Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 24, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'YRC Worldwide Inc. | ' |
Entity Central Index Key | '0000716006 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 31,257,971 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $181.40 | $176.30 |
Restricted amounts held in escrow | 33.6 | 90.1 |
Accounts receivable, net | 551.7 | 460.9 |
Prepaid expenses and other | 84.7 | 70.6 |
Total current assets | 851.4 | 797.9 |
Property and Equipment: | ' | ' |
Cost | 2,826.60 | 2,844.20 |
Less – accumulated depreciation | -1,810.70 | -1,754.40 |
Net property and equipment | 1,015.90 | 1,089.80 |
Intangibles, net | 65.4 | 79.8 |
Restricted amounts held in escrow | 0 | 0.6 |
Deferred income taxes, net | 18.4 | 18.3 |
Other assets | 95.5 | 78.5 |
Total Assets | 2,046.60 | 2,064.90 |
Liabilities and Shareholders’ Deficit | ' | ' |
Accounts payable | 198.9 | 176.7 |
Wages, vacations and employees’ benefits | 211.7 | 191.2 |
Deferred income taxes, net | 18.4 | 18.6 |
Other current and accrued liabilities | 196.7 | 189.5 |
Current maturities of long-term debt | 29.8 | 8.6 |
Total current liabilities | 655.5 | 584.6 |
Other Liabilities: | ' | ' |
Long-term debt, less current portion | 1,079.70 | 1,354.80 |
Deferred income taxes, net | 1.7 | 1.8 |
Pension and postretirement | 337.4 | 384.8 |
Claims and other liabilities | 333.5 | 336.3 |
Commitments and contingencies | ' | ' |
Shareholders’ Deficit: | ' | ' |
Preferred stock, $1 par value per share | 0 | 0 |
Common stock, $0.01 par value per share | 0.3 | 0.1 |
Capital surplus | 2,288.50 | 1,964.40 |
Accumulated deficit | -2,246.20 | -2,154.20 |
Accumulated other comprehensive loss | -311.1 | -315 |
Treasury stock, at cost (410 shares) | -92.7 | -92.7 |
Total shareholders’ deficit | -361.2 | -597.4 |
Total Liabilities and Shareholders’ Deficit | $2,046.60 | $2,064.90 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $1 | $1 |
Common stock, par value | $0.01 | $0.01 |
Treasury stock, shares | 410,000 | 410,000 |
Statements_of_Consolidated_Com
Statements of Consolidated Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Revenue | $1,322.60 | $1,252.70 | $3,851.10 | $3,657.70 |
Operating Expenses: | ' | ' | ' | ' |
Salaries, wages and employees’ benefits | 745.9 | 711.8 | 2,212.30 | 2,110.30 |
Operating expenses and supplies | 285 | 284.4 | 860.7 | 838 |
Purchased transportation | 157.4 | 139 | 449.1 | 379.6 |
Depreciation and amortization | 40.9 | 43.3 | 122.9 | 130.4 |
Other operating expenses | 66.5 | 67.1 | 197.9 | 171.3 |
(Gains) losses on property disposals, net | 0.2 | 1.3 | -6.1 | -1.9 |
Total operating expenses | 1,295.90 | 1,246.90 | 3,836.80 | 3,627.70 |
Operating Income | 26.7 | 5.8 | 14.3 | 30 |
Nonoperating Expenses: | ' | ' | ' | ' |
Interest expense | 32.6 | 43.1 | 122.5 | 124.2 |
Gain on extinguishment of debt | 0 | 0 | 11.2 | 0 |
Other, net | -2.7 | -0.2 | -6.7 | -3 |
Nonoperating expenses, net | 29.9 | 42.9 | 104.6 | 121.2 |
Loss before income taxes | -3.2 | -37.1 | -90.3 | -91.2 |
Income tax (benefit) expense | -4.4 | 7.3 | -16.4 | -7.2 |
Net income (loss) | 1.2 | -44.4 | -73.9 | -84 |
Amortization of beneficial conversion feature on preferred stock | 0 | 0 | -18.1 | 0 |
Net Income (Loss) Attributable to Common Shareholders | 1.2 | -44.4 | -92 | -84 |
Other comprehensive income (loss), net of tax | -0.6 | 4.6 | 3.9 | 9.8 |
Comprehensive Income (Loss) Attributable to YRC Worldwide Inc. | $0.60 | ($39.80) | ($70) | ($74.20) |
Average Common Shares Outstanding – Basic (in shares) | 30,639 | 9,977 | 27,896 | 9,053 |
Average Common Shares Outstanding – Diluted (in shares) | 31,903 | 9,977 | 27,896 | 9,053 |
Basic and Diluted Loss Per Share | ' | ' | ' | ' |
Earnings (Loss) Per Share – Basic (in dollars per share) | $0.04 | ($4.45) | ($3.30) | ($9.29) |
Loss Per Share – Diluted (in dollars per share) | ($0.03) | ($4.45) | ($3.30) | ($9.29) |
Statements_of_Consolidated_Cas
Statements of Consolidated Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Activities: | ' | ' |
Net loss | ($73.90) | ($84) |
Noncash items included in net loss: | ' | ' |
Depreciation and amortization | 122.9 | 130.4 |
Paid-in-kind interest on Series A Notes and Series B Notes | 13.9 | 24.6 |
Amortization of deferred debt costs | 6.9 | 5 |
Amortization of premiums and discounts on debt | 26.5 | 7.5 |
Equity based compensation expense | 11.1 | 4.5 |
Deferred income tax benefit | -3 | -0.1 |
Gains on property disposals, net | -6.1 | -1.9 |
Gain on extinguishment of debt | -11.2 | 0 |
Other noncash items, net | -4.7 | -1.6 |
Changes in assets and liabilities, net: | ' | ' |
Accounts receivable | -91.5 | -59.5 |
Accounts payable | 18.4 | 25.4 |
Other operating assets | 0.3 | 0.9 |
Other operating liabilities | -35.9 | -54.2 |
Net cash used in operating activities | -26.3 | -3 |
Investing Activities: | ' | ' |
Acquisition of property and equipment | -47.6 | -56.5 |
Proceeds from disposal of property and equipment | 8.5 | 5.9 |
Restricted escrow receipts, net | 57.1 | 19.9 |
Other, net | 5.2 | 1.8 |
Net cash provided by (used in) investing activities | 23.2 | -28.9 |
Financing Activities: | ' | ' |
Issuance of long-term debt | 693 | 0.3 |
Repayments of long-term debt | -888.7 | -6.6 |
Debt issuance costs | -29 | 0 |
Equity issuance costs | -17.1 | 0 |
Equity issuance proceeds | 250 | 0 |
Net cash (used in) provided by financing activities | 8.2 | -6.3 |
Net Increase (Decrease) In Cash and Cash Equivalents | 5.1 | -38.2 |
Cash and Cash Equivalents, Beginning of Period | 176.3 | 208.7 |
Cash and Cash Equivalents, End of Period | 181.4 | 170.5 |
Supplemental Cash Flow Information: | ' | ' |
Interest paid | -103.3 | -90.4 |
Income tax refund, net | $19.30 | $10.80 |
Statement_of_Consolidated_Shar
Statement of Consolidated Shareholders' Deficit (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Capital Surplus [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock, At Cost [Member] |
In Millions, unless otherwise specified | |||||||
Beginning balance at Dec. 31, 2013 | ' | $0 | $0.10 | $1,964.40 | ($2,154.20) | ($315) | $0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Issuance of preferred stock | ' | 0.6 | ' | ' | ' | ' | ' |
Issuance of common stock | ' | ' | 0.1 | ' | ' | ' | ' |
Issuance of equity, net | 250 | ' | ' | 249.3 | ' | ' | ' |
Share-based compensation | 11.1 | ' | ' | 8.5 | ' | ' | ' |
Amortization of beneficial conversion feature on preferred stock | 18.1 | ' | ' | 18.1 | -18.1 | ' | ' |
Conversion of preferred shares to common shares | ' | -0.6 | ' | 0.6 | ' | ' | ' |
Issuance of equity upon conversion of Series B Notes | ' | ' | 0.1 | 64.7 | ' | ' | ' |
Net loss | ' | ' | ' | ' | -73.9 | ' | ' |
Reclassification of net pension actuarial losses to net loss, net of tax | ' | ' | ' | ' | ' | 5.8 | ' |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | -1.9 | ' |
Equity issuance costs | -17.1 | ' | ' | -17.1 | ' | ' | ' |
Ending balance at Sep. 30, 2014 | -361.2 | 0 | 0.3 | 2,288.50 | -2,246.20 | -311.1 | -92.7 |
Beginning balance at Jun. 30, 2014 | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Amortization of beneficial conversion feature on preferred stock | 0 | ' | ' | ' | ' | ' | ' |
Reclassification of net pension actuarial losses to net loss, net of tax | ' | ' | ' | ' | ' | 1.9 | ' |
Ending balance at Sep. 30, 2014 | ($361.20) | ' | ' | ' | ' | ($311.10) | ($92.70) |
Description_of_Business
Description of Business | 9 Months Ended | |
Sep. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Description of Business | ' | |
Description of Business | ||
YRC Worldwide Inc. (also referred to as “YRC Worldwide,” the “Company,” “we,” “us” or “our”) is a holding company that, through wholly owned operating subsidiaries and its interest in a Chinese joint venture, offers its customers a wide range of transportation services. We have one of the largest, most comprehensive less-than-truckload (“LTL”) networks in North America with local, regional, national and international capabilities. Through our team of experienced service professionals, we offer expertise in LTL shipments and flexible supply chain solutions, ensuring customers can ship industrial, commercial and retail goods with confidence. Our reporting segments include the following: | ||
• | YRC Freight is the reporting segment that focuses on longer haul business opportunities with national, regional and international services. YRC Freight provides for the movement of industrial, commercial and retail goods, primarily through centralized management and customer facing organizations. This reporting segment includes our LTL subsidiary YRC Inc. (our YRC Freight operations in the United States) and Reimer Express, a subsidiary located in Canada that specializes in shipments into, across and out of Canada. In addition to the United States and Canada, YRC Freight also serves parts of Mexico, Puerto Rico and Guam. | |
• | Regional Transportation is the reporting segment for our transportation service providers focused on business opportunities in the regional and next-day delivery markets. Regional Transportation is comprised of USF Holland Inc. (“Holland”), New Penn Motor Express, Inc. (“New Penn”) and USF Reddaway Inc. (“Reddaway”). These companies each provide regional, next-day ground services in their respective regions through a network of facilities located across the United States, Canada, Mexico and Puerto Rico. | |
At September 30, 2014, approximately 78% of our labor force is subject to collective bargaining agreements, which predominantly expire in March 2019. |
Principles_of_Consolidation
Principles of Consolidation | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||
Principles of Consolidation | ' | |||||||||||||||
Principles of Consolidation | ||||||||||||||||
The accompanying Consolidated Financial Statements include the accounts of YRC Worldwide and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. We report on a calendar year basis. The quarters of the Regional Transportation companies (with the exception of New Penn) consist of thirteen weeks that end on a Saturday either before or after the end of March, June and September, whereas all other operating segment quarters end on the natural calendar quarter end. Our investment in our non-majority owned affiliate is accounted for on the equity method. | ||||||||||||||||
We make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and notes. Actual results could differ from those estimates. We have prepared the Consolidated Financial Statements, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, all normal recurring adjustments necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods included in these financial statements herein have been made. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) have been condensed or omitted from these statements pursuant to SEC rules and regulations. Accordingly, the accompanying Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2013. | ||||||||||||||||
Assets Held for Sale | ||||||||||||||||
When we plan to dispose of property or equipment by sale, the asset is recorded in the financial statements at the lower of the carrying amount or estimated fair value, less cost to sell, and is reclassified to assets held for sale. Additionally, after such reclassification, there is no further depreciation taken on the asset. For an asset to be classified as held for sale, management must approve and commit to a formal plan, the sale should be anticipated during the ensuing year and the asset must be actively marketed, be available for immediate sale, and meet certain other specified criteria. We use level 3 inputs to determine the fair value of each property considered held for sale. | ||||||||||||||||
At September 30, 2014 and December 31, 2013, the net book value of assets held for sale was $16.5 million and $17.2 million, respectively. This amount is included in “Property and Equipment” in the accompanying consolidated balance sheets. We recorded charges of $0.8 million and $2.4 million for the three and nine months ended September 30, 2014, respectively, and $0.6 million and $3.3 million for the three and nine months ended September 30, 2013, respectively, to reduce properties held for sale to estimated fair value, less cost to sell. These charges are included in “(Gains) losses on property disposals, net” in the accompanying statements of consolidated comprehensive income (loss). | ||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
The following table summarizes the fair value hierarchy of our financial assets and liabilities carried at fair value on a recurring basis as of September 30, 2014: | ||||||||||||||||
Fair Value Measurement Hierarchy | ||||||||||||||||
(in millions) | Total Carrying | Quoted prices | Significant | Significant | ||||||||||||
Value | in active market | other | unobservable | |||||||||||||
(Level 1) | observable | inputs | ||||||||||||||
inputs (Level 2) | (Level 3) | |||||||||||||||
Restricted amounts held in escrow-current | $ | 33.6 | $ | 33.6 | $ | — | $ | — | ||||||||
Restricted amounts held in escrow are invested in money market accounts and are recorded at fair value based on quoted market prices. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximates their fair value due to the short-term nature of these instruments. | ||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Loss | ||||||||||||||||
For the three and nine months ended September 30, 2014, we reclassified the amortization of our net pension loss totaling $1.9 million and $5.8 million, respectively, net of tax, from accumulated other comprehensive loss to net loss. For the three and nine months ended September 30, 2013, we reclassified the amortization of our net pension loss totaling $3.7 million and $11.1 million, respectively, net of tax, from accumulated other comprehensive loss to net income (loss). This reclassification is a component of net periodic pension cost and is discussed in the “Employees’ Benefits” footnote. | ||||||||||||||||
Impact of Recently Issued Accounting Standards | ||||||||||||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued new authoritative literature, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board (“IASB”) to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for the Company for its annual reporting period ending December 31, 2017, including interim periods within that reporting period. Early application is not permitted. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. While we do not believe the newly-issued guidance will have a significant impact on our Consolidated Financial Statements, the Company is currently evaluating the newly-issued guidance, including which transition approach will be applied. | ||||||||||||||||
In August 2014, the FASB issued new authoritative literature, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The new standard provides guidance around management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The new standard is effective for our fiscal year December 31, 2016 and interim periods thereafter. Early adoption is permitted. The Company is currently evaluating this newly-issued guidance and the impact, if any, it will have on our Consolidated Financial Statements. |
2014_Financing_Transactions
2014 Financing Transactions | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
2014 Financing Transactions | ' | ||||||||
On January 31, 2014, we issued 14,333,334 shares of our Common Stock and 583,334 shares of our Convertible Preferred Stock pursuant to certain stock purchase agreements, dated as of December 22, 2013 (the “Stock Purchase Agreements”), for an aggregate $250.0 million in cash. We used the proceeds from these transactions to, among other things, (i) repay our 6% Convertible Senior Notes (“6% Notes”) at their maturity on February 15, 2014 and (ii) repurchase $90.9 million of our Series A Convertible Senior Secured Notes (“Series A Notes”). In February 2014, the Company deposited $89.6 million with the trustee to fund the redemption (including accrued interest), and thereby discharged the indenture governing the Series A Notes. The Company used the cash deposited with the trustee to redeem its Series A Notes on August 5, 2014. | |||||||||
Also on January 31, 2014, certain holders of our 10% Series B Convertible Senior Secured Notes (“Series B Notes”) exchanged their outstanding balances at a conversion price of $15.00 per share, while another holder converted its Series B Notes in accordance with their existing terms. We also amended the indenture governing our Series B Notes to eliminate substantially all of the restrictive covenants, certain events of default and other related provisions contained in the indenture and to release and discharge the liens on the collateral securing the Series B Notes. | |||||||||
Effective January 31, 2014, certain of our subsidiaries, various pension funds party thereto, and Wilmington Trust Company, as agent for such pension funds, entered into the Second Amended and Restated Contribution Deferral Agreement (“Second A&R CDA”), which, among other things (i) amended and restated the Amended and Restated Contribution Deferral Agreement (“A&R CDA”), (ii) released the agent’s security interest in third priority collateral on the Collateral Release Date, (iii) limited the value of obligations secured by the collateral to the Secured Obligations and (iv) extended the maturity of deferred pension payments and deferred interest from March 31, 2015 to December 31, 2019. | |||||||||
On February 13, 2014, we replaced our existing credit facilities with a new $450 million asset-based loan (the “New ABL Facility”) and a new $700 million term loan facility (“New Term Loan”). The New ABL Facility supports our outstanding letters of credit commitments. | |||||||||
We refer to transactions described above collectively as the “2014 Financing Transactions.” The table below summarizes the cash flow activity for the 2014 Financing Transactions: | |||||||||
Cash Sources (in millions) | Cash Uses (in millions) | ||||||||
New Term Loan | $ | 700 | Extinguish Prior ABL Facility (includes accrued interest) | $ | 326 | ||||
Proceeds from sale of common stock | 215 | Extinguish Prior Term Loan (includes accrued interest) | 299.7 | ||||||
Proceeds from sale of convertible preferred stock | 35 | Retire 6% Notes | 71.5 | ||||||
Cash proceeds from restricted amounts held in escrow - Prior ABL facility | 90 | Repurchase Series A Notes (includes accrued interest) | 93.9 | ||||||
New ABL Facility | — | Redeem Series A Notes (on August 5, 2014 and includes accrued interest) | 89.6 | ||||||
Fees, Expenses and Original Issuance Discount | 50.8 | ||||||||
Restricted Cash to Balance Sheet (a) | 92 | ||||||||
Cash to Balance Sheet | 16.5 | ||||||||
Total sources | $ | 1,040.00 | Total uses | $ | 1,040.00 | ||||
(a) | Under the terms of the New ABL facility, this amount was classified as “restricted cash” in the consolidated balance sheet at the closing date of the New ABL Facility. | ||||||||
The table below summarizes the non-cash activity for the 2014 Financing Transactions: | |||||||||
Non-Cash Sources (in millions) | Non-Cash Uses (in millions) | ||||||||
Secured Second A&R CDA | $ | 51 | A&R CDA | $ | 124.2 | ||||
Unsecured Second A&R CDA | 73.2 | Exchange/conversion of Series B Notes to common stock | 50.6 | ||||||
Exchange/conversion of Series B Notes to common stock | 50.6 | ||||||||
Total sources | $ | 174.8 | Total uses | $ | 174.8 | ||||
We accounted for the A&R CDA maturity extension as a debt modification and the remaining transactions as extinguishment of debt and issuance of new debt. We recorded a gain on extinguishment of debt of $11.2 million associated with this transaction during the nine months ended September 30, 2014, $16.3 million of which related to the acceleration of net premiums on our old debt, partially offset by $5.1 million of additional expense related to the fair value of the incremental shares provided to those Series B Note holders who exchanged their outstanding balances at a conversion price of $15.00 per share. We recorded, in “interest expense” on the statements of consolidated comprehensive income (loss), $8.0 million of make-whole interest related to the Series B Notes exchanged during the nine months ended September 30, 2014. We paid $43.8 million of fees associated with these transactions of which $26.7 million was recorded as unamortized deferred debt costs in “other assets” in the consolidated balance sheet and will be recognized as interest expense over the term of the New Term Loan and New ABL Facility and $17.1 million offset the equity proceeds of our stock purchase agreements. | |||||||||
On March 14, 2014, the Company held a special meeting of stockholders at which our stockholders approved amending our Certificate of Incorporation to increase the number of authorized shares of Common Stock and to allow an individual investor to own more than 19.99% of outstanding Common Stock. Upon approval of these amendments, each outstanding share of Convertible Preferred Stock automatically converted into four shares of Common Stock and the Company recorded $18.1 million related to the amortization of the beneficial conversion feature on preferred stock on the statements of consolidated comprehensive income (loss). | |||||||||
$700 Million First Lien Term Loan | |||||||||
On February 13, 2014, we borrowed in full $700 million, less a 1% discount, from a syndicate of banks and other financial institutions arranged by Credit Suisse Securities (USA) and RBS Citizens, N.A. No amounts under this New Term Loan, once repaid, may be reborrowed. On September 25, 2014, the Company entered into Amendment No. 1 to its Credit Agreement (the “Credit Agreement Amendment”), which amended the New Term Loan to, among other things, adjust the maximum permitted total leverage ratio through December 31, 2016 and increase the applicable interest rate (subject to the exceptions discussed below) over the same period. Certain material provisions of the New Term Loan, after giving affect to the Credit Agreement Amendment, are summarized below: | |||||||||
- Maturity and Amortization: The New Term Loan matures on February 13, 2019. The New Term Loan will amortize in equal quarterly installments in an aggregate annual amount equal to 1% of the original principal amount of the New Term Loan. | |||||||||
- Incremental: Subject to finding current or new lenders willing to provide such commitments, the Company has the right to incur one or more increases to the New Term Loan and/or one or more new tranches of term loans (which may be unsecured or secured on a junior basis) to be made available under the New Term Loan credit agreement which shall not exceed (i) $250 million so long as the senior secured leverage ratio on a pro forma basis (defined as consolidated total debt that is secured by a lien as of such date over Consolidated EBITDA as of the twelve months ended the most recent fiscal quarter end for which financial statements are available) does not exceed 3.25 to 1.00, plus (ii) all voluntary prepayments of the New Term Loan. | |||||||||
- Interest and Fees: The New Term Loan bears interest, at the election of the borrower, at either the applicable London interbank offer rate (“LIBOR”) (subject to a floor of 1.00%) plus a margin of 7.25% per annum, or a rate determined by reference to the alternate base rate (the greater of the prime rate established by the administrative agent, the federal fund rate plus 0.50% and one month, LIBOR plus 1.00%) plus a margin of 6.25%; provided that such margins will step down by 0.25% when the Company meets a total leverage ratio of equal or less than 3.25 to 1.00. | |||||||||
- Guarantors: The obligations of the borrower under the New Term Loan are unconditionally guaranteed by certain wholly owned domestic restricted subsidiaries of the Company (the “Term Guarantors”). | |||||||||
- Collateral: The New Term Loan is secured by a perfected first priority security interest in (subject to permitted liens) substantially all assets of the Company and the guarantors under the New Term Loan (the “Term Guarantors”), except that accounts receivable, cash, deposit accounts and other assets related to accounts receivable are subject to a second priority interest (subject to permitted liens) and certain owned real property securing the obligations under the Second A&R CDA filed January 31, 2014, do not secure the obligations under the New Term Loan credit agreement (the “CDA Collateral”). | |||||||||
- Mandatory Prepayments: The New Term Loan includes the following mandatory prepayments: | |||||||||
• | 75% of excess cash flow (as defined in the New Term Loan and paid if permitted under the New ABL Facility), subject to stepdowns to (w) 50% if the total leverage ratio is less than or equal to 4.00 to 1.00 but greater than 3.50 to 1.00, to (x) 25% if the total leverage ratio is less than or equal to 3.50 to 1.00 but greater than 3.00 to 1.00 and (y) 0% if the total leverage ratio is less than or equal to 3.00 to 1.00; | ||||||||
• | 100% of the net cash proceeds of all asset sales or similar dispositions outside of the ordinary course of business, casualty events and other limited exceptions under the New Term Loan (subject to materiality thresholds and customary reinvestment rights); and | ||||||||
• | 100% of cash proceeds from debt issuances that are not permitted by the New Term Loan. | ||||||||
- Events of Default: The New Term Loan documentation contains certain customary events of default, including but not limited to the failure to make payments due under the New Term Loan, breach of and failure to cure the breach of certain covenants, the entry of a final unpaid judgment against any of the Term Guarantors in excess of $30 million, the commencement of certain insolvency proceedings, liquidations or dissolutions, a cross-default to certain other indebtedness with an outstanding aggregate principal balance of at least $30 million (other than the New ABL Facility), and cross-acceleration to the New ABL Facility. | |||||||||
- Covenants: The New Term Loan contains certain customary affirmative and negative covenants, including, among others, covenants restricting the incurrences of debt, liens, the making of investments and repurchases, transactions with affiliates, fundamental changes and asset sales, and prepayments of junior debt. In addition, refer to the “Liquidity” footnote for financial covenants for each of the remaining test periods. | |||||||||
$450 Million ABL Facility | |||||||||
On February 13, 2014, we entered into the New ABL Facility which is an asset-based $450 million loan facility from a syndicate of banks arranged by RBS Citizens, N.A., Merrill Lynch, Pierce, Fenner & Smith and CIT Finance LLC. The New ABL Facility terminates on February 13, 2019. The Company, YRC Inc., Reddaway, Holland and New Penn are borrowers under the New ABL Facility, and certain of the Company’s domestic subsidiaries are guarantors thereunder. Certain material provisions of the New ABL Facility are summarized below and are qualified in their entirety by reference to the definitive documentation: | |||||||||
- Availability: The aggregate amount available under the New ABL Facility cannot be more than (a) the collateral line cap minus (b) the facility exposure. The facility exposure refers to the aggregate amount of loans and letter of credit outstanding (with an exclusion for certain fees and other amounts owing for letters of credit). The collateral line cap refers to a limit equal to the greater of (a) the commitments by lenders under the facility and (b) the borrowing base. The borrowing base equals the sum of (a) 85% of the sum of (i) Eligible Accounts (as defined in the New ABL Facility) minus without duplication (ii) the Dilution Reserve (as defined in the New ABL Facility relating to reserves for eligible accounts experiencing bad debt write-downs, discounts, allowances and similar dilutive items), plus (b) 100% of Eligible Borrowing Base Cash (as defined in the New ABL Facility and described further below), minus (c) the Deferred Revenue Reserve (as defined in the New ABL Facility which constitutes 85% of the “deferred revenue liability” as reflected on the balance sheet of the Company and its restricted subsidiaries as of the last day of the most recently completed fiscal month), minus (d) the Availability Reserve (as defined in the New ABL Facility) imposed by the agent in its permitted discretion (made in good-faith and using reasonable business judgment) to reduce the amount of the borrowing base in light of pre-determined criteria set forth in the New ABL Facility. | |||||||||
- Eligible Borrowing Base Cash: The eligible borrowing base cash is cash that is deposited from time to time into a segregated restricted account maintained at the agent over which the agent has dominion. Such cash can only be withdrawn by us from the account if (i) no event of default exists or would arise as a result of the borrowing base cash release and (ii) availability as of the proposed date of such borrowing base cash release is not less than 15% of the collateral line cap. Eligible borrowing base cash is included in ‘Restricted amounts held in escrow’ in the accompanying consolidated balance sheet. | |||||||||
- Interest: Revolving loans made under the New ABL Facility bear interest, at the Company’s election, of either the applicable LIBOR rate plus 2.5% or the base rate (the greater of the prime rate established by the agent, the federal funds effective rate plus 0.50% and one month LIBOR plus 1.00%). Thereafter, the interest rates will be subject to the following price grid based on the average quarterly excess availability under the revolver: | |||||||||
Average Quarterly | Base Rate | LIBOR | |||||||
Level | Excess Capacity | Plus | Plus | ||||||
I | > $140,000,000 | 1.00% | 2.00% | ||||||
II | > $70,000,000 | 1.25% | 2.25% | ||||||
< $140,000,000 | |||||||||
III | < $70,000,000 | 1.50% | 2.50% | ||||||
The rates set forth above are subject to a 0.25% reduction during any fiscal quarter for which the Company has a total leverage ratio of less than 2.50 to 1.00. We have not drawn on the facility at any time during the three and nine months ended September 30, 2014. | |||||||||
- Letter of Credit Fees: The New ABL Facility has certain specific fees relating to letters of credit which include: (i) fees payable quarterly in arrears equal to the applicable margin in effect for revolving loans (which is listed in the “Interest” description immediately above) multiplied by the average daily stated amount of letters of credit (2.5% for the quarter ended September 30, 2014), (ii) fronting fees for letters of credit payable quarterly in arrears equal to 0.125% of the stated amount of the letters of credit and (iii) fees to issuing banks to compensate for customary charges related to the issuance and administration of letters of credit. | |||||||||
- Other Fees: Other fees in respect of the New ABL Facility include an unused line fee payable quarterly in arrears calculated by multiplying the amount by which the commitments exceed the loans and letters of credit for any calendar quarter by the unused line fee percentage (such unused line fee percentage initially to 0.25% per annum through March 31, 2014, and thereafter 0.375% per annum if the average revolver usage is less than 50% or 0.25% per annum if the average revolver usage is greater than 50%). | |||||||||
- Collateral: The obligations under the New ABL Facility are secured by a perfected first priority security interest in (subject to permitted liens) all accounts receivable, cash, deposit accounts and other assets related to accounts receivable of the Company and the other loan parties and an additional second priority security interest in (subject to permitted liens) substantially all remaining assets of the borrowers and the guarantors other than CDA Collateral. | |||||||||
- Incremental: The New ABL Facility provides for a $100 million uncommitted accordion to increase the revolving commitment in the future to support borrowing base growth. | |||||||||
- Events of Default: The New ABL Facility contains certain customary events of default, including but not limited to the failure to make payments due under the New ABL Facility, breach of and failure to cure the breach of certain covenants, the entry of a final unpaid judgment against any of the New ABL Facility loan parties in excess of $30 million, the commencement of any insolvency proceeding, liquidation or dissolution, and a cross-default to certain other indebtedness with an outstanding aggregate principal balance of at least $30 million (including the New Term Loan). | |||||||||
- Covenants: The New ABL Facility contains certain customary affirmative and negative covenants (including certain customary provisions regarding borrowing base reporting, and including, among others, covenants restricting the incurrences of debt, liens, the making of investments and repurchases, transactions with affiliates, fundamental changes and asset sales, and prepayments of junior debt). Certain of the covenants relating to investments, restricted payments and capital expenditures are relaxed upon meeting specified payment conditions or debt repayment conditions, as applicable. Payment conditions include (i) the absence of an event of default arising from such transaction, (ii) liquidity of at least $100 million or availability of at least $67.5 million and (iii) the Consolidated Fixed Charge Coverage Ratio (as defined below) for the most recent term period on a pro forma basis is equal to or greater than 1.10 to 1.00. Debt repayment conditions include (i) the absence of an event of default from repaying such debt and (ii) availability on the date of repayment is not less than $67.5 million. During any period commencing when the New ABL Facility borrowers fail to maintain availability in an amount at least equal to 10% of the collateral line cap and until the borrowers have maintained availability of at least 10% of the collateral line cap for 30 consecutive calendar days, the New ABL Facility loan parties are required to maintain a Consolidated Fixed Charge Coverage Ratio (as defined below) of at least 1.10 to 1.00. The “Consolidated Fixed Charge Coverage Ratio” is defined as (a) (i) Consolidated EBITDA (as defined in the New ABL Facility) calculated on a pro forma basis for such period, minus (ii) Capital Expenditures (as defined in the New ABL Facility) made during such period, minus (iii) the aggregate amount of net cash taxes paid in cash during such period, minus (iv) the amount, if any, by which the cash pension contribution for such period exceeds the pension expense for such period, and plus (v) the amount, if any, by which the pension expense for such period exceeds the cash pension contribution for such period, divided by (b) the Consolidated Fixed Charges (as defined in the New ABL Facility) for such period. In addition, refer to the “Liquidity” footnote for covenants for each of the remaining test periods. |
Debt_and_Financing
Debt and Financing | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||
Debt and Financing | ' | |||||||||||||||||
Debt and Financing | ||||||||||||||||||
Our outstanding debt as of September 30, 2014 and December 31, 2013 consisted of the following: | ||||||||||||||||||
As of September 30, 2014 (in millions) | Par Value | Discount | Book | Stated | Average Effective | |||||||||||||
Value | Interest Rate | Interest Rate | ||||||||||||||||
New Term Loan | $ | 694.8 | $ | (6.1 | ) | $ | 688.7 | 8.25 | % | 8.45 | % | |||||||
New ABL Facility(a) | — | — | — | N/A | N/A | |||||||||||||
Series B Notes | 17.3 | (1.2 | ) | 16.1 | 10 | % | 25.6 | % | ||||||||||
Secured Second A&R CDA | 47.8 | — | 47.8 | 3.3-18.3% | 7.3 | % | ||||||||||||
Unsecured Second A&R CDA | 73.2 | — | 73.2 | 3.3-18.3% | 7.3 | % | ||||||||||||
Lease financing obligations | 283.5 | — | 283.5 | 10.0-18.2% | 11.9 | % | ||||||||||||
Other | 0.2 | — | 0.2 | |||||||||||||||
Total debt | $ | 1,116.80 | $ | (7.3 | ) | $ | 1,109.50 | |||||||||||
Current maturities of New Term Loan | (7.0 | ) | — | (7.0 | ) | |||||||||||||
Current maturities of Series B Notes | (17.3 | ) | 1.2 | (16.1 | ) | |||||||||||||
Current maturities of lease financing obligations | (6.5 | ) | — | (6.5 | ) | |||||||||||||
Current maturities of other | (0.2 | ) | — | (0.2 | ) | |||||||||||||
Long-term debt | $ | 1,085.80 | $ | (6.1 | ) | $ | 1,079.70 | |||||||||||
(a) | As of September 30, 2014, the borrowing base and availability on our New ABL Facility were $448.4 million and $75.5 million, respectively. The availability is calculated in accordance with the terms of the New ABL Facility and is derived by reducing the borrowing base by our $372.9 million of outstanding letters of credit as of September 30, 2014. The amount which is actually able to be drawn is limited by certain financial covenants in the New ABL Facility to $31.5 million. | |||||||||||||||||
As of December 31, 2013 (in millions) | Par Value | Premium/ | Book | Stated | Average Effective | |||||||||||||
(Discount) | Value | Interest Rate | Interest Rate | |||||||||||||||
Restructured Term Loan | $ | 298.1 | $ | 37.7 | $ | 335.8 | 10 | % | — | % | ||||||||
Term A Facility (capacity $175.0, borrowing base $156.5, availability $51.5) | 105 | (2.1 | ) | 102.9 | 8.5 | % | 15.8 | % | ||||||||||
Term B Facility (capacity $219.9, borrowing base $219.9, availability $0.0) | 219.9 | (3.9 | ) | 216 | 11.25 | % | 15 | % | ||||||||||
Series A Notes | 177.8 | (17.8 | ) | 160 | 10 | % | 18.3 | % | ||||||||||
Series B Notes | 69.2 | (10.5 | ) | 58.7 | 10 | % | 25.6 | % | ||||||||||
6% Notes | 69.4 | (1.1 | ) | 68.3 | 6 | % | 15.5 | % | ||||||||||
A&R CDA | 124.2 | (0.2 | ) | 124 | 3.25-18.3% | 7.3 | % | |||||||||||
Lease financing obligations | 297.5 | — | 297.5 | 10.0-18.2% | 11.9 | % | ||||||||||||
Other | 0.2 | — | 0.2 | |||||||||||||||
Total debt | $ | 1,361.30 | $ | 2.1 | $ | 1,363.40 | ||||||||||||
Current maturities of lease financing obligations | (8.4 | ) | — | (8.4 | ) | |||||||||||||
Current maturities of other | (0.2 | ) | — | (0.2 | ) | |||||||||||||
Long-term debt | $ | 1,352.70 | $ | 2.1 | $ | 1,354.80 | ||||||||||||
Conversions | ||||||||||||||||||
Our Series B Notes are convertible into our common stock, at any time at the conversion price per share of approximately $18.5334 and a conversion rate of 53.9567 common shares per $1,000 of the Series B Notes (such conversion price and conversion rate applying also to the Series B Notes make whole premium). As of September 30, 2014, the effective conversion price and conversion rate for our Series B Notes (after taking into account the make whole premium) was $17.5599 and 56.9476 common shares per $1,000 of Series B Notes, respectively. | ||||||||||||||||||
As of September 30, 2014, there was $17.3 million in aggregate principal amount of Series B Notes outstanding that are convertible into approximately 982,000 shares of our common stock (after taking into account the make whole premium). As discussed in the “2014 Financing Transactions” footnote, on January 31, 2014, certain holders of our Series B Notes exchanged their outstanding notes as part of an exchange agreement. Outside of these exchange agreements, during the nine months ended September 30, 2014 and 2013, $1.2 million and $29.1 million of aggregate principal amount of Series B Notes were converted into 75,900 and 1.9 million shares of our common stock, which includes the make whole premium. Upon conversion, during the nine months ended September 30, 2014, we recorded $0.4 million of additional interest expense representing the $0.2 million make whole premium and $0.2 million of accelerated amortization of the discount on converted Series B Notes. During the three months ended September 30, 2013, we recorded $6.2 million of additional interest expense representing the $2.7 million make whole premium and $3.5 million of accelerated amortization of the discount on converted Series B Notes. During the nine months ended September 30, 2013, we recorded $15.2 million of additional interest expense representing the $6.6 million make whole premium and $8.6 million of accelerated amortization of the discount on converted Series B Notes. There were no Series B Note conversions during the three months ended September 30, 2014 or from September 30, 2014 through October 24, 2014. | ||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||
The carrying amounts and estimated fair values of our long-term debt, including current maturities and other financial instruments, are summarized as follows: | ||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||
(in millions) | Carrying amount | Fair Value | Carrying amount | Fair Value | ||||||||||||||
New Term Loan | $ | 688.7 | $ | 701.7 | $ | — | $ | — | ||||||||||
Restructured Term Loan | — | — | 335.8 | 289.2 | ||||||||||||||
Prior ABL Facility | — | — | 318.9 | 326.1 | ||||||||||||||
Series A Notes and Series B Notes | 16.1 | 20.8 | 218.7 | 225.8 | ||||||||||||||
Lease financing obligations | 283.5 | 290.6 | 297.5 | 297.5 | ||||||||||||||
Other | 121.2 | 122.4 | 192.5 | 179.8 | ||||||||||||||
Total debt | $ | 1,109.50 | $ | 1,135.50 | $ | 1,363.40 | $ | 1,318.40 | ||||||||||
The fair values of the New Term Loan, New ABL Facility, Restructured Term Loan, the ABL Facility in place immediately before it was replaced with the New ABL Facility (“Prior ABL Facility”), Series A Notes, Series B Notes, 6% Notes (included in “Other” above) Secured and Unsecured A&R CDA (included in “Other” above) and A&R CDA (included in “Other” above) were estimated based on observable prices (level two inputs for fair value measurements). The fair value of the lease financing obligations is estimated using a publicly traded secured loan with similar characteristics (level three input for fair value measurement). |
Liquidity
Liquidity | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Liquidity [Abstract] | ' | ||||
Liquidity | ' | ||||
Liquidity | |||||
For a description of our outstanding debt as of September 30, 2014, please refer to the “Debt and Financing” footnote in our Consolidated Financial Statements. | |||||
Credit Facility Covenants | |||||
On February 13, 2014, we completed the 2014 Financing Transactions and refinanced the debt associated with our prior credit facilities. We entered into a New Term Loan credit agreement with new financial covenants that, among other things, restricts certain capital expenditures and requires us to maintain a maximum total leverage ratio (defined as Consolidated Total Debt divided by Consolidated Adjusted EBITDA as defined below). | |||||
On September 25, 2014, the Company entered into the Credit Agreement Amendment which, among other things, adjusted the maximum permitted total leverage ratio through December 31, 2016 and increased the applicable interest rate over the same period. | |||||
The Credit Agreement Amendment resets the total maximum leverage ratio covenants as follows: | |||||
Four Consecutive Fiscal Quarters Ending | Maximum Total | Four Consecutive Fiscal Quarters Ending | Maximum Total | ||
Leverage Ratio | Leverage Ratio | ||||
September 30, 2014 | 5.25 to 1.00 | June 30, 2016 | 3.75 to 1.00 | ||
December 31, 2014 | 5.25 to 1.00 | September 30, 2016 | 3.75 to 1.00 | ||
March 31, 2015 | 5.00 to 1.00 | December 31, 2016 | 3.50 to 1.00 | ||
June 30, 2015 | 4.75 to 1.00 | March 31, 2017 | 3.25 to 1.00 | ||
September 30, 2015 | 4.50 to 1.00 | June 30, 2017 | 3.25 to 1.00 | ||
December 31, 2015 | 4.25 to 1.00 | September 30, 2017 | 3.25 to 1.00 | ||
March 31, 2016 | 4.00 to 1.00 | December 31, 2017 and thereafter | 3.00 to 1.00 | ||
Upon effectiveness of the Credit Agreement Amendment, each consenting lender received a fee equal to 0.25% of their outstanding exposure, resulting in $1.7 million of fees paid in the third quarter of 2014. These fees have been included in ‘Other Assets’ on the consolidated balance sheet and will be amortized over the remaining life of the New Term Loan. | |||||
Consolidated Adjusted EBITDA, defined in our Credit Agreement Amendment as “Consolidated EBITDA,” is a measure that reflects our earnings before interest, taxes, depreciation, and amortization expense, and is further adjusted for, among other things, letter of credit fees, equity-based compensation expense, net gains or losses on property disposals and certain other items, including restructuring professional fees, expenses associated with certain lump sum payments to our International Brotherhood of Teamsters (“IBT”) employees and the results of permitted dispositions and discontinued operations. Consolidated Total Debt, as defined in our Credit Agreement Amendment, is the aggregate principal amount of indebtedness outstanding. Our total leverage ratio for the four consecutive fiscal quarters ending September 30, 2014 was 4.94 to 1.00. | |||||
We believe that our results of operations will be sufficient to allow us to comply with the covenants in the Credit Agreement Amendment, fund our operations, increase working capital as necessary to support our planned revenue growth and fund capital expenditures for the next twelve months. In order for us to maintain compliance with the maximum total leverage ratio over the term of the New Term Loan, we must achieve operating results which reflect continuing improvement over our recent results. | |||||
Our ability to satisfy our liquidity needs and meet future stepped-up covenants is primarily dependent on improving our profitability. Improvements to our profitability primarily include continued successful implementation and realization of productivity and efficiency initiatives including those identified in the modified labor agreement as well as pricing improvements. Some of these are outside of our control. | |||||
In the event our operating results indicate we will not meet our maximum total leverage ratio, we will take action to improve our maximum total leverage ratio which may include paying down our outstanding indebtedness with either cash on hand or from cash proceeds from equity issuances. The issuance of equity is outside of our control and there can be no assurance that we will be able to issue additional equity at terms that are agreeable to us or that we would have sufficient cash on hand to meet the maximum total leverage ratio. | |||||
In the event that we fail to comply with any New Term Loan covenant or any New ABL Facility covenant, we would be considered in default, which would enable applicable lenders to accelerate the repayment of amounts outstanding, require the cash collateralization of letters of credit (in the case of the New ABL Facility) and exercise remedies with respect to collateral and we would need to seek an amendment or waiver from the applicable lender groups. In the event that our lenders under our New Term Loan or New ABL Facility demand payment or cash collateralization (in the case of the New ABL Facility), we will not have sufficient cash to repay such indebtedness. In addition, a default under our New Term Loan or New ABL Facility or the applicable lenders exercising their remedies thereunder would trigger cross-default provisions in our other indebtedness and certain other operating agreements. Our ability to amend our New Term Loan or our New ABL Facility or otherwise obtain waivers from the applicable lenders depends on matters that are outside of our control and there can be no assurance that we will be successful in that regard. | |||||
Risks and Uncertainties Regarding Future Liquidity | |||||
Our principal sources of liquidity are cash and cash equivalents, available borrowings under our New ABL Facility and any prospective net operating cash flows from operations. As of September 30, 2014, we had cash and cash equivalents of $181.4 million, and cash and cash equivalents and amounts able to be drawn on our New ABL Facility totaling $212.9 million. The amount which is actually able to be drawn on our New ABL Facility is limited by certain financial covenants in the New ABL Facility. For the nine months ended September 30, 2014, we used net cash of $26.3 million for our operating activities. | |||||
Our principal uses of cash are to fund our operations, including making contributions to our single-employer pension plans and various multi-employer pension funds, and to meet our other cash obligations including, but not limited to, paying cash interest and principal on our funded debt, payments on our equipment leases, letter of credit fees under our credit facilities and funding capital expenditures. | |||||
Our New ABL Facility credit agreement, among other things, restricts certain capital expenditures and requires that the Company, in effect, maintain availability of at least 10% of the lesser of the aggregate amount of commitments from all lenders or the borrowing base. | |||||
We have a considerable amount of indebtedness. As of September 30, 2014, we had $1,116.8 million in aggregate par value of outstanding indebtedness, the majority of which matures in 2019. We also have considerable future funding obligations for our single-employer pension plans and various multi-employer pension funds. We expect our funding obligations for the remainder of 2014 for our single-employer pension plans and multi-employer pension funds will be $6.8 million and $23.2 million, respectively. In addition, we have, and will continue to have, substantial operating lease obligations. As of September 30, 2014, our minimum rental expense under operating leases for the remainder of the year is $14.0 million. As of September 30, 2014, our operating lease obligations through 2025 totaled $153.7 million and is expected to increase as we lease additional revenue equipment. | |||||
Our capital expenditures for the nine months ended September 30, 2014 and 2013 were $47.6 million and $56.5 million, respectively. These amounts were principally used to fund replacement engines and trailer refurbishments for our revenue fleet and capitalized costs for our network facilities and technology infrastructure. Additionally, for the nine months ended September 30, 2014, we entered into new operating leases for revenue equipment for $11.8 million, payable over the average lease term of three years. In light of our operating results and liquidity needs, we have deferred certain capital expenditures and expect to continue to do so for the remainder of 2014. As a result, the average age of our fleet is increasing, which may affect our maintenance costs and operational efficiency unless we are able to obtain suitable lease financing to meet our replacement equipment needs. |
Employee_Benefits
Employee Benefits | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Employee Benefits | ' | |||||||||||||||
Employees’ Benefits | ||||||||||||||||
The following table presents the components of our company-sponsored pension costs for the three and nine months ended September 30: | ||||||||||||||||
Three Months | Nine Months | |||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | 1.1 | $ | 1.1 | $ | 3.2 | $ | 3.2 | ||||||||
Interest cost | 15.2 | 14 | 45.6 | 42.1 | ||||||||||||
Expected return on plan assets | (13.4 | ) | (13.9 | ) | (40.2 | ) | (41.7 | ) | ||||||||
Amortization of net pension loss | 3.2 | 3.7 | 9.6 | 11.1 | ||||||||||||
Total periodic pension cost | $ | 6.1 | $ | 4.9 | $ | 18.2 | $ | 14.7 | ||||||||
We expect to contribute $62.6 million to our company-sponsored pension plans in 2014 of which we have contributed $55.8 million through September 30, 2014. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
Our effective tax rate for the three and nine months ended September 30, 2014 was 137.5% and 18.2%, compared to (19.7)% and 7.9%, for the three and nine months ended September 30, 2013. The significant items impacting the 2014 rate include the settlement of several audits with the Internal Revenue Service as described below, a net state and foreign tax provision, certain permanent items, an intraperiod tax allocation required by ASC 740, “Income Taxes,” and a change in the valuation allowance established for the net deferred tax asset balance projected for December 31, 2014. We recognize valuation allowances on deferred tax assets if, based on the weight of the evidence, we determine it is more likely than not such assets will not be realized. Changes in valuation allowances are included in our tax provision in the period of change. In determining whether a valuation allowance is warranted, we evaluate factors such as prior years’ earnings history, expected future earnings, loss carry-back and carry-forward periods, reversals of existing deferred tax liabilities and tax planning strategies that potentially enhance the likelihood of the realization of a deferred tax asset. At September 30, 2014 and December 31, 2013, substantially all of our net deferred tax assets were subject to a valuation allowance. | |
Concurrent with the financing transactions of January 31, 2014 described in the "2014 Financing Transactions" footnote, the Company experienced a change of ownership as described in Section 382 of the Internal Revenue Code. The impact of the 2014 ownership change on the Company’s ability to utilize its Net Operating Loss carryforwards and other tax attributes is not expected to be material, as the carryforwards to which this ownership change would apply already have been significantly limited by previous ownership changes occurring in 2011 and 2013. | |
During the third quarter, 2014, we settled certain tax litigation with the Internal Revenue Service regarding tax years 2005 through 2007, resulting in refunds of $4.7 million and the recognition of $2.3 million of federal tax benefit. Further, the resolution of certain issues resulted in the recognition of $5.6 million of previously unrecognized tax benefits and the reversal of $1.5 million of related interest previously accrued. The resolution of the federal audits resulted in an estimated $1.7 million of additional state tax liability. |
Shareholders_Deficit
Shareholders' Deficit | 9 Months Ended | ||
Sep. 30, 2014 | |||
Stockholders' Equity Note [Abstract] | ' | ||
Shareholders' Deficit | ' | ||
Shareholders’ Deficit | |||
The following reflects the activity in the shares of our common stock for the nine months ended September 30, 2014: | |||
(shares in thousands) | 2014 | ||
Beginning balance | 10,173 | ||
Conversion of preferred stock to common stock | 2,333 | ||
Issuance of common stock | 14,333 | ||
Issuance of equity awards | 342 | ||
Issuance of common stock upon conversion or exchange of Series B Notes | 3,470 | ||
Ending balance | 30,651 | ||
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings (Loss) Per Share | ' | |||||||||||||||
. Earnings (Loss) Per Share | ||||||||||||||||
We calculate basic earnings (loss) per share by dividing our net earnings (loss) by our weighted-average shares outstanding at the end of the period. The calculation for diluted earnings per share adjusts the weighted average shares outstanding for our dilutive stock options and restricted stock using the treasury stock method and adjusts both net earnings and the weighted average shares outstanding for our dilutive convertible securities using the if-converted method. The if-converted method assumes that all of our dilutive convertible securities would have been converted at the beginning of the period. Our calculation for basic and dilutive earnings per share for the three and nine months ended September 30 is as follows: | ||||||||||||||||
Three Months | Nine Months | |||||||||||||||
(dollars in millions, except per share data, shares in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Basic net income (loss) available to common shareholders | $ | 1.2 | $ | (44.4 | ) | $ | (92.0 | ) | $ | (84.0 | ) | |||||
Effect of dilutive securities: | ||||||||||||||||
Series B Notes1 | (2.0 | ) | — | — | — | |||||||||||
Dilutive net loss available to common shareholders | $ | (0.8 | ) | $ | (44.4 | ) | $ | (92.0 | ) | $ | (84.0 | ) | ||||
Basic weighted average shares outstanding | 30,639 | 9,977 | 27,896 | 9,053 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options and restricted stock | 282 | — | — | — | ||||||||||||
Series B Notes | 982 | — | — | — | ||||||||||||
Dilutive weighted average shares outstanding | 31,903 | 9,977 | 27,896 | 9,053 | ||||||||||||
Basic earnings (loss) per share | $ | 0.04 | $ | (4.45 | ) | $ | (3.30 | ) | $ | (9.29 | ) | |||||
Diluted loss per share | $ | (0.03 | ) | $ | (4.45 | ) | $ | (3.30 | ) | $ | (9.29 | ) | ||||
1The Series B Notes are recorded at a discount that accelerates upon conversion and contain a make-whole interest premium that would require us to pay interest as if the security was held to maturity upon conversion and, as such, would result in incremental expense under the if-converted method. | ||||||||||||||||
Given our net loss position for the nine months ended September 30, 2014 and the three and nine months ended September 30, 2013, there were no dilutive securities for these periods. | ||||||||||||||||
Anti-dilutive options and share units were 358,000 and 834,000 at September 30, 2014 and 2013, respectively. Anti-dilutive Series A Note conversion shares was 5,099,000 at September 30, 2013. Anti-dilutive Series B Note conversion shares, including the make whole premiums, was 4,219,000 September 30, 2013. |
Business_Segments
Business Segments | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Business Segments | ' | |||||||||||||||
Business Segments | ||||||||||||||||
We report financial and descriptive information about our reporting segments on a basis consistent with that used internally for evaluating segment performance and allocating resources to segments. We evaluate segment performance primarily on external revenue and operating income (loss). | ||||||||||||||||
We have the following reportable segments, which are strategic business units that offer complementary transportation services to our customers: | ||||||||||||||||
• | YRC Freight is the reporting segment for our transportation service providers focused on business opportunities in national, regional and international services. YRC Freight provides for the movement of industrial, commercial and retail goods, primarily through centralized management and customer facing organizations. This unit includes our LTL subsidiary YRC Inc. (our YRC Freight operations in the United States) and Reimer Express, a subsidiary located in Canada that specializes in shipments into, across and out of Canada. In addition to the United States and Canada, YRC Freight also serves parts of Mexico, Puerto Rico and Guam. | |||||||||||||||
• | Regional Transportation is the reporting segment for our transportation service providers focused on business opportunities in the regional and next-day delivery markets. The Regional Transportation companies each provide regional, next-day ground services in their respective regions through a network of facilities located across the United States, Canada, Mexico and Puerto Rico. | |||||||||||||||
We charge management fees and other corporate service fees to our reportable segments based on the direct benefits received or an overhead allocation basis. Corporate and other operating losses represent residual operating expenses of the holding company. Corporate identifiable assets primarily consist of cash, cash equivalents, an investment in an equity method affiliate and deferred debt issuance costs. Intersegment revenue primarily relates to transportation services between our segments. | ||||||||||||||||
The following table summarizes our operations by business segment: | ||||||||||||||||
(in millions) | YRC Freight | Regional | Corporate/ | Consolidated | ||||||||||||
Transportation | Eliminations | |||||||||||||||
As of September 30, 2014 | ||||||||||||||||
Identifiable assets | $ | 1,473.70 | $ | 781.6 | $ | (208.7 | ) | $ | 2,046.60 | |||||||
As of December 31, 2013 | ||||||||||||||||
Identifiable assets | $ | 1,513.40 | $ | 698.4 | $ | (146.9 | ) | $ | 2,064.90 | |||||||
Three Months Ended September 30, 2014 | ||||||||||||||||
External revenue | $ | 843 | $ | 479.6 | $ | — | $ | 1,322.60 | ||||||||
Operating income (loss) | $ | 8.8 | $ | 24.4 | $ | (6.5 | ) | $ | 26.7 | |||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||
External revenue | $ | 2,441.90 | $ | 1,409.20 | $ | — | $ | 3,851.10 | ||||||||
Operating income (loss) | $ | (24.0 | ) | $ | 55.5 | $ | (17.2 | ) | $ | 14.3 | ||||||
Three Months Ended September 30, 2013 | ||||||||||||||||
External revenue | $ | 808.7 | $ | 444 | $ | — | $ | 1,252.70 | ||||||||
Operating income (loss) | $ | (9.7 | ) | $ | 20 | $ | (4.5 | ) | $ | 5.8 | ||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
External revenue | $ | 2,360.10 | $ | 1,297.60 | $ | — | $ | 3,657.70 | ||||||||
Operating income (loss) | $ | (15.8 | ) | $ | 57.2 | $ | (11.4 | ) | $ | 30 | ||||||
Commitments_Contingencies_and_
Commitments, Contingencies and Uncertainties | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments, Contingencies and Uncertainties | ' |
Commitments, Contingencies and Uncertainties | |
Bryant Holdings Securities Litigation | |
On February 7, 2011, a putative class action was filed by Bryant Holdings LLC in the U.S. District Court for the District of Kansas on behalf of purchasers of our common stock between April 24, 2008 and November 2, 2009, inclusive (the “Class Period”), seeking damages under the federal securities laws for statements and/or omissions allegedly made by us and the individual defendants during the Class Period which plaintiffs claimed to be false and misleading. | |
The individual defendants are former officers of our Company. No current officers or directors were named in the lawsuit. The parties participated in voluntary mediation between March 11, 2013 and April 15, 2013. The mediation resulted in the execution of a mutually acceptable settlement agreement by the parties, which agreement remains subject to approval by the court. Court approval cannot be assured. Substantially all of the payments contemplated by the settlement will be covered by our liability insurance. The self-insured retention on this matter has been accrued as of September 30, 2014. | |
On August 19, 2013, the Court entered an Order denying plaintiffs’ Motion for Preliminary Approval of the Settlement. Plaintiffs filed an Amended Motion for Preliminary Approval and, on November 18, 2013, the Court denied that Motion. Each denial was based primarily on deficiencies that the Court perceived in the plan that plaintiffs proposed for allocation of the settlement proceeds among class members. Plaintiffs have revised the plan of allocation and, on February 18, 2014, filed a Second Amended Motion for Preliminary Approval. | |
Other Legal Matters | |
We are involved in other litigation or proceedings that arise in ordinary business activities. When possible, we insure against these risks to the extent we deem prudent, but no assurance can be given that the nature or amount of such insurance will be sufficient to fully indemnify us against liabilities arising out of pending and future legal proceedings. Many of these insurance policies contain self-insured retentions in amounts we deem prudent. Based on our current assessment of information available as of the date of these financial statements, we believe that our financial statements include adequate provisions for estimated costs and losses that may be incurred within the litigation and proceedings to which we are a party. |
Principles_of_Consolidation_Ta
Principles of Consolidation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||
The following table summarizes the fair value hierarchy of our financial assets and liabilities carried at fair value on a recurring basis as of September 30, 2014: | ||||||||||||||||
Fair Value Measurement Hierarchy | ||||||||||||||||
(in millions) | Total Carrying | Quoted prices | Significant | Significant | ||||||||||||
Value | in active market | other | unobservable | |||||||||||||
(Level 1) | observable | inputs | ||||||||||||||
inputs (Level 2) | (Level 3) | |||||||||||||||
Restricted amounts held in escrow-current | $ | 33.6 | $ | 33.6 | $ | — | $ | — | ||||||||
2014_Financing_Transactions_Ta
2014 Financing Transactions (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Cash Flow Activity Related To Restructuring [Table Text Block] | ' | ||||||||
The table below summarizes the cash flow activity for the 2014 Financing Transactions: | |||||||||
Cash Sources (in millions) | Cash Uses (in millions) | ||||||||
New Term Loan | $ | 700 | Extinguish Prior ABL Facility (includes accrued interest) | $ | 326 | ||||
Proceeds from sale of common stock | 215 | Extinguish Prior Term Loan (includes accrued interest) | 299.7 | ||||||
Proceeds from sale of convertible preferred stock | 35 | Retire 6% Notes | 71.5 | ||||||
Cash proceeds from restricted amounts held in escrow - Prior ABL facility | 90 | Repurchase Series A Notes (includes accrued interest) | 93.9 | ||||||
New ABL Facility | — | Redeem Series A Notes (on August 5, 2014 and includes accrued interest) | 89.6 | ||||||
Fees, Expenses and Original Issuance Discount | 50.8 | ||||||||
Restricted Cash to Balance Sheet (a) | 92 | ||||||||
Cash to Balance Sheet | 16.5 | ||||||||
Total sources | $ | 1,040.00 | Total uses | $ | 1,040.00 | ||||
(a) | Under the terms of the New ABL facility, this amount was classified as “restricted cash” in the consolidated balance sheet at the closing date of the New ABL Facility. | ||||||||
Non cash activity related to restructuring [Table Text Block] | ' | ||||||||
The table below summarizes the non-cash activity for the 2014 Financing Transactions: | |||||||||
Non-Cash Sources (in millions) | Non-Cash Uses (in millions) | ||||||||
Secured Second A&R CDA | $ | 51 | A&R CDA | $ | 124.2 | ||||
Unsecured Second A&R CDA | 73.2 | Exchange/conversion of Series B Notes to common stock | 50.6 | ||||||
Exchange/conversion of Series B Notes to common stock | 50.6 | ||||||||
Total sources | $ | 174.8 | Total uses | $ | 174.8 | ||||
Schedule of Price Grid Based on Average Quarterly Excess Availability Under Revolver [Table Text Block] | ' | ||||||||
Thereafter, the interest rates will be subject to the following price grid based on the average quarterly excess availability under the revolver: | |||||||||
Average Quarterly | Base Rate | LIBOR | |||||||
Level | Excess Capacity | Plus | Plus | ||||||
I | > $140,000,000 | 1.00% | 2.00% | ||||||
II | > $70,000,000 | 1.25% | 2.25% | ||||||
< $140,000,000 | |||||||||
III | < $70,000,000 | 1.50% | 2.50% |
Debt_and_Financing_Tables
Debt and Financing (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||
Schedule of Debt [Table Text Block] | ' | |||||||||||||||||
As of September 30, 2014 (in millions) | Par Value | Discount | Book | Stated | Average Effective | |||||||||||||
Value | Interest Rate | Interest Rate | ||||||||||||||||
New Term Loan | $ | 694.8 | $ | (6.1 | ) | $ | 688.7 | 8.25 | % | 8.45 | % | |||||||
New ABL Facility(a) | — | — | — | N/A | N/A | |||||||||||||
Series B Notes | 17.3 | (1.2 | ) | 16.1 | 10 | % | 25.6 | % | ||||||||||
Secured Second A&R CDA | 47.8 | — | 47.8 | 3.3-18.3% | 7.3 | % | ||||||||||||
Unsecured Second A&R CDA | 73.2 | — | 73.2 | 3.3-18.3% | 7.3 | % | ||||||||||||
Lease financing obligations | 283.5 | — | 283.5 | 10.0-18.2% | 11.9 | % | ||||||||||||
Other | 0.2 | — | 0.2 | |||||||||||||||
Total debt | $ | 1,116.80 | $ | (7.3 | ) | $ | 1,109.50 | |||||||||||
Current maturities of New Term Loan | (7.0 | ) | — | (7.0 | ) | |||||||||||||
Current maturities of Series B Notes | (17.3 | ) | 1.2 | (16.1 | ) | |||||||||||||
Current maturities of lease financing obligations | (6.5 | ) | — | (6.5 | ) | |||||||||||||
Current maturities of other | (0.2 | ) | — | (0.2 | ) | |||||||||||||
Long-term debt | $ | 1,085.80 | $ | (6.1 | ) | $ | 1,079.70 | |||||||||||
(a) | As of September 30, 2014, the borrowing base and availability on our New ABL Facility were $448.4 million and $75.5 million, respectively. The availability is calculated in accordance with the terms of the New ABL Facility and is derived by reducing the borrowing base by our $372.9 million of outstanding letters of credit as of September 30, 2014. The amount which is actually able to be drawn is limited by certain financial covenants in the New ABL Facility to $31.5 million. | |||||||||||||||||
As of December 31, 2013 (in millions) | Par Value | Premium/ | Book | Stated | Average Effective | |||||||||||||
(Discount) | Value | Interest Rate | Interest Rate | |||||||||||||||
Restructured Term Loan | $ | 298.1 | $ | 37.7 | $ | 335.8 | 10 | % | — | % | ||||||||
Term A Facility (capacity $175.0, borrowing base $156.5, availability $51.5) | 105 | (2.1 | ) | 102.9 | 8.5 | % | 15.8 | % | ||||||||||
Term B Facility (capacity $219.9, borrowing base $219.9, availability $0.0) | 219.9 | (3.9 | ) | 216 | 11.25 | % | 15 | % | ||||||||||
Series A Notes | 177.8 | (17.8 | ) | 160 | 10 | % | 18.3 | % | ||||||||||
Series B Notes | 69.2 | (10.5 | ) | 58.7 | 10 | % | 25.6 | % | ||||||||||
6% Notes | 69.4 | (1.1 | ) | 68.3 | 6 | % | 15.5 | % | ||||||||||
A&R CDA | 124.2 | (0.2 | ) | 124 | 3.25-18.3% | 7.3 | % | |||||||||||
Lease financing obligations | 297.5 | — | 297.5 | 10.0-18.2% | 11.9 | % | ||||||||||||
Other | 0.2 | — | 0.2 | |||||||||||||||
Total debt | $ | 1,361.30 | $ | 2.1 | $ | 1,363.40 | ||||||||||||
Current maturities of lease financing obligations | (8.4 | ) | — | (8.4 | ) | |||||||||||||
Current maturities of other | (0.2 | ) | — | (0.2 | ) | |||||||||||||
Long-term debt | $ | 1,352.70 | $ | 2.1 | $ | 1,354.80 | ||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | ' | |||||||||||||||||
The carrying amounts and estimated fair values of our long-term debt, including current maturities and other financial instruments, are summarized as follows: | ||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||
(in millions) | Carrying amount | Fair Value | Carrying amount | Fair Value | ||||||||||||||
New Term Loan | $ | 688.7 | $ | 701.7 | $ | — | $ | — | ||||||||||
Restructured Term Loan | — | — | 335.8 | 289.2 | ||||||||||||||
Prior ABL Facility | — | — | 318.9 | 326.1 | ||||||||||||||
Series A Notes and Series B Notes | 16.1 | 20.8 | 218.7 | 225.8 | ||||||||||||||
Lease financing obligations | 283.5 | 290.6 | 297.5 | 297.5 | ||||||||||||||
Other | 121.2 | 122.4 | 192.5 | 179.8 | ||||||||||||||
Total debt | $ | 1,109.50 | $ | 1,135.50 | $ | 1,363.40 | $ | 1,318.40 | ||||||||||
Liquidity_Tables
Liquidity (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Liquidity [Abstract] | ' | ||||
Schedule of Debt Covenants [Table Text Block] | ' | ||||
We entered into a New Term Loan credit agreement with new financial covenants that, among other things, restricts certain capital expenditures and requires us to maintain a maximum total leverage ratio (defined as Consolidated Total Debt divided by Consolidated Adjusted EBITDA as defined below). | |||||
On September 25, 2014, the Company entered into the Credit Agreement Amendment which, among other things, adjusted the maximum permitted total leverage ratio through December 31, 2016 and increased the applicable interest rate over the same period. | |||||
The Credit Agreement Amendment resets the total maximum leverage ratio covenants as follows: | |||||
Four Consecutive Fiscal Quarters Ending | Maximum Total | Four Consecutive Fiscal Quarters Ending | Maximum Total | ||
Leverage Ratio | Leverage Ratio | ||||
September 30, 2014 | 5.25 to 1.00 | June 30, 2016 | 3.75 to 1.00 | ||
December 31, 2014 | 5.25 to 1.00 | September 30, 2016 | 3.75 to 1.00 | ||
March 31, 2015 | 5.00 to 1.00 | December 31, 2016 | 3.50 to 1.00 | ||
June 30, 2015 | 4.75 to 1.00 | March 31, 2017 | 3.25 to 1.00 | ||
September 30, 2015 | 4.50 to 1.00 | June 30, 2017 | 3.25 to 1.00 | ||
December 31, 2015 | 4.25 to 1.00 | September 30, 2017 | 3.25 to 1.00 | ||
March 31, 2016 | 4.00 to 1.00 | December 31, 2017 and thereafter | 3.00 to 1.00 |
Employee_Benefits_Tables
Employee Benefits (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Costs of Retirement Plans [Table Text Block] | ' | |||||||||||||||
The following table presents the components of our company-sponsored pension costs for the three and nine months ended September 30: | ||||||||||||||||
Three Months | Nine Months | |||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | 1.1 | $ | 1.1 | $ | 3.2 | $ | 3.2 | ||||||||
Interest cost | 15.2 | 14 | 45.6 | 42.1 | ||||||||||||
Expected return on plan assets | (13.4 | ) | (13.9 | ) | (40.2 | ) | (41.7 | ) | ||||||||
Amortization of net pension loss | 3.2 | 3.7 | 9.6 | 11.1 | ||||||||||||
Total periodic pension cost | $ | 6.1 | $ | 4.9 | $ | 18.2 | $ | 14.7 | ||||||||
Shareholders_Deficit_Tables
Shareholders' Deficit (Tables) | 9 Months Ended | ||
Sep. 30, 2014 | |||
Stockholders' Equity Note [Abstract] | ' | ||
Schedule of Stockholders Equity [Table Text Block] | ' | ||
The following reflects the activity in the shares of our common stock for the nine months ended September 30, 2014: | |||
(shares in thousands) | 2014 | ||
Beginning balance | 10,173 | ||
Conversion of preferred stock to common stock | 2,333 | ||
Issuance of common stock | 14,333 | ||
Issuance of equity awards | 342 | ||
Issuance of common stock upon conversion or exchange of Series B Notes | 3,470 | ||
Ending balance | 30,651 | ||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ' | |||||||||||||||
Our calculation for basic and dilutive earnings per share for the three and nine months ended September 30 is as follows: | ||||||||||||||||
Three Months | Nine Months | |||||||||||||||
(dollars in millions, except per share data, shares in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Basic net income (loss) available to common shareholders | $ | 1.2 | $ | (44.4 | ) | $ | (92.0 | ) | $ | (84.0 | ) | |||||
Effect of dilutive securities: | ||||||||||||||||
Series B Notes1 | (2.0 | ) | — | — | — | |||||||||||
Dilutive net loss available to common shareholders | $ | (0.8 | ) | $ | (44.4 | ) | $ | (92.0 | ) | $ | (84.0 | ) | ||||
Basic weighted average shares outstanding | 30,639 | 9,977 | 27,896 | 9,053 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options and restricted stock | 282 | — | — | — | ||||||||||||
Series B Notes | 982 | — | — | — | ||||||||||||
Dilutive weighted average shares outstanding | 31,903 | 9,977 | 27,896 | 9,053 | ||||||||||||
Basic earnings (loss) per share | $ | 0.04 | $ | (4.45 | ) | $ | (3.30 | ) | $ | (9.29 | ) | |||||
Diluted loss per share | $ | (0.03 | ) | $ | (4.45 | ) | $ | (3.30 | ) | $ | (9.29 | ) | ||||
1The Series B Notes are recorded at a discount that accelerates upon conversion and contain a make-whole interest premium that would require us to pay interest as if the security was held to maturity upon conversion and, as such, would result in incremental expense under the if-converted method. |
Business_Segments_Tables
Business Segments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||
The following table summarizes our operations by business segment: | ||||||||||||||||
(in millions) | YRC Freight | Regional | Corporate/ | Consolidated | ||||||||||||
Transportation | Eliminations | |||||||||||||||
As of September 30, 2014 | ||||||||||||||||
Identifiable assets | $ | 1,473.70 | $ | 781.6 | $ | (208.7 | ) | $ | 2,046.60 | |||||||
As of December 31, 2013 | ||||||||||||||||
Identifiable assets | $ | 1,513.40 | $ | 698.4 | $ | (146.9 | ) | $ | 2,064.90 | |||||||
Three Months Ended September 30, 2014 | ||||||||||||||||
External revenue | $ | 843 | $ | 479.6 | $ | — | $ | 1,322.60 | ||||||||
Operating income (loss) | $ | 8.8 | $ | 24.4 | $ | (6.5 | ) | $ | 26.7 | |||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||
External revenue | $ | 2,441.90 | $ | 1,409.20 | $ | — | $ | 3,851.10 | ||||||||
Operating income (loss) | $ | (24.0 | ) | $ | 55.5 | $ | (17.2 | ) | $ | 14.3 | ||||||
Three Months Ended September 30, 2013 | ||||||||||||||||
External revenue | $ | 808.7 | $ | 444 | $ | — | $ | 1,252.70 | ||||||||
Operating income (loss) | $ | (9.7 | ) | $ | 20 | $ | (4.5 | ) | $ | 5.8 | ||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
External revenue | $ | 2,360.10 | $ | 1,297.60 | $ | — | $ | 3,657.70 | ||||||||
Operating income (loss) | $ | (15.8 | ) | $ | 57.2 | $ | (11.4 | ) | $ | 30 | ||||||
Description_of_Business_Detail
Description of Business (Details) (Workforce Subject to Collective Bargaining Arrangements [Member], Labor Force Concentration Risk [Member]) | 9 Months Ended |
Sep. 30, 2014 | |
Workforce Subject to Collective Bargaining Arrangements [Member] | Labor Force Concentration Risk [Member] | ' |
Concentration Risk [Line Items] | ' |
Percentage of workforce subject to collective bargaining agreements | 78.00% |
Principles_of_Consolidation_De
Principles of Consolidation (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Long Lived Assets | $16.50 | ' | $16.50 | ' | $17.20 |
Impairment of Long-Lived Assets Held-for-use | $0.80 | $0.60 | $2.40 | $3.30 | ' |
Principles_of_Consolidation_Fa
Principles of Consolidation (Fair Value Measurement) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Fair Value, Inputs, Level 1 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Restricted Amounts Held In Escrow, Current, Fair Value Disclosure | $33.60 |
Fair Value, Inputs, Level 2 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Restricted Amounts Held In Escrow, Current, Fair Value Disclosure | 0 |
Fair Value, Inputs, Level 3 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Restricted Amounts Held In Escrow, Current, Fair Value Disclosure | 0 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Restricted Amounts Held In Escrow, Current, Fair Value Disclosure | $33.60 |
Principles_of_Consolidation_Re
Principles of Consolidation (Reclassification Out of Accumulated Other Comprehensive Loss) (Details) (Accumulated Other Comprehensive Income (Loss) [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' |
Reclassifications out of Accumulated Comprehensive loss [Line Items] | ' | ' | ' | ' |
Reclassification of net pension actuarial losses to net loss, net of tax | $1.90 | $3.70 | $5.80 | $11.10 |
2014_Financing_Transactions_De
2014 Financing Transactions (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
Jan. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | Sep. 30, 2014 | Feb. 13, 2014 | Sep. 30, 2014 | Feb. 13, 2014 | Feb. 13, 2014 | Feb. 28, 2014 | Feb. 13, 2014 | Sep. 30, 2014 | Feb. 13, 2014 | Sep. 30, 2014 | Feb. 13, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 31, 2014 | Dec. 31, 2013 | Feb. 13, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Feb. 13, 2014 | Feb. 13, 2014 | Feb. 13, 2014 | Feb. 13, 2014 | Feb. 13, 2014 | Feb. 13, 2014 | Jan. 31, 2014 | Feb. 13, 2014 | Feb. 13, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |||
Preferred Stock [Member] | Common Stock [Member] | 2014 ABL Facility Credit Agreement [Member] | 2014 Term Loan [Member] | 2014 Term Loan [Member] | Secured CDA [Domain] | AR CDA [Member] | Series A Note [Member] | 2014 Term Loan [Member] | Line of Credit [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | 2014 ABL Facility Credit Agreement [Member] | 2014 ABL Facility Credit Agreement [Member] | 2014 Financing [Member] | 2014 Financing [Member] | 2014 Financing [Member] | 2014 Financing [Member] | 2014 Financing [Member] | 2014 Financing [Member] | 2014 Financing [Member] | 2014 Financing [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Federal Funds Rate [Member] | Federal Funds Rate [Member] | One Month LIBOR [Member] | One Month LIBOR [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Higher of London Interbank Offer Rate or 1.00% [Member] | Average Quarterly Excess Capacity, Level II [Member] | Average Quarterly Excess Capacity, Level II [Member] | Average Quarterly Excess Capacity, Level II [Member] | Average Quarterly Excess Capacity, Level II [Member] | Average Quarterly Excess Capacity, Level III [Member] | Average Quarterly Excess Capacity, Level III [Member] | Average Quarterly Excess Capacity, Level III [Member] | Average Quarterly Excess Capacity, Level I [Member] | Average Quarterly Excess Capacity, Level I [Member] | Average Quarterly Excess Capacity, Level I [Member] | Period Through March 31, 2014 | Period After March 31. 2014 | 50% Of Excess Cash Flow Prepayment | 50% Of Excess Cash Flow Prepayment | 25% Of Excess Cash Flow Prepayment | 25% Of Excess Cash Flow Prepayment | 0% Of Excess Cash Flow Prepayment | |||||||||
2014 Financing [Member] | 2014 ABL Facility Credit Agreement [Member] | Unsecured Second A&R CD [Member] | 10% Convertible Senior Notes | Senior B Notes [Domain] | Senior B Notes [Domain] | Senior B Notes [Domain] | Senior B Notes [Domain] | Senior B Notes [Domain] | Unsecured CDA [Domain] | 6% Senior Convertible Notes [Member] | 6% Senior Convertible Notes [Member] | 2014 Financing [Member] | 2014 ABL Facility Credit Agreement [Member] | 2014 Term Loan [Member] | ABL Facility [Member] | Series A Note [Member] | Series A Note [Member] | Restructured Term Loan [Member] | 6% Notes [Member] | 2014 ABL Facility Credit Agreement [Member] | 2014 Term Loan [Member] | Line of Credit [Member] | 2014 ABL Facility Credit Agreement [Member] | 2014 Term Loan [Member] | 2014 Term Loan [Member] | 2014 ABL Facility Credit Agreement [Member] | 2014 Term Loan [Member] | 2014 ABL Facility Credit Agreement [Member] | 2014 Term Loan [Member] | 2014 ABL Facility Credit Agreement [Member] | 2014 Term Loan [Member] | Minimum [Member] | Maximum [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2014 ABL Facility Credit Agreement [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2014 ABL Facility Credit Agreement [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2014 ABL Facility Credit Agreement [Member] | 2014 ABL Facility Credit Agreement [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | 2014 Term Loan [Member] | ||||||||||||||||||||
2014 ABL Facility Credit Agreement [Member] | 2014 Financing [Member] | 2014 Financing [Member] | 2014 Financing [Member] | 2014 Financing [Member] | 2014 ABL Facility Credit Agreement [Member] | 2014 ABL Facility Credit Agreement [Member] | 2014 ABL Facility Credit Agreement [Member] | 2014 ABL Facility Credit Agreement [Member] | 2014 ABL Facility Credit Agreement [Member] | 2014 ABL Facility Credit Agreement [Member] | 2014 ABL Facility Credit Agreement [Member] | 2014 ABL Facility Credit Agreement [Member] | 2014 Term Loan [Member] | 2014 Term Loan [Member] | 2014 Term Loan [Member] | 2014 Term Loan [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 Financing Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Issuance of common stock | ' | ' | ' | 14,333,000 | ' | ' | 583,334 | 14,333,334 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Issuance of equity, net | $250,000,000 | ' | ' | $250,000,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stated Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | [1] | ' | 10.00% | ' | 10.00% | ' | ' | 10.00% | ' | 6.00% | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Repayments of Long-term Debt | ' | ' | ' | 888,700,000 | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 326,000,000 | ' | 90,900,000 | 299,700,000 | 71,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Future Repayments of Series A Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 89,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 89,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt conversion price, future period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18.53 | ' | $15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Issuance of long-term debt | ' | ' | ' | 693,000,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Payments of financing costs | ' | ' | ' | 43,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Face amount discount percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Quarterly installments as percent of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Conversion, Converted Instrument, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,600,000 | 1,200,000 | 29,100,000 | ' | ' | 50,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Non Cash Sources of Funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 174,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Non Cash Uses of Funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 174,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Repayments of debt, including accrued interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 93,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 215,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Issuance of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Increase (Decrease) in Restricted Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 92,000,000 | [2] | ' | 90,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Payments for Fees, Expenses and Original Issue Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Cash, Period Increase (Decrease) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Sources of Funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,040,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Uses of Funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,040,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term Debt | ' | 1,109,500,000 | ' | 1,109,500,000 | ' | 1,363,400,000 | ' | ' | ' | ' | ' | 51,000,000 | 124,200,000 | ' | ' | 0 | [1] | 73,200,000 | ' | ' | 16,100,000 | ' | ' | 58,700,000 | ' | ' | 68,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revolving Credit Facility Average Quarterly Excess Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,000,000 | 140,000,000 | ' | ' | 70,000,000 | ' | ' | 140,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Gain on extinguishment of debt | ' | 0 | 0 | 11,200,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Acceleration of net premiums on old debt | ' | ' | ' | 16,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Expense related to fair value of incremental shares converted | ' | ' | ' | 5,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Make whole interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Payments of Debt Issuance Costs | ' | ' | ' | 26,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Equity issuance costs | ' | ' | ' | 17,100,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Previous maximum ownership percentage | ' | 19.99% | ' | 19.99% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Amortization of Beneficial Conversion Feature on Preferred Stock | ' | 0 | 0 | 18,100,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Right to increase New Term Loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 3.5 | 3.5 | 3 | 3 | ||
Debt Instrument, Variable Rate Basis, Option Two, Minimum Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 0.50% | 1.00% | 1.00% | 6.25% | ' | 7.25% | ' | ' | 1.25% | 2.25% | ' | 1.50% | 2.50% | ' | 1.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Basis Spread on Variable Rate, Reduction When Total Leverage Ratio Is Less Than 3.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Covenant, Mandatory Prepayment Terms, Percentage of Excess Cash Flow | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Covenant, Mandatory Prepayment Terms, Percentage of Excess Cash Flow, Ratio Range Between 4.00 and 3.50 to 1.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Covenant, Mandatory Prepayment Terms, Percentage of Excess Cash Flow, Ratio Range Between 3.00 and 3.50 to 1.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Covenant, Mandatory Prepayment Terms, Percentage of Excess Cash Flow When Ratio is Less or Equal 3.00 to 1.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Covenant, Mandatory Prepayment Terms, Percentage of Net Cash Proceeds from All Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Covenant, Mandatory Prepayment Terms, Percentage of Cash Proceeds from Debt Issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Covenant, Events of Default, Final Unpaid Judgment Against Term Guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Covenant, Events of Default, Cross Default | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Borrowing Base Percent Of Net Eligible Receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Borrowing Base, Percent Of Borrowing Base Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Borrowing Base, Percent Of Deferred Revenue Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Basis Spread on Variable Rate, Reduction When Total Leverage Ratio is Less Than 2.50 to 1.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Outstanding exposure fee (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | 0.38% | ' | ' | ' | ' | ' | ||
Average Revolver Usage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage, If Average Revolver Usage Greater Than 50 Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ||
Letter of Credit, Fees as Percentage of Stated Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Uncommitted Accordion | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Covenant, liquidity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Covenant, availability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $67,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Consolidated Fixed Coverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percent of collateral line cap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of Consecutive Calendar Days 10 Percent of Collateral Cap is Maintained Available | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | As of September 30, 2014, the borrowing base and availability on our New ABL Facility were $448.4 million and $75.5 million, respectively. The availability is calculated in accordance with the terms of the New ABL Facility and is derived by reducing the borrowing base by our $372.9 million of outstanding letters of credit as of September 30, 2014. The amount which is actually able to be drawn is limited by certain financial covenants in the New ABL Facility to $31.5 million. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Under the terms of the New ABL facility, this amount was classified as “restricted cash†in the consolidated balance sheet at the closing date of the New ABL Facility. |
Debt_and_Financing_Details
Debt and Financing (Details) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Feb. 13, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | ||
Carrying Amount [Member] | Carrying Amount [Member] | Fair Value [Member] | Fair Value [Member] | A&R CDA [Member] | 2014 Term Loan [Domain] [Domain] | 2014 Term Loan [Domain] [Domain] | 2014 Term Loan [Domain] [Domain] | 2014 Term Loan [Domain] [Domain] | 2014 Term Loan [Domain] [Domain] | Restructured Term Loan [Member] | Restructured Term Loan [Member] | Restructured Term Loan [Member] | Restructured Term Loan [Member] | Restructured Term Loan [Member] | 2014 ABL Facility Credit Agreement [Member] | 2014 ABL Facility Credit Agreement [Member] | 2014 ABL Facility Credit Agreement [Member] | 2014 ABL Facility Credit Agreement [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Letter of Credit [Member] | Pension Contribution Deferral Obligation [Member] | Pension Contribution Deferral Obligation [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Secured Second A&R CDA [Member] | Unsecured Second A&R CD [Member] | Lease Financing Obligations [Member] | Lease Financing Obligations [Member] | Lease Financing Obligations [Member] | Lease Financing Obligations [Member] | Lease Financing Obligations [Member] | Lease Financing Obligations [Member] | Other Debt Obligations [Member] | Other Debt Obligations [Member] | Other Debt Obligations [Member] | Other Debt Obligations [Member] | Other Debt Obligations [Member] | Other Debt Obligations [Member] | |||||
Carrying Amount [Member] | Carrying Amount [Member] | Fair Value [Member] | Fair Value [Member] | Carrying Amount [Member] | Carrying Amount [Member] | Fair Value [Member] | Fair Value [Member] | Carrying Amount [Member] | Carrying Amount [Member] | Fair Value [Member] | Fair Value [Member] | 2014 ABL Facility Credit Agreement [Member] | ABL facility - Term A [Member] | ABL facility - Term A [Member] | ABL facility - Term B [Member] | ABL facility - Term B [Member] | 2014 ABL Facility Credit Agreement [Member] | Carrying Amount [Member] | Carrying Amount [Member] | Fair Value [Member] | Fair Value [Member] | Senior A Notes [Member] | Senior A Notes [Member] | Senior B Notes | Senior B Notes | Senior B Notes | Senior B Notes | Senior B Notes | Senior B Notes | 6% Senior Convertible Notes [Member] | 6% Senior Convertible Notes [Member] | Carrying Amount [Member] | Carrying Amount [Member] | Fair Value [Member] | Fair Value [Member] | Carrying Amount [Member] | Carrying Amount [Member] | Fair Value [Member] | Fair Value [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Long-term Debt, Gross | $1,116,800,000 | ' | $1,361,300,000 | ' | ' | ' | ' | ' | $694,800,000 | ' | ' | ' | ' | $298,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | $0 | [1] | ' | $105,000,000 | ' | $219,900,000 | ' | ' | $124,200,000 | ' | ' | ' | ' | ' | $177,800,000 | ' | ' | $17,300,000 | ' | ' | $69,200,000 | ' | $69,400,000 | $47,800,000 | $73,200,000 | $283,500,000 | $297,500,000 | ' | ' | ' | ' | $200,000 | $200,000 | ' | ' | ' | ' |
Premium/(Discount), Debt | -7,300,000 | ' | 2,100,000 | ' | ' | ' | ' | ' | -6,100,000 | ' | ' | ' | ' | 37,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | ' | -2,100,000 | ' | -3,900,000 | ' | ' | -200,000 | ' | ' | ' | ' | ' | -17,800,000 | ' | ' | -1,200,000 | ' | ' | -10,500,000 | ' | -1,100,000 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' |
Book Value | 1,109,500,000 | ' | 1,363,400,000 | ' | ' | ' | ' | ' | 688,700,000 | ' | ' | ' | ' | 335,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | ' | 102,900,000 | ' | 216,000,000 | ' | ' | 124,000,000 | ' | ' | ' | ' | ' | 160,000,000 | ' | ' | 16,100,000 | ' | ' | 58,700,000 | ' | 68,300,000 | 47,800,000 | 73,200,000 | 283,500,000 | 297,500,000 | ' | ' | ' | ' | 200,000 | 200,000 | ' | ' | ' | ' |
Debt Instrument, Gross, Current Maturities | ' | ' | ' | ' | ' | ' | ' | ' | -7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -17,300,000 | ' | ' | ' | ' | ' | ' | ' | -6,500,000 | -8,400,000 | ' | ' | ' | ' | -200,000 | -200,000 | ' | ' | ' | ' | |
Premium/(Discount), Current Maturities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | |
Book Value, Current Maturities | -29,800,000 | ' | -8,600,000 | ' | ' | ' | ' | ' | -7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16,100,000 | ' | ' | ' | ' | ' | ' | ' | -6,500,000 | -8,400,000 | ' | ' | ' | ' | -200,000 | -200,000 | ' | ' | ' | ' | |
Par Value, Excluding Current Maturities | 1,085,800,000 | ' | 1,352,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Instrument, Unamortized Discount (Premium), Net, Noncurrent Maturities | 6,100,000 | ' | -2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Book Value, Excluding Current Maturities | 1,079,700,000 | ' | 1,354,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stated Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | 8.25% | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | [1] | ' | 8.50% | ' | 11.25% | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | 10.00% | ' | ' | 10.00% | 6.00% | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average Effective Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | 8.45% | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.80% | ' | 15.00% | ' | ' | 7.30% | ' | ' | ' | ' | ' | 18.30% | ' | ' | 25.60% | ' | ' | 25.60% | ' | 15.50% | 7.30% | 7.30% | 11.90% | 11.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt conversion price, future period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18.53 | ' | $15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of shares converted per thousand, future period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53.9567 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Conversion price, debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17.56 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of shares converted per thousand | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56.9476 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Conversion of stock, shares converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,900 | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest Expense, Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,200,000 | 400,000 | 15,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Make Whole Premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | 200,000 | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Amortization of premiums and discounts on debt | 26,500,000 | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | 200,000 | 8,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of shares of common stock upon debt conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 982,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of equity instruments convertible, subsequent month | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Conversion ratio (future period) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.0539567 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Instrument, Convertible, Conversion Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.0569476 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Conversion, Converted Instrument, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,600,000 | ' | 1,200,000 | 29,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stated Interest Rate, Minimum | ' | ' | ' | ' | ' | ' | ' | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.30% | 3.30% | 10.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stated Interest Rate, Maximum | ' | ' | ' | ' | ' | ' | ' | 18.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.30% | 18.30% | 18.20% | 18.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Borrowing Base | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 448,400,000 | 0 | 156,500,000 | ' | 219,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line Of Credit Facility, Total Cash and Availability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
line of credit facility, Total Availability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,500,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 372,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line Of Credit Facility, Total Able to Be Drawn | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 175,000,000 | ' | 219,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Long-term Debt, Fair Value | ' | ' | ' | $1,109,500,000 | $1,363,400,000 | $1,135,500,000 | $1,318,400,000 | ' | ' | $688,700,000 | $0 | $701,700,000 | $0 | ' | $0 | $335,800,000 | $0 | $289,200,000 | $0 | $318,900,000 | $0 | $326,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | $16,100,000 | $218,700,000 | $20,800,000 | $225,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $283,500,000 | $297,500,000 | $290,600,000 | $297,500,000 | ' | ' | $121,200,000 | $192,500,000 | $122,400,000 | $179,800,000 | |
[1] | As of September 30, 2014, the borrowing base and availability on our New ABL Facility were $448.4 million and $75.5 million, respectively. The availability is calculated in accordance with the terms of the New ABL Facility and is derived by reducing the borrowing base by our $372.9 million of outstanding letters of credit as of September 30, 2014. The amount which is actually able to be drawn is limited by certain financial covenants in the New ABL Facility to $31.5 million. |
Liquidity_Details
Liquidity (Details) (Credit Agreement Amendment, September 2014, USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Credit Agreement Amendment, September 2014 | ' | ' | ' |
Debt Instrument, Covenants [Abstract] | ' | ' | ' |
Maximum Total Leverage Ratio, September 30, 2014 | ' | 5.25 | ' |
Maximum Total Leverage Ratio, December 31, 2014 | ' | 5.25 | ' |
Maximum Total Leverage Ratio, March 31, 2015 | ' | 5 | ' |
Maximum Total Leverage Ratio, June 30, 2015 | ' | 4.75 | ' |
Maximum Total Leverage Ratio, September 30, 2015 | ' | 4.5 | ' |
Maximum Total Leverage Ratio, December 31, 2015 | ' | 4.25 | ' |
Maximum Total Leverage Ratio, March 31, 2016 | ' | 4 | ' |
Maximum Total Leverage Ratio, June 30, 2016 | ' | 3.75 | ' |
Maximum Total Leverage Ratio, September 30, 2016 | ' | 3.75 | ' |
Maximum Total Leverage Ratio, December 31, 2016 | ' | 3.5 | ' |
Maximum Total Leverage Ratio, March 31, 2017 | ' | 3.25 | ' |
Maximum Total Leverage Ratio, June 30, 2017 | ' | 3.25 | ' |
Maximum Total Leverage Ratio, September 30, 2017 | ' | 3.25 | ' |
Maximum Total Leverage Ratio, December 31, 2017 and thereafter | ' | 3 | ' |
Outstanding exposure fee (percent) | 0.25% | ' | ' |
Outstanding exposure fee | $1.70 | ' | ' |
Total leverage ratio | ' | ' | 4.94 |
Liquidity_Risks_and_Uncertaint
Liquidity (Risks and Uncertainties) (Details) (USD $) | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Risks and Uncertainties [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $181,400,000 | $170,500,000 | $176,300,000 | $208,700,000 |
Net cash used in operating activities | 26,300,000 | 3,000,000 | ' | ' |
Long-term Debt, Gross | 1,116,800,000 | ' | 1,361,300,000 | ' |
Operating Leases, Future Minimum Payments, Due Remainder of Fiscal Year | 14,000,000 | ' | ' | ' |
Operating Leases, Future Minimum Payments Due | 153,700,000 | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | 47,600,000 | 56,500,000 | ' | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Risks and Uncertainties [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Estimated Benefit Obligation for Remaining Fiscal Year | 6,800,000 | ' | ' | ' |
Multiemployer Plans, Pension [Member] | ' | ' | ' | ' |
Risks and Uncertainties [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Estimated Benefit Obligation for Remaining Fiscal Year | 23,200,000 | ' | ' | ' |
Line of Credit [Member] | 2014 ABL Facility Credit Agreement [Member] | ' | ' | ' | ' |
Risks and Uncertainties [Line Items] | ' | ' | ' | ' |
Total availability | 212,900,000 | ' | ' | ' |
Minimum availability of the lesser of the aggregate amount of commitments from lenders or the borrowing base | 10.00% | ' | ' | ' |
Revenue Equipment [Member] | ' | ' | ' | ' |
Risks and Uncertainties [Line Items] | ' | ' | ' | ' |
Operating lease commitment | $11,800,000 | ' | ' | ' |
Operating lease term | '3 years | ' | ' | ' |
Employee_Benefits_Details
Employee Benefits (Details) (Other Postretirement Benefit Plans, Defined Benefit [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $1.10 | $1.10 | $3.20 | $3.20 |
Interest cost | 15.2 | 14 | 45.6 | 42.1 |
Expected return on plan assets | -13.4 | -13.9 | -40.2 | -41.7 |
Amortization of net pension loss | 3.2 | 3.7 | 9.6 | 11.1 |
Total periodic pension cost | 6.1 | 4.9 | 18.2 | 14.7 |
Expected future benefit payments, remainder of the year | 62.6 | ' | 62.6 | ' |
Contributions by employer | ' | ' | $55.80 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Effective Tax Rate | 137.50% | 18.20% | -19.70% | 7.90% |
Income tax (benefit) expense | ($4.40) | $7.30 | ($16.40) | ($7.20) |
Domestic Tax Authority | Internal Revenue Service (IRS) | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Income tax examination, Increase (decrease) in liability from prior year | 5.6 | ' | 5.6 | ' |
Income tax examination, interest expense | -1.5 | ' | ' | ' |
State and Local Jurisdiction | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Liability (refund) adjustment from settlement with taxing authority | -1.7 | ' | -1.7 | ' |
Tax Years 2005 Through 2007 | Domestic Tax Authority | Internal Revenue Service (IRS) | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Liability (refund) adjustment from settlement with taxing authority | 4.7 | ' | 4.7 | ' |
Income tax (benefit) expense | ($2.30) | ' | ' | ' |
Shareholders_Deficit_Details
Shareholders' Deficit (Details) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' |
Beginning balance | 10,173 |
Conversion of preferred stock to common stock | 2,333 |
Issuance of common stock | 14,333 |
Issuance of equity awards | 342 |
Issuance of common stock upon conversion or exchange of Series B Notes | 3,470 |
Ending balance | 30,651 |
Earnings_Loss_Per_Share_Detail
Earnings (Loss) Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Basic net income (loss) available to common shareholders | $1.20 | ($44.40) | ($92) | ($84) | ||||
Dilutive net loss available to common shareholders | -0.8 | -44.4 | -92 | -84 | ||||
Basic weighted average shares outstanding | 30,639,000 | 9,977,000 | 27,896,000 | 9,053,000 | ||||
Dilutive weighted average shares outstanding | 31,903,000 | 9,977,000 | 27,896,000 | 9,053,000 | ||||
Basic earnings (loss) per share (in dollars per share) | $0.04 | ($4.45) | ($3.30) | ($9.29) | ||||
Diluted loss per share (in dollars per share) | ($0.03) | ($4.45) | ($3.30) | ($9.29) | ||||
Stock Compensation Plan [Member] | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Effect of dilutive securities (shares) | 282,000 | 0 | 0 | 0 | ||||
Anti-dilutive 6% Common Shares [Member] | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Anti-dilutive securities excluded from computation of earnings per share | ' | ' | 0 | 0 | ||||
Anti-dilutive options and shares [Member] | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Anti-dilutive securities excluded from computation of earnings per share | ' | ' | 358,000 | 834,000 | ||||
Anti-dilutive Series A Convertible Note Conversion Shares [Member] | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Anti-dilutive securities excluded from computation of earnings per share | ' | ' | ' | 5,099,000 | ||||
Anti-dilutive Series B Convertible Note Conversion Shares [Member] | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Effect of dilutive securities (dollars) | ($2) | [1] | $0 | [1] | $0 | [1] | $0 | [1] |
Effect of dilutive securities (shares) | 982,000 | 0 | 0 | 0 | ||||
Anti-dilutive securities excluded from computation of earnings per share | ' | ' | ' | 4,219,000 | ||||
[1] | The Series B Notes are recorded at a discount that accelerates upon conversion and contain a make-whole interest premium that would require us to pay interest as if the security was held to maturity upon conversion and, as such, would result in incremental expense under the if-converted method. |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Identifiable assets | $2,046.60 | ' | $2,046.60 | ' | $2,064.90 |
External revenue | 1,322.60 | 1,252.70 | 3,851.10 | 3,657.70 | ' |
Operating income (loss) | 26.7 | 5.8 | 14.3 | 30 | ' |
YRC Freight [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Identifiable assets | 1,473.70 | ' | 1,473.70 | ' | 1,513.40 |
External revenue | 843 | 808.7 | 2,441.90 | 2,360.10 | ' |
Operating income (loss) | 8.8 | -9.7 | -24 | -15.8 | ' |
Regional Transportation [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Identifiable assets | 781.6 | ' | 781.6 | ' | 698.4 |
External revenue | 479.6 | 444 | 1,409.20 | 1,297.60 | ' |
Operating income (loss) | 24.4 | 20 | 55.5 | 57.2 | ' |
Corporate / Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Identifiable assets | -208.7 | ' | -208.7 | ' | -146.9 |
External revenue | 0 | 0 | 0 | 0 | ' |
Operating income (loss) | ($6.50) | ($4.50) | ($17.20) | ($11.40) | ' |