Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | SWFT | |
Entity Registrant Name | SWIFT TRANSPORTATION Co | |
Entity Central Index Key | 1492691 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Class A Common Stock [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 91,382,832 | |
Class B Common Stock [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 50,991,938 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | ||
Current assets: | ||||
Cash and cash equivalents | $68,736 | $105,132 | ||
Restricted cash | 61,692 | 45,621 | ||
Restricted investments, held to maturity, amortized cost | 18,286 | 24,510 | ||
Accounts receivable, net | 452,757 | 478,999 | ||
Equipment sales receivable | 689 | 288 | ||
Income tax refund receivable | 4,233 | 18,455 | ||
Inventories and supplies | 18,074 | 18,992 | ||
Assets held for sale | 3,438 | 2,907 | ||
Prepaid taxes, licenses, insurance and other | 48,874 | 51,441 | ||
Deferred income taxes | 35,276 | 44,861 | ||
Current portion of notes receivable | 8,730 | 9,202 | ||
Total current assets | 720,785 | 800,408 | ||
Property and equipment, at cost: | ||||
Revenue and service equipment | 2,120,927 | 2,061,835 | ||
Land | 122,835 | 122,835 | ||
Facilities and improvements | 273,567 | 268,025 | ||
Furniture and office equipment | 68,927 | 67,740 | ||
Total property and equipment | 2,586,256 | 2,520,435 | ||
Less: accumulated depreciation and amortization | 1,017,060 | 978,305 | ||
Net property and equipment | 1,569,196 | 1,542,130 | ||
Other assets | 37,957 | 41,855 | ||
Intangible assets, net | 295,729 | 299,933 | ||
Goodwill | 253,256 | 253,256 | ||
Total assets | 2,876,923 | 2,937,582 | ||
Current liabilities: | ||||
Accounts payable | 162,226 | 160,186 | ||
Accrued liabilities | 110,947 | 100,329 | ||
Current portion of claims accruals | 73,429 | 81,251 | ||
Current portion of long-term debt | 32,581 | 31,445 | ||
Current portion of capital lease obligations | 45,891 | 42,902 | ||
Fair value of interest rate swaps | 4,233 | 6,109 | ||
Total current liabilities | 429,307 | 422,222 | ||
Revolving line of credit | 0 | [1] | 57,000 | [1] |
Long-term debt, less current portion | 867,042 | 871,615 | ||
Capital Lease Obligations, less current portion | 153,786 | 158,104 | ||
Claims accruals, less current portion | 152,732 | 143,693 | ||
Deferred income taxes | 465,419 | 480,640 | ||
Securitization of Accounts Receivable | 294,000 | 334,000 | ||
Other liabilities | 32 | 14 | ||
Total liabilities | 2,362,318 | 2,467,288 | ||
Contingencies (Note 9) | ||||
Stockholders’ equity: | ||||
Preferred stock, par value $0.01 per share; Authorized 10,000,000 shares; none issued | 0 | 0 | ||
Other comprehensive income before income taxes | 1,848 | |||
Additional paid-in capital | 786,455 | 781,124 | ||
Accumulated deficit | -272,177 | -310,017 | ||
Accumulated other comprehensive (loss) income | -1,199 | -2,336 | ||
Noncontrolling interest | 102 | 102 | ||
Total stockholders’ equity | 514,605 | 470,294 | ||
Total liabilities and stockholders’ equity | 2,876,923 | 2,937,582 | ||
Class A Common Stock [Member] | ||||
Stockholders’ equity: | ||||
Common stock, value | 914 | 911 | ||
Class B Common Stock [Member] | ||||
Stockholders’ equity: | ||||
Common stock, value | $510 | $510 | ||
[1] | The Company had outstanding letters of credit, primarily related to workers' compensation and self-insurance liabilities, of $100.3 million at March 31, 2015 and $100.3 million at December 31, 2014, under the revolving line of credit. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | 91,366,626 | 91,103,643 |
Common stock, shares outstanding | 91,366,626 | 91,103,643 |
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 | 50,991,938 | 50,991,938 |
Common stock, shares outstanding | 50,991,938 | 50,991,938 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Revenue, excluding fuel surcharge revenue | $894,864 | $816,999 |
Fuel Surcharge Revenue | 120,280 | 191,447 |
Operating revenue | 1,015,144 | 1,008,446 |
Operating expenses: | ||
Salaries, wages and employee benefits | 261,654 | 229,366 |
Operating supplies and expenses | 94,204 | 80,825 |
Fuel | 106,907 | 156,022 |
Purchased transportation | 288,811 | 319,169 |
Operating Leases, Rent Expense, Net | 61,975 | 51,719 |
Insurance and claims | 44,307 | 42,448 |
Depreciation and amortization of property and equipment | 56,927 | 56,175 |
Amortization of intangibles | 4,204 | 4,204 |
Gain on disposal of property and equipment | -3,932 | -3,159 |
Communication and utilities | 7,499 | 7,170 |
Operating taxes and licenses | 17,588 | 18,337 |
Total operating expenses | 940,144 | 962,276 |
Operating income | 75,000 | 46,170 |
Other (income) expenses: | ||
Interest expense | 10,388 | 23,225 |
Derivative interest expense | 2,793 | 1,653 |
Interest income | -587 | -766 |
Loss on debt extinguishment | 0 | 2,913 |
Non-cash impairments of non-operating assets | 1,480 | 0 |
Other | -605 | -864 |
Total other expenses (Income), net | 13,469 | 26,161 |
Income before income taxes | 61,531 | 20,009 |
Income tax expense (benefit) | 23,691 | 7,704 |
Net income | $37,840 | $12,305 |
Basic earnings per share | $0.27 | $0.09 |
Diluted earnings per share | $0.26 | $0.09 |
Shares used in per share calculations | ||
Basic | 142,199 | 140,981 |
Diluted | 143,955 | 143,018 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement Of Comprehensive Income [Abstract] | ||
Net income | $37,840 | $12,305 |
Accumulated losses on derivatives reclassified to derivative interest expense | 1,848 | 1,314 |
Other Comprehensive Income (Loss), before Tax | 1,848 | 1,314 |
Income tax effect of items within other comprehensive income | -711 | -506 |
Other comprehensive income, net of income taxes | 1,137 | 808 |
Total comprehensive income | $38,977 | $13,113 |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Noncontrolling Interest [Member] |
In Thousands, except Share data | Class A Common Stock [Member] | Class B Common Stock [Member] | |||||
Beginning balance at Dec. 31, 2014 | $470,294 | $911 | $510 | $781,124 | ($310,017) | ($2,336) | $102 |
Beginning balance, shares at Dec. 31, 2014 | 91,103,643 | 50,991,938 | |||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 252,453 | ||||||
Excess tax benefits from exercise of stock options | 1,483 | ||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 2,392 | 3 | 2,389 | ||||
Shares issued under employee stock purchase plan | 287 | 287 | |||||
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation | 1,172 | 1,172 | |||||
Shares issued under employee stock purchase plan, shares | 10,530 | ||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 0 | ||||||
Net current-period other comprehensive income | 1,137 | 1,137 | |||||
Non-cash equity compensation | 1,483 | ||||||
Net income | 37,840 | 37,840 | |||||
Ending balance at Mar. 31, 2015 | $514,605 | $914 | $510 | $786,455 | ($272,177) | ($1,199) | $102 |
Ending balance, shares at Mar. 31, 2015 | 91,366,626 | 50,991,938 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $37,840 | $12,305 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of property, equipment and intangibles | 61,131 | 60,379 |
Amortization of debt issuance costs, original issue discount, and losses on terminated swaps | 2,606 | 2,515 |
Gain on disposal of property and equipment less write-off of totaled tractors | -3,698 | -2,958 |
Impairments | 1,480 | 0 |
Deferred income taxes | -6,346 | -7,942 |
Provision for losses on accounts receivable | 1,913 | 792 |
Non-cash loss on debt extinguishment and write-offs of deferred financing costs and original issue discount | 0 | 2,913 |
Non-cash equity compensation | 1,483 | 1,061 |
Excess Tax Benefits from Stock-based Compensation, Operating Activities | 1,172 | 1,078 |
Income effect of mark-to-market adjustment of interest rate swaps | -119 | -32 |
Increase (decrease) in cash resulting from changes in: | ||
Accounts receivable | 24,329 | -37,064 |
Inventories and supplies | 918 | 653 |
Prepaid expenses and other current assets | 16,789 | 18,446 |
Other assets | 1,450 | 2,871 |
Accounts payable, accrued and other liabilities | -10,447 | 23,296 |
Net cash provided by operating activities | 128,157 | 76,157 |
Cash flows from investing activities: | ||
(Increase) decrease in restricted cash | -16,071 | 3,821 |
Proceeds from Sale and Maturity of Held-to-maturity Securities | 14,190 | 9,500 |
Payments to Acquire Restricted Investments | -8,016 | -9,664 |
Proceeds from sale of property and equipment | 13,370 | 28,428 |
Capital expenditures | -62,006 | -60,058 |
Payments received on notes receivable | 2,065 | 1,553 |
Expenditures on assets held for sale | -2,313 | -1,521 |
Payments received on assets held for sale | 1,815 | 2,269 |
Payments received on equipment sale receivables | 352 | 469 |
Net cash used in investing activities | -56,614 | -25,203 |
Cash flows from financing activities: | ||
Repayment of long-term debt and capital leases | -19,294 | -46,526 |
Proceeds from long-term debt | 4,504 | 0 |
Net repayments on revolving line of credit | -57,000 | -17,000 |
Borrowings under accounts receivable securitization | 10,000 | 0 |
Repayment of accounts receivable securitization | -50,000 | -5,000 |
Proceeds from common stock issued | 2,679 | 3,414 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | -1,172 | -1,078 |
Net cash used in financing activities | -107,939 | -64,034 |
Net decrease in cash and cash equivalents | -36,396 | -13,080 |
Cash and cash equivalents at beginning of period | 105,132 | |
Cash and cash equivalents at end of period | 68,736 | |
Cash paid during the period for: | ||
Interest | 13,912 | 11,854 |
Income taxes | 1,507 | 3,463 |
Non-cash investing activities: | ||
Equipment purchase accrual | 59,814 | 59,867 |
Notes Issued | 1,298 | 2,762 |
Equipment sales receivables | 753 | 7,376 |
Non-cash financing activities: | ||
Capital lease additions | $9,988 | $0 |
Basis_Of_Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis Of Presentation | Introduction and Basis of Presentation |
Certain acronyms and terms used throughout this Quarterly Report on Form 10-Q are specific to our company, commonly used in our industry, or are otherwise frequently used throughout our document. Definitions for these acronyms and terms are provided in the "Glossary of Terms," available in the front of this document. | |
Description of Business | |
Swift is a transportation solutions provider, headquartered in Phoenix, Arizona. As of March 31, 2015, the Company's fleet of revenue equipment included 19,535 tractors (comprised of 14,680 company tractors and 4,855 owner-operator tractors), 61,780 trailers and 9,150 intermodal containers. The Company’s four reportable segments are Truckload, Dedicated, Central Refrigerated and Intermodal. | |
Seasonality | |
In the truckload industry, results of operations generally show a seasonal pattern. As customers ramp up for the holiday season at year-end, the late third and fourth quarters have historically been the Company's strongest volume quarters. As customers reduce shipments after the winter holiday season, the first quarter has historically been a lower volume quarter than the other three quarters. In recent years, the macro consumer buying patterns combined with shippers’ supply chain management, which historically contributed to the fourth quarter “peak” season, continued to evolve. As a result, the Company's fourth quarter 2014, 2013 and 2012 volumes were more evenly disbursed throughout the quarter rather than peaking early in the quarter. In the eastern and mid-western United States, and to a lesser extent in the western United States, during the winter season the Company's equipment utilization typically declines and operating expenses generally increase, with fuel efficiency declining because of engine idling and severe weather sometimes creating higher accident frequency, increased claims, and more equipment repairs. Revenue may also be affected by holidays as a result of curtailed operations or vacation shutdowns, because the Company's revenue is directly related to available working days of shippers. From time to time, the Company also suffers short-term impacts from severe weather and similar events, such as tornadoes, hurricanes, blizzards, ice storms, floods, fires, earthquakes, and explosions that could add volatility to or harm the Company's results of operations. | |
Basis of Presentation | |
The consolidated financial statements and footnotes included in this Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and footnotes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. The consolidated financial statements include the accounts of Swift Transportation Company and its wholly-owned subsidiaries. In management's opinion, these financial statements were prepared in accordance with principles generally accepted in the United States and include all adjustments necessary for the fair presentation of the periods presented. | |
Changes in Presentation | |
Beginning in 2015, the Company separately presents excess tax benefits from stock-based compensation within "Net cash provided by operating activities" in the consolidated statements of cash flows. The prior period presentation has been retrospectively adjusted to reclassify the amount out of "Accounts payable, accrued and other liabilities" and into the new line item "Excess tax benefits from stock-based compensation." The change in presentation has no net impact on “Net cash provided by operating activities." | |
Also beginning in 2015, the Company presents gross amounts of its investment in securities activities as "Proceeds from maturities of investments" and "Purchases of investments" in the consolidated statements of cash flows. The prior period presentation has been retrospectively adjusted to accommodate this gross presentation. The change in presentation has no net impact on "Net cash used in investing activities." | |
Beginning in 2015, the Company has disaggregated "Operating revenue" in the consolidated income statements into the line items "Revenue, excluding fuel surcharge revenue" and "Fuel surcharge revenue." The change in presentation has no net impact on "Operating revenue." |
New_Accounting_Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | Recently Issued Accounting Pronouncements |
In April 2015, FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which amends ASC Subtopic 835-30, Interest — Imputation of Interest. The amendments in this ASU simplify the presentation of debt issuance costs and align the presentation with debt discounts. Entities will be required to present debt issuance costs as a direct deduction from the face amount of the related note, rather than as a deferred charge. Upon adoption, the amended guidance will affect Swift's classification of debt issuance costs, which are currently classified in "Other assets" in the consolidated balance sheets. The reclassification of debt issuance costs will effectively decrease "Other assets" and correspondingly decrease the respective long-term debt balances. The amendments in this ASU require retrospective application, with related disclosures for a change in accounting principle. Upon adoption, the Company will comply with these disclosure requirements by providing the nature and reason for the change, the transition method, a description of the adjusted prior period information and the effect of the change on the financial statement line items. For public business entities, the amendments in this ASU will be effective for financial statements issued for fiscal years beginning after December 15, 2015, and the interim periods within those fiscal years. Early adoption is permitted; however, the Company expects to adopt this guidance at the beginning of 2016. | |
In February 2015, FASB issued ASU 2015-02, Amendments to the Consolidation Analysis, which amends ASC Topic 810, Consolidation, by changing the analysis that reporting entities are required to perform to determine whether certain types of legal entities should be consolidated. The amendments in this ASU focus on limited partnerships and similar legal entities (such as limited liability companies); however, all legal entities are subject to reevaluation under the revised consolidation model. The revised consolidation model modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities, and eliminates the presumption that a general partner should consolidate a limited partnership. It also affects the consolidation analysis of reporting entities that are involved with variable interest entities, especially those that have fee arrangements and related-party relationships. The amendments in the ASU also affect certain investment funds. For public business entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2015, and the interim periods within those fiscal years. Early adoption is permitted. Entities may use a retrospective approach, or a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the year of adoption. The Company is currently evaluating the accounting, transition and disclosure requirements of the standard and cannot currently estimate the financial statement impact of adoption. |
Investments
Investments | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Schedule of Investments [Abstract] | ||||||||||||||||
Investments | Restricted Investments | |||||||||||||||
The following table presents the cost or amortized cost, gross unrealized gains and temporary losses, and estimated fair value of the Company’s restricted investments as of March 31, 2015 and December 31, 2014 (in thousands): | ||||||||||||||||
31-Mar-15 | ||||||||||||||||
Gross Unrealized | ||||||||||||||||
Cost or Amortized | Gains | Temporary | Estimated Fair Value | |||||||||||||
Cost | Losses | |||||||||||||||
United States corporate securities | $ | 16,861 | $ | 6 | $ | (3 | ) | $ | 16,864 | |||||||
Negotiable certificates of deposit | 1,425 | 1 | — | 1,426 | ||||||||||||
Total restricted investments | $ | 18,286 | $ | 7 | $ | (3 | ) | $ | 18,290 | |||||||
December 31, 2014 | ||||||||||||||||
Gross Unrealized | ||||||||||||||||
Cost or Amortized Cost | Gains | Temporary Losses | Estimated Fair Value | |||||||||||||
United States corporate securities | $ | 20,892 | $ | 2 | $ | (10 | ) | $ | 20,884 | |||||||
Foreign corporate securities | 1,503 | — | — | 1,503 | ||||||||||||
Negotiable certificates of deposit | 2,115 | — | — | 2,115 | ||||||||||||
Total restricted investments | $ | 24,510 | $ | 2 | $ | (10 | ) | $ | 24,502 | |||||||
As of March 31, 2015, the contractual maturities of the restricted investments were one year or less. There were 11 securities and 24 securities that were in an unrealized loss position for less than twelve months as of March 31, 2015 and December 31, 2014, respectively. The Company did not recognize any impairment losses for the three months ended March 31, 2015 or 2014. |
Intangible_Assets
Intangible Assets | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Intangible Assets | Note 4 — Goodwill and Other Intangible Assets | |||||||
There were no goodwill impairments recorded during the three months ended March 31, 2015 or 2014. Intangible assets as of March 31, 2015 and December 31, 2014 were as follows (in thousands): | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
Customer Relationships: | ||||||||
Gross carrying value | $ | 275,324 | $ | 275,324 | ||||
Accumulated amortization | (160,632 | ) | (156,428 | ) | ||||
Trade Name: | ||||||||
Gross carrying value | 181,037 | 181,037 | ||||||
Intangible assets, net | $ | 295,729 | $ | 299,933 | ||||
The following table presents amortization of intangibles for the three months ended March 31, 2015 and 2014, 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, | ||||||||
2015 | 2014 | |||||||
Amortization of intangible assets related to 2007 going private transaction | $ | 3,912 | $ | 3,912 | ||||
Amortization related to intangible assets existing prior to the 2007 going private transaction | 292 | 292 | ||||||
Amortization of intangibles | $ | 4,204 | $ | 4,204 | ||||
Accounts_Receivable_Securitiza
Accounts Receivable Securitization | 3 Months Ended |
Mar. 31, 2015 | |
Transfers and Servicing [Abstract] | |
Accounts Receivable Securitization | Accounts Receivable Securitization |
In June 2013, SRCII entered into the 2013 RSA with the Purchasers to replace the Company's prior 2011 RSA, and to sell, on a revolving basis, undivided interests in the Company’s accounts receivable. Pursuant to the 2013 RSA, the Company’s receivable originator subsidiaries 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. On September 26, 2014, the Company exercised an accordion option, increasing the maximum borrowing capacity on the 2013 RSA from $325.0 million to $375.0 million. The Company entered into an amendment to the 2013 RSA, effective March 31, 2015, to clarify when the Company’s consent is required in conjunction with a Purchaser’s sale or assignment of any portion of its purchased interest in the receivables and to amend certain of the performance ratios to provide increased flexibility to the Company in managing its receivables. | |
The facility qualifies for treatment as a secured borrowing under ASC Topic 860, Transfers and Servicing. As such, outstanding amounts are classified as liabilities on the Company’s consolidated balance sheets in "Securitization of accounts receivable." | |
As of March 31, 2015 and December 31, 2014, interest accrues on the aggregate principal balance at a rate of 0.8% and 0.8%, respectively. Program fees and unused commitment fees are recorded in interest expense in the Company's consolidated income statements. The Company incurred program fees of $1.0 million and $0.8 million, during the three months ended March 31, 2015 and 2014, respectively. | |
The 2013 RSA is subject to customary fees and contains various customary affirmative and negative covenants, representations and warranties, and default and termination provisions. 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. |
Debt_And_Financing_Transaction
Debt And Financing Transactions | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt And Financing Transactions | Debt and Financing | |||||||
Other than the Company’s accounts receivable securitization, as discussed in Note 5, and its outstanding capital lease obligations as discussed in Note 7, the Company's long-term debt consisted of the following (in thousands): | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
2014 Agreement: Term loan A, due June 2019 | $ | 494,375 | $ | 500,000 | ||||
2014 Agreement: Term Loan B, net of $885 and $920 OID as of March 31, 2015 and December 31, 2014, respectively | 395,115 | 396,080 | ||||||
Other | 10,133 | 6,980 | ||||||
Long-term debt | 899,623 | 903,060 | ||||||
Less: current portion of long-term debt | (32,581 | ) | (31,445 | ) | ||||
Long-term debt, less current portion | $ | 867,042 | $ | 871,615 | ||||
Revolving line of credit (1) | $ | — | $ | 57,000 | ||||
Long-term debt, including revolving line of credit | $ | 899,623 | $ | 960,060 | ||||
____________ | ||||||||
-1 | The Company had outstanding letters of credit, primarily related to workers' compensation and self-insurance liabilities, of $100.3 million at March 31, 2015 and $100.3 million at December 31, 2014, under the revolving line of credit. | |||||||
Credit Agreement | ||||||||
The Company entered into the 2014 Agreement on June 9, 2014, which included a delayed-draw first lien Term Loan A tranche, a first lien Term Loan B tranche, and a revolving credit line. The following table presents the key terms of the 2014 Agreement (dollars in thousands): | ||||||||
Description | Term Loan A | Term Loan B | Revolver (2) | |||||
Maximum borrowing capacity | $500,000 | $400,000 | $450,000 | |||||
Final maturity date | June 9, 2019 | June 9, 2021 | June 9, 2019 | |||||
Interest rate base | LIBOR | LIBOR | LIBOR | |||||
LIBOR floor | —% | 0.75% | —% | |||||
Interest rate minimum margin (1) | 1.50% | 2.75% | 1.50% | |||||
Interest rate maximum margin (1) | 2.25% | 3.00% | 2.25% | |||||
Minimum principal payment - amount (3) | $5,625 | $1,000 | $— | |||||
Minimum principal payment - frequency | Quarterly | Quarterly | Once | |||||
Minimum principal payment - commencement date (3) | 31-Mar-15 | 30-Jun-14 | 30-Jun-19 | |||||
-1 | Interest rate margins for the Term Loan A, Term Loan B and Revolver are based on the Company's consolidated leverage ratio. As of March 31, 2015, interest accrues at 1.93% and 3.75% on the Term Loan A and Term Loan B, respectively. As of December 31, 2014, interest accrued at 2.16% and 3.75% on the Term Loan A and Term Loan B, respectively. Prior to January 1, 2015, the minimum and maximum interest rate margins on the Term Loan B were both 3.00%. | |||||||
-2 | The commitment fee for the unused portion of the Revolver is also based on the Company's consolidated leverage ratio, and ranges from 0.25% to 0.35%. As of March 31, 2015, commitment fees on the unused portion of the Revolver accrue at 0.25% and outstanding letter of credit fees accrue at 1.75%. As of December 31, 2014, commitment fees on the unused portion of the Revolver accrued at 0.30% and outstanding letter of credit fees accrued at 2.00%. | |||||||
-3 | Commencing in March 2017, the minimum quarterly principal payment amount on the Term Loan A is $11.3 million. | |||||||
The Revolver and Term Loan A of the 2014 Agreement contain certain financial covenants with respect to a maximum leverage ratio and a minimum consolidated interest coverage ratio. The 2014 Agreement provides flexibility regarding the use of proceeds from asset sales, payment of dividends, stock buybacks, and equipment financing. In addition to the financial covenants, the 2014 Agreement includes customary events of default, including a change in control default and certain affirmative and negative covenants, including, but not limited to, restrictions, subject to certain exceptions, on incremental indebtedness, asset sales, certain restricted payments (including dividends), certain incremental investments or advances, transactions with affiliates, engaging in additional business activities, and prepayments of certain other indebtedness. | ||||||||
Borrowings under the credit facility are secured by substantially all of the assets of the Company and are guaranteed by Swift Transportation Company, IEL, Central Refrigerated Transportation, LLC and its subsidiaries, Swift Transportation Co., LLC and its domestic subsidiaries other than its captive insurance subsidiaries, driver academy subsidiary, and its bankruptcy-remote special purpose subsidiary. | ||||||||
Deferred Loan Costs and Loss on Debt Extinguishment | ||||||||
Deferred loan costs, reported in "Other assets" in the Company's consolidated balance sheets, were $9.7 million and $10.4 million, as of March 31, 2015 and December 31, 2014, respectively. | ||||||||
For the three months ended March 31, 2015, the Company did not incur any loss on debt extinguishment. For the three months ended March 31, 2014, the Company incurred a $2.9 million loss on debt extinguishment related to the Company's repurchase of its Senior Notes. |
Capital_Leases
Capital Leases | 3 Months Ended |
Mar. 31, 2015 | |
Leases [Abstract] | |
Capital Leases | Leases |
The Company finances a portion of its revenue equipment under capital and operating leases and certain terminals under operating leases. | |
Capital - 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. If the Company does not receive proceeds of the contracted residual value from the manufacturer, the Company is still obligated to make the balloon payment at the end of the lease term. Certain leases contain renewal or fixed price purchase options. The present value of obligations under capital leases is included under "Current portion of capital lease obligations" and "Capital lease obligations, less current portion" in the consolidated balance sheets. As of March 31, 2015, the leases were collateralized by revenue equipment with a cost of $266.7 million and accumulated amortization of $71.6 million. As of December 31, 2014, the leases were collateralized by revenue equipment with a cost of $270.6 million and accumulated amortization of $68.0 million. Amortization of the equipment under capital leases is included in "Depreciation and amortization of property and equipment" in the Company’s consolidated income statements. | |
Operating - Rent expense related to operating leases was $62.0 million and $51.7 million for the three months ended March 31, 2015 and 2014, respectively. |
Purchase_Commitments_Purchase_
Purchase Commitments Purchase Commitments Subsection (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments Disclosure [Text Block] | Purchase Commitments |
As of March 31, 2015, the Company had commitments outstanding to acquire revenue equipment for the remainder of 2015 for approximately $705.5 million ($569.4 million of which were tractor commitments) and in 2016 to 2017 for approximately $380.5 million (all of which were tractor commitments). The Company generally has the option to cancel tractor purchase orders with 60 to 90 days notice prior to the scheduled production, although the notice period has lapsed for approximately 31.3% of the tractor commitments outstanding as of March 31, 2015. These purchases are expected to be financed by the combination of operating leases, capital leases, debt, proceeds from sales of existing equipment and cash flows from operations. | |
As of March 31, 2015, the Company had outstanding purchase commitments of approximately $8.6 million for facilities and non-revenue equipment. Factors such as costs and opportunities for future terminal expansions may change the amount of such expenditures. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
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. | |
Arizona 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 v. Swift Transportation Co., Inc., Case No. CV7-472 ("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 trial 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. On November 13, 2014, the court denied plaintiff's motion to add new class representatives for the employee class and therefore the employee class remains without a plaintiff class representative. On March 18, 2015, the court denied Swift's two motions for summary judgment 1) to dismiss any claims related to the employee class since there is no class representative; and 2) to dismiss plaintiff's claim of breach of a duty of good faith and fair dealing. Swift filed a motion to decertify the entire class which remains pending before the court. The matter is scheduled for trial in October 2015. 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. | |
Ninth Circuit 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., 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 ("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 ("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 allegedly consists of 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 United States Supreme Court to address whether the district court or arbitrator should determine whether the contract is an employment contract exempt from Section 1 of the Federal Arbitration Act. On June 16, 2014, the United States Supreme Court denied the Company’s petition for writ of certiorari. The matter remains pending in the District Court and is currently in discovery. 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 Actions | |
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 ("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. Plaintiff has appealed. Minimum wage claims (specifically that pay per-mile fails to compensate drivers for non-driving-related services), timeliness of such pay and the issue of class certification remain pending. | |
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 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 ("the Rudsell Complaint"). The Rudsell Complaint has been stayed pending a resolution in the Burnell Complaint. | |
The issue of class certification must first be resolved before the court will address the merits of the case, and the Company retains all of its 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. There have been no significant developments to these cases since December 31, 2014. | |
California Wage and Hour Class Action | |
On September 25, 2014, a class action lawsuit was filed by Lawrence Peck on behalf of himself and all other similarly situated persons against Swift Transportation: Peck v. Swift Transportation Co. Arizona, LLC in the Superior Court of California, County of Riverside ("the Peck Complaint"). The putative class includes current and former non-exempt employee truck drivers who performed services in California within the four-year statutory period alleging that Swift failed to pay for all hours worked (specifically that pay-per-mile fails to compensate drivers for non-driving related services), failed to pay overtime, failed to properly reimburse work-related expenses, failed to timely pay wages and failed to provide accurate wage statements. | |
Peck is currently stayed, pending a resolution in the Burnell and Rudsell cases, based on the similarity of the Peck claims to the claims in those earlier filed cases. The final disposition of the case and the impact of such final disposition cannot be determined at this time. | |
Washington Overtime Class Action | |
On September 9, 2011, a class action lawsuit was filed by Troy Slack and several other drivers on behalf of themselves, 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 ("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 prior to the filing of the lawsuit through to present and alleges that they were not paid minimum wage and overtime in accordance with Washington State law and that they suffered unlawful deductions from wages. 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" drivers and did not certify any other class, including any class related to over the road drivers (“OTR Drivers”). The parties dispute the definition of "dedicated" as used by the court and a class notice has not yet been issued. The matter is now anticipated to move into discovery. The Company retains all of its defenses against liability and damages. The Company intends to vigorously defend the merits of these claims and to challenge certification. 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: 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 ("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 the FLSA claim proceed to collective arbitration under the Utah Uniform Arbitration Act (“UUAA”) and not the FAA. The September 24, 2012 order directed the arbitrator to determine the validity of proceeding as a collective arbitration under the UUAA, 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. The matter is currently in discovery. | |
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. | |
Environmental Notice | |
On April 17, 2009, the Company received a notice from the Lower Willamette Group ("LWG"), advising that there was a total of 250 potentially responsible parties ("PRPs"), with respect to alleged environmental contamination of the Lower Willamette River in Portland, Oregon designated as the Portland Harbor Superfund site ("the Site"), and that as a previous landowner at the Site, the Company was 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, management believes the Company's 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. Management 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. There have been no significant developments pertaining to this matter since December 31, 2014. | |
Other Environmental | |
The Company's tractors and trailers are involved in motor vehicle accidents, experience damage, mechanical failures and cargo issues as an incidental part of its 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, the Company is sometimes responsible for the clean-up costs associated with these discharges. As of March 31, 2015, the Company's estimate for its total legal liability for all such clean-up and remediation costs was approximately $0.4 million in the aggregate for all current and prior year claims. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||
Derivative Financial Instruments | Derivative Financial Instruments | |||||||||
The following table presents pre-tax losses from changes in fair value of the Company's interest rate swaps, included in earnings (in thousands): | ||||||||||
Three Months Ended March 31, | ||||||||||
2015 | 2014 | |||||||||
Loss reclassified from AOCI into net income from cash flow hedges (effective portion) | $ | 1,848 | $ | 1,314 | ||||||
Loss recognized in income from de-designated derivative contracts | 945 | 339 | ||||||||
Derivative interest expense | $ | 2,793 | $ | 1,653 | ||||||
As of March 31, 2015, $2.1 million of deferred losses on derivatives in AOCI are expected to be reclassified to earnings within the next 12 months. There were no losses recognized in AOCI from the effective portion of cash flow hedges during the three months ended March 31, 2015 or 2014. | ||||||||||
Losses on cash flow hedging, reclassified out of AOCI into the consolidated income statements were as follows (in thousands): | ||||||||||
Three Months Ended March 31, | ||||||||||
Reclassified to: | 2015 | 2014 | ||||||||
Interest rate swaps | Derivative interest expense | $ | 1,848 | $ | 1,314 | |||||
Income tax (benefit) expense | Income tax expense | (711 | ) | (506 | ) | |||||
Net income | $ | 1,137 | $ | 808 | ||||||
Activities related to AOCI net of tax, are presented in the consolidated statement of stockholders' equity, and primarily pertain to derivative financial instruments. The tax effects are presented in the consolidated statements of comprehensive income. Activities related to foreign currency transactions were immaterial for the three months ended March 31, 2015 and 2014. |
Fair_Value_Measurement
Fair Value Measurement | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurement | Fair Value Measurement | |||||||||||||||
The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments as of March 31, 2015 and December 31, 2014 (in thousands): | ||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||
Financial Assets: | ||||||||||||||||
Restricted investments | $ | 18,286 | $ | 18,290 | $ | 24,510 | $ | 24,502 | ||||||||
Financial Liabilities: | ||||||||||||||||
2014 Agreement: Term Loan A, due June 2019 | 494,375 | 494,375 | 500,000 | 500,000 | ||||||||||||
2014 Agreement: Term Loan B, net of $885 and $920 OID as of March 31, 2015 and December 31, 2014, respectively | 395,115 | 395,858 | 396,080 | 390,436 | ||||||||||||
Securitization of accounts receivable | 294,000 | 294,000 | 334,000 | 334,000 | ||||||||||||
The carrying amounts shown in the table (other than restricted investments and securitization of accounts receivable) are included in the consolidated balance sheets in "Current portion of long-term debt" and "Long-term debt, less current portion." | ||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||
As of March 31, 2015 and December 31, 2014, interest rate swaps were the only major category of liabilities included in the Company's consolidated balance sheets at estimated fair value that were measured on a recurring basis. The following table depicts the level in the fair value hierarchy of the inputs used to estimate fair value of these instruments (in thousands): | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Estimated Fair Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||
As of March 31, 2015 | ||||||||||||||||
Interest rate swaps | $ | 4,233 | $ | — | $ | 4,233 | $ | — | ||||||||
As of December 31, 2014 | ||||||||||||||||
Interest rate swaps | $ | 6,109 | $ | — | $ | 6,109 | $ | — | ||||||||
As of March 31, 2015 and December 31, 2014, there were no assets included in the Company's consolidated balance sheets at estimated fair value that were measured on a recurring basis. | ||||||||||||||||
Nonrecurring Fair Value Measurements | ||||||||||||||||
The following table depicts the level in the fair value hierarchy of the inputs used to estimate fair value of assets measured on a nonrecurring basis (in thousands): | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Estimated Fair Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Gains (Losses) | ||||||||||||
As of March 31, 2015 | ||||||||||||||||
Note receivable | $ | — | $ | — | $ | (1,480 | ) | |||||||||
As of December 31, 2014 | ||||||||||||||||
Other assets | $ | — | $ | — | $ | (2,308 | ) | |||||||||
In September 2013, the Company agreed to advance up to $2.3 million, pursuant to an unsecured promissory note, to an independent fleet contractor that transported freight on Swift's behalf. In March 2015, management became aware that the independent contractor violated various covenants outlined in the unsecured promissory note, which created an event of default that made the principal and accrued interest immediately due and payable. As a result of this event of default, as well as an overall decline in the independent contractor's financial condition, management re-evaluated the fair value of the unsecured promissory note. As of March 31, 2015, management determined that the remaining balance due from the independent contractor to the Company was not collectible, which resulted in a $1.5 million pre-tax adjustment that was recorded in "Non-cash impairments of non-operating assets" in the Company's consolidated income statements. | ||||||||||||||||
Fair value of assets measured on a nonrecurring basis as of December 31, 2014, represent certain operations software that was replaced, and for which the carrying value was determined to be fully impaired during the three months ended September 30, 2014. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Earnings Per Share [Abstract] | ||||||
Earnings Per Share | Earnings per Share | |||||
The following table reconciles basic weighted average shares outstanding to diluted weighted average shares outstanding (in thousands): | ||||||
Three Months Ended March 31, | ||||||
2015 | 2014 | |||||
Basic weighted average common shares outstanding | 142,199 | 140,981 | ||||
Dilutive effect of stock options | 1,756 | 2,037 | ||||
Diluted weighted average common shares outstanding | 143,955 | 143,018 | ||||
Option exercise prices were greater than the average market price of the common shares during the three months ended March 31, 2015 and 2014. As such, there were no anti-dilutive shares to be excluded from the calculation of diluted earnings per share. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The effective tax rate for the three months ended March 31, 2015 and March 31, 2014 was 38.5%. | |
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, 2015 were approximately $1.3 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 2010 through 2013. 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 2010 through 2013 remain subject to examination. |
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Segment Information | Segments and Geography | |||||||
Segment Information | ||||||||
The Company’s four reportable operating segments are Truckload, Dedicated, Central Refrigerated and Intermodal. | ||||||||
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 to specific customers and offers tailored solutions under long-term contracts. This dedicated segment utilizes refrigerated, dry van, flatbed and other specialized trailing equipment. | ||||||||
Central Refrigerated — This segment represents the core operations of Central and primarily consists of shipments for customers that require temperature-controlled trailers. These shipments include one-way movements over irregular routes, as well as dedicated truck operations. | ||||||||
Intermodal — The Intermodal segment includes revenue generated by moving freight over the rail in the Company's containers and other trailing equipment, combined with revenue for drayage to transport loads between the railheads and customer locations. | ||||||||
Non-reportable Segment — The other non-reportable segment includes the Company's logistics and freight brokerage services, as well as support services provided by its subsidiaries to customers and owner-operators, including repair and maintenance shop services, equipment leasing, and insurance. Intangible amortization related to the 2007 going-private transaction is also included in this other non-reportable segment. | ||||||||
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. | ||||||||
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, | ||||||||
2015 | 2014 | |||||||
Truckload | $ | 538,341 | $ | 553,057 | ||||
Dedicated | 217,775 | 193,653 | ||||||
Central Refrigerated | 95,568 | 106,763 | ||||||
Intermodal | 90,354 | 91,313 | ||||||
Subtotal | 942,038 | 944,786 | ||||||
Non-reportable segment | 91,622 | 75,666 | ||||||
Intersegment eliminations | (18,516 | ) | (12,006 | ) | ||||
Consolidated operating revenue | $ | 1,015,144 | $ | 1,008,446 | ||||
Operating Income (Loss) | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Truckload | $ | 56,854 | $ | 31,907 | ||||
Dedicated | 14,345 | 11,530 | ||||||
Central Refrigerated | 4,799 | 2,420 | ||||||
Intermodal | (1,243 | ) | (926 | ) | ||||
Subtotal | 74,755 | 44,931 | ||||||
Non-reportable segment | 245 | 1,239 | ||||||
Consolidated operating income | $ | 75,000 | $ | 46,170 | ||||
Depreciation and Amortization Expense | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Truckload | $ | 28,610 | $ | 30,245 | ||||
Dedicated | 14,273 | 12,405 | ||||||
Central Refrigerated | 3,294 | 3,106 | ||||||
Intermodal | 3,252 | 2,368 | ||||||
Subtotal | 49,429 | 48,124 | ||||||
Non-reportable segment | 7,498 | 8,051 | ||||||
Consolidated depreciation and amortization expense | $ | 56,927 | $ | 56,175 | ||||
Geographical Information | ||||||||
In aggregate, operating revenue from the Company's foreign operations was less than 5.0% of consolidated operating revenue for the three months ended March 31, 2015 and 2014. Additionally, long-lived assets on the balance sheets of the Company's foreign subsidiaries were less than 5.0% of consolidated Total assets as of March 31, 2015 and December 31, 2014. |
Investments_Tables
Investments (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 temporary losses, and estimated fair value of the Company’s restricted investments as of March 31, 2015 and December 31, 2014 (in thousands): | |||||||||||||||
31-Mar-15 | ||||||||||||||||
Gross Unrealized | ||||||||||||||||
Cost or Amortized | Gains | Temporary | Estimated Fair Value | |||||||||||||
Cost | Losses | |||||||||||||||
United States corporate securities | $ | 16,861 | $ | 6 | $ | (3 | ) | $ | 16,864 | |||||||
Negotiable certificates of deposit | 1,425 | 1 | — | 1,426 | ||||||||||||
Total restricted investments | $ | 18,286 | $ | 7 | $ | (3 | ) | $ | 18,290 | |||||||
December 31, 2014 | ||||||||||||||||
Gross Unrealized | ||||||||||||||||
Cost or Amortized Cost | Gains | Temporary Losses | Estimated Fair Value | |||||||||||||
United States corporate securities | $ | 20,892 | $ | 2 | $ | (10 | ) | $ | 20,884 | |||||||
Foreign corporate securities | 1,503 | — | — | 1,503 | ||||||||||||
Negotiable certificates of deposit | 2,115 | — | — | 2,115 | ||||||||||||
Total restricted investments | $ | 24,510 | $ | 2 | $ | (10 | ) | $ | 24,502 | |||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Schedule Of Intangible Assets | Intangible assets as of March 31, 2015 and December 31, 2014 were as follows (in thousands): | |||||||
31-Mar-15 | 31-Dec-14 | |||||||
Customer Relationships: | ||||||||
Gross carrying value | $ | 275,324 | $ | 275,324 | ||||
Accumulated amortization | (160,632 | ) | (156,428 | ) | ||||
Trade Name: | ||||||||
Gross carrying value | 181,037 | 181,037 | ||||||
Intangible assets, net | $ | 295,729 | $ | 299,933 | ||||
Amortization expense related to the 2007 going private transaction | The following table presents amortization of intangibles for the three months ended March 31, 2015 and 2014, 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, | ||||||||
2015 | 2014 | |||||||
Amortization of intangible assets related to 2007 going private transaction | $ | 3,912 | $ | 3,912 | ||||
Amortization related to intangible assets existing prior to the 2007 going private transaction | 292 | 292 | ||||||
Amortization of intangibles | $ | 4,204 | $ | 4,204 | ||||
Debt_And_Financing_Transaction1
Debt And Financing Transactions (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Instrument [Line Items] | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | The Company entered into the 2014 Agreement on June 9, 2014, which included a delayed-draw first lien Term Loan A tranche, a first lien Term Loan B tranche, and a revolving credit line. The following table presents the key terms of the 2014 Agreement (dollars in thousands): | |||||||
Description | Term Loan A | Term Loan B | Revolver (2) | |||||
Maximum borrowing capacity | $500,000 | $400,000 | $450,000 | |||||
Final maturity date | June 9, 2019 | June 9, 2021 | June 9, 2019 | |||||
Interest rate base | LIBOR | LIBOR | LIBOR | |||||
LIBOR floor | —% | 0.75% | —% | |||||
Interest rate minimum margin (1) | 1.50% | 2.75% | 1.50% | |||||
Interest rate maximum margin (1) | 2.25% | 3.00% | 2.25% | |||||
Minimum principal payment - amount (3) | $5,625 | $1,000 | $— | |||||
Minimum principal payment - frequency | Quarterly | Quarterly | Once | |||||
Minimum principal payment - commencement date (3) | 31-Mar-15 | 30-Jun-14 | 30-Jun-19 | |||||
The Company entered into the 2014 Agreement on June 9, 2014, which included a delayed-draw first lien Term Loan A tranche, a first lien Term Loan B tranche, and a revolving credit line. The following table presents the key terms of the 2014 Agreement (dollars in thousands): | ||||||||
Description | Term Loan A | Term Loan B | Revolver (2) | |||||
Maximum borrowing capacity | $500,000 | $400,000 | $450,000 | |||||
Final maturity date | June 9, 2019 | June 9, 2021 | June 9, 2019 | |||||
Interest rate base | LIBOR | LIBOR | LIBOR | |||||
LIBOR floor | —% | 0.75% | —% | |||||
Interest rate minimum margin (1) | 1.50% | 2.75% | 1.50% | |||||
Interest rate maximum margin (1) | 2.25% | 3.00% | 2.25% | |||||
Minimum principal payment - amount (3) | $5,625 | $1,000 | $— | |||||
Minimum principal payment - frequency | Quarterly | Quarterly | Once | |||||
Minimum principal payment - commencement date (3) | 31-Mar-15 | 30-Jun-14 | 30-Jun-19 | |||||
-1 | Interest rate margins for the Term Loan A, Term Loan B and Revolver are based on the Company's consolidated leverage ratio. As of March 31, 2015, interest accrues at 1.93% and 3.75% on the Term Loan A and Term Loan B, respectively. As of December 31, 2014, interest accrued at 2.16% and 3.75% on the Term Loan A and Term Loan B, respectively. Prior to January 1, 2015, the minimum and maximum interest rate margins on the Term Loan B were both 3.00%. | |||||||
-2 | The commitment fee for the unused portion of the Revolver is also based on the Company's consolidated leverage ratio, and ranges from 0.25% to 0.35%. As of March 31, 2015, commitment fees on the unused portion of the Revolver accrue at 0.25% and outstanding letter of credit fees accrue at 1.75%. As of December 31, 2014, commitment fees on the unused portion of the Revolver accrued at 0.30% and outstanding letter of credit fees accrued at 2.00%. | |||||||
-3 | Commencing in March 2017, the minimum quarterly principal payment amount on the Term Loan A is $11.3 million. | |||||||
Schedule Of Long-Term Debt Outstanding | Other than the Company’s accounts receivable securitization, as discussed in Note 5, and its outstanding capital lease obligations as discussed in Note 7, the Company's long-term debt consisted of the following (in thousands): | |||||||
31-Mar-15 | 31-Dec-14 | |||||||
2014 Agreement: Term loan A, due June 2019 | $ | 494,375 | $ | 500,000 | ||||
2014 Agreement: Term Loan B, net of $885 and $920 OID as of March 31, 2015 and December 31, 2014, respectively | 395,115 | 396,080 | ||||||
Other | 10,133 | 6,980 | ||||||
Long-term debt | 899,623 | 903,060 | ||||||
Less: current portion of long-term debt | (32,581 | ) | (31,445 | ) | ||||
Long-term debt, less current portion | $ | 867,042 | $ | 871,615 | ||||
Revolving line of credit (1) | $ | — | $ | 57,000 | ||||
Long-term debt, including revolving line of credit | $ | 899,623 | $ | 960,060 | ||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Losses on cash flow hedging, reclassified out of AOCI into the consolidated income statements were as follows (in thousands): | |||||||||
Three Months Ended March 31, | ||||||||||
Reclassified to: | 2015 | 2014 | ||||||||
Interest rate swaps | Derivative interest expense | $ | 1,848 | $ | 1,314 | |||||
Income tax (benefit) expense | Income tax expense | (711 | ) | (506 | ) | |||||
Net income | $ | 1,137 | $ | 808 | ||||||
Classification Of Gains And Losses On Interest Rate Derivative Contracts Designated As Hedging Instruments | The following table presents pre-tax losses from changes in fair value of the Company's interest rate swaps, included in earnings (in thousands): | |||||||||
Three Months Ended March 31, | ||||||||||
2015 | 2014 | |||||||||
Loss reclassified from AOCI into net income from cash flow hedges (effective portion) | $ | 1,848 | $ | 1,314 | ||||||
Loss recognized in income from de-designated derivative contracts | 945 | 339 | ||||||||
Derivative interest expense | $ | 2,793 | $ | 1,653 | ||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | The following table depicts the level in the fair value hierarchy of the inputs used to estimate fair value of assets measured on a nonrecurring basis (in thousands): | |||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Estimated Fair Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Gains (Losses) | ||||||||||||
As of March 31, 2015 | ||||||||||||||||
Note receivable | $ | — | $ | — | $ | (1,480 | ) | |||||||||
As of December 31, 2014 | ||||||||||||||||
Other assets | $ | — | $ | — | $ | (2,308 | ) | |||||||||
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, 2015 and December 31, 2014 (in thousands): | |||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||
Financial Assets: | ||||||||||||||||
Restricted investments | $ | 18,286 | $ | 18,290 | $ | 24,510 | $ | 24,502 | ||||||||
Financial Liabilities: | ||||||||||||||||
2014 Agreement: Term Loan A, due June 2019 | 494,375 | 494,375 | 500,000 | 500,000 | ||||||||||||
2014 Agreement: Term Loan B, net of $885 and $920 OID as of March 31, 2015 and December 31, 2014, respectively | 395,115 | 395,858 | 396,080 | 390,436 | ||||||||||||
Securitization of accounts receivable | 294,000 | 294,000 | 334,000 | 334,000 | ||||||||||||
Liabilities That Were Measured At Estimated Fair Value On Recurring Basis | As of March 31, 2015 and December 31, 2014, interest rate swaps were the only major category of liabilities included in the Company's consolidated balance sheets at estimated fair value that were measured on a recurring basis. The following table depicts the level in the fair value hierarchy of the inputs used to estimate fair value of these instruments (in thousands): | |||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Estimated Fair Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||
As of March 31, 2015 | ||||||||||||||||
Interest rate swaps | $ | 4,233 | $ | — | $ | 4,233 | $ | — | ||||||||
As of December 31, 2014 | ||||||||||||||||
Interest rate swaps | $ | 6,109 | $ | — | $ | 6,109 | $ | — | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Earnings Per Share [Abstract] | ||||||
Calculation Of Basic And Diluted Earnings Per Share Attributable To Stockholders | The following table reconciles basic weighted average shares outstanding to diluted weighted average shares outstanding (in thousands): | |||||
Three Months Ended March 31, | ||||||
2015 | 2014 | |||||
Basic weighted average common shares outstanding | 142,199 | 140,981 | ||||
Dilutive effect of stock options | 1,756 | 2,037 | ||||
Diluted weighted average common shares outstanding | 143,955 | 143,018 | ||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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, | ||||||||
2015 | 2014 | |||||||
Truckload | $ | 538,341 | $ | 553,057 | ||||
Dedicated | 217,775 | 193,653 | ||||||
Central Refrigerated | 95,568 | 106,763 | ||||||
Intermodal | 90,354 | 91,313 | ||||||
Subtotal | 942,038 | 944,786 | ||||||
Non-reportable segment | 91,622 | 75,666 | ||||||
Intersegment eliminations | (18,516 | ) | (12,006 | ) | ||||
Consolidated operating revenue | $ | 1,015,144 | $ | 1,008,446 | ||||
Operating Income (Loss) | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Truckload | $ | 56,854 | $ | 31,907 | ||||
Dedicated | 14,345 | 11,530 | ||||||
Central Refrigerated | 4,799 | 2,420 | ||||||
Intermodal | (1,243 | ) | (926 | ) | ||||
Subtotal | 74,755 | 44,931 | ||||||
Non-reportable segment | 245 | 1,239 | ||||||
Consolidated operating income | $ | 75,000 | $ | 46,170 | ||||
Depreciation and Amortization Expense | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Truckload | $ | 28,610 | $ | 30,245 | ||||
Dedicated | 14,273 | 12,405 | ||||||
Central Refrigerated | 3,294 | 3,106 | ||||||
Intermodal | 3,252 | 2,368 | ||||||
Subtotal | 49,429 | 48,124 | ||||||
Non-reportable segment | 7,498 | 8,051 | ||||||
Consolidated depreciation and amortization expense | $ | 56,927 | $ | 56,175 | ||||
Basis_Of_Presentation_Detail
Basis Of Presentation (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Segment | |
Vehicle | |
Accounting Policies [Abstract] | |
Number of reportable operating segment | 4 |
Number of company operated national terminal network and tractor fleet | 19,535 |
Number of tractors driven by company drivers | 14,680 |
Number of owner-operator tractors | 4,855 |
Number of fleet of trailers | 61,780 |
Number of intermodal containers | 9,150 |
Investments_Amortized_Cost_Gro
Investments (Amortized Cost, Gross Unrealized Gains And Losses, Estimated Fair Value Of Fixed Maturity Securities) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Securities | Securities | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities with unrealized losses for less than 12 months | 11 | 24 |
SWFT_Duration of Securities in Unrealized Loss Position | 12 months | |
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 | 16,861 | 20,892 |
Held-To-Maturity Securities, Accumulated Unrecognized Holding Gain | 6 | 2 |
Held-To-Maturity Securities, Accumulated Unrecognized Holding Loss | -3 | -10 |
Estimated Fair Value | 16,864 | 20,884 |
Foreign Corporate Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cost or Amortized Cost | 1,503 | |
Held-To-Maturity Securities, Accumulated Unrecognized Holding Gain | 0 | |
Held-To-Maturity Securities, Accumulated Unrecognized Holding Loss | 0 | |
Estimated Fair Value | 1,503 | |
Certificates of Deposit [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cost or Amortized Cost | 1,425 | 2,115 |
Held-To-Maturity Securities, Accumulated Unrecognized Holding Gain | 1 | 0 |
Held-To-Maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 0 |
Estimated Fair Value | 1,426 | 2,115 |
Held-to-maturity Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cost or Amortized Cost | 18,286 | 24,510 |
Held-To-Maturity Securities, Accumulated Unrecognized Holding Gain | 7 | 2 |
Held-To-Maturity Securities, Accumulated Unrecognized Holding Loss | -3 | -10 |
Estimated Fair Value | 18,290 | 24,502 |
Intangible_Assets_Schedule_Of_
Intangible Assets (Schedule Of Intangible Assets) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Intangible Asset Excluding Goodwill [Line Items] | ||
Intangible assets, net | $295,729 | $299,933 |
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 | ($160,632) | ($156,428) |
Intangible_Assets_Narrative_De
Intangible Assets (Narrative) (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $4,204 | $4,204 | |
2007 Going private transaction [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | 3,912 | 3,912 | |
Customer Relationship [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 275,324 | 275,324 | |
2007 Prior To Going Private Transaction [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $292 | $292 |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets Indefinite-lived intangible assets (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Indefinite-lived intangible assets [Abstract] | ||
Goodwill, Impairment Loss | $0 | $0 |
Accounts_Receivable_Securitiza1
Accounts Receivable Securitization (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Sep. 26, 2014 | |
Servicing Liabilities at Fair Value [Line Items] | ||||
Securitization of Accounts Receivable | $294,000,000 | $334,000,000 | ||
2013 RSA Borrowing [Member] | ||||
Servicing Liabilities at Fair Value [Line Items] | ||||
RSA, program fee | 1,000,000 | |||
2011 RSA Borrrowing [Member] | ||||
Servicing Liabilities at Fair Value [Line Items] | ||||
RSA, program fee | 800,000 | |||
2013 RSA [Member] | ||||
Servicing Liabilities at Fair Value [Line Items] | ||||
Receivables Sale Agreement Borrowing Capacity | $375,000,000 | $325,000,000 | ||
Interest rate | 0.80% | |||
Debt Instrument, Interest Rate During Period | 0.80% |
Debt_And_Financing_Transaction2
Debt And Financing Transactions (Schedule Of Long-Term Debt Outstanding) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 26 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Jun. 09, 2019 | |||
Debt Instrument [Line Items] | ||||||
Other Long-term Debt | $10,133,000 | 6,980,000 | ||||
Total | 899,623,000 | 903,060,000 | ||||
Less: current portion | -32,581,000 | -31,445,000 | ||||
Long-term Debt, Excluding Current Maturities | 867,042,000 | 871,615,000 | ||||
Revolving line of credit | 0 | [1] | 57,000,000 | [1] | ||
Long Term debt, Including Revolving Line of Credit | 899,623,000 | 960,060,000 | ||||
Letters of Credit Outstanding, Amount | 100,300,000 | 100,300,000 | ||||
Debt Instrument, Date of First Required Payment | 31-Mar-15 | |||||
2014 Agreement, Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 450,000,000 | |||||
Debt Instrument, Maturity Date | 9-Jun-19 | |||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||
Debt Instrument, LIBOR Floor Rate | 0.00% | |||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.50% | [2],[3] | ||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 2.25% | [2],[3] | ||||
Debt Instrument, Periodic Payment, Principal | 0 | |||||
Debt Instrument, Frequency of Periodic Payment | Once | |||||
Debt Instrument, Date of First Required Payment | 30-Jun-19 | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | 0.00% | ||||
Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Fee | 0.0175 | 0.02 | ||||
2014 Agreement, Term Loan A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | 494,375,000 | 500,000,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 500,000,000 | |||||
Debt Instrument, Maturity Date | 9-Jun-19 | |||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||
Debt Instrument, LIBOR Floor Rate | 0.00% | |||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.50% | [3] | ||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 2.25% | [3] | ||||
Debt Instrument, Periodic Payment, Principal | 5,625,000 | [4] | 11,300,000 | |||
Debt Instrument, Frequency of Periodic Payment | Quarterly | |||||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 2.16% | |||||
2014 Agreement, Term Loan B [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | 395,115,000 | 396,080,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 400,000,000 | |||||
Debt Instrument, Maturity Date | 9-Jun-21 | |||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||
Debt Instrument, LIBOR Floor Rate | 0.75% | |||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 2.75% | [3] | ||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 3.00% | [3] | ||||
Debt Instrument, Periodic Payment, Principal | 1,000,000 | |||||
Debt Instrument, Frequency of Periodic Payment | Quarterly | |||||
Debt Instrument, Date of First Required Payment | 30-Jun-14 | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||
Secured Debt [Member] | 2014 Agreement, Term Loan A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate During Period | 1.93% | |||||
Secured Debt [Member] | 2014 Agreement, Term Loan B [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Unamortized Discount | $885,000 | 920,000 | ||||
Debt Instrument, Interest Rate During Period | 3.75% | 3.75% | ||||
Maximum [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | |||||
Minimum [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||||
[1] | The Company had outstanding letters of credit, primarily related to workers' compensation and self-insurance liabilities, of $100.3 million at March 31, 2015 and $100.3 million at December 31, 2014, under the revolving line of credit. | |||||
[2] | (2)The commitment fee for the unused portion of the Revolver is also based on the Company's consolidated leverage ratio, and ranges from 0.25% to 0.35%. As of March 31, 2015, commitment fees on the unused portion of the Revolver accrue at 0.25% and outstanding letter of credit fees accrue at 1.75%. As of December 31, 2014, commitment fees on the unused portion of the Revolver accrued at 0.30% and outstanding letter of credit fees accrued at 2.00%. | |||||
[3] | (1)Interest rate margins for the Term Loan A, Term Loan B and Revolver are based on the Company's consolidated leverage ratio. As of March 31, 2015, interest accrues at 1.93% and 3.75% on the Term Loan A and Term Loan B, respectively. As of December 31, 2014, interest accrued at 2.16% and 3.75% on the Term Loan A and Term Loan B, respectively. Prior to January 1, 2015, the minimum and maximum interest rate margins on the Term Loan B were both 3.00%. | |||||
[4] | (3)Commencing in March 2017, the minimum quarterly principal payment amount on the Term Loan A is $11.3 million. |
Debt_And_Financing_Transaction3
Debt And Financing Transactions (Narrative) (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Deferred Finance Costs, Net | $9,700,000 | $10,400,000 | |
Gains (losses) on extinguishment of debt | 0 | 2,913,000 | |
Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Gains (losses) on extinguishment of debt | $2,900,000 |
Capital_Leases_Detail
Capital Leases (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Leases [Abstract] | |||
Accumulated amortization | $71,600,000 | $68,000,000 | |
Capital Leases, Net Investment in Direct Financing Leases | 266,700,000 | 270,600,000 | |
Operating Leases, Rent Expense, Net | $61,975,000 | $51,719,000 |
Purchase_Commitments_Details
Purchase Commitments (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Long-term Purchase Commitment [Line Items] | |
Purchase Obligation, Due in Second and Third Year | $380.50 |
Percentage Of Cancel Tractor Purchase Orders | 31.00% |
Commitments Outstanding To Acquire Nonrevenue Equipment | 8.6 |
Minimum [Member] | |
Long-term Purchase Commitment [Line Items] | |
Duration Of Option To Cancel Purchase Orders | 60 days |
Maximum [Member] | |
Long-term Purchase Commitment [Line Items] | |
Duration Of Option To Cancel Purchase Orders | 90 days |
Capital Addition Purchase Commitments [Member] | |
Long-term Purchase Commitment [Line Items] | |
Purchase Obligation, Due in Next Twelve Months | 705.5 |
Capital Addition Purchase Commitments, Tractors | $569.40 |
Contingencies_Detail
Contingencies (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Loss Contingencies [Line Items] | |
Lawsuit filing date | 25-Sep-14 |
Loss contingency, name of plaintiffs | Lawrence Peck |
2004 Owner-Operator Class Action Litigation [Member] | |
Loss Contingencies [Line Items] | |
Lawsuit filing date | 30-Jan-04 |
Loss contingency, name of plaintiffs | Leonel Garza |
Owner-Operator Misclassification Class Action Litigation [Member] | |
Loss Contingencies [Line Items] | |
Lawsuit filing date | 22-Dec-09 |
Loss contingency, name of plaintiffs | John Doe 1 and Joseph Sheer |
California Wage, Meal And Rest Employee Class Action [Member] | |
Loss Contingencies [Line Items] | |
Lawsuit filing date | MarchB 22, 2010 |
Loss contingency, name of plaintiffs | John Burnell |
Washington Overtime Class Action [Member] | |
Loss Contingencies [Line Items] | |
Lawsuit filing date | SeptemberB 9, 2011 |
Loss contingency, name of plaintiffs | Troy Slack |
Utah collective and individual arbitration [Member] [Member] | |
Loss Contingencies [Line Items] | |
Lawsuit filing date | 1-Jun-12 |
Loss contingency, name of plaintiffs | Gabriel Cilluffo, Kevin Shire and Bryan Ratterree |
Environmental Notice [Member] | |
Loss Contingencies [Line Items] | |
Lawsuit filing date | AprilB 17, 2009 |
Loss contingency, name of plaintiffs | Lower Willamette Group |
Potentially responsible parties | 250 |
Other environmental [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Range of Possible Loss, Maximum | 0.4 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Detail) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Derivatives, Fair Value [Line Items] | |
Deferred losses on derivatives in accumulated OCI expected to be reclassified to earnings within next 12 months | $2.10 |
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, 2015 | Mar. 31, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | ($945) | ($339) |
Derivative interest expense | 2,793 | 1,653 |
Income tax expense (benefit) | 23,691 | 7,704 |
Net income | 37,840 | 12,305 |
Amount of loss reclassified from accumulated OCI into income as "Derivative interest expense" (effective portion) | 1,848 | 1,314 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net income | 1,137 | 808 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative interest expense | 1,848 | 1,314 |
Income tax expense (benefit) | ($711) | $506 |
Fair_Value_Measurement_Carryin
Fair Value Measurement (Carrying Amounts And Estimated Fair Values Of Financial Instruments) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | $0 | |
Estimate of Fair Value Measurement [Member] | Investments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Assets | 18,290,000 | 24,502,000 |
Estimate of Fair Value Measurement [Member] | 2014 Agreement, Term Loan A [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 494,375,000 | 500,000,000 |
Estimate of Fair Value Measurement [Member] | 2014 Agreement, Term Loan B [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 395,858,000 | 390,436,000 |
Estimate of Fair Value Measurement [Member] | Securitization Of Accounts Receivable [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 294,000,000 | 334,000,000 |
Reported Value Measurement [Member] | Investments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Assets | 18,286,000 | 24,510,000 |
Reported Value Measurement [Member] | 2014 Agreement, Term Loan A [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 494,375,000 | 500,000,000 |
Reported Value Measurement [Member] | 2014 Agreement, Term Loan B [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 395,115,000 | 396,080,000 |
Reported Value Measurement [Member] | Securitization Of Accounts Receivable [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 294,000,000 | 334,000,000 |
Secured Debt [Member] | 2014 Agreement, Term Loan B [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Unamortized Discount | $885,000 | $920,000 |
Fair_Value_Measurement_Liabili
Fair Value Measurement (Liabilities That Were Measured At Estimated Fair Value On Recurring Basis) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | $0 | |
Interest Rate Swap [Member] | Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 4,233,000 | 6,109,000 |
Interest Rate Swap [Member] | Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 0 | 0 |
Interest Rate Swap [Member] | Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 4,233,000 | 6,109,000 |
Interest Rate Swap [Member] | Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | $0 | $0 |
Fair_Value_Measurement_Fair_Va
Fair Value Measurement Fair Value Measurement (Assets Measured On a Nonrecurring Basis) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 19, 2013 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Notes Receivable, Fair Value Disclosure | $2,300 | |||
Non-cash impairments of non-operating assets | -1,480 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Notes Receivable, Fair Value Disclosure | 0 | |||
Non-cash impairments of non-operating assets | -1,480 | -2,308 | ||
Other Assets, Fair Value Disclosure | 0 | |||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Notes Receivable, Fair Value Disclosure | 0 | |||
Other Assets, Fair Value Disclosure | 0 | |||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Notes Receivable, Fair Value Disclosure | ||||
Other Assets, Fair Value Disclosure | ||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Notes Receivable, Fair Value Disclosure | ||||
Other Assets, Fair Value Disclosure |
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 Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Net income | $37,840 | $12,305 |
Basic: | ||
Weighted average common shares outstanding | 142,199 | 140,981 |
Diluted: | ||
Dilutive effect of stock options | 1,756 | 2,037 |
Total weighted average diluted shares outstanding | 143,955 | 143,018 |
Earnings per share: | ||
Basic earnings per share | $0.27 | $0.09 |
Diluted earnings per share | $0.26 | $0.09 |
Income_Taxes_Detail
Income Taxes (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Income Tax Contingency [Line Items] | |
Effective tax rate | 38.50% |
Accrued interest and penalties | $1.30 |
Tax years subject to examination | 2010 through 2013 |
Maximum [Member] | |
Income Tax Contingency [Line Items] | |
State of California and other state jurisdictions years | 2013 |
Segment_Information_Narrative_
Segment Information (Narrative) (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
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, 2015 | Mar. 31, 2014 |
Segment Information [Line Items] | ||
Operating Income (Loss) | $75,000 | $46,170 |
Revenues | 1,015,144 | 1,008,446 |
Consolidated depreciation and amortization expense | 56,927 | 56,175 |
Dedicated Trucking [Member] | ||
Segment Information [Line Items] | ||
Operating Income (Loss) | 14,345 | 11,530 |
Revenues | 217,775 | 193,653 |
Consolidated depreciation and amortization expense | 14,273 | 12,405 |
Trucking [Member] | ||
Segment Information [Line Items] | ||
Operating Income (Loss) | 56,854 | 31,907 |
Revenues | 538,341 | 553,057 |
Consolidated depreciation and amortization expense | 28,610 | 30,245 |
Intersegment Eliminations [Member] | ||
Segment Information [Line Items] | ||
Revenues | -18,516 | -12,006 |
Non Reportable Segments [Member] | ||
Segment Information [Line Items] | ||
Operating Income (Loss) | 245 | 1,239 |
Revenues | 91,622 | 75,666 |
Consolidated depreciation and amortization expense | 7,498 | 8,051 |
Subtotal [Member] | ||
Segment Information [Line Items] | ||
Operating Income (Loss) | 74,755 | 44,931 |
Revenues | 942,038 | 944,786 |
Consolidated depreciation and amortization expense | 49,429 | 48,124 |
CRS Refrigerated [Member] | ||
Segment Information [Line Items] | ||
Operating Income (Loss) | 4,799 | 2,420 |
Revenues | 95,568 | 106,763 |
Consolidated depreciation and amortization expense | 3,294 | 3,106 |
Rail Intermodal [Member] | ||
Segment Information [Line Items] | ||
Operating Income (Loss) | -1,243 | -926 |
Revenues | 90,354 | 91,313 |
Consolidated depreciation and amortization expense | $3,252 | $2,368 |