Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Jun. 28, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'Con-way Inc. | ' | ' |
Trading Symbol | 'cnw | ' | ' |
Entity Central Index Key | '0000023675 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 56,924,043 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $1,605,429,045 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $484,502 | $429,784 |
Marketable securities | 0 | 3,200 |
Trade accounts receivable, net | 575,013 | 567,097 |
Other accounts receivable | 51,063 | 43,912 |
Operating supplies, at lower of average cost or market | 23,910 | 23,180 |
Prepaid expenses and other current assets | 57,961 | 49,681 |
Deferred income taxes | 15,332 | 34,520 |
Total Current Assets | 1,207,781 | 1,151,374 |
Property, Plant and Equipment [Abstract] | ' | ' |
Land | 193,364 | 195,737 |
Buildings and leasehold improvements | 856,038 | 840,966 |
Revenue equipment | 1,857,737 | 1,746,816 |
Other equipment | 353,205 | 329,730 |
Total Property, Plant and Equipment | 3,260,344 | 3,113,249 |
Accumulated depreciation | -1,603,511 | -1,526,648 |
Net Property, Plant and Equipment | 1,656,833 | 1,586,601 |
Other Assets | ' | ' |
Deferred charges and other assets | 32,200 | 33,963 |
Capitalized software, net | 21,488 | 20,365 |
Employee benefits | 15,018 | 10,951 |
Intangible assets, net | 8,640 | 10,997 |
Goodwill | 337,971 | 338,164 |
Total Noncurrent Assets | 415,317 | 414,440 |
Total Assets | 3,279,931 | 3,152,415 |
Liabilities and Shareholders' Equity | ' | ' |
Accounts payable | 390,537 | 330,665 |
Accrued liabilities | 229,078 | 253,209 |
Self-insurance accruals | 105,063 | 100,828 |
Short-term borrowings | 1,588 | 6,982 |
Current maturities of long-term debt and capital leases | 19,685 | 16,008 |
Total Current Liabilities | 745,951 | 707,692 |
Long-Term Liabilities | ' | ' |
Long-term debt | 719,155 | 719,016 |
Long-term obligations under capital leases | 16,185 | 30,355 |
Self-insurance accruals | 142,307 | 143,735 |
Employee benefits | 240,171 | 603,619 |
Other liabilities and deferred credits | 39,524 | 32,201 |
Deferred income taxes | 237,949 | 77,412 |
Total Liabilities | 2,141,242 | 2,314,030 |
Commitments and Contingencies (Notes 5, 6, 7 and 11) | ' | ' |
Shareholders' Equity | ' | ' |
Common stock, $0.625 par value; authorized 100,000,000 shares; issued 64,592,756 and 63,565,453 shares, respectively | 40,349 | 39,701 |
Additional paid-in capital, common stock | 653,487 | 614,334 |
Retained earnings | 1,043,472 | 966,939 |
Cost of repurchased common stock (7,669,889 and 7,583,471 shares, respectively) | -329,088 | -326,128 |
Accumulated Other Comprehensive Loss | -269,531 | -456,461 |
Total Shareholders' Equity | 1,138,689 | 838,385 |
Total Liabilities and Shareholders' Equity | $3,279,931 | $3,152,415 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Common Stock, Par or Stated Value Per Share | $0.63 | $0.63 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 64,592,756 | 63,565,453 |
Repurchased common stock, shares | 7,669,889 | 7,583,471 |
Statements_of_Consolidated_Inc
Statements of Consolidated Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Revenues | $5,473,356 | $5,580,247 | $5,289,953 |
Salaries, wages and employee benefits | 2,143,036 | 2,125,104 | 2,027,870 |
Purchased transportation | 1,323,005 | 1,531,319 | 1,381,267 |
Other operating expenses | 634,107 | 567,810 | 553,692 |
Fuel and fuel-related taxes | 532,958 | 553,301 | 566,026 |
Depreciation and amortization | 230,751 | 216,215 | 202,647 |
Purchased labor | 148,165 | 113,619 | 113,929 |
Rents and leases | 129,325 | 115,954 | 116,415 |
Maintenance | 123,056 | 128,084 | 130,179 |
Gain from purchase-price adjustment | 0 | 0 | -10,000 |
Costs and Expenses | 5,264,403 | 5,351,406 | 5,082,025 |
Operating Income | 208,953 | 228,841 | 207,928 |
Investment income | 621 | 831 | 920 |
Interest expense | -53,339 | -54,777 | -55,589 |
Miscellaneous, net | -1,870 | -3,941 | -5,187 |
Other Income (Expense) | -54,588 | -57,887 | -59,856 |
Income before income tax provision | 154,365 | 170,954 | 148,072 |
Income Tax Provision | 55,212 | 66,408 | 59,629 |
Net Income | $99,153 | $104,546 | $88,443 |
Weighted-Average Common Shares Outstanding | ' | ' | ' |
Basic | 56,511,563 | 55,837,574 | 55,388,297 |
Diluted | 57,240,588 | 56,485,987 | 56,101,903 |
Earnings per Common Share | ' | ' | ' |
Basic | $1.75 | $1.87 | $1.60 |
Diluted | $1.73 | $1.85 | $1.58 |
Statements_of_Consolidated_Com
Statements of Consolidated Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Income | $99,153 | $104,546 | $88,443 |
Foreign currency translation adjustment | 871 | 481 | -1,331 |
Unrealized gain (loss) on available-for-sale security, net of deferred tax of $0, $145, and $4 respectively | 0 | 226 | -6 |
Actuarial gain (loss), net of deferred tax of $103,308, $1,903 and $104,425, respectively | 161,631 | -2,977 | -163,312 |
Net actuarial loss included in net periodic benefit expense or income, net of deferred tax of $7,562, $7,969, and $4,373, respectively | 11,827 | 12,465 | 6,837 |
Prior-service cost or credit, net of deferred tax of $7,505, $17,577, and $0, respectively | 11,738 | -27,493 | 0 |
Amortization of prior service cost or credit included in net periodic benefit expense or income, net of deferred tax of $552, $465, and $468, respectively | 863 | -727 | -730 |
Employee benefit plans | 186,059 | -18,732 | -157,205 |
Total Other Comprehensive (Income) Loss | 186,930 | -18,025 | -158,542 |
Comprehensive Income (Loss) | $286,083 | $86,521 | ($70,099) |
Statements_of_Consolidated_Com1
Statements of Consolidated Comprehensive Income (Loss) Statements of Consolidated Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Income and Comprehensive Income (Parenthetical) [Abstract] | ' | ' | ' |
Unrealized gain (loss) on available-for-sale security, net of deferred tax of $0, $145, and $4, respectively | $0 | $145 | $4 |
Actuarial gain (loss), net of deferred tax of $103,308, $1,903, and $104,425, respectively | 103,308 | 1,903 | 104,425 |
Net actuarial loss included in periodic benefit expense or income, net of deferred tax of $7,562, $7,969, and $4,373, respectively | 7,562 | 7,969 | 4,373 |
Prior-service cost or credit, net of deferred tax of $7,505, $17,577, and $0, respectively | 7,505 | 17,577 | 0 |
Amortization of prior service cost or credit included in net periodic benefit expense or income, net of deferred tax of $552, $465, and $468, respectively | $552 | $465 | $468 |
Statements_Of_Consolidated_Cas
Statements Of Consolidated Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Cash Flows [Abstract] | ' | ' | ' |
Cash and Cash Equivalents, Beginning of Period | $429,784 | $438,010 | $421,420 |
Net Cash Provided by (Used In) Operating Activities [Abstract] | ' | ' | ' |
Net Income | 99,153 | 104,546 | 88,443 |
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities [Abstract] | ' | ' | ' |
Depreciation and amortization, net of accretion | 229,236 | 215,202 | 201,638 |
Non-cash compensation and employee benefits | 38,496 | 33,180 | 22,050 |
Increase in deferred income taxes | 57,423 | 63,091 | 52,160 |
Provision for uncollectible accounts | 6,908 | 6,358 | 6,761 |
Gain from purchase-price adjustment | 0 | 0 | -10,000 |
Gain from sales of property, equipment and investment, net | -5,720 | -8,649 | -7,120 |
Increase (Decrease) in Operating Capital [Abstract] | ' | ' | ' |
Receivables | -12,869 | 7,076 | -42,315 |
Prepaid expenses | 21 | -1,312 | -1,024 |
Accounts payable | 25,972 | -14,824 | 41,313 |
Accrued variable compensation | -17,140 | 1,201 | 22,439 |
Accrued liabilities, excluding accrued variable compensation and employee benefits | 11,572 | 1,988 | 3,808 |
Self-insurance accruals | -3,661 | -18,654 | -11,951 |
Accrued income taxes | -4,846 | -2,316 | 34,362 |
Employee benefits | -82,507 | -67,291 | -52,713 |
Other | 5,946 | -8,185 | -3,141 |
Net Cash Provided by Operating Activities | 347,984 | 311,411 | 344,710 |
Net Cash Used in Investing Activities [Abstract] | ' | ' | ' |
Capital expenditures | -281,943 | -293,135 | -288,994 |
Software expenditures | -7,398 | -8,963 | -8,667 |
Proceeds from sales of property and equipment | 14,202 | 20,840 | 13,213 |
Proceeds from purchase-price adjustment | 0 | 0 | 10,000 |
Purchases of marketable securities | 0 | -8,200 | -13,480 |
Proceeds from sales of marketable securities | 3,200 | 23,613 | 900 |
Net Cash Used in Investing Activities | -271,939 | -265,845 | -287,028 |
Net Cash Used in Financing Activities [Abstract] | ' | ' | ' |
Payment of capital leases | -16,068 | -29,015 | -19,811 |
Net repayments of short-term borrowings | -5,383 | -7,621 | -4,691 |
Payment of debt issuance costs | -543 | 0 | -661 |
Proceeds from exercise of stock options | 20,777 | 3,560 | 5,532 |
Excess tax benefit from share-based compensation | 2,510 | 1,641 | 716 |
Payments of common dividends | -22,620 | -22,357 | -22,177 |
Net Cash Used in Financing Activities | -21,327 | -53,792 | -41,092 |
Increase (Decrease) in Cash and Cash Equivalents | 54,718 | -8,226 | 16,590 |
Cash and Cash Equivalents, End of Period | 484,502 | 429,784 | 438,010 |
Supplemental Disclosure | ' | ' | ' |
Cash paid (refunded) for income taxes, net | -21 | 6,163 | -28,740 |
Cash paid for interest, net of amounts capitalized | $52,809 | $53,806 | $54,676 |
Statements_Of_Consolidated_Sha
Statements Of Consolidated Shareholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Repurchased Common Stock | Accumulated Other Comprehensive Loss |
In Thousands, except Share data | ||||||
Balance at Dec. 31, 2010 | ' | $39,143 | $580,008 | $821,187 | ($340,912) | ($279,894) |
Balance, shares at Dec. 31, 2010 | ' | 62,750,994 | ' | ' | ' | ' |
Net Income | 88,443 | ' | ' | 88,443 | ' | ' |
Foreign currency translation adjustment | -1,331 | ' | ' | ' | ' | -1,331 |
Employee benefit plans | 157,205 | ' | ' | ' | ' | -157,205 |
Unrealized gain (loss) on available-for-sale security, net of deferred tax | 6 | ' | ' | ' | ' | -6 |
Exercise of stock options, including tax, shares | ' | 244,944 | ' | ' | ' | ' |
Exercise of stock options, including tax | ' | 153 | 6,008 | ' | ' | ' |
Share-based compensation, shares | ' | 69,993 | ' | ' | ' | ' |
Share-based compensation, net of tax | ' | 98 | 9,976 | -73 | -1,471 | ' |
Repurchased common stock issued under defined contribution plan | ' | ' | 0 | -2,622 | 19,929 | ' |
Common dividends declared | ' | ' | ' | -22,177 | ' | ' |
Balance at Dec. 31, 2011 | ' | 39,394 | 595,992 | 884,758 | -322,454 | -438,436 |
Balance, shares at Dec. 31, 2011 | ' | 63,065,931 | ' | ' | ' | ' |
Net Income | 104,546 | ' | ' | 104,546 | ' | ' |
Foreign currency translation adjustment | 481 | ' | ' | ' | ' | 481 |
Employee benefit plans | 18,732 | ' | ' | ' | ' | -18,732 |
Unrealized gain (loss) on available-for-sale security, net of deferred tax | -226 | ' | ' | ' | ' | 226 |
Exercise of stock options, including tax, shares | ' | 150,213 | ' | ' | ' | ' |
Exercise of stock options, including tax | ' | 94 | 3,631 | ' | ' | ' |
Share-based compensation, shares | ' | 349,309 | ' | ' | ' | ' |
Share-based compensation, net of tax | ' | 213 | 14,711 | -8 | -3,674 | ' |
Common dividends declared | ' | ' | ' | -22,357 | 0 | ' |
Balance at Dec. 31, 2012 | 838,385 | 39,701 | 614,334 | 966,939 | -326,128 | -456,461 |
Balance, shares at Dec. 31, 2012 | ' | 63,565,453 | ' | ' | ' | ' |
Net Income | 99,153 | ' | ' | 99,153 | ' | ' |
Foreign currency translation adjustment | 871 | ' | ' | ' | ' | 871 |
Employee benefit plans | -186,059 | ' | ' | ' | ' | 186,059 |
Unrealized gain (loss) on available-for-sale security, net of deferred tax | 0 | ' | ' | ' | ' | ' |
Exercise of stock options, including tax, shares | 760,495 | 760,495 | ' | ' | ' | ' |
Exercise of stock options, including tax | ' | 475 | 21,833 | ' | ' | ' |
Share-based compensation, shares | ' | 266,808 | ' | ' | ' | ' |
Share-based compensation, net of tax | ' | 173 | 17,320 | 0 | -2,960 | ' |
Common dividends declared | ' | ' | ' | -22,620 | ' | ' |
Balance at Dec. 31, 2013 | $1,138,689 | $40,349 | $653,487 | $1,043,472 | ($329,088) | ($269,531) |
Balance, shares at Dec. 31, 2013 | ' | 64,592,756 | ' | ' | ' | ' |
Statements_Of_Consolidated_Sha1
Statements Of Consolidated Shareholders' Equity Statements Of Consolidated Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Stockholders' Equity (Parenthetical) [Abstract] | ' | ' | ' |
Employee benefit plans, net of deferred tax | $118,927 | $24,108 | $100,520 |
Unrealized gain (loss) on available-for-sale security, net of deferred tax | 0 | 145 | 4 |
Exercise of stock options, net of tax | 1,531 | 165 | 629 |
Share-based compensation, net of tax | $200 | $986 | $1,966 |
Common dividends declared | $0.40 | $0.40 | $0.40 |
Principal_Accounting_Policies
Principal Accounting Policies | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Principal Accounting Policies [Abstract] | ' | ||||||||||||||||||||
Principal Accounting Policies | ' | ||||||||||||||||||||
Principal Accounting Policies | |||||||||||||||||||||
Organization | |||||||||||||||||||||
Con-way Inc. and its consolidated subsidiaries (“Con-way” or the “Company”) provide transportation, logistics and supply-chain management services for a wide range of manufacturing, industrial and retail customers. As more fully discussed in Note 12, “Segment Reporting,” for financial reporting purposes, Con-way is divided into three reporting segments: Freight, Logistics and Truckload. | |||||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||||
The consolidated financial statements include the accounts of Con-way and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. | |||||||||||||||||||||
Estimates | |||||||||||||||||||||
Management makes estimates and assumptions when preparing the financial statements in conformity with accounting principles generally accepted in the U.S. These estimates and assumptions affect the amounts reported in the accompanying financial statements and notes. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new information becomes available. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses. Such estimates relate to revenue-related adjustments, impairment of goodwill and long-lived assets, amortization and depreciation, income taxes, self-insurance accruals, pension plan and postretirement obligations, contingencies, and assets and liabilities recognized in connection with acquisitions, restructurings and dispositions. | |||||||||||||||||||||
Con-way evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Estimates and assumptions are adjusted when facts and circumstances dictate. Volatility in financial markets and changing levels of economic activity increase the uncertainty inherent in such estimates and assumptions. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. | |||||||||||||||||||||
Recognition of Revenue | |||||||||||||||||||||
Con-way Freight recognizes revenue between reporting periods based on relative transit time in each period and recognizes expense as incurred. Estimates for future billing adjustments to revenue, including those related to weight and freight-classification verification and pricing discounts, are recognized at the time of shipment. Con-way Truckload recognizes revenue and related direct costs when the shipment is delivered. Menlo Worldwide Logistics ("Menlo") recognizes revenue based on the service outputs provided to the customer. | |||||||||||||||||||||
Menlo records revenue on a gross basis, without deducting third-party purchased transportation costs, on transactions for which it acts as a principal. Menlo records revenue on a net basis, after deducting purchased transportation costs, on transactions for which it acts as an agent. When recognizing revenue for services provided under performance-based incentive arrangements, the contingent portion of the revenue is not considered fixed or determinable until the performance criteria have been met. | |||||||||||||||||||||
Under certain Menlo contracts, billings in excess of revenue recognized are recorded as unearned revenue. Unearned revenue is recognized over the contract period as services are provided. At December 31, 2013 and 2012, unearned revenue of $12.1 million and $16.9 million was reported in Con-way’s consolidated balance sheets within accrued liabilities. In addition, Menlo has deferred certain recoverable direct and incremental costs related to the setup of logistics operations under long-term contracts. These deferred setup costs are recognized as expense over the contract term. At December 31, 2013 and 2012, these deferred setup costs of $9.9 million and $15.2 million were reported in the consolidated balance sheets within deferred charges and other assets. | |||||||||||||||||||||
Cash Equivalents and Marketable Securities | |||||||||||||||||||||
Cash equivalents consist of short-term interest-bearing instruments with maturities of three months or less at the date of purchase. At December 31, 2013 and 2012, cash-equivalent investments of $441.2 million and $378.3 million consisted primarily of commercial paper, certificates of deposit and money-market funds. | |||||||||||||||||||||
Con-way classifies its marketable debt securities as available-for-sale and reports them at fair value. Changes in the fair value of available-for-sale securities are recognized in other comprehensive income or loss, unless an unrealized loss is an other-than-temporary loss. If any portion of the unrealized loss is determined to be other than temporary, that portion of the loss is recognized in earnings. During 2013, Con-way liquidated all remaining variable-rate demand notes. At December 31, 2012, Con-way held $3.2 million of variable-rate demand notes. | |||||||||||||||||||||
Trade Accounts Receivable, Net | |||||||||||||||||||||
Con-way Freight and Con-way Truckload report accounts receivable at net realizable value and provide an allowance when losses are probable. Estimates for uncollectible accounts are based on various judgments and assumptions, including revenue levels, historical loss experience and the aging of outstanding accounts receivable. Menlo, based on the size and nature of its client base, performs a periodic evaluation of its customers’ creditworthiness and accounts receivable portfolio and recognizes expense from uncollectible accounts when losses are both probable and reasonably estimable. Activity in the allowance for uncollectible accounts is presented in the following table: | |||||||||||||||||||||
(Dollars in thousands) | Additions | ||||||||||||||||||||
Balance at | Charged to | Charged to other | Write-offs net of | Balance at end of | |||||||||||||||||
beginning | expense | accounts | recoveries | period | |||||||||||||||||
of period | |||||||||||||||||||||
2013 | $ | 9,774 | $ | 6,908 | $ | — | $ | (10,579 | ) | $ | 6,103 | ||||||||||
2012 | 6,951 | 6,358 | — | (3,535 | ) | 9,774 | |||||||||||||||
2011 | 6,209 | 6,761 | — | (6,019 | ) | 6,951 | |||||||||||||||
Estimates for billing adjustments, including those related to weight and freight-classification verifications and pricing discounts, are also reported as a reduction to accounts receivable. Activity in the allowance for revenue adjustments is presented in the following table: | |||||||||||||||||||||
(Dollars in thousands) | Additions | ||||||||||||||||||||
Balance at | Charged to | Charged to other | Write-offs | Balance at end of | |||||||||||||||||
beginning | expense | accounts - Revenue | period | ||||||||||||||||||
of period | |||||||||||||||||||||
2013 | $ | 13,816 | $ | — | $ | 74,481 | $ | (76,082 | ) | $ | 12,215 | ||||||||||
2012 | 16,920 | — | 77,310 | (80,414 | ) | 13,816 | |||||||||||||||
2011 | 14,291 | — | 86,853 | (84,224 | ) | 16,920 | |||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||||
Property, plant and equipment are reported at historical cost and are depreciated primarily on a straight-line basis over their estimated useful lives, generally 25 years for buildings, 4 to 14 years for revenue equipment, and 3 to 10 years for most other equipment. Leasehold improvements and assets acquired under capital leases are amortized over the shorter of the terms of the respective leases or the useful lives of the assets, with the resulting expense reported as depreciation. Depreciation expense was $221.2 million in 2013, $204.9 million in 2012 and $191.4 million in 2011. | |||||||||||||||||||||
In response to recent conditions in the used-trailer market, Con-way Truckload increased the estimated salvage values for certain of its trailers in the fourth quarter of 2013. This change decreased depreciation expense by $1.3 million in 2013 and is expected to decrease 2014 depreciation expense by $7.3 million. | |||||||||||||||||||||
Expenditures for equipment maintenance and repairs are charged to operating expenses as incurred; betterments are capitalized. Gains or losses on sales of equipment and property are recorded in other operating expenses. | |||||||||||||||||||||
Tires and Maintenance | |||||||||||||||||||||
The cost of replacement tires are expensed at the time those tires are placed into service, as is the case with other repairs and maintenance costs. The cost of tires on new revenue equipment is capitalized and depreciated over the estimated useful life of the related equipment. | |||||||||||||||||||||
Capitalized Software, Net | |||||||||||||||||||||
Capitalized software consists of certain direct internal and external costs associated with internal-use software, net of accumulated amortization. Amortization of capitalized software is computed on an item-by-item basis depending on the estimated useful life of the software, currently between 3 years and 7 years. Amortization expense related to capitalized software was $7.2 million in 2013, $8.3 million in 2012, and $7.9 million in 2011. Accumulated amortization at December 31, 2013 and 2012 was $158.7 million and $155.9 million, respectively. | |||||||||||||||||||||
Long-Lived Assets | |||||||||||||||||||||
Con-way performs an impairment analysis of long-lived assets whenever circumstances indicate that the carrying amount may not be recoverable. For assets that are to be held and used, an impairment charge is recognized when the estimated undiscounted cash flows associated with the asset or group of assets is less than carrying value. If impairment exists, a charge is recognized for the difference between the carrying value and the fair value. Fair values are determined using quoted market values, discounted cash flows or external appraisals, as applicable. Assets held for disposal are carried at the lower of carrying value or estimated net realizable value. Con-way’s accounting policies for goodwill and other long-lived intangible assets are more fully discussed in Note 2, “Goodwill and Intangible Assets.” | |||||||||||||||||||||
Book Overdrafts | |||||||||||||||||||||
Book overdrafts represent outstanding drafts not yet presented to the bank that are in excess of recorded cash. These amounts do not represent bank overdrafts, which occur when drafts presented to the bank are in excess of cash in Con-way’s bank account, and would effectively be a loan to Con-way. At December 31, 2013 and 2012, book overdrafts of $40.8 million and $43.0 million, respectively, were included in accounts payable. | |||||||||||||||||||||
Self-Insurance Accruals | |||||||||||||||||||||
Con-way uses a combination of purchased insurance and self-insurance programs to provide for the costs of medical, casualty, liability, vehicular, cargo and workers’ compensation claims. The long-term portion of self-insurance accruals relates primarily to workers’ compensation and vehicular claims that are expected to be payable over several years. Con-way periodically evaluates the level of insurance coverage and adjusts insurance levels based on risk tolerance and premium expense. | |||||||||||||||||||||
The measurement and classification of self-insured costs requires the consideration of historical cost experience, demographic and severity factors, and judgments about the current and expected levels of cost per claim and retention levels. These methods provide estimates of the undiscounted liability associated with claims incurred as of the balance sheet date, including estimates of claims incurred but not reported. Changes in these assumptions and factors can materially affect actual costs paid to settle the claims and those amounts may be different than estimates. | |||||||||||||||||||||
Con-way participates in a reinsurance pool to reinsure a portion of its workers’ compensation claims. Each company that participates in the pool cedes claims to the pool and assumes an equivalent amount of claims. Reinsurance does not relieve Con-way of its liabilities under the original policy. However, in the opinion of management, potential exposure to Con-way for non-payment is minimal. At December 31, 2013 and 2012, Con-way had recorded a liability related to assumed claims of $59.2 million and $65.0 million, respectively, and had recorded a receivable from the reinsurance pool of $38.1 million and $39.6 million, respectively. Revenue related to these reinsurance activities is reported net of the associated expenses and are classified as other operating expenses. In connection with its participation in the reinsurance pool, Con-way recognized operating income of $2.2 million in 2013, an operating loss of $2.5 million in 2012, and an operating loss of $4.4 million in 2011. | |||||||||||||||||||||
Foreign Currency Translation | |||||||||||||||||||||
Adjustments resulting from translating foreign functional currency financial statements into U.S. dollars are included in the foreign currency translation adjustment in the statements of consolidated comprehensive income (loss). Transaction gains and losses that arise from exchange-rate fluctuations on transactions denominated in a currency other than the functional currency are included in results of operations and are reported as miscellaneous, net in the statements of consolidated income. | |||||||||||||||||||||
Con-way has determined that advances to certain of its foreign subsidiaries are indefinite in nature. Accordingly, the corresponding foreign currency translation gains or losses related to these advances are included in the foreign currency translation adjustment in the statements of consolidated comprehensive income (loss). | |||||||||||||||||||||
Earnings Per Share (EPS) | |||||||||||||||||||||
Basic EPS is computed by dividing reported net income or loss by the weighted-average common shares outstanding. Diluted EPS is calculated as follows: | |||||||||||||||||||||
(Dollars in thousands, except per share data) | Years ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Numerator: | |||||||||||||||||||||
Net income | $ | 99,153 | $ | 104,546 | $ | 88,443 | |||||||||||||||
Denominator: | |||||||||||||||||||||
Weighted-average common shares outstanding | 56,511,563 | 55,837,574 | 55,388,297 | ||||||||||||||||||
Stock options and nonvested stock | 729,025 | 648,413 | 713,606 | ||||||||||||||||||
57,240,588 | 56,485,987 | 56,101,903 | |||||||||||||||||||
Diluted Earnings per Share | $ | 1.73 | $ | 1.85 | $ | 1.58 | |||||||||||||||
Anti-dilutive securities excluded from the computation of diluted EPS | 911,041 | 1,801,995 | 1,878,191 | ||||||||||||||||||
Non-cash Investing and Financing Activities | |||||||||||||||||||||
Investing and financing activities that are not reported in the statements of consolidated cash flows due to their non-cash nature are summarized below: | |||||||||||||||||||||
(Dollars in thousands) | Years ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Capital lease incurred to acquire revenue equipment | $ | 5,575 | $ | — | $ | — | |||||||||||||||
Revenue equipment acquired through partial non-monetary exchanges | 27,711 | 34,759 | 33,463 | ||||||||||||||||||
Revenue equipment acquired through increase in current liabilities | 32,336 | 14,034 | — | ||||||||||||||||||
Repurchased common stock issued under defined contribution plan | — | — | 17,307 | ||||||||||||||||||
New Accounting Standards | |||||||||||||||||||||
In March 2013, the FASB issued ASU 2013-05, "Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity." This ASU, codified in the "Foreign Currency Matters" topic of the FASB Accounting Standards Codification, resolves the differing views in practice about whether the deconsolidation guidance in the "Consolidation" topic of the FASB Accounting Standards Codification impacts the guidance in "Foreign Currency Matters" topic in regard to when to release the cumulative translation adjustment into earnings. Under this ASU, complete or substantially complete liquidation of the foreign entity is required to release the cumulative translation adjustment for transactions occurring within a foreign entity. However, for transactions impacting the parent's investments in a foreign entity, the cumulative translation adjustment should be released into earnings in a manner consistent with the deconsolidation guidance in the "Consolidation" topic. This accounting guidance in ASU 2013-05 will be applied prospectively and will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Con-way does not believe that the standard will have a material effect on its financial statements | |||||||||||||||||||||
Reclassifications | |||||||||||||||||||||
Certain amounts in the prior-period financial statements have been reclassified to conform to the current-period presentation. |
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill And Intangible Assets [Abstract] | ' | ||||||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||||||
Goodwill and Intangible Assets | |||||||||||||||||
Goodwill | |||||||||||||||||
The following table shows the changes in the gross carrying amounts of goodwill attributable to each applicable segment: | |||||||||||||||||
(Dollars in thousands) | Logistics | Truckload | Other | Total | |||||||||||||
Balances at December 31, 2011 | |||||||||||||||||
Goodwill | $ | 55,440 | $ | 464,598 | $ | 727 | $ | 520,765 | |||||||||
Accumulated impairment losses | (48,236 | ) | (134,813 | ) | — | (183,049 | ) | ||||||||||
7,204 | 329,785 | 727 | 337,716 | ||||||||||||||
Change in foreign currency exchange rates | 448 | — | — | 448 | |||||||||||||
Balances at December 31, 2012 | |||||||||||||||||
Goodwill | 55,888 | 464,598 | 727 | 521,213 | |||||||||||||
Accumulated impairment losses | (48,236 | ) | (134,813 | ) | — | (183,049 | ) | ||||||||||
7,652 | 329,785 | 727 | 338,164 | ||||||||||||||
Change in foreign currency exchange rates | (193 | ) | — | — | (193 | ) | |||||||||||
Balances at December 31, 2013 | |||||||||||||||||
Goodwill | 55,695 | 464,598 | 727 | 521,020 | |||||||||||||
Accumulated impairment losses | (48,236 | ) | (134,813 | ) | — | (183,049 | ) | ||||||||||
$ | 7,459 | $ | 329,785 | $ | 727 | $ | 337,971 | ||||||||||
Con-way assesses goodwill for impairment on an annual basis in the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. | |||||||||||||||||
In connection with the annual impairment test in the fourth quarter of 2013, Con-way concluded that the goodwill of its reporting units was not impaired at December 31, 2013. | |||||||||||||||||
Intangible Assets | |||||||||||||||||
Intangible assets are amortized on a straight-line basis over their estimated useful life. Amortization expense related to intangible assets was $2.4 million in 2013, $3.0 million in 2012, and $3.3 million in 2011. Intangible assets consisted of the following: | |||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
(Dollars in thousands) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||
Customer relationships | $ | 23,088 | $ | 14,448 | $ | 23,088 | $ | 12,091 | |||||||||
Con-way’s customer-relationship intangible asset relates to the Con-way Truckload business unit. Estimated amortization expense for the next five years is presented in the following table: | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Year ending December 31: | |||||||||||||||||
2014 | $ | 2,356 | |||||||||||||||
2015 | 2,356 | ||||||||||||||||
2016 | 2,356 | ||||||||||||||||
2017 | 1,572 | ||||||||||||||||
2018 | — | ||||||||||||||||
Purchase-Price Dispute | |||||||||||||||||
Menlo Worldwide, LLC (“MW”) had asserted claims against the sellers of Chic Logistics, which MW acquired in 2007, alleging inaccurate books and records, misstatement of revenue, and other similar matters related to the pre-sale financial performance of Chic Logistics. In 2011, MW and the sellers entered into an agreement in which the sellers agreed to pay MW $10.0 million as an adjustment of the original purchase price to settle this dispute. MW received the full settlement amount in 2011 and recognized a corresponding gain of $10.0 million. The entire amount of goodwill associated with Chic Logistics had previously been written off. |
FairValue_Measurements
Fair-Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair-Value Measurements | ' | ||||||||||||||||
Fair-Value Measurements | |||||||||||||||||
Assets and liabilities reported at fair value are classified in one of the following three levels within the fair-value hierarchy: | |||||||||||||||||
Level 1: Quoted market prices in active markets for identical assets or liabilities | |||||||||||||||||
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data | |||||||||||||||||
Level 3: Unobservable inputs that are not corroborated by market data | |||||||||||||||||
Financial Assets Measured at Fair Value on a Recurring Basis | |||||||||||||||||
The following table summarizes the valuation of financial instruments within the fair-value hierarchy: | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
(Dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash equivalents | $ | 441,199 | $ | 99,092 | $ | 342,107 | $ | — | |||||||||
31-Dec-12 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Cash equivalents | $ | 378,266 | $ | 70,488 | $ | 307,778 | $ | — | |||||||||
Current marketable securities | 3,200 | — | 3,200 | — | |||||||||||||
Cash equivalents consist of short-term interest-bearing instruments (primarily commercial paper, certificates of deposit and money market funds) with maturities of three months or less at the date of purchase. At December 31, 2012, current marketable securities consisted of variable-rate demand notes. | |||||||||||||||||
Money-market funds reflect their published net asset value and are classified as Level 1 instruments. Commercial paper, certificates of deposit and variable-rate demand notes are generally valued using published interest rates for instruments with similar terms and maturities, and accordingly, are classified as Level 2 instruments. At December 31, 2013, the weighted-average remaining maturity of the cash equivalents was less than one month. Based on their short maturities, the carrying amount of the cash equivalents approximates their fair value. | |||||||||||||||||
Level 3 investments consisted of one auction-rate security at December 31, 2011, which was valued with an income approach that utilized a discounted cash flow model. This investment was sold in the third quarter of 2012. The following table summarizes the change in fair value of Con-way's auction-rate security, which was valued using Level 3 inputs: | |||||||||||||||||
(Dollars in thousands) | Auction-rate security | ||||||||||||||||
Balance at December 31, 2011 | $ | 5,354 | |||||||||||||||
Gains (Losses) | |||||||||||||||||
Included in earnings | (367 | ) | |||||||||||||||
Included in other comprehensive income | 371 | ||||||||||||||||
Settlements and Sales | |||||||||||||||||
Settlements | (75 | ) | |||||||||||||||
Sales | (5,283 | ) | |||||||||||||||
Balance at December 31, 2012 | $ | — | |||||||||||||||
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
Accrued Liabilities | |||||||||
Accrued liabilities consisted of the following: | |||||||||
(Dollars in thousands) | December 31, | ||||||||
2013 | 2012 | ||||||||
Compensated absences | $ | 46,421 | $ | 40,254 | |||||
Employee benefits | 40,203 | 38,761 | |||||||
Wages and salaries | 35,826 | 29,451 | |||||||
Variable compensation | 33,573 | 50,713 | |||||||
Taxes other than income taxes | 26,704 | 23,930 | |||||||
Interest | 17,579 | 17,607 | |||||||
Other | 28,772 | 52,493 | |||||||
Total accrued liabilities | $ | 229,078 | $ | 253,209 | |||||
Debt_And_Other_Financing_Arran
Debt And Other Financing Arrangements | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt And Other Financing Arrangements | ' | ||||||||
Debt and Other Financing Arrangements | |||||||||
Long-term debt consisted of the following: | |||||||||
(Dollars in thousands) | December 31, | ||||||||
2013 | 2012 | ||||||||
Promissory note, 2.63%, due 2016 (interest paid quarterly) | $ | 550 | $ | 550 | |||||
7.25% Senior Notes due 2018 (interest payable semi-annually) | 425,000 | 425,000 | |||||||
6.70% Senior Debentures due 2034 (interest payable semi-annually) | 300,000 | 300,000 | |||||||
Discount | (6,395 | ) | (6,534 | ) | |||||
293,605 | 293,466 | ||||||||
Long-term debt | $ | 719,155 | $ | 719,016 | |||||
Revolving Credit Facility | |||||||||
Con-way has a $325 million revolving credit facility that matures on June 28, 2018. In 2013, Conway amended the credit facility to extend the maturity date from August 2, 2016 to June 28, 2018. The amended facility also includes revised pricing that lowers Con-way's cost of utilizing the facility. The financial covenants and available credit provided to Con-way under the facility are unchanged by the amendment. | |||||||||
At December 31, 2013, no cash borrowings were outstanding under the credit facility; however, $109.3 million of letters of credit were outstanding, leaving $215.7 million of available capacity for additional letters of credit or cash borrowings, subject to compliance with financial covenants and other customary conditions to borrowing. The letters of credit outstanding at December 31, 2013 provided collateral for Con-way’s self-insurance programs. | |||||||||
Under the agreement, standby letter of credit fees are equal to a margin that is dependent upon Con-way’s leverage ratio, and cash borrowings bear interest at a rate based upon LIBOR or the lead bank’s base rate, in each case plus a margin dependent on Con-way’s leverage ratio. The credit facility fee ranges from 0.18% to 0.35% applied to the total facility of $325 million based on Con-way’s leverage ratio. The revolving facility is guaranteed by certain of Con-way’s material domestic subsidiaries and contains two financial covenants: (i) a leverage ratio and (ii) a fixed-charge coverage ratio. There are also various restrictive covenants, including limitations on (i) the incurrence of liens, (ii) consolidations, mergers and asset sales, and (iii) the incurrence of additional subsidiary indebtedness. | |||||||||
Other Credit Facilities and Short-term Borrowings | |||||||||
At December 31, 2013, Con-way had $29.9 million of bank guarantees, letters of credit and overdraft facilities outstanding under other credit facilities. | |||||||||
Con-way had short-term borrowings of $1.6 million and $7.0 million at December 31, 2013 and 2012, respectively. Excluding the non-interest bearing borrowings described below, the weighted-average interest rate on the short-term borrowings was 5.5% at December 31, 2012. | |||||||||
Of the short-term borrowings outstanding at December 31, 2013 and 2012, non-interest bearing borrowings of $1.6 million and $4.2 million, respectively, related to a credit facility that Menlo utilizes for one of its logistics contracts. Borrowings under the facility related to amounts the financial institution paid to vendors on behalf of Menlo. | |||||||||
7.25% Senior Notes due 2018 | |||||||||
The 7.25% Senior Notes bear interest at a rate of 7.25% per year, payable semi-annually on January 15 and July 15 of each year. Con-way may redeem the 7.25% Senior Notes, in whole or in part, on not less than 30 nor more than 60-days notice, at a redemption price equal to the greater of (i) the principal amount being redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes being redeemed, discounted at the redemption date on a semi-annual basis at the rate payable on a Treasury note having a comparable maturity plus 50 basis points. There are also various restrictive covenants, including limitations on (i) the incurrence of liens, and (ii) consolidations, mergers and asset sales. Including amortization of underwriting fees and related debt costs, interest expense on the 7.25% Senior Notes due 2018 is recognized at an annual effective interest rate of 7.37%. | |||||||||
Holders of the 7.25% Senior Notes have the right to require Con-way to repurchase the notes if, upon the occurrence of both (i) a change in control, and (ii) a below investment-grade rating by any two of Moody’s, Standard and Poor’s or Fitch Ratings. The repurchase price would be equal to 101% of the aggregate principal amount of the notes repurchased plus any accrued and unpaid interest. | |||||||||
6.70% Senior Debentures due 2034 | |||||||||
The $300 million aggregate principal amount of Senior Debentures bear interest at the rate of 6.70% per year, payable semi-annually on May 1 and November 1 of each year. Con-way may redeem the Senior Debentures, in whole or in part, on not less than 30 nor more than 60-days notice, at a redemption price equal to the greater of (i) the principal amount being redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Senior Debentures being redeemed, discounted at the redemption date on a semi-annual basis at the rate payable on a Treasury note having a comparable maturity plus 35 basis points. The Senior Debentures were issued under an indenture that restricts Con-way’s ability, with certain exceptions, to incur debt secured by liens. Including amortization of a discount, interest expense on the 6.70% Senior Debentures Due 2034 is recognized at an annual effective interest rate of 6.90%. | |||||||||
Other | |||||||||
The aggregate annual maturities of long-term debt for the next five years ending December 31, are $0.6 million in 2016 and $425.0 million in 2018. Following 2018, Con-way does not have any principal payments due until 2034. | |||||||||
As of December 31, 2013 and 2012, the estimated fair value of long-term debt was $806 million and $817 million, respectively. For the periods presented, long-term debt is classified as a Level 2 instrument with fair values estimated using broker-provided pricing. |
Leases
Leases | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Leases | ' | ||||||||||||
Leases | |||||||||||||
Con-way and its subsidiaries are obligated under non-cancelable leases for certain facilities, equipment and vehicles. Certain leases also contain provisions that allow Con-way to extend the leases for various renewal periods. | |||||||||||||
Under certain capital-lease agreements, Con-way guarantees the residual value of tractors at the end of the lease term. The stated amounts of the residual-value guarantees have been included in the minimum lease payments below. | |||||||||||||
In connection with its capital leases, Con-way reported $68.9 million and $77.9 million of revenue equipment and $39.0 million and $33.3 million of accumulated depreciation in the consolidated balance sheets at December 31, 2013 and 2012, respectively. | |||||||||||||
Future minimum lease payments with initial or remaining non-cancelable lease terms in excess of one year, at December 31, 2013, were as follows: | |||||||||||||
(Dollars in thousands) | |||||||||||||
Capital Leases | Operating Leases | ||||||||||||
Year ending December 31: | |||||||||||||
2014 | $ | 21,063 | $ | 94,438 | |||||||||
2015 | 12,934 | 67,015 | |||||||||||
2016 | 1,252 | 46,839 | |||||||||||
2017 | 1,252 | 30,905 | |||||||||||
2018 | 1,252 | 18,211 | |||||||||||
Thereafter (through 2026) | 312 | 41,703 | |||||||||||
Total minimum lease payments | $ | 38,065 | $ | 299,111 | |||||||||
Amount representing interest | (2,195 | ) | |||||||||||
Present value of minimum lease payments | 35,870 | ||||||||||||
Current maturities of obligations under capital leases | (19,685 | ) | |||||||||||
Long-term obligations under capital leases | $ | 16,185 | |||||||||||
The remaining unamortized gain resulting from past sale-leaseback transactions, $9.3 million at December 31, 2013, is reported in other liabilities and deferred credits in the consolidated balance sheets and will be amortized as a reduction to lease expense through 2024 when the corresponding lease terms expire. | |||||||||||||
Rental expense for operating leases comprised the following: | |||||||||||||
(Dollars in thousands) | Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Minimum rentals | $ | 129,902 | $ | 118,797 | $ | 118,810 | |||||||
Sublease rentals | (577 | ) | (2,843 | ) | (2,395 | ) | |||||||
Rental expense | $ | 129,325 | $ | 115,954 | $ | 116,415 | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
Income Tax Provision | |||||||||||||
The components of the provision for income taxes were as follows: | |||||||||||||
(Dollars in thousands) | Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current provision (benefit) | |||||||||||||
Federal | $ | (6,137 | ) | $ | 3,872 | $ | 3,804 | ||||||
State and local | 2,145 | 34 | 4,156 | ||||||||||
Foreign | 873 | 2,566 | 2,228 | ||||||||||
Total current provision (benefit) | (3,119 | ) | 6,472 | 10,188 | |||||||||
Deferred provision (benefit) | |||||||||||||
Federal | 41,832 | 45,920 | 85,106 | ||||||||||
Federal net operating loss | 14,369 | 11,166 | (40,057 | ) | |||||||||
State and local | 5,608 | 5,270 | 4,544 | ||||||||||
Foreign | (3,478 | ) | (2,420 | ) | (152 | ) | |||||||
Total deferred provision | 58,331 | 59,936 | 49,441 | ||||||||||
Income tax provision | $ | 55,212 | $ | 66,408 | $ | 59,629 | |||||||
Income taxes have been provided for foreign operations based upon the various tax laws and rates of the countries in which operations are conducted. The components of income before income taxes were as follows: | |||||||||||||
(Dollars in thousands) | Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. sources | $ | 157,074 | $ | 164,619 | $ | 139,978 | |||||||
Non-U.S. sources | (2,709 | ) | 6,335 | 8,094 | |||||||||
Income before income tax provision | $ | 154,365 | $ | 170,954 | $ | 148,072 | |||||||
Con-way’s income tax provision varied from the amounts calculated by applying the U.S. statutory income tax rate to the pretax income as shown in the following reconciliation: | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal statutory tax rate of 35% | 35 | % | 35 | % | 35 | % | |||||||
State income tax, net of federal income tax benefit | 4.7 | 3.1 | 5 | ||||||||||
Foreign taxes less than U.S. statutory rate | (1.1 | ) | (1.2 | ) | (0.5 | ) | |||||||
Non-deductible operating expenses and tax-exempt income | 0.7 | — | 0.1 | ||||||||||
Foreign taxes eligible for US foreign tax credit | 0.5 | 0.5 | 0.6 | ||||||||||
Write-down of an acquisition-related receivable and | |||||||||||||
purchase-price adjustment | — | — | (1.6 | ) | |||||||||
Fuel tax credit | (4.5 | ) | (0.1 | ) | (2.5 | ) | |||||||
IRS audit | (0.4 | ) | 1.5 | 4 | |||||||||
Other, net | 0.9 | — | 0.2 | ||||||||||
Effective income tax rate | 35.8 | % | 38.8 | % | 40.3 | % | |||||||
Current and Deferred Income Tax Balances | |||||||||||||
The components of deferred tax assets and liabilities related to the following: | |||||||||||||
(Dollars in thousands) | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets | |||||||||||||
Employee benefits | $ | 91,474 | $ | 231,386 | |||||||||
Self-insurance accruals | 23,042 | 32,336 | |||||||||||
Domestic operating-loss carryforwards | 22,461 | 37,818 | |||||||||||
Foreign operating-loss carryforwards | 16,832 | 11,307 | |||||||||||
Tax-credit carryforwards | 10,019 | 9,138 | |||||||||||
Share-based compensation | 16,551 | 15,558 | |||||||||||
Other | 11,471 | 13,242 | |||||||||||
Valuation allowance | (25,358 | ) | (19,120 | ) | |||||||||
Total deferred tax assets | 166,492 | 331,665 | |||||||||||
Deferred tax liabilities | |||||||||||||
Property, plant and equipment | 348,728 | 331,325 | |||||||||||
Prepaid expenses | 24,401 | 27,626 | |||||||||||
Revenue | 9,013 | 6,808 | |||||||||||
Other | 6,967 | 8,798 | |||||||||||
Total deferred tax liabilities | 389,109 | 374,557 | |||||||||||
Net deferred tax asset (liability) | $ | (222,617 | ) | $ | (42,892 | ) | |||||||
Deferred tax assets and liabilities in the consolidated balance sheets are classified as current or non-current based on the related asset or liability creating the deferred tax. Deferred taxes not related to a specific asset or liability are classified based on the estimated period of reversal. | |||||||||||||
At December 31, 2013, Con-way had a federal tax loss carryforward of $41.5 million. This federal tax loss carryforward will fully expire in 2031. In addition to the federal tax loss carryforward, other carryforwards, including state tax credits, foreign taxes creditable against federal tax, and state and foreign tax losses, may create future benefits. The resulting benefit of the future use of all tax losses, including domestic and foreign, is $39.3 million while tax credit carryforwards provide a benefit of $10.0 million. Because Con-way does not anticipate that future state and foreign taxable income will allow realization of the full benefits, management concluded that these assets fail to meet the more-likely-than-not threshold for realization. These combined future tax benefits of $49.3 million, therefore, have been offset by a valuation allowance of $25.4 million. | |||||||||||||
For all other deferred tax assets, management believes it is more likely than not that the results of future operations will generate taxable income of a sufficient amount and type to realize these deferred tax assets. | |||||||||||||
Certain capital expenditures made between September 9, 2010 and December 31, 2013 were eligible for bonus depreciation, and in accordance with this provision of U.S. tax law, Con-way deducted a substantial portion of its capital expenditures made during the 2010 through 2013 tax years. Also, in January 2013, the American Taxpayer Relief Act of 2012 was enacted which extended the alternative-fuel credit to 2012 and 2013 tax years. Con-way recorded a discrete benefit of $3.3 million in the first quarter of 2013 to recognize the effect of the credit associated with the 2012 tax year. The alternative-fuel credit for the 2013 tax year was recognized over the course of 2013. | |||||||||||||
No deferred taxes have been provided for the cumulative undistributed earnings of Con-way’s foreign subsidiaries ($29.9 million at December 31, 2013), which if remitted, are subject to withholding and U.S. taxes. Such amounts have been indefinitely reinvested in the respective foreign subsidiaries’ operations until it becomes advantageous for tax or foreign exchange reasons to remit these earnings. Determination of the amount of any unrecognized deferred income tax liability on this temporary difference is not practicable. | |||||||||||||
Income tax receivables of $10.6 million and $6.6 million were included in other accounts receivable in Con-way’s consolidated balance sheets at December 31, 2013 and 2012, respectively. | |||||||||||||
Uncertain Tax Positions | |||||||||||||
Con-way recognizes tax positions in the financial statements only when it is more likely than not that the position will be sustained upon examination by a taxing authority. If the position meets the more-likely-than-not criteria, it is measured using a probability-weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold are derecognized in the first subsequent financial reporting period in which the threshold is no longer met. | |||||||||||||
During 2012, the estimate for uncertain tax positions decreased to $15.0 million (including $5.3 million of accrued interest and penalties), primarily due to the lapse of statute of limitations and settlements with various taxing authorities, more fully discussed below. During 2013, the estimate decreased to $11.9 million (including $3.5 million of accrued interest and penalties), primarily due to the lapse of statute of limitations and settlements with various taxing authorities, more fully discussed below. | |||||||||||||
At December 31, 2013 and 2012, Con-way estimated that $6.5 million and $8.2 million, respectively, of the unrecognized tax benefits, if recognized, would change the effective tax rate. In 2013, a $1.8 million reversal of interest and penalties was included in income tax expense compared to $1.3 million in 2012. | |||||||||||||
The following summarizes the changes in the unrecognized tax benefits during the year, excluding interest and penalties: | |||||||||||||
(Dollars in thousands) | |||||||||||||
Balance at December 31, 2011 | $ | 10,677 | |||||||||||
Gross increases — prior-period tax positions | 2,676 | ||||||||||||
Gross increases — current-period tax positions | 1,039 | ||||||||||||
Settlements | (1,102 | ) | |||||||||||
Lapse of statute of limitations | (3,562 | ) | |||||||||||
Balance at December 31, 2012 | 9,728 | ||||||||||||
Gross increases — prior-period tax positions | 14 | ||||||||||||
Gross increases — current-period tax positions | 1,376 | ||||||||||||
Gross decreases — prior-period tax positions | (602 | ) | |||||||||||
Lapse of statute of limitations | (2,128 | ) | |||||||||||
Balance at December 31, 2013 | $ | 8,388 | |||||||||||
In the normal course of business, Con-way is subject to examination by taxing authorities throughout the world. As a result of these examinations, Con-way maintains ongoing discussions and negotiations relating to tax matters with the taxing authorities in these various jurisdictions. | |||||||||||||
Con-way is subject to examination for federal income taxes for tax years 2008 forward. In 2013, Con-way entered the Compliance Assurance Program (“CAP”). CAP is designed to make audits more effective, efficient and current such that when the federal tax return is filed it has been approved by the Internal Revenue Service ("IRS"). | |||||||||||||
In 2012, the IRS finished its field audit of the 2008 through 2010 tax years and an issue emerged that resulted in an increase to the estimate for uncertain tax positions in 2012. Con-way settled this issue in 2013. Payment of the liability will occur in 2014. | |||||||||||||
In 2011, Con-way settled a disputed issue with the IRS that arose in the 2005 to 2007 audit cycle. This issue primarily related to the treatment and character of certain payments Con-way made to retirees and former employees of Menlo Worldwide Forwarding, Inc. and its subsidiaries (“MWF”) since the 2004 sale of MWF. Con-way and the IRS agreed in the settlement to re-characterize a portion of these payments as capital losses. The re-characterized portion may not be deducted, but may be used only to offset capital gains. | |||||||||||||
Con-way is also subject to examination by state, local, and foreign jurisdictions for 2003 to 2012. Con-way is currently under audit in many state and foreign tax jurisdictions, and management expects that, in the next 12 months, it is reasonably possible that the total of unrecognized tax benefits will decrease by $1.8 million. This decrease is primarily due to settlement agreements Con-way expects to reach with various tax authorities and by lapses of applicable statutes of limitations. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||
Shareholders’ Equity | |||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||
All changes in equity, except those resulting from investments by owners and distributions to owners, are reported in the statements of consolidated comprehensive income (loss). The following is a summary of the components of accumulated other comprehensive loss: | |||||||||||||||||
(Dollars in thousands) | Foreign Currency Translation Adjustment | Unrealized (Gain) Loss on Available-for-Sale Security | Employee Benefit Plans | Total | |||||||||||||
Balances at December 31, 2010 | $ | (445 | ) | $ | (220 | ) | $ | (279,229 | ) | $ | (279,894 | ) | |||||
Other comprehensive loss before reclassifications | (1,331 | ) | (6 | ) | (163,312 | ) | (164,649 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | 6,107 | 6,107 | |||||||||||||
Balances at December 31, 2011 | $ | (1,776 | ) | $ | (226 | ) | $ | (436,434 | ) | $ | (438,436 | ) | |||||
Other comprehensive income (loss) before reclassifications | 481 | 226 | (30,470 | ) | (29,763 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | 11,738 | 11,738 | |||||||||||||
Balances at December 31, 2012 | $ | (1,295 | ) | $ | — | $ | (455,166 | ) | $ | (456,461 | ) | ||||||
Other comprehensive income before reclassifications | 871 | — | 173,369 | 174,240 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | 12,690 | 12,690 | |||||||||||||
Balances at December 31, 2013 | $ | (424 | ) | $ | — | $ | (269,107 | ) | $ | (269,531 | ) | ||||||
See Note 9, "Employee Benefit Plans" for additional information concerning Con-way's employee benefit plans, including amounts reported for net periodic benefit expense (income). |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||
Employee Benefit Plans | |||||||||||||||||||||||||
In the periods presented, certain employees of Con-way and its subsidiaries in the U.S. were covered under several retirement benefit plans, including defined benefit pension plans, defined contribution retirement plans and a postretirement medical plan. | |||||||||||||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||||||||||||
Con-way’s defined benefit pension plans include qualified plans that are eligible for certain beneficial treatment under the Internal Revenue Code (“IRC”), as well as non-qualified plans that do not meet IRC criteria. Con-way’s qualified defined benefit pension plans (collectively, the “Qualified Pension Plans”) consist mostly of a primary qualified defined benefit pension plan (the “Primary DB Plan”), which covers the non-contractual employees and former employees of Con-way’s continuing operations as well as former employees of its discontinued operations. Con-way’s other qualified defined benefit pension plans cover only the former employees of discontinued operations. | |||||||||||||||||||||||||
Con-way's non-qualified defined benefit pension plans (collectively, the “Non-Qualified Pension Plans”) consist mostly of a primary non-qualified supplemental defined benefit pension plan (the “Supplemental DB Plan”). The Supplemental DB Plan provides additional benefits for certain employees who are affected by IRC limitations on compensation eligible for benefits available under the qualified Primary DB Plan. | |||||||||||||||||||||||||
Some of Con-way's foreign subsidiaries sponsor defined benefit pension plans. These international defined benefit pension plans are excluded from the disclosures below due to their immateriality. | |||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
As a result of plan amendments in previous years, no additional benefits accrue under these plans and already-accrued benefits will not be adjusted for future increases in compensation. In 2012, as a result of an actuarial equivalence review, Con-way amended its defined benefit pension plans, increasing the expected benefits to be paid. | |||||||||||||||||||||||||
Funded Status of Defined Benefit Pension Plans | |||||||||||||||||||||||||
The following table reports the changes in the projected benefit obligation, the fair value of plan assets and the determination of the amounts recognized in the consolidated balance sheets for Con-way’s defined benefit pension plans at December 31: | |||||||||||||||||||||||||
(Dollars in thousands) | Qualified Pension Plans | Non-Qualified Pension Plans | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 1,680,603 | $ | 1,526,136 | $ | 78,218 | $ | 76,229 | |||||||||||||||||
Interest cost on projected benefit obligation | 70,022 | 70,168 | 3,213 | 3,438 | |||||||||||||||||||||
Plan amendments | — | 44,961 | — | 109 | |||||||||||||||||||||
Actuarial loss (gain) | (177,347 | ) | 85,755 | (5,508 | ) | 3,574 | |||||||||||||||||||
Benefits paid | (49,747 | ) | (46,417 | ) | (5,109 | ) | (5,132 | ) | |||||||||||||||||
Projected and accumulated benefit obligation | |||||||||||||||||||||||||
at end of year | $ | 1,523,531 | $ | 1,680,603 | $ | 70,814 | $ | 78,218 | |||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 1,281,261 | $ | 1,105,370 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 152,014 | 170,886 | — | — | |||||||||||||||||||||
Con-way contributions | 55,337 | 51,422 | 5,109 | 5,132 | |||||||||||||||||||||
Benefits paid | (49,747 | ) | (46,417 | ) | (5,109 | ) | (5,132 | ) | |||||||||||||||||
Fair value of plan assets at end of year | $ | 1,438,865 | $ | 1,281,261 | $ | — | $ | — | |||||||||||||||||
Funded status of the plans | $ | (84,666 | ) | $ | (399,342 | ) | $ | (70,814 | ) | $ | (78,218 | ) | |||||||||||||
Amounts recognized in the balance sheet consist of: | |||||||||||||||||||||||||
Long-term assets | $ | 15,018 | $ | 10,951 | $ | — | $ | — | |||||||||||||||||
Current liabilities | — | — | (5,145 | ) | (5,135 | ) | |||||||||||||||||||
Long-term liabilities | (99,684 | ) | (410,293 | ) | (65,669 | ) | (73,083 | ) | |||||||||||||||||
Net amount recognized | $ | (84,666 | ) | $ | (399,342 | ) | $ | (70,814 | ) | $ | (78,218 | ) | |||||||||||||
Plans with a projected and accumulated benefit obligation | |||||||||||||||||||||||||
in excess of plan assets: | |||||||||||||||||||||||||
Projected and accumulated benefit obligation | $ | 1,502,541 | $ | 1,657,701 | $ | 70,814 | $ | 78,218 | |||||||||||||||||
Fair value of plan assets | 1,402,857 | 1,247,409 | — | — | |||||||||||||||||||||
Weighted-average assumptions as of December 31: | |||||||||||||||||||||||||
Discount rate | 5.05 | % | 4.25 | % | 5.05 | % | 4.25 | % | |||||||||||||||||
The amounts included in accumulated other comprehensive loss that have not yet been recognized in net periodic benefit expense, consist of the following: | |||||||||||||||||||||||||
(Dollars in thousands) | Qualified Pension Plans | Non-Qualified Pension Plans | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Actuarial loss | $ | (413,879 | ) | $ | (670,188 | ) | $ | (27,367 | ) | $ | (33,993 | ) | |||||||||||||
Prior-service cost | (42,428 | ) | (45,295 | ) | (104 | ) | (109 | ) | |||||||||||||||||
$ | (456,307 | ) | $ | (715,483 | ) | $ | (27,471 | ) | $ | (34,102 | ) | ||||||||||||||
The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost in 2014 are as follows: | |||||||||||||||||||||||||
(Dollars in thousands) | Qualified Pension Plans | Non-Qualified Pension Plans | |||||||||||||||||||||||
Reclassification of actuarial loss to net periodic benefit expense (income) | $ | 9,902 | $ | 877 | |||||||||||||||||||||
Reclassification of prior-service cost to net periodic benefit expense (income) | 1,618 | 5 | |||||||||||||||||||||||
Net Periodic Benefit Expense (Income) for Defined Benefit Pension Plans | |||||||||||||||||||||||||
Net periodic benefit expense (income) and amounts recognized in other comprehensive income or loss for the years ended December 31 includes the following: | |||||||||||||||||||||||||
(Dollars in thousands) | Qualified Pension Plans | Non-Qualified Pension Plans | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Net periodic benefit expense (income): | |||||||||||||||||||||||||
Interest cost on benefit obligation | $ | 70,022 | $ | 70,168 | $ | 71,308 | $ | 3,213 | $ | 3,438 | $ | 3,787 | |||||||||||||
Expected return on plan assets | (91,324 | ) | (84,411 | ) | (85,935 | ) | — | — | — | ||||||||||||||||
Amortization of actuarial loss | 18,272 | 19,432 | 10,532 | 1,118 | 958 | 678 | |||||||||||||||||||
Amortization of prior-service cost | 1,670 | 14 | 14 | 5 | — | — | |||||||||||||||||||
Curtailment loss | 1,197 | — | — | — | 44 | — | |||||||||||||||||||
Net periodic benefit expense | |||||||||||||||||||||||||
(income) | $ | (163 | ) | $ | 5,203 | $ | (4,081 | ) | $ | 4,336 | $ | 4,440 | $ | 4,465 | |||||||||||
Amounts recognized in other | |||||||||||||||||||||||||
comprehensive income or loss: | |||||||||||||||||||||||||
Actuarial loss (gain) | $ | (238,037 | ) | $ | (720 | ) | $ | 256,571 | $ | (5,508 | ) | $ | 3,574 | $ | 7,587 | ||||||||||
Prior-service cost | — | 44,961 | — | — | 109 | — | |||||||||||||||||||
Reclassification of actuarial loss to net | (18,272 | ) | (19,432 | ) | (10,532 | ) | (1,118 | ) | (1,002 | ) | (678 | ) | |||||||||||||
periodic benefit expense (income) | |||||||||||||||||||||||||
Reclassification of prior-service cost to | (2,867 | ) | (14 | ) | (14 | ) | (5 | ) | — | — | |||||||||||||||
net periodic benefit expense (income) | |||||||||||||||||||||||||
Loss (gain) recognized in other | |||||||||||||||||||||||||
comprehensive income or loss | $ | (259,176 | ) | $ | 24,795 | $ | 246,025 | $ | (6,631 | ) | $ | 2,681 | $ | 6,909 | |||||||||||
Weighted-average assumptions used to | |||||||||||||||||||||||||
calculate net cost: | |||||||||||||||||||||||||
Discount rate | 4.25 | % | 4.65 | % | 5.55 | % | 4.25 | % | 4.65 | % | 5.55 | % | |||||||||||||
Expected long-term rate of return on | |||||||||||||||||||||||||
plan assets | 7.1 | % | 7.65 | % | 8 | % | — | % | — | % | — | % | |||||||||||||
Expected benefit payments for the defined benefit pension plans are summarized below. These estimates are based on assumptions about future events. Actual benefit payments may vary from these estimates. | |||||||||||||||||||||||||
(Dollars in thousands) | Qualified Pension Plans | Non-Qualified Pension Plans | |||||||||||||||||||||||
Year ending December 31: | |||||||||||||||||||||||||
2014 | $ | 57,616 | $ | 5,144 | |||||||||||||||||||||
2015 | 61,912 | 5,126 | |||||||||||||||||||||||
2016 | 66,313 | 5,165 | |||||||||||||||||||||||
2017 | 70,776 | 5,225 | |||||||||||||||||||||||
2018 | 75,826 | 5,209 | |||||||||||||||||||||||
2019-2023 | 450,408 | 25,664 | |||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||
Investment Policies and Strategies | |||||||||||||||||||||||||
Assets of the Qualified Pension Plans are managed pursuant to a long-term allocation strategy that seeks to mitigate the Plans' funded status volatility by increasing the Plans' exposure to fixed-income investments over time. This strategy was developed by analyzing a variety of diversified asset-class combinations in conjunction with the projected liabilities of the Qualified Pension Plans. In 2013, the Plans lowered their percentage of investments in equity securities and increased their percentage of investments in fixed-income securities. | |||||||||||||||||||||||||
The Plans' current investment strategy is to achieve a mix of approximately 69% in fixed-income securities and 31% of investments in equity securities by the end of 2014. Investments in fixed-income securities consist primarily of high-quality U.S. corporate or government debt instruments in a variety of industries. The target allocations for equity securities include 16% in U.S. large companies, 3% in U.S. small companies, and 12% in international companies. Investments in equity securities are allocated between growth- and value-style investment strategies and are diversified across industries and investment managers. The Plans’ investments in fixed-income and equity securities consist of individual securities held in managed separate accounts as well as commingled investment funds. | |||||||||||||||||||||||||
The Plans' investment strategy does not include a meaningful long-term investment allocation to cash and cash equivalents; however, the Plan's cash allocation may rise periodically in response to timing considerations regarding contributions, investments, and the payment of benefits and eligible plan expenses. Additionally, the level of cash and cash equivalents may reflect the un-invested balance of each manager's allocated portfolio balance. This “un-invested cash” is typically held in a short-term fund that invests in money-market instruments, including commercial paper and other liquid short-term interest-bearing instruments. | |||||||||||||||||||||||||
The Plans' investment policy does not allow investment managers to use market-timing strategies or financial derivative instruments for speculative purposes. However, financial derivative instruments are used to manage risk and achieve stated investment objectives regarding duration, yield curve, credit and equity exposures. Generally, the investment managers are prohibited from short selling, trading on margin, and trading commodities, warrants or other options, except when acquired as a result of the purchase of another security, or in the case of options, when sold as part of a covered position. Con-way's investment policies also restrict the investment managers from accumulating concentrations by issuer, country or industry segment. The assumption of 6.53% for the overall expected long-term rate of return in 2014 was developed using asset allocation, return, risk (defined as standard deviation), and correlation expectations. The return expectations are created using long-term historical returns and current market expectations for inflation, interest rates and economic growth. | |||||||||||||||||||||||||
Categories and Fair-Value Measurements of Plan Assets | |||||||||||||||||||||||||
The following table summarizes the fair value of Con-way’s pension plan assets within the fair-value hierarchy: | |||||||||||||||||||||||||
(Dollars in thousands) | 31-Dec-13 | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||
Short-term investment fund [a] | $ | 65,100 | $ | — | $ | 65,100 | $ | — | |||||||||||||||||
Equity | |||||||||||||||||||||||||
U.S. large companies | |||||||||||||||||||||||||
S&P 500 futures [b] | 3,482 | 3,482 | — | — | |||||||||||||||||||||
Growth [c] | 99,050 | 99,050 | — | — | |||||||||||||||||||||
Value [c] | 101,154 | 101,154 | — | — | |||||||||||||||||||||
U.S. small companies | |||||||||||||||||||||||||
Value [c] | 57,403 | 57,403 | — | — | |||||||||||||||||||||
International | |||||||||||||||||||||||||
Growth [c] | 91,058 | 91,058 | — | — | |||||||||||||||||||||
Value fund [a] | 94,927 | — | 94,927 | — | |||||||||||||||||||||
Fixed-income securities | |||||||||||||||||||||||||
U.S. long-term debt instruments [d] | 832,915 | 91,824 | 741,091 | — | |||||||||||||||||||||
Real estate | |||||||||||||||||||||||||
Private fund [e] | 40,412 | — | — | 40,412 | |||||||||||||||||||||
Hedge fund | |||||||||||||||||||||||||
Multi-Strategy [f] | 53,364 | — | — | 53,364 | |||||||||||||||||||||
Total | $ | 1,438,865 | $ | 443,971 | $ | 901,118 | $ | 93,776 | |||||||||||||||||
(Dollars in thousands) | 31-Dec-12 | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||
Short-term investment fund [a] | $ | 33,569 | $ | — | $ | 33,569 | $ | — | |||||||||||||||||
Equity | |||||||||||||||||||||||||
U.S. large companies | |||||||||||||||||||||||||
S&P 500 index fund [a] | 105,523 | — | 105,523 | — | |||||||||||||||||||||
Growth [c] | 96,409 | 96,409 | — | — | |||||||||||||||||||||
Value [c] | 146,501 | 146,501 | — | — | |||||||||||||||||||||
U.S. small companies | |||||||||||||||||||||||||
Growth [c] | 41,720 | 41,720 | — | — | |||||||||||||||||||||
Value [c] | 58,126 | 58,126 | — | — | |||||||||||||||||||||
International | |||||||||||||||||||||||||
Growth [c] | 84,673 | 84,673 | — | — | |||||||||||||||||||||
Value fund [a] | 92,724 | — | 92,724 | — | |||||||||||||||||||||
Fixed-income securities | |||||||||||||||||||||||||
U.S. long-term debt instruments [d] | 511,990 | 68,340 | 443,650 | — | |||||||||||||||||||||
Real estate | |||||||||||||||||||||||||
Private fund [e] | 36,911 | — | — | 36,911 | |||||||||||||||||||||
Real estate investment trust index fund [a] | 22,966 | — | 22,966 | — | |||||||||||||||||||||
Hedge Fund | — | ||||||||||||||||||||||||
Multi-Strategy [f] | 50,149 | — | — | 50,149 | |||||||||||||||||||||
Total | $ | 1,281,261 | $ | 495,769 | $ | 698,432 | $ | 87,060 | |||||||||||||||||
[a] | These funds are not publicly traded and do not have readily determinable fair values. Accordingly, they are valued at their net asset value per share. The underlying investments in the funds consist primarily of publicly traded securities with quoted market prices. | ||||||||||||||||||||||||
[b] | Gains from S&P 500 futures held in a separately managed account. | ||||||||||||||||||||||||
[c] | Publicly traded equity securities are valued at their closing market prices. | ||||||||||||||||||||||||
[d] | U.S. government securities are valued at their quoted market price, while corporate-debt instruments are generally valued using observable bid-ask spreads or broker-provided pricing. | ||||||||||||||||||||||||
[e] | The fair value of the private real estate fund is based on the fair values of the underlying assets, which consist of commercial and residential properties valued using periodic appraisals. The fund maintains a redemption plan whereby redemption requests must be received in writing 45 days prior to the end of the quarter. If the fund is unable to satisfy all redemption requests, partial redemptions may be made on a prorated basis. | ||||||||||||||||||||||||
[f] | The fair value of the hedge fund is based on the fair value of the underlying assets, which consists of individual equities, convertible securities, futures, forward contracts, currency forwards, swaps, high-yield debt portfolios, options, other derivative instruments, and cash which are all valued monthly. | ||||||||||||||||||||||||
The following table summarizes the change in fair value for Level 3 pension assets: | |||||||||||||||||||||||||
(Dollars in thousands) | Private real | Hedge fund | Total | ||||||||||||||||||||||
estate fund | |||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 34,520 | $ | — | $ | 34,520 | |||||||||||||||||||
Purchases | — | 50,000 | 50,000 | ||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Relating to assets still held at the reporting date | 2,391 | 149 | 2,540 | ||||||||||||||||||||||
Balance at December 31, 2012 | $ | 36,911 | $ | 50,149 | $ | 87,060 | |||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Relating to assets still held at the reporting date | 3,501 | 3,215 | 6,716 | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | 40,412 | $ | 53,364 | $ | 93,776 | |||||||||||||||||||
Funding | |||||||||||||||||||||||||
Con-way's funding practice is to evaluate its tax and cash position, as well as the Qualified Pension Plans' funded status, in determining its planned contributions. Con-way estimates that it will contribute $59 million to its Qualified Pension Plans in 2014; however, this could change based on variations in interest rates, asset returns, Pension Protection Act requirements and other factors. | |||||||||||||||||||||||||
Defined Contribution Retirement Plans | |||||||||||||||||||||||||
Con-way’s cost for defined contribution retirement plans was $55.3 million in 2013, $50.8 million in 2012, and $38.4 million in 2011. In the fourth quarter of 2011, Con-way reinstated certain contributions to its defined contribution retirement plans to their prior levels that had previously been suspended in the second quarter of 2009 as part of a cost-savings initiative. In the first quarter of 2013, additional contributions were implemented for employees hired on or after January 1, 2010. In the periods presented, Con-way’s contributions included cash and Con-way common stock. From January 2009 through June 2011, the common stock contributions were made with repurchased common stock (also referred to as treasury stock). In 2011, Con-way used 461,151 shares of treasury stock to fund $17.3 million in contributions. | |||||||||||||||||||||||||
Postretirement Medical Plan | |||||||||||||||||||||||||
Con-way sponsors a postretirement medical plan that provides health benefits to certain non-contractual employees at least 55 years of age with at least 10 years of service (the “Postretirement Plan”). The Postretirement Plan does not provide employer-subsidized retiree medical benefits for employees hired on or after January 1, 1993. | |||||||||||||||||||||||||
On October 31, 2013, Con-way amended the Postretirement Plan to provide a set benefit to certain retirees, at least 65 years of age, effective in 2014. Accordingly, a remeasurement was performed, reducing the projected benefit obligation by $28.3 million with an offsetting prior-service credit of $19.2 million and an actuarial gain of $9.1 million recognized in other comprehensive income (loss). | |||||||||||||||||||||||||
Funded Status of Postretirement Medical Plan | |||||||||||||||||||||||||
The following sets forth the changes in the benefit obligation and the determination of the amounts recognized in the consolidated balance sheets for the Postretirement Plan at December 31: | |||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 102,291 | $ | 98,417 | |||||||||||||||||||||
Service cost – benefits earned during the year | 1,459 | 1,679 | |||||||||||||||||||||||
Interest cost on projected benefit obligation | 3,434 | 4,318 | |||||||||||||||||||||||
Plan amendments | (19,243 | ) | — | ||||||||||||||||||||||
Actuarial loss (gain) | (21,143 | ) | 1,979 | ||||||||||||||||||||||
Participant contributions | 2,009 | 3,265 | |||||||||||||||||||||||
Benefits paid | (6,890 | ) | (7,367 | ) | |||||||||||||||||||||
Projected and accumulated benefit obligation at end of year | $ | 61,917 | $ | 102,291 | |||||||||||||||||||||
Funded status of the plan | $ | (61,917 | ) | $ | (102,291 | ) | |||||||||||||||||||
Amounts recognized in the balance sheet consist of : | |||||||||||||||||||||||||
Current liabilities | $ | (4,462 | ) | $ | (6,588 | ) | |||||||||||||||||||
Long-term liabilities | (57,455 | ) | (95,703 | ) | |||||||||||||||||||||
Net amount recognized | $ | (61,917 | ) | $ | (102,291 | ) | |||||||||||||||||||
Discount rate assumption as of December 31 | 4.5 | % | 3.6 | % | |||||||||||||||||||||
The amounts included in accumulated other comprehensive loss that have not yet been recognized in net periodic benefit expense consist of the following: | |||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Actuarial gain (loss) | $ | 19,537 | $ | (1,605 | ) | ||||||||||||||||||||
Prior-service credit | 19,366 | 1,580 | |||||||||||||||||||||||
$ | 38,903 | $ | (25 | ) | |||||||||||||||||||||
The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost are as follows: | |||||||||||||||||||||||||
(Dollars in thousands) | 2014 | ||||||||||||||||||||||||
Reclassification of prior-service credits to net periodic benefit expense | 2,863 | ||||||||||||||||||||||||
Reclassification of actuarial gain to net periodic benefit expense | 2,626 | ||||||||||||||||||||||||
Net Periodic Benefit Expense for Postretirement Medical Plan | |||||||||||||||||||||||||
Net periodic benefit expense and amounts recognized in other comprehensive income or loss for the years ended December 31 includes the following: | |||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Net periodic benefit expense (income): | |||||||||||||||||||||||||
Service cost - benefits earned during the year | $ | 1,459 | $ | 1,679 | $ | 1,441 | |||||||||||||||||||
Interest cost on benefit obligation | 3,434 | 4,318 | 4,492 | ||||||||||||||||||||||
Amortization of actuarial gain | (1 | ) | — | — | |||||||||||||||||||||
Amortization of prior-service credit | (1,457 | ) | (1,206 | ) | (1,212 | ) | |||||||||||||||||||
Net periodic benefit expense | $ | 3,435 | $ | 4,791 | $ | 4,721 | |||||||||||||||||||
Amounts recognized in other comprehensive income or loss: | |||||||||||||||||||||||||
Actuarial loss (gain) | $ | (21,143 | ) | $ | 1,979 | $ | 3,493 | ||||||||||||||||||
Prior-service cost | (19,243 | ) | — | — | |||||||||||||||||||||
Reclassification of actuarial gain to net periodic benefit expense | 1 | — | — | ||||||||||||||||||||||
Reclassification of prior-service credit to net periodic benefit expense | 1,457 | 1,206 | 1,212 | ||||||||||||||||||||||
Loss (gain) recognized in other comprehensive income or loss | $ | (38,928 | ) | $ | 3,185 | $ | 4,705 | ||||||||||||||||||
Discount rate assumption used to calculate interest cost through October 31 | 3.6 | % | 4.3 | % | 5 | % | |||||||||||||||||||
Discount rate assumption used to calculate interest cost from November 1 through December 31 | 4.25 | % | 4.3 | % | 5 | % | |||||||||||||||||||
Expected benefit payments, which reflect expected future service, as appropriate, are summarized below. These estimates are based on assumptions about future events. Actual benefit payments may vary from these estimates. | |||||||||||||||||||||||||
(Dollars in thousands) | Benefit | ||||||||||||||||||||||||
Payments | |||||||||||||||||||||||||
Year ending December 31: | |||||||||||||||||||||||||
2014 | $ | 4,462 | |||||||||||||||||||||||
2015 | 4,457 | ||||||||||||||||||||||||
2016 | 4,815 | ||||||||||||||||||||||||
2017 | 5,045 | ||||||||||||||||||||||||
2018 | 5,267 | ||||||||||||||||||||||||
2019-2023 | 26,488 | ||||||||||||||||||||||||
The assumed health-care cost trend rates used to determine the benefit obligation are as follows: | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Health-care cost trend rate assumed for next year | 7.2 | % | |||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.5 | % | |||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2027 | ||||||||||||||||||||||||
Assumed health-care cost trends affect the amounts recognized for Con-way’s postretirement benefits. The sensitivity to changes in assumed health-care cost trends are as follows: | |||||||||||||||||||||||||
(Dollars in thousands) | 2013 | ||||||||||||||||||||||||
One-percentage-point increase in trend rate: | |||||||||||||||||||||||||
Increase in total service cost and interest cost components | $ | 137 | |||||||||||||||||||||||
Increase in accumulated postretirement benefit obligation | 483 | ||||||||||||||||||||||||
One-percentage-point decrease in trend rate: | |||||||||||||||||||||||||
Decrease in total service cost and interest cost components | $ | (123 | ) | ||||||||||||||||||||||
Decrease in accumulated postretirement benefit obligation | (436 | ) |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Share-Based Compensation | ' | |||||||||||||
Share-Based Compensation | ||||||||||||||
Under terms of its share-based compensation plans, Con-way grants various types of share-based compensation awards to employees and directors. The plans provide for awards in the form of nonvested stock (also known as restricted stock), performance-share plan units ("PSPUs"), stock options and stock appreciation rights (“SARs”). | ||||||||||||||
Con-way recognizes expense on a straight-line basis over the shorter of (1) the requisite service period stated in the award or (2) the period from the grant date of the award up to the employee’s retirement-eligibility date if the award contains an accelerated-vesting provision. Awards with graded-vesting terms recognize expense on a straight-line basis over the requisite service period for the entire award. The following expense was recognized for share-based compensation: | ||||||||||||||
(Dollars in thousands) | Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Salaries, wages and employee benefits | $ | 20,783 | $ | 14,464 | $ | 12,764 | ||||||||
Deferred income tax benefit | (8,090 | ) | (5,616 | ) | (4,935 | ) | ||||||||
Net share-based compensation expense | $ | 12,693 | $ | 8,848 | $ | 7,829 | ||||||||
The fair value of each stock option and SAR grant is estimated using the Black-Scholes option-pricing model, which considers the risk-free interest rate, and the expected award term, volatility and dividend yield. The risk-free interest rate is determined using the U.S. Treasury zero-coupon issue with a remaining term equal to the expected term of the award. The expected term of the award is derived from a binomial lattice model, and is based on the historical rate of voluntary exercises, post-vesting terminations and volatility. Expected volatility is based on the historical volatility of Con-way’s common stock over the most recent period equal to the expected term of the award. | ||||||||||||||
The Board of Directors authorized the issuance of 7,637,432 shares of common stock for the grant of stock options, nonvested stock or other share-based compensation under its equity plans, of which 3,391,554 were available at December 31, 2013. | ||||||||||||||
Nonvested Stock | ||||||||||||||
Awards granted to directors prior to 2012 generally have three-year graded-vesting terms, while those granted in 2012 and after generally vest one year from the award date. Awards granted to employees generally vest three years from the award date. Nonvested stock awards provide for accelerated vesting as a result of a change in control, death or disability (as defined in the award agreement). The awards allow for pro-rata vesting if the award recipient leaves Con-way due to a qualifying retirement during the vesting period. Shares of nonvested stock that are eligible for dividends are valued at the market price of Con-way's common stock at the date of the award. Those awards that are not eligible for dividends are valued at the market price of Con-way’s common stock at the date of award, reduced by the present value of the dividends not received during the vesting period. | ||||||||||||||
The following table summarizes nonvested stock activity for 2013: | ||||||||||||||
Number of | Weighted- | |||||||||||||
Awards | Average | |||||||||||||
Grant-Date | ||||||||||||||
Fair Value | ||||||||||||||
Outstanding at December 31, 2012 | 817,319 | $ | 31.25 | |||||||||||
Awarded – Employees | 294,997 | 33.19 | ||||||||||||
Awarded – Directors | 28,900 | 34.6 | ||||||||||||
Vested | (275,257 | ) | 30.88 | |||||||||||
Forfeited | (42,889 | ) | 31.83 | |||||||||||
Outstanding at December 31, 2013 | 823,070 | $ | 32.15 | |||||||||||
The weighted-average grant-date fair value per share for nonvested stock awards granted to employees in 2012 and 2011 was $30.37 and $32.41, respectively. The weighted-average grant-date fair value per share for nonvested stock awards granted to directors in 2012 and 2011 was $33.75 and $38.11, respectively. | ||||||||||||||
The total fair value of nonvested stock that vested in 2013, 2012 and 2011 was $9.4 million, $11.0 million and $5.4 million, respectively, based on Con-way’s closing common stock price on the vesting date. At December 31, 2013, the total unrecorded deferred compensation cost of shares of nonvested stock, net of forfeitures, was $10.5 million, which is expected to be recognized over a weighted-average period of 1.72 years. | ||||||||||||||
Performance-share Plan Units | ||||||||||||||
The PSPUs vest three years from the grant date if certain performance criteria are achieved. The number of shares the award recipients ultimately receive can range from 0% to 200% of the grant target depending on achievement relative to the performance criteria. PSPUs are subject to forfeiture if any award recipient ceases to be an active full-time employee prior to the end of the three-year period, subject in some cases to early vesting upon specified events, including death or disability of the award recipient, or termination of employment following a change in control of Con-way. The awards allow for pro-rata vesting if the award recipient leaves Con-way due to a qualifying retirement during the vesting period. The PSPUs are valued at the market price of Con-way's common stock at the date of the award, reduced by the present value of the dividends not received during the three-year vesting period. The amount of expense recorded each period is based on Con-way's current estimate of the number of shares that will ultimately vest. | ||||||||||||||
The following table summarizes PSPU activity for 2013: | ||||||||||||||
Number of | Weighted- | |||||||||||||
Awards | Average | |||||||||||||
Grant-Date | ||||||||||||||
Fair Value | ||||||||||||||
Outstanding at December 31, 2012 | 235,984 | $ | 29.67 | |||||||||||
Awarded | 229,093 | 32.41 | ||||||||||||
Forfeited | (28,062 | ) | 31.02 | |||||||||||
Outstanding at December 31, 2013 | 437,015 | $ | 31.02 | |||||||||||
The weighted-average grant-date fair value per share for PSPUs granted in 2012 was $29.67. | ||||||||||||||
At December 31, 2013, the total unrecorded deferred compensation cost of shares of PSPUs, net of forfeitures, was $8.2 million, which is expected to be recognized over a weighted-average period of 1.78 years. | ||||||||||||||
Stock Options | ||||||||||||||
Stock options are granted at prices equal to the market value of the common stock on the date of grant and expire 10 years from the date of grant. Stock options are granted with three-year graded-vesting terms, under which one-third of the award vests each year. Certain option awards provide for accelerated vesting as a result of a change in control, qualifying retirement, death or disability (as defined in the stock option plans). | ||||||||||||||
The following table summarizes stock option activity for 2013: | ||||||||||||||
Number of | Weighted- | Weighted-Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (in thousands) | |||||||||||
Options | Average | |||||||||||||
Exercise | ||||||||||||||
Price | ||||||||||||||
Outstanding at December 31, 2012 | 2,400,260 | $ | 36.05 | |||||||||||
Exercised | (760,495 | ) | 27.32 | |||||||||||
Expired or cancelled | (151,024 | ) | 45.17 | |||||||||||
Outstanding at December 31, 2013 | 1,488,741 | $ | 39.59 | 4.17 | $ | 6,917 | ||||||||
Exercisable at December 31, 2013 | 1,302,639 | $ | 40.62 | 3.74 | $ | 5,550 | ||||||||
The aggregate intrinsic value reported in the table above represents the total pretax value that would have been received by employees and directors had all of the holders exercised their in-the-money stock options on December 31, 2013. | ||||||||||||||
The following table summarizes stock option exercise activity as of December 31: | ||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | |||||||||||
Aggregate intrinsic value of exercised options | $ | 9,868 | $ | 1,614 | $ | 3,513 | ||||||||
Cash received from exercise of options | 20,777 | 3,560 | 5,532 | |||||||||||
Tax benefit realized from exercise of options | 3,848 | 629 | 1,370 | |||||||||||
At December 31, 2013, the total unrecorded deferred compensation cost of stock options, net of forfeitures, was $0.2 million, which is expected to be recognized over a weighted-average period of 0.75 years. | ||||||||||||||
The following is a summary of the weighted-average assumptions used in the Black-Scholes option-pricing model and the calculated weighted-average grant-date fair value as of December 31: | ||||||||||||||
2012 | 2011 | |||||||||||||
Estimated fair value | $ | 11.79 | $ | 12.64 | ||||||||||
Risk-free interest rate | 0.7 | % | 2.2 | % | ||||||||||
Expected term (years) | 4.91 | 4.73 | ||||||||||||
Expected volatility | 52 | % | 48 | % | ||||||||||
Expected dividend yield | 1.37 | % | 1.24 | % | ||||||||||
Stock Appreciation Rights | ||||||||||||||
The cash-settled SARs were granted at the stock price on the grant date and have a three-year graded-vesting term. The awards provide for accelerated vesting if the employee ceases employment due to retirement, death, disability, or a change in control (as defined in the SAR agreement). The SARs were granted in 2010 and became fully vested in January 2013. During the vesting period, compensation cost was recognized based on the proportionate amount of service rendered to date. The SARs are liability-classified awards and, as a result, Con-way re-measures the fair value of the awards each reporting period until the awards are settled. Con-way will recognize any changes in fair value after the vesting period as compensation cost in the current period. The ultimate expense recognized for the SARs is equal to the intrinsic value at settlement. Con-way’s accrued liability for cash-settled SARs of $4.3 million and $3.6 million at December 31, 2013 and 2012 was determined using a weighted-average fair value of $15.13 and $7.43 per SAR at December 31, 2013 and 2012 respectively. | ||||||||||||||
The following table summarizes SAR activity for 2013: | ||||||||||||||
Number of | Weighted- | Weighted-Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (in thousands) | |||||||||||
Rights | Average | |||||||||||||
Exercise Price | ||||||||||||||
Outstanding at December 31, 2012 | 507,358 | $ | 28.92 | |||||||||||
Exercised | (224,137 | ) | 28.92 | |||||||||||
Outstanding at December 31, 2013 | 283,221 | $ | 28.92 | 6.11 | $ | 3,056 | ||||||||
Exercisable at December 31, 2013 | 283,221 | $ | 28.92 | 6.11 | $ | 3,056 | ||||||||
The following table summarizes SAR exercise activity as of December 31: | ||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | |||||||||||
Cash paid to settle exercised SARs | $ | 2,382 | $ | 51 | $ | 559 | ||||||||
Realized tax benefit | 929 | 20 | 218 | |||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies | ' |
Service Contracts | |
Con-way has agreements with third-party service providers to provide certain information-technology, administrative and accounting services. The payments under the terms of the agreements are subject to change depending on the quantities and types of services consumed. The contracts also contain provisions that allow Con-way to terminate the contract at any time; however, Con-way would be required to pay fees if termination is for causes other than the failure of the service providers to perform. | |
California Wage and Hour | |
Con-way is a defendant in several class-action lawsuits alleging violations of the state of California's wage and hour laws. Plaintiffs allege that Con-way failed to pay certain drivers for all compensable time and that certain other drivers were not provided with required meal breaks and rest breaks. Plaintiffs seek to recover unspecified monetary damages, penalties, interest and attorneys' fees. The two primary cases are Jorge R. Quezada v. Con-way Inc., dba Con-way Freight, (the "Quezada" case), and Jose Alberto Fonseca Pina, et al. v. Con-way Freight Inc., et al. (the "Pina" case). The Quezada case was initially filed in February 2009 in San Mateo County Superior Court, and was removed to the U.S. District Court of California, Northern District. The Pina case was initially filed in November 2009 in Monterey County Superior Court and was removed to the U.S. District Court of California, Northern District. By agreement of the parties, in March 2010, the Pina case and the Quezada case were deemed related and transferred to the same judge. On April 12, 2012, the Court granted plaintiff's request for class certification in the Pina case as to a limited number of issues. On October 15, 2012, the Court granted plaintiffs' request for class certification in the Quezada case and granted summary judgment as to certain issues. The class certification rulings do not address whether Con-way will ultimately be held liable. In the Quezada case, trial is currently scheduled for April 2014. | |
Con-way continues to challenge the certification of the class in both cases, and further contends that plaintiffs' claims are pre-empted by federal law and not substantiated by the facts. Con-way has denied any liability with respect to these claims and intends to vigorously defend itself in these cases. There are multiple factors that prevent Con-way from being able to estimate the amount of potential loss, if any, in excess of its accrued liability that may result from this matter, including: (1) Con-way is vigorously defending itself and believes that it has a number of meritorious legal defenses; and (2) at this early stage in the cases, there are unresolved questions of fact that could be important to the resolution of these matters. Accordingly, Con-way cannot estimate the amount or range of potential loss, if any, in excess of its accrued liability. | |
Menlo Receivable Dispute | |
Menlo filed for and received an asset preservation order from the Ningxia High Court in China in April of 2013 in connection with an unpaid accounts receivable balance. The order secures the customer's assets for the equivalent unpaid accounts receivable balance. Following the customer's failure to pay $6.1 million within agreed-upon terms, Menlo, in the fourth quarter of 2012, became less confident of its ability to collect the full amount of the outstanding receivable balance. As a result, Menlo recorded an allowance of $2.3 million in the fourth quarter of 2012. In connection with that action, Menlo seized coal inventory and the customer provided two shareholders' personal guarantees to Menlo in the event the customer fails to pay any or all the unpaid accounts receivable balance after selling all its assets, including the coal inventory. In the second quarter of 2013, new information came to Menlo's attention that caused Menlo to question whether it could continue to recognize any portion of the outstanding receivable balance, including information that raised uncertainty regarding Menlo's ability to realize value from the sale of secured assets of the customer. Accordingly, Menlo wrote off the entire receivable in June 2013. Any proceeds from the sales of any customer assets will be recognized in future periods when and if they occur. | |
Unclaimed-Property Audits | |
Con-way is currently being audited by eight states, primarily the State of Delaware, for compliance with unclaimed-property laws. The property subject to review in this audit process generally includes unclaimed securities and unclaimed payments and refunds to employees, vendors and customers. State and federal escheat laws generally require companies to report and remit unclaimed property to the states. Con-way believes it has procedures in place to comply with these laws. The audits of Con-way securities were completed in the third quarter of 2013 with no material findings and the remaining audits will continue into 2014. Given the current stage of the remaining audits, Con-way cannot estimate the amount or range of potential loss, if any. | |
Other | |
Con-way is a defendant in various other lawsuits incidental to its businesses. It is the opinion of management that the ultimate outcome of these actions will not have a material effect on Con-way’s financial condition, results of operations or cash flows. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting | ' | ||||||||||||
Con-way discloses segment information in the manner in which the business units are organized for making operating decisions, assessing performance and allocating resources. For the periods presented, Con-way is divided into the following three reporting segments: | |||||||||||||
• | Freight. The Freight segment consists of the operating results of the Con-way Freight business unit, which provides regional, inter-regional and transcontinental less-than-truckload freight services throughout North America. | ||||||||||||
• | Logistics. The Logistics segment consists of the operating results of the Menlo business unit, which develops contract-logistics solutions, including the management of complex distribution networks and supply-chain engineering and consulting, and also provides multimodal freight-brokerage services. | ||||||||||||
• | Truckload. The Truckload segment consists of the operating results of the Con-way Truckload business unit, which provides asset-based full-truckload freight services throughout North America. | ||||||||||||
In prior years, the Other reporting segment consisted of the operating results of Con-way's trailer manufacturer and certain corporate activities for which the related income or expense was not allocated to other reporting segments. Beginning in the first quarter of 2013, the former Other segment is reported as Corporate and Eliminations in order to reconcile the segment results to the consolidated totals. All years presented reflect this change to the reporting segment structure. | |||||||||||||
Financial Data | |||||||||||||
Management evaluates segment performance primarily based on revenue and operating income (loss). Accordingly, investment income, interest expense, and other non-operating items are not reported in segment results. Corporate expenses are generally allocated based on measurable services provided to each segment, or for general corporate expenses, based on segment revenue. Beginning in the first quarter of 2013, defined benefit pension plan costs are no longer allocated from Corporate to the reporting segments. The amount of defined benefit pension cost retained in Corporate and Eliminations was $4.2 million in 2013. In prior periods, the amount of defined benefit pension cost allocated from Corporate to the three reporting segments was $9.6 million in 2012 and $0.4 million in 2011. Inter-segment revenue and related operating income (loss) have been eliminated to reconcile to consolidated revenue and operating income. Transactions between segments are generally based on negotiated prices. | |||||||||||||
(Dollars in thousands) | Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenue from External Customers | |||||||||||||
Freight | $ | 3,424,002 | $ | 3,339,605 | $ | 3,196,564 | |||||||
Logistics | 1,474,507 | 1,677,279 | 1,555,422 | ||||||||||
Truckload | 567,255 | 558,714 | 532,165 | ||||||||||
Corporate and Eliminations | 7,592 | 4,649 | 5,802 | ||||||||||
$ | 5,473,356 | $ | 5,580,247 | $ | 5,289,953 | ||||||||
Revenue from Internal Customers | |||||||||||||
Freight | $ | 42,098 | $ | 52,991 | $ | 50,543 | |||||||
Logistics | 65,892 | 48,921 | 34,572 | ||||||||||
Truckload | 69,555 | 76,842 | 82,849 | ||||||||||
Corporate and Eliminations | 70,687 | 53,015 | 40,883 | ||||||||||
$ | 248,232 | $ | 231,769 | $ | 208,847 | ||||||||
Operating Income (Loss) | |||||||||||||
Freight | $ | 146,047 | $ | 143,869 | $ | 119,779 | |||||||
Logistics | 23,467 | 44,616 | 54,747 | ||||||||||
Truckload | 38,691 | 44,921 | 34,813 | ||||||||||
Corporate and Eliminations | 748 | (4,565 | ) | (1,411 | ) | ||||||||
$ | 208,953 | $ | 228,841 | $ | 207,928 | ||||||||
Depreciation and Amortization, net of Accretion | |||||||||||||
Freight | $ | 135,311 | $ | 124,372 | $ | 109,875 | |||||||
Logistics | 7,571 | 7,532 | 8,783 | ||||||||||
Truckload | 74,449 | 69,799 | 70,003 | ||||||||||
Corporate and Eliminations | 11,905 | 13,499 | 12,977 | ||||||||||
$ | 229,236 | $ | 215,202 | $ | 201,638 | ||||||||
Capital Expenditures | |||||||||||||
Freight | $ | 180,576 | $ | 190,218 | $ | 146,001 | |||||||
Logistics | 24,587 | 7,186 | 10,055 | ||||||||||
Truckload | 74,637 | 93,117 | 131,413 | ||||||||||
Corporate and Eliminations | 2,143 | 2,614 | 1,525 | ||||||||||
$ | 281,943 | $ | 293,135 | $ | 288,994 | ||||||||
Assets | |||||||||||||
Freight | $ | 1,529,681 | $ | 1,459,576 | $ | 1,368,249 | |||||||
Logistics | 318,266 | 302,295 | 313,253 | ||||||||||
Truckload | 799,775 | 807,470 | 791,864 | ||||||||||
Corporate and Eliminations | 632,209 | 583,074 | 626,650 | ||||||||||
$ | 3,279,931 | $ | 3,152,415 | $ | 3,100,016 | ||||||||
Geographic Data | |||||||||||||
For geographic reporting, freight transportation revenue is allocated equally between the origin and destination. Revenue for contract services is allocated to the country in which the services are performed. Long-lived assets outside of the United States were immaterial for all periods presented. | |||||||||||||
(Dollars in thousands) | Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenue | |||||||||||||
United States | $ | 5,094,193 | $ | 5,189,792 | $ | 4,965,630 | |||||||
Canada | 116,491 | 114,451 | 110,799 | ||||||||||
Other | 262,672 | 276,004 | 213,524 | ||||||||||
Total | $ | 5,473,356 | $ | 5,580,247 | $ | 5,289,953 | |||||||
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Data | ' | ||||||||||||||||
13. Quarterly Financial Data | |||||||||||||||||
Con-way Inc. | |||||||||||||||||
Quarterly Financial Data | |||||||||||||||||
(Unaudited) | |||||||||||||||||
(Dollars in thousands, except per share data) | March 31 | June 30 | September 30 | December 31 | |||||||||||||
2013 - Quarter Ended | |||||||||||||||||
Operating Results | |||||||||||||||||
Revenue | $ | 1,336,164 | $ | 1,381,370 | $ | 1,398,021 | $ | 1,357,801 | |||||||||
Operating Income [a] | 31,599 | 76,299 | 67,675 | 33,380 | |||||||||||||
Income before Income Tax Provision | 16,775 | 62,849 | 53,378 | 21,363 | |||||||||||||
Income Tax Provision | 2,770 | 19,952 | 22,821 | 9,669 | |||||||||||||
Net Income | 14,005 | 42,897 | 30,557 | 11,694 | |||||||||||||
Per Common Share | |||||||||||||||||
Basic Earnings | 0.25 | 0.76 | 0.54 | 0.21 | |||||||||||||
Diluted Earnings | 0.25 | 0.75 | 0.53 | 0.2 | |||||||||||||
Market Price | |||||||||||||||||
High | 38.12 | 39.81 | 46.04 | 45.98 | |||||||||||||
Low | 29.12 | 32.25 | 39.21 | 38.79 | |||||||||||||
Cash Dividends | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||
2012 - Quarter Ended | |||||||||||||||||
Operating Results | |||||||||||||||||
Revenue | $ | 1,366,161 | $ | 1,446,096 | $ | 1,404,113 | $ | 1,363,877 | |||||||||
Operating Income [a] | 55,690 | 80,143 | 55,213 | 37,795 | |||||||||||||
Income before Income Tax Provision | 41,422 | 64,697 | 41,158 | 23,677 | |||||||||||||
Income Tax Provision | 15,776 | 22,897 | 15,854 | 11,881 | |||||||||||||
Net Income | 25,646 | 41,800 | 25,304 | 11,796 | |||||||||||||
Per Common Share | |||||||||||||||||
Basic Earnings | 0.46 | 0.75 | 0.45 | 0.21 | |||||||||||||
Diluted Earnings | 0.46 | 0.74 | 0.45 | 0.21 | |||||||||||||
Market Price | |||||||||||||||||
High | 34.69 | 38.78 | 37.3 | 29.91 | |||||||||||||
Low | 28.26 | 30.89 | 26.51 | 25.97 | |||||||||||||
Cash Dividends | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||
[a] | The comparability of Con-way's consolidated operating income was affected by the following unusual income or expense: | ||||||||||||||||
- | A gain of $5.6 million at Con-way Corporate in the second quarter of 2013 from the sale of a property. | ||||||||||||||||
- | A charge of $3.7 million at Logistics in the second quarter of 2013 for an increased reserve on international accounts receivable. | ||||||||||||||||
- | A gain of $3.9 million at Con-way Freight in the second quarter of 2012 from the sale of excess properties. |
Principal_Accounting_Policies_
Principal Accounting Policies (Policy) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||
Organization | ' | ||||||||||||||||||||
Organization | |||||||||||||||||||||
Con-way Inc. and its consolidated subsidiaries (“Con-way” or the “Company”) provide transportation, logistics and supply-chain management services for a wide range of manufacturing, industrial and retail customers. As more fully discussed in Note 12, “Segment Reporting,” for financial reporting purposes, Con-way is divided into three reporting segments: Freight, Logistics and Truckload. | |||||||||||||||||||||
Principles Of Consolidation | ' | ||||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||||
The consolidated financial statements include the accounts of Con-way and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. | |||||||||||||||||||||
Estimates | ' | ||||||||||||||||||||
Estimates | |||||||||||||||||||||
Management makes estimates and assumptions when preparing the financial statements in conformity with accounting principles generally accepted in the U.S. These estimates and assumptions affect the amounts reported in the accompanying financial statements and notes. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new information becomes available. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses. Such estimates relate to revenue-related adjustments, impairment of goodwill and long-lived assets, amortization and depreciation, income taxes, self-insurance accruals, pension plan and postretirement obligations, contingencies, and assets and liabilities recognized in connection with acquisitions, restructurings and dispositions. | |||||||||||||||||||||
Con-way evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Estimates and assumptions are adjusted when facts and circumstances dictate. Volatility in financial markets and changing levels of economic activity increase the uncertainty inherent in such estimates and assumptions. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. | |||||||||||||||||||||
Recognition Of Revenues | ' | ||||||||||||||||||||
Recognition of Revenue | |||||||||||||||||||||
Con-way Freight recognizes revenue between reporting periods based on relative transit time in each period and recognizes expense as incurred. Estimates for future billing adjustments to revenue, including those related to weight and freight-classification verification and pricing discounts, are recognized at the time of shipment. Con-way Truckload recognizes revenue and related direct costs when the shipment is delivered. Menlo Worldwide Logistics ("Menlo") recognizes revenue based on the service outputs provided to the customer. | |||||||||||||||||||||
Menlo records revenue on a gross basis, without deducting third-party purchased transportation costs, on transactions for which it acts as a principal. Menlo records revenue on a net basis, after deducting purchased transportation costs, on transactions for which it acts as an agent. When recognizing revenue for services provided under performance-based incentive arrangements, the contingent portion of the revenue is not considered fixed or determinable until the performance criteria have been met. | |||||||||||||||||||||
Under certain Menlo contracts, billings in excess of revenue recognized are recorded as unearned revenue. Unearned revenue is recognized over the contract period as services are provided. At December 31, 2013 and 2012, unearned revenue of $12.1 million and $16.9 million was reported in Con-way’s consolidated balance sheets within accrued liabilities. In addition, Menlo has deferred certain recoverable direct and incremental costs related to the setup of logistics operations under long-term contracts. These deferred setup costs are recognized as expense over the contract term. At December 31, 2013 and 2012, these deferred setup costs of $9.9 million and $15.2 million were reported in the consolidated balance sheets within deferred charges and other assets. | |||||||||||||||||||||
Cash Equivalents And Marketable Securities | ' | ||||||||||||||||||||
Cash Equivalents and Marketable Securities | |||||||||||||||||||||
Cash equivalents consist of short-term interest-bearing instruments with maturities of three months or less at the date of purchase. At December 31, 2013 and 2012, cash-equivalent investments of $441.2 million and $378.3 million consisted primarily of commercial paper, certificates of deposit and money-market funds. | |||||||||||||||||||||
Con-way classifies its marketable debt securities as available-for-sale and reports them at fair value. Changes in the fair value of available-for-sale securities are recognized in other comprehensive income or loss, unless an unrealized loss is an other-than-temporary loss. If any portion of the unrealized loss is determined to be other than temporary, that portion of the loss is recognized in earnings. During 2013, Con-way liquidated all remaining variable-rate demand notes. At December 31, 2012, Con-way held $3.2 million of variable-rate demand notes. | |||||||||||||||||||||
Schedule Of Allowance For Uncollectible Accounts | ' | ||||||||||||||||||||
(Dollars in thousands) | Additions | ||||||||||||||||||||
Balance at | Charged to | Charged to other | Write-offs net of | Balance at end of | |||||||||||||||||
beginning | expense | accounts | recoveries | period | |||||||||||||||||
of period | |||||||||||||||||||||
2013 | $ | 9,774 | $ | 6,908 | $ | — | $ | (10,579 | ) | $ | 6,103 | ||||||||||
2012 | 6,951 | 6,358 | — | (3,535 | ) | 9,774 | |||||||||||||||
2011 | 6,209 | 6,761 | — | (6,019 | ) | 6,951 | |||||||||||||||
Trade Accounts Receivable, Net | ' | ||||||||||||||||||||
Trade Accounts Receivable, Net | |||||||||||||||||||||
Con-way Freight and Con-way Truckload report accounts receivable at net realizable value and provide an allowance when losses are probable. Estimates for uncollectible accounts are based on various judgments and assumptions, including revenue levels, historical loss experience and the aging of outstanding accounts receivable. Menlo, based on the size and nature of its client base, performs a periodic evaluation of its customers’ creditworthiness and accounts receivable portfolio and recognizes expense from uncollectible accounts when losses are both probable and reasonably estimable. Activity in the allowance for uncollectible accounts is presented in the following table: | |||||||||||||||||||||
(Dollars in thousands) | Additions | ||||||||||||||||||||
Balance at | Charged to | Charged to other | Write-offs net of | Balance at end of | |||||||||||||||||
beginning | expense | accounts | recoveries | period | |||||||||||||||||
of period | |||||||||||||||||||||
2013 | $ | 9,774 | $ | 6,908 | $ | — | $ | (10,579 | ) | $ | 6,103 | ||||||||||
2012 | 6,951 | 6,358 | — | (3,535 | ) | 9,774 | |||||||||||||||
2011 | 6,209 | 6,761 | — | (6,019 | ) | 6,951 | |||||||||||||||
Estimates for billing adjustments, including those related to weight and freight-classification verifications and pricing discounts, are also reported as a reduction to accounts receivable. Activity in the allowance for revenue adjustments is presented in the following table: | |||||||||||||||||||||
(Dollars in thousands) | Additions | ||||||||||||||||||||
Balance at | Charged to | Charged to other | Write-offs | Balance at end of | |||||||||||||||||
beginning | expense | accounts - Revenue | period | ||||||||||||||||||
of period | |||||||||||||||||||||
2013 | $ | 13,816 | $ | — | $ | 74,481 | $ | (76,082 | ) | $ | 12,215 | ||||||||||
2012 | 16,920 | — | 77,310 | (80,414 | ) | 13,816 | |||||||||||||||
2011 | 14,291 | — | 86,853 | (84,224 | ) | 16,920 | |||||||||||||||
Schedule Of Allowance For Revenue Adjustments | ' | ||||||||||||||||||||
(Dollars in thousands) | Additions | ||||||||||||||||||||
Balance at | Charged to | Charged to other | Write-offs | Balance at end of | |||||||||||||||||
beginning | expense | accounts - Revenue | period | ||||||||||||||||||
of period | |||||||||||||||||||||
2013 | $ | 13,816 | $ | — | $ | 74,481 | $ | (76,082 | ) | $ | 12,215 | ||||||||||
2012 | 16,920 | — | 77,310 | (80,414 | ) | 13,816 | |||||||||||||||
2011 | 14,291 | — | 86,853 | (84,224 | ) | 16,920 | |||||||||||||||
Property, Plant And Equipment | ' | ||||||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||||
Property, plant and equipment are reported at historical cost and are depreciated primarily on a straight-line basis over their estimated useful lives, generally 25 years for buildings, 4 to 14 years for revenue equipment, and 3 to 10 years for most other equipment. Leasehold improvements and assets acquired under capital leases are amortized over the shorter of the terms of the respective leases or the useful lives of the assets, with the resulting expense reported as depreciation. Depreciation expense was $221.2 million in 2013, $204.9 million in 2012 and $191.4 million in 2011. | |||||||||||||||||||||
In response to recent conditions in the used-trailer market, Con-way Truckload increased the estimated salvage values for certain of its trailers in the fourth quarter of 2013. This change decreased depreciation expense by $1.3 million in 2013 and is expected to decrease 2014 depreciation expense by $7.3 million. | |||||||||||||||||||||
Expenditures for equipment maintenance and repairs are charged to operating expenses as incurred; betterments are capitalized. Gains or losses on sales of equipment and property are recorded in other operating expenses. | |||||||||||||||||||||
Tires | ' | ||||||||||||||||||||
Tires and Maintenance | |||||||||||||||||||||
The cost of replacement tires are expensed at the time those tires are placed into service, as is the case with other repairs and maintenance costs. The cost of tires on new revenue equipment is capitalized and depreciated over the estimated useful life of the related equipment. | |||||||||||||||||||||
Capitalized Software, Net | ' | ||||||||||||||||||||
Capitalized Software, Net | |||||||||||||||||||||
Capitalized software consists of certain direct internal and external costs associated with internal-use software, net of accumulated amortization. Amortization of capitalized software is computed on an item-by-item basis depending on the estimated useful life of the software, currently between 3 years and 7 years. Amortization expense related to capitalized software was $7.2 million in 2013, $8.3 million in 2012, and $7.9 million in 2011. Accumulated amortization at December 31, 2013 and 2012 was $158.7 million and $155.9 million, respectively. | |||||||||||||||||||||
Long-Lived Assets | ' | ||||||||||||||||||||
Long-Lived Assets | |||||||||||||||||||||
Con-way performs an impairment analysis of long-lived assets whenever circumstances indicate that the carrying amount may not be recoverable. For assets that are to be held and used, an impairment charge is recognized when the estimated undiscounted cash flows associated with the asset or group of assets is less than carrying value. If impairment exists, a charge is recognized for the difference between the carrying value and the fair value. Fair values are determined using quoted market values, discounted cash flows or external appraisals, as applicable. Assets held for disposal are carried at the lower of carrying value or estimated net realizable value. Con-way’s accounting policies for goodwill and other long-lived intangible assets are more fully discussed in Note 2, “Goodwill and Intangible Assets.” | |||||||||||||||||||||
Book Overdrafts | ' | ||||||||||||||||||||
Book Overdrafts | |||||||||||||||||||||
Book overdrafts represent outstanding drafts not yet presented to the bank that are in excess of recorded cash. These amounts do not represent bank overdrafts, which occur when drafts presented to the bank are in excess of cash in Con-way’s bank account, and would effectively be a loan to Con-way. At December 31, 2013 and 2012, book overdrafts of $40.8 million and $43.0 million, respectively, were included in accounts payable. | |||||||||||||||||||||
Self-Insurance Accruals | ' | ||||||||||||||||||||
Self-Insurance Accruals | |||||||||||||||||||||
Con-way uses a combination of purchased insurance and self-insurance programs to provide for the costs of medical, casualty, liability, vehicular, cargo and workers’ compensation claims. The long-term portion of self-insurance accruals relates primarily to workers’ compensation and vehicular claims that are expected to be payable over several years. Con-way periodically evaluates the level of insurance coverage and adjusts insurance levels based on risk tolerance and premium expense. | |||||||||||||||||||||
The measurement and classification of self-insured costs requires the consideration of historical cost experience, demographic and severity factors, and judgments about the current and expected levels of cost per claim and retention levels. These methods provide estimates of the undiscounted liability associated with claims incurred as of the balance sheet date, including estimates of claims incurred but not reported. Changes in these assumptions and factors can materially affect actual costs paid to settle the claims and those amounts may be different than estimates. | |||||||||||||||||||||
Con-way participates in a reinsurance pool to reinsure a portion of its workers’ compensation claims. Each company that participates in the pool cedes claims to the pool and assumes an equivalent amount of claims. Reinsurance does not relieve Con-way of its liabilities under the original policy. However, in the opinion of management, potential exposure to Con-way for non-payment is minimal. At December 31, 2013 and 2012, Con-way had recorded a liability related to assumed claims of $59.2 million and $65.0 million, respectively, and had recorded a receivable from the reinsurance pool of $38.1 million and $39.6 million, respectively. Revenue related to these reinsurance activities is reported net of the associated expenses and are classified as other operating expenses. In connection with its participation in the reinsurance pool, Con-way recognized operating income of $2.2 million in 2013, an operating loss of $2.5 million in 2012, and an operating loss of $4.4 million in 2011. | |||||||||||||||||||||
Foreign Currency Translation | ' | ||||||||||||||||||||
Foreign Currency Translation | |||||||||||||||||||||
Adjustments resulting from translating foreign functional currency financial statements into U.S. dollars are included in the foreign currency translation adjustment in the statements of consolidated comprehensive income (loss). Transaction gains and losses that arise from exchange-rate fluctuations on transactions denominated in a currency other than the functional currency are included in results of operations and are reported as miscellaneous, net in the statements of consolidated income. | |||||||||||||||||||||
Con-way has determined that advances to certain of its foreign subsidiaries are indefinite in nature. Accordingly, the corresponding foreign currency translation gains or losses related to these advances are included in the foreign currency translation adjustment in the statements of consolidated comprehensive income (loss). | |||||||||||||||||||||
Calculation Of Numerator And Denominator In Earnings Per Share | ' | ||||||||||||||||||||
(Dollars in thousands, except per share data) | Years ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Numerator: | |||||||||||||||||||||
Net income | $ | 99,153 | $ | 104,546 | $ | 88,443 | |||||||||||||||
Denominator: | |||||||||||||||||||||
Weighted-average common shares outstanding | 56,511,563 | 55,837,574 | 55,388,297 | ||||||||||||||||||
Stock options and nonvested stock | 729,025 | 648,413 | 713,606 | ||||||||||||||||||
57,240,588 | 56,485,987 | 56,101,903 | |||||||||||||||||||
Diluted Earnings per Share | $ | 1.73 | $ | 1.85 | $ | 1.58 | |||||||||||||||
Anti-dilutive securities excluded from the computation of diluted EPS | 911,041 | 1,801,995 | 1,878,191 | ||||||||||||||||||
Earnings Per Share (EPS) | ' | ||||||||||||||||||||
Earnings Per Share (EPS) | |||||||||||||||||||||
Basic EPS is computed by dividing reported net income or loss by the weighted-average common shares outstanding. Diluted EPS is calculated as follows: | |||||||||||||||||||||
(Dollars in thousands, except per share data) | Years ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Numerator: | |||||||||||||||||||||
Net income | $ | 99,153 | $ | 104,546 | $ | 88,443 | |||||||||||||||
Denominator: | |||||||||||||||||||||
Weighted-average common shares outstanding | 56,511,563 | 55,837,574 | 55,388,297 | ||||||||||||||||||
Stock options and nonvested stock | 729,025 | 648,413 | 713,606 | ||||||||||||||||||
57,240,588 | 56,485,987 | 56,101,903 | |||||||||||||||||||
Diluted Earnings per Share | $ | 1.73 | $ | 1.85 | $ | 1.58 | |||||||||||||||
Anti-dilutive securities excluded from the computation of diluted EPS | 911,041 | 1,801,995 | 1,878,191 | ||||||||||||||||||
Non-Cash Investing and Financing Activities [Policy Text Block] | ' | ||||||||||||||||||||
Non-cash Investing and Financing Activities | |||||||||||||||||||||
Investing and financing activities that are not reported in the statements of consolidated cash flows due to their non-cash nature are summarized below: | |||||||||||||||||||||
(Dollars in thousands) | Years ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Capital lease incurred to acquire revenue equipment | $ | 5,575 | $ | — | $ | — | |||||||||||||||
Revenue equipment acquired through partial non-monetary exchanges | 27,711 | 34,759 | 33,463 | ||||||||||||||||||
Revenue equipment acquired through increase in current liabilities | 32,336 | 14,034 | — | ||||||||||||||||||
Repurchased common stock issued under defined contribution plan | — | — | 17,307 | ||||||||||||||||||
Non-cash Investing and Financing Activities | ' | ||||||||||||||||||||
(Dollars in thousands) | Years ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Capital lease incurred to acquire revenue equipment | $ | 5,575 | $ | — | $ | — | |||||||||||||||
Revenue equipment acquired through partial non-monetary exchanges | 27,711 | 34,759 | 33,463 | ||||||||||||||||||
Revenue equipment acquired through increase in current liabilities | 32,336 | 14,034 | — | ||||||||||||||||||
Repurchased common stock issued under defined contribution plan | — | — | 17,307 | ||||||||||||||||||
New Accounting Standards | ' | ||||||||||||||||||||
New Accounting Standards | |||||||||||||||||||||
In March 2013, the FASB issued ASU 2013-05, "Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity." This ASU, codified in the "Foreign Currency Matters" topic of the FASB Accounting Standards Codification, resolves the differing views in practice about whether the deconsolidation guidance in the "Consolidation" topic of the FASB Accounting Standards Codification impacts the guidance in "Foreign Currency Matters" topic in regard to when to release the cumulative translation adjustment into earnings. Under this ASU, complete or substantially complete liquidation of the foreign entity is required to release the cumulative translation adjustment for transactions occurring within a foreign entity. However, for transactions impacting the parent's investments in a foreign entity, the cumulative translation adjustment should be released into earnings in a manner consistent with the deconsolidation guidance in the "Consolidation" topic. This accounting guidance in ASU 2013-05 will be applied prospectively and will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Con-way does not believe that the standard will have a material effect on its financial statements | |||||||||||||||||||||
Reclassifications | ' | ||||||||||||||||||||
Reclassifications | |||||||||||||||||||||
Certain amounts in the prior-period financial statements have been reclassified to conform to the current-period presentation. |
Principal_Accounting_Policies_1
Principal Accounting Policies Allowance for Revenue Adjustments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Allowance for Revenue Adjustments [Line Items] | ' | ||||||||||||||||||||
Allowance for Revenue Adjustments [Table Text Block] | ' | ||||||||||||||||||||
(Dollars in thousands) | Additions | ||||||||||||||||||||
Balance at | Charged to | Charged to other | Write-offs | Balance at end of | |||||||||||||||||
beginning | expense | accounts - Revenue | period | ||||||||||||||||||
of period | |||||||||||||||||||||
2013 | $ | 13,816 | $ | — | $ | 74,481 | $ | (76,082 | ) | $ | 12,215 | ||||||||||
2012 | 16,920 | — | 77,310 | (80,414 | ) | 13,816 | |||||||||||||||
2011 | 14,291 | — | 86,853 | (84,224 | ) | 16,920 | |||||||||||||||
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Schedule Of Changes In Gross Carrying Amounts Of Goodwill | ' | ||||||||||||||||
(Dollars in thousands) | Logistics | Truckload | Other | Total | |||||||||||||
Balances at December 31, 2011 | |||||||||||||||||
Goodwill | $ | 55,440 | $ | 464,598 | $ | 727 | $ | 520,765 | |||||||||
Accumulated impairment losses | (48,236 | ) | (134,813 | ) | — | (183,049 | ) | ||||||||||
7,204 | 329,785 | 727 | 337,716 | ||||||||||||||
Change in foreign currency exchange rates | 448 | — | — | 448 | |||||||||||||
Balances at December 31, 2012 | |||||||||||||||||
Goodwill | 55,888 | 464,598 | 727 | 521,213 | |||||||||||||
Accumulated impairment losses | (48,236 | ) | (134,813 | ) | — | (183,049 | ) | ||||||||||
7,652 | 329,785 | 727 | 338,164 | ||||||||||||||
Change in foreign currency exchange rates | (193 | ) | — | — | (193 | ) | |||||||||||
Balances at December 31, 2013 | |||||||||||||||||
Goodwill | 55,695 | 464,598 | 727 | 521,020 | |||||||||||||
Accumulated impairment losses | (48,236 | ) | (134,813 | ) | — | (183,049 | ) | ||||||||||
$ | 7,459 | $ | 329,785 | $ | 727 | $ | 337,971 | ||||||||||
Schedule Of Intangible Assets | ' | ||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
(Dollars in thousands) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||
Customer relationships | $ | 23,088 | $ | 14,448 | $ | 23,088 | $ | 12,091 | |||||||||
Schedule Of Estimated Amortization Expense | ' | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Year ending December 31: | |||||||||||||||||
2014 | $ | 2,356 | |||||||||||||||
2015 | 2,356 | ||||||||||||||||
2016 | 2,356 | ||||||||||||||||
2017 | 1,572 | ||||||||||||||||
2018 | — | ||||||||||||||||
FairValue_Measurements_Tables
Fair-Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||
Summary Of Valuation Of Financial Instruments At Fair-Value | ' | ' | ||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
Cash equivalents | $ | 441,199 | $ | 99,092 | $ | 342,107 | $ | — | Cash equivalents | $ | 378,266 | $ | 70,488 | $ | 307,778 | $ | — | |||||||||||||||||
Current marketable securities | 3,200 | — | 3,200 | — | ||||||||||||||||||||||||||||||
Changes In Fair Values Of Auction-Rate Security | ' | ' | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Auction-rate security | |||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 5,354 | ||||||||||||||||||||||||||||||||
Gains (Losses) | ||||||||||||||||||||||||||||||||||
Included in earnings | (367 | ) | ||||||||||||||||||||||||||||||||
Included in other comprehensive income | 371 | |||||||||||||||||||||||||||||||||
Settlements and Sales | ||||||||||||||||||||||||||||||||||
Settlements | (75 | ) | ||||||||||||||||||||||||||||||||
Sales | (5,283 | ) | ||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | — | ||||||||||||||||||||||||||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Components Of Accrued Liabilities | ' | ||||||||
(Dollars in thousands) | December 31, | ||||||||
2013 | 2012 | ||||||||
Compensated absences | $ | 46,421 | $ | 40,254 | |||||
Employee benefits | 40,203 | 38,761 | |||||||
Wages and salaries | 35,826 | 29,451 | |||||||
Variable compensation | 33,573 | 50,713 | |||||||
Taxes other than income taxes | 26,704 | 23,930 | |||||||
Interest | 17,579 | 17,607 | |||||||
Other | 28,772 | 52,493 | |||||||
Total accrued liabilities | $ | 229,078 | $ | 253,209 | |||||
Debt_And_Other_Financing_Arran1
Debt And Other Financing Arrangements (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
(Dollars in thousands) | December 31, | ||||||||
2013 | 2012 | ||||||||
Promissory note, 2.63%, due 2016 (interest paid quarterly) | $ | 550 | $ | 550 | |||||
7.25% Senior Notes due 2018 (interest payable semi-annually) | 425,000 | 425,000 | |||||||
6.70% Senior Debentures due 2034 (interest payable semi-annually) | 300,000 | 300,000 | |||||||
Discount | (6,395 | ) | (6,534 | ) | |||||
293,605 | 293,466 | ||||||||
Long-term debt | $ | 719,155 | $ | 719,016 | |||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Future Minimum Lease Payments For Operating Leases And Capital Leases | ' | ||||||||||||
(Dollars in thousands) | |||||||||||||
Capital Leases | Operating Leases | ||||||||||||
Year ending December 31: | |||||||||||||
2014 | $ | 21,063 | $ | 94,438 | |||||||||
2015 | 12,934 | 67,015 | |||||||||||
2016 | 1,252 | 46,839 | |||||||||||
2017 | 1,252 | 30,905 | |||||||||||
2018 | 1,252 | 18,211 | |||||||||||
Thereafter (through 2026) | 312 | 41,703 | |||||||||||
Total minimum lease payments | $ | 38,065 | $ | 299,111 | |||||||||
Amount representing interest | (2,195 | ) | |||||||||||
Present value of minimum lease payments | 35,870 | ||||||||||||
Current maturities of obligations under capital leases | (19,685 | ) | |||||||||||
Long-term obligations under capital leases | $ | 16,185 | |||||||||||
Rental Expense For Operating Leases | ' | ||||||||||||
(Dollars in thousands) | Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Minimum rentals | $ | 129,902 | $ | 118,797 | $ | 118,810 | |||||||
Sublease rentals | (577 | ) | (2,843 | ) | (2,395 | ) | |||||||
Rental expense | $ | 129,325 | $ | 115,954 | $ | 116,415 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule Of Income Tax Expense | ' | ||||||||||||
(Dollars in thousands) | Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current provision (benefit) | |||||||||||||
Federal | $ | (6,137 | ) | $ | 3,872 | $ | 3,804 | ||||||
State and local | 2,145 | 34 | 4,156 | ||||||||||
Foreign | 873 | 2,566 | 2,228 | ||||||||||
Total current provision (benefit) | (3,119 | ) | 6,472 | 10,188 | |||||||||
Deferred provision (benefit) | |||||||||||||
Federal | 41,832 | 45,920 | 85,106 | ||||||||||
Federal net operating loss | 14,369 | 11,166 | (40,057 | ) | |||||||||
State and local | 5,608 | 5,270 | 4,544 | ||||||||||
Foreign | (3,478 | ) | (2,420 | ) | (152 | ) | |||||||
Total deferred provision | 58,331 | 59,936 | 49,441 | ||||||||||
Income tax provision | $ | 55,212 | $ | 66,408 | $ | 59,629 | |||||||
Schedule of Income before Income Tax, Domestic and Foreign | ' | ||||||||||||
(Dollars in thousands) | Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. sources | $ | 157,074 | $ | 164,619 | $ | 139,978 | |||||||
Non-U.S. sources | (2,709 | ) | 6,335 | 8,094 | |||||||||
Income before income tax provision | $ | 154,365 | $ | 170,954 | $ | 148,072 | |||||||
Schedule Of Income Taxes Calculated On Income Before Income Taxes And Provision For Income Taxes | ' | ||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal statutory tax rate of 35% | 35 | % | 35 | % | 35 | % | |||||||
State income tax, net of federal income tax benefit | 4.7 | 3.1 | 5 | ||||||||||
Foreign taxes less than U.S. statutory rate | (1.1 | ) | (1.2 | ) | (0.5 | ) | |||||||
Non-deductible operating expenses and tax-exempt income | 0.7 | — | 0.1 | ||||||||||
Foreign taxes eligible for US foreign tax credit | 0.5 | 0.5 | 0.6 | ||||||||||
Write-down of an acquisition-related receivable and | |||||||||||||
purchase-price adjustment | — | — | (1.6 | ) | |||||||||
Fuel tax credit | (4.5 | ) | (0.1 | ) | (2.5 | ) | |||||||
IRS audit | (0.4 | ) | 1.5 | 4 | |||||||||
Other, net | 0.9 | — | 0.2 | ||||||||||
Effective income tax rate | 35.8 | % | 38.8 | % | 40.3 | % | |||||||
Schedule Of Deferred Tax Assets And Liabilities | ' | ||||||||||||
(Dollars in thousands) | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets | |||||||||||||
Employee benefits | $ | 91,474 | $ | 231,386 | |||||||||
Self-insurance accruals | 23,042 | 32,336 | |||||||||||
Domestic operating-loss carryforwards | 22,461 | 37,818 | |||||||||||
Foreign operating-loss carryforwards | 16,832 | 11,307 | |||||||||||
Tax-credit carryforwards | 10,019 | 9,138 | |||||||||||
Share-based compensation | 16,551 | 15,558 | |||||||||||
Other | 11,471 | 13,242 | |||||||||||
Valuation allowance | (25,358 | ) | (19,120 | ) | |||||||||
Total deferred tax assets | 166,492 | 331,665 | |||||||||||
Deferred tax liabilities | |||||||||||||
Property, plant and equipment | 348,728 | 331,325 | |||||||||||
Prepaid expenses | 24,401 | 27,626 | |||||||||||
Revenue | 9,013 | 6,808 | |||||||||||
Other | 6,967 | 8,798 | |||||||||||
Total deferred tax liabilities | 389,109 | 374,557 | |||||||||||
Net deferred tax asset (liability) | $ | (222,617 | ) | $ | (42,892 | ) | |||||||
Schedule Of Unrecognized Tax Benefits | ' | ||||||||||||
(Dollars in thousands) | |||||||||||||
Balance at December 31, 2011 | $ | 10,677 | |||||||||||
Gross increases — prior-period tax positions | 2,676 | ||||||||||||
Gross increases — current-period tax positions | 1,039 | ||||||||||||
Settlements | (1,102 | ) | |||||||||||
Lapse of statute of limitations | (3,562 | ) | |||||||||||
Balance at December 31, 2012 | 9,728 | ||||||||||||
Gross increases — prior-period tax positions | 14 | ||||||||||||
Gross increases — current-period tax positions | 1,376 | ||||||||||||
Gross decreases — prior-period tax positions | (602 | ) | |||||||||||
Lapse of statute of limitations | (2,128 | ) | |||||||||||
Balance at December 31, 2013 | $ | 8,388 | |||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Schedule Of Accumulated Other Comprehensive Income | ' | ||||||||||||||||
The following is a summary of the components of accumulated other comprehensive loss: | |||||||||||||||||
(Dollars in thousands) | Foreign Currency Translation Adjustment | Unrealized (Gain) Loss on Available-for-Sale Security | Employee Benefit Plans | Total | |||||||||||||
Balances at December 31, 2010 | $ | (445 | ) | $ | (220 | ) | $ | (279,229 | ) | $ | (279,894 | ) | |||||
Other comprehensive loss before reclassifications | (1,331 | ) | (6 | ) | (163,312 | ) | (164,649 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | 6,107 | 6,107 | |||||||||||||
Balances at December 31, 2011 | $ | (1,776 | ) | $ | (226 | ) | $ | (436,434 | ) | $ | (438,436 | ) | |||||
Other comprehensive income (loss) before reclassifications | 481 | 226 | (30,470 | ) | (29,763 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | 11,738 | 11,738 | |||||||||||||
Balances at December 31, 2012 | $ | (1,295 | ) | $ | — | $ | (455,166 | ) | $ | (456,461 | ) | ||||||
Other comprehensive income before reclassifications | 871 | — | 173,369 | 174,240 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | 12,690 | 12,690 | |||||||||||||
Balances at December 31, 2013 | $ | (424 | ) | $ | — | $ | (269,107 | ) | $ | (269,531 | ) | ||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||
Changes In The Projected Benefit Obligation, The Fair Value Of Plan Assets And The Determination Of The Amounts Recognized | ' | ||||||||||||||||||||||||
(Dollars in thousands) | Qualified Pension Plans | Non-Qualified Pension Plans | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 1,680,603 | $ | 1,526,136 | $ | 78,218 | $ | 76,229 | |||||||||||||||||
Interest cost on projected benefit obligation | 70,022 | 70,168 | 3,213 | 3,438 | |||||||||||||||||||||
Plan amendments | — | 44,961 | — | 109 | |||||||||||||||||||||
Actuarial loss (gain) | (177,347 | ) | 85,755 | (5,508 | ) | 3,574 | |||||||||||||||||||
Benefits paid | (49,747 | ) | (46,417 | ) | (5,109 | ) | (5,132 | ) | |||||||||||||||||
Projected and accumulated benefit obligation | |||||||||||||||||||||||||
at end of year | $ | 1,523,531 | $ | 1,680,603 | $ | 70,814 | $ | 78,218 | |||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 1,281,261 | $ | 1,105,370 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 152,014 | 170,886 | — | — | |||||||||||||||||||||
Con-way contributions | 55,337 | 51,422 | 5,109 | 5,132 | |||||||||||||||||||||
Benefits paid | (49,747 | ) | (46,417 | ) | (5,109 | ) | (5,132 | ) | |||||||||||||||||
Fair value of plan assets at end of year | $ | 1,438,865 | $ | 1,281,261 | $ | — | $ | — | |||||||||||||||||
Funded status of the plans | $ | (84,666 | ) | $ | (399,342 | ) | $ | (70,814 | ) | $ | (78,218 | ) | |||||||||||||
Amounts recognized in the balance sheet consist of: | |||||||||||||||||||||||||
Long-term assets | $ | 15,018 | $ | 10,951 | $ | — | $ | — | |||||||||||||||||
Current liabilities | — | — | (5,145 | ) | (5,135 | ) | |||||||||||||||||||
Long-term liabilities | (99,684 | ) | (410,293 | ) | (65,669 | ) | (73,083 | ) | |||||||||||||||||
Net amount recognized | $ | (84,666 | ) | $ | (399,342 | ) | $ | (70,814 | ) | $ | (78,218 | ) | |||||||||||||
Plans with a projected and accumulated benefit obligation | |||||||||||||||||||||||||
in excess of plan assets: | |||||||||||||||||||||||||
Projected and accumulated benefit obligation | $ | 1,502,541 | $ | 1,657,701 | $ | 70,814 | $ | 78,218 | |||||||||||||||||
Fair value of plan assets | 1,402,857 | 1,247,409 | — | — | |||||||||||||||||||||
Weighted-average assumptions as of December 31: | |||||||||||||||||||||||||
Discount rate | 5.05 | % | 4.25 | % | 5.05 | % | 4.25 | % | |||||||||||||||||
Amounts Included In Accumulated Other Comprehensive Loss That Have Not Yet Been Recognized In Net Periodic Benefit Expense | ' | ||||||||||||||||||||||||
(Dollars in thousands) | Qualified Pension Plans | Non-Qualified Pension Plans | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Actuarial loss | $ | (413,879 | ) | $ | (670,188 | ) | $ | (27,367 | ) | $ | (33,993 | ) | |||||||||||||
Prior-service cost | (42,428 | ) | (45,295 | ) | (104 | ) | (109 | ) | |||||||||||||||||
$ | (456,307 | ) | $ | (715,483 | ) | $ | (27,471 | ) | $ | (34,102 | ) | ||||||||||||||
Schedule Of Net Periodic Benefit Cost Expected In Next Fiscal Year | ' | ||||||||||||||||||||||||
(Dollars in thousands) | Qualified Pension Plans | Non-Qualified Pension Plans | |||||||||||||||||||||||
Reclassification of actuarial loss to net periodic benefit expense (income) | $ | 9,902 | $ | 877 | |||||||||||||||||||||
Reclassification of prior-service cost to net periodic benefit expense (income) | 1,618 | 5 | |||||||||||||||||||||||
Components Of Net Periodic Benefit Expense (Income) | ' | ||||||||||||||||||||||||
(Dollars in thousands) | Qualified Pension Plans | Non-Qualified Pension Plans | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Net periodic benefit expense (income): | |||||||||||||||||||||||||
Interest cost on benefit obligation | $ | 70,022 | $ | 70,168 | $ | 71,308 | $ | 3,213 | $ | 3,438 | $ | 3,787 | |||||||||||||
Expected return on plan assets | (91,324 | ) | (84,411 | ) | (85,935 | ) | — | — | — | ||||||||||||||||
Amortization of actuarial loss | 18,272 | 19,432 | 10,532 | 1,118 | 958 | 678 | |||||||||||||||||||
Amortization of prior-service cost | 1,670 | 14 | 14 | 5 | — | — | |||||||||||||||||||
Curtailment loss | 1,197 | — | — | — | 44 | — | |||||||||||||||||||
Net periodic benefit expense | |||||||||||||||||||||||||
(income) | $ | (163 | ) | $ | 5,203 | $ | (4,081 | ) | $ | 4,336 | $ | 4,440 | $ | 4,465 | |||||||||||
Amounts recognized in other | |||||||||||||||||||||||||
comprehensive income or loss: | |||||||||||||||||||||||||
Actuarial loss (gain) | $ | (238,037 | ) | $ | (720 | ) | $ | 256,571 | $ | (5,508 | ) | $ | 3,574 | $ | 7,587 | ||||||||||
Prior-service cost | — | 44,961 | — | — | 109 | — | |||||||||||||||||||
Reclassification of actuarial loss to net | (18,272 | ) | (19,432 | ) | (10,532 | ) | (1,118 | ) | (1,002 | ) | (678 | ) | |||||||||||||
periodic benefit expense (income) | |||||||||||||||||||||||||
Reclassification of prior-service cost to | (2,867 | ) | (14 | ) | (14 | ) | (5 | ) | — | — | |||||||||||||||
net periodic benefit expense (income) | |||||||||||||||||||||||||
Loss (gain) recognized in other | |||||||||||||||||||||||||
comprehensive income or loss | $ | (259,176 | ) | $ | 24,795 | $ | 246,025 | $ | (6,631 | ) | $ | 2,681 | $ | 6,909 | |||||||||||
Weighted-average assumptions used to | |||||||||||||||||||||||||
calculate net cost: | |||||||||||||||||||||||||
Discount rate | 4.25 | % | 4.65 | % | 5.55 | % | 4.25 | % | 4.65 | % | 5.55 | % | |||||||||||||
Expected long-term rate of return on | |||||||||||||||||||||||||
plan assets | 7.1 | % | 7.65 | % | 8 | % | — | % | — | % | — | % | |||||||||||||
Expected Benefit Payments | ' | ||||||||||||||||||||||||
(Dollars in thousands) | Qualified Pension Plans | Non-Qualified Pension Plans | |||||||||||||||||||||||
Year ending December 31: | |||||||||||||||||||||||||
2014 | $ | 57,616 | $ | 5,144 | |||||||||||||||||||||
2015 | 61,912 | 5,126 | |||||||||||||||||||||||
2016 | 66,313 | 5,165 | |||||||||||||||||||||||
2017 | 70,776 | 5,225 | |||||||||||||||||||||||
2018 | 75,826 | 5,209 | |||||||||||||||||||||||
2019-2023 | 450,408 | 25,664 | |||||||||||||||||||||||
Summary Of Fair Value Of Pension Plan Assets | ' | ||||||||||||||||||||||||
(Dollars in thousands) | 31-Dec-13 | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||
Short-term investment fund [a] | $ | 65,100 | $ | — | $ | 65,100 | $ | — | |||||||||||||||||
Equity | |||||||||||||||||||||||||
U.S. large companies | |||||||||||||||||||||||||
S&P 500 futures [b] | 3,482 | 3,482 | — | — | |||||||||||||||||||||
Growth [c] | 99,050 | 99,050 | — | — | |||||||||||||||||||||
Value [c] | 101,154 | 101,154 | — | — | |||||||||||||||||||||
U.S. small companies | |||||||||||||||||||||||||
Value [c] | 57,403 | 57,403 | — | — | |||||||||||||||||||||
International | |||||||||||||||||||||||||
Growth [c] | 91,058 | 91,058 | — | — | |||||||||||||||||||||
Value fund [a] | 94,927 | — | 94,927 | — | |||||||||||||||||||||
Fixed-income securities | |||||||||||||||||||||||||
U.S. long-term debt instruments [d] | 832,915 | 91,824 | 741,091 | — | |||||||||||||||||||||
Real estate | |||||||||||||||||||||||||
Private fund [e] | 40,412 | — | — | 40,412 | |||||||||||||||||||||
Hedge fund | |||||||||||||||||||||||||
Multi-Strategy [f] | 53,364 | — | — | 53,364 | |||||||||||||||||||||
Total | $ | 1,438,865 | $ | 443,971 | $ | 901,118 | $ | 93,776 | |||||||||||||||||
(Dollars in thousands) | 31-Dec-12 | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||
Short-term investment fund [a] | $ | 33,569 | $ | — | $ | 33,569 | $ | — | |||||||||||||||||
Equity | |||||||||||||||||||||||||
U.S. large companies | |||||||||||||||||||||||||
S&P 500 index fund [a] | 105,523 | — | 105,523 | — | |||||||||||||||||||||
Growth [c] | 96,409 | 96,409 | — | — | |||||||||||||||||||||
Value [c] | 146,501 | 146,501 | — | — | |||||||||||||||||||||
U.S. small companies | |||||||||||||||||||||||||
Growth [c] | 41,720 | 41,720 | — | — | |||||||||||||||||||||
Value [c] | 58,126 | 58,126 | — | — | |||||||||||||||||||||
International | |||||||||||||||||||||||||
Growth [c] | 84,673 | 84,673 | — | — | |||||||||||||||||||||
Value fund [a] | 92,724 | — | 92,724 | — | |||||||||||||||||||||
Fixed-income securities | |||||||||||||||||||||||||
U.S. long-term debt instruments [d] | 511,990 | 68,340 | 443,650 | — | |||||||||||||||||||||
Real estate | |||||||||||||||||||||||||
Private fund [e] | 36,911 | — | — | 36,911 | |||||||||||||||||||||
Real estate investment trust index fund [a] | 22,966 | — | 22,966 | — | |||||||||||||||||||||
Hedge Fund | — | ||||||||||||||||||||||||
Multi-Strategy [f] | 50,149 | — | — | 50,149 | |||||||||||||||||||||
Total | $ | 1,281,261 | $ | 495,769 | $ | 698,432 | $ | 87,060 | |||||||||||||||||
[a] | These funds are not publicly traded and do not have readily determinable fair values. Accordingly, they are valued at their net asset value per share. The underlying investments in the funds consist primarily of publicly traded securities with quoted market prices. | ||||||||||||||||||||||||
[b] | Gains from S&P 500 futures held in a separately managed account. | ||||||||||||||||||||||||
[c] | Publicly traded equity securities are valued at their closing market prices. | ||||||||||||||||||||||||
[d] | U.S. government securities are valued at their quoted market price, while corporate-debt instruments are generally valued using observable bid-ask spreads or broker-provided pricing. | ||||||||||||||||||||||||
[e] | The fair value of the private real estate fund is based on the fair values of the underlying assets, which consist of commercial and residential properties valued using periodic appraisals. The fund maintains a redemption plan whereby redemption requests must be received in writing 45 days prior to the end of the quarter. If the fund is unable to satisfy all redemption requests, partial redemptions may be made on a prorated basis. | ||||||||||||||||||||||||
[f] | The fair value of the hedge fund is based on the fair value of the underlying assets, which consists of individual equities, convertible securities, futures, forward contracts, currency forwards, swaps, high-yield debt portfolios, options, other derivative instruments, and cash which are all valued monthly. | ||||||||||||||||||||||||
Summary Of The Change In Fair Value For Pension Assets | ' | ||||||||||||||||||||||||
(Dollars in thousands) | Private real | Hedge fund | Total | ||||||||||||||||||||||
estate fund | |||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 34,520 | $ | — | $ | 34,520 | |||||||||||||||||||
Purchases | — | 50,000 | 50,000 | ||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Relating to assets still held at the reporting date | 2,391 | 149 | 2,540 | ||||||||||||||||||||||
Balance at December 31, 2012 | $ | 36,911 | $ | 50,149 | $ | 87,060 | |||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Relating to assets still held at the reporting date | 3,501 | 3,215 | 6,716 | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | 40,412 | $ | 53,364 | $ | 93,776 | |||||||||||||||||||
Postretirement Medical Plan [Member] | ' | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||
Amounts Included In Accumulated Other Comprehensive Loss That Have Not Yet Been Recognized In Net Periodic Benefit Expense | ' | ||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Actuarial gain (loss) | $ | 19,537 | $ | (1,605 | ) | ||||||||||||||||||||
Prior-service credit | 19,366 | 1,580 | |||||||||||||||||||||||
$ | 38,903 | $ | (25 | ) | |||||||||||||||||||||
Components Of Net Periodic Benefit Expense (Income) | ' | ||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Net periodic benefit expense (income): | |||||||||||||||||||||||||
Service cost - benefits earned during the year | $ | 1,459 | $ | 1,679 | $ | 1,441 | |||||||||||||||||||
Interest cost on benefit obligation | 3,434 | 4,318 | 4,492 | ||||||||||||||||||||||
Amortization of actuarial gain | (1 | ) | — | — | |||||||||||||||||||||
Amortization of prior-service credit | (1,457 | ) | (1,206 | ) | (1,212 | ) | |||||||||||||||||||
Net periodic benefit expense | $ | 3,435 | $ | 4,791 | $ | 4,721 | |||||||||||||||||||
Amounts recognized in other comprehensive income or loss: | |||||||||||||||||||||||||
Actuarial loss (gain) | $ | (21,143 | ) | $ | 1,979 | $ | 3,493 | ||||||||||||||||||
Prior-service cost | (19,243 | ) | — | — | |||||||||||||||||||||
Reclassification of actuarial gain to net periodic benefit expense | 1 | — | — | ||||||||||||||||||||||
Reclassification of prior-service credit to net periodic benefit expense | 1,457 | 1,206 | 1,212 | ||||||||||||||||||||||
Loss (gain) recognized in other comprehensive income or loss | $ | (38,928 | ) | $ | 3,185 | $ | 4,705 | ||||||||||||||||||
Discount rate assumption used to calculate interest cost through October 31 | 3.6 | % | 4.3 | % | 5 | % | |||||||||||||||||||
Discount rate assumption used to calculate interest cost from November 1 through December 31 | 4.25 | % | 4.3 | % | 5 | % | |||||||||||||||||||
Expected Benefit Payments | ' | ||||||||||||||||||||||||
(Dollars in thousands) | Benefit | ||||||||||||||||||||||||
Payments | |||||||||||||||||||||||||
Year ending December 31: | |||||||||||||||||||||||||
2014 | $ | 4,462 | |||||||||||||||||||||||
2015 | 4,457 | ||||||||||||||||||||||||
2016 | 4,815 | ||||||||||||||||||||||||
2017 | 5,045 | ||||||||||||||||||||||||
2018 | 5,267 | ||||||||||||||||||||||||
2019-2023 | 26,488 | ||||||||||||||||||||||||
Changes In The Benefit Obligation And The Determination Of The Amounts Recognized | ' | ||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 102,291 | $ | 98,417 | |||||||||||||||||||||
Service cost – benefits earned during the year | 1,459 | 1,679 | |||||||||||||||||||||||
Interest cost on projected benefit obligation | 3,434 | 4,318 | |||||||||||||||||||||||
Plan amendments | (19,243 | ) | — | ||||||||||||||||||||||
Actuarial loss (gain) | (21,143 | ) | 1,979 | ||||||||||||||||||||||
Participant contributions | 2,009 | 3,265 | |||||||||||||||||||||||
Benefits paid | (6,890 | ) | (7,367 | ) | |||||||||||||||||||||
Projected and accumulated benefit obligation at end of year | $ | 61,917 | $ | 102,291 | |||||||||||||||||||||
Funded status of the plan | $ | (61,917 | ) | $ | (102,291 | ) | |||||||||||||||||||
Amounts recognized in the balance sheet consist of : | |||||||||||||||||||||||||
Current liabilities | $ | (4,462 | ) | $ | (6,588 | ) | |||||||||||||||||||
Long-term liabilities | (57,455 | ) | (95,703 | ) | |||||||||||||||||||||
Net amount recognized | $ | (61,917 | ) | $ | (102,291 | ) | |||||||||||||||||||
Discount rate assumption as of December 31 | 4.5 | % | 3.6 | % | |||||||||||||||||||||
Health-Care Cost Trend Rates Used To Determine The Benefit Obligation | ' | ||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Health-care cost trend rate assumed for next year | 7.2 | % | |||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.5 | % | |||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2027 | ||||||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | ' | ||||||||||||||||||||||||
(Dollars in thousands) | 2013 | ||||||||||||||||||||||||
One-percentage-point increase in trend rate: | |||||||||||||||||||||||||
Increase in total service cost and interest cost components | $ | 137 | |||||||||||||||||||||||
Increase in accumulated postretirement benefit obligation | 483 | ||||||||||||||||||||||||
One-percentage-point decrease in trend rate: | |||||||||||||||||||||||||
Decrease in total service cost and interest cost components | $ | (123 | ) | ||||||||||||||||||||||
Decrease in accumulated postretirement benefit obligation | (436 | ) |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Share-Based Compensation Arrangement Expenses Recognized | ' | |||||||||||||
(Dollars in thousands) | Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Salaries, wages and employee benefits | $ | 20,783 | $ | 14,464 | $ | 12,764 | ||||||||
Deferred income tax benefit | (8,090 | ) | (5,616 | ) | (4,935 | ) | ||||||||
Net share-based compensation expense | $ | 12,693 | $ | 8,848 | $ | 7,829 | ||||||||
Summary Of Nonvested Stock Activity | ' | |||||||||||||
Number of | Weighted- | |||||||||||||
Awards | Average | |||||||||||||
Grant-Date | ||||||||||||||
Fair Value | ||||||||||||||
Outstanding at December 31, 2012 | 817,319 | $ | 31.25 | |||||||||||
Awarded – Employees | 294,997 | 33.19 | ||||||||||||
Awarded – Directors | 28,900 | 34.6 | ||||||||||||
Vested | (275,257 | ) | 30.88 | |||||||||||
Forfeited | (42,889 | ) | 31.83 | |||||||||||
Outstanding at December 31, 2013 | 823,070 | $ | 32.15 | |||||||||||
Schedule of Nonvested Performance-based Units Activity | ' | |||||||||||||
Number of | Weighted- | |||||||||||||
Awards | Average | |||||||||||||
Grant-Date | ||||||||||||||
Fair Value | ||||||||||||||
Outstanding at December 31, 2012 | 235,984 | $ | 29.67 | |||||||||||
Awarded | 229,093 | 32.41 | ||||||||||||
Forfeited | (28,062 | ) | 31.02 | |||||||||||
Outstanding at December 31, 2013 | 437,015 | $ | 31.02 | |||||||||||
Summary Of Stock-Option Activity | ' | |||||||||||||
Number of | Weighted- | Weighted-Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (in thousands) | |||||||||||
Options | Average | |||||||||||||
Exercise | ||||||||||||||
Price | ||||||||||||||
Outstanding at December 31, 2012 | 2,400,260 | $ | 36.05 | |||||||||||
Exercised | (760,495 | ) | 27.32 | |||||||||||
Expired or cancelled | (151,024 | ) | 45.17 | |||||||||||
Outstanding at December 31, 2013 | 1,488,741 | $ | 39.59 | 4.17 | $ | 6,917 | ||||||||
Exercisable at December 31, 2013 | 1,302,639 | $ | 40.62 | 3.74 | $ | 5,550 | ||||||||
Schedule Of Share Based Compensation Stock Options Exercise Activity | ' | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | |||||||||||
Aggregate intrinsic value of exercised options | $ | 9,868 | $ | 1,614 | $ | 3,513 | ||||||||
Cash received from exercise of options | 20,777 | 3,560 | 5,532 | |||||||||||
Tax benefit realized from exercise of options | 3,848 | 629 | 1,370 | |||||||||||
Summary Of Weighted-Average Assumptions Used In The Black-Scholes Option-Pricing Model | ' | |||||||||||||
2012 | 2011 | |||||||||||||
Estimated fair value | $ | 11.79 | $ | 12.64 | ||||||||||
Risk-free interest rate | 0.7 | % | 2.2 | % | ||||||||||
Expected term (years) | 4.91 | 4.73 | ||||||||||||
Expected volatility | 52 | % | 48 | % | ||||||||||
Expected dividend yield | 1.37 | % | 1.24 | % | ||||||||||
Summary Of Stock Appreciation Rights | ' | |||||||||||||
Number of | Weighted- | Weighted-Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (in thousands) | |||||||||||
Rights | Average | |||||||||||||
Exercise Price | ||||||||||||||
Outstanding at December 31, 2012 | 507,358 | $ | 28.92 | |||||||||||
Exercised | (224,137 | ) | 28.92 | |||||||||||
Outstanding at December 31, 2013 | 283,221 | $ | 28.92 | 6.11 | $ | 3,056 | ||||||||
Exercisable at December 31, 2013 | 283,221 | $ | 28.92 | 6.11 | $ | 3,056 | ||||||||
Schedule Of Share Based Compensation Stock Options Exercise Activity SARS | ' | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | |||||||||||
Cash paid to settle exercised SARs | $ | 2,382 | $ | 51 | $ | 559 | ||||||||
Realized tax benefit | 929 | 20 | 218 | |||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||
(Dollars in thousands) | Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenue from External Customers | |||||||||||||
Freight | $ | 3,424,002 | $ | 3,339,605 | $ | 3,196,564 | |||||||
Logistics | 1,474,507 | 1,677,279 | 1,555,422 | ||||||||||
Truckload | 567,255 | 558,714 | 532,165 | ||||||||||
Corporate and Eliminations | 7,592 | 4,649 | 5,802 | ||||||||||
$ | 5,473,356 | $ | 5,580,247 | $ | 5,289,953 | ||||||||
Revenue from Internal Customers | |||||||||||||
Freight | $ | 42,098 | $ | 52,991 | $ | 50,543 | |||||||
Logistics | 65,892 | 48,921 | 34,572 | ||||||||||
Truckload | 69,555 | 76,842 | 82,849 | ||||||||||
Corporate and Eliminations | 70,687 | 53,015 | 40,883 | ||||||||||
$ | 248,232 | $ | 231,769 | $ | 208,847 | ||||||||
Operating Income (Loss) | |||||||||||||
Freight | $ | 146,047 | $ | 143,869 | $ | 119,779 | |||||||
Logistics | 23,467 | 44,616 | 54,747 | ||||||||||
Truckload | 38,691 | 44,921 | 34,813 | ||||||||||
Corporate and Eliminations | 748 | (4,565 | ) | (1,411 | ) | ||||||||
$ | 208,953 | $ | 228,841 | $ | 207,928 | ||||||||
Depreciation and Amortization, net of Accretion | |||||||||||||
Freight | $ | 135,311 | $ | 124,372 | $ | 109,875 | |||||||
Logistics | 7,571 | 7,532 | 8,783 | ||||||||||
Truckload | 74,449 | 69,799 | 70,003 | ||||||||||
Corporate and Eliminations | 11,905 | 13,499 | 12,977 | ||||||||||
$ | 229,236 | $ | 215,202 | $ | 201,638 | ||||||||
Capital Expenditures | |||||||||||||
Freight | $ | 180,576 | $ | 190,218 | $ | 146,001 | |||||||
Logistics | 24,587 | 7,186 | 10,055 | ||||||||||
Truckload | 74,637 | 93,117 | 131,413 | ||||||||||
Corporate and Eliminations | 2,143 | 2,614 | 1,525 | ||||||||||
$ | 281,943 | $ | 293,135 | $ | 288,994 | ||||||||
Assets | |||||||||||||
Freight | $ | 1,529,681 | $ | 1,459,576 | $ | 1,368,249 | |||||||
Logistics | 318,266 | 302,295 | 313,253 | ||||||||||
Truckload | 799,775 | 807,470 | 791,864 | ||||||||||
Corporate and Eliminations | 632,209 | 583,074 | 626,650 | ||||||||||
$ | 3,279,931 | $ | 3,152,415 | $ | 3,100,016 | ||||||||
Revenue Classified By Major Geographic Areas | ' | ||||||||||||
(Dollars in thousands) | Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenue | |||||||||||||
United States | $ | 5,094,193 | $ | 5,189,792 | $ | 4,965,630 | |||||||
Canada | 116,491 | 114,451 | 110,799 | ||||||||||
Other | 262,672 | 276,004 | 213,524 | ||||||||||
Total | $ | 5,473,356 | $ | 5,580,247 | $ | 5,289,953 | |||||||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Components Of Quarterly Financial Data | ' | ||||||||||||||||
. Quarterly Financial Data | |||||||||||||||||
Con-way Inc. | |||||||||||||||||
Quarterly Financial Data | |||||||||||||||||
(Unaudited) | |||||||||||||||||
(Dollars in thousands, except per share data) | March 31 | June 30 | September 30 | December 31 | |||||||||||||
2013 - Quarter Ended | |||||||||||||||||
Operating Results | |||||||||||||||||
Revenue | $ | 1,336,164 | $ | 1,381,370 | $ | 1,398,021 | $ | 1,357,801 | |||||||||
Operating Income [a] | 31,599 | 76,299 | 67,675 | 33,380 | |||||||||||||
Income before Income Tax Provision | 16,775 | 62,849 | 53,378 | 21,363 | |||||||||||||
Income Tax Provision | 2,770 | 19,952 | 22,821 | 9,669 | |||||||||||||
Net Income | 14,005 | 42,897 | 30,557 | 11,694 | |||||||||||||
Per Common Share | |||||||||||||||||
Basic Earnings | 0.25 | 0.76 | 0.54 | 0.21 | |||||||||||||
Diluted Earnings | 0.25 | 0.75 | 0.53 | 0.2 | |||||||||||||
Market Price | |||||||||||||||||
High | 38.12 | 39.81 | 46.04 | 45.98 | |||||||||||||
Low | 29.12 | 32.25 | 39.21 | 38.79 | |||||||||||||
Cash Dividends | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||
2012 - Quarter Ended | |||||||||||||||||
Operating Results | |||||||||||||||||
Revenue | $ | 1,366,161 | $ | 1,446,096 | $ | 1,404,113 | $ | 1,363,877 | |||||||||
Operating Income [a] | 55,690 | 80,143 | 55,213 | 37,795 | |||||||||||||
Income before Income Tax Provision | 41,422 | 64,697 | 41,158 | 23,677 | |||||||||||||
Income Tax Provision | 15,776 | 22,897 | 15,854 | 11,881 | |||||||||||||
Net Income | 25,646 | 41,800 | 25,304 | 11,796 | |||||||||||||
Per Common Share | |||||||||||||||||
Basic Earnings | 0.46 | 0.75 | 0.45 | 0.21 | |||||||||||||
Diluted Earnings | 0.46 | 0.74 | 0.45 | 0.21 | |||||||||||||
Market Price | |||||||||||||||||
High | 34.69 | 38.78 | 37.3 | 29.91 | |||||||||||||
Low | 28.26 | 30.89 | 26.51 | 25.97 | |||||||||||||
Cash Dividends | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||
Principal_Accounting_Policies_2
Principal Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Buildings [Member] | Software and Software Development Costs [Member] | Software and Software Development Costs [Member] | Software and Software Development Costs [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Salvage Value [Member] | Salvage Value [Member] | ||||
Revenue Equipment [Member] | Other equipment [Member] | Software and Software Development Costs [Member] | Revenue Equipment [Member] | Other equipment [Member] | Software and Software Development Costs [Member] | ||||||||||
Principal Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reporting Segments | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unearned revenue | $12,100,000 | $16,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred setup costs | 9,900,000 | 15,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 441,199,000 | 378,266,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable-rate demand notes | ' | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, estimated useful lives, years | ' | ' | ' | 'P25Y | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, useful lives, years | ' | ' | ' | ' | ' | ' | ' | '4 years | '3 years | '3 years | '14 years | '10 years | '7 years | ' | ' |
Depreciation expense | 221,200,000 | 204,900,000 | 191,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense related to capitalized software | ' | ' | ' | ' | 7,200,000 | 8,300,000 | 7,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated amortization expense related to capitalized software | ' | ' | ' | ' | 158,700,000 | 155,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Book overdrafts | 40,800,000 | 43,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability related to assumed claims | 59,200,000 | 65,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivable from the re-insurance pool | 38,100,000 | 39,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income from reinsurance pool | ($2,200,000) | $2,500,000 | $4,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in Accounting Estimate, Financial Effect | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7.3 | '1.3 |
Principal_Accounting_Policies_3
Principal Accounting Policies (Schedule Of Allowance For Uncollectible Accounts) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Balance at beginning of period | $9,774 | $6,951 | $6,209 |
Additions Charged to expense | 6,908 | 6,358 | 6,761 |
Additions Charged to other accounts | 0 | 0 | 0 |
Write-offs net of recoveries | -10,579 | -3,535 | -6,019 |
Balance at end of period | $6,103 | $9,774 | $6,951 |
Principal_Accounting_Policies_4
Principal Accounting Policies (Schedule Of Allowance For Revenue Adjustments) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Balance at beginning of period | $13,816 | $16,920 | $14,291 |
Additions Charged to expense | 0 | 0 | 0 |
Additions Charged to other accounts - Revenue | 74,481 | 77,310 | 86,853 |
Write-offs | -76,082 | -80,414 | -84,224 |
Balance at end of period | $12,215 | $13,816 | $16,920 |
Principal_Accounting_Policies_5
Principal Accounting Policies (Calculation Of Numerator And Denominator In Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | $99,153 | $104,546 | $88,443 |
Weighted-average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 56,511,563 | 55,837,574 | 55,388,297 |
Stock options and nonvested stock | ' | ' | ' | ' | ' | ' | ' | ' | 729,025 | 648,413 | 713,606 |
Denominator for net income per share | ' | ' | ' | ' | ' | ' | ' | ' | 57,240,588 | 56,485,987 | 56,101,903 |
Diluted Earnings per Share | $0.20 | $0.53 | $0.75 | $0.25 | $0.21 | $0.45 | $0.74 | $0.46 | $1.73 | $1.85 | $1.58 |
Antidilutive securities excluded from the computation of diluted EPS | ' | ' | ' | ' | ' | ' | ' | ' | 911,041 | 1,801,995 | 1,878,191 |
Principal_Accounting_Policies_6
Principal Accounting Policies Principal Accounting Policies (Schedule of Non-cash Investing and Financing Activities) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Capital lease incurred to acquire revenue equipment | $5,575 | $0 | $0 |
Revenue equipment acquired through partial non-monetary exchanges | 27,711 | 34,759 | 33,463 |
Revenue equipment acquired through increase in current liabilities | 32,336 | 14,034 | 0 |
Repurchased common stock issued under defined contribution plan | $0 | $0 | $17,307 |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense | $2,400,000 | $3,000,000 | $3,300,000 |
Proceeds from Previous Acquisition | 0 | 0 | 10,000,000 |
Goodwill and Intangible Asset Impairment | ' | ' | $10,000,000 |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets (Schedule Of Changes In Gross Carrying Amounts Of Goodwill) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | $521,020 | $521,213 | $520,765 |
Accumulated impairment losses | -183,049 | -183,049 | -183,049 |
Change in foreign currency exchange rates | -193 | 448 | ' |
Total Goodwill | 337,971 | 338,164 | 337,716 |
Logistics | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 55,695 | 55,888 | 55,440 |
Accumulated impairment losses | -48,236 | -48,236 | -48,236 |
Change in foreign currency exchange rates | -193 | 448 | ' |
Total Goodwill | 7,459 | 7,652 | 7,204 |
Truckload | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 464,598 | 464,598 | 464,598 |
Accumulated impairment losses | -134,813 | -134,813 | -134,813 |
Change in foreign currency exchange rates | 0 | 0 | ' |
Total Goodwill | 329,785 | 329,785 | 329,785 |
Other | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 727 | 727 | 727 |
Accumulated impairment losses | 0 | 0 | 0 |
Change in foreign currency exchange rates | 0 | 0 | ' |
Total Goodwill | $727 | $727 | $727 |
Goodwill_And_Intangible_Assets4
Goodwill And Intangible Assets (Schedule Of Intangible Assets) (Details) (Customer Relationships [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $23,088 | $23,088 |
Accumulated Amortization | $14,448 | $12,091 |
Goodwill_And_Intangible_Assets5
Goodwill And Intangible Assets (Schedule Of Estimated Amortization Expense) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2014 | $2,356 |
2015 | 2,356 |
2016 | 2,356 |
2017 | 1,572 |
2018 | $0 |
FairValue_Measurements_Summary
Fair-Value Measurements (Summary Of Valuation Of Financial Instruments At Fair-Value) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets Measured on Recurring Basis [Line Items] | ' | ' |
Cash equivalents | $441,199 | $378,266 |
Current marketable securities | ' | 3,200 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis [Line Items] | ' | ' |
Cash equivalents | 99,092 | 70,488 |
Current marketable securities | ' | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis [Line Items] | ' | ' |
Cash equivalents | 342,107 | 307,778 |
Current marketable securities | ' | 3,200 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis [Line Items] | ' | ' |
Cash equivalents | 0 | 0 |
Current marketable securities | ' | $0 |
FairValue_Measurements_Changes
Fair-Value Measurements (Changes In Fair Value Of Auction-Rate Security) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Fair Value Disclosures [Abstract] | ' |
Beginning balance | $5,354 |
Losses included in earnings | -367 |
Gains included in other comprehensive income | 371 |
Settlements | -75 |
Sales | -5,283 |
Ending balance | $0 |
Accrued_Liabilities_Components
Accrued Liabilities (Components Of Accrued Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Compensated absences | $46,421 | $40,254 |
Employee benefits | 40,203 | 38,761 |
Wages and salaries | 35,826 | 29,451 |
Variable compensation | 33,573 | 50,713 |
Taxes other than income taxes | 26,704 | 23,930 |
Interest | 17,579 | 17,607 |
Other | 28,772 | 52,493 |
Total accrued liabilities | $229,078 | $253,209 |
Debt_And_Other_Financing_Arran2
Debt And Other Financing Arrangements (Long-Term Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $719,155 | $719,016 |
2.63% Promissory Note Due 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Promissory note | 550 | 550 |
7.25% Senior Notes Due 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 425,000 | 425,000 |
6.70% Senior Debentures Due 2034 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 300,000 | 300,000 |
Discount | -6,395 | -6,534 |
Senior notes after fair market value adjustment and discount | $293,605 | $293,466 |
Debt_And_Other_Financing_Arran3
Debt And Other Financing Arrangements (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' |
Revolving credit facility | $325,000,000 | ' |
Credit facility maturity date | 28-Jun-18 | ' |
Letters of credit outstanding | 109,300,000 | ' |
Available capacity for additional letters of credit or cash borrowings | 215,700,000 | ' |
Credit facility, covenant terms | 'The revolving facility is guaranteed by certain of Con-waybs material domestic subsidiaries and contains two financial covenants: (i)B a leverage ratio and (ii)B a fixed-charge coverage ratio. There are also various restrictive covenants, including limitations on (i)B the incurrence of liens, (ii)B consolidations, mergers and asset sales, and (iii)B the incurrence of additional subsidiary indebtedness. | ' |
Other credit facilities amount outstanding | 29,900,000 | ' |
Short-term Debt | 1,588,000 | 6,982,000 |
Weighted-average interest rate on the short-term borrowings | ' | 5.50% |
Non-interest bearing borrowings | 1,600,000 | 4,200,000 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 600,000 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 425,000,000 | ' |
Fair value of long-term debt | 806,000,000 | 817,000,000 |
Minimum [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Credit facility fee range | 0.18% | ' |
Maximum [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Credit facility fee range | 0.35% | ' |
7.25% Senior Notes Due 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Rate of interest on Notes | 7.25% | ' |
Debt Instrument, Frequency of Periodic Payment | 'semi-annually | ' |
Notes, redemption description | 'Con-way may redeem the 7.25% Senior Notes, in whole or in part, on not less than 30 nor more than 60-days notice, at a redemption price equal to the greater of (i)B the principal amount being redeemed, or (ii)B the sum of the present values of the remaining scheduled payments of principal and interest on the notes being redeemed, discounted at the redemption date on a semi-annual basis at the rate payable on a Treasury note having a comparable maturity plus 50 basis points. There are also various restrictive covenants, including limitations on (i)B the incurrence of liens, and (ii)B consolidations, mergers and asset sales. Including amortization of underwriting fees and related debt costs, interest expense on the 7.25% Senior Notes due 2018 is recognized at an annual effective interest rate of 7.37%. | ' |
6.70% Senior Debentures Due 2034 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Rate of interest on Notes | 6.70% | ' |
Debt Instrument, Redemption Price, Percentage | 101.00% | ' |
Debt Instrument, Frequency of Periodic Payment | 'semi-annually | ' |
Notes, redemption description | 'Con-way may redeem the Senior Debentures, in whole or in part, on not less than 30 nor more than 60-days notice, at a redemption price equal to the greater of (i)B the principal amount being redeemed, or (ii)B the sum of the present values of the remaining scheduled payments of principal and interest on the Senior Debentures being redeemed, discounted at the redemption date on a semi-annual basis at the rate payable on a Treasury note having a comparable maturity plus 35 basis points. The Senior Debentures were issued under an indenture that restricts Con-waybs ability, with certain exceptions, to incur debt secured by liens. Including amortization of a discount, interest expense on the 6.70% Senior Debentures Due 2034 is recognized at an annual effective interest rate of 6.90%. | ' |
Senior Notes | $300,000,000 | ' |
Debt_And_Other_Financing_Arran4
Debt And Other Financing Arrangements Parenthetical (Details) | 12 Months Ended |
Dec. 31, 2013 | |
6.70% Senior Debentures Due 2034 [Member] | ' |
Debt Instrument Maturity Year | '2034 |
Debt Instrument, Interest Rate, Effective Percentage | 6.90% |
6.70% Senior Debentures Due 2034 [Member] | Minimum [Member] | ' |
Redemption Period Of Senior Notes | 30 |
6.70% Senior Debentures Due 2034 [Member] | Maximum [Member] | ' |
Redemption Period Of Senior Notes | 60 |
7.25% Senior Notes Due 2018 [Member] | ' |
Debt Instrument Maturity Year | '2018 |
Debt Instrument, Interest Rate, Effective Percentage | 7.37% |
7.25% Senior Notes Due 2018 [Member] | Minimum [Member] | ' |
Redemption Period Of Senior Notes | 30 |
7.25% Senior Notes Due 2018 [Member] | Maximum [Member] | ' |
Redemption Period Of Senior Notes | 60 |
2.63% Promissory Note Due 2016 [Member] | ' |
Debt Instrument Maturity Year | '2016 |
Debt Instrument, Interest Rate, Effective Percentage | 2.63% |
Leases_Narrative_Details
Leases (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Sale Leaseback Transaction [Line Items] | ' | ' |
Description of Lessee Leasing Arrangements, Capital Leases | 'Under certain capital-lease agreements, Con-way guarantees the residual value of tractors at the end of the lease term. The stated amounts of the residual-value guarantees have been included in the minimum lease payments below. | ' |
Revenue equipment of capital leases | $68.90 | $77.90 |
Accumulated depreciation of capital leases | 39 | 33.3 |
Unamortized gain of sell and lease back | $9.30 | ' |
Sale Leaseback Transaction, Expiration Year | '2024 | ' |
Leases_Future_Minimum_Lease_Pa
Leases (Future Minimum Lease Payments For Operating Leases And Capital Leases) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Leases [Abstract] | ' | ' |
2014 | $21,063 | ' |
2015 | 12,934 | ' |
2016 | 1,252 | ' |
2017 | 1,252 | ' |
2018 | 1,252 | ' |
Thereafter (through 2026) | 312 | ' |
Capital Leases, Total minimum lease payments | 38,065 | ' |
Amount representing interest | -2,195 | ' |
Present value of minimum lease payments | 35,870 | ' |
Current maturities of obligations under capital leases | -19,685 | ' |
Long-term obligations under capital leases | 16,185 | 30,355 |
2014 | 94,438 | ' |
2015 | 67,015 | ' |
2016 | 46,839 | ' |
2017 | 30,905 | ' |
2018 | 18,211 | ' |
Thereafter (through 2026) | 41,703 | ' |
Operating Leases, Total minimum lease payments | $299,111 | ' |
Leases_Rental_Expense_For_Oper
Leases (Rental Expense For Operating Leases) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases [Abstract] | ' | ' | ' |
Minimum rentals | $129,902 | $118,797 | $118,810 |
Sublease rentals | -577 | -2,843 | -2,395 |
Rental expense | $129,325 | $115,954 | $116,415 |
Income_Taxes_Schedule_Of_Incom
Income Taxes (Schedule Of Income Tax Expense) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current provision (benefit), Federal | ' | ' | ' | ' | ' | ' | ' | ' | ($6,137) | $3,872 | $3,804 |
Current provision (benefit), State and local | ' | ' | ' | ' | ' | ' | ' | ' | 2,145 | 34 | 4,156 |
Current provision (benefit), Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 873 | 2,566 | 2,228 |
Total current provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -3,119 | 6,472 | 10,188 |
Deferred provision (benefit), Federal | ' | ' | ' | ' | ' | ' | ' | ' | 41,832 | 45,920 | 85,106 |
Federal net operating loss | ' | ' | ' | ' | ' | ' | ' | ' | 14,369 | 11,166 | -40,057 |
Deferred provision (benefit), State and local | ' | ' | ' | ' | ' | ' | ' | ' | 5,608 | 5,270 | 4,544 |
Deferred provision (benefit), Foreign | ' | ' | ' | ' | ' | ' | ' | ' | -3,478 | -2,420 | -152 |
Total deferred provision | ' | ' | ' | ' | ' | ' | ' | ' | 58,331 | 59,936 | 49,441 |
Income tax provision | $9,669 | $22,821 | $19,952 | $2,770 | $11,881 | $15,854 | $22,897 | $15,776 | $55,212 | $66,408 | $59,629 |
Income_Taxes_Schedule_Of_Incom1
Income Taxes (Schedule Of Income (Loss) Before Income Taxes) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
U.S. sources | ' | ' | ' | ' | ' | ' | ' | ' | $157,074 | $164,619 | $139,978 |
Non-U.S. sources | ' | ' | ' | ' | ' | ' | ' | ' | -2,709 | 6,335 | 8,094 |
Income before income tax provision | $21,363 | $53,378 | $62,849 | $16,775 | $23,677 | $41,158 | $64,697 | $41,422 | $154,365 | $170,954 | $148,072 |
Income_Taxes_Schedule_Of_Incom2
Income Taxes (Schedule Of Income Taxes Calculated On Income Before Income Taxes And Provision For Income Taxes) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal statutory tax rate of 35% | 35.00% | 35.00% | 35.00% |
State income tax, net of federal income tax benefit | 4.70% | 3.10% | 5.00% |
Foreign taxes less than U.S. stautory rate | -1.10% | -1.20% | -0.50% |
Non-deductible operating expenses and tax-exempt income | 0.70% | 0.00% | 0.10% |
Foreign taxes eligible for US foreign tax credit | 0.50% | 0.50% | 0.60% |
Write-down of an acquisition-related receivable and purchase-price adjustment | 0.00% | 0.00% | -1.60% |
Fuel tax credit | -4.50% | -0.10% | -2.50% |
IRS audit | -0.40% | 1.50% | 4.00% |
Other, net | 0.90% | 0.00% | 0.20% |
Effective income tax rate | 35.80% | 38.80% | 40.30% |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Employee benefits | $91,474 | $231,386 |
Self-insurance accruals | 23,042 | 32,336 |
Domestic operating-loss carryforwards | 22,461 | 37,818 |
Foreign operating-loss carryforwards | 16,832 | 11,307 |
Tax-credit carryforwards | 10,019 | 9,138 |
Share-based compensation | 16,551 | 15,558 |
Other | 11,471 | 13,242 |
Valuation allowance | -25,358 | -19,120 |
Total deferred income tax assets | 166,492 | 331,665 |
Property, plant and equipment | 348,728 | 331,325 |
Prepaid expenses | 24,401 | 27,626 |
Revenue | 9,013 | 6,808 |
Other | 6,967 | 8,798 |
Total deferred income tax liabilities | 389,109 | 374,557 |
Net deferred tax asset (liability) | ($222,617) | ($42,892) |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Federal operating-loss carryforwards | ' | $41,500,000 | ' |
Deferred tax assets tax losses total | ' | 39,300,000 | ' |
Deferred Tax Assets, Tax Credit Carryforwards | ' | 10,019,000 | 9,138,000 |
Combined future tax benefits | ' | 49,300,000 | ' |
Valuation allowance | ' | -25,358,000 | -19,120,000 |
Alternative fuel tax credit | 3,300,000 | ' | ' |
Cumulative undistributed earnings | ' | 29,900,000 | ' |
Income tax receivables | ' | 10,600,000 | 6,600,000 |
Gross unrecognized tax benefits | ' | 11,900,000 | 15,000,000 |
Accrued interest and penalties | ' | 3,500,000 | 5,300,000 |
Unrecognized tax benefits that, if recognized, would change the effective tax rate | ' | 6,500,000 | 8,200,000 |
Interest and penalties | ' | 1,800,000 | 1,300,000 |
Unrecognized tax benefits decrease | ' | $1,800,000 | ' |
Income_Taxes_Schedule_Of_Unrec
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Loss Carryforwards [Line Items] | ' | ' |
Unrecognized tax benefits, beginning balance | $9,728 | $10,677 |
Gross increases - prior-period tax positions | 14 | 2,676 |
Gross increases - current-period tax positions | 1,376 | 1,039 |
Settlements | ' | -1,102 |
Gross decreases - prior-period tax positions | -602 | ' |
Lapse of statute of limitations | -2,128 | -3,562 |
Unrecognized tax benefits, ending balance | $8,388 | $9,728 |
Shareholders_Equity_Schedule_O
Shareholders' Equity (Schedule Of Changes In Equity) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Accumulated Other Comprehensive Loss | ' | ' | ' | ' |
Accumulated other comprehensive loss | ($269,531,000) | ($456,461,000) | ($438,436,000) | ($279,894,000) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 871,000 | 481,000 | -1,331,000 | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 0 | 226,000 | -6,000 | ' |
Other Comprehensive Income (Loss) Before Reclassifications | 174,240,000 | -29,763,000 | -164,649,000 | ' |
Other Comprehensive Income (Loss), Amounts Reclassified from Accumulated Other Comprehensive Loss | 12,690,000 | 11,738,000 | 6,107,000 | ' |
Accumulated Translation Adjustment | ' | ' | ' | ' |
Accumulated Other Comprehensive Loss | ' | ' | ' | ' |
Accumulated other comprehensive loss | -424,000 | -1,295,000 | -1,776,000 | -445,000 |
Other Comprehensive Income (Loss), Amounts Reclassified from Accumulated Other Comprehensive Loss, Foreign Currency Translation Adjustment | 0 | 0 | 0 | ' |
Accumulated Net Unrealized Investment Gain (Loss) | ' | ' | ' | ' |
Accumulated Other Comprehensive Loss | ' | ' | ' | ' |
Accumulated other comprehensive loss | 0 | 0 | -226,000 | -220,000 |
Other Comprehensive Income (Loss), Amounts Reclassified from Accumulated Other Comprehensive Loss, Available-for-sale Securities | 0 | 0 | 0 | ' |
Accumulated Defined Benefit Plans Adjustment | ' | ' | ' | ' |
Accumulated Other Comprehensive Loss | ' | ' | ' | ' |
Accumulated other comprehensive loss | -269,107,000 | -455,166,000 | -436,434,000 | -279,229,000 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments and Tax | 173,369,000 | -30,470,000 | -163,312,000 | ' |
Other Comprehensive Income (Loss), Amounts Reclassified from Accumulated Other Comprehensive Loss, Pension and Other Postretirement Benefit Plans | $12,690,000 | $11,738,000 | $6,107,000 | ' |
Employee_Benefit_Plans_Changes
Employee Benefit Plans (Changes In The Projected Benefit Obligation, The Fair Value Of Plan Assets And The Determination Of The Amounts Recognized) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value Of Pension Plan Assets | $1,438,865 | $1,281,261 | ' |
Qualified Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Projected benefit obligation at beginning of year | 1,680,603 | 1,526,136 | ' |
Interest cost on projected benefit obligation | 70,022 | 70,168 | 71,308 |
Actuarial loss (gain) | -177,347 | 85,755 | ' |
Plan amendments | 0 | 44,961 | ' |
Benefits paid | -49,747 | -46,417 | ' |
Projected and accumulated benefit obligation at end of year | 1,523,531 | 1,680,603 | 1,526,136 |
Defined Benefit Plan, Fair Value Of Pension Plan Assets | 1,281,261 | 1,105,370 | ' |
Actual return on plan assets | 152,014 | 170,886 | ' |
Con-way contributions | 55,337 | 51,422 | ' |
Defined Benefit Plan, Fair Value Of Pension Plan Assets | 1,438,865 | 1,281,261 | 1,105,370 |
Funded status of the plan | -84,666 | -399,342 | ' |
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 15,018 | 10,951 | ' |
Liabilities, Current | 0 | 0 | ' |
Liabilities, Noncurrent | -99,684 | -410,293 | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | -84,666 | -399,342 | ' |
Projected and accumulated benefit obligation | 1,502,541 | 1,657,701 | ' |
Fair value of plan assets | 1,402,857 | 1,247,409 | ' |
Discount rate | 5.05% | 4.25% | ' |
Non-Qualified Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Projected benefit obligation at beginning of year | 78,218 | 76,229 | ' |
Interest cost on projected benefit obligation | 3,213 | 3,438 | 3,787 |
Actuarial loss (gain) | -5,508 | 3,574 | ' |
Plan amendments | 0 | 109 | ' |
Benefits paid | -5,109 | -5,132 | ' |
Projected and accumulated benefit obligation at end of year | 70,814 | 78,218 | 76,229 |
Defined Benefit Plan, Fair Value Of Pension Plan Assets | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Con-way contributions | 5,109 | 5,132 | ' |
Defined Benefit Plan, Fair Value Of Pension Plan Assets | 0 | 0 | 0 |
Funded status of the plan | -70,814 | -78,218 | ' |
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 0 | 0 | ' |
Liabilities, Current | -5,145 | -5,135 | ' |
Liabilities, Noncurrent | -65,669 | -73,083 | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | -70,814 | -78,218 | ' |
Projected and accumulated benefit obligation | 70,814 | 78,218 | ' |
Fair value of plan assets | 0 | 0 | ' |
Discount rate | 5.05% | 4.25% | ' |
Postretirement Medical Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Projected benefit obligation at beginning of year | 102,291 | 98,417 | ' |
Service Cost | 1,459 | 1,679 | 1,441 |
Interest cost on projected benefit obligation | 3,434 | 4,318 | 4,492 |
Participant contributions | 2,009 | 3,265 | ' |
Plan amendments | -19,243 | 0 | ' |
Benefits paid | -6,890 | -7,367 | ' |
Projected and accumulated benefit obligation at end of year | 61,917 | 102,291 | 98,417 |
Funded status of the plan | -61,917 | -102,291 | ' |
Liabilities, Current | -4,462 | -6,588 | ' |
Liabilities, Noncurrent | -57,455 | -95,703 | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | ($61,917) | ($102,291) | ' |
Discount rate | 4.50% | 3.60% | ' |
Employee_Benefit_Plans_Amounts
Employee Benefit Plans (Amounts Included In Accumulated Other Comprehensive Loss That Have Not Yet Been Recognized In Net Periodic Benefit Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Qualified Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actuarial gain (loss) | ' | ($413,879) | ($670,188) |
Prior-service credit (cost) | ' | -42,428 | -45,295 |
Amount included in accumulated other comprehensive loss, not yet recognized in net periodic benefit | ' | -456,307 | -715,483 |
Defined Benefit Plan, Future Amortization of Loss | 9,902 | ' | ' |
Defined Benefit Plan, Future Amortization of Prior Service Cost | 1,618 | ' | ' |
Non-Qualified Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actuarial gain (loss) | ' | -27,367 | -33,993 |
Prior-service credit (cost) | ' | -104 | -109 |
Amount included in accumulated other comprehensive loss, not yet recognized in net periodic benefit | ' | -27,471 | -34,102 |
Defined Benefit Plan, Future Amortization of Loss | 877 | ' | ' |
Defined Benefit Plan, Future Amortization of Prior Service Cost | 5 | ' | ' |
Postretirement Medical Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actuarial gain (loss) | ' | 19,537 | -1,605 |
Prior-service credit (cost) | ' | 19,366 | 1,580 |
Amount included in accumulated other comprehensive loss, not yet recognized in net periodic benefit | ' | 38,903 | -25 |
Defined Benefit Plan, Future Amortization of Loss | 2,626 | ' | ' |
Defined Benefit Plan, Future Amortization of Prior Service Cost | $2,863 | ' | ' |
Employee_Benefit_Plans_Compone
Employee Benefit Plans (Components Of Net Periodic Benefit Expense (Income)) (Details) (USD $) | 2 Months Ended | 10 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected long-term rate of return on plan assets | ' | ' | ' | ' | ' | ' | 6.53% | ' | ' |
Qualified Pension Plans [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest cost on benefit obligation | ' | ' | ' | ' | ' | ' | $70,022 | $70,168 | $71,308 |
Expected return on plan assets | ' | ' | ' | ' | ' | ' | -91,324 | -84,411 | -85,935 |
Amortization of actuarial loss (gain) | ' | ' | ' | ' | ' | ' | 18,272 | 19,432 | 10,532 |
Amortization of prior-service costs | ' | ' | ' | ' | ' | ' | 1,670 | 14 | 14 |
Curtailment loss | ' | ' | ' | ' | ' | ' | 1,197 | 0 | 0 |
Net periodic benefit expense (income) | ' | ' | ' | ' | ' | ' | -163 | 5,203 | -4,081 |
Actuarial loss (gain) | ' | ' | ' | ' | ' | ' | -238,037 | -720 | 256,571 |
Prior-service cost | ' | ' | ' | ' | ' | ' | 0 | 44,961 | 0 |
Reclassification of actuarial loss to net periodic benefit expense (income) | ' | ' | ' | ' | ' | ' | -18,272 | -19,432 | -10,532 |
Reclassification of prior-service credit to net periodic benefit expense (income) | ' | ' | ' | ' | ' | ' | -2,867 | -14 | -14 |
Loss (gain) recognized in other comprehensive income or loss | ' | ' | ' | ' | ' | ' | -259,176 | 24,795 | 246,025 |
Discount rate | ' | ' | ' | ' | ' | ' | 4.25% | 4.65% | 5.55% |
Expected long-term rate of return on plan assets | ' | ' | ' | ' | ' | ' | 7.10% | 7.65% | 8.00% |
Non-Qualified Pension Plans [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest cost on benefit obligation | ' | ' | ' | ' | ' | ' | 3,213 | 3,438 | 3,787 |
Expected return on plan assets | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Amortization of actuarial loss (gain) | ' | ' | ' | ' | ' | ' | 1,118 | 958 | 678 |
Amortization of prior-service costs | ' | ' | ' | ' | ' | ' | 5 | 0 | 0 |
Curtailment loss | ' | ' | ' | ' | ' | ' | 0 | 44 | 0 |
Net periodic benefit expense (income) | ' | ' | ' | ' | ' | ' | 4,336 | 4,440 | 4,465 |
Actuarial loss (gain) | ' | ' | ' | ' | ' | ' | -5,508 | 3,574 | 7,587 |
Prior-service cost | ' | ' | ' | ' | ' | ' | 0 | 109 | 0 |
Reclassification of actuarial loss to net periodic benefit expense (income) | ' | ' | ' | ' | ' | ' | -1,118 | -1,002 | -678 |
Reclassification of prior-service credit to net periodic benefit expense (income) | ' | ' | ' | ' | ' | ' | -5 | 0 | 0 |
Loss (gain) recognized in other comprehensive income or loss | ' | ' | ' | ' | ' | ' | -6,631 | 2,681 | 6,909 |
Discount rate | ' | ' | ' | ' | ' | ' | 4.25% | 4.65% | 5.55% |
Expected long-term rate of return on plan assets | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 0.00% |
Postretirement Medical Plan [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service Cost | ' | ' | ' | ' | ' | ' | 1,459 | 1,679 | 1,441 |
Interest cost on benefit obligation | ' | ' | ' | ' | ' | ' | 3,434 | 4,318 | 4,492 |
Amortization of actuarial loss (gain) | ' | ' | ' | ' | ' | ' | -1 | 0 | 0 |
Amortization of prior-service costs | ' | ' | ' | ' | ' | ' | -1,457 | -1,206 | -1,212 |
Net periodic benefit expense (income) | ' | ' | ' | ' | ' | ' | 3,435 | 4,791 | 4,721 |
Actuarial loss (gain) | ' | ' | ' | ' | ' | ' | -21,143 | 1,979 | 3,493 |
Prior-service cost | ' | ' | ' | ' | ' | ' | -19,243 | 0 | 0 |
Reclassification of actuarial gain to net periodic benefit expense | ' | ' | ' | ' | ' | ' | 1 | 0 | 0 |
Reclassification of prior-service credit to net periodic benefit expense | ' | ' | ' | ' | ' | ' | 1,457 | 1,206 | 1,212 |
Loss (gain) recognized in other comprehensive income or loss | ' | ' | ' | ' | ' | ' | ($38,928) | $3,185 | $4,705 |
Discount rate | 4.25% | 4.30% | 5.00% | 3.60% | 4.30% | 5.00% | ' | ' | ' |
Employee_Benefit_Plans_Expecte
Employee Benefit Plans (Expected Benefit Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Qualified Pension Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $57,616 |
2015 | 61,912 |
2016 | 66,313 |
2017 | 70,776 |
2018 | 75,826 |
2019-2023 | 450,408 |
Non-Qualified Pension Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 5,144 |
2015 | 5,126 |
2016 | 5,165 |
2017 | 5,225 |
2018 | 5,209 |
2019-2023 | 25,664 |
Postretirement Medical Plan [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 4,462 |
2015 | 4,457 |
2016 | 4,815 |
2017 | 5,045 |
2018 | 5,267 |
2019-2023 | $26,488 |
Employee_Benefit_Plans_Summary
Employee Benefit Plans (Summary Of Fair Value Of Pension Plan Assets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $1,438,865 | $1,281,261 | ' |
Qualified Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1,438,865 | 1,281,261 | 1,105,370 |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 443,971 | 495,769 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 901,118 | 698,432 | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 93,776 | 87,060 | 34,520 |
Defined Benefit Plan, Purchases, Sales, and Settlements | ' | 50,000 | ' |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 6,716 | 2,540 | ' |
Short-Term Investment Fund [Member] | Cash And Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 65,100 | 33,569 | ' |
Short-Term Investment Fund [Member] | Fair Value, Inputs, Level 2 [Member] | Cash And Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 65,100 | 33,569 | ' |
Long-term Debt [Member] | Fixed-Income Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 832,915 | 511,990 | ' |
Long-term Debt [Member] | Fair Value, Inputs, Level 1 [Member] | Fixed-Income Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 91,824 | 68,340 | ' |
Long-term Debt [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed-Income Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 741,091 | 443,650 | ' |
Private Fund [Member] | Real Estate [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 40,412 | 36,911 | 34,520 |
Defined Benefit Plan, Purchases, Sales, and Settlements | ' | 0 | ' |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 3,501 | 2,391 | ' |
Private Fund [Member] | Fair Value, Inputs, Level 3 [Member] | Real Estate [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 40,412 | 36,911 | ' |
Hedge Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 53,364 | 50,149 | 0 |
Defined Benefit Plan, Purchases, Sales, and Settlements | ' | 50,000 | ' |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 3,215 | 149 | ' |
Hedge Funds, Multi-strategy [Member] | Hedge Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 53,364 | 50,149 | ' |
Hedge Funds, Multi-strategy [Member] | Fair Value, Inputs, Level 2 [Member] | Hedge Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 0 | ' |
Hedge Funds, Multi-strategy [Member] | Fair Value, Inputs, Level 3 [Member] | Hedge Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 53,364 | 50,149 | ' |
Real Estate Investment Trust Index Fund [Member] | Real Estate [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 22,966 | ' |
Real Estate Investment Trust Index Fund [Member] | Fair Value, Inputs, Level 2 [Member] | Real Estate [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 22,966 | ' |
Real Estate Investment Trust Index Fund [Member] | Fair Value, Inputs, Level 3 [Member] | Real Estate [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 0 | ' |
U S Large Companies [Member] | S&P 500 Index Fund [Member] | Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 3,482 | 105,523 | ' |
U S Large Companies [Member] | S&P 500 Index Fund [Member] | Fair Value, Inputs, Level 1 [Member] | Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 3,482 | ' | ' |
U S Large Companies [Member] | S&P 500 Index Fund [Member] | Fair Value, Inputs, Level 2 [Member] | Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 105,523 | ' |
U S Large Companies [Member] | Growth [Member] | Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 99,050 | 96,409 | ' |
U S Large Companies [Member] | Growth [Member] | Fair Value, Inputs, Level 1 [Member] | Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 99,050 | 96,409 | ' |
U S Large Companies [Member] | Value [Member] | Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 101,154 | 146,501 | ' |
U S Large Companies [Member] | Value [Member] | Fair Value, Inputs, Level 1 [Member] | Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 101,154 | 146,501 | ' |
U S Small Companies [Member] | Growth [Member] | Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 41,720 | ' |
U S Small Companies [Member] | Growth [Member] | Fair Value, Inputs, Level 1 [Member] | Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 41,720 | ' |
U S Small Companies [Member] | Value [Member] | Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 57,403 | 58,126 | ' |
U S Small Companies [Member] | Value [Member] | Fair Value, Inputs, Level 1 [Member] | Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 57,403 | 58,126 | ' |
International | Growth [Member] | Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 91,058 | 84,673 | ' |
International | Growth [Member] | Fair Value, Inputs, Level 1 [Member] | Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 91,058 | 84,673 | ' |
International | Value [Member] | Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 94,927 | 92,724 | ' |
International | Value [Member] | Fair Value, Inputs, Level 2 [Member] | Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $94,927 | $92,724 | ' |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Overall expected long-term rate of return | 6.53% | ' | ' |
Defined Contribution Plan, Cost Recognized | $55,300,000 | $50,800,000 | $38,400,000 |
Treasury Stock, Shares, Acquired | ' | ' | 461,151 |
Fixed-Income Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Investment strategy mix, securities | 69.00% | ' | ' |
Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Investment strategy mix, securities | 31.00% | ' | ' |
U S Large Companies [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Investment strategy mix, securities | 16.00% | ' | ' |
U S Small Companies [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Investment strategy mix, securities | 3.00% | ' | ' |
International | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Investment strategy mix, securities | 12.00% | ' | ' |
Postretirement Medical Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan amendments | -19,243,000 | 0 | ' |
Qualified Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan amendments | 0 | 44,961,000 | ' |
Overall expected long-term rate of return | 7.10% | 7.65% | 8.00% |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 59,000,000 | ' | ' |
Impact on Projected Benefit Obligation [Member] | Postretirement Medical Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan amendments | 28,300,000 | ' | ' |
Impact on Prior-Service Credit [Member] | Postretirement Medical Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan amendments | 19,200,000 | ' | ' |
Impact on Actuarial Gain [Member] | Postretirement Medical Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan amendments | $9,100,000 | ' | ' |
Employee_Benefit_Plans_HealthC
Employee Benefit Plans (Health-Care Cost Trend Rates Used To Determine The Benefit Obligation) (Details) (Postretirement Medical Plan [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Postretirement Medical Plan [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Health-care cost trend rate assumed for next year | 7.20% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.50% |
Year that the rate reaches the ultimate trend rate | '2027 |
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | $137 |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 483 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | -123 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | ($436) |
ShareBased_Compensation_ShareB
Share-Based Compensation (Share-Based Compensation Arrangement Expenses Recognized) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Salaries, wages and employee benefits | $20,783 | $14,464 | $12,764 |
Deferred income tax benefit | -8,090 | -5,616 | -4,935 |
Net share-based compensation expense | $12,693 | $8,848 | $7,829 |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Total number of common shares shares authorized for the grant of stock options | 7,637,432 |
Common shares available for the grant of stock options | 3,391,554 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $10.50 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '1 year 263 days |
Weighted-average period to recognize unrecorded deferred compensation cost of stock options, years | '274 days |
Unrecorded Deferred Compensation Cost Of Stock Options, Net Of Forfeitures | $0.20 |
ShareBased_Compensation_Summar
Share-Based Compensation (Summary Of Nonvested Stock Activity) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $10.50 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '1 year 263 days | ' | ' |
Nonvested Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Awards, Outstanding at December 31, 2012 | 817,319 | ' | ' |
Number of Awards, Awarded - Employees | 294,997 | ' | ' |
Number of Awards, Awarded - Directors | 28,900 | ' | ' |
Number of Awards, Vested | -275,257 | ' | ' |
Number of Awards, Forfeited | -42,889 | ' | ' |
Number of Awards, Outstanding at December 31, 2013 | 823,070 | 817,319 | ' |
Weighted- Average Grant-Date Fair Value, Outstanding at December 31, 2012 | $31.25 | ' | ' |
Weighted- Average Grant-Date Fair Value, Vested | $30.88 | ' | ' |
Weighted- Average Grant-Date Fair Value, Forfeited | $31.83 | ' | ' |
Weighted- Average Grant-Date Fair Value, Outstanding at December 31, 2013 | $32.15 | $31.25 | ' |
Fair value of stock which vested in the period | 9.4 | 11 | 5.4 |
Employees [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted-Average Grant-Date Fair Value, Awarded | $33.19 | $30.37 | $32.41 |
Directors [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted-Average Grant-Date Fair Value, Awarded | $34.60 | $33.75 | $38.11 |
PerformanceSharePlanUntis [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Awards, Outstanding at December 31, 2012 | 235,984 | ' | ' |
Number of awards, Awarded | 229,093 | ' | ' |
Number of Awards, Forfeited | -28,062 | ' | ' |
Number of Awards, Outstanding at December 31, 2013 | 437,015 | 235,984 | ' |
Weighted- Average Grant-Date Fair Value, Outstanding at December 31, 2012 | $29.67 | ' | ' |
Weighted-Average Grant-Date Fair Value, Awarded | $32.41 | $29.67 | ' |
Weighted- Average Grant-Date Fair Value, Forfeited | $31.02 | ' | ' |
Weighted- Average Grant-Date Fair Value, Outstanding at December 31, 2013 | $31.02 | $29.67 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $8.20 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '1 year 285 days | ' | ' |
Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of grant target award recipients receive depending on performance criteria | 0.00% | ' | ' |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of grant target award recipients receive depending on performance criteria | 200.00% | ' | ' |
ShareBased_Compensation_Summar1
Share-Based Compensation (Summary Of Stock-Option Activity) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Options, Outstanding at December 31, 2012 | 2,400,260 | ' | ' |
Number of Options, Exercised | -760,495 | ' | ' |
Number of Options, Expired or cancelled | -151,024 | ' | ' |
Number of Options, Outstanding at December 31, 2013 | 1,488,741 | 2,400,260 | ' |
Number of Options, Exercisable at December 31, 2013 | 1,302,639 | ' | ' |
Weighted-Average Exercise Price, Outstanding at December 31, 2012 | $36.05 | ' | ' |
Weighted- Average Exercise Price, Exercised | $27.32 | ' | ' |
Weighted- Average Exercise Price, Expired or cancelled | $45.17 | ' | ' |
Weighted- Average Exercise Price, Outstanding at December 31, 2013 | $39.59 | $36.05 | ' |
Weighted-Average Exercise Price, Exercisable at December 31, 2013 | $40.62 | ' | ' |
Weighted-Average Remaining Contractual Term (years), Outstanding at December 31, 2013 | '4 years 62 days | ' | ' |
Weighted-Average Remaining Contractual Term (years), Exercisable at December 31, 2013 | '3 years 270 days | ' | ' |
Aggregate intrinsic value, Outstanding | $6,917 | ' | ' |
Aggregate intrinsic value, Exercisable | 5,550 | ' | ' |
Aggregate intrinsic value of exercised stock options | 9,868 | 1,614 | 3,513 |
Cash received from exercise of stock options | 20,777 | 3,560 | 5,532 |
Tax benefit realized from the exercise of options | $3,848 | $629 | $1,370 |
ShareBased_Compensation_Summar2
Share-Based Compensation (Summary Of Weighted-Average Assumptions Used In The Black-Scholes Option-Pricing Model) (Details) (Stock Options [Member], USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Estimated fair value | $11.79 | $12.64 |
Risk-free interest rate | 0.70% | 2.20% |
Expected term, years | '4 years 332 days | '4 years 266 days |
Expected volatility | 52.00% | 48.00% |
Expected dividend yield | 1.37% | 1.24% |
ShareBased_Compensation_Summar3
Share-Based Compensation (Summary Of Stock Appreciation Rights) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Tax Benefit Realized from Exercise of SARs | $3,848,000 | $629,000 | $1,370,000 |
Stock Appreciation Rights (SARs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock Appreciation Rights, Outstanding at December 31, 2012 | 507,358 | ' | ' |
Number of Rights, Exercised | -224,137 | ' | ' |
Stock Appreciation Rights, Outstanding at December 31, 2013 | 283,221 | 507,358 | ' |
Number of Rights, Exercisable at December 31, 2013 | 283,221 | ' | ' |
Weighted-Average Exercise Price, Outstanding at December 31, 2012 | $28.92 | ' | ' |
Weighted-Average Exercise Price, Exercised | $28.92 | ' | ' |
Weighted-Average Exercise Price, Exercisable at December 31, 2013 | $28.92 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Rights, Outstanding, Weighted Average Remaining Contractual Term | '6 years 40 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Rights, Exercisable, Number | '6 years 40 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Rights, Outstanding, Intrinsic Value | 3,056,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Rights, Exercisable, Intrinsic Value | 3,056,000 | ' | ' |
Payment To Settle Stock Appreciation Rights Exercised | 2,382,000 | 51,000 | 559,000 |
Tax Benefit Realized from Exercise of SARs | 929,000 | 20,000 | 218,000 |
Accrued liability for cash-settled SARs | $4,300,000 | $3,600,000 | ' |
Share Based Compensation Arrangement By Share Based Payment Award fair Value Per SAR | $15.13 | $7.43 | ' |
Segment_Reporting_Operating_In
Segment Reporting (Operating Income (Loss)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | $5,473,356 | $5,580,247 | $5,289,953 |
Revenues from internal customers | ' | ' | ' | ' | ' | ' | ' | ' | 248,232 | 231,769 | 208,847 |
Operating Income (Loss) | 33,380 | 67,675 | 76,299 | 31,599 | 37,795 | 55,213 | 80,143 | 55,690 | 208,953 | 228,841 | 207,928 |
Depreciation and Amortization, net of Accretion | ' | ' | ' | ' | ' | ' | ' | ' | 229,236 | 215,202 | 201,638 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 281,943 | 293,135 | 288,994 |
Assets | 3,279,931 | ' | ' | ' | 3,152,415 | ' | ' | ' | 3,279,931 | 3,152,415 | 3,100,016 |
Freight | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 3,424,002 | 3,339,605 | 3,196,564 |
Revenues from internal customers | ' | ' | ' | ' | ' | ' | ' | ' | 42,098 | 52,991 | 50,543 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 146,047 | 143,869 | 119,779 |
Depreciation and Amortization, net of Accretion | ' | ' | ' | ' | ' | ' | ' | ' | 135,311 | 124,372 | 109,875 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 180,576 | 190,218 | 146,001 |
Assets | 1,529,681 | ' | ' | ' | 1,459,576 | ' | ' | ' | 1,529,681 | 1,459,576 | 1,368,249 |
Logistics | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 1,474,507 | 1,677,279 | 1,555,422 |
Revenues from internal customers | ' | ' | ' | ' | ' | ' | ' | ' | 65,892 | 48,921 | 34,572 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 23,467 | 44,616 | 54,747 |
Depreciation and Amortization, net of Accretion | ' | ' | ' | ' | ' | ' | ' | ' | 7,571 | 7,532 | 8,783 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 24,587 | 7,186 | 10,055 |
Assets | 318,266 | ' | ' | ' | 302,295 | ' | ' | ' | 318,266 | 302,295 | 313,253 |
Truckload | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 567,255 | 558,714 | 532,165 |
Revenues from internal customers | ' | ' | ' | ' | ' | ' | ' | ' | 69,555 | 76,842 | 82,849 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 38,691 | 44,921 | 34,813 |
Depreciation and Amortization, net of Accretion | ' | ' | ' | ' | ' | ' | ' | ' | 74,449 | 69,799 | 70,003 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 74,637 | 93,117 | 131,413 |
Assets | 799,775 | ' | ' | ' | 807,470 | ' | ' | ' | 799,775 | 807,470 | 791,864 |
Corporate and Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 7,592 | 4,649 | 5,802 |
Revenues from internal customers | ' | ' | ' | ' | ' | ' | ' | ' | 70,687 | 53,015 | 40,883 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 748 | -4,565 | -1,411 |
Depreciation and Amortization, net of Accretion | ' | ' | ' | ' | ' | ' | ' | ' | 11,905 | 13,499 | 12,977 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 2,143 | 2,614 | 1,525 |
Assets | $632,209 | ' | ' | ' | $583,074 | ' | ' | ' | $632,209 | $583,074 | $626,650 |
Segment_Reporting_Geographic_D
Segment Reporting (Geographic Data) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $1,357,801 | $1,398,021 | $1,381,370 | $1,336,164 | $1,363,877 | $1,404,113 | $1,446,096 | $1,366,161 | $5,473,356 | $5,580,247 | $5,289,953 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,094,193 | 5,189,792 | 4,965,630 |
Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 116,491 | 114,451 | 110,799 |
Other Countries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $262,672 | $276,004 | $213,524 |
Quarterly_Financial_Data_Compo
Quarterly Financial Data (Components Of Quarterly Financial Data) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $1,357,801 | $1,398,021 | $1,381,370 | $1,336,164 | $1,363,877 | $1,404,113 | $1,446,096 | $1,366,161 | $5,473,356 | $5,580,247 | $5,289,953 |
Operating Income | 33,380 | 67,675 | 76,299 | 31,599 | 37,795 | 55,213 | 80,143 | 55,690 | 208,953 | 228,841 | 207,928 |
Income before income tax provision | 21,363 | 53,378 | 62,849 | 16,775 | 23,677 | 41,158 | 64,697 | 41,422 | 154,365 | 170,954 | 148,072 |
Income Tax Provision | 9,669 | 22,821 | 19,952 | 2,770 | 11,881 | 15,854 | 22,897 | 15,776 | 55,212 | 66,408 | 59,629 |
Net Income | ($11,694) | ($30,557) | ($42,897) | ($14,005) | ($11,796) | ($25,304) | ($41,800) | ($25,646) | ' | ' | ' |
Basic Earnings per Share | $0.21 | $0.54 | $0.76 | $0.25 | $0.21 | $0.45 | $0.75 | $0.46 | $1.75 | $1.87 | $1.60 |
Diluted Earnings per Share | $0.20 | $0.53 | $0.75 | $0.25 | $0.21 | $0.45 | $0.74 | $0.46 | $1.73 | $1.85 | $1.58 |
Cash Dividends | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market price | 38.79 | 39.21 | 32.25 | 29.12 | 25.97 | 26.51 | 30.89 | 28.26 | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market price | 45.98 | 46.04 | 39.81 | 38.12 | 29.91 | 37.3 | 38.78 | 34.69 | ' | ' | ' |