Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | ||
Mar. 31, 2014 | Apr. 29, 2014 | Apr. 29, 2014 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | ||
Entity Information [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
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 | ' | 88,757,598 | 52,441,938 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $46,098 | $59,178 |
Restricted cash | 47,012 | 50,833 |
Restricted investments, held to maturity, amortized cost | 25,832 | 25,814 |
Accounts receivable, net | 454,709 | 418,436 |
Equipment sales receivable | 7,276 | 368 |
Income tax refund receivable | 11,854 | 23,704 |
Inventories and supplies | 17,776 | 18,430 |
Assets held for sale | 18,389 | 19,268 |
Prepaid taxes, licenses, insurance and other | 57,397 | 63,958 |
Deferred income taxes | 39,758 | 46,833 |
Current portion of notes receivable | 8,419 | 7,210 |
Total current assets | 734,520 | 734,032 |
Property and equipment, at cost: | ' | ' |
Revenue and service equipment | 1,983,607 | 1,942,423 |
Land | 116,973 | 117,929 |
Facilities and improvements | 256,719 | 248,724 |
Furniture and office equipment | 62,993 | 61,396 |
Total property and equipment | 2,420,292 | 2,370,472 |
Less: accumulated depreciation and amortization | 951,521 | 922,665 |
Net property and equipment | 1,468,771 | 1,447,807 |
Other assets | 50,926 | 57,166 |
Intangible assets, net | 312,543 | 316,747 |
Goodwill | 253,256 | 253,256 |
Total assets | 2,820,016 | 2,809,008 |
Current liabilities: | ' | ' |
Accounts payable | 174,397 | 118,014 |
Accrued liabilities | 119,053 | 110,745 |
Current portion of claims accruals | 80,645 | 75,469 |
Current portion of long-term debt and obligations under capital leases | 80,619 | 75,056 |
Fair value of guarantees | 0 | 366 |
Current portion of interest rate swaps | 5,225 | 4,718 |
Total current liabilities | 459,939 | 384,368 |
Revolving line of credit | 0 | 17,000 |
Long-term debt and obligations under capital leases, less current portion | 1,195,305 | 1,246,764 |
Claims accruals, less current portion | 125,729 | 118,582 |
Fair value of interest rate swaps, less current portion | 5,435 | 7,050 |
Deferred income taxes | 469,690 | 484,200 |
Securitization of accounts receivable | 259,000 | 264,000 |
Other liabilities | 2,665 | 3,457 |
Total liabilities | 2,517,763 | 2,525,421 |
Contingencies (note 12) | ' | ' |
Stockholdersb equity: | ' | ' |
Preferred stock, par value $0.01 per share; Authorized 10,000,000 shares; none issued | 0 | 0 |
Additional paid-in capital | 764,958 | 759,408 |
Accumulated deficit | -458,864 | -471,169 |
Accumulated other comprehensive loss | -5,354 | -6,162 |
Noncontrolling interest | 102 | 102 |
Total stockholdersb equity | 302,253 | 283,587 |
Total liabilities and stockholdersb equity | 2,820,016 | 2,809,008 |
Class A Common Stock [Member] | ' | ' |
Stockholdersb equity: | ' | ' |
Common stock, value | 886 | 883 |
Class B Common Stock [Member] | ' | ' |
Stockholdersb equity: | ' | ' |
Common stock, value | $525 | $525 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
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 | 88,741,525 | 88,402,991 |
Common stock, shares outstanding | 88,741,525 | 88,402,991 |
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 | 52,441,938 |
Common stock, shares outstanding | 52,441,938 | 52,441,938 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Operating revenue | $1,008,446 | $981,608 |
Operating expenses: | ' | ' |
Salaries, wages and employee benefits | 229,366 | 226,485 |
Operating supplies and expenses | 80,825 | 72,067 |
Fuel | 156,022 | 168,116 |
Purchased transportation | 319,169 | 292,156 |
Rental expense | 51,719 | 40,623 |
Insurance and claims | 42,448 | 31,538 |
Depreciation and amortization of property and equipment | 56,175 | 54,870 |
Amortization of intangibles | 4,204 | 4,204 |
Gain on disposal of property and equipment | -3,159 | -2,848 |
Communication and utilities | 7,170 | 6,565 |
Operating taxes and licenses | 18,337 | 18,114 |
Total operating expenses | 962,276 | 911,890 |
Operating income | 46,170 | 69,718 |
Other (income) expenses: | ' | ' |
Interest expense | 23,225 | 26,362 |
Derivative interest expense | 1,653 | 562 |
Interest income | -766 | -591 |
Loss on debt extinguishment | 2,913 | 5,044 |
Gain on sale of real property | 0 | 6,078 |
Other | -864 | -560 |
Total other (income) expenses, net | 26,161 | 24,739 |
Income before income taxes | 20,009 | 44,979 |
Income tax expense (benefit) | 7,704 | 14,687 |
Net income | $12,305 | $30,292 |
Basic earnings per share | $0.09 | $0.22 |
Diluted earnings per share | $0.09 | $0.21 |
Shares used in per share calculations | ' | ' |
Basic | 140,981 | 139,686 |
Diluted | 143,018 | 141,259 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement Of Comprehensive Income [Abstract] | ' | ' |
Net income | $12,305 | $30,292 |
Accumulated losses on derivatives reclassified to derivative interest expense | 1,314 | 491 |
Other comprehensive income before income taxes: | ' | ' |
Change in fair value of interest rate swaps | 0 | -319 |
Other comprehensive income before income taxes | 1,314 | 172 |
Income tax effect of items within other comprehensive income | -506 | 26 |
Other comprehensive income, net of taxes | 808 | 198 |
Total comprehensive income | $13,113 | $30,490 |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (USD $) | Total | Class A Common Stock [Member] | Class B Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interest [Member] |
In Thousands, except Share data | |||||||
Beginning balance at Dec. 31, 2013 | $283,587 | $883 | $525 | $759,408 | ($471,169) | ($6,162) | $102 |
Beginning balance, shares at Dec. 31, 2013 | ' | 88,402,991 | 52,441,938 | ' | ' | ' | ' |
Exercise of stock options | 3,157 | 3 | ' | 3,154 | ' | ' | ' |
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation | ' | ' | ' | -1,078 | ' | ' | ' |
Exercise of stock options, shares | ' | 310,136 | ' | ' | ' | ' | ' |
Excess tax deficiency of stock options | 1,078 | ' | ' | ' | ' | ' | ' |
Grant of restricted Class A common stock | 24 | ' | ' | 24 | ' | ' | ' |
Grant of restricted Class A common stock, shares | ' | 16,198 | ' | ' | ' | ' | ' |
Shares issued under employee stock purchase plan | 257 | ' | ' | 257 | ' | ' | ' |
Shares issued under employee stock purchase plan, shares | ' | 12,200 | ' | ' | ' | ' | ' |
Net current-period other comprehensive income | 808 | ' | ' | ' | ' | 808 | ' |
Non-cash equity compensation | 1,037 | ' | ' | 1,037 | ' | ' | ' |
Net income | 12,305 | ' | ' | ' | ' | ' | ' |
Ending balance at Mar. 31, 2014 | $302,253 | $886 | $525 | $764,958 | ($458,864) | ($5,354) | $102 |
Ending balance, shares at Mar. 31, 2014 | ' | 88,741,525 | 52,441,938 | ' | ' | ' | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $12,305 | $30,292 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization of property, equipment and intangibles | 60,379 | 59,074 |
Amortization of debt issuance costs, original issue discount, and losses on terminated swaps | 2,515 | 1,228 |
Gain on disposal of property and equipment less write-off of totaled tractors | -2,958 | -2,747 |
Gain on sale of real property | 0 | 6,078 |
Equity losses of investee | 0 | 186 |
Deferred income taxes | -7,942 | 14,417 |
Provision for allowance for losses on accounts receivable | 792 | -164 |
Loss on debt extinguishment | 2,913 | 5,044 |
Non-cash equity compensation | 1,061 | 605 |
Income effect of mark-to-market adjustment of interest rate swaps | -32 | 189 |
Interest on Central stockholders' loan receivable, pre-acquisition | 0 | -16 |
Increase (decrease) in cash resulting from changes in: | ' | ' |
Accounts receivable | -37,064 | -22,067 |
Inventories and supplies | 653 | -122 |
Prepaid expenses and other current assets | 18,446 | -1,229 |
Other assets | 2,871 | 4,028 |
Accounts payable, accrued and other liabilities | 22,218 | 28,162 |
Net cash provided by operating activities | 76,157 | 110,802 |
Cash flows from investing activities: | ' | ' |
Decrease in restricted cash | 3,821 | 6,211 |
Change in restricted investments | -164 | -7,073 |
Proceeds from sale of property and equipment | 28,428 | 14,326 |
Capital expenditures | -60,058 | -61,795 |
Payments received on notes receivable | 1,553 | 1,034 |
Expenditures on assets held for sale | -1,521 | -833 |
Payments received on assets held for sale | 2,269 | 21,828 |
Payments received on equipment sale receivables | 469 | 596 |
Net cash used in investing activities | -25,203 | -25,706 |
Cash flows from financing activities: | ' | ' |
Repayment of long-term debt and capital leases | -46,526 | -97,295 |
Net (repayments) borrowings on revolving line of credit | -17,000 | 7,407 |
Borrowings under accounts receivable securitization | 0 | 56,000 |
Repayment of accounts receivable securitization | -5,000 | -56,000 |
Proceeds from long-term debt | 0 | 19,200 |
Payment of deferred loan costs | 0 | 1,257 |
Distribution to Central stockholders, pre-acquisition | 0 | -386 |
Issuance of Central stockholders' loan receivable, pre-acquisition | 0 | -30,000 |
Proceeds from exercise of stock options and the issuance of employee stock purchase plan shares | 3,414 | 2,875 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | -1,078 | -490 |
Net cash used in financing activities | -64,034 | -99,946 |
Net decrease in cash and cash equivalents | -13,080 | -14,850 |
Cash and cash equivalents at beginning of period | 59,178 | ' |
Cash and cash equivalents at end of period | 46,098 | 38,746 |
Cash paid during the period for: | ' | ' |
Interest | 11,854 | 14,915 |
Income taxes | 3,463 | 2,908 |
Non-cash investing activities: | ' | ' |
Equipment sales receivables | 7,376 | 2,661 |
Equipment purchase accrual | 59,867 | 32,705 |
Notes receivable from sale of assets | 2,762 | 1,148 |
Non-cash financing activities: | ' | ' |
Accrued deferred loan costs | 0 | 75 |
Capital lease additions | 0 | 13,808 |
Insurance premium note payable | $37 | $0 |
Basis_Of_Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis Of Presentation | ' |
Basis of Presentation | |
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”). | |
As of March 31, 2014, the Company operated a national terminal network and a tractor fleet of approximately 18,400 units comprised of 13,300 tractors driven by company drivers and 5,100 owner-operator tractors, a fleet of 58,100 trailers, and 8,700 intermodal containers. The Company’s four reportable operating segments are Truckload, Dedicated, Central Refrigerated and Intermodal. In the first quarter of 2014, the Company reorganized its reportable segments to reflect management’s revised reporting structure of its lines of businesses following the integration of Central Refrigerated. In association with the operational reorganization, the operations of Central Refrigerated's Trailer on Flat Car (TOFC) business will be reported within the Company's Intermodal segment and the operations of Central Refrigerated's logistics business, third-party leasing, and other services provided to owner-operators will be reported in the Company's other non-reportable segment. All prior period historical results related to the above noted segment reorganization have been retrospectively recast. | |
In the opinion of management, the accompanying financial statements prepared in accordance with GAAP include all adjustments necessary for the fair presentation of the interim periods presented. These interim financial statements should be read in conjunction with the Company’s annual financial statements for the year ended December 31, 2013. Management has evaluated the effect on the Company’s reported financial condition and results of operations of events subsequent to March 31, 2014 through the issuance of the financial statements. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The effective tax rate for the three months ended March 31, 2014 was 38.5%, as expected. The effective tax rate for the three months ended March 31, 2013 was 32.7%, which is 5.8% percentage points lower than expected primarily due to Central Refrigerated’s pre-affiliated earnings that were taxed as an S-corporation prior to Swift’s acquisition. | |
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 March 31, 2014 were $1.1 million. 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 does not anticipate a decrease of unrecognized tax benefits during the next twelve months. | |
Certain of the Company’s subsidiaries are currently under examination by the Internal Revenue Service and various state jurisdictions for tax years ranging from 2008 through 2012. 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. Tax years 2009 through 2013 remain subject to examination. |
Investments
Investments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Schedule of Investments [Abstract] | ' | ||||||||||||||||
Investments | ' | ||||||||||||||||
Investments | |||||||||||||||||
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 March 31, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||
31-Mar-14 | |||||||||||||||||
Cost or | Gross Unrealized | Estimated | |||||||||||||||
Amortized | Gains | Temporary | Fair | ||||||||||||||
Cost | Losses | Value | |||||||||||||||
U.S. corporate securities | $ | 22,205 | $ | 6 | $ | 7 | $ | 22,204 | |||||||||
Foreign corporate securities | 1,512 | — | — | 1,512 | |||||||||||||
Negotiable certificate of deposits | 2,115 | — | 1 | 2,114 | |||||||||||||
Total restricted investments | $ | 25,832 | $ | 6 | $ | 8 | $ | 25,830 | |||||||||
December 31, 2013 | |||||||||||||||||
Cost or | Gross Unrealized | Estimated | |||||||||||||||
Amortized | Temporary | Fair | |||||||||||||||
Cost | Gains | 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 | |||||||||
As of March 31, 2014, the contractual maturities of the restricted investments were one year or less. There were 13 securities and 15 securities that were in an unrealized loss position for less than twelve months as of March 31, 2014 and December 31, 2013, 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 other comprehensive income (OCI). The Company did not recognize any impairment losses for the three months ended March 31, 2014 and 2013, respectively. |
Intangible_Assets
Intangible Assets | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Intangible Assets | ' | ||||||||
Intangible Assets | |||||||||
Intangible assets as of March 31, 2014 and December 31, 2013 were as follows (in thousands): | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Customer Relationship: | |||||||||
Gross carrying value | $ | 275,324 | $ | 275,324 | |||||
Accumulated amortization | (143,818 | ) | (139,614 | ) | |||||
Trade Name: | |||||||||
Gross carrying value | 181,037 | 181,037 | |||||||
Intangible assets, net | $ | 312,543 | $ | 316,747 | |||||
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. | |||||||||
The following table presents amortization of intangibles for the three months ended March 31, 2014 and 2013, related to intangible assets recognized in conjunction with the 2007 going private transaction and the previous intangible assets existing prior to the 2007 going private transaction (in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Amortization of intangible assets related to 2007 going private transaction | $ | 3,912 | $ | 3,912 | |||||
Amortization of intangible assets related to intangible assets existing prior to the 2007 going private transaction | 292 | 292 | |||||||
Amortization of intangibles | $ | 4,204 | $ | 4,204 | |||||
Assets_Held_For_Sale
Assets Held For Sale | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Text Block [Abstract] | ' | ||||||||
Assets Held For Sale | ' | ||||||||
Assets Held for Sale | |||||||||
Assets held for sale as of March 31, 2014 and December 31, 2013 were as follows (in thousands): | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Land and facilities | $ | 14,646 | $ | 14,627 | |||||
Revenue equipment | 3,743 | 4,641 | |||||||
Assets held for sale | $ | 18,389 | $ | 19,268 | |||||
As of March 31, 2014 and December 31, 2013, assets held for sale are carried at the lower of depreciated cost or estimated fair value less expected selling costs. The Company expects to sell these assets within the next twelve months. |
Debt_And_Financing_Transaction
Debt And Financing Transactions | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt And Financing Transactions | ' | ||||||||
Debt and Financing Transactions | |||||||||
Other than the Company’s accounts receivable securitization as discussed in Note 7 and its outstanding capital lease obligations as discussed in Note 8, the Company had long-term debt outstanding as of March 31, 2014 and December 31, 2013 as follows (in thousands): | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Senior secured first lien term loan B-1 tranche due December 2016 | $ | 229,000 | $ | 229,000 | |||||
Senior secured first lien term loan B-2 tranche due December 2017 | 400,000 | 410,000 | |||||||
Senior second priority secured notes due November 15, 2018, net of $5,582 and $6,175 OID as of March 31, 2014 and December 31, 2013, respectively | 470,663 | 493,825 | |||||||
Other | 12,983 | 15,290 | |||||||
Central Debt | |||||||||
Various notes payable to financing companies, due dates through May 2015, secured by revenue equipment | 2,007 | 2,190 | |||||||
Total | 1,114,653 | 1,150,305 | |||||||
Less: current portion | 20,235 | 11,387 | |||||||
Long-term debt | $ | 1,094,418 | $ | 1,138,918 | |||||
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. As of March 31, 2014 and December 31, 2013, the balance of deferred loan costs was $8.1 million and $8.9 million, respectively, and is reported in Other assets in the Company’s consolidated balance sheets. | |||||||||
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. The replacement of the 2012 Agreement resulted in a loss on debt extinguishment of $5.0 million for the three months ended March 31, 2013, representing the write-off of the unamortized original issue discount and deferred financing fees associated with the 2012 Agreement. As of March 31, 2014, interest accrues at 2.90% and 4.00% on the Company’s first lien term loan B-1 and B-2 tranches, respectively. | |||||||||
As of March 31, 2014, the Company had no outstanding borrowings under the $400.0 million revolving line of credit with a maturity date of September 21, 2016, 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 $291.5 million available under the revolving line of credit. The applicable rate on the revolving credit facility ranges from 3.00% to 3.25% for LIBOR based borrowings and letters of credit ranges from 2.00% to 2.25% for Base Rate borrowings, depending on the Company’s consolidated leverage ratio. Additionally, the commitment fee for the unused portion of the revolving credit facility ranges 0.25% to 0.50%, depending on the Company’s consolidated leverage ratio. As of March 31, 2014, interest accrues at 3.00% and 0.44% on the outstanding letters of credit and unused portion, respectively, on the revolving line of credit. | |||||||||
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. In March 2014, the Company repurchased in an open market transaction at a price of 110.70%, $23.8 million face value of these notes with cash on hand. The Company paid total proceeds of $27.1 million, which included the principal amount, the premium and the accrued interest. These amounts and the related write-off of the unamortized original issue discount resulted in a loss on debt extinguishment of $2.9 million. | |||||||||
Central Debt | |||||||||
Central has approximately $2.0 million in various notes payable to financing companies secured by revenue equipment with due dates through May 2015. |
Accounts_Receivable_Securitiza
Accounts Receivable Securitization | 3 Months Ended |
Mar. 31, 2014 | |
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 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 provides for up to $325.0 million in borrowing capacity. The 2013 RSA terminates on 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 and unused capacity is subject to an unused commitment fee of 35 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 Topic 860, Transfers and Servicing, and as such, outstanding amounts are carried on the Company’s consolidated balance sheets as a liability. | |
For the three months ended March 31, 2014 and 2013, the Company incurred program fees of $0.8 million and $0.8 million associated with the 2013 RSA and prior accounts receivable sale facility, respectively, which were recorded in interest expense in the Company's consolidated statements of income. As of March 31, 2014, the outstanding borrowing under the 2013 RSA was $259.0 million against a total available borrowing base of $317.7 million, leaving $58.7 million available. As of December 31, 2013, the outstanding borrowing under the 2013 RSA was $264.0 million against a total available borrowing base of $300.8 million. |
Capital_Leases
Capital Leases | 3 Months Ended |
Mar. 31, 2014 | |
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 March 31, 2014 and December 31, 2013, the present value of obligations under capital leases totaled $161.3 million and $171.5 million, of which the current portion was $60.4 million and $63.7 million, respectively. The leases are collateralized by revenue equipment with a cost of $267.6 million and accumulated amortization of $57.2 million as of March 31, 2014. The amortization of the equipment under capital leases is included in depreciation and amortization expense in the Company’s consolidated statements of income. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||
Derivative Financial Instruments | ' | ||||||||
Derivative Financial Instruments | |||||||||
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, changes in estimated fair value of the designated interest rate swap agreements totaling $0.1 million, net-of-tax was reflected in accumulated OCI. Refer to Note 10 below for further discussion of the Company’s estimated fair value methodology. | |||||||||
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 income as derivative interest expense. | |||||||||
The following table presents the changes in fair value, pre-tax of derivatives designated as cash flow hedges had on accumulated OCI and earnings (in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Amount of loss recognized in OCI on derivatives (effective portion) | $ | — | $ | 319 | |||||
Amount of loss reclassified from accumulated OCI into income as “Derivative interest expense” (effective portion) | $ | (1,314 | ) | $ | (491 | ) | |||
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): | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Amount of loss recognized in income as “Derivative interest expense” | $ | (339 | ) | $ | (71 | ) | |||
As of March 31, 2014, $6.8 million of pre-tax deferred losses on derivatives in accumulated OCI is expected to be reclassified to earnings within the next twelve months. |
Fair_Value_Measurement
Fair Value Measurement | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurement | ' | ||||||||||||||||
Fair Value Measurement | |||||||||||||||||
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. As the fair value is estimated at March 31, 2014 and December 31, 2013, 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. 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 estimated fair value of these financial instruments approximate carrying value as they are short-term in nature. 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 March 31, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||
Financial Assets: | |||||||||||||||||
Restricted investments | $ | 25,832 | $ | 25,830 | $ | 25,814 | $ | 25,808 | |||||||||
Financial Liabilities: | |||||||||||||||||
Senior secured first lien term loan B-1 tranche (2013 Agreement) | 229,000 | 229,916 | 229,000 | 230,031 | |||||||||||||
Senior secured first lien term loan B-2 tranche (2013 Agreement) | 400,000 | 403,200 | 410,000 | 412,358 | |||||||||||||
Senior second priority secured notes | 470,663 | 518,318 | 493,825 | 549,059 | |||||||||||||
Securitization of accounts receivable | 259,000 | 259,000 | 264,000 | 264,000 | |||||||||||||
Central Financial Liabilities: | |||||||||||||||||
Various notes payables to financing companies, due dates through May 2015, secured by revenue equipment | 2,007 | 2,007 | 2,190 | 2,190 | |||||||||||||
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 March 31, 2014 and December 31, 2013, 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 as of March 31, 2014 and December 31, 2013, respectively, as discussed in Note 7. 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 March 31, 2014: | |||||||||||||||||
• | 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 March 31, 2014 and December 31, 2013, no assets of the Company were measured at estimated fair value on a recurring basis. As of March 31, 2014 and December 31, 2013, 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 March 31, 2014 | |||||||||||||||||
Interest rate swaps | $ | 10,660 | $ | — | $ | 10,660 | $ | — | |||||||||
As of December 31, 2013 | |||||||||||||||||
Interest rate swaps | $ | 11,768 | $ | — | $ | 11,768 | $ | — | |||||||||
Nonrecurring Fair Value Measurements | |||||||||||||||||
As of March 31, 2014 and December 31, 2013, no assets or liabilities of the Company were measured at estimated fair value on a nonrecurring basis. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share | ' | ||||||||
Earnings per Share | |||||||||
The computation of basic and diluted earnings per share is as follows: | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands, except | |||||||||
per share amounts) | |||||||||
Net income | $ | 12,305 | $ | 30,292 | |||||
Basic: | |||||||||
Weighted average common shares outstanding | 140,981 | 139,686 | |||||||
Diluted: | |||||||||
Dilutive effect of stock options | 2,037 | 1,573 | |||||||
Total weighted average diluted shares outstanding | 143,018 | 141,259 | |||||||
Anti-dilutive shares excluded from the diluted earnings per share calculation (1) | — | 507 | |||||||
Earnings per share: | |||||||||
Basic earnings per share | $ | 0.09 | $ | 0.22 | |||||
Diluted earnings per share | $ | 0.09 | $ | 0.21 | |||||
-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. | ||||||||
As of March 31, 2014 and 2013, there were 4,790,632 and 5,860,108 options outstanding, respectively. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
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:Virginia VanDusen, John Doe 1 and Joseph Sheer individually and on behalf of all other similarly situated persons 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 District Court further denied plaintiff’s motion for preliminary injunction and motion for conditional class certification. The District Court also denied plaintiff’s request to arbitrate the matter as a class. | |
The plaintiff filed a petition for a writ of mandamus to the Ninth Circuit Court of Appeals asking that the District Court’s September 30, 2010 order be vacated. On July 27, 2011, the Ninth Circuit Court of Appeals denied the plaintiff’s petition for writ of mandamus and thereafter the District Court denied plaintiff’s motion for reconsideration and certified its September 30, 2010 order. The plaintiffs filed an interlocutory appeal to the Ninth Circuit Court of Appeals to overturn the District Court’s September 30, 2010 order to compel arbitration alleging that the agreement to arbitrate is exempt from arbitration under Section 1 of the Federal Arbitration Act (“FAA”) because the class of plaintiffs are alleged to be employees exempt from arbitration agreements. On November 6, 2013, the Ninth Circuit Court of Appeals reversed and remanded, stating its prior published decision “expressly held that a district court must determine whether an agreement for arbitration is exempt from arbitration under Section 1 of the FAA as a threshold matter". As a consequence of this determination by the ninth Circuit Court of Appeals being different from a decision of the Eighth Circuit Court of Appeals on a similar issue, on February 4, 2014, the Company filed a petition for writ of certiorari to the U.S. Supreme Court to address the following legal question: where transportation workers engaged in interstate commerce have contracted to arbitrate questions of arbitrability, in addition to disputes relating to the relationship created by the parties’ agreement, must the district court determine whether the contract is an employment contract exempt from Section 1 of the Federal Arbitration Act or must the arbitrator do so? The Company intends to vigorously defend against any proceedings. 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 appealed the class certification and the remand to state court but on April 10, 2014, the Company’s appeal of class certification was denied. | |
The Company intends to vigorously defend against the merits of this matter. 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 on February 26, 2014 resulted in the parties reaching a settlement of all claims. The amount of the settlement is immaterial and is covered by Swift's employment practices and liability insurance (“EPLI”). Swift is responsible for the deductible on this EPLI policy against which a percentage Swift’s payment of legal expenses have already been credited leaving an immaterial balance to be paid for the deductible. | |
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. | |
Utah 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 plaintiffs 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 must first be resolved before 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 $0.3 million to $0.5 million. | |
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 associated with these discharges. As of March 31, 2014, we estimate our total legal liability for all such clean-up and remediation costs to be approximately $0.6 million in the aggregate for all current and prior year claims. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Information | ' | ||||||||
Segment information | |||||||||
The Company’s four reportable operating segments are Truckload, Dedicated, Central Refrigerated and Intermodal. In the first quarter of 2014, the Company reorganized its reportable segments to reflect management’s revised reporting structure of its lines of businesses following the integration of Central Refrigerated. In association with the operational reorganization, the operations of Central Refrigerated's TOFC business will be reported within the Company's Intermodal segment and the operations of Central Refrigerated's logistics business, third-party leasing, and other services provided to owner-operators will be reported in the Company's other non-reportable segment. All prior period historical results related to the above noted segment reorganization have been retrospectively recast. | |||||||||
• | 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 and dedicated truck operations. | ||||||||
• | 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 the three months ended March 31, 2014 and 2013, respectively. | |||||||||
Set forth in the tables below is certain financial information with respect to the Company’s reportable segments (in thousands): | |||||||||
Operating Revenue | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Truckload | $ | 553,057 | $ | 559,595 | |||||
Dedicated | 193,653 | 179,226 | |||||||
Central Refrigerated | 106,763 | 106,402 | |||||||
Intermodal | 91,313 | 83,264 | |||||||
Subtotal | 944,786 | 928,487 | |||||||
Nonreportable segments | 75,666 | 72,057 | |||||||
Intersegment eliminations | (12,006 | ) | (18,936 | ) | |||||
Consolidated operating revenue | $ | 1,008,446 | $ | 981,608 | |||||
Operating Income (Loss) | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Truckload | $ | 31,907 | $ | 42,403 | |||||
Dedicated | 11,530 | 18,954 | |||||||
Central Refrigerated | 2,420 | 4,721 | |||||||
Intermodal | (926 | ) | (1,604 | ) | |||||
Subtotal | 44,931 | 64,474 | |||||||
Nonreportable segments | 1,239 | 5,244 | |||||||
Consolidated operating income | $ | 46,170 | $ | 69,718 | |||||
Depreciation and Amortization | |||||||||
Expense | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Truckload | $ | 30,245 | $ | 30,993 | |||||
Dedicated | 12,405 | 10,505 | |||||||
Central Refrigerated | 3,106 | 3,978 | |||||||
Intermodal | 2,368 | 2,427 | |||||||
Subtotal | 48,124 | 47,903 | |||||||
Nonreportable segments | 8,051 | 6,967 | |||||||
Consolidated depreciation and amortization expense | $ | 56,175 | $ | 54,870 | |||||
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. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||
The following table is a reconciliation of accumulated other comprehensive income by component (in thousands): | |||||||||||||
Derivative Financial Instruments | Foreign Currency Transactions | Accumulated Other Comprehensive Income | |||||||||||
Balance as of December 31, 2013 | $ | (6,245 | ) | $ | 83 | $ | (6,162 | ) | |||||
Other comprehensive loss before reclassifications | — | — | — | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | 808 | — | 808 | ||||||||||
Net current-period other comprehensive income | 808 | — | 808 | ||||||||||
Balance as of March 31, 2014 | $ | (5,437 | ) | $ | 83 | $ | (5,354 | ) | |||||
All amounts are net-of-tax. Amounts in parenthesis indicate debits. | |||||||||||||
The following table presents details about reclassifications out of accumulated other comprehensive loss for the three months ended March 31, 2014 and 2013 (in thousands): | |||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Loss | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2014 | 2013 | Statement of Income Classifications | |||||||||||
Gains and losses on cash flow hedging: | |||||||||||||
Interest rate swaps | $ | 1,314 | $ | 491 | Derivative interest expense | ||||||||
Income tax benefit | (506 | ) | (191 | ) | Income tax expense | ||||||||
$ | 808 | $ | 300 | Net income | |||||||||
Guarantor_Condensed_Consolidat
Guarantor Condensed Consolidating Financial Statements | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
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; or | |||||||||||||||||||||||||
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 March 31, 2014 and December 31, 2013 and for the three months ended March 31, 2014 and 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 March 31, 2014 (in thousands) | |||||||||||||||||||||||||
Swift | Swift | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Services | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | Holdings, Inc. | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | (Issuer) | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 40,771 | $ | 5,327 | $ | — | $ | 46,098 | |||||||||||||
Restricted cash | — | — | — | 47,012 | — | 47,012 | |||||||||||||||||||
Restricted investments, held to maturity, amortized cost | 25,832 | — | 25,832 | ||||||||||||||||||||||
Accounts receivable, net | — | — | 32,018 | 427,229 | (4,538 | ) | 454,709 | ||||||||||||||||||
Intercompany receivable | 106,494 | 379,169 | — | 57,536 | (543,199 | ) | — | ||||||||||||||||||
Other current assets | 18,626 | — | 126,263 | 17,124 | (1,144 | ) | 160,869 | ||||||||||||||||||
Total current assets | 125,120 | 379,169 | 199,052 | 580,060 | (548,881 | ) | 734,520 | ||||||||||||||||||
Property and equipment, net | — | — | 1,429,759 | 39,012 | — | 1,468,771 | |||||||||||||||||||
Investment in subsidiaries | 253,590 | 874,674 | 978,711 | — | (2,106,975 | ) | — | ||||||||||||||||||
Other assets | 11,206 | 2,176 | 115,208 | 4,312 | (81,976 | ) | 50,926 | ||||||||||||||||||
Intangible assets, net | — | — | 303,081 | 9,462 | — | 312,543 | |||||||||||||||||||
Goodwill | — | — | 246,977 | 6,279 | — | 253,256 | |||||||||||||||||||
Total assets | $ | 389,916 | $ | 1,256,019 | 3,272,788 | $ | 639,125 | $ | (2,737,832 | ) | $ | 2,820,016 | |||||||||||||
Intercompany payable | 67 | 1,144 | 543,199 | — | (544,410 | ) | — | ||||||||||||||||||
Current portion of long-term debt and obligations under capital leases | 4,239 | — | 72,457 | 73,472 | (69,549 | ) | 80,619 | ||||||||||||||||||
Other current liabilities | 2,334 | 17,998 | 335,455 | 28,004 | (4,471 | ) | 379,320 | ||||||||||||||||||
Total current liabilities | 6,640 | 19,142 | 951,111 | 101,476 | (618,430 | ) | 459,939 | ||||||||||||||||||
Long-term debt and obligations under capital leases, less current portion | — | 470,663 | 720,511 | 4,903 | (772 | ) | 1,195,305 | ||||||||||||||||||
Deferred income taxes | — | — | 472,967 | 8,378 | (11,655 | ) | 469,690 | ||||||||||||||||||
Securitization of accounts receivable | — | — | — | 259,000 | — | 259,000 | |||||||||||||||||||
Other liabilities | — | — | 81,108 | 52,721 | — | 133,829 | |||||||||||||||||||
Total liabilities | 6,640 | 489,805 | 2,225,697 | 426,478 | (630,857 | ) | 2,517,763 | ||||||||||||||||||
Total stockholders’ equity | 383,276 | 766,214 | 1,047,091 | 212,647 | (2,106,975 | ) | 302,253 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 389,916 | $ | 1,256,019 | $ | 3,272,788 | $ | 639,125 | $ | (2,737,832 | ) | $ | 2,820,016 | ||||||||||||
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 statement of income for the three months ended March 31, 2014 (in thousands) | |||||||||||||||||||||||||
Swift | Swift | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Services | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | Holdings, Inc. | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | (Issuer) | ||||||||||||||||||||||||
Operating revenue | $ | — | $ | — | $ | 988,993 | $ | 38,522 | $ | (19,069 | ) | $ | 1,008,446 | ||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Salaries, wages and employee benefits | 1,061 | — | 220,534 | 7,771 | — | 229,366 | |||||||||||||||||||
Operating supplies and expenses | 684 | — | 76,275 | 6,628 | (2,762 | ) | 80,825 | ||||||||||||||||||
Fuel | — | — | 149,132 | 6,890 | — | 156,022 | |||||||||||||||||||
Purchased transportation | — | — | 329,512 | 2,457 | (12,800 | ) | 319,169 | ||||||||||||||||||
Rental expense | — | — | 50,992 | 890 | (163 | ) | 51,719 | ||||||||||||||||||
Insurance and claims | 1,715 | — | 34,935 | 9,142 | (3,344 | ) | 42,448 | ||||||||||||||||||
Depreciation and amortization of property and equipment | — | — | 54,768 | 1,407 | — | 56,175 | |||||||||||||||||||
Amortization of intangibles | — | — | 4,011 | 193 | — | 4,204 | |||||||||||||||||||
Gain on disposal of property and equipment | — | — | (3,159 | ) | — | — | (3,159 | ) | |||||||||||||||||
Communication and utilities | — | — | 6,880 | 290 | — | 7,170 | |||||||||||||||||||
Operating taxes and licenses | — | — | 15,517 | 2,820 | — | 18,337 | |||||||||||||||||||
Total operating expenses | 3,460 | — | 939,397 | 38,488 | (19,069 | ) | 962,276 | ||||||||||||||||||
Operating income (loss) | (3,460 | ) | — | 49,596 | 34 | — | 46,170 | ||||||||||||||||||
Interest expense, net | 30 | 12,781 | 9,944 | 1,357 | — | 24,112 | |||||||||||||||||||
Other (income) expenses, net | (14,156 | ) | (1,163 | ) | 6,775 | (3,062 | ) | 13,655 | 2,049 | ||||||||||||||||
Income before income taxes | 10,666 | (11,618 | ) | 32,877 | 1,739 | (13,655 | ) | 20,009 | |||||||||||||||||
Income tax expense (benefit) | (1,639 | ) | (5,819 | ) | 14,645 | 517 | — | 7,704 | |||||||||||||||||
Net income (loss) | $ | 12,305 | $ | (5,799 | ) | $ | 18,232 | $ | 1,222 | $ | (13,655 | ) | $ | 12,305 | |||||||||||
Condensed consolidating statement of income for the three months ended March 31, 2013 (in thousands) | |||||||||||||||||||||||||
Swift | Swift | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Services | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | Holdings, Inc. | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | (Issuer) | ||||||||||||||||||||||||
Operating revenue | $ | — | $ | — | $ | 963,742 | $ | 38,626 | $ | (20,760 | ) | $ | 981,608 | ||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Salaries, wages and employee benefits | 545 | — | 218,721 | 7,219 | — | 226,485 | |||||||||||||||||||
Operating supplies and expenses | 499 | — | 70,337 | 2,989 | (1,758 | ) | 72,067 | ||||||||||||||||||
Fuel | — | — | 161,858 | 6,258 | — | 168,116 | |||||||||||||||||||
Purchased transportation | — | — | 301,651 | 2,977 | (12,472 | ) | 292,156 | ||||||||||||||||||
Rental expense | — | — | 39,890 | 921 | (188 | ) | 40,623 | ||||||||||||||||||
Insurance and claims | — | — | 26,731 | 11,149 | (6,342 | ) | 31,538 | ||||||||||||||||||
Depreciation and amortization of property and equipment | — | — | 53,830 | 1,040 | — | 54,870 | |||||||||||||||||||
Amortization of intangibles | — | — | 4,011 | 193 | — | 4,204 | |||||||||||||||||||
Gain on disposal of property and equipment | — | — | (2,833 | ) | (15 | ) | — | (2,848 | ) | ||||||||||||||||
Communication and utilities | — | — | 6,368 | 197 | — | 6,565 | |||||||||||||||||||
Operating taxes and licenses | — | — | 15,450 | 2,664 | — | 18,114 | |||||||||||||||||||
Total operating expenses | 1,044 | — | 896,014 | 35,592 | (20,760 | ) | 911,890 | ||||||||||||||||||
Operating income (loss) | (1,044 | ) | — | 67,728 | 3,034 | — | 69,718 | ||||||||||||||||||
Interest expense, net | — | 12,913 | 12,348 | 1,072 | — | 26,333 | |||||||||||||||||||
Other (income) expenses, net | (23,499 | ) | (6,947 | ) | (532 | ) | (2,366 | ) | 31,750 | (1,594 | ) | ||||||||||||||
Income (loss) before income taxes | 22,455 | (5,966 | ) | 55,912 | 4,328 | (31,750 | ) | 44,979 | |||||||||||||||||
Income tax expense (benefit) | (886 | ) | (4,790 | ) | 18,515 | 1,848 | — | 14,687 | |||||||||||||||||
Net income (loss) | $ | 23,341 | $ | (1,176 | ) | $ | 37,397 | $ | 2,480 | $ | (31,750 | ) | $ | 30,292 | |||||||||||
Condensed consolidating statement of comprehensive income for the three months ended March 31, 2014 (in thousands) | |||||||||||||||||||||||||
Swift | Swift Services | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Holdings, Inc. | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | (Issuer) | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | |||||||||||||||||||||||||
Net income | $ | 12,305 | $ | (5,799 | ) | $ | 18,232 | $ | 1,222 | $ | (13,655 | ) | $ | 12,305 | |||||||||||
Other comprehensive income before income taxes: | |||||||||||||||||||||||||
Accumulated losses on derivatives reclassified to derivative interest expense | — | — | 1,314 | — | — | 1,314 | |||||||||||||||||||
Change in fair value of interest rate swaps | — | — | — | — | — | — | |||||||||||||||||||
Other comprehensive income before income taxes | — | — | 1,314 | — | — | 1,314 | |||||||||||||||||||
Income tax effect of items of other comprehensive income | — | — | (506 | ) | — | — | (506 | ) | |||||||||||||||||
Total comprehensive income | $ | 12,305 | $ | (5,799 | ) | $ | 19,040 | $ | 1,222 | $ | (13,655 | ) | $ | 13,113 | |||||||||||
Condensed consolidating statement of comprehensive income for the three months ended March 31, 2013 (in thousands) | |||||||||||||||||||||||||
Swift | Swift Services | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Holdings, Inc. | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | (Issuer) | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | |||||||||||||||||||||||||
Net income (loss) | $ | 23,341 | $ | (1,176 | ) | $ | 37,397 | $ | 2,480 | $ | (31,750 | ) | $ | 30,292 | |||||||||||
Other comprehensive income before income taxes: | |||||||||||||||||||||||||
Accumulated losses on derivatives reclassified to derivative interest expense | — | — | 491 | — | — | 491 | |||||||||||||||||||
Change in fair value of interest rate swaps | — | — | (319 | ) | — | — | (319 | ) | |||||||||||||||||
Other comprehensive income before income taxes | — | — | 172 | — | — | 172 | |||||||||||||||||||
Income tax effect of items of other comprehensive income | — | — | 26 | — | — | 26 | |||||||||||||||||||
Total comprehensive income (loss) | $ | 23,341 | $ | (1,176 | ) | $ | 37,595 | $ | 2,480 | $ | (31,750 | ) | $ | 30,490 | |||||||||||
Condensed consolidating statement of cash flows for the three months ended March 31, 2014 (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 | $ | 18,299 | $ | (21,400 | ) | $ | 113,879 | $ | (34,621 | ) | $ | — | $ | 76,157 | |||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Decrease in restricted cash | — | — | — | 3,821 | — | 3,821 | |||||||||||||||||||
Change in restricted investments | — | — | — | (164 | ) | — | (164 | ) | |||||||||||||||||
Proceeds from sale of property and equipment | — | — | 28,428 | — | — | 28,428 | |||||||||||||||||||
Capital expenditures | — | — | (60,033 | ) | (25 | ) | — | (60,058 | ) | ||||||||||||||||
Payments received on notes receivable | — | 1,553 | — | — | 1,553 | ||||||||||||||||||||
Expenditures on assets held for sale | — | — | (1,521 | ) | — | — | (1,521 | ) | |||||||||||||||||
Payments received on assets held for sale | — | — | 2,269 | — | — | 2,269 | |||||||||||||||||||
Payments received on equipment sale receivables | — | — | 469 | — | — | 469 | |||||||||||||||||||
Net cash used in investing activities | — | — | (28,835 | ) | 3,632 | — | (25,203 | ) | |||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Repayment of long-term debt and capital leases | (1,797 | ) | — | (43,705 | ) | (1,024 | ) | — | (46,526 | ) | |||||||||||||||
Net (repayments) borrowings on revolving line of credit | — | — | (17,000 | ) | — | — | (17,000 | ) | |||||||||||||||||
Repayment of accounts receivable securitization | — | — | — | (5,000 | ) | — | (5,000 | ) | |||||||||||||||||
Net funding (to) from affiliates | (20,994 | ) | 21,400 | (38,132 | ) | 37,726 | — | — | |||||||||||||||||
Proceeds from exercise of stock options | 3,414 | — | — | — | — | 3,414 | |||||||||||||||||||
Income tax benefit from exercise of stock options | 1,078 | — | — | — | — | 1,078 | |||||||||||||||||||
Net cash provided by (used in) financing activities | (18,299 | ) | 21,400 | (98,837 | ) | 31,702 | — | (64,034 | ) | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | (13,793 | ) | 713 | — | (13,080 | ) | |||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 54,564 | 4,614 | — | 59,178 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 40,771 | $ | 5,327 | $ | — | $ | 46,098 | |||||||||||||
Condensed consolidating statement of cash flows for the three months ended March 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 | $ | 5,363 | $ | 4,817 | $ | 119,287 | $ | (18,665 | ) | $ | — | $ | 110,802 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Decrease in restricted cash | — | — | — | 6,211 | — | 6,211 | |||||||||||||||||||
Change in restricted investments | — | — | — | (7,073 | ) | — | (7,073 | ) | |||||||||||||||||
Proceeds from sale of property and equipment | — | — | 14,286 | 40 | — | 14,326 | |||||||||||||||||||
Capital expenditures | — | — | (61,756 | ) | (39 | ) | — | (61,795 | ) | ||||||||||||||||
Payments received on notes receivable | — | — | 1,034 | — | — | 1,034 | |||||||||||||||||||
Expenditures on assets held for sale | — | — | (833 | ) | — | — | (833 | ) | |||||||||||||||||
Payments received on assets held for sale | — | — | 21,828 | — | — | 21,828 | |||||||||||||||||||
Payments received on equipment sale receivables | — | — | 596 | — | — | 596 | |||||||||||||||||||
Dividends from subsidiary | — | — | (1,160 | ) | — | 1,160 | — | ||||||||||||||||||
Payments received on intercompany notes payable | — | — | 3,315 | — | (3,315 | ) | — | ||||||||||||||||||
Net cash used in investing activities | — | — | (22,690 | ) | (861 | ) | (2,155 | ) | (25,706 | ) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Repayment of long-term debt and capital leases | — | — | (97,162 | ) | (133 | ) | — | (97,295 | ) | ||||||||||||||||
Net (repayments) borrowings on revolving line of credit | — | — | 7,407 | — | — | 7,407 | |||||||||||||||||||
Borrowings under accounts receivable securitization | — | — | — | 56,000 | — | 56,000 | |||||||||||||||||||
Repayment of accounts receivable securitization | — | — | — | (56,000 | ) | — | (56,000 | ) | |||||||||||||||||
Proceeds from long-term debt | — | — | 16,000 | 3,200 | — | 19,200 | |||||||||||||||||||
Payment of deferred loan costs | — | — | (1,257 | ) | — | — | (1,257 | ) | |||||||||||||||||
Distribution to Central stockholders, pre-acquisition | — | — | (386 | ) | — | — | (386 | ) | |||||||||||||||||
Issuance of Central loan receivable, pre-acquisition | — | — | (30,000 | ) | — | — | (30,000 | ) | |||||||||||||||||
Proceeds from exercise of stock options | 2,875 | — | — | — | — | 2,875 | |||||||||||||||||||
Income tax benefit from exercise of stock options | (490 | ) | — | — | — | — | (490 | ) | |||||||||||||||||
Dividend to parent | — | — | — | 1,160 | (1,160 | ) | — | ||||||||||||||||||
Repayment of intercompany notes payable | — | — | — | (3,315 | ) | 3,315 | — | ||||||||||||||||||
Net funding (to) from affiliates | (7,748 | ) | (4,817 | ) | (4,382 | ) | 16,947 | — | — | ||||||||||||||||
Net cash provided by (used in) financing activities | (5,363 | ) | (4,817 | ) | (109,780 | ) | 17,859 | 2,155 | (99,946 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | (13,183 | ) | (1,667 | ) | — | (14,850 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 43,877 | 9,719 | — | 53,596 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 30,694 | $ | 8,052 | $ | — | $ | 38,746 | |||||||||||||
Investments_Tables
Investments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 March 31, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||
31-Mar-14 | |||||||||||||||||
Cost or | Gross Unrealized | Estimated | |||||||||||||||
Amortized | Gains | Temporary | Fair | ||||||||||||||
Cost | Losses | Value | |||||||||||||||
U.S. corporate securities | $ | 22,205 | $ | 6 | $ | 7 | $ | 22,204 | |||||||||
Foreign corporate securities | 1,512 | — | — | 1,512 | |||||||||||||
Negotiable certificate of deposits | 2,115 | — | 1 | 2,114 | |||||||||||||
Total restricted investments | $ | 25,832 | $ | 6 | $ | 8 | $ | 25,830 | |||||||||
December 31, 2013 | |||||||||||||||||
Cost or | Gross Unrealized | Estimated | |||||||||||||||
Amortized | Temporary | Fair | |||||||||||||||
Cost | Gains | 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 | |||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Schedule Of Intangible Assets | ' | ||||||||
Intangible assets as of March 31, 2014 and December 31, 2013 were as follows (in thousands): | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Customer Relationship: | |||||||||
Gross carrying value | $ | 275,324 | $ | 275,324 | |||||
Accumulated amortization | (143,818 | ) | (139,614 | ) | |||||
Trade Name: | |||||||||
Gross carrying value | 181,037 | 181,037 | |||||||
Intangible assets, net | $ | 312,543 | $ | 316,747 | |||||
Amortization expense related to the 2007 going private transaction | ' | ||||||||
The following table presents amortization of intangibles for the three months ended March 31, 2014 and 2013, related to intangible assets recognized in conjunction with the 2007 going private transaction and the previous intangible assets existing prior to the 2007 going private transaction (in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Amortization of intangible assets related to 2007 going private transaction | $ | 3,912 | $ | 3,912 | |||||
Amortization of intangible assets related to intangible assets existing prior to the 2007 going private transaction | 292 | 292 | |||||||
Amortization of intangibles | $ | 4,204 | $ | 4,204 | |||||
Assets_Held_For_Sale_Tables
Assets Held For Sale (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Text Block [Abstract] | ' | ||||||||
Schedule Of Assets Held For Sale | ' | ||||||||
Assets held for sale as of March 31, 2014 and December 31, 2013 were as follows (in thousands): | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Land and facilities | $ | 14,646 | $ | 14,627 | |||||
Revenue equipment | 3,743 | 4,641 | |||||||
Assets held for sale | $ | 18,389 | $ | 19,268 | |||||
Debt_And_Financing_Transaction1
Debt And Financing Transactions (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule Of Long-Term Debt Outstanding | ' | ||||||||
Other than the Company’s accounts receivable securitization as discussed in Note 7 and its outstanding capital lease obligations as discussed in Note 8, the Company had long-term debt outstanding as of March 31, 2014 and December 31, 2013 as follows (in thousands): | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Senior secured first lien term loan B-1 tranche due December 2016 | $ | 229,000 | $ | 229,000 | |||||
Senior secured first lien term loan B-2 tranche due December 2017 | 400,000 | 410,000 | |||||||
Senior second priority secured notes due November 15, 2018, net of $5,582 and $6,175 OID as of March 31, 2014 and December 31, 2013, respectively | 470,663 | 493,825 | |||||||
Other | 12,983 | 15,290 | |||||||
Central Debt | |||||||||
Various notes payable to financing companies, due dates through May 2015, secured by revenue equipment | 2,007 | 2,190 | |||||||
Total | 1,114,653 | 1,150,305 | |||||||
Less: current portion | 20,235 | 11,387 | |||||||
Long-term debt | $ | 1,094,418 | $ | 1,138,918 | |||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 changes in fair value, pre-tax of derivatives designated as cash flow hedges had on accumulated OCI and earnings (in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Amount of loss recognized in OCI on derivatives (effective portion) | $ | — | $ | 319 | |||||
Amount of loss reclassified from accumulated OCI into income as “Derivative interest expense” (effective portion) | $ | (1,314 | ) | $ | (491 | ) | |||
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): | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Amount of loss recognized in income as “Derivative interest expense” | $ | (339 | ) | $ | (71 | ) |
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 March 31, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||
Financial Assets: | |||||||||||||||||
Restricted investments | $ | 25,832 | $ | 25,830 | $ | 25,814 | $ | 25,808 | |||||||||
Financial Liabilities: | |||||||||||||||||
Senior secured first lien term loan B-1 tranche (2013 Agreement) | 229,000 | 229,916 | 229,000 | 230,031 | |||||||||||||
Senior secured first lien term loan B-2 tranche (2013 Agreement) | 400,000 | 403,200 | 410,000 | 412,358 | |||||||||||||
Senior second priority secured notes | 470,663 | 518,318 | 493,825 | 549,059 | |||||||||||||
Securitization of accounts receivable | 259,000 | 259,000 | 264,000 | 264,000 | |||||||||||||
Central Financial Liabilities: | |||||||||||||||||
Various notes payables to financing companies, due dates through May 2015, secured by revenue equipment | 2,007 | 2,007 | 2,190 | 2,190 | |||||||||||||
Liabilities That Were Measured At Estimated Fair Value On Recurring Basis | ' | ||||||||||||||||
As of March 31, 2014 and December 31, 2013, no assets of the Company were measured at estimated fair value on a recurring basis. As of March 31, 2014 and December 31, 2013, 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 March 31, 2014 | |||||||||||||||||
Interest rate swaps | $ | 10,660 | $ | — | $ | 10,660 | $ | — | |||||||||
As of December 31, 2013 | |||||||||||||||||
Interest rate swaps | $ | 11,768 | $ | — | $ | 11,768 | $ | — | |||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Calculation Of Basic And Diluted Earnings Per Share Attributable To Stockholders | ' | ||||||||
The computation of basic and diluted earnings per share is as follows: | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands, except | |||||||||
per share amounts) | |||||||||
Net income | $ | 12,305 | $ | 30,292 | |||||
Basic: | |||||||||
Weighted average common shares outstanding | 140,981 | 139,686 | |||||||
Diluted: | |||||||||
Dilutive effect of stock options | 2,037 | 1,573 | |||||||
Total weighted average diluted shares outstanding | 143,018 | 141,259 | |||||||
Anti-dilutive shares excluded from the diluted earnings per share calculation (1) | — | 507 | |||||||
Earnings per share: | |||||||||
Basic earnings per share | $ | 0.09 | $ | 0.22 | |||||
Diluted earnings per share | $ | 0.09 | $ | 0.21 | |||||
-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. |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Truckload | $ | 553,057 | $ | 559,595 | |||||
Dedicated | 193,653 | 179,226 | |||||||
Central Refrigerated | 106,763 | 106,402 | |||||||
Intermodal | 91,313 | 83,264 | |||||||
Subtotal | 944,786 | 928,487 | |||||||
Nonreportable segments | 75,666 | 72,057 | |||||||
Intersegment eliminations | (12,006 | ) | (18,936 | ) | |||||
Consolidated operating revenue | $ | 1,008,446 | $ | 981,608 | |||||
Operating Income (Loss) | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Truckload | $ | 31,907 | $ | 42,403 | |||||
Dedicated | 11,530 | 18,954 | |||||||
Central Refrigerated | 2,420 | 4,721 | |||||||
Intermodal | (926 | ) | (1,604 | ) | |||||
Subtotal | 44,931 | 64,474 | |||||||
Nonreportable segments | 1,239 | 5,244 | |||||||
Consolidated operating income | $ | 46,170 | $ | 69,718 | |||||
Depreciation and Amortization | |||||||||
Expense | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Truckload | $ | 30,245 | $ | 30,993 | |||||
Dedicated | 12,405 | 10,505 | |||||||
Central Refrigerated | 3,106 | 3,978 | |||||||
Intermodal | 2,368 | 2,427 | |||||||
Subtotal | 48,124 | 47,903 | |||||||
Nonreportable segments | 8,051 | 6,967 | |||||||
Consolidated depreciation and amortization expense | $ | 56,175 | $ | 54,870 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Summary of accumulated other comprehensive income | ' | ||||||||||||
The following table is a reconciliation of accumulated other comprehensive income by component (in thousands): | |||||||||||||
Derivative Financial Instruments | Foreign Currency Transactions | Accumulated Other Comprehensive Income | |||||||||||
Balance as of December 31, 2013 | $ | (6,245 | ) | $ | 83 | $ | (6,162 | ) | |||||
Other comprehensive loss before reclassifications | — | — | — | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | 808 | — | 808 | ||||||||||
Net current-period other comprehensive income | 808 | — | 808 | ||||||||||
Balance as of March 31, 2014 | $ | (5,437 | ) | $ | 83 | $ | (5,354 | ) | |||||
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 loss for the three months ended March 31, 2014 and 2013 (in thousands): | |||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Loss | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2014 | 2013 | Statement of Income Classifications | |||||||||||
Gains and losses on cash flow hedging: | |||||||||||||
Interest rate swaps | $ | 1,314 | $ | 491 | Derivative interest expense | ||||||||
Income tax benefit | (506 | ) | (191 | ) | Income tax expense | ||||||||
$ | 808 | $ | 300 | Net income | |||||||||
Guarantor_Condensed_Consolidat1
Guarantor Condensed Consolidating Financial Statements (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||||||
Condensed consolidating balance sheet as of March 31, 2014 (in thousands) | |||||||||||||||||||||||||
Swift | Swift | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Services | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | Holdings, Inc. | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | (Issuer) | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 40,771 | $ | 5,327 | $ | — | $ | 46,098 | |||||||||||||
Restricted cash | — | — | — | 47,012 | — | 47,012 | |||||||||||||||||||
Restricted investments, held to maturity, amortized cost | 25,832 | — | 25,832 | ||||||||||||||||||||||
Accounts receivable, net | — | — | 32,018 | 427,229 | (4,538 | ) | 454,709 | ||||||||||||||||||
Intercompany receivable | 106,494 | 379,169 | — | 57,536 | (543,199 | ) | — | ||||||||||||||||||
Other current assets | 18,626 | — | 126,263 | 17,124 | (1,144 | ) | 160,869 | ||||||||||||||||||
Total current assets | 125,120 | 379,169 | 199,052 | 580,060 | (548,881 | ) | 734,520 | ||||||||||||||||||
Property and equipment, net | — | — | 1,429,759 | 39,012 | — | 1,468,771 | |||||||||||||||||||
Investment in subsidiaries | 253,590 | 874,674 | 978,711 | — | (2,106,975 | ) | — | ||||||||||||||||||
Other assets | 11,206 | 2,176 | 115,208 | 4,312 | (81,976 | ) | 50,926 | ||||||||||||||||||
Intangible assets, net | — | — | 303,081 | 9,462 | — | 312,543 | |||||||||||||||||||
Goodwill | — | — | 246,977 | 6,279 | — | 253,256 | |||||||||||||||||||
Total assets | $ | 389,916 | $ | 1,256,019 | 3,272,788 | $ | 639,125 | $ | (2,737,832 | ) | $ | 2,820,016 | |||||||||||||
Intercompany payable | 67 | 1,144 | 543,199 | — | (544,410 | ) | — | ||||||||||||||||||
Current portion of long-term debt and obligations under capital leases | 4,239 | — | 72,457 | 73,472 | (69,549 | ) | 80,619 | ||||||||||||||||||
Other current liabilities | 2,334 | 17,998 | 335,455 | 28,004 | (4,471 | ) | 379,320 | ||||||||||||||||||
Total current liabilities | 6,640 | 19,142 | 951,111 | 101,476 | (618,430 | ) | 459,939 | ||||||||||||||||||
Long-term debt and obligations under capital leases, less current portion | — | 470,663 | 720,511 | 4,903 | (772 | ) | 1,195,305 | ||||||||||||||||||
Deferred income taxes | — | — | 472,967 | 8,378 | (11,655 | ) | 469,690 | ||||||||||||||||||
Securitization of accounts receivable | — | — | — | 259,000 | — | 259,000 | |||||||||||||||||||
Other liabilities | — | — | 81,108 | 52,721 | — | 133,829 | |||||||||||||||||||
Total liabilities | 6,640 | 489,805 | 2,225,697 | 426,478 | (630,857 | ) | 2,517,763 | ||||||||||||||||||
Total stockholders’ equity | 383,276 | 766,214 | 1,047,091 | 212,647 | (2,106,975 | ) | 302,253 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 389,916 | $ | 1,256,019 | $ | 3,272,788 | $ | 639,125 | $ | (2,737,832 | ) | $ | 2,820,016 | ||||||||||||
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 Statement Of Operations | ' | ||||||||||||||||||||||||
Condensed consolidating statement of income for the three months ended March 31, 2014 (in thousands) | |||||||||||||||||||||||||
Swift | Swift | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Services | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | Holdings, Inc. | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | (Issuer) | ||||||||||||||||||||||||
Operating revenue | $ | — | $ | — | $ | 988,993 | $ | 38,522 | $ | (19,069 | ) | $ | 1,008,446 | ||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Salaries, wages and employee benefits | 1,061 | — | 220,534 | 7,771 | — | 229,366 | |||||||||||||||||||
Operating supplies and expenses | 684 | — | 76,275 | 6,628 | (2,762 | ) | 80,825 | ||||||||||||||||||
Fuel | — | — | 149,132 | 6,890 | — | 156,022 | |||||||||||||||||||
Purchased transportation | — | — | 329,512 | 2,457 | (12,800 | ) | 319,169 | ||||||||||||||||||
Rental expense | — | — | 50,992 | 890 | (163 | ) | 51,719 | ||||||||||||||||||
Insurance and claims | 1,715 | — | 34,935 | 9,142 | (3,344 | ) | 42,448 | ||||||||||||||||||
Depreciation and amortization of property and equipment | — | — | 54,768 | 1,407 | — | 56,175 | |||||||||||||||||||
Amortization of intangibles | — | — | 4,011 | 193 | — | 4,204 | |||||||||||||||||||
Gain on disposal of property and equipment | — | — | (3,159 | ) | — | — | (3,159 | ) | |||||||||||||||||
Communication and utilities | — | — | 6,880 | 290 | — | 7,170 | |||||||||||||||||||
Operating taxes and licenses | — | — | 15,517 | 2,820 | — | 18,337 | |||||||||||||||||||
Total operating expenses | 3,460 | — | 939,397 | 38,488 | (19,069 | ) | 962,276 | ||||||||||||||||||
Operating income (loss) | (3,460 | ) | — | 49,596 | 34 | — | 46,170 | ||||||||||||||||||
Interest expense, net | 30 | 12,781 | 9,944 | 1,357 | — | 24,112 | |||||||||||||||||||
Other (income) expenses, net | (14,156 | ) | (1,163 | ) | 6,775 | (3,062 | ) | 13,655 | 2,049 | ||||||||||||||||
Income before income taxes | 10,666 | (11,618 | ) | 32,877 | 1,739 | (13,655 | ) | 20,009 | |||||||||||||||||
Income tax expense (benefit) | (1,639 | ) | (5,819 | ) | 14,645 | 517 | — | 7,704 | |||||||||||||||||
Net income (loss) | $ | 12,305 | $ | (5,799 | ) | $ | 18,232 | $ | 1,222 | $ | (13,655 | ) | $ | 12,305 | |||||||||||
Condensed consolidating statement of income for the three months ended March 31, 2013 (in thousands) | |||||||||||||||||||||||||
Swift | Swift | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Services | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | Holdings, Inc. | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | (Issuer) | ||||||||||||||||||||||||
Operating revenue | $ | — | $ | — | $ | 963,742 | $ | 38,626 | $ | (20,760 | ) | $ | 981,608 | ||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Salaries, wages and employee benefits | 545 | — | 218,721 | 7,219 | — | 226,485 | |||||||||||||||||||
Operating supplies and expenses | 499 | — | 70,337 | 2,989 | (1,758 | ) | 72,067 | ||||||||||||||||||
Fuel | — | — | 161,858 | 6,258 | — | 168,116 | |||||||||||||||||||
Purchased transportation | — | — | 301,651 | 2,977 | (12,472 | ) | 292,156 | ||||||||||||||||||
Rental expense | — | — | 39,890 | 921 | (188 | ) | 40,623 | ||||||||||||||||||
Insurance and claims | — | — | 26,731 | 11,149 | (6,342 | ) | 31,538 | ||||||||||||||||||
Depreciation and amortization of property and equipment | — | — | 53,830 | 1,040 | — | 54,870 | |||||||||||||||||||
Amortization of intangibles | — | — | 4,011 | 193 | — | 4,204 | |||||||||||||||||||
Gain on disposal of property and equipment | — | — | (2,833 | ) | (15 | ) | — | (2,848 | ) | ||||||||||||||||
Communication and utilities | — | — | 6,368 | 197 | — | 6,565 | |||||||||||||||||||
Operating taxes and licenses | — | — | 15,450 | 2,664 | — | 18,114 | |||||||||||||||||||
Total operating expenses | 1,044 | — | 896,014 | 35,592 | (20,760 | ) | 911,890 | ||||||||||||||||||
Operating income (loss) | (1,044 | ) | — | 67,728 | 3,034 | — | 69,718 | ||||||||||||||||||
Interest expense, net | — | 12,913 | 12,348 | 1,072 | — | 26,333 | |||||||||||||||||||
Other (income) expenses, net | (23,499 | ) | (6,947 | ) | (532 | ) | (2,366 | ) | 31,750 | (1,594 | ) | ||||||||||||||
Income (loss) before income taxes | 22,455 | (5,966 | ) | 55,912 | 4,328 | (31,750 | ) | 44,979 | |||||||||||||||||
Income tax expense (benefit) | (886 | ) | (4,790 | ) | 18,515 | 1,848 | — | 14,687 | |||||||||||||||||
Net income (loss) | $ | 23,341 | $ | (1,176 | ) | $ | 37,397 | $ | 2,480 | $ | (31,750 | ) | $ | 30,292 | |||||||||||
Condensed Consolidating Statement Of Comprehensive Income | ' | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the three months ended March 31, 2014 (in thousands) | |||||||||||||||||||||||||
Swift | Swift Services | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Holdings, Inc. | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | (Issuer) | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | |||||||||||||||||||||||||
Net income | $ | 12,305 | $ | (5,799 | ) | $ | 18,232 | $ | 1,222 | $ | (13,655 | ) | $ | 12,305 | |||||||||||
Other comprehensive income before income taxes: | |||||||||||||||||||||||||
Accumulated losses on derivatives reclassified to derivative interest expense | — | — | 1,314 | — | — | 1,314 | |||||||||||||||||||
Change in fair value of interest rate swaps | — | — | — | — | — | — | |||||||||||||||||||
Other comprehensive income before income taxes | — | — | 1,314 | — | — | 1,314 | |||||||||||||||||||
Income tax effect of items of other comprehensive income | — | — | (506 | ) | — | — | (506 | ) | |||||||||||||||||
Total comprehensive income | $ | 12,305 | $ | (5,799 | ) | $ | 19,040 | $ | 1,222 | $ | (13,655 | ) | $ | 13,113 | |||||||||||
Condensed consolidating statement of comprehensive income for the three months ended March 31, 2013 (in thousands) | |||||||||||||||||||||||||
Swift | Swift Services | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Transportation | Holdings, Inc. | Subsidiaries | Guarantor | for | |||||||||||||||||||||
Company | (Issuer) | Subsidiaries | Consolidation | ||||||||||||||||||||||
(Parent) | |||||||||||||||||||||||||
Net income (loss) | $ | 23,341 | $ | (1,176 | ) | $ | 37,397 | $ | 2,480 | $ | (31,750 | ) | $ | 30,292 | |||||||||||
Other comprehensive income before income taxes: | |||||||||||||||||||||||||
Accumulated losses on derivatives reclassified to derivative interest expense | — | — | 491 | — | — | 491 | |||||||||||||||||||
Change in fair value of interest rate swaps | — | — | (319 | ) | — | — | (319 | ) | |||||||||||||||||
Other comprehensive income before income taxes | — | — | 172 | — | — | 172 | |||||||||||||||||||
Income tax effect of items of other comprehensive income | — | — | 26 | — | — | 26 | |||||||||||||||||||
Total comprehensive income (loss) | $ | 23,341 | $ | (1,176 | ) | $ | 37,595 | $ | 2,480 | $ | (31,750 | ) | $ | 30,490 | |||||||||||
Condensed Consolidating Statement Of Cash Flows | ' | ||||||||||||||||||||||||
ndensed consolidating statement of cash flows for the three months ended March 31, 2014 (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 | $ | 18,299 | $ | (21,400 | ) | $ | 113,879 | $ | (34,621 | ) | $ | — | $ | 76,157 | |||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Decrease in restricted cash | — | — | — | 3,821 | — | 3,821 | |||||||||||||||||||
Change in restricted investments | — | — | — | (164 | ) | — | (164 | ) | |||||||||||||||||
Proceeds from sale of property and equipment | — | — | 28,428 | — | — | 28,428 | |||||||||||||||||||
Capital expenditures | — | — | (60,033 | ) | (25 | ) | — | (60,058 | ) | ||||||||||||||||
Payments received on notes receivable | — | 1,553 | — | — | 1,553 | ||||||||||||||||||||
Expenditures on assets held for sale | — | — | (1,521 | ) | — | — | (1,521 | ) | |||||||||||||||||
Payments received on assets held for sale | — | — | 2,269 | — | — | 2,269 | |||||||||||||||||||
Payments received on equipment sale receivables | — | — | 469 | — | — | 469 | |||||||||||||||||||
Net cash used in investing activities | — | — | (28,835 | ) | 3,632 | — | (25,203 | ) | |||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Repayment of long-term debt and capital leases | (1,797 | ) | — | (43,705 | ) | (1,024 | ) | — | (46,526 | ) | |||||||||||||||
Net (repayments) borrowings on revolving line of credit | — | — | (17,000 | ) | — | — | (17,000 | ) | |||||||||||||||||
Repayment of accounts receivable securitization | — | — | — | (5,000 | ) | — | (5,000 | ) | |||||||||||||||||
Net funding (to) from affiliates | (20,994 | ) | 21,400 | (38,132 | ) | 37,726 | — | — | |||||||||||||||||
Proceeds from exercise of stock options | 3,414 | — | — | — | — | 3,414 | |||||||||||||||||||
Income tax benefit from exercise of stock options | 1,078 | — | — | — | — | 1,078 | |||||||||||||||||||
Net cash provided by (used in) financing activities | (18,299 | ) | 21,400 | (98,837 | ) | 31,702 | — | (64,034 | ) | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | (13,793 | ) | 713 | — | (13,080 | ) | |||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 54,564 | 4,614 | — | 59,178 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 40,771 | $ | 5,327 | $ | — | $ | 46,098 | |||||||||||||
Condensed consolidating statement of cash flows for the three months ended March 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 | $ | 5,363 | $ | 4,817 | $ | 119,287 | $ | (18,665 | ) | $ | — | $ | 110,802 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Decrease in restricted cash | — | — | — | 6,211 | — | 6,211 | |||||||||||||||||||
Change in restricted investments | — | — | — | (7,073 | ) | — | (7,073 | ) | |||||||||||||||||
Proceeds from sale of property and equipment | — | — | 14,286 | 40 | — | 14,326 | |||||||||||||||||||
Capital expenditures | — | — | (61,756 | ) | (39 | ) | — | (61,795 | ) | ||||||||||||||||
Payments received on notes receivable | — | — | 1,034 | — | — | 1,034 | |||||||||||||||||||
Expenditures on assets held for sale | — | — | (833 | ) | — | — | (833 | ) | |||||||||||||||||
Payments received on assets held for sale | — | — | 21,828 | — | — | 21,828 | |||||||||||||||||||
Payments received on equipment sale receivables | — | — | 596 | — | — | 596 | |||||||||||||||||||
Dividends from subsidiary | — | — | (1,160 | ) | — | 1,160 | — | ||||||||||||||||||
Payments received on intercompany notes payable | — | — | 3,315 | — | (3,315 | ) | — | ||||||||||||||||||
Net cash used in investing activities | — | — | (22,690 | ) | (861 | ) | (2,155 | ) | (25,706 | ) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Repayment of long-term debt and capital leases | — | — | (97,162 | ) | (133 | ) | — | (97,295 | ) | ||||||||||||||||
Net (repayments) borrowings on revolving line of credit | — | — | 7,407 | — | — | 7,407 | |||||||||||||||||||
Borrowings under accounts receivable securitization | — | — | — | 56,000 | — | 56,000 | |||||||||||||||||||
Repayment of accounts receivable securitization | — | — | — | (56,000 | ) | — | (56,000 | ) | |||||||||||||||||
Proceeds from long-term debt | — | — | 16,000 | 3,200 | — | 19,200 | |||||||||||||||||||
Payment of deferred loan costs | — | — | (1,257 | ) | — | — | (1,257 | ) | |||||||||||||||||
Distribution to Central stockholders, pre-acquisition | — | — | (386 | ) | — | — | (386 | ) | |||||||||||||||||
Issuance of Central loan receivable, pre-acquisition | — | — | (30,000 | ) | — | — | (30,000 | ) | |||||||||||||||||
Proceeds from exercise of stock options | 2,875 | — | — | — | — | 2,875 | |||||||||||||||||||
Income tax benefit from exercise of stock options | (490 | ) | — | — | — | — | (490 | ) | |||||||||||||||||
Dividend to parent | — | — | — | 1,160 | (1,160 | ) | — | ||||||||||||||||||
Repayment of intercompany notes payable | — | — | — | (3,315 | ) | 3,315 | — | ||||||||||||||||||
Net funding (to) from affiliates | (7,748 | ) | (4,817 | ) | (4,382 | ) | 16,947 | — | — | ||||||||||||||||
Net cash provided by (used in) financing activities | (5,363 | ) | (4,817 | ) | (109,780 | ) | 17,859 | 2,155 | (99,946 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | (13,183 | ) | (1,667 | ) | — | (14,850 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 43,877 | 9,719 | — | 53,596 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 30,694 | $ | 8,052 | $ | — | $ | 38,746 | |||||||||||||
Basis_Of_Presentation_Detail
Basis Of Presentation (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Segment | |
Vehicle | |
Accounting Policies [Abstract] | ' |
Number of reportable operating segment | 4 |
Number of company operated national terminal network and tractor fleet | 18,400 |
Number of tractors driven by company drivers | 13,300 |
Number of owner-operator tractors | 5,100 |
Number of fleet of trailers | 58,100 |
Number of intermodal containers | 8,700 |
Income_Taxes_Detail
Income Taxes (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Contingency [Line Items] | ' | ' |
Effective tax rate | 38.50% | 32.70% |
Increase (Decrease) In Expected Effective Tax Rate | ' | 5.80% |
Accrued interest and penalties | $1.10 | ' |
Tax years subject to examination | '2008 through 2012 | ' |
Maximum [Member] | ' | ' |
Income Tax Contingency [Line Items] | ' | ' |
State of California and other state jurisdictions years | '2013 | ' |
Investments_Amortized_Cost_Gro
Investments (Amortized Cost, Gross Unrealized Gains And Losses, Estimated Fair Value Of Fixed Maturity Securities) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Securities | Securities |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Securities with unrealized losses for less than 12 months | 13 | 15 |
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 | 22,205 | 20,197 |
Held-To-Maturity Securities, Accumulated Unrecognized Holding Gain | 6 | 2 |
Held-To-Maturity Securities, Accumulated Unrecognized Holding Loss | 7 | 7 |
Estimated Fair Value | 22,204 | 20,192 |
Foreign Corporate Securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 1,512 | 3,502 |
Held-To-Maturity Securities, Accumulated Unrecognized Holding Gain | 0 | 0 |
Held-To-Maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 0 |
Estimated Fair Value | 1,512 | 3,502 |
Negotiable Certificate Of Deposits [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 2,115 | 2,115 |
Held-To-Maturity Securities, Accumulated Unrecognized Holding Gain | 0 | 0 |
Held-To-Maturity Securities, Accumulated Unrecognized Holding Loss | 1 | 1 |
Estimated Fair Value | 2,114 | 2,114 |
Total Restricted Investments [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 25,832 | 25,814 |
Held-To-Maturity Securities, Accumulated Unrecognized Holding Gain | 6 | 2 |
Held-To-Maturity Securities, Accumulated Unrecognized Holding Loss | 8 | 8 |
Estimated Fair Value | 25,830 | 25,808 |
Intangible_Assets_Schedule_Of_
Intangible Assets (Schedule Of Intangible Assets) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Intangible Asset Excluding Goodwill [Line Items] | ' | ' |
Intangible assets, net | $312,543 | $316,747 |
Trade Name [Member] | ' | ' |
Intangible Asset Excluding Goodwill [Line Items] | ' | ' |
Gross carrying value | 181,037 | 181,037 |
Customer Relationship [Member] | ' | ' |
Intangible Asset Excluding Goodwill [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 275,324 | 275,324 |
Accumulated amortization | ($143,818) | ($139,614) |
Intangible_Assets_Narrative_De
Intangible Assets (Narrative) (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2007 | Mar. 31, 2014 | Mar. 31, 2013 | 9-May-07 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Going Private Transaction [Member] | 2007 Going private transaction [Member] | 2007 Going private transaction [Member] | Customer Relationship [Member] | Customer Relationship [Member] | Customer Relationship [Member] | 2007 Prior To Going Private Transaction [Member] | 2007 Prior To Going Private Transaction [Member] | |||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | ' | ' | $261,200 | ' | ' | ' | $275,324 | $275,324 | ' | ' |
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 | $4,204 | $4,204 | ' | $3,912 | $3,912 | ' | ' | ' | $292 | $292 |
Assets_Held_For_Sale_Schedule_
Assets Held For Sale (Schedule Of Assets Held For Sale) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Assets held for sale | $18,389 | $19,268 |
Land And Facilities [Member] | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Assets held for sale | 14,646 | 14,627 |
Revenue Equipment [Member] | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Assets held for sale | $3,743 | $4,641 |
Assets_Held_For_Sale_Narrative
Assets Held For Sale (Narrative) (Detail) | Mar. 31, 2014 |
Assets Held-for-sale, Long Lived [Abstract] | ' |
Period of time assets are expected to be sold, months | '12 months |
Debt_And_Financing_Transaction2
Debt And Financing Transactions (Schedule Of Long-Term Debt Outstanding) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total | $1,114,653 | $1,150,305 |
Other Long-term Debt | 12,983 | 15,290 |
Less: current portion | 20,235 | 11,387 |
Long-term Debt, Excluding Current Maturities | 1,094,418 | 1,138,918 |
Senior Second Priority Secured Notes Due November 15, 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total | 470,663 | 493,825 |
Original issue discount on debt | 5,582 | 6,175 |
First Lien Term Loan B 1 [Member] | Second Amended Agreement [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total | 229,000 | 229,000 |
First Lien Term Loan B 2 [Member] | Second Amended Agreement [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total | 400,000 | 410,000 |
Secured Debt [Member] | Notes Payable, Due May 2015 [Member] | Central Refrigerated Service, Inc. [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total | $2,007 | $2,190 |
Debt_And_Financing_Transaction3
Debt And Financing Transactions (Narrative) (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2010 | Mar. 31, 2014 | Mar. 07, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 07, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 07, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 07, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Revolving Credit Facility [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | First Lien Term Loan B 1 [Member] | First Lien Term Loan B 2 [Member] | Senior Second Priority Secured Notes [Member] | Senior Second Priority Secured Notes [Member] | 2012 Agreement | 2012 Agreement | 2012 Agreement | 2012 Agreement | 2012 Agreement | 2012 Agreement | Second Amended Agreement [Member] | Second Amended Agreement [Member] | Second Amended Agreement [Member] | Second Amended Agreement [Member] | Second Amended Agreement [Member] | Second Amended Agreement [Member] | Second Amended Agreement [Member] | Second Amended Agreement [Member] | Second Amended Agreement [Member] | Second Amended Agreement [Member] | Second Amended Agreement [Member] | Second Amended Agreement [Member] | Second Amended Agreement [Member] | Second Amended Agreement [Member] | Second Amended Agreement [Member] | Central Refrigerated Service, Inc. [Member] | Central Refrigerated Service, Inc. [Member] | ||||
London Interbank Offered Rate (LIBOR) [Member] | Letter of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Letter of Credit [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] | Minimum [Member] | Maximum [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] | Workers' Compensation And Self-Insurance Liability [Member] | Notes Payable, Due May 2015 [Member] | Notes Payable, Due May 2015 [Member] | ||||||||||||
Base Rate [Member] | Base Rate [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Secured Debt [Member] | Secured Debt [Member] | |||||||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | $1,094,418,000 | ' | $1,138,918,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred loan costs | 8,100,000 | ' | 8,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable interest rate | ' | ' | ' | ' | 3.00% | 2.00% | ' | 3.25% | 2.25% | ' | ' | ' | ' | ' | 0.00% | 3.75% | ' | 1.25% | 3.75% | ' | ' | ' | ' | ' | ' | ' | 0.00% | 2.75% | ' | ' | ' | 1.00% | 3.00% | ' | ' | ' |
Credit agreement, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 108,500,000 | ' | ' |
Available balance under revolving line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 291,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit fees incurred | ' | ' | ' | 0.25% | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face value of second priority senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | 152,000,000 | ' | ' | 508,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | 410,000,000 | ' | ' | ' | ' | ' |
Rate at which interest accrues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.90% | 4.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.44% | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 490,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original issue discount on debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Repurchased Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption Premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.107 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | -2,913,000 | -5,044,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,900,000 | ' | ' | ' | ' | ' | ' | -5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | $1,114,653,000 | ' | $1,150,305,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $229,000,000 | $229,000,000 | ' | ' | ' | $400,000,000 | $410,000,000 | ' | ' | ' | ' | $2,007,000 | $2,190,000 |
Accounts_Receivable_Securitiza1
Accounts Receivable Securitization (Detail) (USD $) | 3 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
2013 RSA Borrowing [Member] | 2013 RSA Borrowing [Member] | 2011 RSA Borrrowing [Member] | |
Servicing Liabilities at Fair Value [Line Items] | ' | ' | ' |
Receivables Sale Agreement Borrowing Capacity | $325 | ' | ' |
RSA, terminates date | 13-Jul-16 | ' | ' |
RSA, program fee | 0.8 | ' | 0.8 |
RSA, outstanding borrowing | 259 | 264 | ' |
RSA, borrowing base | 317.7 | 300.8 | ' |
RSA, remaining borrowing | $58.70 | ' | ' |
Interest rate | 0.95% | ' | ' |
Unused capacity fee | 0.35% | ' | ' |
Capital_Leases_Detail
Capital Leases (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Leases [Abstract] | ' | ' |
Present value of Obligations under capital leases | $161.30 | $171.50 |
Capital leases obligations, current | 60.4 | 63.7 |
Revenue equipment cost | 267.6 | ' |
Accumulated amortization | $57.20 | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Derivatives, Fair Value [Line Items] | ' | ' |
Interest rate swaps maturity date | 1-Jul-15 | ' |
Fair value of the designated interest rate swap agreements | ' | $0.10 |
Deferred losses on derivatives in accumulated OCI expected to be reclassified to earnings within next 12 months | 6.8 | ' |
Interest Rate Swaps [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Number of interest rate derivatives held | 2 | ' |
Notional amount of interest rate swap agreements | $350 | ' |
Interest rate swaps maturity date | 1-Jul-15 | ' |
Interest rate swaps agreement effective date | 1-Jan-13 | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Classification Of Gains And Losses On Interest Rate Derivative Contracts Designated As Hedging Instruments) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Amount of loss recognized in OCI on derivatives, net-of-tax (effective portion) | $0 | $319 |
Amount of loss reclassified from accumulated OCI into income as "Derivative interest expense" (effective portion) | ($1,314) | ($491) |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Pre-Tax Gains And Losses On Interest Rate Derivative Contracts De-Designated As Hedging Instruments) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $339 | $71 |
Fair_Value_Measurement_Carryin
Fair Value Measurement (Carrying Amounts And Estimated Fair Values Of Financial Instruments) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Assets | $25,832 | $25,814 |
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 | 2,007 | 2,190 |
Carrying Value [Member] | Senior Second Priority Secured Notes [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Liabilities | 470,663 | 493,825 |
Carrying Value [Member] | Securitization Of Accounts Receivable [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Liabilities | 259,000 | 264,000 |
Carrying Value [Member] | (2013 Agreement) [Member] | First Lien Term Loan B 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Liabilities | 229,000 | 229,000 |
Carrying Value [Member] | (2013 Agreement) [Member] | First Lien Term Loan B 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Liabilities | 400,000 | 410,000 |
Estimated Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Assets | 25,830 | 25,808 |
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 | 2,007 | 2,190 |
Estimated Fair Value [Member] | Senior Second Priority Secured Notes [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Liabilities | 518,318 | 549,059 |
Estimated Fair Value [Member] | Securitization Of Accounts Receivable [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Liabilities | 259,000 | 264,000 |
Estimated Fair Value [Member] | (2013 Agreement) [Member] | First Lien Term Loan B 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Liabilities | 229,916 | 230,031 |
Estimated Fair Value [Member] | (2013 Agreement) [Member] | First Lien Term Loan B 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Financial Liabilities | $403,200 | $412,358 |
Fair_Value_Measurement_Liabili
Fair Value Measurement (Liabilities That Were Measured At Estimated Fair Value On Recurring Basis) (Detail) (Recurring [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Total Estimated Fair Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swaps | $10,660 | $11,768 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swaps | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swaps | 10,660 | 11,768 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swaps | $0 | $0 |
Earnings_Per_Share_Calculation
Earnings Per Share (Calculation Of Basic And Diluted Earnings Per Share Attributable To Stockholders) (Detail) (USD $) | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Earnings Per Share [Abstract] | ' | ' | ||
Net income | $12,305 | $30,292 | ||
Basic: | ' | ' | ||
Weighted average common shares outstanding | 140,981,000 | 139,686,000 | ||
Diluted: | ' | ' | ||
Dilutive effect of stock options | 2,037,000 | 1,573,000 | ||
Total weighted average diluted shares outstanding | 143,018,000 | 141,259,000 | ||
Anti-dilutive shares excluded from the diluted earnings per share calculation | 0 | [1] | 507,000 | [1] |
Earnings per share: | ' | ' | ||
Basic earnings per share | $0.09 | $0.22 | ||
Diluted earnings per share | $0.09 | $0.21 | ||
Options outstanding | 4,790,632 | 5,860,108 | ||
[1] | 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. |
Contingencies_Detail
Contingencies (Detail) (USD $) | Mar. 31, 2014 | Jan. 30, 2004 | Mar. 31, 2014 | Mar. 22, 2010 | Mar. 31, 2014 | Apr. 17, 2009 | Mar. 31, 2014 | Jul. 12, 2011 | Mar. 31, 2014 | Sep. 09, 2011 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 22, 2009 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | 2004 Owner-Operator Class Action Litigation [Member] | 2004 Owner-Operator Class Action Litigation [Member] | California Wage, Meal And Rest Employee Class Action [Member] | California Wage, Meal And Rest Employee Class Action [Member] | Environmental Notice [Member] | Environmental Notice [Member] | California And Oregon Minimum Wage Class Action [Member] | California And Oregon Minimum Wage Class Action [Member] | Washington Overtime Class Action [Member] | Washington Overtime Class Action [Member] | Virginia FCRA class action [Member] | Utah minimum wage collective action [Member] | Utah collective and individual arbitration [Member] [Member] | California Minimum Wage Class Action [Member] | Owner-Operator Misclassification Class Action Litigation [Member] | Owner-Operator Misclassification Class Action Litigation [Member] | 2013 Environmental Notice [Member] [Member] | Other environmental [Member] | |
LawSuits | LawSuits | LawSuits | LawSuits | LawSuits | LawSuits | LawSuits | |||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lawsuit filing date | ' | ' | 'January 30, 2004 | ' | 'MarchB 22, 2010 | ' | 'AprilB 17, 2009 | ' | 'July 12, 2011 | ' | 'SeptemberB 9, 2011 | 'July 23, 2013 | 'October 8, 2013 | 'June 1, 2012 | 'NovemberB 7, 2013 | ' | 'December 22, 2009 | 'May 14, 2013 | ' |
Loss contingency, name of plaintiffs | ' | ' | 'Leonel Garza | ' | 'John Burnell | ' | 'Lower Willamette Group | ' | 'Simona Montalvo | ' | 'Troy Slack | 'James Ellis III | 'Jacob Roberts | 'Gabriel Cilluffo, Kevin Shire and Bryan Ratterree | 'Jorge Calix | ' | 'John Doe 1 and Joseph Sheer | ' | ' |
Number of class action law suits filed | ' | 1 | ' | 1 | ' | 1 | ' | 1 | ' | 1 | ' | ' | ' | ' | ' | 1 | ' | 1 | ' |
Potentially responsible parties | ' | ' | ' | ' | ' | ' | '250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Range of Possible Loss, Minimum | $0.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Range of Possible Loss, Maximum | $0.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.60 |
Segment_Information_Narrative_
Segment Information (Narrative) (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Segment | ||
Segment Reporting [Abstract] | ' | ' |
Number of reportable operating segments | 4 | ' |
Percentage of foreign operations total revenue | 5.00% | 5.00% |
Segment_Information_Summary_Of
Segment Information (Summary Of Financial Information By Segments) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Information [Line Items] | ' | ' |
Operating Income (Loss) | $46,170 | $69,718 |
Revenues | 1,008,446 | 981,608 |
Consolidated depreciation and amortization expense | 56,175 | 54,870 |
Dedicated Trucking [Member] | ' | ' |
Segment Information [Line Items] | ' | ' |
Operating Income (Loss) | 11,530 | 18,954 |
Revenues | 193,653 | 179,226 |
Consolidated depreciation and amortization expense | 12,405 | 10,505 |
Trucking [Member] | ' | ' |
Segment Information [Line Items] | ' | ' |
Operating Income (Loss) | 31,907 | 42,403 |
Revenues | 553,057 | 559,595 |
Consolidated depreciation and amortization expense | 30,245 | 30,993 |
Intersegment Eliminations [Member] | ' | ' |
Segment Information [Line Items] | ' | ' |
Revenues | -12,006 | -18,936 |
Non Reportable Segments [Member] | ' | ' |
Segment Information [Line Items] | ' | ' |
Operating Income (Loss) | 1,239 | 5,244 |
Revenues | 75,666 | 72,057 |
Consolidated depreciation and amortization expense | 8,051 | 6,967 |
Subtotal [Member] | ' | ' |
Segment Information [Line Items] | ' | ' |
Operating Income (Loss) | 44,931 | 64,474 |
Revenues | 944,786 | 928,487 |
Consolidated depreciation and amortization expense | 48,124 | 47,903 |
CRS Refrigerated [Member] | ' | ' |
Segment Information [Line Items] | ' | ' |
Operating Income (Loss) | 2,420 | 4,721 |
Revenues | 106,763 | 106,402 |
Consolidated depreciation and amortization expense | 3,106 | 3,978 |
Rail Intermodal [Member] | ' | ' |
Segment Information [Line Items] | ' | ' |
Operating Income (Loss) | -926 | -1,604 |
Revenues | 91,313 | 83,264 |
Consolidated depreciation and amortization expense | $2,368 | $2,427 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Components of AOCI) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Balance at beginning of period | ($6,162) | ' |
Other comprehensive loss before reclassifications | 0 | ' |
Amounts reclassified from accumulated other comprehensive loss | 808 | ' |
Net current-period other comprehensive income | 808 | 198 |
Balance at end of period | -5,354 | ' |
Derivative Financial Instruments [Member] | ' | ' |
Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Balance at beginning of period | -6,245 | ' |
Other comprehensive loss before reclassifications | 0 | ' |
Amounts reclassified from accumulated other comprehensive loss | 808 | ' |
Net current-period other comprehensive income | 808 | ' |
Balance at end of period | -5,437 | ' |
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 | ' |
Net current-period other comprehensive income | 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 | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Derivative interest expense | $1,653 | $562 |
Income tax expense (benefit) | 7,704 | 14,687 |
Net income (loss) | 12,305 | 30,292 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Net income (loss) | -808 | -300 |
Derivative Financial Instruments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Derivative interest expense | 1,314 | 491 |
Income tax expense (benefit) | ($506) | ($191) |
Subsequent_Events_Details
Subsequent Events (Details) (Senior Second Priority Secured Notes [Member], USD $) | 3 Months Ended | 1 Months Ended | |
Mar. 31, 2014 | 6-May-14 | Apr. 02, 2014 | |
Repurchase of SeniorsecuredNotes [Member] | Repurchase of SeniorsecuredNotes [Member] | ||
Subsequent Event [Line Items] | ' | ' | ' |
Redemption Premium | $1.11 | $1.10 | ' |
Debt Instrument, Repurchased Face Amount | 23,800,000 | ' | 15,400,000 |
Repayments of Long-term Debt | $27,100,000 | $17,600,000 | ' |
Guarantor_Condensed_Consolidat2
Guarantor Condensed Consolidating Financial Statements (Condensed Consolidating Balance Sheet) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $46,098 | $59,178 | $38,746 | $53,596 |
Restricted cash | 47,012 | 50,833 | ' | ' |
Restricted investments, held to maturity, amortized cost | 25,832 | 25,814 | ' | ' |
Accounts receivable, net | 454,709 | 418,436 | ' | ' |
Intercompany Receivable | 0 | 0 | ' | ' |
Other current assets | 160,869 | 179,771 | ' | ' |
Total current assets | 734,520 | 734,032 | ' | ' |
Property and equipment, net | 1,468,771 | 1,447,807 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Other assets | 50,926 | 57,166 | ' | ' |
Intangible assets, net | 312,543 | 316,747 | ' | ' |
Goodwill | 253,256 | 253,256 | ' | ' |
Total assets | 2,820,016 | 2,809,008 | ' | ' |
Intercompany Accounts Payable, Current | 0 | 0 | ' | ' |
Current portion of long-term debt and obligations under capital leases | 80,619 | 75,056 | ' | ' |
Other current liabilities | 379,320 | 309,312 | ' | ' |
Total current liabilities | 459,939 | 384,368 | ' | ' |
Long-term debt and obligations under capital leases, less current portion | 1,195,305 | 1,246,764 | ' | ' |
Deferred income taxes | 469,690 | 484,200 | ' | ' |
Securitization of accounts receivable | 259,000 | 264,000 | ' | ' |
Revolving line of credit | 0 | 17,000 | ' | ' |
Other liabilities | 133,829 | 129,089 | ' | ' |
Total liabilities | 2,517,763 | 2,525,421 | ' | ' |
Total stockholdersb equity | 302,253 | 283,587 | ' | ' |
Total liabilities and stockholdersb equity | 2,820,016 | 2,809,008 | ' | ' |
Swift Transportation Company [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [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 | 106,494 | 85,498 | ' | ' |
Other current assets | 18,626 | 37,022 | ' | ' |
Total current assets | 125,120 | 122,520 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Investment in subsidiaries | 253,590 | 239,432 | ' | ' |
Other assets | 11,206 | 11,780 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Total assets | 389,916 | 373,732 | ' | ' |
Intercompany Accounts Payable, Current | 67 | 0 | ' | ' |
Current portion of long-term debt and obligations under capital leases | 4,239 | 6,036 | ' | ' |
Other current liabilities | 2,334 | 2,281 | ' | ' |
Total current liabilities | 6,640 | 8,317 | ' | ' |
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 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Total liabilities | 6,640 | 8,317 | ' | ' |
Total stockholdersb equity | 383,276 | 365,415 | ' | ' |
Total liabilities and stockholdersb equity | 389,916 | 373,732 | ' | ' |
Swift Services Holdings, Inc. (Issuer) [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [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 | 379,169 | 400,569 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Total current assets | 379,169 | 400,569 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Investment in subsidiaries | 874,674 | 870,599 | ' | ' |
Other assets | 2,176 | 2,355 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Total assets | 1,256,019 | 1,273,523 | ' | ' |
Intercompany Accounts Payable, Current | 1,144 | 1,296 | ' | ' |
Current portion of long-term debt and obligations under capital leases | 0 | 0 | ' | ' |
Other current liabilities | 17,998 | 6,389 | ' | ' |
Total current liabilities | 19,142 | 7,685 | ' | ' |
Long-term debt and obligations under capital leases, less current portion | 470,663 | 493,825 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Securitization of accounts receivable | 0 | 0 | ' | ' |
Revolving line of credit | ' | 0 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Total liabilities | 489,805 | 501,510 | ' | ' |
Total stockholdersb equity | 766,214 | 772,013 | ' | ' |
Total liabilities and stockholdersb equity | 1,256,019 | 1,273,523 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 40,771 | 54,564 | 30,694 | 43,877 |
Restricted cash | 0 | 0 | ' | ' |
Restricted investments, held to maturity, amortized cost | ' | 0 | ' | ' |
Accounts receivable, net | 32,018 | 28,997 | ' | ' |
Intercompany Receivable | 0 | 0 | ' | ' |
Other current assets | 126,263 | 127,775 | ' | ' |
Total current assets | 199,052 | 211,336 | ' | ' |
Property and equipment, net | 1,429,759 | 1,407,414 | ' | ' |
Investment in subsidiaries | 978,711 | 983,289 | ' | ' |
Other assets | 115,208 | 83,967 | ' | ' |
Intangible assets, net | 303,081 | 307,092 | ' | ' |
Goodwill | 246,977 | 246,977 | ' | ' |
Total assets | 3,272,788 | 3,240,075 | ' | ' |
Intercompany Accounts Payable, Current | 543,199 | 542,772 | ' | ' |
Current portion of long-term debt and obligations under capital leases | 72,457 | 64,970 | ' | ' |
Other current liabilities | 335,455 | 277,921 | ' | ' |
Total current liabilities | 951,111 | 885,663 | ' | ' |
Long-term debt and obligations under capital leases, less current portion | 720,511 | 747,918 | ' | ' |
Deferred income taxes | 472,967 | 487,670 | ' | ' |
Securitization of accounts receivable | 0 | 0 | ' | ' |
Revolving line of credit | ' | 17,000 | ' | ' |
Other liabilities | 81,108 | 73,774 | ' | ' |
Total liabilities | 2,225,697 | 2,212,025 | ' | ' |
Total stockholdersb equity | 1,047,091 | 1,028,050 | ' | ' |
Total liabilities and stockholdersb equity | 3,272,788 | 3,240,075 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 5,327 | 4,614 | 8,052 | 9,719 |
Restricted cash | 47,012 | 50,833 | ' | ' |
Restricted investments, held to maturity, amortized cost | 25,832 | 25,814 | ' | ' |
Accounts receivable, net | 427,229 | 394,044 | ' | ' |
Intercompany Receivable | 57,536 | 55,799 | ' | ' |
Other current assets | 17,124 | 16,270 | ' | ' |
Total current assets | 580,060 | 547,374 | ' | ' |
Property and equipment, net | 39,012 | 40,393 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Other assets | 4,312 | 4,639 | ' | ' |
Intangible assets, net | 9,462 | 9,655 | ' | ' |
Goodwill | 6,279 | 6,279 | ' | ' |
Total assets | 639,125 | 608,340 | ' | ' |
Intercompany Accounts Payable, Current | 0 | 0 | ' | ' |
Current portion of long-term debt and obligations under capital leases | 73,472 | 36,626 | ' | ' |
Other current liabilities | 28,004 | 27,170 | ' | ' |
Total current liabilities | 101,476 | 63,796 | ' | ' |
Long-term debt and obligations under capital leases, less current portion | 4,903 | 5,046 | ' | ' |
Deferred income taxes | 8,378 | 8,754 | ' | ' |
Securitization of accounts receivable | 259,000 | 264,000 | ' | ' |
Revolving line of credit | ' | 0 | ' | ' |
Other liabilities | 52,721 | 55,315 | ' | ' |
Total liabilities | 426,478 | 396,911 | ' | ' |
Total stockholdersb equity | 212,647 | 211,429 | ' | ' |
Total liabilities and stockholdersb equity | 639,125 | 608,340 | ' | ' |
Eliminations For Consolidation [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash | 0 | 0 | ' | ' |
Restricted investments, held to maturity, amortized cost | 0 | 0 | ' | ' |
Accounts receivable, net | -4,538 | -4,605 | ' | ' |
Intercompany Receivable | -543,199 | -541,866 | ' | ' |
Other current assets | -1,144 | -1,296 | ' | ' |
Total current assets | -548,881 | -547,767 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Investment in subsidiaries | -2,106,975 | -2,093,320 | ' | ' |
Other assets | -81,976 | -45,575 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Total assets | -2,737,832 | -2,686,662 | ' | ' |
Intercompany Accounts Payable, Current | -544,410 | -544,068 | ' | ' |
Current portion of long-term debt and obligations under capital leases | -69,549 | -32,576 | ' | ' |
Other current liabilities | -4,471 | -4,449 | ' | ' |
Total current liabilities | -618,430 | -581,093 | ' | ' |
Long-term debt and obligations under capital leases, less current portion | -772 | -25 | ' | ' |
Deferred income taxes | -11,655 | -12,224 | ' | ' |
Securitization of accounts receivable | 0 | 0 | ' | ' |
Revolving line of credit | ' | 0 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Total liabilities | -630,857 | -593,342 | ' | ' |
Total stockholdersb equity | -2,106,975 | -2,093,320 | ' | ' |
Total liabilities and stockholdersb equity | ($2,737,832) | ($2,686,662) | ' | ' |
Guarantor_Condensed_Consolidat3
Guarantor Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Operations) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Operating revenue | $1,008,446 | $981,608 |
Operating expenses: | ' | ' |
Salaries, wages and employee benefits | 229,366 | 226,485 |
Operating supplies and expenses | 80,825 | 72,067 |
Fuel | 156,022 | 168,116 |
Purchased transportation | 319,169 | 292,156 |
Rental expense | 51,719 | 40,623 |
Insurance and claims | 42,448 | 31,538 |
Depreciation and amortization of property and equipment | 56,175 | 54,870 |
Amortization of intangibles | 4,204 | 4,204 |
Gain on disposal of property and equipment | -3,159 | -2,848 |
Communication and utilities | 7,170 | 6,565 |
Operating taxes and licenses | 18,337 | 18,114 |
Total operating expenses | 962,276 | 911,890 |
Operating income (loss), net | 46,170 | 69,718 |
Interest expense, net | 24,112 | 26,333 |
Other (income) expenses, net | 2,049 | -1,594 |
Income before income taxes | 20,009 | 44,979 |
Income tax expense (benefit) | 7,704 | 14,687 |
Net income (loss) | 12,305 | 30,292 |
Swift Transportation Company [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Operating revenue | 0 | 0 |
Operating expenses: | ' | ' |
Salaries, wages and employee benefits | 1,061 | 545 |
Operating supplies and expenses | 684 | 499 |
Fuel | 0 | 0 |
Purchased transportation | 0 | 0 |
Rental expense | 0 | 0 |
Insurance and claims | 1,715 | 0 |
Depreciation and amortization of property and equipment | 0 | 0 |
Amortization of intangibles | 0 | 0 |
Gain on disposal of property and equipment | 0 | 0 |
Communication and utilities | 0 | 0 |
Operating taxes and licenses | 0 | 0 |
Total operating expenses | 3,460 | 1,044 |
Operating income (loss), net | -3,460 | -1,044 |
Interest expense, net | 30 | 0 |
Other (income) expenses, net | -14,156 | -23,499 |
Income before income taxes | 10,666 | 22,455 |
Income tax expense (benefit) | -1,639 | -886 |
Net income (loss) | 12,305 | 23,341 |
Swift Services Holdings, Inc. (Issuer) [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Operating revenue | 0 | 0 |
Operating expenses: | ' | ' |
Salaries, wages and employee benefits | 0 | 0 |
Operating supplies and expenses | 0 | 0 |
Fuel | 0 | 0 |
Purchased transportation | 0 | 0 |
Rental expense | 0 | 0 |
Insurance and claims | 0 | 0 |
Depreciation and amortization of property and equipment | 0 | 0 |
Amortization of intangibles | 0 | 0 |
Gain on disposal of property and equipment | 0 | 0 |
Communication and utilities | 0 | 0 |
Operating taxes and licenses | 0 | 0 |
Total operating expenses | 0 | 0 |
Operating income (loss), net | 0 | 0 |
Interest expense, net | 12,781 | 12,913 |
Other (income) expenses, net | -1,163 | -6,947 |
Income before income taxes | -11,618 | -5,966 |
Income tax expense (benefit) | -5,819 | -4,790 |
Net income (loss) | -5,799 | -1,176 |
Guarantor Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Operating revenue | 988,993 | 963,742 |
Operating expenses: | ' | ' |
Salaries, wages and employee benefits | 220,534 | 218,721 |
Operating supplies and expenses | 76,275 | 70,337 |
Fuel | 149,132 | 161,858 |
Purchased transportation | 329,512 | 301,651 |
Rental expense | 50,992 | 39,890 |
Insurance and claims | 34,935 | 26,731 |
Depreciation and amortization of property and equipment | 54,768 | 53,830 |
Amortization of intangibles | 4,011 | 4,011 |
Gain on disposal of property and equipment | -3,159 | -2,833 |
Communication and utilities | 6,880 | 6,368 |
Operating taxes and licenses | 15,517 | 15,450 |
Total operating expenses | 939,397 | 896,014 |
Operating income (loss), net | 49,596 | 67,728 |
Interest expense, net | 9,944 | 12,348 |
Other (income) expenses, net | 6,775 | -532 |
Income before income taxes | 32,877 | 55,912 |
Income tax expense (benefit) | 14,645 | 18,515 |
Net income (loss) | 18,232 | 37,397 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Operating revenue | 38,522 | 38,626 |
Operating expenses: | ' | ' |
Salaries, wages and employee benefits | 7,771 | 7,219 |
Operating supplies and expenses | 6,628 | 2,989 |
Fuel | 6,890 | 6,258 |
Purchased transportation | 2,457 | 2,977 |
Rental expense | 890 | 921 |
Insurance and claims | 9,142 | 11,149 |
Depreciation and amortization of property and equipment | 1,407 | 1,040 |
Amortization of intangibles | 193 | 193 |
Gain on disposal of property and equipment | 0 | -15 |
Communication and utilities | 290 | 197 |
Operating taxes and licenses | 2,820 | 2,664 |
Total operating expenses | 38,488 | 35,592 |
Operating income (loss), net | 34 | 3,034 |
Interest expense, net | 1,357 | 1,072 |
Other (income) expenses, net | -3,062 | -2,366 |
Income before income taxes | 1,739 | 4,328 |
Income tax expense (benefit) | 517 | 1,848 |
Net income (loss) | 1,222 | 2,480 |
Eliminations For Consolidation [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Operating revenue | -19,069 | -20,760 |
Operating expenses: | ' | ' |
Salaries, wages and employee benefits | 0 | 0 |
Operating supplies and expenses | -2,762 | -1,758 |
Fuel | 0 | 0 |
Purchased transportation | -12,800 | -12,472 |
Rental expense | -163 | -188 |
Insurance and claims | -3,344 | -6,342 |
Depreciation and amortization of property and equipment | 0 | 0 |
Amortization of intangibles | 0 | 0 |
Gain on disposal of property and equipment | 0 | 0 |
Communication and utilities | 0 | 0 |
Operating taxes and licenses | 0 | 0 |
Total operating expenses | -19,069 | -20,760 |
Operating income (loss), net | 0 | 0 |
Interest expense, net | ' | 0 |
Other (income) expenses, net | 13,655 | 31,750 |
Income before income taxes | -13,655 | -31,750 |
Income tax expense (benefit) | 0 | 0 |
Net income (loss) | ($13,655) | ($31,750) |
Guarantor_Condensed_Consolidat4
Guarantor Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Comprehensive Income) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net income (loss) | $12,305 | $30,292 |
Other comprehensive income before income taxes: | ' | ' |
Accumulated losses on derivatives reclassified to derivative interest expense | 1,314 | 491 |
Change in fair value of interest rate swaps | 0 | -319 |
Other comprehensive income before income taxes | 1,314 | 172 |
Income tax effect of items within other comprehensive income | -506 | 26 |
Total comprehensive income | 13,113 | 30,490 |
Swift Transportation Company [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net income (loss) | 12,305 | 23,341 |
Other comprehensive income before income taxes: | ' | ' |
Accumulated losses on derivatives reclassified to derivative interest expense | 0 | 0 |
Change in fair value of interest rate swaps | 0 | 0 |
Other comprehensive income before income taxes | 0 | 0 |
Income tax effect of items within other comprehensive income | 0 | 0 |
Total comprehensive income | 12,305 | 23,341 |
Guarantor Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net income (loss) | 18,232 | 37,397 |
Other comprehensive income before income taxes: | ' | ' |
Accumulated losses on derivatives reclassified to derivative interest expense | 1,314 | 491 |
Change in fair value of interest rate swaps | 0 | -319 |
Other comprehensive income before income taxes | 1,314 | 172 |
Income tax effect of items within other comprehensive income | -506 | 26 |
Total comprehensive income | 19,040 | 37,595 |
Swift Services Holdings, Inc. (Issuer) [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net income (loss) | -5,799 | -1,176 |
Other comprehensive income before income taxes: | ' | ' |
Accumulated losses on derivatives reclassified to derivative interest expense | 0 | 0 |
Change in fair value of interest rate swaps | 0 | 0 |
Other comprehensive income before income taxes | 0 | 0 |
Income tax effect of items within other comprehensive income | 0 | 0 |
Total comprehensive income | -5,799 | -1,176 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net income (loss) | 1,222 | 2,480 |
Other comprehensive income before income taxes: | ' | ' |
Accumulated losses on derivatives reclassified to derivative interest expense | 0 | 0 |
Change in fair value of interest rate swaps | 0 | 0 |
Other comprehensive income before income taxes | 0 | 0 |
Income tax effect of items within other comprehensive income | 0 | 0 |
Total comprehensive income | 1,222 | 2,480 |
Eliminations For Consolidation [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net income (loss) | -13,655 | -31,750 |
Other comprehensive income before income taxes: | ' | ' |
Accumulated losses on derivatives reclassified to derivative interest expense | 0 | 0 |
Change in fair value of interest rate swaps | 0 | 0 |
Other comprehensive income before income taxes | 0 | 0 |
Income tax effect of items within other comprehensive income | 0 | 0 |
Total comprehensive income | ($13,655) | ($31,750) |
Guarantor_Condensed_Consolidat5
Guarantor Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Cash Flows) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | $76,157 | $110,802 |
Cash flows from investing activities: | ' | ' |
Decrease in restricted cash | 3,821 | 6,211 |
Change in restricted investments | -164 | -7,073 |
Proceeds from sale of property and equipment | 28,428 | 14,326 |
Capital expenditures | -60,058 | -61,795 |
Payments received on notes receivable | 1,553 | 1,034 |
Expenditures on assets held for sale | -1,521 | -833 |
Payments received on assets held for sale | 2,269 | 21,828 |
Payments received on equipment sale receivables | 469 | 596 |
Dividends from subsidiary | ' | 0 |
Payments received on intercompany notes payable | ' | 0 |
Net cash used in investing activities | -25,203 | -25,706 |
Cash flows from financing activities: | ' | ' |
Repayment of long-term debt and capital leases | -46,526 | -97,295 |
Net (repayments) borrowings on revolving line of credit | -17,000 | 7,407 |
Repayment of accounts receivable securitization | -5,000 | -56,000 |
Net funding (to) from affiliates | 0 | 0 |
Proceeds from exercise of stock options and the issuance of employee stock purchase plan shares | 3,414 | 2,875 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | -1,078 | -490 |
Proceeds from long-term debt | 0 | 19,200 |
Payment of deferred loan costs | 0 | -1,257 |
Borrowings under accounts receivable securitization | 0 | 56,000 |
Distribution to Central stockholders, pre-acquisition | 0 | -386 |
Issuance of Central stockholders' loan receivable, pre-acquisition | 0 | -30,000 |
Dividend to parent | ' | 0 |
Repayment of intercompany notes payable | ' | 0 |
Net cash used in financing activities | -64,034 | -99,946 |
Net (decrease) increase in cash and cash equivalents | -13,080 | -14,850 |
Cash and cash equivalents at beginning of period | 59,178 | ' |
Cash and cash equivalents at end of period | 46,098 | 38,746 |
Swift Transportation Company [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 18,299 | 5,363 |
Cash flows from investing activities: | ' | ' |
Decrease in restricted cash | 0 | 0 |
Change in restricted investments | 0 | 0 |
Proceeds from sale of property and equipment | 0 | 0 |
Capital expenditures | 0 | 0 |
Payments received on notes receivable | ' | 0 |
Expenditures on assets held for sale | 0 | 0 |
Payments received on assets held for sale | 0 | 0 |
Payments received on equipment sale receivables | 0 | 0 |
Dividends from subsidiary | ' | 0 |
Payments received on intercompany notes payable | ' | 0 |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities: | ' | ' |
Repayment of long-term debt and capital leases | -1,797 | 0 |
Net (repayments) borrowings on revolving line of credit | 0 | ' |
Repayment of accounts receivable securitization | 0 | 0 |
Net funding (to) from affiliates | -20,994 | -7,748 |
Proceeds from exercise of stock options and the issuance of employee stock purchase plan shares | 3,414 | 2,875 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | -1,078 | -490 |
Proceeds from long-term debt | ' | 0 |
Payment of deferred loan costs | ' | 0 |
Borrowings under accounts receivable securitization | ' | 0 |
Distribution to Central stockholders, pre-acquisition | ' | 0 |
Issuance of Central stockholders' loan receivable, pre-acquisition | ' | 0 |
Dividend to parent | ' | 0 |
Repayment of intercompany notes payable | ' | 0 |
Net cash used in financing activities | -18,299 | -5,363 |
Net (decrease) increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | ' |
Cash and cash equivalents at end of period | 0 | 0 |
Swift Services Holdings, Inc. (Issuer) [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | -21,400 | 4,817 |
Cash flows from investing activities: | ' | ' |
Decrease in restricted cash | 0 | 0 |
Change in restricted investments | 0 | 0 |
Proceeds from sale of property and equipment | 0 | 0 |
Capital expenditures | 0 | 0 |
Payments received on notes receivable | 0 | 0 |
Expenditures on assets held for sale | 0 | 0 |
Payments received on assets held for sale | 0 | 0 |
Payments received on equipment sale receivables | 0 | 0 |
Dividends from subsidiary | ' | 0 |
Payments received on intercompany notes payable | ' | 0 |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities: | ' | ' |
Repayment of long-term debt and capital leases | 0 | 0 |
Net (repayments) borrowings on revolving line of credit | 0 | ' |
Repayment of accounts receivable securitization | 0 | 0 |
Net funding (to) from affiliates | 21,400 | -4,817 |
Proceeds from exercise of stock options and the issuance of employee stock purchase plan shares | 0 | 0 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | 0 |
Proceeds from long-term debt | ' | 0 |
Payment of deferred loan costs | ' | 0 |
Borrowings under accounts receivable securitization | ' | 0 |
Distribution to Central stockholders, pre-acquisition | ' | 0 |
Issuance of Central stockholders' loan receivable, pre-acquisition | ' | 0 |
Dividend to parent | ' | 0 |
Repayment of intercompany notes payable | ' | 0 |
Net cash used in financing activities | 21,400 | -4,817 |
Net (decrease) increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | ' |
Cash and cash equivalents at end of period | 0 | 0 |
Guarantor Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 113,879 | 119,287 |
Cash flows from investing activities: | ' | ' |
Decrease in restricted cash | 0 | 0 |
Change in restricted investments | 0 | 0 |
Proceeds from sale of property and equipment | 28,428 | 14,286 |
Capital expenditures | -60,033 | -61,756 |
Payments received on notes receivable | 1,553 | 1,034 |
Expenditures on assets held for sale | -1,521 | -833 |
Payments received on assets held for sale | 2,269 | 21,828 |
Payments received on equipment sale receivables | 469 | 596 |
Dividends from subsidiary | ' | -1,160 |
Payments received on intercompany notes payable | ' | 3,315 |
Net cash used in investing activities | -28,835 | -22,690 |
Cash flows from financing activities: | ' | ' |
Repayment of long-term debt and capital leases | -43,705 | -97,162 |
Net (repayments) borrowings on revolving line of credit | 17,000 | 7,407 |
Repayment of accounts receivable securitization | 0 | 0 |
Net funding (to) from affiliates | -38,132 | -4,382 |
Proceeds from exercise of stock options and the issuance of employee stock purchase plan shares | 0 | 0 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | 0 |
Proceeds from long-term debt | ' | 16,000 |
Payment of deferred loan costs | ' | -1,257 |
Borrowings under accounts receivable securitization | ' | 0 |
Distribution to Central stockholders, pre-acquisition | ' | -386 |
Issuance of Central stockholders' loan receivable, pre-acquisition | ' | -30,000 |
Dividend to parent | ' | 0 |
Repayment of intercompany notes payable | ' | 0 |
Net cash used in financing activities | -98,837 | -109,780 |
Net (decrease) increase in cash and cash equivalents | -13,793 | -13,183 |
Cash and cash equivalents at beginning of period | 54,564 | ' |
Cash and cash equivalents at end of period | 40,771 | 30,694 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | -34,621 | -18,665 |
Cash flows from investing activities: | ' | ' |
Decrease in restricted cash | 3,821 | 6,211 |
Change in restricted investments | -164 | -7,073 |
Proceeds from sale of property and equipment | 0 | 40 |
Capital expenditures | -25 | -39 |
Payments received on notes receivable | 0 | 0 |
Expenditures on assets held for sale | 0 | 0 |
Payments received on assets held for sale | 0 | 0 |
Payments received on equipment sale receivables | 0 | 0 |
Dividends from subsidiary | ' | 0 |
Payments received on intercompany notes payable | ' | 0 |
Net cash used in investing activities | 3,632 | -861 |
Cash flows from financing activities: | ' | ' |
Repayment of long-term debt and capital leases | -1,024 | -133 |
Net (repayments) borrowings on revolving line of credit | 0 | ' |
Repayment of accounts receivable securitization | -5,000 | -56,000 |
Net funding (to) from affiliates | 37,726 | 16,947 |
Proceeds from exercise of stock options and the issuance of employee stock purchase plan shares | 0 | 0 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | 0 |
Proceeds from long-term debt | ' | 3,200 |
Payment of deferred loan costs | ' | 0 |
Borrowings under accounts receivable securitization | ' | 56,000 |
Distribution to Central stockholders, pre-acquisition | ' | 0 |
Issuance of Central stockholders' loan receivable, pre-acquisition | ' | 0 |
Dividend to parent | ' | 1,160 |
Repayment of intercompany notes payable | ' | -3,315 |
Net cash used in financing activities | 31,702 | 17,859 |
Net (decrease) increase in cash and cash equivalents | 713 | -1,667 |
Cash and cash equivalents at beginning of period | 4,614 | ' |
Cash and cash equivalents at end of period | 5,327 | 8,052 |
Eliminations For Consolidation [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 0 | 0 |
Cash flows from investing activities: | ' | ' |
Decrease in restricted cash | 0 | 0 |
Change in restricted investments | 0 | 0 |
Proceeds from sale of property and equipment | 0 | 0 |
Capital expenditures | 0 | 0 |
Payments received on notes receivable | 0 | 0 |
Expenditures on assets held for sale | 0 | 0 |
Payments received on assets held for sale | 0 | 0 |
Payments received on equipment sale receivables | 0 | 0 |
Dividends from subsidiary | ' | 1,160 |
Payments received on intercompany notes payable | ' | -3,315 |
Net cash used in investing activities | 0 | -2,155 |
Cash flows from financing activities: | ' | ' |
Repayment of long-term debt and capital leases | 0 | 0 |
Net (repayments) borrowings on revolving line of credit | 0 | ' |
Repayment of accounts receivable securitization | 0 | 0 |
Net funding (to) from affiliates | 0 | 0 |
Proceeds from exercise of stock options and the issuance of employee stock purchase plan shares | 0 | 0 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | 0 |
Proceeds from long-term debt | ' | 0 |
Payment of deferred loan costs | ' | 0 |
Borrowings under accounts receivable securitization | ' | 0 |
Distribution to Central stockholders, pre-acquisition | ' | 0 |
Issuance of Central stockholders' loan receivable, pre-acquisition | ' | 0 |
Dividend to parent | ' | -1,160 |
Repayment of intercompany notes payable | ' | 3,315 |
Net cash used in financing activities | 0 | 2,155 |
Net (decrease) increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | ' |
Cash and cash equivalents at end of period | $0 | $0 |