruments; calculation of share-based compensation; estimates of claims accruals; and contingent obligations. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including but not limited to the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. Volatile energy markets and changes in consumer spending have combined to increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. | |
Cash and cash equivalents | ' |
Cash and cash equivalents | |
The Company considers all highly liquid debt instruments purchased with original maturities of three months or less to be cash equivalents. | |
Restricted cash | ' |
Restricted cash | |
The Company’s wholly owned captive insurance companies, Red Rock Risk Retention Group, Inc. (“Red Rock”) and Mohave Transportation Insurance Company (“Mohave”), maintain certain operating bank accounts, working trust accounts, and investment accounts. The cash and short term investments within the accounts have been set aside to fund the insurance claim losses to be paid by the captive insurance companies and are restricted by insurance regulations. Therefore, these cash and short term investments have been classified as restricted cash. As of December 31, 2013 and 2012, cash and short term investments held within the accounts were $50.8 million and $51.7 million, respectively. | |
Restricted investments | ' |
Restricted investments | |
The Company accounts for its investments in accordance with ASC Topic 320, Investments - Debt and Equity Securities. Management determines the appropriate classification of its investments in debt securities at the time of purchase and re-evaluates such determination on a quarterly basis. As of December 31, 2013, all of the Company’s investments in fixed maturity securities were classified as held to maturity, as the Company has the positive intent and ability to hold these securities to maturity. Held to maturity securities are carried at amortized cost. The amortized cost of debt securities is adjusted using the effective interest rate method for amortization of premiums and accretion of discounts. Such amortization and accretion is reported in other (income) expenses in the Company’s consolidated statements of operations. | |
Inventories and supplies | ' |
Inventories and supplies | |
Inventories and supplies consist primarily of spare parts, tires, fuel and supplies and are stated at lower of cost or market. Cost is determined using the first-in, first-out (“FIFO”) method. | |
Property equipment | ' |
Property and equipment | |
Property and equipment are stated at cost. Costs to construct significant assets include capitalized interest incurred during the construction and development period. Expenditures for replacements and betterments are capitalized; maintenance and repair expenditures are charged to expense as incurred. Depreciation on property and equipment is calculated on the straight-line method over the estimated useful lives of 5 to 40 years for facilities and improvements, 3 to 20 years for revenue and service equipment and 3 to 5 years for furniture and office equipment. For the years ended December 31, 2013, 2012 and 2011 net gains on the disposal of property and equipment were $22.7 million, $18.4 million and $8.9 million, respectively. | |
Tires on revenue equipment purchased are capitalized as a component of the related equipment cost when the vehicle is placed in service and depreciated over the life of the vehicle. Replacement tires are classified as inventory and charged to expense when placed in service. | |
Intangible assets other than goodwill | ' |
Intangible assets other than goodwill | |
The Company reviews its intangible assets other than goodwill for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. When such events or changes in circumstances occur, a recoverability test is performed comparing projected undiscounted cash flows from the use and eventual disposition of an asset or asset group to its carrying amount. If the projected undiscounted cash flows are less than the carrying amount, an impairment is recorded for the excess of the carrying amount over the estimated fair value, which is generally determined using discounted future cash flows. | |
The Company’s intangible assets other than goodwill primarily consists of acquired customer relationships and trade names. Amortization of the customer relationships acquired are calculated on the 150% declining balance method over the estimated useful life of 15 years. The customer relationship contributed to the Company at May 9, 2007 is amortized using the straight-line method over 15 years. The trade name has an indefinite useful life and is not amortized, but rather is tested for impairment at least annually, unless events occur or circumstances change between annual tests that would more likely than not reduce the fair value. | |
Goodwill | ' |
Goodwill | |
The Company evaluates goodwill on an annual basis as of November 30th or more frequently if indicators of impairment exist. The Company assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than the carrying amount. If the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company conducts a two-step quantitative goodwill impairment test. The first step of the impairment test involves comparing the fair values of the applicable reporting units with their carrying values. The Company estimate the fair values of its reporting units using a combination of the income and market approach. If the carrying amount of a reporting unit exceeds the reporting unit’s fair value, the Company performs the second step of the goodwill impairment test. The second step of the goodwill impairment test involves comparing the implied fair value of the affected reporting unit’s goodwill with the carrying value of that goodwill. The amount, by which the carrying value of the goodwill exceeds its implied fair value, if any, is recognized as an impairment loss. Refer to Note 25 for discussion of the results of the Company's annual evaluation as of November 30, 2013. | |
Claims accruals | ' |
Claims accruals | |
The Company is self-insured for a portion of its auto liability, workers’ compensation, property damage, cargo damage, and employee medical expense risk. This self-insurance results from buying insurance coverage that applies in excess of a retained portion of risk for each respective line of coverage. The Company accrues for the cost of the uninsured portion of pending claims by evaluating the nature and severity of individual claims and by estimating future claims development based upon historical claims development trends. The actual cost to settle our self-insured claim liabilities can differ from our reserve estimates because of legal costs, claims that have been incurred but not reported and a number of uncertainties, including the inherent difficulty in estimating the severity of the claims and the potential judgment or settlement amount to dispose of the claim. | |
Fair value measurements | ' |
Fair value measurements | |
The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures,” for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements. | |
Revenue recognition | ' |
Revenue recognition | |
The Company recognizes operating revenues and the related direct costs of such revenue as of the date the freight is delivered, in accordance with ASC Topic 605-20-25-13, “Services for Freight-in-Transit at the End of a Reporting Period.” | |
The Company recognizes revenue from leasing tractors and related equipment to owner-operators as operating leases. Therefore, revenues from rental operations are recognized on the straight-line basis as earned under the operating lease agreements. Losses from lease defaults are recognized as an offset to revenue in the amount of earned, but not collected revenue. | |
Stock compensation plans | ' |
Stock compensation plans | |
The Company adopted ASC Topic 718, “Compensation - Stock Compensation,” using the modified prospective method. Topic 718 requires that all share-based payments to employees and non-employee directors, including grants of employee stock options, be recognized in the financial statements based upon a grant-date fair value of an award. | |
Income taxes | ' |
Income taxes | |
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to operating loss and tax credit carryforwards as well as differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
A valuation allowance will be provided against deferred tax assets if the Company determines it is more likely than not, such assets will not ultimately be realized. | |
The Company does not recognize a tax benefit for uncertain tax positions unless it concludes that it is more likely than not that the benefit will be sustained on audit by the taxing authority based solely on the technical merits of the associated tax position. If the recognition threshold is met, the Company recognizes a tax benefit measured at the largest amount of the tax benefit that, in the Company’s judgment, is greater than 50 percent likely to be realized. The Company records interest and penalties related to unrecognized tax positions in income tax expense. | |
Impairments | ' |
Impairments | |
The Company evaluates its long-lived assets, including property and equipment, and certain intangible assets subject to amortization for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with ASC Topic 360, “Property, Plant and Equipment” and ASC Topic 350, respectively. If circumstances required a long-lived asset be tested for possible impairment, the Company compares undiscounted cash flows expected to be generated by an asset to the carrying value of the asset. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. | |
Derivative Instruments | ' |
Derivative Instruments | |
All financial derivative instruments are recorded on our consolidated balance sheets at estimated fair value. Derivatives not designated as hedges must be adjusted to fair value through the Company’s consolidated statements of operations. If a derivative is designated as a hedge, depending on the nature of the hedge, changes in its fair value that are considered to be effective, as defined, either offset the change in fair value of the hedged assets, liabilities or firm commitments through the Company’s consolidated statements of operations, or are recorded in accumulated other comprehensive income (“OCI”) until the hedged item is recorded in the Company’s consolidated statements of operations. Any portion of a change in a derivative's estimated fair value that is considered to be ineffective, or is excluded from the measurement of effectiveness, is recorded immediately in income. | |
Recent accounting pronouncements | ' |
Recent accounting pronouncements | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-02, "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" ("ASU 2013-02"), which provides guidance on disclosure requirements for items reclassified out of accumulated other comprehensive income. The standard requires entities to present (either on the face of the income statement or in the notes to the financial statements) the effects of amounts reclassified out of accumulated other comprehensive income on income statement line items. ASU 2013-02 was effective prospectively for reporting periods beginning after December 15, 2012. The adoption of this guidance impacted the Company's financial statement disclosures, but did not have an impact on Swift's financial position or results of operations. | |
In July 2012,FASB issued ASU 2012-02, Intangibles-Goodwill and Other (“Topic 350”): Testing Indefinite-Lived Intangible Assets for Impairment, which simplifies the guidance for testing the decline in the realizable value (impairment) of indefinite-lived intangible assets other than goodwill. An organization is now allowed to first assess qualitative factors to determine whether it is necessary to perform the quantitative impairment test. The adoption did not have a material impact on the amounts and disclosures in the Company’s consolidated financial statements. | |
Effective January 1, 2012, the Company adopted ASU No. 2011-04, Fair Value Measurements and Disclosures (“Topic 820”) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. This ASU was issued concurrently with International Financial Reporting Standards ("IFRS") 13, Fair Value Measurements (“IFRS 13”), and amends Topic 820 to provide largely identical guidance about fair value measurement and disclosure requirements. The new standards do not extend the use of fair value but, rather, provide guidance about how fair value should be applied where it already is required or permitted under IFRS or GAAP. For GAAP, most of the updated guidance relates to clarifications of existing guidance or wording changes to better align with IFRS 13. The adoption did not have a material impact on the amounts and disclosures in the Company’s consolidated financial statements. |
Acquisition_Tables
Acquisition (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Pro Forma Information | ' | |||||||||||||||
Pursuant to ASC Topic 805 - "Business Combinations", the following financial information as of December 31, 2012 and for the years ended December 31, 2012 and 2011 have been recast to reflect the accounts of Central as if it was consolidated as of January 1, 2011 (in thousands, except per share data): | ||||||||||||||||
31-Dec-12 | ||||||||||||||||
Swift | Central | Intercompany | ||||||||||||||
Transportation | Refrigerated | Elimination | Total | |||||||||||||
Company | Transportation Inc. | Entries | (Recast) | |||||||||||||
Total current assets | $ | 674,537 | $ | 68,211 | $ | (657 | ) | $ | 742,091 | |||||||
Total assets | 2,632,178 | 160,560 | (757 | ) | 2,791,981 | |||||||||||
Total current liabilities | 323,293 | 60,813 | (657 | ) | 383,449 | |||||||||||
Total liabilities | 2,402,067 | 100,367 | (657 | ) | 2,501,777 | |||||||||||
Total stockholders' equity | $ | 230,111 | $ | 60,193 | $ | (100 | ) | $ | 290,204 | |||||||
Year Ended December 31, 2012 | ||||||||||||||||
Swift | Central | Intercompany | ||||||||||||||
Transportation | Refrigerated | Elimination | Total | |||||||||||||
Company | Transportation Inc. | Entries | (Recast) | |||||||||||||
Operating revenue | $ | 3,493,182 | $ | 484,657 | $ | (1,754 | ) | $ | 3,976,085 | |||||||
Operating income | $ | 322,046 | $ | 29,770 | — | $ | 351,816 | |||||||||
Net income | $ | 114,589 | $ | 25,498 | $ | — | $ | 140,087 | ||||||||
Basic earnings per share | $ | 0.82 | $ | 0.18 | (1) | $ | — | $ | 1 | |||||||
Diluted earnings per share | $ | 0.82 | $ | 0.18 | (1) | $ | — | $ | 1 | |||||||
Net cash provided by operating activities | $ | 406,556 | $ | 40,562 | $ | — | $ | 447,118 | ||||||||
Net cash provided by (used in) investing activities | $ | (172,499 | ) | $ | 3,370 | — | $ | (169,129 | ) | |||||||
Net cash used in financing activities | $ | (262,545 | ) | $ | (43,932 | ) | $ | — | $ | (306,477 | ) | |||||
Year Ended December 31, 2011 | ||||||||||||||||
Operating revenue | $ | 3,333,908 | $ | 447,173 | $ | (2,118 | ) | $ | 3,778,963 | |||||||
Operating income | $ | 306,013 | $ | 16,023 | $ | — | $ | 322,036 | ||||||||
Net income | $ | 90,550 | $ | 12,197 | $ | — | $ | 102,747 | ||||||||
Basic earnings per share | $ | 0.65 | $ | 0.09 | (1) | $ | — | $ | 0.74 | |||||||
Diluted earnings per share | $ | 0.65 | $ | 0.09 | (1) | $ | — | $ | 0.74 | |||||||
Net cash provided by operating activities | $ | 323,897 | $ | 16,287 | $ | — | $ | 340,184 | ||||||||
Net cash provided by (used in) investing activities | $ | (150,236 | ) | $ | 318 | $ | — | $ | (149,918 | ) | ||||||
Net cash used in financing activities | $ | (139,071 | ) | $ | (18,241 | ) | $ | — | $ | (157,312 | ) | |||||
(1) Represents Central's pro-forma basic and diluted earnings per share based on Swift's diluted weighted average share count for the applicable period. |
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Schedule of Investments [Abstract] | ' | ||||||||||||||||
Amortized Cost, Gross Unrealized Gains And Losses, Estimated Fair Value Of Fixed Maturity Securities | ' | ||||||||||||||||
The following table presents the cost or amortized cost, gross unrealized gains and losses, and estimated fair value of the Company’s restricted investments as of December 31, 2013 and 2012 (in thousands): | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Cost or | Gross Unrealized | Estimated | |||||||||||||||
Amortized | Gains | Temporary | Fair | ||||||||||||||
Cost | Losses | Value | |||||||||||||||
U.S. corporate securities | $ | 20,197 | $ | 2 | $ | 7 | $ | 20,192 | |||||||||
Foreign corporate securities | 3,502 | — | — | 3,502 | |||||||||||||
Negotiable certificate of deposits | 2,115 | — | 1 | 2,114 | |||||||||||||
Total restricted investments | $ | 25,814 | $ | 2 | $ | 8 | $ | 25,808 | |||||||||
December 31, 2012 | |||||||||||||||||
Cost or | Gross Unrealized | Estimated | |||||||||||||||
Amortized | Temporary | Fair | |||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
U.S. corporate securities | $ | 20,274 | $ | 3 | $ | 8 | $ | 20,269 | |||||||||
Foreign corporate securities | 2,001 | 1 | — | 2,002 | |||||||||||||
Total restricted investments | $ | 22,275 | $ | 4 | $ | 8 | $ | 22,271 | |||||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Receivables [Abstract] | ' | |||||||||||
Schedule of Accounts Receivable | ' | |||||||||||
Accounts receivable as of December 31, 2013 and 2012 were (in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
(Recast) | ||||||||||||
Trade customers | $ | 392,233 | $ | 376,653 | ||||||||
Equipment manufacturers | 6,102 | 5,443 | ||||||||||
Other | 27,605 | 18,106 | ||||||||||
Total accounts receivable | 425,940 | 400,202 | ||||||||||
Less: Allowance for doubtful accounts | 7,504 | 7,432 | ||||||||||
Accounts receivable, net | $ | 418,436 | $ | 392,770 | ||||||||
Schedule Of Allowance For Doubtful Accounts | ' | |||||||||||
The schedule of allowance for doubtful accounts for the years ended December 31, 2013, 2012 and 2011 was as follows (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Recast) | (Recast) | |||||||||||
Beginning balance | $ | 7,432 | $ | 6,617 | $ | 7,060 | ||||||
Provision (Reversal) | 1,370 | 977 | (357 | ) | ||||||||
Recoveries | 35 | 103 | 558 | |||||||||
Write-offs | (1,333 | ) | (265 | ) | (644 | ) | ||||||
Ending balance | $ | 7,504 | $ | 7,432 | $ | 6,617 | ||||||
Assets_Held_For_Sale_Tables
Assets Held For Sale (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Schedule Of Assets Held For Sale | ' | ||||||||
Assets held for sale as of December 31, 2013 and 2012 was as follows (in thousands): | |||||||||
2013 | 2012 | ||||||||
Land and facilities | $ | 14,627 | $ | 25,148 | |||||
Revenue equipment | 4,641 | 6,396 | |||||||
Assets held for sale | $ | 19,268 | $ | 31,544 | |||||
Notes_Receivable_Tables
Notes Receivable (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Notes Receivable Included In Current Portion Of Notes Receivable And Other Assets | ' | |||||||
Notes receivable are included in current portion of notes receivable and other assets in the accompanying consolidated balance sheets and were comprised of the following as of December 31, 2013 and 2012 (in thousands): | ||||||||
2013 | 2012 | |||||||
Notes receivable due from owner-operators, with interest rates at 15%, secured by revenue equipment. Terms range from several months to three years | $ | 13,264 | $ | 9,504 | ||||
Notes receivable due from SPS | — | 1,000 | ||||||
Other | 2,361 | 102 | ||||||
Total notes receivable | 15,625 | 10,606 | ||||||
Less: current portion | 7,210 | 4,957 | ||||||
Long-term notes receivable | $ | 8,415 | $ | 5,649 | ||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Liabilities [Abstract] | ' | |||||||
Schedule of Accrued Liabilities | ' | |||||||
Accrued liabilities as of December 31, 2013 and 2012 were (in thousands): | ||||||||
2013 | 2012 | |||||||
(Recast) | ||||||||
Employee compensation | $ | 56,427 | $ | 52,041 | ||||
Owner-operator lease purchase reserve | 10,335 | 8,828 | ||||||
Income taxes accrual | 4,785 | 3,843 | ||||||
Accrued owner-operator expenses | 6,866 | 6,638 | ||||||
Deferred revenue | 484 | 712 | ||||||
Fuel, mileage and property taxes | 5,241 | 5,144 | ||||||
Accrued interest expense | 11,328 | 15,277 | ||||||
Other | 15,279 | 15,289 | ||||||
Accrued liabilities | $ | 110,745 | $ | 107,772 | ||||
Claims_Accruals_Tables
Claims Accruals (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Claims Accruals (Tables) [Abstract] | ' | |||||||
Schedule of Claims Accruals | ' | |||||||
As of December 31, 2013 and 2012, claims accruals were (in thousands): | ||||||||
2013 | 2012 | |||||||
(Recast) | ||||||||
Auto and collision liability | $ | 102,462 | $ | 93,798 | ||||
Workers’ compensation liability | 70,145 | 64,237 | ||||||
Owner-operator claims liability | 8,610 | 13,402 | ||||||
Group medical liability | 9,946 | 11,709 | ||||||
Cargo damage liability | 2,888 | 2,360 | ||||||
Claims accrual | 194,051 | 185,506 | ||||||
Less: current portion | 75,469 | 86,587 | ||||||
Long-term claim accruals | $ | 118,582 | $ | 98,919 | ||||
Debt_And_Financing_Transaction1
Debt And Financing Transactions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule Of Long-Term Debt Outstanding | ' | ||||||||
Other than the Company’s accounts receivable securitization as discussed in Note 10 and its outstanding capital lease obligations as discussed in Note 13, the Company had long-term debt outstanding as of December 31, 2013 and 2012 as follows (in thousands): | |||||||||
2013 | 2012 | ||||||||
(Recast) | |||||||||
Senior secured first lien term loan B-1 tranche due December 2016 | $ | 229,000 | $ | — | |||||
Senior secured first lien term loan B-2 tranche due December 2017 | 410,000 | — | |||||||
Senior secured first lien term loan B-1 tranche due December 2016, net of $405 OID as of December 31, 2012 | — | 157,095 | |||||||
Senior secured first lien term loan B-2 tranche due December 2017, net of $1,440 OID as of December 31, 2012 | — | 575,560 | |||||||
Senior second priority secured notes due November 15, 2018, net of $6,175 and $7,439 OID as of December 31, 2013 and December 31, 2012, respectively | 493,825 | 492,561 | |||||||
Other | 15,290 | 11,126 | |||||||
Central Debt | |||||||||
Various notes payable to financing companies, due dates through May 2015, secured by revenue equipment, assumed in the Acquisition | 2,190 | 11,508 | |||||||
Note payable to a bank, due March 2016, secured by real estate, repaid at closing of the Acquisition | — | 4,066 | |||||||
Notes payable to a financing company, due June 2013, secured by prepaid insurance premiums, repaid at closing of the Acquisition | — | 816 | |||||||
Total | 1,150,305 | 1,252,732 | |||||||
Less: current portion | 11,387 | 18,926 | |||||||
Long-term debt | $ | 1,138,918 | $ | 1,233,806 | |||||
Maturities of Long-term Debt | ' | ||||||||
The aggregate annual maturities of long-term debt, including original issue discount on the Senior second priority secured notes, as of December 31, 2013 were (in thousands): | |||||||||
Years Ending December 31, | |||||||||
2014 | $ | 11,387 | |||||||
2015 | 4,632 | ||||||||
2016 | 230,461 | ||||||||
2017 | 410,000 | ||||||||
2018 | 500,000 | ||||||||
Thereafter | — | ||||||||
Long-term debt | $ | 1,156,480 | |||||||
Capital_Leases_Capital_Leases_
Capital Leases Capital Leases (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases [Abstract] | ' | |||
Schedule of the future minimum lease payments under capital leases | ' | |||
The following is a schedule of the future minimum lease payments under capital leases together with the present value of the minimum lease payments as of December 31, 2013 (in thousands): | ||||
Years Ending December 31, | ||||
2014 | $ | 69,450 | ||
2015 | 38,427 | |||
2016 | 36,439 | |||
2017 | 37,874 | |||
2018 | — | |||
Total minimum lease payments | 182,190 | |||
Less: amount representing interest | 10,675 | |||
Present value of minimum lease payments | 171,515 | |||
Less: current portion | 63,669 | |||
Capital lease obligations, long-term | $ | 107,846 | ||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Classification Of Gains And Losses On Interest Rate Derivative Contracts Designated As Hedging Instruments | ' | ||||||||||||
The following table presents the consolidated changes in fair value, pre-tax of derivatives designated as cash flow hedges had on accumulated OCI and earnings (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Recast) | (Recast) | ||||||||||||
Amount of loss recognized in OCI on derivatives (effective portion) | $ | 145 | $ | 2,786 | $ | 9,952 | |||||||
Amount of loss reclassified from accumulated OCI into income as “Derivative interest expense” (effective portion) | $ | (3,143 | ) | $ | (5,101 | ) | $ | (15,057 | ) | ||||
Pre-Tax Gains And Losses On Interest Rate Derivative Contracts De-Designated As Hedging Instruments | ' | ||||||||||||
The following tables presents information about pre-tax gains and losses recognized in earnings on the Company’s interest rate derivative contracts that were de-designated on February 28, 2013 as hedging instruments under ASC Topic 815, is as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Amount of loss recognized in income as “Derivative interest expense” | $ | (709 | ) | $ | — | $ | — | ||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | |||
As of December 31, 2013, the future minimum lease payments under noncancelable operating leases were as follows (in thousands): | ||||
Years Ending December 31, | Total | |||
2014 | $ | 177,889 | ||
2015 | 154,535 | |||
2016 | 98,589 | |||
2017 | 45,108 | |||
2018 | 15,485 | |||
Thereafter | 13,459 | |||
Total | $ | 505,065 | ||
Schedule Of Future Minimum Lease Payments Receivable | ' | |||
The Company’s wholly-owned financing subsidiaries leases revenue equipment to the Company’s owner-operators under operating leases. As of December 31, 2013, the annual future minimum lease payments receivable under operating leases were as follows (in thousands): | ||||
Years Ending December 31, | Total | |||
2014 | $ | 128,590 | ||
2015 | 96,937 | |||
2016 | 55,214 | |||
2017 | 22,387 | |||
2018 | 1,253 | |||
Thereafter | — | |||
Total | $ | 304,381 | ||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Equity [Abstract] | ' | |||||||||||||
Compensation Expense Related To Stock-Based Compensation | ' | |||||||||||||
The components of compensation expense related to stock-based compensation were as follows (in thousands): | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(Recast) | (Recast) | |||||||||||||
Stock options | $ | 3,359 | $ | 4,886 | $ | 6,861 | ||||||||
Restricted stock awards and restricted stock units | 887 | 4 | 140 | |||||||||||
Performance Shares | 399 | — | — | |||||||||||
Total compensation expenses | $ | 4,645 | $ | 4,890 | $ | 7,001 | ||||||||
Income tax benefit | $ | 1,788 | $ | 1,883 | $ | 2,695 | ||||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | ' | |||||||||||||
The following table presents the total unrecognized compensation expense related to stock-based compensation and the expected weighted average period over which these expenses will be recognized at (dollars in thousands): | ||||||||||||||
December 31, 2013 | ||||||||||||||
Weighted Average | ||||||||||||||
Expense | Period | |||||||||||||
(Years) | ||||||||||||||
Stock options | $ | 2,377 | 2.27 | |||||||||||
Restricted stock awards and restricted stock units | $ | 3,078 | 2.5 | |||||||||||
Performance Shares | $ | 956 | 2.15 | |||||||||||
Summary Of Activity Related To Stock Options | ' | |||||||||||||
A summary of the activity related to stock options for the year ended December 31, 2013 was as follows: | ||||||||||||||
Shares Under | Weighted Average | Weighted | Aggregate | |||||||||||
Option | Exercise Price | Average | Intrinsic | |||||||||||
Remaining | Value (1) | |||||||||||||
Contractual | ||||||||||||||
Term | ||||||||||||||
(Years) | (In thousands) | |||||||||||||
Outstanding at January 1, 2013 | 5,769,392 | $ | 10.39 | 5.79 | $ | 1,057 | ||||||||
Granted | 437,712 | 14.97 | ||||||||||||
Exercised | (1,210,184 | ) | 10.73 | |||||||||||
Expired | (49,083 | ) | 10.82 | |||||||||||
Forfeited | (162,704 | ) | 10.9 | |||||||||||
Outstanding at December 31, 2013 | 4,785,133 | $ | 10.7 | 5.28 | $ | 55,059 | ||||||||
Aggregate number of stock options expected to vest at a future date as of December 31, 2013 | 1,530,634 | $ | 10.81 | 7.28 | $ | 17,451 | ||||||||
Exercisable at December 31, 2013 | 3,178,545 | $ | 10.65 | 4.28 | $ | 36,738 | ||||||||
(1) The aggregate intrinsic value was computed using the closing share price on December 31, 2013 of $22.21 and on December 31, 2012 of $9.12, as applicable. | ||||||||||||||
Weighted Average Assumptions | ' | |||||||||||||
The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes-Merton option-pricing model, which uses a number of assumptions to determine the fair value of the options on the date of grant. The following table presents the weighted average assumptions used to determine the fair value of stock options issued: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Dividend yield | — | % | — | % | — | % | ||||||||
Risk-free rate of return | 1.04 | % | 1.2 | % | 1.89 | % | ||||||||
Expected volatility | 40.8 | % | 41.4 | % | 40 | % | ||||||||
Expected term (in years) | 5.8 | 6.3 | 6.3 | |||||||||||
Weighted average fair value of stock options granted | $ | 5.9 | $ | 3.56 | $ | 4.74 | ||||||||
Summary Of Exercise Of Stock Options | ' | |||||||||||||
The following table summarizes information regarding the exercise of stock options (in thousands, except share data): | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Number of stock options exercised | 1,210,184 | 24,427 | 22,519 | |||||||||||
Intrinsic value of stock options exercised | $ | 8,773 | $ | 25 | $ | 43 | ||||||||
Cash received upon exercise of stock options | $ | 12,985 | $ | 268 | $ | 247 | ||||||||
Income tax benefit (deficiency) | $ | 187 | $ | (370 | ) | $ | (206 | ) | ||||||
Status Of Nonvested Shares | ' | |||||||||||||
The following table presents a summary of restricted stock awards, restricted stock units and performance shares activity for the year ended December 31, 2013: | ||||||||||||||
Restricted stock awards and restricted stock units | Performance shares | |||||||||||||
Number of awards | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | |||||||||||
Nonvested at January 1, 2013 | 17,905 | $ | 13.24 | — | $ | — | ||||||||
Granted | 265,013 | 16.35 | 101,366 | 13.36 | ||||||||||
Vested | (7,007 | ) | 13.24 | — | — | |||||||||
Forfeited | (3,755 | ) | 17.17 | — | — | |||||||||
Nonvested at December 31, 2013 | 272,156 | $ | 16.2 | 101,366 | $ | 13.36 | ||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Equity [Abstract] | ' | |||||||||||||
Summary of accumulated other comprehensive income | ' | |||||||||||||
The following table is a reconciliation of accumulated other comprehensive income (loss) by component (in thousands): | ||||||||||||||
Derivative Financial Instruments | Foreign Currency Transactions | Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Balance as of December 31, 2012 (Recast) | $ | (8,285 | ) | $ | 83 | $ | (8,202 | ) | ||||||
Other comprehensive loss before reclassifications | (121 | ) | — | (121 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 2,161 | — | 2,161 | |||||||||||
Net current-period other comprehensive income | 2,040 | — | 2,040 | |||||||||||
Balance as of December 31, 2013 | $ | (6,245 | ) | $ | 83 | $ | (6,162 | ) | ||||||
All amounts are net-of-tax. Amounts in parenthesis indicate debits. | ||||||||||||||
Reclassifications out of accumulated other comprehensive income | ' | |||||||||||||
The following table presents details about reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2013, 2012 and 2011 are as follows (in thousands): | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | Statement of Operations Classifications | |||||||||||
Gains and losses on cash flow hedging: | ||||||||||||||
Interest rate swaps | $ | 3,143 | $ | 5,101 | $ | 15,057 | Derivative interest expense | |||||||
Income tax (benefit) expense | (1,226 | ) | 1,989 | 5,872 | Income tax expense | |||||||||
$ | 1,917 | $ | 7,090 | $ | 20,929 | Net income | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Tax Expense (Benefit) | ' | |||||||||||
Income tax expense (benefit) was (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current expense (benefit): | (Recast) | (Recast) | ||||||||||
Federal | $ | (224 | ) | $ | 9,913 | $ | 2,775 | |||||
State | 5,143 | 3,148 | 4,353 | |||||||||
Foreign | 1,530 | 1,949 | 2,232 | |||||||||
6,449 | 15,010 | 9,360 | ||||||||||
Deferred expense (benefit): | ||||||||||||
Federal | 85,512 | 47,501 | 46,485 | |||||||||
State | 4,273 | (2,010 | ) | 2,368 | ||||||||
Foreign | 4,748 | 1,113 | 279 | |||||||||
$ | 94,533 | 46,604 | 49,132 | |||||||||
Income tax expense | $ | 100,982 | $ | 61,614 | $ | 58,492 | ||||||
Schedule Of Effective Income Tax Rate Reconciliation | ' | |||||||||||
The Company’s effective tax rate was 39.4%, 30.5% and 36.3%, for the years ended December 31, 2013, 2012 and 2011, respectively. Actual tax expense differs from the “expected” tax expense (computed by applying the U.S. Federal corporate income tax rate of 35% to earnings before income taxes) as follows (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Recast) | (Recast) | |||||||||||
Computed “expected” tax expense | $ | 89,742 | $ | 70,595 | $ | 56,433 | ||||||
Increase (decrease) in income taxes resulting from: | ||||||||||||
State income taxes, net of federal income tax benefit | 6,912 | 6,627 | 7,470 | |||||||||
Central pre-affiliation earnings taxed as S-Corp | (4,986 | ) | (9,118 | ) | (4,342 | ) | ||||||
State tax rate change in deferred items | 711 | (6,414 | ) | (2,178 | ) | |||||||
Foreign tax rate change in deferred items | 5,023 | — | — | |||||||||
Effect of providing taxes on mark-to-market adjustment of derivatives recorded in accumulated OCI | — | 1,785 | 5,270 | |||||||||
Other | 3,580 | (1,861 | ) | (4,161 | ) | |||||||
Income tax expense | $ | 100,982 | $ | 61,614 | $ | 58,492 | ||||||
Components Of Net Deferred Tax Asset (Liability) | ' | |||||||||||
The components of the net deferred tax asset (liability) as of December 31, 2013 and 2012 were (in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | (Recast) | |||||||||||
Self-insurance accruals | $ | 49,810 | $ | 43,877 | ||||||||
Allowance for doubtful accounts | 6,968 | 7,843 | ||||||||||
Derivative financial instruments | 4,537 | 5,021 | ||||||||||
Vacation accrual | 3,899 | 3,541 | ||||||||||
Minimum tax credit | 5,061 | 5,995 | ||||||||||
Net operating loss | 4,529 | 74,929 | ||||||||||
Amortization of stock options | 10,782 | 12,628 | ||||||||||
Other | 17,259 | 12,304 | ||||||||||
Total deferred tax assets | 102,845 | 166,138 | ||||||||||
Valuation allowance | — | — | ||||||||||
Total deferred tax assets, net | 102,845 | 166,138 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property and equipment, principally due to differences in depreciation | (393,239 | ) | (363,082 | ) | ||||||||
Prepaid taxes, licenses and permits deducted for tax purposes | (12,897 | ) | (10,218 | ) | ||||||||
Cancellation of debt | (9,401 | ) | (9,409 | ) | ||||||||
Intangible assets | (119,567 | ) | (122,434 | ) | ||||||||
Other | (7,354 | ) | (5,211 | ) | ||||||||
Total deferred tax liabilities | (542,458 | ) | (510,354 | ) | ||||||||
Net deferred tax liability | $ | (439,613 | ) | $ | (344,216 | ) | ||||||
Current Deferred Tax Liability Included In Accrued Liabilities | ' | |||||||||||
These amounts are presented in the accompanying consolidated balance sheets in the indicated captions, except the current deferred tax liability which is included in accrued liabilities, at December 31, 2013 and 2012 as follows (in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
(Recast) | ||||||||||||
Current deferred tax asset | $ | 46,833 | $ | 98,235 | ||||||||
Current deferred tax liability | (2,246 | ) | (1,070 | ) | ||||||||
Noncurrent deferred tax liability | (484,200 | ) | (441,381 | ) | ||||||||
Net deferred tax liability | $ | (439,613 | ) | $ | (344,216 | ) | ||||||
Reconciliation Of Unrecognized Tax Benefits | ' | |||||||||||
The reconciliation of our unrecognized tax benefits for the years ending December 31, 2013, 2012 and 2011, is as follows (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Unrecognized tax benefits at beginning of year | $ | 2,385 | $ | 2,332 | $ | 5,702 | ||||||
Increases for tax positions taken prior to beginning of year | — | 149 | 28 | |||||||||
Decreases for tax positions taken prior to beginning of year | — | (53 | ) | (3,106 | ) | |||||||
Settlements | — | (43 | ) | (292 | ) | |||||||
Unrecognized tax benefits at end of year | $ | 2,385 | $ | 2,385 | $ | 2,332 | ||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
Schedule Of Services Received And Provided By Company | ' | |||||||||||
The Company provided and received freight services, facility leases, equipment leases and other services, including repair and employee services to and from several companies controlled by and/or affiliated with Jerry Moyes, as follows (in thousands): | ||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||
Central | Other | Total | ||||||||||
Freight Lines, | Affiliated | |||||||||||
Inc. | Entities | |||||||||||
Services Provided by Swift: | ||||||||||||
Freight Services(1) | $ | 15 | $ | 160 | $ | 175 | ||||||
Facility Leases | $ | 716 | $ | 20 | $ | 736 | ||||||
Other Services (4) | $ | 1,000 | $ | 159 | $ | 1,159 | ||||||
Services Received by Swift: | ||||||||||||
Freight Services(2) | $ | 47 | $ | — | $ | 47 | ||||||
Facility Leases | $ | 399 | $ | 200 | $ | 599 | ||||||
Other Services(3) | $ | — | $ | 996 | $ | 996 | ||||||
As of December 31, 2013 | ||||||||||||
Receivable | $ | 1,034 | $ | 32 | $ | 1,066 | ||||||
Payable | $ | 74 | $ | 1 | $ | 75 | ||||||
For the Year Ended December 31, 2012 | ||||||||||||
Central | Other | Total | ||||||||||
Freight Lines, | Affiliated | |||||||||||
Inc. | Entities | |||||||||||
Services Provided by Swift: | (Recast) | (Recast) | (Recast) | |||||||||
Freight Services(1) | $ | 8,117 | $ | 1,265 | $ | 9,382 | ||||||
Facility Leases | $ | 711 | $ | 20 | $ | 731 | ||||||
Other Services (4) | $ | — | $ | 135 | $ | 135 | ||||||
Services Received by Swift: | ||||||||||||
Freight Services(2) | $ | 50 | $ | — | $ | 50 | ||||||
Facility Leases | $ | 626 | $ | — | $ | 626 | ||||||
Other Services(3) | $ | — | $ | 1,175 | $ | 1,175 | ||||||
As of December 31, 2012 | ||||||||||||
Receivable | $ | 1,460 | $ | 233 | $ | 1,693 | ||||||
Payable | $ | 48 | $ | 510 | $ | 558 | ||||||
For the Year Ended December 31, 2011 | ||||||||||||
Central | Other | Total | ||||||||||
Freight Lines, | Affiliated | |||||||||||
Inc. | Entities | |||||||||||
Services Provided by Swift: | (Recast) | (Recast) | (Recast) | |||||||||
Freight Services(1) | $ | 9,345 | $ | 1,060 | $ | 10,405 | ||||||
Facility Leases | $ | 614 | $ | 20 | $ | 634 | ||||||
Other Services (4) | $ | — | $ | 131 | $ | 131 | ||||||
Services Received by Swift: | ||||||||||||
Freight Services(2) | $ | 46 | $ | — | $ | 46 | ||||||
Facility Leases | $ | 480 | $ | — | $ | 480 | ||||||
Other Services(3) | $ | — | $ | 417 | $ | 417 | ||||||
As of December 31, 2011 | ||||||||||||
Receivable | $ | 1,891 | $ | 189 | $ | 2,080 | ||||||
Payable | $ | 19 | $ | 10 | $ | 29 | ||||||
-1 | The rates the Company charges for freight services to each of these companies for transportation services are market rates, which are comparable to what it charges third-party customers. These transportation services provided to affiliated entities provide the Company with an additional source of operating revenue at its normal freight rates. | |||||||||||
-2 | Transportation services received from Central Freight represent LTL (less-than-truckload) freight services rendered to haul parts and equipment to Company shop locations. The rates paid to Central Freight for these loads are comparable to market rates charged by other non-affiliated LTL carriers. These brokered loads make it possible for the Company to provide freight services to customers even in areas that the Company does not serve, providing the Company with an additional source of income. | |||||||||||
-3 | Other services received by the Company from the identified related parties included: executive air transport; fuel storage; event fees; equipment purchases; and miscellaneous repair services. | |||||||||||
(4) Other services provided by the Company to the identified related parties included: equipment sales and miscellaneous services. |
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Carrying Amounts And Estimated Fair Values Of Financial Instruments | ' | ||||||||||||||||||||
The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments as of December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||||||
(Recast) | (Recast) | ||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Restricted investments | $ | 25,814 | $ | 25,808 | $ | 22,275 | $ | 22,271 | |||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Senior secured first lien term loan B-1 tranche (2013 Agreement) | 229,000 | 230,031 | — | — | |||||||||||||||||
Senior secured first lien term loan B-2 tranche (2013 Agreement) | 410,000 | 412,358 | — | — | |||||||||||||||||
Senior secured first lien term loan B-1 tranche (2012 Agreement) | — | — | 157,095 | 157,346 | |||||||||||||||||
Senior secured first lien term loan B-2 tranche (2012 Agreement) | — | — | 575,560 | 582,236 | |||||||||||||||||
Senior second priority secured notes | 493,825 | 549,059 | 492,561 | 541,817 | |||||||||||||||||
Securitization of accounts receivable | 264,000 | 264,000 | 204,000 | 204,000 | |||||||||||||||||
Central Financial Liabilities: | |||||||||||||||||||||
Various notes payables to financing companies, due dates through May 2015, secured by revenue equipment | 2,190 | 2,190 | 11,508 | 11,508 | |||||||||||||||||
Note payable to a bank, due March 2016 | — | — | 4,066 | 4,066 | |||||||||||||||||
Note payable to a financing company, due June 2013 | — | — | 816 | 816 | |||||||||||||||||
Liabilities That Were Measured At Estimated Fair Value On Recurring Basis | ' | ||||||||||||||||||||
As of December 31, 2013 and 2012, no assets of the Company were measured at estimated fair value on a recurring basis. As of December 31, 2013 and 2012, information about inputs into the estimated fair value measurements of each major category of the Company’s liabilities that were measured at estimated fair value on a recurring basis in periods subsequent to their initial recognition was as follows (in thousands): | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
Description | Total | Quoted Prices in | Significant | Significant | |||||||||||||||||
Estimated | Active Markets for | Other | Unobservable | ||||||||||||||||||
Fair Value | Identical Assets or | Observable | Inputs | ||||||||||||||||||
Liabilities | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Interest rate swaps | $ | 11,768 | $ | — | $ | 11,768 | $ | — | |||||||||||||
As of December 31, 2012 (Recast) | |||||||||||||||||||||
Interest rate swaps | $ | 13,350 | $ | — | $ | 13,350 | $ | — | |||||||||||||
Assets That Were Measured At Estimated Fair Value On Non-Recurring Basis | ' | ||||||||||||||||||||
As of December 31, 2013, no assets of the Company were measured at estimated fair value on a nonrecurring basis. As of December 31, 2012, information about inputs into the estimated fair value measurements of the Company’s assets that were measured at estimated fair value on a nonrecurring basis in the period is as follows (in thousands): | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | Total Gains (Losses) | |||||||||||||||||
Estimated Fair Value | in Active | Other | Unobservable Inputs (Level 3) | ||||||||||||||||||
Markets for | Observable Inputs (Level 2) | ||||||||||||||||||||
Description | Identical Assets (Level 1) | ||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Real property | $ | 665 | $ | — | $ | — | $ | 665 | $ | (1,065 | ) | ||||||||||
Other assets | $ | — | $ | — | $ | — | $ | — | $ | (2,322 | ) | ||||||||||
Note receivable | $ | 1,000 | $ | — | $ | — | $ | 1,000 | $ | (5,979 | ) | ||||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Schedule Of Intangible Assets | ' | ||||||||
Intangible assets as of December 31, 2013 and 2012 were as follows (in thousands): | |||||||||
2013 | 2012 | ||||||||
Customer Relationship: | |||||||||
Gross carrying value | $ | 275,324 | $ | 275,324 | |||||
Accumulated amortization | (139,614 | ) | (122,800 | ) | |||||
Trade Name: | |||||||||
Gross carrying value | 181,037 | 181,037 | |||||||
Intangible assets, net | $ | 316,747 | $ | 333,561 | |||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Schedule of Goodwill | ' | |||||||||||
The following presents the components of the net carrying amount of our goodwill by reportable segment as of December 31, 2013 and 2012 (in thousands): | ||||||||||||
Gross Carrying Amount | Accumulated Impairment Losses (1) | Carrying Amount | ||||||||||
Truckload | $ | 376,998 | $ | (190,394 | ) | $ | 186,604 | |||||
Dedicated | 130,742 | (64,090 | ) | 66,652 | ||||||||
Total | $ | 507,740 | $ | (254,484 | ) | $ | 253,256 | |||||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Calculation Of Basic And Diluted Earnings Per Share Attributable To Stockholders | ' | |||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Recast) | (Recast) | |||||||||||
Net income | $ | 155,422 | $ | 140,087 | $ | 102,747 | ||||||
Basic: | ||||||||||||
Weighted average common shares outstanding | 140,179 | 139,532 | 139,155 | |||||||||
Diluted: | ||||||||||||
Dilutive effect of stock options | 2,042 | 87 | 508 | |||||||||
Total weighted average diluted shares outstanding | 142,221 | 139,619 | 139,663 | |||||||||
Anti-dilutive shares excluded from the diluted earnings per share calculation (1) | 174 | 4,356 | 5,978 | |||||||||
Earnings per share: | ||||||||||||
Basic earnings per share | $ | 1.11 | $ | 1 | $ | 0.74 | ||||||
Diluted earnings per share | $ | 1.09 | $ | 1 | $ | 0.74 | ||||||
-1 | Impact of outstanding options to purchase shares of the Company’s Class A common stock were anti-dilutive because the options exercise price was greater than the average market price of the common shares and were excluded from the calculation of diluted earnings per share. |
Quarterly_Result_Of_Operations1
Quarterly Result Of Operations (unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ' | |||||||||||||||
Quarterly Results of Operations | ' | |||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Year Ended December 31, 2013 (1) | ||||||||||||||||
Operating revenue | $ | 981,608 | $ | 1,029,071 | $ | 1,032,127 | $ | 1,075,389 | ||||||||
Operating income | $ | 69,718 | $ | 100,266 | $ | 84,420 | $ | 102,555 | ||||||||
Net income | $ | 30,292 | $ | 49,879 | $ | 29,953 | $ | 45,298 | ||||||||
Basic earnings per share | $ | 0.22 | $ | 0.36 | $ | 0.21 | $ | 0.32 | ||||||||
Diluted earnings per share | $ | 0.21 | $ | 0.35 | $ | 0.21 | $ | 0.32 | ||||||||
Year Ended December 31, 2012 (recast) | ||||||||||||||||
Operating revenue | $ | 943,818 | $ | 992,083 | $ | 992,624 | $ | 1,047,560 | ||||||||
Operating income | $ | 63,573 | $ | 95,049 | $ | 77,190 | $ | 116,004 | ||||||||
Net income | $ | 10,827 | $ | 40,920 | $ | 33,656 | $ | 54,684 | ||||||||
Basic and diluted earnings per share | $ | 0.08 | $ | 0.29 | $ | 0.24 | $ | 0.39 | ||||||||
(1) The first and second quarter results of 2013 have been recast due to the acquisition of Central. Refer to Notes 1 and 2 for further information regarding the Acquisition. |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Summary Of Financial Information By Segments | ' | ||||||||||||
Set forth in the tables below is certain financial information with respect to the Company’s reportable segments (in thousands): | |||||||||||||
Operating Revenue | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Recast) | (Recast) | ||||||||||||
Truckload | $ | 2,313,035 | $ | 2,282,342 | $ | 2,336,056 | |||||||
Dedicated | 738,929 | 724,405 | 625,268 | ||||||||||
Central Refrigerated | 533,993 | 484,657 | 447,173 | ||||||||||
Intermodal | 350,093 | 333,938 | 237,875 | ||||||||||
Subtotal | 3,936,050 | 3,825,342 | 3,646,372 | ||||||||||
Nonreportable segments | 224,425 | 211,112 | 192,987 | ||||||||||
Intersegment eliminations | (42,280 | ) | (60,369 | ) | (60,396 | ) | |||||||
Consolidated operating revenue | $ | 4,118,195 | $ | 3,976,085 | $ | 3,778,963 | |||||||
Operating Income (Loss) | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Recast) | (Recast) | ||||||||||||
Truckload | $ | 225,963 | $ | 246,005 | $ | 222,954 | |||||||
Dedicated | 83,520 | 74,026 | 69,753 | ||||||||||
Central Refrigerated | 25,821 | 29,770 | 16,023 | ||||||||||
Intermodal | 6,030 | (6,854 | ) | 3,146 | |||||||||
Subtotal | 341,334 | 342,947 | 311,876 | ||||||||||
Nonreportable segments | 15,625 | 8,869 | 10,160 | ||||||||||
Consolidated operating income | $ | 356,959 | $ | 351,816 | $ | 322,036 | |||||||
Depreciation and Amortization | |||||||||||||
Expense | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Recast) | (Recast) | ||||||||||||
Truckload | $ | 127,404 | $ | 121,004 | $ | 135,863 | |||||||
Dedicated | 45,568 | 44,088 | 39,888 | ||||||||||
Central Refrigerated | 16,440 | 19,010 | 13,925 | ||||||||||
Intermodal | 9,032 | 9,041 | 7,805 | ||||||||||
Subtotal | 198,444 | 193,143 | 197,481 | ||||||||||
Nonreportable segments | 27,564 | 25,696 | 20,617 | ||||||||||
Consolidated depreciation and amortization expense | $ | 226,008 | $ | 218,839 | $ | 218,098 | |||||||
Guarantor_Condensed_Consolidat1
Guarantor Condensed Consolidating Financial Statements (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||||||
Condensed consolidating balance sheet as of December 31, 2013 (in thousands) | |||||||||||||||||||||||||
Swift | Swift | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Services | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | Holdings, Inc. | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | (Issuer) | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 54,564 | $ | 4,614 | $ | — | $ | 59,178 | |||||||||||||
Restricted cash | — | — | — | 50,833 | — | 50,833 | |||||||||||||||||||
Restricted investments, held to maturity, amortized cost | 25,814 | 25,814 | |||||||||||||||||||||||
Accounts receivable, net | — | — | 28,997 | 394,044 | (4,605 | ) | 418,436 | ||||||||||||||||||
Intercompany receivable | 85,498 | 400,569 | — | 55,799 | (541,866 | ) | — | ||||||||||||||||||
Other current assets | 37,022 | — | 127,775 | 16,270 | (1,296 | ) | 179,771 | ||||||||||||||||||
Total current assets | 122,520 | 400,569 | 211,336 | 547,374 | (547,767 | ) | 734,032 | ||||||||||||||||||
Property and equipment, net | — | — | 1,407,414 | 40,393 | — | 1,447,807 | |||||||||||||||||||
Investment in subsidiaries | 239,432 | 870,599 | 983,289 | — | (2,093,320 | ) | — | ||||||||||||||||||
Other assets | 11,780 | 2,355 | 83,967 | 4,639 | (45,575 | ) | 57,166 | ||||||||||||||||||
Intangible assets, net | — | — | 307,092 | 9,655 | — | 316,747 | |||||||||||||||||||
Goodwill | — | — | 246,977 | 6,279 | — | 253,256 | |||||||||||||||||||
Total assets | $ | 373,732 | $ | 1,273,523 | $ | 3,240,075 | $ | 608,340 | $ | (2,686,662 | ) | $ | 2,809,008 | ||||||||||||
Intercompany payable | $ | — | $ | 1,296 | $ | 542,772 | $ | — | $ | (544,068 | ) | $ | — | ||||||||||||
Current portion of long-term debt and obligations under capital leases | 6,036 | — | 64,970 | 36,626 | (32,576 | ) | 75,056 | ||||||||||||||||||
Other current liabilities | 2,281 | 6,389 | 277,921 | 27,170 | (4,449 | ) | 309,312 | ||||||||||||||||||
Total current liabilities | 8,317 | 7,685 | 885,663 | 63,796 | (581,093 | ) | 384,368 | ||||||||||||||||||
Long-term debt and obligations under capital leases, less current portion | — | 493,825 | 747,918 | 5,046 | (25 | ) | 1,246,764 | ||||||||||||||||||
Deferred income taxes | — | — | 487,670 | 8,754 | (12,224 | ) | 484,200 | ||||||||||||||||||
Securitization of accounts receivable | — | — | — | 264,000 | — | 264,000 | |||||||||||||||||||
Revolving line of credit | — | — | 17,000 | — | — | 17,000 | |||||||||||||||||||
Other liabilities | — | — | 73,774 | 55,315 | — | 129,089 | |||||||||||||||||||
Total liabilities | 8,317 | 501,510 | 2,212,025 | 396,911 | (593,342 | ) | 2,525,421 | ||||||||||||||||||
Total stockholders’ equity | 365,415 | 772,013 | 1,028,050 | 211,429 | (2,093,320 | ) | 283,587 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 373,732 | $ | 1,273,523 | $ | 3,240,075 | $ | 608,340 | $ | (2,686,662 | ) | $ | 2,809,008 | ||||||||||||
Condensed consolidating balance sheet as of December 31, 2012 (in thousands) | |||||||||||||||||||||||||
Swift | Swift | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Services | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | Holdings, Inc. | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | (Issuer) | ||||||||||||||||||||||||
(Recast) | (Recast) | (Recast) | |||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 43,877 | $ | 9,719 | $ | — | $ | 53,596 | |||||||||||||
Restricted cash | — | — | — | 51,678 | — | 51,678 | |||||||||||||||||||
Restricted investments, held to maturity, amortized cost | — | — | — | 22,275 | — | 22,275 | |||||||||||||||||||
Accounts receivable, net | — | — | 72,319 | 324,597 | (4,146 | ) | 392,770 | ||||||||||||||||||
Intercompany receivable | 24,239 | 430,030 | — | 53,665 | (507,934 | ) | — | ||||||||||||||||||
Other current assets | 57,914 | 181 | 150,090 | 13,587 | — | 221,772 | |||||||||||||||||||
Total current assets | 82,153 | 430,211 | 266,286 | 475,521 | (512,080 | ) | 742,091 | ||||||||||||||||||
Property and equipment, net | — | — | 1,360,358 | 37,178 | — | 1,397,536 | |||||||||||||||||||
Investment in subsidiaries | 106,194 | 757,590 | 904,412 | — | (1,768,196 | ) | — | ||||||||||||||||||
Other assets | 19,622 | 2,647 | 87,631 | 4,974 | (49,337 | ) | 65,537 | ||||||||||||||||||
Intangible assets, net | — | — | 323,134 | 10,427 | — | 333,561 | |||||||||||||||||||
Goodwill | — | — | 246,977 | 6,279 | — | 253,256 | |||||||||||||||||||
Total assets | $ | 207,969 | $ | 1,190,448 | $ | 3,188,798 | $ | 534,379 | $ | (2,329,613 | ) | $ | 2,791,981 | ||||||||||||
Intercompany payable | $ | — | $ | — | $ | 507,934 | $ | — | $ | (507,934 | ) | $ | — | ||||||||||||
Current portion of long-term debt and obligations under capital leases | — | — | 71,705 | 28,301 | (26,509 | ) | 73,497 | ||||||||||||||||||
Other current liabilities | 1,656 | 6,389 | 277,738 | 28,315 | (4,146 | ) | 309,952 | ||||||||||||||||||
Total current liabilities | 1,656 | 6,389 | 857,377 | 56,616 | (538,589 | ) | 383,449 | ||||||||||||||||||
Long-term debt and obligations under capital leases, less current portion | — | 492,561 | 861,534 | 6,116 | (3,110 | ) | 1,357,101 | ||||||||||||||||||
Deferred income taxes | — | — | 456,098 | 5,001 | (19,718 | ) | 441,381 | ||||||||||||||||||
Securitization of accounts receivable | — | — | — | 204,000 | — | 204,000 | |||||||||||||||||||
Revolving line of credit | — | — | 2,531 | — | — | 2,531 | |||||||||||||||||||
Other liabilities | — | — | 63,739 | 49,576 | — | 113,315 | |||||||||||||||||||
Total liabilities | 1,656 | 498,950 | 2,241,279 | 321,309 | (561,417 | ) | 2,501,777 | ||||||||||||||||||
Total stockholders’ equity | 206,313 | 691,498 | 947,519 | 213,070 | (1,768,196 | ) | 290,204 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 207,969 | $ | 1,190,448 | $ | 3,188,798 | $ | 534,379 | $ | (2,329,613 | ) | $ | 2,791,981 | ||||||||||||
Condensed Consolidating Statement Of Operations | ' | ||||||||||||||||||||||||
Condensed consolidating statement of operations for year ended December 31, 2013 (in thousands) | |||||||||||||||||||||||||
Swift | Swift | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Services | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | Holdings, Inc. | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | (Issuer) | ||||||||||||||||||||||||
Operating revenue | $ | — | $ | — | $ | 4,044,469 | $ | 164,483 | $ | (90,757 | ) | $ | 4,118,195 | ||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Salaries, wages and employee benefits | 3,638 | — | 870,463 | 29,889 | — | 903,990 | |||||||||||||||||||
Operating supplies and expenses | 2,245 | 10 | 309,863 | 15,122 | (8,217 | ) | 319,023 | ||||||||||||||||||
Fuel | — | — | 614,074 | 25,926 | — | 640,000 | |||||||||||||||||||
Purchased transportation | — | — | 1,294,889 | 17,297 | (56,540 | ) | 1,255,646 | ||||||||||||||||||
Rental expense | — | — | 177,566 | 3,410 | (648 | ) | 180,328 | ||||||||||||||||||
Insurance and claims | 1,017 | — | 116,908 | 49,606 | (25,352 | ) | 142,179 | ||||||||||||||||||
Depreciation and amortization of property and equipment | — | — | 221,264 | 4,744 | — | 226,008 | |||||||||||||||||||
Amortization of intangibles | — | — | 16,042 | 772 | — | 16,814 | |||||||||||||||||||
Gain on disposal of property and equipment | — | — | (22,688 | ) | 24 | — | (22,664 | ) | |||||||||||||||||
Communication and utilities | — | — | 24,652 | 941 | — | 25,593 | |||||||||||||||||||
Operating taxes and licenses | — | — | 63,448 | 10,871 | — | 74,319 | |||||||||||||||||||
Total operating expenses | 6,900 | 10 | 3,686,481 | 158,602 | (90,757 | ) | 3,761,236 | ||||||||||||||||||
Operating income (loss) | (6,900 | ) | (10 | ) | 357,988 | 5,881 | — | 356,959 | |||||||||||||||||
Interest expense, net | 27 | 51,654 | 45,095 | 4,136 | — | 100,912 | |||||||||||||||||||
Loss on debt extinguishment | — | — | 5,540 | — | — | 5,540 | |||||||||||||||||||
Other (income) expenses, net | (133,239 | ) | (113,008 | ) | (79,966 | ) | (10,447 | ) | 330,763 | (5,897 | ) | ||||||||||||||
Income before income taxes | 126,312 | 61,344 | 387,319 | 12,192 | (330,763 | ) | 256,404 | ||||||||||||||||||
Income tax expense (benefit) | (15,018 | ) | (19,172 | ) | 126,980 | 8,192 | — | 100,982 | |||||||||||||||||
Net income | $ | 141,330 | $ | 80,516 | $ | 260,339 | $ | 4,000 | $ | (330,763 | ) | $ | 155,422 | ||||||||||||
Condensed consolidating statement of operations for the year ended December 31, 2012 (in thousands) | |||||||||||||||||||||||||
Swift | Swift | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Services | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | Holdings, Inc. | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | (Issuer) | ||||||||||||||||||||||||
(Recast) | (Recast) | (Recast) | |||||||||||||||||||||||
Operating revenue | $ | — | $ | — | $ | 3,912,979 | $ | 147,649 | $ | (84,543 | ) | $ | 3,976,085 | ||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Salaries, wages and employee benefits | 4,645 | — | 849,022 | 26,189 | — | 879,856 | |||||||||||||||||||
Operating supplies and expenses | 2,503 | 12 | 281,911 | 12,769 | (6,723 | ) | 290,472 | ||||||||||||||||||
Fuel | — | — | 647,827 | 20,880 | — | 668,707 | |||||||||||||||||||
Purchased transportation | — | — | 1,233,107 | 21,738 | (59,812 | ) | 1,195,033 | ||||||||||||||||||
Rental expense | — | — | 146,367 | 3,752 | (686 | ) | 149,433 | ||||||||||||||||||
Insurance and claims | — | — | 100,448 | 38,529 | (17,322 | ) | 121,655 | ||||||||||||||||||
Depreciation and amortization of property and equipment | — | — | 214,819 | 4,020 | — | 218,839 | |||||||||||||||||||
Amortization of intangibles | — | — | 16,147 | 778 | — | 16,925 | |||||||||||||||||||
Impairments | — | — | 3,387 | — | — | 3,387 | |||||||||||||||||||
Gain on disposal of property and equipment | — | — | (18,231 | ) | (120 | ) | — | (18,351 | ) | ||||||||||||||||
Communication and utilities | — | — | 25,536 | 928 | — | 26,464 | |||||||||||||||||||
Operating taxes and licenses | — | — | 63,183 | 8,666 | — | 71,849 | |||||||||||||||||||
Total operating expenses | 7,148 | 12 | 3,563,523 | 138,129 | (84,543 | ) | 3,624,269 | ||||||||||||||||||
Operating income (loss) | (7,148 | ) | (12 | ) | 349,456 | 9,520 | — | 351,816 | |||||||||||||||||
Interest expense, net | — | 51,654 | 69,183 | 4,157 | — | 124,994 | |||||||||||||||||||
Loss on debt extinguishment | — | — | 22,219 | — | — | 22,219 | |||||||||||||||||||
Other (income) expenses, net | (118,843 | ) | (80,090 | ) | (43,849 | ) | (10,284 | ) | 255,968 | 2,902 | |||||||||||||||
Income before income taxes | 111,695 | 28,424 | 301,903 | 15,647 | (255,968 | ) | 201,701 | ||||||||||||||||||
Income tax expense (benefit) | (2,894 | ) | (19,167 | ) | 77,472 | 6,203 | — | 61,614 | |||||||||||||||||
Net income | $ | 114,589 | $ | 47,591 | $ | 224,431 | $ | 9,444 | $ | (255,968 | ) | $ | 140,087 | ||||||||||||
Condensed consolidating statement of operations for the year ended December 31, 2011 (in thousands) | |||||||||||||||||||||||||
Swift | Swift | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Services | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | Holdings, Inc. | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | (Issuer) | ||||||||||||||||||||||||
(Recast) | (Recast) | (Recast) | |||||||||||||||||||||||
Operating revenue | $ | — | $ | — | $ | 3,720,679 | $ | 138,091 | $ | (79,807 | ) | $ | 3,778,963 | ||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Salaries, wages and employee benefits | 6,784 | — | 828,293 | 26,346 | — | 861,423 | |||||||||||||||||||
Operating supplies and expenses | 3,044 | 5 | 263,480 | 21,514 | (6,171 | ) | 281,872 | ||||||||||||||||||
Fuel | — | — | 679,507 | 19,023 | — | 698,530 | |||||||||||||||||||
Purchased transportation | — | — | 1,092,135 | 15,893 | (52,612 | ) | 1,055,416 | ||||||||||||||||||
Rental expense | — | — | 121,783 | 1,238 | (742 | ) | 122,279 | ||||||||||||||||||
Insurance and claims | — | — | 92,970 | 37,951 | (20,282 | ) | 110,639 | ||||||||||||||||||
Depreciation and amortization of property and equipment | — | — | 215,142 | 2,956 | — | 218,098 | |||||||||||||||||||
Amortization of intangibles | — | — | 17,415 | 843 | — | 18,258 | |||||||||||||||||||
Gain on disposal of property and equipment | — | — | (8,957 | ) | 55 | — | (8,902 | ) | |||||||||||||||||
Communication and utilities | — | — | 26,758 | 999 | — | 27,757 | |||||||||||||||||||
Operating taxes and licenses | — | — | 63,171 | 8,386 | — | 71,557 | |||||||||||||||||||
Total operating expenses | 9,828 | 5 | 3,391,697 | 135,204 | (79,807 | ) | 3,456,927 | ||||||||||||||||||
Operating income (loss), net | (9,828 | ) | (5 | ) | 328,982 | 2,887 | — | 322,036 | |||||||||||||||||
Interest expense, net | — | 51,600 | 105,746 | 5,695 | — | 163,041 | |||||||||||||||||||
Other (income) expenses | (95,283 | ) | (22,277 | ) | 18,229 | (23,272 | ) | 120,359 | (2,244 | ) | |||||||||||||||
Income (loss) before income taxes | 85,455 | (29,328 | ) | 205,007 | 20,464 | (120,359 | ) | 161,239 | |||||||||||||||||
Income tax expense (benefit) | (5,095 | ) | (18,911 | ) | 75,251 | 7,247 | — | 58,492 | |||||||||||||||||
Net income (loss) | $ | 90,550 | $ | (10,417 | ) | $ | 129,756 | $ | 13,217 | $ | (120,359 | ) | $ | 102,747 | |||||||||||
Condensed Consolidated Statement Of Comprehensive Income Table [Text Block] | ' | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended December 31, 2013 (in thousands) | |||||||||||||||||||||||||
Swift | Swift Services | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Holdings, Inc. | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | (Issuer) | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | |||||||||||||||||||||||||
Net income | $ | 141,330 | $ | 80,516 | $ | 260,339 | $ | 4,000 | $ | (330,763 | ) | $ | 155,422 | ||||||||||||
Other comprehensive income before income taxes: | |||||||||||||||||||||||||
Accumulated losses on derivatives reclassified to derivative interest expense | — | — | 3,143 | — | — | 3,143 | |||||||||||||||||||
Change in fair value of interest rate swaps | — | — | (145 | ) | — | — | (145 | ) | |||||||||||||||||
Other comprehensive income before income taxes | — | — | 2,998 | — | — | 2,998 | |||||||||||||||||||
Income tax effect of items of other comprehensive income | — | — | (958 | ) | — | — | (958 | ) | |||||||||||||||||
Total comprehensive income | $ | 141,330 | $ | 80,516 | $ | 262,379 | $ | 4,000 | $ | (330,763 | ) | $ | 157,462 | ||||||||||||
Condensed consolidating statement of comprehensive income for the year ended December 31, 2012 (in thousands) | |||||||||||||||||||||||||
Swift | Swift Services | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Holdings, Inc. | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | (Issuer) | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | |||||||||||||||||||||||||
(Recast) | (Recast) | (Recast) | |||||||||||||||||||||||
Net income | $ | 114,589 | $ | 47,591 | $ | 224,431 | $ | 9,444 | $ | (255,968 | ) | $ | 140,087 | ||||||||||||
Other comprehensive income before income taxes: | |||||||||||||||||||||||||
Accumulated losses on derivatives reclassified to derivative interest expense | — | — | 5,101 | — | — | 5,101 | |||||||||||||||||||
Change in fair value of interest rate swaps | — | — | (2,786 | ) | — | — | (2,786 | ) | |||||||||||||||||
Other comprehensive income before income taxes | — | — | 2,315 | — | — | 2,315 | |||||||||||||||||||
Income tax effect of items of other comprehensive income | — | — | 1,142 | — | — | 1,142 | |||||||||||||||||||
Total comprehensive income | $ | 114,589 | $ | 47,591 | $ | 227,888 | $ | 9,444 | $ | (255,968 | ) | $ | 143,544 | ||||||||||||
Condensed consolidating statement of comprehensive income for the year ended December 31, 2011 (in thousands) | |||||||||||||||||||||||||
Swift | Swift Services | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Holdings, Inc. | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | (Issuer) | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | |||||||||||||||||||||||||
(Recast) | (Recast) | (Recast) | |||||||||||||||||||||||
Net income (loss) | $ | 90,550 | $ | (10,417 | ) | $ | 129,756 | $ | 13,217 | $ | (120,359 | ) | $ | 102,747 | |||||||||||
Other comprehensive income before income taxes: | |||||||||||||||||||||||||
Accumulated losses on derivatives reclassified to derivative interest expense | — | — | 15,057 | — | — | 15,057 | |||||||||||||||||||
Change in fair value of interest rate swaps | — | — | (9,952 | ) | — | — | (9,952 | ) | |||||||||||||||||
Other comprehensive income before income taxes | — | — | 5,105 | — | — | 5,105 | |||||||||||||||||||
Income tax effect of items of other comprehensive income | — | — | 3,897 | — | — | 3,897 | |||||||||||||||||||
Total comprehensive income (loss) | $ | 90,550 | $ | (10,417 | ) | $ | 138,758 | $ | 13,217 | $ | (120,359 | ) | $ | 111,749 | |||||||||||
Condensed Consolidating Statement Of Cash Flows | ' | ||||||||||||||||||||||||
Condensed consolidating statement of cash flows for the year ended December 31, 2013 (in thousands) | |||||||||||||||||||||||||
Swift | Swift Services | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Holdings, Inc. | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | (Issuer) | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | |||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 47,129 | $ | (29,460 | ) | $ | 511,024 | $ | (55,189 | ) | $ | — | $ | 473,504 | |||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Decrease in restricted cash | — | — | — | 845 | — | 845 | |||||||||||||||||||
Change in restricted investments | — | — | — | (3,539 | ) | — | (3,539 | ) | |||||||||||||||||
Proceeds from sale of property and equipment | — | — | 119,009 | 149 | — | 119,158 | |||||||||||||||||||
Capital expenditures | — | — | (312,713 | ) | (5,558 | ) | — | (318,271 | ) | ||||||||||||||||
Payments received on notes receivable | — | 3,868 | — | — | 3,868 | ||||||||||||||||||||
Expenditures on assets held for sale | — | — | (18,415 | ) | — | — | (18,415 | ) | |||||||||||||||||
Payments received on assets held for sale | — | — | 53,486 | — | — | 53,486 | |||||||||||||||||||
Payments received on equipment sale receivables | — | — | 1,450 | — | — | 1,450 | |||||||||||||||||||
Dividends from subsidiary | — | — | 6,800 | — | (6,800 | ) | — | ||||||||||||||||||
Payments received on intercompany notes payable | — | — | 3,399 | — | (3,399 | ) | — | ||||||||||||||||||
Capital contribution to subsidiary | (1,160 | ) | — | 1,160 | — | ||||||||||||||||||||
Acquisition of Central Refrigerated, net of debt repayment | — | — | (150,302 | ) | — | — | (150,302 | ) | |||||||||||||||||
Net cash used in investing activities | — | — | (294,578 | ) | (8,103 | ) | (9,039 | ) | (311,720 | ) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Proceeds from long-term debt | — | — | 15,999 | 10,268 | — | 26,267 | |||||||||||||||||||
Payment of deferred loan costs | — | — | (1,332 | ) | (851 | ) | — | (2,183 | ) | ||||||||||||||||
Borrowings under accounts receivable securitization | — | — | — | 184,000 | — | 184,000 | |||||||||||||||||||
Repayment of accounts receivable securitization | — | — | — | (124,000 | ) | — | (124,000 | ) | |||||||||||||||||
Repayment of long-term debt and capital leases | — | — | (228,130 | ) | (8,258 | ) | — | (236,388 | ) | ||||||||||||||||
Repayment of intercompany notes payable | — | — | — | (3,399 | ) | 3,399 | — | ||||||||||||||||||
Dividend to parent | — | — | — | (6,800 | ) | 6,800 | — | ||||||||||||||||||
Capital contribution | — | — | — | 1,160 | (1,160 | ) | — | ||||||||||||||||||
Net funding (to) from affiliates | (61,261 | ) | 29,460 | 25,734 | 6,067 | — | — | ||||||||||||||||||
Distribution to Central stockholders, pre-acquisition | — | — | (2,499 | ) | — | — | (2,499 | ) | |||||||||||||||||
Issuance of Central loan receivable, pre-acquisition | — | — | (30,000 | ) | — | — | (30,000 | ) | |||||||||||||||||
Net borrowings on revolving line of credit | — | — | 14,469 | — | — | 14,469 | |||||||||||||||||||
Proceeds from exercise of stock options and the issuance of employee stock purchase plan shares | 13,945 | — | — | — | — | 13,945 | |||||||||||||||||||
Income tax benefit (deficiency) from exercise of stock options | 187 | — | — | — | — | 187 | |||||||||||||||||||
Net cash provided by (used in) financing activities | (47,129 | ) | 29,460 | (205,759 | ) | 58,187 | 9,039 | (156,202 | ) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | 10,687 | (5,105 | ) | — | 5,582 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 43,877 | 9,719 | — | 53,596 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 54,564 | $ | 4,614 | $ | — | $ | 59,178 | |||||||||||||
Condensed consolidating statement of cash flows for the year ended December 31, 2012 (in thousands) | |||||||||||||||||||||||||
Swift | Swift Services | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Holdings, Inc. | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | (Issuer) | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | |||||||||||||||||||||||||
(Recast) | (Recast) | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 13,076 | $ | (11,970 | ) | $ | 442,480 | $ | 3,532 | $ | — | $ | 447,118 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Decrease in restricted cash | — | — | — | 20,046 | — | 20,046 | |||||||||||||||||||
Change in restricted investments | — | — | — | (22,275 | ) | — | (22,275 | ) | |||||||||||||||||
Funding of notes receivable | — | — | (7,500 | ) | — | — | (7,500 | ) | |||||||||||||||||
Proceeds from sale of property and equipment | — | — | 141,504 | 1,180 | — | 142,684 | |||||||||||||||||||
Capital expenditures | — | — | (310,885 | ) | (3,257 | ) | — | (314,142 | ) | ||||||||||||||||
Payments received on notes receivable | — | — | 5,948 | — | — | 5,948 | |||||||||||||||||||
Expenditures on assets held for sale | — | — | (12,040 | ) | — | — | (12,040 | ) | |||||||||||||||||
Payments received on assets held for sale | — | — | 12,778 | — | — | 12,778 | |||||||||||||||||||
Payments received on equipment sale receivables | — | — | 5,642 | — | — | 5,642 | |||||||||||||||||||
Dividends from subsidiary | — | — | 6,700 | — | (6,700 | ) | — | ||||||||||||||||||
Payments received on intercompany notes payable | — | — | 2,125 | — | (2,125 | ) | — | ||||||||||||||||||
Funding of intercompany notes payable | — | — | — | — | — | — | |||||||||||||||||||
Other investing activities | — | — | (270 | ) | — | — | (270 | ) | |||||||||||||||||
Net cash used in investing activities | — | — | (155,998 | ) | (4,306 | ) | (8,825 | ) | (169,129 | ) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Payment of deferred loan costs | — | — | (9,023 | ) | — | — | (9,023 | ) | |||||||||||||||||
Borrowings under accounts receivable securitization | — | — | — | 255,000 | — | 255,000 | |||||||||||||||||||
Repayment of accounts receivable securitization | — | — | — | (231,000 | ) | — | (231,000 | ) | |||||||||||||||||
Repayment of long-term debt and capital leases | — | — | (311,401 | ) | (534 | ) | — | (311,935 | ) | ||||||||||||||||
Dividend to parent | — | — | — | (6,700 | ) | 6,700 | — | ||||||||||||||||||
Proceeds from long term notes | — | — | 11,304 | — | — | 11,304 | |||||||||||||||||||
Proceeds from intercompany notes payable | — | — | — | — | — | — | |||||||||||||||||||
Repayment of intercompany notes payable | — | — | — | (2,125 | ) | 2,125 | — | ||||||||||||||||||
Net funding (to) from affiliates | (24,239 | ) | 11,970 | 22,652 | (10,383 | ) | — | — | |||||||||||||||||
Net borrowings on revolving line of credit | — | — | (6,506 | ) | — | — | (6,506 | ) | |||||||||||||||||
Distribution to Central stockholders, pre-acquisition | — | — | (13,605 | ) | — | — | (13,605 | ) | |||||||||||||||||
Proceeds from exercise of stock options and the issuance of employee stock purchase plan shares | 401 | — | — | — | — | 401 | |||||||||||||||||||
Income tax benefit (deficiency) from exercise of stock options | (370 | ) | — | — | — | — | (370 | ) | |||||||||||||||||
Other financing activities | — | — | (743 | ) | — | — | (743 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | (24,208 | ) | 11,970 | (307,322 | ) | 4,258 | 8,825 | (306,477 | ) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (11,132 | ) | — | (20,840 | ) | 3,484 | — | (28,488 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | 11,132 | — | 64,717 | 6,235 | — | 82,084 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 43,877 | $ | 9,719 | $ | — | $ | 53,596 | |||||||||||||
Condensed consolidating statement of cash flows for the year ended December 31, 2011 ( in thousands) | |||||||||||||||||||||||||
Swift | Swift Services | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Holdings, Inc. | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | (Issuer) | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | |||||||||||||||||||||||||
(Recast) | (Recast) | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (6,571 | ) | $ | (44,963 | ) | $ | 429,773 | $ | (38,055 | ) | $ | — | $ | 340,184 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Decrease in restricted cash | — | — | — | 12,844 | — | 12,844 | |||||||||||||||||||
Proceeds from sale of property and equipment | — | — | 77,336 | 135 | — | 77,471 | |||||||||||||||||||
Capital expenditures | — | — | (243,312 | ) | (6,583 | ) | — | (249,895 | ) | ||||||||||||||||
Payments received on notes receivable | — | — | 7,334 | — | — | 7,334 | |||||||||||||||||||
Expenditures on assets held for sale | — | — | (8,965 | ) | — | — | (8,965 | ) | |||||||||||||||||
Payments received on assets held for sale | — | — | 11,018 | — | — | 11,018 | |||||||||||||||||||
Funding of intercompany notes | — | — | (4,702 | ) | — | 4,702 | — | ||||||||||||||||||
Payments received on intercompany notes | — | — | 4,566 | — | (4,566 | ) | — | ||||||||||||||||||
Dividend from subsidiary | — | — | 15,600 | — | (15,600 | ) | — | ||||||||||||||||||
Other investing activities | — | — | 275 | — | — | 275 | |||||||||||||||||||
Net cash (used in) provided by investing activities | — | — | (140,850 | ) | 6,396 | (15,464 | ) | (149,918 | ) | ||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Proceeds from issuance of class A common stock, net of issuance costs | 62,994 | — | — | — | — | 62,994 | |||||||||||||||||||
Payment of deferred loan costs | — | (979 | ) | (2,051 | ) | (884 | ) | — | (3,914 | ) | |||||||||||||||
Borrowings under accounts receivable securitization | — | — | — | 263,000 | — | 263,000 | |||||||||||||||||||
Repayment of accounts receivable securitization | — | — | — | (254,500 | ) | — | (254,500 | ) | |||||||||||||||||
Repayment of long-term debt and capital leases | — | — | (223,029 | ) | (1,240 | ) | — | (224,269 | ) | ||||||||||||||||
Proceeds from intercompany notes | — | — | — | 4,702 | (4,702 | ) | — | ||||||||||||||||||
Repayment of intercompany notes | — | — | — | (4,566 | ) | 4,566 | — | ||||||||||||||||||
Net borrowings on revolving line of credit | — | — | 9,037 | — | — | 9,037 | |||||||||||||||||||
Proceeds from long term notes | — | — | 7,263 | — | — | 7,263 | |||||||||||||||||||
Distribution to Central stockholders, pre-acquisition | — | — | (4,964 | ) | — | — | (4,964 | ) | |||||||||||||||||
Issuance of Central loan receivable, pre-acquisition | — | — | (12,000 | ) | — | — | (12,000 | ) | |||||||||||||||||
Dividend to parent | — | — | — | (15,600 | ) | 15,600 | — | ||||||||||||||||||
Proceeds from exercise of stock options and the issuance of employee stock purchase plan shares | 247 | — | — | — | — | 247 | |||||||||||||||||||
Income tax benefit (deficiency) from exercise of stock options | (206 | ) | — | — | — | — | (206 | ) | |||||||||||||||||
Net funding (to) from affiliates | (46,893 | ) | 45,942 | (35,942 | ) | 36,893 | — | — | |||||||||||||||||
Net cash provided by (used in) financing activities | 16,142 | 44,963 | (261,686 | ) | 27,805 | 15,464 | (157,312 | ) | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 9,571 | — | 27,237 | (3,854 | ) | — | 32,954 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | 1,561 | — | 37,480 | 10,089 | — | 49,130 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 11,132 | $ | — | $ | 64,717 | $ | 6,235 | $ | — | $ | 82,084 | |||||||||||||
Description_of_Business_and_Su2
Description of Business and Summary of Significant Accounting Policies (Detail) (USD $) | 7 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 06, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment | Segment | |||
Vehicle | ||||
Accounting Policies [Abstract] | ' | ' | ' | ' |
Number of company operated national terminal network and tractor fleet | ' | 18,000 | ' | ' |
Number of tractors driven by company drivers | ' | 12,800 | ' | ' |
Number of owner-operator tractors | ' | 5,200 | ' | ' |
Number of fleet of trailers | ' | 57,300 | ' | ' |
Number of intermodal containers | ' | 8,700 | ' | ' |
Number of reportable operating segments | 3 | 4 | ' | ' |
Restricted Cash and Cash Equivalents | ' | $50.80 | $51.70 | ' |
Statement [Line Items] | ' | ' | ' | ' |
Net gains on the disposal of property and equipment | ' | $22.70 | $18.40 | $8.90 |
Declining balance method percentage applied to the amortization of acquired customer relationships | ' | 150.00% | ' | ' |
Percentage Of Income Tax Positions Likely To Be Realized | ' | 50.00% | ' | ' |
Customer Relationships [Member] | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' |
Estimated useful life of intangible assets in years | ' | '15 years | ' | ' |
Land, Buildings and Improvements [Member] | Minimum [Member] | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' |
Estimated useful lives | ' | '5 years | ' | ' |
Land, Buildings and Improvements [Member] | Maximum [Member] | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' |
Estimated useful lives | ' | '40 years | ' | ' |
Revenue And Service Equipment [Member] | Minimum [Member] | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' |
Estimated useful lives | ' | '3 years | ' | ' |
Revenue And Service Equipment [Member] | Maximum [Member] | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' |
Estimated useful lives | ' | '20 years | ' | ' |
Furniture and Fixtures [Member] | Minimum [Member] | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' |
Estimated useful lives | ' | '3 years | ' | ' |
Furniture and Fixtures [Member] | Maximum [Member] | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' |
Estimated useful lives | ' | '5 years | ' | ' |
Acquisition_Details
Acquisition (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Aug. 06, 2013 | Aug. 06, 2013 | |||||||
Eliminations For Consolidation [Member] | Eliminations For Consolidation [Member] | Central Refrigerated Service, Inc. [Member] | Central Refrigerated Service, Inc. [Member] | Previously Reported [Member] | Previously Reported [Member] | Central Refrigerated Service, Inc. [Member] | Central Refrigerated Service, Inc. [Member] | Central Refrigerated Service, Inc. [Member] | |||||||||||||||||||
Mr. Moyes [Member] | |||||||||||||||||||||||||||
Class B Common Stock [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Consideration transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $225,000,000 | ' | ||||||
Cash consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 189,000,000 | ' | ||||||
Liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,000,000 | ' | ||||||
Cash consideration from revolving line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,000,000 | ' | ||||||
Cash consideration from accounts receivable sSecuritization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ' | ' | ||||||
Shares in escrow | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,131,862 | ||||||
Total current assets | 734,032,000 | ' | ' | ' | 742,091,000 | ' | ' | ' | 734,032,000 | 742,091,000 | ' | ' | -657,000 | ' | 68,211,000 | ' | 674,537,000 | ' | ' | ' | ' | ||||||
Total assets | 2,809,008,000 | ' | ' | ' | 2,791,981,000 | ' | ' | ' | 2,809,008,000 | 2,791,981,000 | ' | ' | -757,000 | ' | 160,560,000 | ' | 2,632,178,000 | ' | ' | ' | ' | ||||||
Total current liabilities | 384,368,000 | ' | ' | ' | 383,449,000 | ' | ' | ' | 384,368,000 | 383,449,000 | ' | ' | -657,000 | ' | 60,813,000 | ' | 323,293,000 | ' | ' | ' | ' | ||||||
Total liabilities | 2,525,421,000 | ' | ' | ' | 2,501,777,000 | ' | ' | ' | 2,525,421,000 | 2,501,777,000 | ' | ' | -657,000 | ' | 100,367,000 | ' | 2,402,067,000 | ' | ' | ' | ' | ||||||
Total stockholdersb equity | 283,587,000 | ' | ' | ' | 290,204,000 | ' | ' | ' | 283,587,000 | 290,204,000 | 155,186,000 | -9,557,000 | -100,000 | ' | 60,193,000 | ' | 230,111,000 | ' | ' | ' | ' | ||||||
Operating revenue | 1,075,389,000 | [1] | 1,032,127,000 | [1] | 1,029,071,000 | [1] | 981,608,000 | [1] | 1,047,560,000 | 992,624,000 | 992,083,000 | 943,818,000 | 4,118,195,000 | 3,976,085,000 | 3,778,963,000 | ' | -1,754,000 | -2,118,000 | 484,657,000 | 447,173,000 | 3,493,182,000 | 3,333,908,000 | ' | ' | ' | ||
Operating income (loss), net | 102,555,000 | [1] | 84,420,000 | [1] | 100,266,000 | [1] | 69,718,000 | [1] | 116,004,000 | 77,190,000 | 95,049,000 | 63,573,000 | 356,959,000 | 351,816,000 | 322,036,000 | ' | 0 | 0 | 29,770,000 | 16,023,000 | 322,046,000 | 306,013,000 | ' | ' | ' | ||
Net income | 45,298,000 | [1] | 29,953,000 | [1] | 49,879,000 | [1] | 30,292,000 | [1] | 54,684,000 | 33,656,000 | 40,920,000 | 10,827,000 | 155,422,000 | 140,087,000 | 102,747,000 | ' | 0 | 0 | 25,498,000 | 12,197,000 | 114,589,000 | 90,550,000 | ' | ' | ' | ||
Basic earnings per share | $0.32 | [1] | $0.21 | [1] | $0.36 | [1] | $0.22 | [1] | ' | ' | ' | ' | $1.11 | $1 | $0.74 | ' | $0 | $0 | $0.18 | [2] | $0.09 | [2] | $0.82 | $0.65 | ' | ' | ' |
Diluted earnings per share | $0.32 | [1] | $0.21 | [1] | $0.35 | [1] | $0.21 | [1] | ' | ' | ' | ' | $1.09 | $1 | $0.74 | ' | $0 | $0 | $0.18 | [2] | $0.09 | [2] | $0.82 | $0.65 | ' | ' | ' |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 473,504,000 | 447,118,000 | 340,184,000 | ' | 0 | 0 | 40,562,000 | 16,287,000 | 406,556,000 | 323,897,000 | ' | ' | ' | ||||||
Net cash provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -311,720,000 | -169,129,000 | -149,918,000 | ' | 0 | 0 | 3,370,000 | 318,000 | -172,499,000 | -150,236,000 | ' | ' | ' | ||||||
Net cash used in financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ($156,202,000) | ($306,477,000) | ($157,312,000) | ' | $0 | $0 | ($43,932,000) | ($18,241,000) | ($262,545,000) | ($139,071,000) | ' | ' | ' | ||||||
[1] | The first and second quarter results of 2013 have been recast due to the acquisition of Central. Refer to Notes 1 and 2 for further information regarding the Acquisition. | ||||||||||||||||||||||||||
[2] | Represents Central's pro-forma basic and diluted earnings per share based on Swift's diluted weighted average share count for the applicable period. |
Investments_Amortized_Cost_Gro
Investments (Amortized Cost, Gross Unrealized Gains And Losses, Estimated Fair Value Of Fixed Maturity Securities) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Securities | Securities |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Securities with unrealized losses for less than 12 months | 15 | 7 |
Maximum [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Contractual maturities of fixed maturity securities | '1 year | ' |
U.S. Corporate Securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 20,197 | 20,274 |
Gross Unrealized, Gains | 2 | 3 |
Gross Unrealized, Temporary Losses | 7 | 8 |
Estimated Fair Value | 20,192 | 20,269 |
Foreign Corporate Securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 3,502 | 2,001 |
Gross Unrealized, Gains | 0 | 1 |
Gross Unrealized, Temporary Losses | 0 | 0 |
Estimated Fair Value | 3,502 | 2,002 |
Negotiable Certificate Of Deposits [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 2,115 | ' |
Gross Unrealized, Gains | 0 | ' |
Gross Unrealized, Temporary Losses | 1 | ' |
Estimated Fair Value | 2,114 | ' |
Total Restricted Investments [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 25,814 | 22,275 |
Gross Unrealized, Gains | 2 | 4 |
Gross Unrealized, Temporary Losses | 8 | 8 |
Estimated Fair Value | 25,808 | 22,271 |
Accounts_Receivable_Accounts_R
Accounts Receivable Accounts Receivable (Schedule Of Accounts Receivable) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ' |
Accounts receivable, gross | $425,940 | $400,202 | ' | ' |
Less: Allowance for doubtful accounts | 7,504 | 7,432 | 6,617 | 7,060 |
Accounts receivable, net | 418,436 | 392,770 | ' | ' |
Trade Customers [Member] | ' | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ' |
Accounts receivable, gross | 392,233 | 376,653 | ' | ' |
Equipment Manufacturers [Member] | ' | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ' |
Accounts receivable, gross | 6,102 | 5,443 | ' | ' |
Other [Member] | ' | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ' |
Accounts receivable, gross | $27,605 | $18,106 | ' | ' |
Accounts_Receivable_Accounts_R1
Accounts Receivable Accounts Receivable (Schedule Of Allowance For Doubtful Accounts) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Receivables [Abstract] | ' | ' | ' |
Beginning balance | $7,432 | $6,617 | $7,060 |
Provision (Reversal) | 1,370 | 977 | -357 |
Recoveries | 35 | 103 | 558 |
Write-offs | -1,333 | -265 | -644 |
Ending balance | $7,504 | $7,432 | $6,617 |
Assets_Held_For_Sale_Schedule_
Assets Held For Sale (Schedule Of Assets Held For Sale) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Assets held for sale | $19,268 | $31,544 |
Land And Facilities [Member] | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Assets held for sale | 14,627 | 25,148 |
Revenue Equipment [Member] | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Assets held for sale | $4,641 | $6,396 |
Assets_Held_For_Sale_Narrative
Assets Held For Sale (Narrative) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
property | |||
Assets Held-for-sale, Long Lived [Abstract] | ' | ' | ' |
Period of time assets are expected to be sold, months | '12 months | ' | ' |
Number of properties sold | 3 | ' | ' |
Statement [Line Items] | ' | ' | ' |
Asset held for sale | $25,600,000 | ' | ' |
Gain on sale of real property | 6,876,000 | 0 | 0 |
Utah, Oregon, California and Georgia [Member] | ' | ' | ' |
Statement [Line Items] | ' | ' | ' |
Asset held for sale | 14,100,000 | ' | ' |
Arizona [Member] | ' | ' | ' |
Statement [Line Items] | ' | ' | ' |
Asset held for sale | ' | 10,200,000 | ' |
California [Member] | ' | ' | ' |
Statement [Line Items] | ' | ' | ' |
Asset held for sale | ' | $4,500,000 | ' |
Equity_Investment_And_Note_Rec1
Equity Investment And Note Receivable- Swift Power Services, LLC (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 29, 2012 | |
SPS Equity Investee [Member] | SPS Equity Investee [Member] | Swift Power Services, LLC [Member] | |||||
business | |||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Company contribution in Swift Power Services, LLC | ' | ' | ' | ' | $0 | $0 | $500,000 |
Ownership interest in Swift Power Services, LLC | ' | ' | ' | ' | ' | ' | 49.95% |
Number of trucking companies to be acquired | ' | ' | ' | ' | ' | ' | 3 |
Secured promissory note loaned to SPS | ' | ' | ' | ' | ' | ' | 7,500,000 |
Impairments on non-operating assets | 6,000,000 | 0 | 5,979,000 | 0 | ' | ' | ' |
Equity losses of investee | ' | 537,000 | 1,007,000 | -264,000 | 277,000 | 1,000,000 | ' |
Carrying value of note receivable, net | $10,606,000 | $15,625,000 | $10,606,000 | ' | $0 | $1,000,000 | ' |
Notes_Receivable_Details
Notes Receivable (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Notes receivable due from owner-operators, with interest rates at 15%, secured by revenue equipment. Terms range from several months to three years | $13,264 | $9,504 |
Notes receivable due from SPS | 0 | 1,000 |
Other | 2,361 | 102 |
Total notes receivable | 15,625 | 10,606 |
Less: current portion | 7,210 | 4,957 |
Long-term notes receivable | $8,415 | $5,649 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities [Abstract] | ' | ' |
Employee compensation | $56,427 | $52,041 |
Owner-operator lease purchase reserve | 10,335 | 8,828 |
Income taxes accrual | 4,785 | 3,843 |
Accrued owner-operator expenses | 6,866 | 6,638 |
Deferred revenue | 484 | 712 |
Fuel, mileage and property taxes | 5,241 | 5,144 |
Accrued interest expense | 11,328 | 15,277 |
Other | 15,279 | 15,289 |
Accrued liabilities | $110,745 | $107,772 |
Claims_Accruals_Details
Claims Accruals (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Claims Accruals [Line Items] | ' | ' |
Claims accrual | $194,051 | $185,506 |
Less: current portion | 75,469 | 86,587 |
Long-term claim accruals | 118,582 | 98,919 |
Auto And Collision Liability [Member] | ' | ' |
Claims Accruals [Line Items] | ' | ' |
Claims accrual | 102,462 | 93,798 |
Workers Compensation Liability [Member] | ' | ' |
Claims Accruals [Line Items] | ' | ' |
Claims accrual | 70,145 | 64,237 |
Owner Operator Claims Liability [Member] | ' | ' |
Claims Accruals [Line Items] | ' | ' |
Claims accrual | 8,610 | 13,402 |
Group Medical Liability [Member] | ' | ' |
Claims Accruals [Line Items] | ' | ' |
Claims accrual | 9,946 | 11,709 |
Cargo Damage Liability [Member] | ' | ' |
Claims Accruals [Line Items] | ' | ' |
Claims accrual | $2,888 | $2,360 |
Accounts_Receivable_Securitiza1
Accounts Receivable Securitization (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 06, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
Central Refrigerated Service, Inc. [Member] | 2013 RSA Borrowing [Member] | 2013 RSA Borrowing [Member] | 2013 RSA Borrowing [Member] | 2011 RSA Borrrowing [Member] | 2011 RSA Borrrowing [Member] | 2011 RSA Borrrowing [Member] | 2011 RSA Borrrowing [Member] | Commercial Paper [Member] | Commitment Fee [Member] | ||||
Commercial Paper Rate [Member] | Commercial Paper Rate [Member] | ||||||||||||
Servicing Liabilities at Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables Sale Agreement Borrowing Capacity | ' | ' | ' | ' | ' | $325 | ' | ' | $275 | ' | ' | ' | ' |
RSA, terminates date | ' | ' | ' | ' | ' | 13-Jul-16 | ' | ' | 8-Jun-14 | ' | ' | ' | ' |
Description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'commercial paper rates plus 125 basis points | '40 basis points |
Interest rate | ' | ' | ' | ' | ' | ' | 0.95% | ' | 1.10% | ' | 1.25% | ' | ' |
Unused capacity fee | ' | ' | ' | ' | 0.35% | ' | ' | 0.40% | ' | ' | ' | ' | ' |
RSA, program fee | 3.1 | 3.3 | 4.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from accounts receivable securitization | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RSA, outstanding borrowing | ' | ' | ' | ' | ' | 264 | ' | ' | ' | 204 | ' | ' | ' |
RSA, borrowing base | ' | ' | ' | ' | ' | 300.8 | ' | ' | ' | 268.6 | ' | ' | ' |
RSA, remaining borrowing | ' | ' | ' | ' | ' | $36.80 | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_of_Operating_Lease_1
Fair Value of Operating Lease Guarantees (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value of Operating Lease Guarantees [Abstract] | ' | ' |
Estimated fair value of guarantees | $0.40 | $0.40 |
Maximum potential amount of future payments | $1.50 | ' |
Debt_And_Financing_Transaction2
Debt And Financing Transactions (Schedule Of Long-Term Debt Outstanding) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 02, 2012 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Total | $1,150,305 | $1,252,732 | ' |
Other Long-term Debt | 15,290 | 11,126 | ' |
Less: current portion | 11,387 | 18,926 | ' |
Long-term debt and obligations under capital leases | 1,138,918 | 1,233,806 | ' |
2013 Agreement [Member] | First Lien Term Loan B 1 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total | 229,000 | 0 | ' |
2013 Agreement [Member] | First Lien Term Loan B 2 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total | 410,000 | 0 | ' |
2012 Agreement [Member] | First Lien Term Loan B 1 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total | 0 | 157,095 | ' |
Debt Instrument, Unamortized Discount | ' | 405 | 500 |
2012 Agreement [Member] | First Lien Term Loan B 2 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total | 0 | 575,560 | ' |
Debt Instrument, Unamortized Discount | ' | 1,440 | 1,700 |
Senior Second Priority Secured Notes Due November 15, 2018 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total | 493,825 | 492,561 | ' |
Debt Instrument, Unamortized Discount | 6,175 | 7,439 | ' |
Notes payable, due May 2015 [Member] | Secured Debt [Member] | Central Refrigerated Service, Inc. [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total | 2,190 | 11,508 | ' |
Notes payable, due March 2016 [Member] | Secured Debt [Member] | Central Refrigerated Service, Inc. [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total | 0 | 4,066 | ' |
Notes payable, due June 2013 [Member] | Secured Debt [Member] | Central Refrigerated Service, Inc. [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total | $0 | $816 | ' |
Debt_And_Financing_Transaction3
Debt And Financing Transactions (Maturities of Long-term Debt) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Maturities of Long-term Debt [Abstract] | ' |
2014 | $11,387 |
2015 | 4,632 |
2016 | 230,461 |
2017 | 410,000 |
2018 | 500,000 |
Thereafter | 0 |
Long Term Debt Annual Maturities | $1,156,480 |
Debt_And_Financing_Transaction4
Debt And Financing Transactions (Narrative) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 02, 2012 | Mar. 08, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | 21-May-12 | Mar. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 07, 2013 | Mar. 02, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 07, 2013 | Mar. 02, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 07, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 07, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 06, 2013 | Dec. 31, 2012 | Nov. 22, 2011 | Dec. 31, 2012 | Mar. 08, 2013 | Mar. 08, 2013 | Aug. 06, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Central Refrigerated Service, Inc. [Member] | LIBOR [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Letter of Credit [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | First Lien Term Loan B 1 [Member] | First Lien Term Loan B 2 [Member] | Principal Payment From December Two Thousand Thirteen To December Two Thousand Sixteen [Member] | Senior Second Priority Secured Notes [Member] | Fixed Rate Notes [Member] | 2012 Agreement | 2012 Agreement | 2012 Agreement | 2012 Agreement | 2012 Agreement | 2012 Agreement | 2012 Agreement | 2012 Agreement | 2012 Agreement | 2012 Agreement | 2012 Agreement | 2012 Agreement | 2012 Agreement | 2012 Agreement | 2012 Agreement | 2012 Agreement | 2012 Agreement | 2013 Agreement [Member] | 2013 Agreement [Member] | 2013 Agreement [Member] | 2013 Agreement [Member] | 2013 Agreement [Member] | 2013 Agreement [Member] | 2013 Agreement [Member] | 2013 Agreement [Member] | 2013 Agreement [Member] | 2013 Agreement [Member] | 2013 Agreement [Member] | 2013 Agreement [Member] | 2013 Agreement [Member] | 2013 Agreement [Member] | 2013 Agreement [Member] | 2013 Agreement [Member] | Notes payable, due March 2016 [Member] | CRS 2011 Agreement [Member] | CRS 2011 Agreement [Member] | CRS 2011 Agreement [Member] | CRS 2013 Agreement [Member] | CRS 2013 Agreement [Member] | Central Refrigerated Service, Inc. [Member] | Central Refrigerated Service, Inc. [Member] | Central Refrigerated Service, Inc. [Member] | Central Refrigerated Service, Inc. [Member] | Central Refrigerated Service, Inc. [Member] | ||||||||
Base Rate [Member] | LIBOR [Member] | Letter of Credit [Member] | LIBOR [Member] | Letter of Credit [Member] | LIBOR [Member] | Minimum [Member] | First Lien Term Loan B 1 [Member] | First Lien Term Loan B 1 [Member] | First Lien Term Loan B 1 [Member] | First Lien Term Loan B 1 [Member] | First Lien Term Loan B 1 [Member] | First Lien Term Loan B 1 [Member] | First Lien Term Loan B 1 [Member] | First Lien Term Loan B 2 [Member] | First Lien Term Loan B 2 [Member] | First Lien Term Loan B 2 [Member] | First Lien Term Loan B 2 [Member] | First Lien Term Loan B 2 [Member] | First Lien Term Loan B 2 [Member] | First Lien Term Loan B 2 [Member] | First Lien Term Loan B 2 [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Workers' Compensation And Self-Insurance Liability [Member] | First Lien Term Loan B 1 [Member] | First Lien Term Loan B 1 [Member] | First Lien Term Loan B 1 [Member] | First Lien Term Loan B 1 [Member] | First Lien Term Loan B 1 [Member] | First Lien Term Loan B 2 [Member] | First Lien Term Loan B 2 [Member] | First Lien Term Loan B 2 [Member] | First Lien Term Loan B 2 [Member] | First Lien Term Loan B 2 [Member] | Secured Debt [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | Loans Payable [Member] | Notes payable, due May 2015 [Member] | Notes payable, due May 2015 [Member] | Notes payable, due March 2016 [Member] | Notes payable, due March 2016 [Member] | ||||||||||||||||||||||
Base Rate [Member] | Base Rate [Member] | LIBOR [Member] | LIBOR [Member] | Minimum [Member] | Maximum [Member] | LIBOR [Member] | Minimum [Member] | Maximum [Member] | Letter of Credit [Member] | Borrowings [Member] | Letter of Credit [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Central Refrigerated Service, Inc. [Member] | Central Refrigerated Service, Inc. [Member] | Central Refrigerated Service, Inc. [Member] | LIBOR [Member] | Central Refrigerated Service, Inc. [Member] | Central Refrigerated Service, Inc. [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||
LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | Central Refrigerated Service, Inc. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face value of second priority senior notes | ' | ' | ' | ' | ' | ' | $874,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000,000 | ' | ' | ' | ' | ' | $152,000,000 | $200,000,000 | ' | ' | ' | ' | ' | ' | $508,000,000 | $674,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250,000,000 | ' | ' | ' | ' | $410,000,000 | ' | ' | ' | ' | ' | ' | ' | $50,000,000 | $16,000,000 | ' | ' | ' | ' | ' |
Rate at which interest accrues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.92% | 4.00% | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.44% | 3.20% | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreement, maximum borrowing capacity | 350,000,000 | ' | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | ' | 3.50% | 3.00% | 2.00% | ' | ' | 3.25% | 2.25% | ' | ' | ' | ' | ' | 4.50% | ' | ' | ' | ' | ' | 3.75% | 0.00% | 3.75% | ' | ' | ' | ' | ' | 3.75% | 1.25% | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 2.75% | ' | ' | ' | 1.00% | 3.00% | ' | ' | ' | 2.25% | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, LIBOR Floor Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face value first lien term loan | 17,000,000 | ' | ' | 17,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized debt discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 405,000 | ' | 500,000 | ' | ' | ' | ' | ' | 1,440,000 | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly principal payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | 1,685,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Frequency of payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Quarterly | ' | ' | ' | ' | ' | ' | ' | 'Quarterly | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal to be repaid quarterly | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Specified Incremental Tranche | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Voluntary prepayment on senior secured term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,500,000 | 69,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit fees incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 0.25% | ' | ' | ' | 0.75% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 108,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available balance under revolving line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 274,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from lines of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,000,000 | ' | ' | ' | ' |
Repayments of lines of credit | 68,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 490,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original issue discount on debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of redemption of senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Medium-term Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt assumed in acquisition | 1,150,305,000 | 1,252,732,000 | ' | 1,150,305,000 | 1,252,732,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 157,095,000 | ' | ' | ' | ' | ' | ' | 0 | 575,560,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 229,000,000 | ' | 0 | ' | ' | 410,000,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,190,000 | 11,508,000 | 0 | 4,066,000 |
Repayments of debt | ' | ' | ' | ' | ' | ' | ' | 38,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.56% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balloon payment to be paid, as a percentage of principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' |
Deferred loan costs | 8,900,000 | 13,200,000 | ' | 8,900,000 | 13,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on debt extinguishment | ' | ' | 20,900,000 | 5,540,000 | 22,219,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transaction costs capitalized as deferred loan | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of deferred debt issuance cost | ' | ' | 8,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of financing costs | ' | ' | $12,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital_Leases_Detail
Capital Leases (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Leases [Abstract] | ' | ' |
Present value of Obligations under capital leases | $171,500,000 | $177,900,000 |
Capital leases obligations, current | 63,669,000 | 54,600,000 |
Revenue equipment cost | 325,200,000 | ' |
Accumulated amortization | 89,000,000 | ' |
Capital Leases, Future Minimum Payments Due | ' | ' |
2014 | 69,450,000 | ' |
2015 | 38,427,000 | ' |
2016 | 36,439,000 | ' |
2017 | 37,874,000 | ' |
2018 | ' | ' |
Total minimum lease payments | 182,190,000 | ' |
Less: amount representing interest | 10,675,000 | ' |
Present value of minimum lease payments | 171,515,000 | ' |
Less: current portion | 63,669,000 | 54,600,000 |
Capital lease obligations, long-term | $107,846,000 | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 08, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2011 | Aug. 06, 2013 | Dec. 31, 2012 |
Central Refrigerated Service, Inc. [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | |||
Agreement | Central Refrigerated Service, Inc. [Member] | Central Refrigerated Service, Inc. [Member] | ||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of interest rate derivatives held | ' | ' | ' | ' | ' | 2 | ' | ' |
Notional amount of interest rate swap agreements | ' | ' | ' | ' | ' | $350 | ' | $4.10 |
Interest rate swaps agreement effective date | ' | ' | ' | 1-Jan-13 | ' | ' | ' | ' |
Interest rate swaps maturity date | 1-Jul-15 | ' | ' | 1-Jul-15 | ' | ' | ' | ' |
Fair value of the designated interest rate swap agreements | 0.1 | 1.6 | ' | ' | ' | ' | ' | ' |
Deferred losses on derivatives in accumulated OCI expected to be reclassified to earnings within next 12 months | 6.2 | ' | ' | ' | ' | ' | ' | ' |
Fair value of the interest rate swap liability | ' | ' | ' | 11.8 | 13.4 | ' | ' | ' |
Fixed interest rate | ' | ' | ' | ' | ' | ' | ' | 8.90% |
Repayments of debt | ' | ' | $38 | ' | ' | ' | $0.30 | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Classification Of Gains And Losses On Interest Rate Derivative Contracts Designated As Hedging Instruments) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' |
Amount of loss recognized in OCI on derivatives, net-of-tax (effective portion) | $145 | $2,786 | $9,952 |
Amount of loss reclassified from accumulated OCI into income as "Derivative interest expense" (effective portion) | ($3,143) | ($5,101) | ($15,057) |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Pre-Tax Gains And Losses On Interest Rate Derivative Contracts De-Designated As Hedging Instruments) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' |
Amount of loss recognized into income as "Derivative interest expense" | ($709) | $0 | $0 |
Commitments_Details
Commitments (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Rent expense related to operating leases | $175.20 | $144.60 | $118.80 |
Outstanding purchase commitments to acquire revenue equipment | 542.6 | ' | ' |
Commitments [Line Items] | ' | ' | ' |
Percentage of options lapsed to cancel tractor purchase orders | 29.00% | ' | ' |
Outstanding purchase commitments for fuel, facilities and non-revenue equipment | $18 | ' | ' |
Minimum [Member] | ' | ' | ' |
Commitments [Line Items] | ' | ' | ' |
Option to cancel tractor purchase orders | '60 days | ' | ' |
Maximum [Member] | ' | ' | ' |
Commitments [Line Items] | ' | ' | ' |
Option to cancel tractor purchase orders | '90 days | ' | ' |
Commitments_Commitments_Future
Commitments Commitments (Future Minimum Lease Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Future Minimum Payments Due Under Noncancelable Operating Leases | ' |
2014 | $177,889 |
2015 | 154,535 |
2016 | 98,589 |
2017 | 45,108 |
2018 | 15,485 |
Thereafter | 13,459 |
Total future minimum payments due | 505,065 |
Future Minimum Payments Receivable Under Operating Leases | ' |
2014 | 128,590 |
2015 | 96,937 |
2016 | 55,214 |
2017 | 22,387 |
2018 | 1,253 |
Thereafter | ' |
Total future minimum payments receivable | $304,381 |
Contingencies_Detail
Contingencies (Detail) (USD $) | 0 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Jan. 30, 2004 | Dec. 22, 2009 | Mar. 22, 2010 | Jul. 12, 2011 | Sep. 09, 2011 | Jul. 23, 2013 | Oct. 08, 2013 | Jun. 02, 2012 | Nov. 07, 2013 | Apr. 17, 2009 | Apr. 17, 2009 | 14-May-13 | Dec. 31, 2013 | Dec. 31, 2013 |
2004 Owner-Operator Class Action Litigation [Member] | Owner-Operator Misclassification Class Action Litigation [Member] | California Wage, Meal and Rest Employee Class Action [Member] | California And Oregon Minimum Wage Class Action [Member] | Washington Overtime Class Action [Member] | Virginia FCRA class action [Member] | Utah minimum wage collective action [Member] | Collective and Individual Arbitration [Member] | California minimum wage class action [Member] | Environmental Notice [Member] | Environmental PRPs joined Group [Member] | 2013 Environmental Notice [Member] [Member] | 2013 Environmental Notice [Member] [Member] | Other environmental [Member] | |
LawSuits | LawSuits | LawSuits | LawSuits | LawSuits | LawSuits | LawSuits | LawSuits | LawSuits | party | party | LawSuits | |||
LawSuits | ||||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of class action suits filed | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | ' | 1 | ' | ' |
Lawsuit filing date | 'January 30, 2004 | 'December 22, 2009 | 'MarchB 22, 2010 | 'July 12, 2011 | 'SeptemberB 9, 2011 | 'July 23, 2013 | 'October 8, 2013 | 'June 1, 2012 | 'November 7, 2013 | 'AprilB 17, 2009 | ' | 'May 14, 2013 | ' | ' |
Loss contingency, name of plaintiffs | 'Leonel Garza | 'John Doe 1 and Joseph Sheer | 'John Burnell | 'Simona Montalvo | 'Troy Slack | 'James Ellis III | 'Jacob Roberts | 'Gabriel Cilluffo, Kevin Shire and Bryan Ratterree | ' Jorge Calix | 'Lower Willamette Group | ' | ' | ' | ' |
Potentially responsible parties (in parties) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250 | 60 | ' | ' | ' |
Range of possible loss, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300 | ' |
Range of possible loss, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500 | $600 |
Stockholders_Equity_Compensati
Stockholders' Equity (Compensation Expense Related To Stock-Based Compensation) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total compensation expenses | $4,645 | $4,890 | $7,001 |
Income tax benefit | 1,788 | 1,883 | 2,695 |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total compensation expenses | 3,359 | 4,886 | 6,861 |
Restricted Stock Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total compensation expenses | 887 | 4 | 140 |
Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total compensation expenses | $399 | $0 | $0 |
Stockholders_Equity_Compensati1
Stockholders' Equity (Compensation Costs Not Yet Recognized) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation cost related to nonvested options | $2,377 |
Expected weighted-average period for recognition for compensation cost | '2 years 3 months 6 days |
Restricted Stock Awards [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation cost related to the award | 3,078 |
Expected weighted-average period for recognition for compensation cost | '2 years 6 months |
Performance Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation cost related to the award | $956 |
Expected weighted-average period for recognition for compensation cost | '2 years 1 month 25 days |
Stockholders_Equity_Summary_Of
Stockholders' Equity (Summary Of Activity Related To Stock Options) (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | |
Options, Outstanding [Roll Forward] | ' | |
Shares Under Option, Outstanding at beginning of the year | 5,769,392 | |
Granted | 437,712 | |
Shares Under Option, Exercised | -1,210,184 | |
Shares Under Option, Expired | -49,083 | |
Shares Under Option, Forfeited | -162,704 | |
Shares Under Option, Outstanding at end of the year | 4,785,133 | |
Shares Under Option, Aggregate number of stock options expected to vest at a future date at end of the year | 1,530,634 | |
Shares Under Option, Exercisable at end of the year | 3,178,545 | |
Options, Outstanding, Weighted Average Exercise Price [Abstract] | ' | |
Weighted Average Exercise Price, Outstanding at beginning of the year | $10.39 | |
Weighted Average Exercise Price, Granted | $14.97 | |
Weighted Average Exercise Price, Exercised | $10.73 | |
Weighted Average Exercise Price, Expired | $10.82 | |
Weighted Average Exercise Price, Forfeited | $10.90 | |
Weighted Average Exercise Price, Outstanding at end of the year | $10.70 | |
Weighted Average Exercise Price, Aggregate number of stock options expected to vest at a future date at end of the year | $10.81 | |
Weighted Average Exercise Price, Exercisable at end of the year | $10.65 | |
Weighted Average Remaining Contractual Term, Outstanding at beginning of the year | '5 years 9 months 15 days | |
Weighted Average Remaining Contractual Term, Outstanding at ending of the year | '5 years 3 months 10 days | |
Weighted Average Remaining Contractual Term, Aggregate number of stock options expected to vest at future date at the end of the year | '7 years 3 months 10 days | |
Weighted Average Remaining Contractual Term, Exercisable | '4 years 3 months 10 days | |
Aggregate Intrinsic Value, Outstanding at beginning of the year | $1,057 | [1] |
Aggregate Intrinsic Value, Outstanding at ending of the year | 55,059 | [1] |
Aggregate Intrinsic Value, Aggregate number of stock options expected to vest at a future date at the end of year | 17,451 | [1] |
Aggregate Intrinsic Value, Exercisable | $36,738 | [1] |
[1] | The aggregate intrinsic value was computed using the closing share price on DecemberB 31, 2013 of $22.21 and on DecemberB 31, 2012 of $9.12, as applicable. |
Stockholders_Equity_Weighted_A
Stockholders' Equity (Weighted Average Assumptions) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity [Abstract] | ' | ' | ' |
Dividend yield | 0.00% | 0.00% | 0.00% |
Risk-free rate of return | 1.04% | 1.20% | 1.89% |
Expected volatility | 40.80% | 41.40% | 40.00% |
Expected term (in years) | '5 years 9 months 18 days | '6 years 3 months 15 days | '6 years 3 months 15 days |
Weighted average fair value of stock options granted | $5.90 | $3.56 | $4.74 |
Stockholders_Equity_Summary_Of1
Stockholders' Equity (Summary Of Exercise Of Stock Options) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity [Abstract] | ' | ' | ' |
Number of stock options exercised | 1,210,184,000 | 24,427,000 | 22,519,000 |
Intrinsic value of stock options exercised | $8,773 | $25 | $43 |
Cash received upon exercise of stock options | 12,985 | 268 | 247 |
Income tax benefit (deficiency) from exercise of stock options | $187 | ($370) | ($206) |
Stockholders_Equity_Status_of_
Stockholders' Equity (Status of Nonvested Stock Options) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Options, Nonvested, Number of Shares [Roll Forward] | ' |
Granted | 437,712 |
Performance Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 |
Stock Options [Member] | ' |
Options, Nonvested, Number of Shares [Roll Forward] | ' |
Beginning balance, shares | 2,043,281 |
Granted | 437,712 |
Vested | -711,701 |
Forfeited | -162,704 |
Ending balance, shares | 1,606,588 |
Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' |
Beginning balance, weighted average fair value | 4.79 |
Granted | 5.9 |
Vested | 5.56 |
Forfeited | 5.34 |
Ending balance, weighted average fair value | 4.66 |
Recovered_Sheet1
Stockholders' Equity (Status Of Nonvested Shares) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Shares, Granted | 254,533 |
Restricted Stock Awards [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Shares, Nonvested at beginning of the year | 17,905 |
Shares, Granted | 265,013 |
Shares, Vested | -7,007 |
Shares, Forfeited | -3,755 |
Shares, Nonvested at end of the year | 272,156 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' |
Weighted Average Grand Date Fair Value, Nonvested at the beginning of the year | 13.24 |
Weighted Average Grand Date Fair Value, Granted | 16.35 |
Weighted Average Grand Date Fair Value, Vested | 13.24 |
Weighted Average Grand Date Fair Value, Forfeited | 17.17 |
Weighted Average Grand Date Fair Value, Nonvested at the end of the year | 16.2 |
Performance Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Shares, Nonvested at beginning of the year | 0 |
Shares, Granted | 101,366 |
Shares, Vested | 0 |
Shares, Forfeited | 0 |
Shares, Nonvested at end of the year | 101,366 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' |
Weighted Average Grand Date Fair Value, Nonvested at the beginning of the year | 0 |
Weighted Average Grand Date Fair Value, Granted | 13.36 |
Weighted Average Grand Date Fair Value, Vested | 0 |
Weighted Average Grand Date Fair Value, Forfeited | 0 |
Weighted Average Grand Date Fair Value, Nonvested at the end of the year | 13.36 |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 21-May-12 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 12, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2007 | Dec. 31, 2013 | Mar. 12, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 08, 2013 | |
Fixed Rate Notes [Member] | 2007 Plan [Member] | 2012 ESPP [Member] | 2012 ESPP [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | IPO [Member] | Restricted Stock Awards [Member] | Restricted Stock Awards [Member] | Restricted Stock Awards [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Central Refrigerated Service, Inc. [Member] | ||||
Employees | vote | 2007 Plan [Member] | vote | Central Refrigerated Stockholder Loans Receivable, March 2013 [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Voting rights per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | 2 | ' |
Number of common shares converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,068,224 | 6,553,253 | ' | ' | 53,298 | 1,068,224 | 6,553,253 | ' | ' |
Number of shares authorized for issuance | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' |
Number of shares reserved for future issuance | ' | ' | ' | ' | 5,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding | 4,785,133 | 5,769,392 | ' | ' | ' | ' | ' | ' | ' | ' | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise Price | $10.70 | $10.39 | ' | ' | ' | ' | ' | ' | ' | ' | $11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of employees holding options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional equity compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum contractual term for the options granted | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of categories of employees for stock options | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option plan, vesting period | '3 years | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting rights rate | ' | ' | ' | ' | ' | ' | ' | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-transferable period for selling shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of shares vested | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | 10,000,000 | 9,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock awards of Class A shares | 10,480 | 11,676 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares, Granted | 254,533 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 265,013 | ' | ' | 101,366 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Requisite service period for performance shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion basis of common shares | 'One-for-one | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares issued per share converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' |
Non-cash equity compensation expense | 4,645,000 | 4,890,000 | 7,001,000 | ' | ' | ' | ' | 3,359,000 | 4,886,000 | 6,861,000 | ' | 887,000 | 4,000 | 140,000 | 399,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax benefit | 1,788,000 | 1,883,000 | 2,695,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to nonvested options | ' | ' | ' | ' | ' | ' | ' | 2,377,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected weighted-average period for recognition for compensation cost | ' | ' | ' | ' | ' | ' | ' | '2 years 3 months 6 days | ' | ' | ' | '2 years 6 months | ' | ' | '2 years 1 month 25 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to the award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,078,000 | ' | ' | 956,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employment period for eligibility of employees participation | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of payroll deductions from employees compensation | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of fair market value of the purchase price | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum purchasing power of common stock for an employee during offering period | ' | 6,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum purchasing power of common stock for an employee during a calendar year | ' | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum percent of total voting power or value of all classes of common stock which restricts from participation of ESPP | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares purchased by the employees | ' | ' | ' | ' | ' | 73,365 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average fair value of the shares purchased | ' | ' | ' | ' | ' | $13.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of additional shares authorized for issuance | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans granted under Stockholder Loan Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $30,000,000 |
Effective interest rate | ' | ' | ' | 12.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Components of AOCI) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Balance at beginning of period | ($8,202) | ' | ' |
Other comprehensive loss before reclassifications | -121 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | 2,161 | ' | ' |
Other comprehensive income, net of taxes | 2,040 | 3,457 | 9,002 |
Balance at end of period | -6,162 | -8,202 | ' |
Derivative Financial Instruments [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Balance at beginning of period | -8,285 | ' | ' |
Other comprehensive loss before reclassifications | -121 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | 2,161 | ' | ' |
Other comprehensive income, net of taxes | 2,040 | ' | ' |
Balance at end of period | -6,245 | ' | ' |
Foreign Currency Transactions [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Balance at beginning of period | 83 | ' | ' |
Other comprehensive loss before reclassifications | 0 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | 0 | ' | ' |
Other comprehensive income, net of taxes | 0 | ' | ' |
Balance at end of period | $83 | ' | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Summary of Reclassifications out of AOCI) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Derivative interest expense | ' | ' | ' | ' | ' | ' | ' | ' | $3,852 | $5,101 | $15,057 | ||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 100,982 | 61,614 | 58,492 | ||||
Net income (loss) | 45,298 | [1] | 29,953 | [1] | 49,879 | [1] | 30,292 | [1] | 54,684 | 33,656 | 40,920 | 10,827 | 155,422 | 140,087 | 102,747 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,917 | 7,090 | 20,929 | ||||
Derivative Financial Instruments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Derivative interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 3,143 | 5,101 | 15,057 | ||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ($1,226) | $1,989 | $5,872 | ||||
[1] | The first and second quarter results of 2013 have been recast due to the acquisition of Central. Refer to Notes 1 and 2 for further information regarding the Acquisition. |
Income_Taxes_Income_Tax_Expens
Income Taxes (Income Tax Expense (Benefit) ) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current expense (benefit): | ' | ' | ' |
Federal | ($224) | $9,913 | $2,775 |
State | 5,143 | 3,148 | 4,353 |
Foreign | 1,530 | 1,949 | 2,232 |
Current expense (benefit), Total | 6,449 | 15,010 | 9,360 |
Deferred expense (benefit): | ' | ' | ' |
Federal | 85,512 | 47,501 | 46,485 |
State | 4,273 | -2,010 | 2,368 |
Foreign | 4,748 | 1,113 | 279 |
Deferred expense (benefit), Total | 94,533 | 46,604 | 49,132 |
Income tax expense (benefit) | $100,982 | $61,614 | $58,492 |
Income_Taxes_Schedule_Of_Effec
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ' | ' | ' |
Computed "expected" tax expense (benefit) | $89,742 | $70,595 | $56,433 |
State income taxes, net of federal income tax benefit | 6,912 | 6,627 | 7,470 |
Pre acquisition earnings taxed as S-Corp | -4,986 | -9,118 | -4,342 |
State tax rate change in deferred items | 711 | -6,414 | -2,178 |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 5,023 | 0 | 0 |
Effect of providing taxes on mark-to-market adjustment of derivatives recorded in accumulated OCI | 0 | 1,785 | 5,270 |
Other | 3,580 | -1,861 | -4,161 |
Income tax expense (benefit) | $100,982 | $61,614 | $58,492 |
Income_Taxes_Components_Of_Net
Income Taxes (Components Of Net Deferred Tax Asset (Liability) ) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Self insurance accruals | $49,810 | $43,877 |
Allowance for doubtful accounts | 6,968 | 7,843 |
Derivative financial instruments | 4,537 | 5,021 |
Vacation accrual | 3,899 | 3,541 |
Minimum tax credit | 5,061 | 5,995 |
Net operating loss | 4,529 | 74,929 |
Amortization of stock options | 10,782 | 12,628 |
Other | 17,259 | 12,304 |
Total deferred tax assets | 102,845 | 166,138 |
Valuation allowance | 0 | 0 |
Total deferred tax assets, net | 102,845 | 166,138 |
Deferred tax liabilities: | ' | ' |
Property and equipment, principally due to differences in depreciation | -393,239 | -363,082 |
Prepaid taxes, licenses and permits deducted for tax purposes | -12,897 | -10,218 |
Cancellation of debt | -9,401 | -9,409 |
Intangible assets | -119,567 | -122,434 |
Other | -7,354 | -5,211 |
Total deferred tax liabilities | -542,458 | -510,354 |
Net deferred tax liability | ($439,613) | ($344,216) |
Income_Taxes_Current_Deferred_
Income Taxes (Current Deferred Tax Liability Included In Accrued Liabilities) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Current deferred tax asset | $46,833 | $98,235 |
Current deferred tax liability | -2,246 | -1,070 |
Noncurrent deferred tax liability | -484,200 | -441,381 |
Net deferred tax liability | ($439,613) | ($344,216) |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Unrecognized tax benefits at beginning of year | $2,385 | $2,332 | $5,702 |
Increases for tax positions taken prior to beginning of year | 0 | 149 | 28 |
Decreases for tax positions taken prior to beginning of year | 0 | -53 | -3,106 |
Settlements | 0 | -43 | -292 |
Unrecognized tax benefits at end of year | $2,385 | $2,385 | $2,332 |
Income_Taxes_Narrative_Detail
Income Taxes (Narrative) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Current state tax expense | $5,143,000 | $3,148,000 | $4,353,000 |
Effective tax rate | 39.40% | 30.50% | 36.30% |
U.S. Federal corporate income tax rate | 35.00% | ' | ' |
Estimated tax effect of state net operating loss carryforward | 4,500,000 | ' | ' |
Valuation allowance | 0 | 0 | ' |
Cumulative undistributed earnings of foreign subsidiaries | 9,800,000 | ' | ' |
Unrecognized tax benefits that would favorably impact effective tax rate if recognized | 2,400,000 | ' | ' |
Additional tax payments | 0 | 100,000 | 500,000 |
Interest and/or penalties expenses paid | ' | ' | 300,000 |
Accrued interest and penalties | 1,500,000 | 1,300,000 | 1,100,000 |
Anticipated decrease in unrecognized tax benefits | $700,000 | ' | ' |
Maximum [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
State net operating loss expiration year | '2030 | ' | ' |
Minimum [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
State net operating loss expiration year | '2014 | ' | ' |
Employee_Benefit_Plan_Detail
Employee Benefit Plan (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
401(k) benefit plan, eligible age for employee | '19 years | ' | ' |
401(k) benefit plan, eligible criteria | '6 months | ' | ' |
Employee maximum contribution rate | 3.00% | ' | ' |
Employees' rights to employer contributions vesting period | '5 years | ' | ' |
Employer expenses | $5.50 | $5.60 | $6.30 |
Employer owed contribution | $4.40 | $4.40 | ' |
Key_Customer_Detail
Key Customer (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | ' | ' | ' |
Entity wide revenue, major customer, percentage | 10.00% | ' | ' |
Operating Revenue [Member] | Wal-Mart And Subsidiaries [Member] | ' | ' | ' |
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | ' | ' | ' |
Entity wide revenue, major customer, percentage | 10.80% | 11.40% | 10.40% |
Related_Party_Transactions_Sch
Related Party Transactions (Schedule Of Services Received And Provided By Company) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' |
Receivable | $1,066 | $1,693 | $2,080 |
Payable | 75 | 558 | 29 |
Freight Services [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Services Provided by Swift | 175 | 9,382 | 10,405 |
Services Received by Swift | 47 | 50 | 46 |
Facility Leases [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Services Provided by Swift | 736 | 731 | 634 |
Services Received by Swift | 599 | 626 | 480 |
Other Services [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Services Provided by Swift | 1,159 | 135 | 0 |
Services Received by Swift | 996 | 1,175 | 417 |
Central Freight Lines, Inc. [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Receivable | 1,034 | 1,460 | 1,891 |
Payable | 74 | 48 | 19 |
Central Freight Lines, Inc. [Member] | Freight Services [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Services Provided by Swift | 15 | 8,117 | 9,345 |
Services Received by Swift | 47 | 50 | 46 |
Central Freight Lines, Inc. [Member] | Facility Leases [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Services Provided by Swift | 716 | 711 | 614 |
Services Received by Swift | 399 | 626 | 480 |
Central Freight Lines, Inc. [Member] | Other Services [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Services Provided by Swift | 1,000 | 0 | 0 |
Services Received by Swift | 0 | 0 | 0 |
Other Affiliated Entities [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Receivable | 32 | 233 | 189 |
Payable | 1 | 510 | 10 |
Other Affiliated Entities [Member] | Freight Services [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Services Provided by Swift | 160 | 1,265 | 1,060 |
Services Received by Swift | 0 | 0 | 0 |
Other Affiliated Entities [Member] | Facility Leases [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Services Provided by Swift | 20 | 20 | 20 |
Services Received by Swift | 200 | 0 | 0 |
Other Affiliated Entities [Member] | Other Services [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Services Provided by Swift | 159 | 135 | 131 |
Services Received by Swift | $996 | $1,175 | $417 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Detail) (USD $) | 12 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Oct. 29, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Class B Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Transpay, Inc. [Member] | Transpay, Inc. [Member] | Transpay, Inc. [Member] | ||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Employee services and administration fees paid | ' | ' | ' | ' | $12,000 | $71,000 | $178,000 |
Number of securities pledged to Trust, shares | ' | ' | ' | 23,846,364 | ' | ' | ' |
Securities pledged to Trust, value | ' | $262,300,000 | ' | ' | ' | ' | ' |
Moyes VPF Shares Delivered to Citibank | ' | ' | 19,500,000 | ' | ' | ' | ' |
Number of Class B Shares Pledged | 23,800,000 | ' | ' | ' | ' | ' | ' |
Additional VPF Shares | 2,150,000 | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurement_Carryin
Fair Value Measurement (Carrying Amounts And Estimated Fair Values Of Financial Instruments) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Carrying Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Assets | $25,814 | $22,275 |
Carrying Value [Member] | Central Refrigerated Service, Inc. [Member] | Notes payable, due May 2015 [Member] | Secured Debt [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Liabilities | 2,190 | 11,508 |
Carrying Value [Member] | Central Refrigerated Service, Inc. [Member] | Notes payable, due March 2016 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Liabilities | 0 | 4,066 |
Carrying Value [Member] | Central Refrigerated Service, Inc. [Member] | Notes payable, due June 2013 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Liabilities | 0 | 816 |
Carrying Value [Member] | Senior Second Priority Secured Notes [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Liabilities | 493,825 | 492,561 |
Carrying Value [Member] | Securitization Of Accounts Receivable [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Liabilities | 264,000 | 204,000 |
Carrying Value [Member] | (2013 Agreement) [Member] | Senior Secured First Lien Term Loan B-1 Tranche [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Liabilities | 229,000 | 0 |
Carrying Value [Member] | (2013 Agreement) [Member] | Senior Secured First Lien Term Loan B-2 Tranche [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Liabilities | 410,000 | 0 |
Carrying Value [Member] | (2012 Agreement) [Member] | Senior Secured First Lien Term Loan B-1 Tranche [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Liabilities | 0 | 157,095 |
Carrying Value [Member] | (2012 Agreement) [Member] | Senior Secured First Lien Term Loan B-2 Tranche [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Liabilities | 0 | 575,560 |
Estimated Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Assets | 25,808 | 22,271 |
Estimated Fair Value [Member] | Central Refrigerated Service, Inc. [Member] | Notes payable, due May 2015 [Member] | Secured Debt [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Liabilities | 2,190 | 11,508 |
Estimated Fair Value [Member] | Central Refrigerated Service, Inc. [Member] | Notes payable, due March 2016 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Liabilities | 0 | 4,066 |
Estimated Fair Value [Member] | Central Refrigerated Service, Inc. [Member] | Notes payable, due June 2013 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Liabilities | 0 | 816 |
Estimated Fair Value [Member] | Senior Second Priority Secured Notes [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Liabilities | 549,059 | 541,817 |
Estimated Fair Value [Member] | Securitization Of Accounts Receivable [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Liabilities | 264,000 | 204,000 |
Estimated Fair Value [Member] | (2013 Agreement) [Member] | Senior Secured First Lien Term Loan B-1 Tranche [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Liabilities | 230,031 | 0 |
Estimated Fair Value [Member] | (2013 Agreement) [Member] | Senior Secured First Lien Term Loan B-2 Tranche [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Liabilities | 412,358 | 0 |
Estimated Fair Value [Member] | (2012 Agreement) [Member] | Senior Secured First Lien Term Loan B-1 Tranche [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Liabilities | 0 | 157,346 |
Estimated Fair Value [Member] | (2012 Agreement) [Member] | Senior Secured First Lien Term Loan B-2 Tranche [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Liabilities | $0 | $582,236 |
Fair_Value_Measurement_Liabili
Fair Value Measurement (Liabilities That Were Measured At Estimated Fair Value On Recurring Basis) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Total Estimated Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest rate swaps | $11,768 | $13,350 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest rate swaps | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest rate swaps | 11,768 | 13,350 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest rate swaps | $0 | $0 |
Fair_Value_Measurement_Assets_
Fair Value Measurement (Assets That Were Measured At Estimated Fair Value On Nonrecurring Basis) (Detail) (USD $) | 3 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
Real Property [Member] | Other Assets [Member] | Note Receivable [Member] | Total Estimated Fair Value [Member] | Total Estimated Fair Value [Member] | Total Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | |
Real Property [Member] | Other Assets [Member] | Note Receivable [Member] | Real Property [Member] | Other Assets [Member] | Note Receivable [Member] | Real Property [Member] | Other Assets [Member] | Note Receivable [Member] | Real Property [Member] | Other Assets [Member] | Note Receivable [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets Fair Value | ' | ' | ' | $665 | $0 | $1,000 | $0 | $0 | $0 | $0 | $0 | $0 | $665 | $0 | $1,000 |
Nonrecurring fair value gains and (losses) | ($1,065) | ($2,322) | ($5,979) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurement_Narrati
Fair Value Measurement (Narrative) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' | ' |
Property, plant and equipment, write-off | ' | ' | ' | $2,300,000 | ' |
Impairments on non-operating assets | 6,000,000 | ' | 0 | 5,979,000 | 0 |
Property, plant and equipment, carrying amount | ' | 1,700,000 | ' | ' | ' |
Property, plant and equipment, fair value | ' | 600,000 | ' | ' | ' |
Property, plant and equipment, write-off | ' | $1,100,000 | ' | ' | ' |
Intangible_Assets_Schedule_Of_
Intangible Assets (Schedule Of Intangible Assets) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Intangible Asset Excluding Goodwill [Line Items] | ' | ' |
Intangible assets, net | $316,747 | $333,561 |
Customer Relationships [Member] | ' | ' |
Intangible Asset Excluding Goodwill [Line Items] | ' | ' |
Gross carrying value | 275,324 | 275,324 |
Accumulated amortization | -139,614 | -122,800 |
Trade Names [Member] | ' | ' |
Intangible Asset Excluding Goodwill [Line Items] | ' | ' |
Gross carrying value | $181,037 | $181,037 |
Intangible_Assets_Narrative_De
Intangible Assets (Narrative) (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2007 | 9-May-07 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
2007 Going private transaction [Member] | 2007 Going private transaction [Member] | 2007 Going private transaction [Member] | 2007 Going private transaction [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | 2007 Prior To Going Private Transaction [Member] | 2007 Prior To Going Private Transaction [Member] | 2007 Prior To Going Private Transaction [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross carrying value | ' | ' | ' | ' | ' | ' | $261,200,000 | ' | $275,324,000 | $275,324,000 | ' | ' | ' |
Acquisition calculated on declining balance | 150.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life of intangible assets in years | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' |
Amortization period of intangible assets in years | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' |
Amortization of intangible assets | 16,814,000 | 16,925,000 | 18,258,000 | 15,600,000 | 15,800,000 | 17,100,000 | ' | ' | ' | ' | 1,200,000 | 1,200,000 | 1,200,000 |
Amortization expense by fiscal year maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 16,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' |
2015 | 16,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' |
2016 | 16,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' |
2017 | 16,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' |
2018 | $16,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $600,000 | ' | ' |
Goodwill_Details
Goodwill (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill [Line Items] | ' | ' |
Gross Carrying Amount | $507,740 | ' |
Accumulated Impairment Losses | -254,484 | ' |
Carry Amount | 253,256 | 253,256 |
Truckload [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Gross Carrying Amount | 376,998 | ' |
Accumulated Impairment Losses | -190,394 | ' |
Carry Amount | 186,604 | ' |
Dedicated [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Gross Carrying Amount | 130,742 | ' |
Accumulated Impairment Losses | -64,090 | ' |
Carry Amount | $66,652 | ' |
Earnings_Loss_Per_Share_Calcul
Earnings (Loss) Per Share (Calculation Of Basic And Diluted Earnings Per Share Attributable To Stockholders) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net income (loss) | $45,298 | [1] | $29,953 | [1] | $49,879 | [1] | $30,292 | [1] | $54,684 | $33,656 | $40,920 | $10,827 | $155,422 | $140,087 | $102,747 | |||
Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Weighted average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 140,179 | 139,532 | 139,155 | |||||||
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Dilutive effect of stock options | ' | ' | ' | ' | ' | ' | ' | ' | 2,042 | 87 | 508 | |||||||
Total weighted average diluted shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 142,221 | 139,619 | 139,663 | |||||||
Anti-dilutive shares excluded from the diluted earnings per share calculation | ' | ' | ' | ' | ' | ' | ' | ' | 174 | [2] | 4,356 | [2] | 5,978 | [2] | ||||
Basic earnings (loss) per share | $0.32 | [1] | $0.21 | [1] | $0.36 | [1] | $0.22 | [1] | ' | ' | ' | ' | $1.11 | $1 | $0.74 | |||
Diluted earnings (loss) per share | $0.32 | [1] | $0.21 | [1] | $0.35 | [1] | $0.21 | [1] | ' | ' | ' | ' | $1.09 | $1 | $0.74 | |||
[1] | The first and second quarter results of 2013 have been recast due to the acquisition of Central. Refer to Notes 1 and 2 for further information regarding the Acquisition. | |||||||||||||||||
[2] | Impact of outstanding options to purchase shares of the Companybs ClassB A common stock were anti-dilutive because the options exercise price was greater than the average market price of the common shares and were excluded from the calculation of diluted earnings per share. |
Quarterly_Result_Of_Operations2
Quarterly Result Of Operations (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenues | $1,075,389 | [1] | $1,032,127 | [1] | $1,029,071 | [1] | $981,608 | [1] | $1,047,560 | $992,624 | $992,083 | $943,818 | $4,118,195 | $3,976,085 | $3,778,963 |
Operating income (loss) | 102,555 | [1] | 84,420 | [1] | 100,266 | [1] | 69,718 | [1] | 116,004 | 77,190 | 95,049 | 63,573 | 356,959 | 351,816 | 322,036 |
Net income | $45,298 | [1] | $29,953 | [1] | $49,879 | [1] | $30,292 | [1] | $54,684 | $33,656 | $40,920 | $10,827 | $155,422 | $140,087 | $102,747 |
Basic earnings per share | $0.32 | [1] | $0.21 | [1] | $0.36 | [1] | $0.22 | [1] | ' | ' | ' | ' | $1.11 | $1 | $0.74 |
Basic and diluted earnings per share | ' | ' | ' | ' | $0.39 | $0.24 | $0.29 | $0.08 | ' | ' | ' | ||||
Diluted earnings per share | $0.32 | [1] | $0.21 | [1] | $0.35 | [1] | $0.21 | [1] | ' | ' | ' | ' | $1.09 | $1 | $0.74 |
[1] | The first and second quarter results of 2013 have been recast due to the acquisition of Central. Refer to Notes 1 and 2 for further information regarding the Acquisition. |
Settlement_City_of_Los_Angeles1
Settlement- City of Los Angeles (Details) (USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Mar. 02, 2012 |
Disclosure Settlement City Of Los Angeles [Abstract] | ' |
Settlement agreement, term | '5 years |
Deferred revenue | $9.20 |
Amount refunded by the Company for damages that may be alleged by the City for breach or violation of the Amended Addendum | 4 |
Recognized deferred revenue | $5.20 |
Segment_Information_Narrative_
Segment Information (Narrative) (Detail) | 7 Months Ended | 12 Months Ended | ||
Aug. 06, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment | Segment | |||
Segment Reporting [Abstract] | ' | ' | ' | ' |
Number of reportable operating segments | 3 | 4 | ' | ' |
Percentage of foreign operations total revenue | ' | 5.00% | 5.00% | 5.00% |
Segment_Information_Summary_Of
Segment Information (Summary Of Financial Information By Segments) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenues | $1,075,389 | [1] | $1,032,127 | [1] | $1,029,071 | [1] | $981,608 | [1] | $1,047,560 | $992,624 | $992,083 | $943,818 | $4,118,195 | $3,976,085 | $3,778,963 |
Operating income (loss) | 102,555 | [1] | 84,420 | [1] | 100,266 | [1] | 69,718 | [1] | 116,004 | 77,190 | 95,049 | 63,573 | 356,959 | 351,816 | 322,036 |
Depreciation and Amortization Expense | ' | ' | ' | ' | ' | ' | ' | ' | 226,008 | 218,839 | 218,098 | ||||
Truckload [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,313,035 | 2,282,342 | 2,336,056 | ||||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 225,963 | 246,005 | 222,954 | ||||
Depreciation and Amortization Expense | ' | ' | ' | ' | ' | ' | ' | ' | 127,404 | 121,004 | 135,863 | ||||
Dedicated [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 738,929 | 724,405 | 625,268 | ||||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 83,520 | 74,026 | 69,753 | ||||
Depreciation and Amortization Expense | ' | ' | ' | ' | ' | ' | ' | ' | 45,568 | 44,088 | 39,888 | ||||
CRS Refrigerated [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 533,993 | 484,657 | 447,173 | ||||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 25,821 | 29,770 | 16,023 | ||||
Depreciation and Amortization Expense | ' | ' | ' | ' | ' | ' | ' | ' | 16,440 | 19,010 | 13,925 | ||||
Intermodal [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 350,093 | 333,938 | 237,875 | ||||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 6,030 | -6,854 | 3,146 | ||||
Depreciation and Amortization Expense | ' | ' | ' | ' | ' | ' | ' | ' | 9,032 | 9,041 | 7,805 | ||||
Subtotal [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,936,050 | 3,825,342 | 3,646,372 | ||||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 341,334 | 342,947 | 311,876 | ||||
Depreciation and Amortization Expense | ' | ' | ' | ' | ' | ' | ' | ' | 198,444 | 193,143 | 197,481 | ||||
Nonreportable Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 224,425 | 211,112 | 192,987 | ||||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 15,625 | 8,869 | 10,160 | ||||
Depreciation and Amortization Expense | ' | ' | ' | ' | ' | ' | ' | ' | 27,564 | 25,696 | 20,617 | ||||
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ($42,280) | ($60,369) | ($60,396) | ||||
[1] | The first and second quarter results of 2013 have been recast due to the acquisition of Central. Refer to Notes 1 and 2 for further information regarding the Acquisition. |
Guarantor_Condensed_Consolidat2
Guarantor Condensed Consolidating Financial Statements (Condensed Consolidating Balance Sheet) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $59,178 | $53,596 | $82,084 | $49,130 |
Restricted cash | 50,833 | 51,678 | ' | ' |
Restricted investments, held to maturity, amortized cost | 25,814 | 22,275 | ' | ' |
Accounts receivable, net | 418,436 | 392,770 | ' | ' |
Intercompany receivable (payable) | 0 | 0 | ' | ' |
Other current assets | 179,771 | 221,772 | ' | ' |
Total current assets | 734,032 | 742,091 | ' | ' |
Property and equipment, net | 1,447,807 | 1,397,536 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Other assets | 57,166 | 65,537 | ' | ' |
Intangible assets, net | 316,747 | 333,561 | ' | ' |
Goodwill | 253,256 | 253,256 | ' | ' |
Total assets | 2,809,008 | 2,791,981 | ' | ' |
Intercompany payable | 0 | 0 | ' | ' |
Current portion of long-term debt and obligations under capital leases | 75,056 | 73,497 | ' | ' |
Other current liabilities | 309,312 | 309,952 | ' | ' |
Total current liabilities | 384,368 | 383,449 | ' | ' |
Long-term debt and obligations under capital leases, less current portion | 1,246,764 | 1,357,101 | ' | ' |
Deferred income taxes | 484,200 | 441,381 | ' | ' |
Securitization of accounts receivable | 264,000 | 204,000 | ' | ' |
Revolving line of credit | 17,000 | 2,531 | ' | ' |
Other liabilities | 129,089 | 113,315 | ' | ' |
Total liabilities | 2,525,421 | 2,501,777 | ' | ' |
Total stockholders' equity (deficit) | 283,587 | 290,204 | 155,186 | -9,557 |
Total liabilities and stockholdersb equity | 2,809,008 | 2,791,981 | ' | ' |
Swift Transportation Company [Member] | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 11,132 | 1,561 |
Restricted cash | 0 | 0 | ' | ' |
Restricted investments, held to maturity, amortized cost | ' | 0 | ' | ' |
Accounts receivable, net | 0 | 0 | ' | ' |
Intercompany receivable (payable) | 85,498 | 24,239 | ' | ' |
Other current assets | 37,022 | 57,914 | ' | ' |
Total current assets | 122,520 | 82,153 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Investment in subsidiaries | 239,432 | 106,194 | ' | ' |
Other assets | 11,780 | 19,622 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Total assets | 373,732 | 207,969 | ' | ' |
Intercompany payable | 0 | 0 | ' | ' |
Current portion of long-term debt and obligations under capital leases | 6,036 | 0 | ' | ' |
Other current liabilities | 2,281 | 1,656 | ' | ' |
Total current liabilities | 8,317 | 1,656 | ' | ' |
Long-term debt and obligations under capital leases, less current portion | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Securitization of accounts receivable | 0 | 0 | ' | ' |
Revolving line of credit | 0 | 0 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Total liabilities | 8,317 | 1,656 | ' | ' |
Total stockholders' equity (deficit) | 365,415 | 206,313 | ' | ' |
Total liabilities and stockholdersb equity | 373,732 | 207,969 | ' | ' |
Swift Services Holdings, Inc. (Issuer) [Member] | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash | 0 | 0 | ' | ' |
Restricted investments, held to maturity, amortized cost | ' | 0 | ' | ' |
Accounts receivable, net | 0 | 0 | ' | ' |
Intercompany receivable (payable) | 400,569 | 430,030 | ' | ' |
Other current assets | 0 | 181 | ' | ' |
Total current assets | 400,569 | 430,211 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Investment in subsidiaries | 870,599 | 757,590 | ' | ' |
Other assets | 2,355 | 2,647 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Total assets | 1,273,523 | 1,190,448 | ' | ' |
Intercompany payable | 1,296 | 0 | ' | ' |
Current portion of long-term debt and obligations under capital leases | 0 | 0 | ' | ' |
Other current liabilities | 6,389 | 6,389 | ' | ' |
Total current liabilities | 7,685 | 6,389 | ' | ' |
Long-term debt and obligations under capital leases, less current portion | 493,825 | 492,561 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Securitization of accounts receivable | 0 | 0 | ' | ' |
Revolving line of credit | 0 | 0 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Total liabilities | 501,510 | 498,950 | ' | ' |
Total stockholders' equity (deficit) | 772,013 | 691,498 | ' | ' |
Total liabilities and stockholdersb equity | 1,273,523 | 1,190,448 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 54,564 | 43,877 | 64,717 | 37,480 |
Restricted cash | 0 | 0 | ' | ' |
Restricted investments, held to maturity, amortized cost | ' | 0 | ' | ' |
Accounts receivable, net | 28,997 | 72,319 | ' | ' |
Intercompany receivable (payable) | 0 | 0 | ' | ' |
Other current assets | 127,775 | 150,090 | ' | ' |
Total current assets | 211,336 | 266,286 | ' | ' |
Property and equipment, net | 1,407,414 | 1,360,358 | ' | ' |
Investment in subsidiaries | 983,289 | 904,412 | ' | ' |
Other assets | 83,967 | 87,631 | ' | ' |
Intangible assets, net | 307,092 | 323,134 | ' | ' |
Goodwill | 246,977 | 246,977 | ' | ' |
Total assets | 3,240,075 | 3,188,798 | ' | ' |
Intercompany payable | 542,772 | 507,934 | ' | ' |
Current portion of long-term debt and obligations under capital leases | 64,970 | 71,705 | ' | ' |
Other current liabilities | 277,921 | 277,738 | ' | ' |
Total current liabilities | 885,663 | 857,377 | ' | ' |
Long-term debt and obligations under capital leases, less current portion | 747,918 | 861,534 | ' | ' |
Deferred income taxes | 487,670 | 456,098 | ' | ' |
Securitization of accounts receivable | 0 | 0 | ' | ' |
Revolving line of credit | 17,000 | 2,531 | ' | ' |
Other liabilities | 73,774 | 63,739 | ' | ' |
Total liabilities | 2,212,025 | 2,241,279 | ' | ' |
Total stockholders' equity (deficit) | 1,028,050 | 947,519 | ' | ' |
Total liabilities and stockholdersb equity | 3,240,075 | 3,188,798 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 4,614 | 9,719 | 6,235 | 10,089 |
Restricted cash | 50,833 | 51,678 | ' | ' |
Restricted investments, held to maturity, amortized cost | 25,814 | 22,275 | ' | ' |
Accounts receivable, net | 394,044 | 324,597 | ' | ' |
Intercompany receivable (payable) | 55,799 | 53,665 | ' | ' |
Other current assets | 16,270 | 13,587 | ' | ' |
Total current assets | 547,374 | 475,521 | ' | ' |
Property and equipment, net | 40,393 | 37,178 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Other assets | 4,639 | 4,974 | ' | ' |
Intangible assets, net | 9,655 | 10,427 | ' | ' |
Goodwill | 6,279 | 6,279 | ' | ' |
Total assets | 608,340 | 534,379 | ' | ' |
Intercompany payable | 0 | 0 | ' | ' |
Current portion of long-term debt and obligations under capital leases | 36,626 | 28,301 | ' | ' |
Other current liabilities | 27,170 | 28,315 | ' | ' |
Total current liabilities | 63,796 | 56,616 | ' | ' |
Long-term debt and obligations under capital leases, less current portion | 5,046 | 6,116 | ' | ' |
Deferred income taxes | 8,754 | 5,001 | ' | ' |
Securitization of accounts receivable | 264,000 | 204,000 | ' | ' |
Revolving line of credit | 0 | 0 | ' | ' |
Other liabilities | 55,315 | 49,576 | ' | ' |
Total liabilities | 396,911 | 321,309 | ' | ' |
Total stockholders' equity (deficit) | 211,429 | 213,070 | ' | ' |
Total liabilities and stockholdersb equity | 608,340 | 534,379 | ' | ' |
Eliminations For Consolidation [Member] | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash | 0 | 0 | ' | ' |
Restricted investments, held to maturity, amortized cost | ' | 0 | ' | ' |
Accounts receivable, net | -4,605 | -4,146 | ' | ' |
Intercompany receivable (payable) | -541,866 | -507,934 | ' | ' |
Other current assets | -1,296 | 0 | ' | ' |
Total current assets | -547,767 | -512,080 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Investment in subsidiaries | -2,093,320 | -1,768,196 | ' | ' |
Other assets | -45,575 | -49,337 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Total assets | -2,686,662 | -2,329,613 | ' | ' |
Intercompany payable | -544,068 | -507,934 | ' | ' |
Current portion of long-term debt and obligations under capital leases | -32,576 | -26,509 | ' | ' |
Other current liabilities | -4,449 | -4,146 | ' | ' |
Total current liabilities | -581,093 | -538,589 | ' | ' |
Long-term debt and obligations under capital leases, less current portion | -25 | -3,110 | ' | ' |
Deferred income taxes | -12,224 | -19,718 | ' | ' |
Securitization of accounts receivable | 0 | 0 | ' | ' |
Revolving line of credit | 0 | 0 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Total liabilities | -593,342 | -561,417 | ' | ' |
Total stockholders' equity (deficit) | -2,093,320 | -1,768,196 | ' | ' |
Total liabilities and stockholdersb equity | ($2,686,662) | ($2,329,613) | ' | ' |
Guarantor_Condensed_Consolidat3
Guarantor Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Operations) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Operating revenue | $1,075,389 | [1] | $1,032,127 | [1] | $1,029,071 | [1] | $981,608 | [1] | $1,047,560 | $992,624 | $992,083 | $943,818 | $4,118,195 | $3,976,085 | $3,778,963 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Salaries, wages and employee benefits | ' | ' | ' | ' | ' | ' | ' | ' | 903,990 | 879,856 | 861,423 | ||||
Operating supplies and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 319,023 | 290,472 | 281,872 | ||||
Fuel | ' | ' | ' | ' | ' | ' | ' | ' | 640,000 | 668,707 | 698,530 | ||||
Purchased transportation | ' | ' | ' | ' | ' | ' | ' | ' | 1,255,646 | 1,195,033 | 1,055,416 | ||||
Rental expense | ' | ' | ' | ' | ' | ' | ' | ' | 180,328 | 149,433 | 122,279 | ||||
Insurance and claims | ' | ' | ' | ' | ' | ' | ' | ' | 142,179 | 121,655 | 110,639 | ||||
Depreciation and amortization of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 226,008 | 218,839 | 218,098 | ||||
Amortization of intangibles | ' | ' | ' | ' | ' | ' | ' | ' | 16,814 | 16,925 | 18,258 | ||||
Impairments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 3,387 | 0 | ||||
(Gain) loss on disposal of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -22,664 | -18,351 | -8,902 | ||||
Communication and utilities | ' | ' | ' | ' | ' | ' | ' | ' | 25,593 | 26,464 | 27,757 | ||||
Operating taxes and licenses | ' | ' | ' | ' | ' | ' | ' | ' | 74,319 | 71,849 | 71,557 | ||||
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,761,236 | 3,624,269 | 3,456,927 | ||||
Operating income | 102,555 | [1] | 84,420 | [1] | 100,266 | [1] | 69,718 | [1] | 116,004 | 77,190 | 95,049 | 63,573 | 356,959 | 351,816 | 322,036 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 100,912 | 124,994 | 163,041 | ||||
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | 20,900 | 5,540 | 22,219 | 0 | ||||
Other (income) expenses | ' | ' | ' | ' | ' | ' | ' | ' | -5,897 | 2,902 | -2,244 | ||||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 256,404 | 201,701 | 161,239 | ||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 100,982 | 61,614 | 58,492 | ||||
Net income (loss) | 45,298 | [1] | 29,953 | [1] | 49,879 | [1] | 30,292 | [1] | 54,684 | 33,656 | 40,920 | 10,827 | 155,422 | 140,087 | 102,747 |
Swift Transportation Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Salaries, wages and employee benefits | ' | ' | ' | ' | ' | ' | ' | ' | 3,638 | 4,645 | 6,784 | ||||
Operating supplies and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,245 | 2,503 | 3,044 | ||||
Fuel | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Purchased transportation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Rental expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Insurance and claims | ' | ' | ' | ' | ' | ' | ' | ' | 1,017 | 0 | 0 | ||||
Depreciation and amortization of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Amortization of intangibles | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ||||
(Gain) loss on disposal of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Communication and utilities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Operating taxes and licenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 6,900 | 7,148 | 9,828 | ||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -6,900 | -7,148 | -9,828 | ||||
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 27 | 0 | 0 | ||||
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ||||
Other (income) expenses | ' | ' | ' | ' | ' | ' | ' | ' | -133,239 | -118,843 | -95,283 | ||||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 126,312 | 111,695 | 85,455 | ||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -15,018 | -2,894 | -5,095 | ||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 141,330 | 114,589 | 90,550 | ||||
Swift Services Holdings, Inc. (Issuer) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Salaries, wages and employee benefits | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Operating supplies and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 12 | 5 | ||||
Fuel | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Purchased transportation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Rental expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Insurance and claims | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Depreciation and amortization of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Amortization of intangibles | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ||||
(Gain) loss on disposal of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Communication and utilities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Operating taxes and licenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 12 | 5 | ||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -10 | -12 | -5 | ||||
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 51,654 | 51,654 | 51,600 | ||||
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ||||
Other (income) expenses | ' | ' | ' | ' | ' | ' | ' | ' | -113,008 | -80,090 | -22,277 | ||||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 61,344 | 28,424 | -29,328 | ||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -19,172 | -19,167 | -18,911 | ||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 80,516 | 47,591 | -10,417 | ||||
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 4,044,469 | 3,912,979 | 3,720,679 | ||||
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Salaries, wages and employee benefits | ' | ' | ' | ' | ' | ' | ' | ' | 870,463 | 849,022 | 828,293 | ||||
Operating supplies and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 309,863 | 281,911 | 263,480 | ||||
Fuel | ' | ' | ' | ' | ' | ' | ' | ' | 614,074 | 647,827 | 679,507 | ||||
Purchased transportation | ' | ' | ' | ' | ' | ' | ' | ' | 1,294,889 | 1,233,107 | 1,092,135 | ||||
Rental expense | ' | ' | ' | ' | ' | ' | ' | ' | 177,566 | 146,367 | 121,783 | ||||
Insurance and claims | ' | ' | ' | ' | ' | ' | ' | ' | 116,908 | 100,448 | 92,970 | ||||
Depreciation and amortization of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 221,264 | 214,819 | 215,142 | ||||
Amortization of intangibles | ' | ' | ' | ' | ' | ' | ' | ' | 16,042 | 16,147 | 17,415 | ||||
Impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,387 | ' | ||||
(Gain) loss on disposal of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -22,688 | -18,231 | -8,957 | ||||
Communication and utilities | ' | ' | ' | ' | ' | ' | ' | ' | 24,652 | 25,536 | 26,758 | ||||
Operating taxes and licenses | ' | ' | ' | ' | ' | ' | ' | ' | 63,448 | 63,183 | 63,171 | ||||
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,686,481 | 3,563,523 | 3,391,697 | ||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 357,988 | 349,456 | 328,982 | ||||
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 45,095 | 69,183 | 105,746 | ||||
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 5,540 | 22,219 | ' | ||||
Other (income) expenses | ' | ' | ' | ' | ' | ' | ' | ' | -79,966 | -43,849 | 18,229 | ||||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 387,319 | 301,903 | 205,007 | ||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 126,980 | 77,472 | 75,251 | ||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 260,339 | 224,431 | 129,756 | ||||
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 164,483 | 147,649 | 138,091 | ||||
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Salaries, wages and employee benefits | ' | ' | ' | ' | ' | ' | ' | ' | 29,889 | 26,189 | 26,346 | ||||
Operating supplies and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 15,122 | 12,769 | 21,514 | ||||
Fuel | ' | ' | ' | ' | ' | ' | ' | ' | 25,926 | 20,880 | 19,023 | ||||
Purchased transportation | ' | ' | ' | ' | ' | ' | ' | ' | 17,297 | 21,738 | 15,893 | ||||
Rental expense | ' | ' | ' | ' | ' | ' | ' | ' | 3,410 | 3,752 | 1,238 | ||||
Insurance and claims | ' | ' | ' | ' | ' | ' | ' | ' | 49,606 | 38,529 | 37,951 | ||||
Depreciation and amortization of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 4,744 | 4,020 | 2,956 | ||||
Amortization of intangibles | ' | ' | ' | ' | ' | ' | ' | ' | 772 | 778 | 843 | ||||
Impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ||||
(Gain) loss on disposal of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 24 | -120 | 55 | ||||
Communication and utilities | ' | ' | ' | ' | ' | ' | ' | ' | 941 | 928 | 999 | ||||
Operating taxes and licenses | ' | ' | ' | ' | ' | ' | ' | ' | 10,871 | 8,666 | 8,386 | ||||
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 158,602 | 138,129 | 135,204 | ||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 5,881 | 9,520 | 2,887 | ||||
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 4,136 | 4,157 | 5,695 | ||||
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ||||
Other (income) expenses | ' | ' | ' | ' | ' | ' | ' | ' | -10,447 | -10,284 | -23,272 | ||||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 12,192 | 15,647 | 20,464 | ||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 8,192 | 6,203 | 7,247 | ||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 4,000 | 9,444 | 13,217 | ||||
Eliminations For Consolidation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | -90,757 | -84,543 | -79,807 | ||||
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Salaries, wages and employee benefits | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Operating supplies and expenses | ' | ' | ' | ' | ' | ' | ' | ' | -8,217 | -6,723 | -6,171 | ||||
Fuel | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Purchased transportation | ' | ' | ' | ' | ' | ' | ' | ' | -56,540 | -59,812 | -52,612 | ||||
Rental expense | ' | ' | ' | ' | ' | ' | ' | ' | -648 | -686 | -742 | ||||
Insurance and claims | ' | ' | ' | ' | ' | ' | ' | ' | -25,352 | -17,322 | -20,282 | ||||
Depreciation and amortization of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Amortization of intangibles | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ||||
(Gain) loss on disposal of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Communication and utilities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Operating taxes and licenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -90,757 | -84,543 | -79,807 | ||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ||||
Other (income) expenses | ' | ' | ' | ' | ' | ' | ' | ' | 330,763 | 255,968 | 120,359 | ||||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -330,763 | -255,968 | -120,359 | ||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ($330,763) | ($255,968) | ($120,359) | ||||
[1] | The first and second quarter results of 2013 have been recast due to the acquisition of Central. Refer to Notes 1 and 2 for further information regarding the Acquisition. |
Guarantor_Condensed_Consolidat4
Guarantor Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Comprehensive Income) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income (loss) | $45,298 | [1] | $29,953 | [1] | $49,879 | [1] | $30,292 | [1] | $54,684 | $33,656 | $40,920 | $10,827 | $155,422 | $140,087 | $102,747 |
Other comprehensive income before income taxes: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Accumulated losses on derivatives reclassified to derivative interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 3,143 | 5,101 | 15,057 | ||||
Change in fair value of interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | -145 | -2,786 | -9,952 | ||||
Other comprehensive income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 2,998 | 2,315 | 5,105 | ||||
Income tax effect of items of other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | -958 | 1,142 | 3,897 | ||||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 157,462 | 143,544 | 111,749 | ||||
Swift Transportation Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 141,330 | 114,589 | 90,550 | ||||
Other comprehensive income before income taxes: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Accumulated losses on derivatives reclassified to derivative interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Change in fair value of interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Other comprehensive income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Income tax effect of items of other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 141,330 | 114,589 | 90,550 | ||||
Swift Services Holdings, Inc. (Issuer) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 80,516 | 47,591 | -10,417 | ||||
Other comprehensive income before income taxes: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Accumulated losses on derivatives reclassified to derivative interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Change in fair value of interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Other comprehensive income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Income tax effect of items of other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 80,516 | 47,591 | -10,417 | ||||
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 260,339 | 224,431 | 129,756 | ||||
Other comprehensive income before income taxes: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Accumulated losses on derivatives reclassified to derivative interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 3,143 | 5,101 | 15,057 | ||||
Change in fair value of interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | -145 | -2,786 | -9,952 | ||||
Other comprehensive income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 2,998 | 2,315 | 5,105 | ||||
Income tax effect of items of other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | -958 | 1,142 | 3,897 | ||||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 262,379 | 227,888 | 138,758 | ||||
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 4,000 | 9,444 | 13,217 | ||||
Other comprehensive income before income taxes: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Accumulated losses on derivatives reclassified to derivative interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Change in fair value of interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Other comprehensive income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Income tax effect of items of other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 4,000 | 9,444 | 13,217 | ||||
Eliminations For Consolidation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -330,763 | -255,968 | -120,359 | ||||
Other comprehensive income before income taxes: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Accumulated losses on derivatives reclassified to derivative interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Change in fair value of interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Other comprehensive income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Income tax effect of items of other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ($330,763) | ($255,968) | ($120,359) | ||||
[1] | The first and second quarter results of 2013 have been recast due to the acquisition of Central. Refer to Notes 1 and 2 for further information regarding the Acquisition. |
Guarantor_Condensed_Consolidat5
Guarantor Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Cash Flows) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net cash provided by operating activities | $473,504 | $447,118 | $340,184 |
Cash flows from investing activities: | ' | ' | ' |
Decrease in restricted cash | 845 | 20,046 | 12,844 |
Change in restricted investments | -3,539 | -22,275 | 0 |
Funding of note receivable | 0 | -7,500 | 0 |
Proceeds from sale of property and equipment | 119,158 | 142,684 | 77,471 |
Capital expenditures | -318,271 | -314,142 | -249,895 |
Payments received on notes receivable | 3,868 | 5,948 | 7,334 |
Expenditures on assets held for sale | -18,415 | -12,040 | -8,965 |
Payments received on assets held for sale | 53,486 | 12,778 | 11,018 |
Payments received on equipment sale receivables | 1,450 | 5,642 | 0 |
Funding of intercompany notes payable | ' | 0 | 0 |
Dividend from subsidiary | 0 | 0 | 0 |
Payments received on intercompany notes payable | 0 | 0 | 0 |
Capital contribution to subsidiary | 0 | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | -150,302 | 0 | 0 |
Other investing activities | 0 | -270 | 275 |
Net cash used in investing activities | -311,720 | -169,129 | -149,918 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of Class A common stock, net of issuance costs | 0 | 0 | 62,994 |
Proceeds from long-term debt | 26,267 | 11,304 | 7,263 |
Payment of deferred loan costs | -2,183 | -9,023 | -3,914 |
Borrowings under accounts receivable securitization | 184,000 | 255,000 | 263,000 |
Repayment of accounts receivable securitization | -124,000 | -231,000 | -254,500 |
Repayment of long-term debt and capital leases | -236,388 | -311,935 | -224,269 |
Proceeds from intercompany notes payable | ' | 0 | 0 |
Repayment of intercompany notes payable | 0 | 0 | 0 |
Dividend to parent | 0 | 0 | 0 |
Capital contribution | 0 | ' | ' |
Net funding from (to) affiliates | 0 | 0 | 0 |
Distribution to Central stockholders, pre-acquisition | -2,499 | -13,605 | -4,964 |
Issuance of Central stockholders' loan receivable, pre-acquisition | -30,000 | 0 | -12,000 |
Net borrowings on revolving line of credit | 14,469 | -6,506 | 9,037 |
Proceeds from exercise of stock options and the issuance of employee stock purchase plan shares | 13,945 | 401 | 247 |
Income tax benefit (deficiency) from exercise of stock options | 187 | -370 | -206 |
Other financing activities | 0 | -743 | 0 |
Net cash used in financing activities | -156,202 | -306,477 | -157,312 |
Net increase (decrease) in cash and cash equivalents | 5,582 | -28,488 | 32,954 |
Cash and cash equivalents at beginning of period | 53,596 | 82,084 | 49,130 |
Cash and cash equivalents at end of period | 59,178 | 53,596 | 82,084 |
Swift Transportation Company [Member] | ' | ' | ' |
Net cash provided by operating activities | 47,129 | 13,076 | -6,571 |
Cash flows from investing activities: | ' | ' | ' |
Decrease in restricted cash | 0 | 0 | 0 |
Change in restricted investments | 0 | 0 | ' |
Funding of note receivable | ' | 0 | ' |
Proceeds from sale of property and equipment | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Payments received on notes receivable | ' | 0 | 0 |
Expenditures on assets held for sale | 0 | 0 | 0 |
Payments received on assets held for sale | 0 | 0 | 0 |
Payments received on equipment sale receivables | 0 | 0 | ' |
Funding of intercompany notes payable | ' | 0 | 0 |
Dividend from subsidiary | 0 | 0 | 0 |
Payments received on intercompany notes payable | 0 | 0 | 0 |
Capital contribution to subsidiary | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | ' | ' |
Other investing activities | ' | 0 | 0 |
Net cash used in investing activities | 0 | 0 | 0 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of Class A common stock, net of issuance costs | ' | ' | 62,994 |
Proceeds from long-term debt | 0 | 0 | 0 |
Payment of deferred loan costs | 0 | 0 | 0 |
Borrowings under accounts receivable securitization | 0 | 0 | 0 |
Repayment of accounts receivable securitization | 0 | 0 | 0 |
Repayment of long-term debt and capital leases | 0 | 0 | 0 |
Proceeds from intercompany notes payable | ' | 0 | 0 |
Repayment of intercompany notes payable | 0 | 0 | 0 |
Dividend to parent | 0 | 0 | 0 |
Capital contribution | 0 | ' | ' |
Net funding from (to) affiliates | -61,261 | -24,239 | -46,893 |
Distribution to Central stockholders, pre-acquisition | 0 | 0 | 0 |
Issuance of Central stockholders' loan receivable, pre-acquisition | 0 | ' | 0 |
Net borrowings on revolving line of credit | 0 | 0 | 0 |
Proceeds from exercise of stock options and the issuance of employee stock purchase plan shares | 13,945 | 401 | 247 |
Income tax benefit (deficiency) from exercise of stock options | 187 | -370 | -206 |
Other financing activities | ' | 0 | ' |
Net cash used in financing activities | -47,129 | -24,208 | 16,142 |
Net increase (decrease) in cash and cash equivalents | 0 | -11,132 | 9,571 |
Cash and cash equivalents at beginning of period | 0 | 11,132 | 1,561 |
Cash and cash equivalents at end of period | 0 | 0 | 11,132 |
Swift Services Holdings, Inc. (Issuer) [Member] | ' | ' | ' |
Net cash provided by operating activities | -29,460 | -11,970 | -44,963 |
Cash flows from investing activities: | ' | ' | ' |
Decrease in restricted cash | 0 | 0 | 0 |
Change in restricted investments | 0 | 0 | ' |
Funding of note receivable | ' | 0 | ' |
Proceeds from sale of property and equipment | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Payments received on notes receivable | 0 | 0 | 0 |
Expenditures on assets held for sale | 0 | 0 | 0 |
Payments received on assets held for sale | 0 | 0 | 0 |
Payments received on equipment sale receivables | 0 | 0 | ' |
Funding of intercompany notes payable | ' | 0 | 0 |
Dividend from subsidiary | 0 | 0 | 0 |
Payments received on intercompany notes payable | 0 | 0 | 0 |
Capital contribution to subsidiary | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | ' | ' |
Other investing activities | ' | 0 | 0 |
Net cash used in investing activities | 0 | 0 | 0 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of Class A common stock, net of issuance costs | ' | ' | 0 |
Proceeds from long-term debt | 0 | 0 | 0 |
Payment of deferred loan costs | 0 | 0 | -979 |
Borrowings under accounts receivable securitization | 0 | 0 | 0 |
Repayment of accounts receivable securitization | 0 | 0 | 0 |
Repayment of long-term debt and capital leases | 0 | 0 | 0 |
Proceeds from intercompany notes payable | ' | 0 | 0 |
Repayment of intercompany notes payable | 0 | 0 | 0 |
Dividend to parent | 0 | 0 | 0 |
Capital contribution | 0 | ' | ' |
Net funding from (to) affiliates | 29,460 | 11,970 | 45,942 |
Distribution to Central stockholders, pre-acquisition | 0 | 0 | 0 |
Issuance of Central stockholders' loan receivable, pre-acquisition | 0 | ' | 0 |
Net borrowings on revolving line of credit | 0 | 0 | 0 |
Proceeds from exercise of stock options and the issuance of employee stock purchase plan shares | 0 | 0 | 0 |
Income tax benefit (deficiency) from exercise of stock options | 0 | 0 | 0 |
Other financing activities | ' | 0 | ' |
Net cash used in financing activities | 29,460 | 11,970 | 44,963 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 | 0 |
Guarantor Subsidiaries [Member] | ' | ' | ' |
Net cash provided by operating activities | 511,024 | 442,480 | 429,773 |
Cash flows from investing activities: | ' | ' | ' |
Decrease in restricted cash | 0 | 0 | 0 |
Change in restricted investments | 0 | 0 | ' |
Funding of note receivable | ' | -7,500 | ' |
Proceeds from sale of property and equipment | 119,009 | 141,504 | 77,336 |
Capital expenditures | -312,713 | -310,885 | -243,312 |
Payments received on notes receivable | 3,868 | 5,948 | 7,334 |
Expenditures on assets held for sale | -18,415 | -12,040 | -8,965 |
Payments received on assets held for sale | 53,486 | 12,778 | 11,018 |
Payments received on equipment sale receivables | 1,450 | 5,642 | ' |
Funding of intercompany notes payable | ' | 0 | -4,702 |
Dividend from subsidiary | 6,800 | 6,700 | 15,600 |
Payments received on intercompany notes payable | 3,399 | 2,125 | 4,566 |
Capital contribution to subsidiary | -1,160 | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | -150,302 | ' | ' |
Other investing activities | ' | -270 | 275 |
Net cash used in investing activities | -294,578 | -155,998 | -140,850 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of Class A common stock, net of issuance costs | ' | ' | 0 |
Proceeds from long-term debt | 15,999 | 11,304 | 7,263 |
Payment of deferred loan costs | -1,332 | -9,023 | -2,051 |
Borrowings under accounts receivable securitization | 0 | 0 | 0 |
Repayment of accounts receivable securitization | 0 | 0 | 0 |
Repayment of long-term debt and capital leases | -228,130 | -311,401 | -223,029 |
Proceeds from intercompany notes payable | ' | 0 | 0 |
Repayment of intercompany notes payable | 0 | 0 | 0 |
Dividend to parent | 0 | 0 | 0 |
Capital contribution | 0 | ' | ' |
Net funding from (to) affiliates | 25,734 | 22,652 | -35,942 |
Distribution to Central stockholders, pre-acquisition | -2,499 | -13,605 | -4,964 |
Issuance of Central stockholders' loan receivable, pre-acquisition | -30,000 | ' | -12,000 |
Net borrowings on revolving line of credit | 14,469 | -6,506 | 9,037 |
Proceeds from exercise of stock options and the issuance of employee stock purchase plan shares | 0 | 0 | 0 |
Income tax benefit (deficiency) from exercise of stock options | 0 | 0 | 0 |
Other financing activities | ' | -743 | ' |
Net cash used in financing activities | -205,759 | -307,322 | -261,686 |
Net increase (decrease) in cash and cash equivalents | 10,687 | -20,840 | 27,237 |
Cash and cash equivalents at beginning of period | 43,877 | 64,717 | 37,480 |
Cash and cash equivalents at end of period | 54,564 | 43,877 | 64,717 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Net cash provided by operating activities | -55,189 | 3,532 | -38,055 |
Cash flows from investing activities: | ' | ' | ' |
Decrease in restricted cash | 845 | 20,046 | 12,844 |
Change in restricted investments | -3,539 | -22,275 | ' |
Funding of note receivable | ' | 0 | ' |
Proceeds from sale of property and equipment | 149 | 1,180 | 135 |
Capital expenditures | -5,558 | -3,257 | -6,583 |
Payments received on notes receivable | 0 | 0 | 0 |
Expenditures on assets held for sale | 0 | 0 | 0 |
Payments received on assets held for sale | 0 | 0 | 0 |
Payments received on equipment sale receivables | 0 | 0 | ' |
Funding of intercompany notes payable | ' | 0 | 0 |
Dividend from subsidiary | 0 | 0 | 0 |
Payments received on intercompany notes payable | 0 | 0 | 0 |
Capital contribution to subsidiary | 0 | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | ' | ' |
Other investing activities | ' | 0 | 0 |
Net cash used in investing activities | -8,103 | -4,306 | 6,396 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of Class A common stock, net of issuance costs | ' | ' | 0 |
Proceeds from long-term debt | 10,268 | 0 | 0 |
Payment of deferred loan costs | -851 | 0 | -884 |
Borrowings under accounts receivable securitization | 184,000 | 255,000 | 263,000 |
Repayment of accounts receivable securitization | -124,000 | -231,000 | -254,500 |
Repayment of long-term debt and capital leases | -8,258 | -534 | -1,240 |
Proceeds from intercompany notes payable | ' | 0 | 4,702 |
Repayment of intercompany notes payable | -3,399 | -2,125 | -4,566 |
Dividend to parent | -6,800 | -6,700 | -15,600 |
Capital contribution | 1,160 | ' | ' |
Net funding from (to) affiliates | 6,067 | -10,383 | 36,893 |
Distribution to Central stockholders, pre-acquisition | 0 | 0 | 0 |
Issuance of Central stockholders' loan receivable, pre-acquisition | 0 | ' | 0 |
Net borrowings on revolving line of credit | 0 | 0 | 0 |
Proceeds from exercise of stock options and the issuance of employee stock purchase plan shares | 0 | 0 | 0 |
Income tax benefit (deficiency) from exercise of stock options | 0 | 0 | 0 |
Other financing activities | ' | 0 | ' |
Net cash used in financing activities | 58,187 | 4,258 | 27,805 |
Net increase (decrease) in cash and cash equivalents | -5,105 | 3,484 | -3,854 |
Cash and cash equivalents at beginning of period | 9,719 | 6,235 | 10,089 |
Cash and cash equivalents at end of period | 4,614 | 9,719 | 6,235 |
Eliminations For Consolidation [Member] | ' | ' | ' |
Net cash provided by operating activities | 0 | 0 | 0 |
Cash flows from investing activities: | ' | ' | ' |
Decrease in restricted cash | 0 | 0 | 0 |
Change in restricted investments | 0 | 0 | ' |
Funding of note receivable | ' | 0 | ' |
Proceeds from sale of property and equipment | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Payments received on notes receivable | 0 | 0 | 0 |
Expenditures on assets held for sale | 0 | 0 | 0 |
Payments received on assets held for sale | 0 | 0 | 0 |
Payments received on equipment sale receivables | 0 | 0 | ' |
Funding of intercompany notes payable | ' | 0 | 4,702 |
Dividend from subsidiary | -6,800 | -6,700 | -15,600 |
Payments received on intercompany notes payable | -3,399 | -2,125 | -4,566 |
Capital contribution to subsidiary | 1,160 | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | ' | ' |
Other investing activities | ' | 0 | 0 |
Net cash used in investing activities | -9,039 | -8,825 | -15,464 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of Class A common stock, net of issuance costs | ' | ' | 0 |
Proceeds from long-term debt | 0 | 0 | 0 |
Payment of deferred loan costs | 0 | 0 | 0 |
Borrowings under accounts receivable securitization | 0 | 0 | 0 |
Repayment of accounts receivable securitization | 0 | 0 | 0 |
Repayment of long-term debt and capital leases | 0 | 0 | 0 |
Proceeds from intercompany notes payable | ' | 0 | -4,702 |
Repayment of intercompany notes payable | 3,399 | 2,125 | 4,566 |
Dividend to parent | 6,800 | 6,700 | 15,600 |
Capital contribution | -1,160 | ' | ' |
Net funding from (to) affiliates | 0 | 0 | 0 |
Distribution to Central stockholders, pre-acquisition | 0 | 0 | 0 |
Issuance of Central stockholders' loan receivable, pre-acquisition | 0 | ' | 0 |
Net borrowings on revolving line of credit | 0 | 0 | 0 |
Proceeds from exercise of stock options and the issuance of employee stock purchase plan shares | 0 | 0 | 0 |
Income tax benefit (deficiency) from exercise of stock options | 0 | 0 | 0 |
Other financing activities | ' | 0 | ' |
Net cash used in financing activities | 9,039 | 8,825 | 15,464 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at end of period | $0 | $0 | $0 |