Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 10, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | YRC Worldwide Inc. | ||
Entity Central Index Key | 716,006 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 33,221,499 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 285,656,272 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 136.7 | $ 173.8 |
Restricted amounts held in escrow | 126.7 | 58.8 |
Accounts receivable, less allowances of $9.5 and $7.4 | 448.7 | 427.4 |
Prepaid expenses and other | 68.7 | 74.4 |
Total current assets | 780.8 | 734.4 |
Property and Equipment: | ||
Cost | 2,787 | 2,822.8 |
Less – accumulated depreciation | (1,916.4) | (1,885.5) |
Net property and equipment | 870.6 | 937.3 |
Intangibles, net | 27.2 | 40.4 |
Restricted amounts held in escrow | 12.3 | 63.4 |
Deferred income taxes, net | 24.9 | 23 |
Other assets | 54.2 | 80.9 |
Total Assets | 1,770 | 1,879.4 |
Liabilities and Shareholders’ Deficit | ||
Accounts payable | 160.6 | 161.1 |
Wages, vacations and employees’ benefits | 191 | 195.1 |
Deferred income taxes, net | 24.9 | 23 |
Claims and insurance accruals | 114.9 | 125 |
Accrued Payroll Taxes, Current | 27.6 | 29.8 |
Other current and accrued liabilities | 26.1 | 23.6 |
Current maturities of long-term debt | 16.8 | 15.9 |
Total current liabilities | 561.9 | 573.5 |
Other Liabilities: | ||
Long-term debt, less current portion | 980.3 | 1,046.5 |
Deferred income taxes, net | 3.6 | 3.7 |
Pension and postretirement | 358.2 | 339.9 |
Claims and other liabilities | 282.2 | 295.2 |
Commitments and contingencies | 0 | 0 |
Shareholders’ Deficit: | ||
Cumulative preferred stock, $1 par value per share - authorized 5,000,000 shares | 0 | 0 |
Common stock, $0.01 par value per share - authorized 95,000,000 shares, issued 32,473,000 and 32,141,000 shares | 0.3 | 0.3 |
Capital surplus | 2,319.2 | 2,312.6 |
Accumulated deficit | (2,217.8) | (2,239.3) |
Accumulated other comprehensive loss | (425.2) | (360.3) |
Treasury stock, at cost (410 shares) | (92.7) | (92.7) |
Total shareholders’ deficit | (416.2) | (379.4) |
Total Liabilities and Shareholders’ Deficit | $ 1,770 | $ 1,879.4 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Allowance for doubtful accounts receivable | $ 9.5 | $ 7.4 |
Shareholders’ Deficit: | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 95,000,000 | 95,000,000 |
Common Stock, Shares, Issued | 32,473,000 | 32,141,000 |
Treasury stock, shares | 410 | 410 |
Statements Of Consolidated Oper
Statements Of Consolidated Operations - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Operating Revenue | $ 4,697.5 | $ 4,832.4 | $ 5,068.8 |
Operating Expenses: | |||
Salaries, wages and employee benefits | 2,823.1 | 2,868.2 | 2,901.2 |
Operating expenses and supplies | 799.1 | 878.4 | 1,110.7 |
Purchased transportation | 553.6 | 561.1 | 590.9 |
Depreciation and amortization | 159.8 | 163.7 | 163.6 |
Other operating expenses | 252.2 | 266.1 | 268.8 |
(Gains) losses on property disposals, net | (14.6) | 1.9 | (11.9) |
Total operating expenses | 4,573.2 | 4,739.4 | 5,023.3 |
Operating Income | 124.3 | 93 | 45.5 |
Nonoperating Expenses: | |||
Interest expense | 103.4 | 107.6 | 150 |
(Gain) loss on extinguishment of debt | 0 | 0.6 | (11.2) |
Other, net | (3.7) | (10.8) | (9.5) |
Nonoperating expenses, net | 99.7 | 97.4 | 129.3 |
Income (Loss) before income taxes | 24.6 | (4.4) | (83.8) |
Income tax expense (benefit) | 3.1 | (5.1) | (16.1) |
Net Income (Loss) | 21.5 | 0.7 | (67.7) |
Amortization of beneficial conversion feature on preferred stock | 0 | 0 | (18.1) |
Net Income (Loss) Attributable to Common Shareholders | $ 21.5 | $ 0.7 | $ (85.8) |
Average Common Shares Outstanding - Basic | 32,416 | 31,736 | 28,592 |
Average Common Shares Outstanding - Diluted | 33,040 | 32,592 | 28,592 |
Earnings (Loss) Per Share - Basic (in dollars per share) | $ 0.66 | $ 0.02 | $ (3) |
Earnings (Loss) Per Share - Diluted (in dollars per share) | $ 0.65 | $ 0.02 | $ (3) |
Statement of Consolidated Compr
Statement of Consolidated Comprehensive Loss - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net Loss | $ 21.5 | $ 0.7 | $ (67.7) |
Net actuarial gains (losses) and other adjustments | (69.5) | 45.2 | (126.4) |
Amortization of prior net losses | 13.7 | 14.1 | 12.7 |
Settlement adjustment | 0 | 25.2 | 0 |
Changes in foreign currency translation adjustments | 1.3 | (12) | (4.1) |
Reclassification of foreign currency translation gains to net income | (10.4) | 0 | 0 |
Other comprehensive income (loss) | (64.9) | 72.5 | (117.8) |
Comprehensive income (loss) attributable to YRC Worldwide Inc. | $ (43.4) | $ 73.2 | $ (185.5) |
Statements Of Consolidated Cash
Statements Of Consolidated Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities: | |||
Net income (loss) | $ 21.5 | $ 0.7 | $ (67.7) |
Noncash items included in net income (loss): | |||
Depreciation and amortization | 159.8 | 163.7 | 163.6 |
Paid-in-kind interest on Series A Notes and Series B Notes | 0 | 0.4 | 14.3 |
Amortization of deferred debt costs | 7 | 6.3 | 8.5 |
Amortizations of premiums and discounts on debt | 1.6 | 2.1 | 27.5 |
Equity-based compensation and employee benefits expense | 21 | 24.4 | 26.6 |
Non-union pension settlement charge | 0 | 28.7 | 0 |
Deferred income tax benefit, net | (0.4) | (9.8) | (0.2) |
(Gains) losses on property disposals, net | (14.6) | 1.9 | (11.9) |
(Gain) loss on extinguishment of debt | 0 | 0.6 | (11.2) |
Other noncash items, net | (2.5) | (9) | (5.9) |
Changes in assets and liabilities, net: | |||
Accounts receivable | (21) | 40.7 | (11.1) |
Accounts payable | (1.1) | (11.1) | (5.7) |
Other operating assets | 10.5 | (6.1) | 0.3 |
Other operating liabilities | (78.7) | (92.7) | (98.6) |
Net cash provided by operating activities | 103.1 | 140.8 | 28.5 |
Investing Activities: | |||
Acquisition of property and equipment | (100.6) | (108) | (69.2) |
Proceeds from disposal of property and equipment | 35.1 | 17.5 | 20.8 |
Restricted escrow receipts | 112.1 | 41.9 | 90.7 |
Restricted escrow deposits | (128.9) | (75) | (89.1) |
Proceeds from disposal of equity method investment, net | 14.6 | 0 | 0 |
Other, net | 0 | 2.2 | 5.2 |
Net cash used in investing activities | (67.7) | (121.4) | (41.6) |
Financing Activities: | |||
Issuance of long-term debt | 0 | 0 | 696.8 |
Repayment of long-term debt | (70.7) | (16.7) | (892.7) |
Debt issuance costs | (1.8) | 0 | (29.1) |
Equity issuance costs | 0 | 0 | (17.1) |
Equity issuance proceeds | 0 | 0 | 250 |
Net cash provided by (used in) financing activities | (72.5) | (16.7) | 7.9 |
Net Increase (Decrease) In Cash and Cash Equivalents | (37.1) | 2.7 | (5.2) |
Cash and Cash Equivalents, Beginning of Year | 173.8 | 171.1 | 176.3 |
Cash and Cash Equivalents, End of Year | 136.7 | 173.8 | 171.1 |
Supplemental Cash Flow Information: | |||
Interest paid | (90.2) | (104.5) | (129.1) |
Letter of credit fees paid | (8.5) | (8.8) | (8.7) |
Income tax refund (payment), net | (6.8) | (6.2) | 16.1 |
Debt redeemed for equity consideration | $ 0 | $ 17.9 | $ 51.8 |
Statement Of Consolidated Share
Statement Of Consolidated Shareholders' Deficit - USD ($) $ in Millions | Total | Preferred Stock [Member] | Common Stock [Member] | Capital Surplus [Member] | Capital Surplus [Member]Series B Notes [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock, At Cost [Member] |
Beginning balance at Dec. 31, 2013 | $ 0 | $ 0.1 | $ 1,964.4 | $ (2,154.2) | $ (315) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of equity in exchange for debt and interest (net of transaction costs) | 0.6 | 0.1 | $ 64.7 | |||||
Conversion of preferred shares to common shares | (0.6) | 0.6 | ||||||
Issuance of common stock | 0.1 | |||||||
Issuance of equity, net | $ (250) | (249.3) | ||||||
Beneficial conversion feature on preferred stock | 18.1 | |||||||
Equity issuance costs | (17.1) | |||||||
Share-based compensation | 10.9 | |||||||
Amortization of conversion feature on preferred stock | (18.1) | (18.1) | ||||||
Net loss attributable to YRC Worldwide Inc. | (67.7) | |||||||
Net pension gains (losses) and other adjustments | (126.4) | (126.4) | ||||||
Reclassification of net losses to net income | 12.7 | |||||||
Pension Settlement Charge | 0 | 0 | ||||||
Changes in foreign currency translation adjustments | 4.1 | 4.1 | ||||||
Reclassification of foreign currency translation gains to net income | 0 | |||||||
Ending balance at Dec. 31, 2014 | (474.3) | 0 | 0.3 | 2,290.9 | (2,240) | (432.8) | $ (92.7) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of equity in exchange for debt and interest (net of transaction costs) | 0 | 0 | 18.5 | |||||
Conversion of preferred shares to common shares | 0 | 0 | ||||||
Issuance of common stock | 0 | |||||||
Issuance of equity, net | 0 | 0 | ||||||
Beneficial conversion feature on preferred stock | 0 | |||||||
Equity issuance costs | 0 | |||||||
Share-based compensation | 3.2 | |||||||
Amortization of conversion feature on preferred stock | 0 | 0 | ||||||
Net loss attributable to YRC Worldwide Inc. | 0.7 | |||||||
Net pension gains (losses) and other adjustments | 45.2 | 45.2 | ||||||
Reclassification of net losses to net income | 14.1 | |||||||
Pension Settlement Charge | 28.7 | 25.2 | ||||||
Changes in foreign currency translation adjustments | 12 | 12 | ||||||
Reclassification of foreign currency translation gains to net income | 0 | |||||||
Ending balance at Dec. 31, 2015 | (379.4) | 0 | 0.3 | 2,312.6 | (2,239.3) | (360.3) | (92.7) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of equity in exchange for debt and interest (net of transaction costs) | 0 | 0 | 0 | |||||
Conversion of preferred shares to common shares | 0 | 0 | ||||||
Issuance of common stock | 0 | |||||||
Issuance of equity, net | 0 | 0 | ||||||
Beneficial conversion feature on preferred stock | $ 0 | |||||||
Equity issuance costs | 0 | |||||||
Share-based compensation | 6.6 | |||||||
Amortization of conversion feature on preferred stock | 0 | 0 | ||||||
Net loss attributable to YRC Worldwide Inc. | 21.5 | |||||||
Net pension gains (losses) and other adjustments | (69.5) | (69.5) | ||||||
Reclassification of net losses to net income | 13.7 | |||||||
Pension Settlement Charge | 0 | 0 | ||||||
Changes in foreign currency translation adjustments | (1.3) | (1.3) | ||||||
Reclassification of foreign currency translation gains to net income | (10.4) | |||||||
Ending balance at Dec. 31, 2016 | $ (416.2) | $ 0 | $ 0.3 | $ 2,319.2 | $ (2,217.8) | $ (425.2) | $ (92.7) |
Description Of Business
Description Of Business | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Description Of Business | Description of Business YRC Worldwide, one of the largest transportation service providers in the world, offers its customers a wide range of transportation services. YRC Worldwide has one of the largest, most comprehensive 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. This reporting segment includes our LTL subsidiary YRC Freight and YRC Reimer, 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 and Puerto Rico. • 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 Holland, New Penn and 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, and Puerto Rico. |
Accounting Policie
Accounting Policie | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounting Policies | Accounting Policies Accounting policies refer to specific accounting principles and the methods of applying those principles to fairly present our financial position and results of operations in accordance with generally accepted accounting principles. The policies discussed below include those that management has determined to be the most appropriate in preparing our financial statements. Principles of Consolidation The accompanying consolidated financial statements include the accounts of YRC Worldwide and its wholly owned subsidiaries. All significant 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. Until its sale in March 2016, our investment in the non-majority owned affiliate was accounted for on the equity method. Use of Estimates Management makes estimates and assumptions when preparing the financial statements in conformity with U.S. generally accepted accounting principles which affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Items subject to such estimates and assumptions include the useful lives of fixed assets and revenue-related reserves; the valuation of deferred tax assets/liabilities, non-union pension plan liability and pension plan assets; and workers’ compensation and property damage and liability claims, and income tax uncertainties. Cash and Cash Equivalents Cash and cash equivalents include demand deposits and highly liquid investments purchased with maturities of three months or less. Under the Company’s cash management system, checks issued but not presented to banks frequently result in book overdraft balances for accounting purposes which are classified within accounts payable in the accompanying consolidated balance sheets. The change in book overdrafts are reported as a component of operating cash flows for accounts payable as they do not represent bank overdrafts. Concentration of Credit Risks and Other We sell services and extend credit based on an evaluation of the customer’s financial condition, without requiring collateral. Exposure to losses on receivables is principally dependent on each customer’s financial condition. We monitor our exposure for credit losses and maintain allowances for anticipated losses. At December 31, 2016 , approximately 78% of our labor force is subject to collective bargaining agreements. As part of the 2014 Financing Transactions (which is described more fully in the “Debt and Financing” footnote to our consolidated financial statements), our primary labor agreement was modified to, among other things, extend the expiration date of the agreement from March 31, 2015 to March 31, 2019. This extension also extended the contribution rates under our multi-employer pension plan. The modification provided for lump sum payments in lieu of wage increases in 2014 and 2015, but provided for wage increases in 2016 through 2019. We amortized these lump sum payments over the period in which the wages were not increased beginning on April 1, 2014. Finally, the modification provided for certain changes to work rules and our use of purchased transportation in certain situations. Revenue Recognition and Revenue-related Reserves For shipments in transit, we record revenue based on the percentage of service completed as of the period end and accrue delivery costs as incurred. The percentage of service completed for each shipment is based on how far along in the shipment cycle each shipment is in relation to standard transit days. Standard transit days are defined as our published service days between origin zip code and destination zip code. Based on historical cost and engineering studies, certain percentages of revenue are determined to be earned during each stage of the shipment cycle, such as initial pick up, long distance transportation, intermediate transfer and customer delivery. Using standard transit times, we analyze each shipment in transit at a particular period end to determine what stage the shipment is in. We apply that stage’s percentage of revenue earned factor to the rated revenue for that shipment to determine the revenue dollars earned by that shipment in the current period. The total revenue earned is accumulated for all shipments in transit at a particular period end and recorded as operating revenue. In addition, we recognize revenue on a gross basis because we are the primary obligors even when we use other transportation service providers who act on our behalf. We remain responsible to our customers for complete and proper shipment, including the risk of physical loss or damage of the goods and cargo claims issues. We assign pricing to bills of lading at the time of shipment based primarily on the weight, general classification of the product, the shipping destination and individual customer discounts. This process is referred to as rating. At various points throughout our process, incorrect ratings could be identified based on many factors, including weight verifications or updated customer discounts. Although the majority of rerating occurs in the same month as the original rating, a portion occurs during the following periods. We accrue a reserve for rerating based primarily on historical trends. At December 31, 2016 and 2015 , our financial statements included a rerate reserve as a reduction to “Accounts Receivable” of $10.4 million and $8.1 million, respectively. We record an allowance for doubtful accounts primarily based on historical uncollectible amounts. We also take into account known factors surrounding specific customers and overall collection trends. Our process involves performing ongoing credit evaluations of customers, including the market in which they operate and the overall economic conditions. We continually review historical trends and customer specific factors and make adjustments to the allowance for doubtful accounts as appropriate. Our allowance for doubtful accounts totaled $9.5 million and $7.4 million as of December 31, 2016 and 2015 , respectively. Foreign Currency Our functional currency is the U.S. dollar, whereas, our foreign operations utilize the local currency as their functional currency. Accordingly, for purposes of translating foreign subsidiary financial statements to the U.S. dollar reporting currency, assets and liabilities of our foreign operations are translated at the fiscal year end exchange rates and income and expenses are translated monthly, at the average exchange rates for each respective month, with changes recognized in other comprehensive loss. Foreign currency gains and losses resulting from foreign currency transactions resulted in net gains of $0.9 million, $9.3 million and $5.7 million during 2016 , 2015 and 2014 , respectively, and are included in “Nonoperating expenses - Other, net” in the accompanying statements of consolidated operations. Self-Insurance Accruals for Claims Claims and insurance accruals, both current and long-term, reflect the estimated settlement cost of claims for workers’ compensation, property damage and liability claims, and cargo loss and damage that insurance does not cover. We establish and modify reserve estimates for workers’ compensation and property damage and liability claims primarily upon actuarial analyses prepared by independent actuaries. These reserves are discounted to present value using a risk-free rate based on the year of occurrence. The risk-free rate is the U.S. Treasury rate for maturities that match the expected payout of such claims and was 1.0% , 1.0% and 0.9% for workers’ compensation claims incurred as of December 31, 2016 , 2015 and 2014 , respectively. The rate was 0.8% , 0.7% and 0.4% for property damage and liability claims incurred as of December 31, 2016 , 2015 and 2014 , respectively. The process of determining reserve requirements utilizes historical trends and involves an evaluation of accident frequency and severity, claims management, changes in health care costs and certain future administrative costs. The effect of future inflation for costs is considered in the actuarial analysis. Adjustments to previously established reserves are included in operating results in the year of adjustment. As of December 31, 2016 and 2015 , we had $364.4 million and $392.7 million, respectively, accrued for outstanding claims. Expected aggregate undiscounted amounts and material changes to these amounts as of December 31 are presented below: (in millions) Workers’ Compensation Property Damage and Liability Claims Total Undiscounted amount at December 31, 2014 $ 339.1 $ 75.0 $ 414.1 Estimated settlement cost for 2015 claims 92.8 37.0 129.8 Claim payments, net of recoveries (115.0 ) (41.0 ) (156.0 ) Change in estimated settlement cost for older claim years (1.4 ) 13.9 12.5 Undiscounted amount at December 31, 2015 $ 315.5 $ 84.9 $ 400.4 Estimated settlement cost for 2016 claims 89.4 30.0 119.4 Claim payments, net of recoveries (103.6 ) (51.5 ) (155.1 ) Change in estimated settlement cost for older claim years (1.9 ) 9.5 7.6 Undiscounted settlement cost estimate at December 31, 2016 $ 299.4 $ 72.9 $ 372.3 Discounted settlement cost estimate at December 31, 2016 $ 277.0 $ 72.1 $ 349.1 In addition to the amounts above, settlement cost amounts for cargo claims and other insurance related amounts, none of which are discounted, totaled $15.3 million and $17.0 million at December 31, 2016 and 2015 , respectively. Estimated cash payments to settle claims which were incurred on or before December 31, 2016 , for the next five years and thereafter are as follows: (in millions) Workers’ Compensation Property Damage and Liability Claims Total 2017 $ 76.2 $ 29.3 $ 105.5 2018 50.5 19.3 69.8 2019 34.9 12.4 47.3 2020 23.9 6.7 30.6 2021 18.3 3.1 21.4 Thereafter 95.6 2.1 97.7 Total $ 299.4 $ 72.9 $ 372.3 Stock Compensation Plans We have various stock-based employee compensation plans, which are described more fully in the “Stock Compensation Plans” footnote to our consolidated financial statements. We recognize compensation costs for non-vested shares based on the grant date fair value. For our share-based payments granted, with no performance requirement, we recognize compensation cost on a straight-line basis over the requisite service period (generally three to four years) based on the grant-date fair value. For our performance-based awards, the Company expenses the grant date fair value of the awards which are probable of being earned in the performance period over the respective service period. Property and Equipment The following is a summary of the components of our property and equipment at cost as of December 31 : (in millions) 2016 2015 Land $ 248.9 $ 254.4 Structures 769.5 789.3 Revenue equipment 1,375.2 1,430.1 Technology equipment and software 186.8 146.4 Other 206.6 202.6 Total cost $ 2,787.0 $ 2,822.8 We carry property and equipment at cost less accumulated depreciation. We compute depreciation using the straight-line method based on the following service lives: Years Structures 10 - 30 Revenue equipment 10 - 20 Technology equipment and software 3 - 7 Other 3 - 10 We charge maintenance and repairs to expense as incurred and betterments are capitalized. The cost of replacement tires are expensed at the time those tires are placed into service, as is the case with other repair and maintenance costs. Leasehold improvements are capitalized and amortized over the shorter of their useful lives or the remaining lease term. In addition to purchasing new revenue equipment, we will also rebuild the engines of our tractors (at certain time or mile intervals). Because rebuilding an engine increases its useful life, we capitalize these costs and depreciate over the remaining useful life of the unit. The cost of engines on newly acquired revenue equipment is capitalized and depreciated over the estimated useful life of the related equipment. Our investment in technology equipment and software consists primarily of freight movement, automation, administrative, and related software. For the years ended December 31, 2016, 2015 and 2014 , depreciation expense was $146.3 million, $145.5 million and $145.1 million, respectively. Equity Method Investments On October 23, 2015, the Company entered into an equity interest sale and purchase agreement to sell its fifty percent interest in its Chinese joint venture, JHJ International Transportation Co. (“JHJ”), for a purchase price of $16.3 million , which subsequently closed on March 30, 2016. At closing we received proceeds of $16.3 million and paid transaction fees of $1.7 million . At March 30, 2016, the carrying value of the investment was $22.7 million with an offsetting cumulative foreign translation adjustment of $10.4 million , resulting in a net gain on the transaction of $2.3 million . The gain on the transaction is included in “Nonoperating expenses - Other, net” in the accompanying statement of consolidated comprehensive income for the twelve months ended December 31, 2016. We accounted for the ownership of our joint venture under the equity method and accordingly, recognized our share of the respective joint ventures earnings in “Nonoperating expenses - Other, net” in the accompanying statements of operations. The following reflects the components of these results for the years ended December 31 : (in millions) 2016 2015 2014 Net equity method earnings $ 0.4 $ 2.3 $ 2.1 Fair Value of Financial Instruments We determined fair value measurements used in our consolidated financial statements based upon the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: • Level 1: Valuations based on quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. • Level 2: Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. • Level 3: Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The asset’s or liability’s fair value measurement level with the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs. The valuation methodologies described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. We believe that our valuation methods are appropriate and consistent with other market participants. The use of different methodologies or assumptions to determine the fair value of certain financial assets could result in a different fair value measurement at the reporting date. There have been no changes in the methodologies used at December 31, 2016 and 2015 . The following tables summarize the fair value hierarchy of our financial assets held at fair value on a recurring basis, which consists of our restricted cash held in escrow: Fair Value Measurement at December 31, 2016 (in millions) Total Carrying Value Quoted prices in active market (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Restricted amounts held in escrow-current $ 126.7 $ 126.7 $ — $ — Restricted amounts held in escrow-long term 12.3 12.3 — — Total assets at fair value $ 139.0 $ 139.0 $ — $ — Fair Value Measurement at December 31, 2015 (in millions) Total Carrying Value Quoted prices in active market (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Restricted amounts held in escrow-current $ 58.8 $ 58.8 $ — $ — Restricted amounts held in escrow-long term 63.4 63.4 — — Total assets at fair value $ 122.2 $ 122.2 $ — $ — 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 years ended December 31, 2016 and 2015 , we reclassified the amortization of our net pension gain (loss), net of tax, totaling $13.7 million and $14.1 million , respectively, from accumulated other comprehensive loss to net income (loss). This reclassification is a component of net periodic pension cost and is discussed in the “Employee Benefits” footnote. In addition, we also reclassified foreign currency translation adjustments of $10.4 million related to the sale of our investment in JHJ from accumulated other comprehensive loss to net income (loss), as discussed in the “Equity Method Investments” section of this footnote. Recently Issued Accounting Standards In May 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-07, Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent) , which eliminates the requirement to categorize investments in the fair value hierarchy if their fair value is measured at net asset value (“NAV”) per share (or its equivalent) using the practical expedient in accordance with the standard for fair value measurement. The standard, which requires retrospective application, was effective for the Company beginning January 1, 2016. The fair value disclosures for our defined benefit pension plan investments as of December 31, 2016 and 2015, respectively, have been updated to reflect the adoption of this standard, as presented in the “Employee Benefits” footnote of our consolidated financial statements. There was no other impact to the consolidated financial statements from the adoption of this standard. In August 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest, which requires debt issue costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the accounting treatment for debt discounts. The recognition and measurement guidance of debt issuance costs are not affected by this update. The standard was effective for the Company beginning January 1, 2016. The Company adopted the standard in the first quarter of 2016, which required retrospective application. The December 31, 2015 consolidated balance sheet and related disclosures were updated to reflect the reclassification of $15.2 million of unamortized debt issuance costs, from “Other assets” to “Long-term debt, less current portion” which related to its Term Loan, Second A&R CDA, and lease financing obligations. There was no other impact to the consolidated financial statements from the adoption of this standard. In April 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers, Deferral of the Effective Date, which defers the effective date of ASU 2014-9, Revenue from Contracts with Customers . The new standard introduces a five-step model to determine when and how revenue is recognized. The premise of the new model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard will be effective for the Company for its annual reporting period beginning January 1, 2018, including interim periods within that reporting period. Early application is permitted for annual periods beginning January 1, 2017. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. The Company is in the process of reviewing customer contracts, but we believe our transportation revenue recognized under the new standard will generally approximate revenue under current standards, in that we recognize transportation revenue proportionately as we perform the transportation service for our customer. The Company plans to complete its evaluation in 2017, including an assessment of the new expanded disclosure requirements and a final determination of the transition method we will use to adopt the new standard. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes , which requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent. The new standard will be effective for the Company for its annual reporting period beginning January 1, 2017, including interim periods within that reporting period. The ASU allows entities to choose either prospective or retrospective transition. The Company will adopt the standard in the first quarter of 2017 and plans to elect prospective application. The Company does not believe the adoption of this standard will have a material impact on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases , which requires lessees to recognize a right-to-use asset and a lease obligation for all leases. Lessees are permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of twelve months or less. Lessor accounting under the new standard is substantially unchanged. Additional qualitative and quantitative disclosures, including significant judgments made by management, will be required. The new standard will become effective for the Company for its annual reporting period beginning January 1, 2019, including interim periods within that reporting period and requires a modified retrospective transition approach. The Company is currently evaluating the impacts the adoption of this standard will have on the consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows , which reduces diversity in the practice of classifying certain transactions in the statement of cash flows. The new standard will become effective for the Company for its annual reporting period beginning January 1, 2018, including interim periods within that reporting period and requires a retrospective transition approach. The Company will adopt the standard beginning with the first quarter of 2018. The Company does not believe the adoption of this standard will have a material impact on the consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory , that requires entities to recognize at the transaction date the income tax consequences of many intercompany asset transfers. The new standard will be effective for the Company for its annual reporting period beginning January 1, 2018, including interim periods within that reporting period. Early application is permitted at the beginning of an interim or annual period. Entities should apply the new standard on a modified retrospective basis with a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption. The Company will adopt the standard in the first quarter of 2018. The Company is still evaluating the effect but does not believe the change will have a material impact on the consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows, to clarify the guidance on how companies present restricted cash and restricted cash equivalents in the statement of cash flows. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. The new standard will become effective for the Company for its annual reporting period beginning January 1, 2018, including interim periods within that reporting period and requires a retrospective transition approach. The Company will adopt the standard beginning with the first quarter of 2018. The Company does not believe the adoption of this standard will have a material impact on the consolidated financial statements. |
Intangibles
Intangibles | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangibles | Intangibles Definite Life Intangibles The components of amortizable intangible assets are as follows at December 31 : 2016 2015 Weighted Gross Gross Average Carrying Accumulated Carrying Accumulated (in millions) Life (years) Amount Amortization Amount Amortization Customer related 12 $ 197.1 $ (197.1 ) $ 197.0 $ (183.5 ) Amortization expense for intangible assets recognized on a straight line basis was $13.5 million , $18.2 million and $18.3 million for the years ended December 31, 2016, 2015 and 2014 , respectively. The definite-lived intangible assets are fully amortized in 2016. Indefinite Life Intangibles The following table shows the changes in the carrying amount of our indefinite lived tradenames attributable to each applicable segment: (in millions) YRC Freight Regional Transportation Total Balances at December 31, 2013 $ 10.6 $ 18.7 $ 29.3 Change in foreign currency exchange rates (0.8 ) — (0.8 ) Balances at December 31, 2014 9.8 18.7 28.5 Change in foreign currency exchange rates (1.6 ) — (1.6 ) Balances at December 31, 2015 8.2 18.7 26.9 Change in foreign currency exchange rates 0.3 — 0.3 Balances at December 31, 2016 $ 8.5 $ 18.7 $ 27.2 Intangible assets with indefinite lives, which consist of our tradenames, are not subject to amortization, but are subjected to an impairment test at least annually or more frequently if a triggering event occurs. The impairment test for tradenames consists of a comparison of the fair value of the tradename with its carrying amount. An impairment loss is recognized for the amount by which the carrying amount exceeds the fair value of the asset. In making this assessment, we utilized the relief from royalty method, an income approach (a level 3 fair value measurement), which includes assumptions as to future revenue, applicable royalty rate and cost of capital, among others. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets The primary components of other assets at December 31 are as follows: (in millions) 2016 2015 Equity method investment for JHJ $ — $ 22.3 Deferred debt costs (a) 4.5 5.0 Prepayments (b) 31.6 35.5 Other 18.1 18.1 Total $ 54.2 $ 80.9 (a) Deferred debt costs relate to our ABL Facility. (b) Prepayments primarily includes prepaid costs for revenue equipment leases. During the year ended December 31, 2016 , no dividends were received due to the sale of JHJ on March 30, 2016. During the year ended December 31, 2015 , we received dividends in the amount of $1.7 million from JHJ. As of December 31, 2015 , the excess of our investment over our interest in JHJ’s equity was $4.5 million . |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefits | Employee Benefits Qualified and Nonqualified Defined Benefit Pension Plans YRC Worldwide and certain of our operating subsidiaries sponsor qualified and nonqualified defined benefit pension plans for certain employees not covered by collective bargaining agreements (approximately 9,000 current, former and retired employees). Qualified and nonqualified pension benefits are based on years of service and the employees’ covered earnings. Employees covered by collective bargaining agreements participate in various multi-employer pension plans to which YRC Worldwide contributes, as discussed below. Regional Transportation does not offer a defined benefit pension plan and instead offers retirement benefits through either contributory 401(k) savings plans or profit sharing plans, as discussed below. The domestic YRC Worldwide defined benefit pension plans closed to new participants effective January 1, 2004 and the benefit accrual for active employees was frozen effective July 1, 2008. Our actuarial valuation measurement date for our pension plans is December 31. Funded Status The reconciliation of the beginning and ending balances of the projected benefit obligation and the fair value of plan assets for the years ended December 31, 2016 and 2015 , and the funded status at December 31, 2016 and 2015 , is as follows: (in millions) 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 1,202.7 $ 1,355.2 Service cost 6.5 4.6 Interest cost 55.9 57.2 Benefits paid (79.1 ) (151.9 ) Actuarial (gain) loss 53.4 (60.2 ) Expenses paid from assets (5.9 ) (5.8 ) Other 0.1 3.6 Benefit obligation at year end $ 1,233.6 $ 1,202.7 Change in plan assets: Fair value of plan assets at prior year end $ 867.1 $ 899.3 Actual return on plan assets 39.9 56.6 Employer contributions 56.5 70.9 Benefits paid (79.1 ) (151.9 ) Expenses paid from assets (5.9 ) (5.8 ) Other 0.2 (2.0 ) Fair value of plan assets at year end $ 878.7 $ 867.1 Funded status at year end $ (354.9 ) $ (335.6 ) The underfunded status of the plans of $354.9 million and $335.6 million at December 31, 2016 and 2015 , respectively, is recognized in the accompanying consolidated balance sheets as shown in the table below. No plan assets are expected to be returned to the Company during the year ending December 31, 2017 . Our long-term strategy is to reduce the risk of our underfunded plans. In 2015, the Company amended its domestic pension plans and offered a one-time voluntary lump sum payment option in an effort to reduce its long-term pension obligations and ongoing annual pension expense. The lump sum pension settlement payments of $85.2 million , which are reflected in “Benefits paid” in the above table, were funded from existing pension plan assets. In connection with this transaction, the Company incurred a settlement charge of $28.7 million to salaries, wages and employee benefits expense as a result of the requirement to expense the unrecognized actuarial losses associated with the lump sum settlements. The charge had no effect on equity because the actuarial losses were already recognized in accumulated other comprehensive loss. Accordingly, the effect on retained earnings was offset by a corresponding reduction in accumulated other comprehensive loss. Benefit Plan Obligations Amounts recognized in the consolidated balance sheets for pension benefits at December 31 are as follows: (in millions) 2016 2015 Noncurrent assets $ 1.2 $ 1.3 Current liabilities 0.7 0.7 Noncurrent liabilities 355.4 336.2 Amounts recognized in accumulated other comprehensive loss at December 31 consist of: (in millions) 2016 2015 Net actuarial loss $ 462.1 $ 406.0 As shown above, included in accumulated other comprehensive loss at December 31, 2016 , are unrecognized actuarial losses of $462.1 million ( $424.1 million , net of tax). The actuarial loss included in accumulated other comprehensive income and expected to be recognized in net periodic cost in 2017 is $15.7 million . The total accumulated benefit obligation for all plans was $ 1,233.2 million and $ 1,202.2 million at December 31, 2016 and 2015 , respectively. Information for pension plans with an accumulated benefit obligation (“ABO”) in excess of plan assets and plan assets that exceed ABO at December 31, 2016 and 2015 is as follows: At December 31, 2016 (in millions) ABO Exceeds Assets Assets Exceed ABO Total Projected benefit obligation $ 1,229.4 $ 4.2 $ 1,233.6 Accumulated benefit obligation 1,229.4 3.8 1,233.2 Fair value of plan assets 873.3 5.4 878.7 At December 31, 2015 (in millions) ABO Exceeds Assets Assets Exceed ABO Total Projected benefit obligation $ 1,198.3 $ 4.4 $ 1,202.7 Accumulated benefit obligation 1,198.3 3.9 1,202.2 Fair value of plan assets 861.4 5.7 867.1 Assumptions Weighted average actuarial assumptions used to determine benefit obligations at December 31: 2016 2015 Discount rate 4.27 % 4.81 % Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31: 2016 2015 2014 Discount rate 4.81 % 4.33 % 5.23 % Expected rate of return on assets 7.0 % 7.0 % 7.0 % Mortality table (a) RP-2014 RP-2014 RP-2000 (a) The 2016 and 2015 mortality tables were based on a custom mortality improvement scale to reflect expectations of underlying plan participants. The discount rate refers to the interest rate used to discount the estimated future benefit payments to their present value, also referred to as the benefit obligation. The discount rate allows us to estimate what it would cost to settle the pension obligations as of the measurement date, December 31 , and is used as the interest rate factor in the following year’s pension cost. We determine the discount rate by selecting a portfolio of high quality noncallable bonds such that the coupons and maturities exceed our expected benefit payments. In determining the expected rate of return on assets, we consider our historical experience in the plans’ investment portfolio, historical market data and long-term historical relationships as well as a review of other objective indices including current market factors such as inflation and interest rates. Although plan investments are subject to short-term market volatility, we believe they are well diversified and closely managed. Our asset allocation as of December 31, 2016 and 2015 , and targeted long-term asset allocation for the plans are as follows: 2016 2015 Target Equities 38.0 % 37.0 % 37.0 % Debt Securities 30.0 % 30.0 % 33.0 % Absolute Return 32.0 % 33.0 % 30.0 % Based on various market factors, we selected an expected rate of return on assets of 7.0% effective for the 2016 and 2015 valuations. We will continue to review our expected long-term rate of return on an annual basis and revise appropriately. The pension trust holds no YRC Worldwide securities. Future Contributions and Benefit Payments We expect to contribute approximately $53.9 million to our single-employer pension plans in 2017 . Expected benefit payments from our qualified and non-qualified defined benefit pension plans for each of the next five years and the total benefit payments for the following five years ended December 31 are as follows: (in millions) 2017 2018 2019 2020 2021 2022-2026 Expected benefit payments $ 78.2 $ 78.6 $ 79.1 $ 79.5 $ 80.5 $ 400.4 Pension and Other Post-retirement Costs The components of our net periodic pension cost, other post-retirement costs and other amounts recognized in other comprehensive loss (income) for the years ended December 31, 2016 , 2015 and 2014 were as follows: (in millions) 2016 2015 2014 Net periodic benefit cost: Service cost $ 6.5 $ 4.6 $ 4.3 Interest cost 55.9 57.2 60.7 Expected return on plan assets (56.2 ) (59.9 ) (53.7 ) Amortization of prior net loss 13.7 16.0 12.8 Settlement loss — 28.7 — Net periodic pension cost $ 19.9 $ 46.6 $ 24.1 Other changes in plan assets and benefit obligations recognized in other comprehensive loss (income): Net actuarial loss (gain) and other adjustments $ 69.5 $ (52.0 ) $ 126.3 Less amortization of prior losses (13.7 ) (16.0 ) (12.8 ) Settlement adjustment — (28.7 ) — Total recognized in other comprehensive loss (income) 55.8 (96.7 ) 113.5 Total recognized in net periodic benefit cost and other comprehensive loss (income) $ 75.7 $ (50.1 ) $ 137.6 During the years ended December 31, 2015 and 2014 , the income tax provision related to amounts in other comprehensive (income) loss was $12.2 million and $0.2 million , respectively. For the year ended December 31, 2016 , the income tax provision was inconsequential. Fair Value Measurement Our pension assets are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of Level 1 assets are based on quoted market prices. The majority of the Level 1 assets presented in the table below include common stock of both U.S. and, to a lesser extent, international companies, and mutual funds, of which are actively traded and priced in the market. The fair value of Level 2 assets are based on other significant observable inputs, including quoted prices for similar securities. The Level 2 assets presented in the below table consist primarily of fixed income and absolute return funds where values are based on the NAV of the underlying investments held, as determined by the fund managers, or equity securities where values are based on the quoted prices of similar securities and observable market data. Level 3 assets are those where the fair value is determined based on unobservable inputs. The Level 3 assets presented in the table below consist of alternative investments where active market pricing is not readily available and, as such, we use NAV as an estimate of fair value. For the remaining Level 3 assets that do not use NAV to estimate fair value, which consists primarily of private equities, the assets are either priced at cost less cash distributions for recent asset purchases, third-party valuations or discounted cash flow methods. The methods and assumptions used by third-party pricing sources may include a variety of factors, such as recently executed transactions, existing contracts, economic conditions, industry or market developments, and overall credit ratings. These estimated fair values may differ significantly from the values that would have been used had a ready market for these investments existed and as such, differences could be material. The availability of observable data is monitored by plan management to assess appropriate classification of financial instruments within the fair value hierarchy. Depending upon the availability of such inputs, specific securities may transfer between levels. In such instances, the transfer is reported at the end of the reporting period. In 2016, the Company transferred certain short-term interest bearing investments from level 1 to level 2 due to variability in how the underlying investments are priced, whether by an active market or a model. There were no other transfers among the fair value hierarchy levels for the years ended December 31, 2016 and 2015 , respectively. The Company adopted ASU 2015-07 beginning January 1, 2016, which eliminates the requirement to categorize investments in the fair value hierarchy if their fair value is measured at net asset value per share (or its equivalent) using the practical expedient. The fair value tables below reflect the adoption of this standard. The tables below detail by level, within the fair value hierarchy, the pension assets at fair value as of December 31, 2016 and December 31, 2015 : Pension Assets at Fair Value as of December 31, 2016 (in millions) Total Level 1 Level 2 Level 3 Equities $ 87.9 $ 87.9 $ — $ — Private equities 38.3 — — 38.3 Fixed income: Corporate and other 24.8 5.4 15.9 3.5 Government 184.1 72.9 111.2 — Absolute return — — — — Interest bearing 47.3 18.6 28.7 — Investments measured at net asset value (a) $ 496.3 Total plan assets $ 878.7 $ 184.8 $ 155.8 $ 41.8 Pension Assets at Fair Value as of December 31, 2015 (in millions) Total Level 1 Level 2 Level 3 Equities $ 83.2 $ 83.2 $ — — Private equities 40.0 — — 40.0 Fixed income: Corporate and other 35.9 16.0 15.7 4.2 Government 194.5 73.0 121.5 — Absolute return 0.7 — 0.7 — Interest bearing 15.4 15.4 — — Investments measured at net asset value (a) 497.4 Total plan assets $ 867.1 $ 187.6 $ 137.9 $ 44.2 (a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The table below presents the activity of our assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3): (in millions) Private Equities Fixed income Total Level 3 Balance at December 31, 2014 $ 37.0 $ 4.4 $ 41.4 Purchases 4.5 — 4.5 Sales (0.7 ) — (0.7 ) Unrealized gain (0.8 ) (0.2 ) (1.0 ) Balance at December 31, 2015 $ 40.0 $ 4.2 $ 44.2 Purchases 4.0 2.7 6.7 Sales (0.6 ) — (0.6 ) Unrealized gain (5.1 ) (3.4 ) (8.5 ) Balance at December 31, 2016 $ 38.3 $ 3.5 $ 41.8 The following table sets forth a summary of the assets for which a reported NAV is used to estimate the fair value as of December 31, 2016 : Fair value estimated using Net Asset Value per Share (in millions) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Private equities (a) $ 94.6 $ 11.0 Redemptions not permitted Fixed income (b) 186.2 6.2 Redemptions not permitted Equities (c) 91.7 — Monthly 3-30 days Absolute return (d) 123.8 — Monthly, Quarterly 2-45 days Total $ 496.3 (a) Consists of private equity investments in pharmaceuticals and companies primarily in the technology and healthcare sectors. (b) Primarily consists of investments in royalty payments from marketers of pharmaceuticals and related debt securities. (c) Consists of public equity investments in U.S. and non-U.S. markets. (d) Consists of investments in global markets, including derivative securities of equity and fixed income indexes, commodities and interest rates. The following table sets forth a summary of the assets for which a reported NAV is used to estimate the fair value as of December 31, 2015 : Fair value estimated using Net Asset Value per Share (in millions) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Private equities (a) $ 91.1 $ 11.3 Redemptions not permitted Fixed income (b) 193.1 4.0 Redemptions not permitted Equities (c) 103.4 — Monthly, Quarterly 3-30 days Absolute return (d) 109.8 — Monthly, Quarterly 2-60 days Total $ 497.4 (a) Consists of private equity investments in pharmaceuticals and companies primarily in the technology and healthcare sectors. (b) Primarily consists of investments in royalty payments from marketers of pharmaceuticals and related debt securities. (c) Consists of public equity investments in U.S. and non-U.S. markets. (d) Consists of investments in global markets, including derivative securities of equity and fixed income indexes, commodities and interest rates. Generally, the investment strategy for private equities consists of direct investments or investments through limited partnerships with managers who purchase interests in non-public companies. The typical investment strategies of the fixed income and equity funds is based on fundamental and quantitative analysis and consists of long and hedged strategies. The general strategy of the absolute return funds consists of alternative investment techniques, including derivative instruments and other unconventional assets, to achieve an absolute return rate. Multi-Employer Pension Plans YRC Freight, Holland, Reddaway, and New Penn contribute to various separate multi-employer health, welfare and pension plans for employees that are covered by our collective bargaining agreements (approximately 78% of total Company employees). The collective bargaining agreements determine the amounts of these contributions. The health and welfare plans provide medical related benefits to active employees and retirees. The pension plans provide defined benefits to retired participants. We recognize as net pension cost within ‘Salaries, wages and employee benefits’ the contractually required contributions for the period and recognize as a liability any contributions due and unpaid at period end. We do not directly manage multi-employer plans. The trusts covering these plans are generally managed by trustees, half of whom the unions appoint and half of whom various contributing employers appoint. We expensed the following amounts related to these plans for the years ended December 31: (in millions) 2016 2015 2014 Health and welfare $ 453.1 $ 436.8 $ 416.2 Pension 90.3 91.1 93.6 Total $ 543.4 $ 527.9 $ 509.8 Pension Through the third quarter of 2009, we deferred payment of certain of our contributions to multi-employer pension funds. These deferred payments have been recognized as an operating expense and the liability was recorded as deferred contribution obligations. Beginning in the third quarter of 2009 through May 2011, most of our collective bargaining agreements provided for a temporary cessation of pension contributions so no expense or liability was required to be recognized for that period. In accordance with modifications to our collective bargaining agreements, we agreed to resume making pension contributions effective June 1, 2011 at 25.0% of the contribution rate in effect as of July 1, 2009. The following table provides additional information related to our participation in individually significant multi-employer pension plans for the year ended December 31, 2016 : Pension Protection Zone Status (b) Funding Improvement or Rehabilitation Plan Employer Surcharge Imposed Expiration Date of Collective-Bargaining Agreement Pension Fund (a) EIN Number 2016 2015 Central States, Southeast and Southwest Areas Pension Fund 36-6044243 Critical and Declining Critical Yes No 3/31/2019 Teamsters National 401(k) Savings Plan (c) 52-1967784 N/A N/A N/A No 3/31/2019 Road Carriers Local 707 Pension Fund 51-6106510 Critical and Declining Critical Yes No 3/31/2019 Teamsters Local 641 Pension Fund 22-6220288 Critical Critical Yes No 3/31/2019 (a) The determination of individually significant multi-employer plans is based on the relative contributions to the plans over the periods presented as well as other factors. (b) The Pension Protection Zone Status is based on information that the Company obtained from the plans’ Forms 5500. Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available for 2016 and 2015 is for the plan’s year-end during calendar years 2015 and 2014, respectively. Among other factors, plans in the critical or critical and declining zone are generally less than 65 percent funded, plans in the endangered zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. (c) The policies of the Western Conference of Teamsters Pension Trust precluded the Company from reentering the plan on June 1, 2011. The plan did not assess a withdrawal liability and has not done so since June 1, 2011. Contributions related to the employees previously covered by this plan are now being made to the Teamsters National 401(k) Plan. YRC Worldwide was listed in the Central States, Road Carriers Local 707 Pension Fund, Central Pennsylvania Teamsters Defined Benefit Plan and Teamsters Local 641 Pension Fund’s Forms 5500 as providing more than 5 percent of the total contributions for 2015 and 2014. We contributed a total of $89.1 million , $89.4 million and $91.6 million to the multi-employer pension funds for the years ended December 31, 2016, 2015 and 2014 . The following table provides the pension amounts contributed by fund for those funds that are considered to be individually significant: (in millions) 2016 2015 2014 Central States, Southeast and Southwest Areas Pension Plan $ 51.8 $ 51.7 $ 52.2 Teamsters National 401(k) Savings Plan 12.5 12.5 13.1 Road Carriers Local 707 Pension Fund 1.8 2.0 2.3 Teamsters Local 641 Pension Fund 1.3 1.5 1.5 In 2006, the Pension Protection Act became law and modified both the Code as it applies to multi-employer pension plans and the Employment Retirement Income Security Act of 1974 (as amended, “ERISA”). The Code and ERISA (in each case, as so modified) and related regulations establish minimum funding requirements for multi-employer pension plans. In 2014, the MPRA became law which modified the ability to suspend accrued benefits of plans facing insolvency by adding a new zone status of Critical and Declining. If any of our multi-employer pension plans fails to meet minimum funding requirements, meet a required funding improvement or rehabilitation plan that the Pension Protection Act may require for certain of our underfunded plans, obtain from the IRS certain changes to or a waiver of the requirements in how the applicable plan calculates its funding levels, or reduce pension benefits to a level where the requirements are met then we could be required to make additional contributions to the pension plan. If any of our multi-employer pension plans enters critical status or worse and our contributions are not sufficient to satisfy any rehabilitation plan schedule, the Pension Protection Act could require us to make additional surcharge contributions to the multi-employer pension plan in the amount of five to ten percent of the existing contributions required by our labor agreement for the remaining term of the labor agreement. In 2016 and 2015, the Central States, Southeast and Southwest Pension Plan and Road Carriers Local 707 Pension Fund filed an application under MPRA with the Department of Treasury requesting the approval of a benefit suspension plan, which was denied. In 2016 the New York State Teamsters Conference Pension and Retirement Fund filed an application which is pending approval. The plan will have to be evaluated and approved by the Department of Treasury in concert with Department of Labor and Pension Benefit Guaranty Corporation (“PBGC”) before being submitted to a vote of participants. If ultimately approved, the plan would require future employer contribution increases to the plan. If we fail to make our required contributions to a multi-employer plan under a funding improvement or rehabilitation plan, it would expose us to penalties including potential withdrawal liability. If the benchmarks that an applicable funding improvement or rehabilitation plan provides are not met by the end of a prescribed period, the IRS could impose an excise tax on us and the plan’s other contributing employers. These excise taxes are not contributed to the deficient funds, but rather are deposited in the United States general treasury funds. The Company does not believe that the temporary cessation of certain of its contributions to applicable multi-employer pension funds beginning in the third quarter of 2009 and continuing through May 2011 will give rise to these excise taxes as the underlying employer contributions were not required for that period. A requirement to materially increase contributions beyond our contractually agreed rate or the imposition of an excise tax on us could have a material adverse impact on the financial results and liquidity of YRC Worldwide. 401(k) Savings Plans We sponsor the YRC Worldwide Inc. 401(k) Plan and the Reddaway Hourly 401(k) Plan, which are defined contribution plans primarily for employees that our collective bargaining agreements do not cover. The plans permit participants to make contributions to the plans and permit the employer of participants to make contributions on behalf of the participants. Additionally, the Reddaway Hourly 401(k) Plan allows for a non-elective employer contribution. Including non-elective employer contributions, total employer contributions were $7.2 million in 2016 , $4.7 million in 2015 and $2.1 million in 2014 . Our employees covered under collective bargaining agreements may also participate in union-sponsored 401(k) plans. Performance Incentive Awards We provide annual performance incentive awards and more frequent sales and operations incentive awards to certain non-union employees, which are based primarily on actual operating results achieved compared to targeted operating results or sales and operations targets and are paid in cash. Operating income in 2016 , 2015 and 2014 included performance and sales incentive expense for non-union employees of $11.7 million , $13.2 million and $13.9 million , respectively. We generally pay annual performance incentive awards in the first quarter of the following year and sales performance incentive awards on a monthly basis. We also provide short-term performance based cash compensation to key management personnel. During the years ended December 31, 2016 , 2015 and 2014 , compensation expense related to these awards was $2.1 million , $14.1 million and $2.9 million , respectively. Refer to the “Stock Compensation Plans” footnote for an overview of long-term performance based equity compensation, and related compensation expense, associated with such awards. Additionally, operating income in 2015 included a profit sharing bonus for eligible union employees at the Regional Transportation segment of $5.5 million . No such bonus was paid for the years ended December 31, 2016 or 2014 . |
Debt And Financing
Debt And Financing | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt and Financing | Debt and Financing Our outstanding debt as of December 31, 2016 and December 31, 2015 consisted of the following: As of December 31, 2016 (in millions) Par Value Discount Debt Issuance Costs Book Value Stated Interest Rate Effective Interest Rate Term Loan $ 638.5 $ (2.7 ) $ (8.6 ) $ 627.2 8.00 % (a) 8.20 % ABL Facility — — — — N/A N/A Secured Second A&R CDA 28.7 — (0.6 ) 28.1 3.3-18.3% 7.5 % Unsecured Second A&R CDA 73.2 — — 73.2 3.3-18.3% 7.5 % Lease financing obligations 269.9 — (1.3 ) 268.6 9.0-18.2% 12.0 % Total debt $ 1,010.3 $ (2.7 ) $ (10.5 ) $ 997.1 Current maturities of Term Loan $ (6.7 ) $ — $ — $ (6.7 ) Current maturities of lease financing obligations (10.1 ) — — (10.1 ) Long-term debt $ 993.5 $ (2.7 ) $ (10.5 ) $ 980.3 As of December 31, 2015 (in millions) Par Value Premium/ (Discount) Debt Issuance Costs Book Value Stated Interest Rate Effective Interest Rate Term Loan $ 686.0 $ (4.3 ) $ (12.7 ) $ 669.0 8.25 % (a) 8.45 % ABL Facility(a) — — — — N/A N/A Secured Second A&R CDA 44.7 — (0.3 ) 44.4 3.3-18.3% 7.3 % Unsecured Second A&R CDA 73.2 — (0.5 ) 72.7 3.3-18.3% 7.3 % Lease financing obligations 278.0 — (1.7 ) 276.3 10.0-18.2% 12.0 % Total debt $ 1,081.9 $ (4.3 ) $ (15.2 ) $ 1,062.4 Current maturities of Term Loan (7.0 ) — — (7.0 ) Current maturities of lease financing obligations (8.9 ) — — (8.9 ) Long-term debt $ 1,066.0 $ (4.3 ) $ (15.2 ) $ 1,046.5 (a) As of December 31, 2016 and 2015, respectively, the stated interest rate represented a variable interest rate of 1, 3 or 6-month LIBOR, with a floor of 1.0% plus a fixed margin ranging from 7.00% to 7.25% . Credit Facilities As of December 31, 2016 we had two primary credit facilities that we utilized to support our liquidity needs: a $700 million Term Loan and a $450 million ABL Facility. The ABL Facility is used to support our outstanding letters of credit commitments. We have set forth a brief description of our two primary credit facilities and our other financing arrangements in place at December 31, 2016 below. $700 Million First Lien Term Loan On February 13, 2014, we entered into and borrowed in full a $700 million term loan credit agreement (the “Term Loan Agreement”), less a 1% discount, from a syndicate of banks and other financial institutions arranged by Credit Suisse Securities (USA) and Citizens Bank N.A. (formerly known as RBS Citizens, N.A.). No amounts under this Term Loan, once repaid, may be reborrowed. On September 25, 2014, the Company entered into Amendment No. 1 to its Term Loan Agreement, which amended the 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. On January 31, 2017, the Company entered into Amendment No. 3 to its Term Loan Agreement, which adjusted the maximum permitted total leverage ratio through December 31, 2018 and increased the applicable interest rate, among other things. The Term Loan requires quarterly principal payments, with remaining amounts outstanding due upon the maturity date of February 13, 2019. Borrowings under the Term Loan can be repaid in whole or in part at any time, without penalty (other than a 1% premium in connection with a repricing transaction within six months of the effective date of Amendment No. 3), subject to required notice periods and compliance with minimum prepayment amounts. As amended, the Term Loan allows for the election of interest at either the applicable LIBOR (subject to a floor of 1.00% ), plus a margin of 7.50% or an alternative base rate (as defined in the Term Loan Agreement) plus a margin of 6.50% . The Term Loan provides for an uncommitted incremental facility of up to $250 million , which may be used subject to certain financial covenant requirements and satisfaction of other customary conditions. The Term Loan is secured by a perfected first priority security interest in (subject to permitted liens) substantially all assets of the Company and certain domestic subsidiaries, other than (a) accounts receivable, cash, deposit accounts and other assets related to accounts receivable, which are subject to a second priority interest (subject to permitted liens), and (b) certain owned real property securing the obligations under the Second A&R CDA (subject to permitted liens) (the “CDA Collateral”). The Term Loan contains conditions, representations and warranties, events of default, and indemnification provisions that are customary for financings of this type, including, but not limited to, mandatory prepayment obligations, a maximum total leverage ratio covenant, limitations on incurrence of debt, investments, capital expenditures, liens on assets, certain sale and leaseback transactions, transactions with affiliates, mergers, consolidations, purchases and sales of assets, and restricted payments. The Term Loan Agreement governing our Term Loan has certain financial covenants, as amended on January 31, 2017, 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). Our total maximum leverage ratio covenants are as follows: Four Consecutive Fiscal Quarters Ending Maximum Total Four Consecutive Fiscal Quarters Ending Maximum Total December 31, 2016 3.50 to 1.00 March 31, 2018 3.50 to 1.00 March 31, 2017 3.85 to 1.00 June 30, 2018 3.50 to 1.00 June 30, 2017 3.85 to 1.00 September 30, 2018 3.25 to 1.00 September 30, 2017 3.75 to 1.00 December 31, 2018 3.25 to 1.00 December 31, 2017 3.50 to 1.00 Consolidated Adjusted EBITDA, defined in our Term Loan Agreement 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 union employees and gains or losses from permitted dispositions and discontinued operations. Consolidated Total Debt, as defined in our Term Loan Agreement, is the aggregate principal amount of indebtedness outstanding. Our total leverage ratio for the four quarters ending December 31, 2016 was 3.40 to 1.00. $450 Million ABL Facility On February 13, 2014, we entered into our $450 million ABL Facility from a syndicate of banks arranged by Citizens Bank N.A. (formerly known as RBS Citizens, N.A.) (the “ABL Agent”), Merrill Lynch, Pierce, Fenner & Smith and CIT Finance LLC. The ABL Facility terminates on February 13, 2019. YRC Worldwide and our subsidiaries, YRC Freight, Reddaway, Holland and New Penn are borrowers under the ABL Facility, and certain of the Company’s domestic subsidiaries are guarantors thereunder. The ABL Facility matures on February 13, 2019. On June 28, 2016, the Company entered into Amendment No. 2 to the ABL Facility, which extends the maturity from February 13, 2019 to June 28, 2021, so long as 90% of the Term Loan under the Term Loan Agreement is refinanced, replaced or extended with a maturity date of June 28, 2021 or later. Availability under the ABL Facility is derived by reducing the amount that may be advanced against eligible receivables plus eligible borrowing base cash by certain reserves imposed by the ABL Agent and our outstanding letters of credit and revolving loans. Eligible borrowing base cash is cash that is deposited from time to time into a segregated restricted account and is included in “Restricted amounts held in escrow” in the accompanying consolidated balance sheet. The ABL Facility provides for a $100 million uncommitted accordion to increase the revolving commitment in the future. For the years ended December 31, 2016 and 2015 , we had $357.2 million and $362.0 million of outstanding letters of credit, respectively, and no outstanding loans. At our option, borrowings under the ABL Facility bear interest at either: (i) the applicable LIBOR rate plus 1.75% , as amended, or (ii) the base rate (as defined in the ABL Facility) plus 0.75% , as amended. Letter of credit fees equal to the applicable LIBOR margin in effect ( 1.75% as amended, formerly ranging from 2.00% to 2.50% ) are charged quarterly in arrears on the average daily stated amount of all letters of credit outstanding during the quarter. Unused line fees are charged quarterly in arrears (such unused line fee percentage is equal to 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%.) The ABL Facility is secured by a perfected first priority security interest (subject to permitted liens) in 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 (subject to permitted liens) in substantially all remaining assets of the borrowers and the guarantors other than the CDA Collateral. The ABL Facility contains conditions, representations and warranties, events of default and indemnification provisions that are customary for financings of this type, including, but not limited to, a springing minimum fixed charge coverage ratio covenant, borrowing base reporting, limitations on incurrence of debt, investments, capital expenditures, liens on assets, certain sale and leaseback transactions, transactions with affiliates, mergers, consolidations, purchases and sales of assets, and restricted payments. Certain provisions relating to investments, restricted payments and capital expenditures are relaxed upon meeting specified payment conditions or debt repayment conditions. Second Amended and Restated Contribution Deferral Agreement Certain of our subsidiaries are parties to the Amended and Restated Contribution Deferral Agreement (the “A&R CDA”), which was further amended and restated effective January 31, 2014 (the “Second A&R CDA”), with certain multiemployer pension funds named therein (collectively, the “Funds”) pursuant to which we are permitted to continue to defer pension payments and deferred interest owed to such Funds as of July 22, 2011 (each, “Deferred Pension Payments” and “Deferred Interest”). There is no mandatory amortization prior to that time. The Deferred Pension Payments and Deferred Interest (each as defined in the A&R CDA) bear interest at a rate as set forth in the Second A&R CDA. The Second A&R CDA, among other things, extended the maturity of deferred pension payments and deferred interest from March 31, 2015 to December 31, 2019. Under the Second A&R CDA, the Funds maintained their first lien on existing first priority collateral. Pursuant to the terms of the collective bargaining agreement with the IBT, the Company’s subsidiaries began making contributions to the Funds for the month beginning June 1, 2011 at the rate of 25% of the contribution rate in effect on July 1, 2009. However, legislative changes to current law or other satisfactory action or arrangements are required to enable certain of the Funds (based on their funded status) to accept contributions at a reduced rate. The obligations under the Second A&R CDA are secured by a perfected first priority security interest in the CDA Collateral. 2014 Financing Transaction On January 31, 2014, we issued 14,333,334 shares of our Common Stock and 583,334 shares of our Class A 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) deposit with the trustee funds sufficient to repay our 6% Notes at their maturity on February 15, 2014 and (ii) repurchase approximately $90.9 million of our Series A Notes. In February 2014, the Company deposited approximately $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 Series B Notes exchanged their outstanding balances (including the make-whole premium and additional accrued interest through January 15, 2014) at a price of $15.00 per share, while certain other holders converted their Series B Notes to our common stock in accordance with their 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 A&R CDA, which, among other things (i) amended and restated the A&R CDA, (ii) released the agent’s security interest in third priority collateral on the Collateral Release Date (as defined therein), (iii) limited the value of obligations secured by the collateral to the Secured Obligations (as defined therein) 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 ABL Facility and a new $700 million Term Loan, as more fully described above. 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) Term Loan $ 700.0 Extinguish Prior ABL Facility (includes accrued interest) $ 326.0 Proceeds from sale of common stock 215.0 Extinguish Prior Term Loan (includes accrued interest) 299.7 Proceeds from sale of preferred stock 35.0 Retire 6% Notes 71.5 Cash proceeds from restricted amounts held in escrow - existing ABL facility 90.0 Repurchase Series A Notes (upon transaction closing and includes accrued interest) 93.9 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) 92.0 Cash to Balance Sheet 16.5 Total sources $ 1,040.0 Total uses $ 1,040.0 (a) Under the terms of the ABL Facility, this amount was classified as “restricted amounts held in escrow” in the consolidated balance sheet at the closing date of the 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 $ 51.0 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 year ended December 31, 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 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 year ended December 31, 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 Term Loan and 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 to 95.0 million shares and to allow an investor involved in the 2014 Financing Transactions 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 operations. Series B Convertible Senior Secured Notes On July 22, 2011, we issued $100.0 million in aggregate principal of our Series B Notes that bore interest at a stated rate of 10.0% per year and matured on March 31, 2015. Interest was payable on a semiannual basis in arrears only in-kind through the issuance of additional Series B Notes. On March 25, 2015, we entered into an exchange agreement with certain holders of our Series B Notes to exchange their outstanding principal and accrued interest balances totaling $17.9 million at conversion price of $18.00 per share for an aggregate 994,689 shares of Common Stock. During the year ended December 31, 2015, we recorded $0.6 million of additional expense related to the fair value of the incremental shares provide to those holders who exchanged their outstanding balances. At maturity on March 31, 2015, we repaid the holders of the remaining outstanding Series B Notes approximately $0.3 million of cash. As discussed in the “2014 Financing Transaction ” section, on January 31, 2014, certain holders of our Series B Notes exchanged their outstanding balances as part of an exchange agreement. Not including the exchanges made as part of our 2014 Financing Transactions, during the year ended December 31, 2014, $1.2 million of aggregate principal amount of Series B Notes converted into 75,900 shares of our common stock. Upon conversion, 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 Series B Notes converted. Maturities The principal maturities over the next five years and thereafter of total debt as of December 31, 2016 was as follows: Term Loan ABL Facility Second A&R CDA Lease Financing Obligations (a) Total 2017 $ 6.7 $ — $ — $ 10.1 $ 16.8 2018 6.7 — — 11.8 18.5 2019 625.1 — 101.9 6.6 733.6 2020 — — — 4.2 4.2 2021 — — — 3.2 3.2 Thereafter — — — 234.0 234.0 Total $ 638.5 $ — $ 101.9 $ 269.9 $ 1,010.3 (a) Lease financing obligations subsequent to 2021 of $234.0 million represent principal cash obligations of $11.2 million and the estimated net book value of the underlying assets at the expiration of their associated lease agreements of $222.8 million . Fair Value Measurement The book value and estimated fair values of our long-term debt, including current maturities and other financial instruments, are summarized as follows: December 31, 2016 December 31, 2015 (in millions) Book Value Fair Value Book Value Fair Value Term Loan $ 627.2 $ 638.1 $ 669.0 $ 594.6 ABL Facility — — — — Lease financing obligations 268.6 259.1 276.3 282.9 Secured and Unsecured A&R CDA 101.3 101.8 117.1 102.1 Total debt $ 997.1 $ 999.0 $ 1,062.4 $ 979.6 The fair values of the Term Loan and Secured and Unsecured A&R CDA 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 Our principal sources of liquidity are cash and cash equivalents, available borrowings under our ABL Facility and any prospective net cash flow from operations. As of December 31, 2016 , our availability under our ABL Facility was $89.0 million , which is derived by reducing the amount that may be advanced against eligible receivables plus eligible borrowing base cash by certain reserves imposed by the ABL Agent and our $357.2 million of outstanding letters of credit. Of the $89.0 million in availability, we do not expect to access more than $44.4 million (“Managed Accessibility”) based on our springing fixed charge coverage ratio (as set forth in our ABL Facility). Our cash and cash equivalents and Managed Accessibility was $181.1 million as of December 31, 2016 . As of December 31, 2015 , our availability under our ABL Facility was $79.7 million . Of the $79.7 million in availability, Managed Accessibility was $35.5 million . Our cash and cash equivalents and Managed Accessibility was $209.3 million as of December 31, 2015. Outside of funding normal operations, our principal uses of cash include making contributions to our single-employer pension plans and various multi-employer pension funds, and meeting our other cash obligations, including, but not limited to, paying principal and interest on our funded debt, payments on equipment leases and funding capital expenditures. Capital Expenditures/Operating Leases Our capital expenditures for the years ended December 31, 2016 and 2015 were $100.6 million and $108.0 million , respectively. These amounts were principally used to fund the purchase of used tractors and trailers, refurbish engines for our revenue fleet, purchase in-cab safety technology and for capitalized costs to improve our technology infrastructure. For the year ended December 31, 2016 , we entered into new operating lease commitments for revenue equipment totaling $126.4 million , with such payments to be made over the average lease term of 5 years . As of December 31, 2016 , our operating lease obligations for 2017 are $107.4 million and our total operating lease obligations through 2030 total $334.7 million and are expected to increase as we lease additional revenue equipment in future years. |
Stock Compensation Plans
Stock Compensation Plans | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Compensation Plans | Stock Compensation Plans We reserved 5.0 million shares for issuance to key management personnel and directors under the 2011 amended and restated long-term incentive and equity award plan. As of December 31, 2016 , 2.1 million shares remain available for future issuance under this plan. The plan permits the issuance of restricted stock and stock units, as well as options, stock appreciation rights, and performance stock and performance stock unit awards. Awards under the plan can be satisfied in cash or shares at the discretion of the Board of Directors. According to the plan provisions, the stock units provide the holders the right to receive one share of our Common Stock upon vesting (and distribution) of one stock unit. The plan requires the exercise price of any option granted to equal the closing market price of our Common Stock on the date of grant. Stock Options On March 1, 2010, we formalized the Second Union Employee Option Plan that provided for a grant of up to 31,000 options, including the effect of the reverse stock split, to purchase our Common Stock at an exercise price equal to $3,600.00 per share, of which all have been granted. As a part of the union wage reduction, we agreed to award a certain equity interest to all effected union employees. These options vested immediately, will expire 10 years from the grant date, and were exercisable upon shareholder approval, which was received on June 29, 2010, at our annual shareholder meeting. There has been no activity in these stock options and these options had no intrinsic value as of December 31, 2016, 2015, and 2014 . Performance Based Awards In 2015, the Company granted performance stock unit awards to employees under its 2015 long-term incentive plan. The awards provide a target number of stock units that vest equally over three years . A summary of performance-based unvested stock unit activity is as follows: (stock units in thousands) Units (in thousands) Weighted Average Grant-Date Fair Value Unvested at December 31, 2014 — — Granted 427 18.09 Forfeited (6 ) 18.23 Unvested at December 31, 2015 421 18.09 Vested (140 ) $ 17.90 Forfeited (20 ) 16.83 Unvested at December 31, 2016 261 $ 17.98 The Company expenses the grant date fair value of the awards earned in the performance period over the respective service periods. The intrinsic value of unvested shares as of December 31, 2016 was $3.5 million . For the years ended December 31, 2016 and 2015 , the Company recognized compensation expense of $2.3 million and $3.9 million , respectively. Unrecognized compensation expense related to performance based awards of $1.1 million is expected to be recognized over a weighted-average period of 0.5 years . The fair value of the nonvested shares is determined based on the closing trading price of our shares on the grant date. The fair value of shares vested and distributed during the year ended December 31, 2016 was $2.5 million . In March 2016, the Company granted performance-based stock unit awards to employees that were to be settled in cash upon the achievement of specified performance criteria for 2016. No awards were earned as the 2016 performance criteria were not achieved. Restricted Stock A summary of the activity of our unvested restricted stock and stock unit awards are presented in the following table: Shares/units (in thousands) Weighted Average Grant-Date Fair Value Unvested at December 31, 2013 833 $ 8.96 Granted 1,046 15.83 Vested and distributed (564 ) 13.33 Forfeited (26 ) 15.38 Unvested at December 31, 2014 1,289 $ 12.86 Granted 342 17.29 Vested and distributed (835 ) 11.34 Forfeited (29 ) 10.25 Unvested at December 31, 2015 767 $ 14.34 Granted 730 8.76 Vested and distributed (269 ) 12.90 Forfeited (53 ) 11.60 Unvested at December 31, 2016 1,175 $ 11.30 Certain of the directors have deferred receipt of the Common Stock underlying some or all of the restricted stock units they have been awarded until each such director ceases to serve on the Board or, under certain circumstances, upon a change of control. Thus, while some of these restricted stock units have vested, the directors have not yet received the underlying Common Stock. For the years ended December 31, 2016 , 2015 , and 2014 , the total number of restricted stock units that are vested but for which the underlying Common Stock has not been distributed was 410,000 , 275,000 , and 221,000 , respectively; these shares are shown as unvested in the above table. The intrinsic value of unvested shares as of December 31, 2016 was $15.6 million . The Company records expense on a straight-line basis over the vesting term. For the years ended December 31, 2016, 2015 and 2014 , the Company recorded compensation expense for restricted stock awards of $5.0 million , $4.8 million , and $14.4 million , respectively. Unrecognized compensation expense related to restricted stock awards of $5.4 million at December 31, 2016 is expected to be recognized over a weighted-average period of 0.9 years. The vesting provisions for the restricted stock and stock unit awards and the related number of shares granted during the year ended December 31 are as follows: Shares/units (in thousands) Vesting Terms 2016 2015 2014 50% immediately and 50% on the 1 year anniversary of the grant date — — 456 25% per year for four years 8 4 39 100% immediately 123 69 54 20% on February 28, 2015, 60% on July 31, 2015 and 20% on February 28, 2016 — — 459 33.3% per year for three years 599 269 38 Total restricted stock and stock units granted 730 342 1,046 The fair value of nonvested shares is determined based on the closing trading price of our shares on the grant date. The fair value of shares vested and distributed during the years ended December 31, 2016, 2015 and 2014 was $3.5 million , $9.5 million , and $7.2 million , respectively. The outstanding awards under our stock compensation plans provide dividend participation features and are considered participating securities in our earnings per share calculation. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We use the asset and liability method to reflect income taxes on our financial statements, pursuant to ASC 740. We recognize deferred tax assets and liabilities by applying enacted tax rates to the differences between the carrying value of existing assets and liabilities and their respective tax basis and to loss carryforwards. Tax credit carryforwards are recorded as deferred tax assets. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that the change occurs. We assess the validity of deferred tax assets and loss and tax credit carryforwards and provide valuation allowances when we determine it is more likely than not that such assets, losses, or credits will not be realized. We have not recognized deferred taxes relative to foreign subsidiaries’ earnings that are deemed to be permanently reinvested. Any related taxes associated with such earnings are not material. Deferred tax liabilities (assets) were comprised of the following at December 31 : (in millions) 2016 2015 Depreciation $ 229.5 $ 256.3 Deferred revenue 15.8 13.9 Intangibles 8.9 16.2 Gain on debt redemption 25.7 38.5 State taxes 30.2 32.0 Other 31.5 27.5 Deferred tax liabilities 341.6 384.4 Claims and insurance (149.6 ) (165.7 ) Net operating loss carryforwards (302.9 ) (302.4 ) Employee benefit accruals (201.8 ) (221.9 ) Sale/Leaseback transaction (99.9 ) (107.0 ) Other (46.0 ) (54.4 ) Deferred tax assets (800.2 ) (851.4 ) Valuation allowance 461.7 470.5 Net deferred tax assets (338.5 ) (380.9 ) Net deferred tax liability $ 3.1 $ 3.5 The net deferred tax liability of $3.1 million and $3.5 million as of December 31, 2016 and 2015 , respectively, is included as separate line items in the accompanying balance sheets. Current income tax receivable was $9.1 million and $2.3 million as of December 31, 2016 and 2015 , respectively, and is included in “Prepaid expenses and other” in the accompanying balance sheets. As of December 31, 2016 , the Company has remaining federal net operating loss carryforwards of approximately $741.5 million . Deemed ownership changes that occurred in July 2011, in July 2013 and in January 2014 imposed annual and cumulative limits under the Code on the utilization of these carryforwards. These limits are not expected to inhibit the Company’s ability to utilize these losses over their carry forward periods. These carryforwards expire between 2028 and 2036 if not used. As of December 31, 2016 , the Company has foreign tax credit and other credit carryforwards of approximately $7.8 million . Other than $0.9 million of minimum tax credit, these credit carryforwards will likely not be utilized and will expire between 2017 and 2018 if not used. As of December 31, 2016 and 2015 , a valuation allowance of $461.7 million and $470.5 million has been established for deferred tax assets because, based on available sources of future taxable income, it is more likely than not that those assets will not be realized. A reconciliation between income taxes at the federal statutory rate and the consolidated effective tax rate follows: 2016 2015 2014 Federal statutory rate 35.0 % 35.0 % 35.0 % State income taxes, net 2.9 % (50.0 )% (4.9 )% Foreign tax rate differential (3.3 )% 43.2 % 1.4 % Permanent differences 6.9 % (88.6 )% (6.4 )% Valuation allowance (13.0 )% (243.2 )% (31.9 )% Benefit from intraperiod tax allocation under ASC 740 — % 265.9 % — % Net change in unrecognized tax benefits (10.2 )% (11.4 )% 17.8 % Benefit from settlement of litigation & audits — % 54.5 % 1.6 % Other, net (primarily prior year return to provision) (5.7 )% 110.5 % 6.6 % Effective tax rate 12.6 % 115.9 % 19.2 % The income tax provision (benefit) consisted of the following: (in millions) 2016 2015 2014 Current: Federal $ (1.7 ) $ (0.8 ) $ (23.6 ) State (0.7 ) (1.6 ) 3.7 Foreign 5.9 7.1 4.0 Current income tax provision (benefit) $ 3.5 $ 4.7 $ (15.9 ) Deferred: Federal $ — $ (8.7 ) $ — State — (3.0 ) — Foreign (0.4 ) 1.9 (0.2 ) Deferred income tax benefit $ (0.4 ) $ (9.8 ) $ (0.2 ) Income tax provision (benefit) $ 3.1 $ (5.1 ) $ (16.1 ) Based on the income (loss) before income taxes: Domestic $ 3.9 $ (33.2 ) $ (106.2 ) Foreign 20.7 28.8 22.4 Income (Loss) before income taxes $ 24.6 $ (4.4 ) $ (83.8 ) YRC Worldwide applies the intraperiod tax allocation rules of ASC 740 to allocate income taxes among continuing operations, discontinued operations, extraordinary items, other comprehensive income (loss), and additional paid-in capital when our situation meets the criteria as prescribed in the rule. During 2015, the Company recognized $11.7 million of deferred benefit in the statement of consolidated operations and an equal and offsetting deferred tax expense in other comprehensive income included in the statement of consolidated comprehensive loss due to the application of the exception within the intraperiod tax allocation rules. There was no deferred benefit recognized in 2016 or 2014, as the exception did not apply. This allocation has no effect on total tax provision or total valuation allowance. Uncertain Tax Positions A rollforward of the total amount of unrecognized tax benefits for the years ended December 31 is as follows: (in millions) 2016 2015 Unrecognized tax benefits at January 1 $ 30.6 $ 23.1 Increases related to: Tax positions taken during a prior period 17.3 11.5 Tax positions taken during the current period 0.4 0.3 Decreases related to: Tax positions taken during a prior period — — Lapse of applicable statute of limitations (3.0 ) (3.2 ) Settlements with taxing authorities — (1.1 ) Unrecognized tax benefits at December 31 $ 45.3 $ 30.6 At December 31, 2016 and 2015 , there are $10.9 million and $7.6 million of benefits that, if recognized, would affect the effective tax rate. We accrued interest of $0.6 million and $2.0 million for the years ended December 31, 2016 and 2015 and reversed $1.5 million and $3.3 million of previously accrued interest on uncertain tax positions during the years ended December 31, 2016 and 2015 for a net reduction of $0.9 million and $1.3 million for 2016 and 2015. The reversal related primarily to settlements and other favorable resolution of prior uncertain positions. The total amount of interest accrued for uncertain tax positions is $2.2 million and $3.1 million as of December 31, 2016 and 2015 . During the year ended December 31, 2016 , we paid inconsequential amounts of tax and interest to settle foreign audits of tax years 2006 through 2011 for certain of our subsidiaries, and we reduced our previously recorded liability for unrecognized tax benefits accordingly. We have not accrued any penalties relative to uncertain tax positions. We have elected to treat interest and penalties on uncertain tax positions as interest expense and other operating expenses, respectively. It is reasonably possible that the existing unrecognized tax benefits may decrease over the next twelve months by as much as $0.9 million as a result of developments in examinations and/or litigation, or from the expiration of statutes of limitation. Tax years that remain subject to examination for our major tax jurisdictions as of December 31, 2016 : Statute remains open 2005-2015 Tax years currently under examination/exam completed 2005-2013 Tax years not examined 2014-2016 |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments We report financial and descriptive information about our reportable operating segments on a basis consistent with that used internally for evaluating segment performance and allocating resources to segments. We evaluate performance primarily on operating income. We charge management fees and other corporate services to our segments based upon usage or on an overhead allocation basis. Corporate and other operating losses represent operating expenses of YRC Worldwide, the parent company, including compensation and benefits and professional services for all periods presented. Corporate identifiable assets primarily refer to cash, cash equivalents, restricted cash and deferred debt issuance costs and our investment in JHJ until March 2016. Intersegment revenue relates to transportation services between our segments. Revenue from foreign sources totaled $101.0 million , $116.5 million , and $137.5 million for the years ended December 31, 2016, 2015, and 2014 , respectively, and is mainly derived from Canada and, to a lesser extent, Mexico. Long-lived assets located in foreign countries totaled $5.2 million , $6.5 million and $8.7 million at December 31, 2016, 2015, and 2014 , respectively. The following table summarizes our operations by business segment: (in millions) YRC Freight Regional Transportation Corporate/Eliminations Consolidated 2016 External revenue $ 2,958.9 $ 1,739.3 $ (0.7 ) $ 4,697.5 Operating income (loss) 53.2 81.3 (10.2 ) 124.3 Identifiable assets 1,208.7 642.9 (81.6 ) 1,770.0 Acquisition of property and equipment (73.2 ) (27.4 ) — (100.6 ) Proceeds from disposal of property and equipment 31.3 3.8 — 35.1 Depreciation and amortization 90.3 69.5 — 159.8 2015 External revenue $ 3,055.7 $ 1,776.9 $ (0.2 ) $ 4,832.4 Operating income (loss) 18.0 85.4 (10.4 ) 93.0 Identifiable assets (a) 1,351.5 652.9 (125.0 ) 1,879.4 Acquisition of property and equipment (59.2 ) (48.7 ) (0.1 ) (108.0 ) Proceeds from disposal of property and equipment 12.0 5.5 — 17.5 Depreciation and amortization 93.1 70.7 (0.1 ) 163.7 2014 External revenue $ 3,237.4 $ 1,831.4 $ — $ 5,068.8 Operating income (loss) 0.5 66.1 (21.1 ) 45.5 Identifiable assets (a) 1,462.1 685.7 (182.7 ) 1,965.1 Acquisition of property and equipment (37.0 ) (32.2 ) — (69.2 ) Proceeds from disposal of property and equipment 23.2 (2.4 ) — 20.8 Depreciation and amortization 98.0 65.8 (0.2 ) 163.6 (a) Due to the adoption of ASU 2015-03, Interest - Imputation of Interest , “Identifiable assets” were updated for respective years to reflect the reclassification of unamortized debt issuance costs. |
Shareholders' Deficit
Shareholders' Deficit | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Deficit | Shareholders’ Deficit As discussed in the “Debt and Financing” footnote, on January 31, 2014, we issued 14,333,334 shares of our Common Stock and 583,334 of our Convertible Preferred Stock pursuant to the Stock Purchase Agreements, for an aggregate $250.0 million in cash. 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 to 95.0 million and to allow an investor involved in the 2014 Financing Transactions 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). In 2011, the Company designated one of its authorized shares of preferred stock as its Series A Voting Preferred Stock. The Series A Voting Preferred Stock has a $1 liquidation value and entitles the holder to elect two directors to the Company’s Board of Directors. The one share of Series A Voting Preferred Stock was issued to the IBT on July 22, 2011 in connection with the financial restructuring. The Series A Voting Preferred Stock was recorded at its liquidation value. The following reflects the activity in the shares of our preferred and common stock for the years ended December 31: Preferred Shares Common Shares 2016 2015 2014 2016 2015 2014 Beginning balance — — — 32,141 30,667 10,173 Issuance of Common Shares — — — — — 14,333 Issuance of Convertible Preferred Shares — — 583 — — — Conversion of Preferred Shares to Common Shares — — (583 ) — — 2,333 Issuance of equity in exchange for debt — — — — 995 3,471 Issuance of equity awards, net — — — 332 479 357 Ending balance — — — 32,473 32,141 30,667 Our Term Loan agreement in place as of December 31, 2016 , restricts the ability of YRC Worldwide to declare dividends on its outstanding capital stock. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2016 | |
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) available to common shareholders 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 unvested shares and stock units using the treasury stock method and for our convertible notes using the if-converted method. Our calculations for basic and dilutive earnings (loss) per share for the years ended December 31, 2016, 2015, and 2014 are as follows: (dollars in millions, except per share data, shares and stock units in thousands) 2016 2015 2014 Basic and dilutive net income (loss) available to common shareholders $ 21.5 $ 0.7 $ (85.8 ) Basic weighted average shares outstanding 32,416 31,736 28,592 Effect of dilutive securities: Unvested shares and stock units (b) 624 616 — Series B Notes — 240 — Dilutive weighted average shares outstanding 33,040 32,592 28,592 Basic earnings (loss) per share (a) $ 0.66 $ 0.02 $ (3.00 ) Diluted earnings (loss) per share (a) $ 0.65 $ 0.02 $ (3.00 ) (a) Earnings (loss) per share is based on unrounded figures and not the rounded figures presented. (b) Includes unvested shares of Common Stock, unvested stock units, and vested stock units for which the underlying Common Stock has not been distributed. Given our net loss position for the year ended December 31, 2014, there are no dilutive securities for these periods. Our anti-dilutive securities for the years ended December 31 are as follows: (shares and stock units in thousands) 2016 2015 2014 Anti-dilutive unvested shares, options, and stock units (a) 196 71 1,072 Anti-dilutive Series B Notes — — 982 (a) Includes unvested shares of Common Stock, unvested stock units, and vested stock units for which the underlying Common Stock has not been distributed. |
Commitments, Contingencies, And
Commitments, Contingencies, And Uncertainties | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies, and Uncertainties | Commitments, Contingencies, and Uncertainties Financial Matters We incur rental expenses under noncancelable operating lease agreements for certain buildings and operating equipment. Rental expense is charged to “Operating expense and supplies” or “Purchased transportation” on the accompanying statements of operations. Rental expense was $140.8 million , $119.3 million and $98.7 million for the years ended December 31, 2016, 2015 and 2014 , respectively. At December 31, 2016 , we were committed under noncancelable lease agreements requiring minimum annual rentals payable as follows: (in millions) 2017 2018 2019 2020 2021 Thereafter Minimum annual rentals $ 107.4 $ 88.4 $ 61.4 $ 39.5 $ 18.9 $ 19.1 We expect in the ordinary course of business that leases will be renewed or replaced as they expire. The leases provide for fixed and escalating rentals and contingent escalating rentals based on the Consumer Price Index not to exceed certain specified amounts. We record rent expense for our operating leases on a straight-line basis over the base term of the lease agreements. As of December 31, 2016 , we have $6.5 million committed for capital expenditures to be completed during 2017 . California Labor Law Change In October 2015, California adopted new rules governing the payment of piece-rate compensation. New California Labor Code section 226.2 sets forth requirements for the payment of a separate hourly wage for “nonproductive” time worked by piece-rate employees, and separate payment for compensable rest and recovery periods to those employees. The Company continues to assess the impact of this new law and ongoing compliance measures. We believe the possible loss or range of loss is inconsequential to our consolidated financial statements. Other Environmental Matters Incidental to the Company's business in the ordinary course, our equipment is involved in motor vehicle accidents and experiences damage, mechanical failures and cargo issues. From time to time, these matters result in the discharge of hazardous materials into the environment. The Company is sometimes responsible for the clean-up and remediation costs associated with these discharges, depending on local regulations and who is determined to be at fault. For the years ended December 31, 2016 , 2015 , and 2014 , the Company spent approximately $9.1 million , $8.1 million , and $8.0 million , respectively, to comply with applicable laws regulating the discharge of materials into the environment, which included such clean-up and remediation costs. Other Legal Matters We are involved in 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 consolidated financial statements, we believe that our consolidated 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. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions In 2016 , the Company had approximately $5.1 million in revenues related to transportation services and $3.3 million in purchased transportation expense for transportation management and logistics services with Logistics Planning Services (“LPS”). As of December 31, 2016, the related party receivable and payable, respectively, are inconsequential to the financial statements. We continue to do business with LPS in 2017. LPS is a wholly-owned subsidiary of Hall Enterprises, Inc. (“HEI”). Justin Hall, our Chief Commercial Officer since June 1, 2016, serves as a director of, and owns 14.5% of the equity in, HEI. Mr. Hall’s family owns the remaining equity in HEI and Mr. Hall’s father serves as the chairman of the board of HEI. Mr. Hall served as the president of LPS until May 2016, when he resigned as a condition of accepting employment at the Company. Mr. Hall does not set pricing, negotiate transactions, or otherwise control the Company’s business relationship with LPS. On February 20, 2013, we entered into an Advisory Agreement with MAEVA Group, LLC (“MAEVA”), a company owned and controlled by Harry J. Wilson and of which Mr. Wilson is Chairman and CEO. Mr. Wilson served until March 2, 2014 as a director of the Company appointed by the IBT pursuant to its rights as a holder of the Series A Voting Preferred Stock and was not an independent director of the Company. Under the Advisory Agreement, MAEVA provided advisory, analytical, consulting and other services to us in connection with one or more potential transactions and/or other strategic initiatives. We paid MAEVA a $5.5 million completion fee in January 2014 in connection with the completion of the 2014 Financing Transactions. Additionally in February 2014, we paid MAEVA an incremental fee of $3.5 million in recognition of its critical role and performance in designing and leading a series of highly complicated, challenging and interdependent transactions that were critical to the Company’s 2014 Financing Transactions. The term of the Advisory Agreement was extended for the first two months of 2014 in connection with the implementation of the 2014 Financing Transactions. Our entry into the Advisory Agreement and the fees paid to MAEVA in connection with the 2014 Financing Transactions were approved by the independent members of the Board. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 14. Subsequent Events On January 31, 2017, the Company entered into Amendment No. 3 to its Term Loan Agreement, which adjusted the maximum permitted total leverage ratio through December 31, 2018 and increased the applicable interest rate, among other things, as referenced in the “Debt and Financing” footnote to the consolidated financial statements. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
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 significant 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. Until its sale in March 2016, our investment in the non-majority owned affiliate was accounted for on the equity method. | |
Use of Estimates | Use of Estimates Management makes estimates and assumptions when preparing the financial statements in conformity with U.S. generally accepted accounting principles which affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Items subject to such estimates and assumptions include the useful lives of fixed assets and revenue-related reserves; the valuation of deferred tax assets/liabilities, non-union pension plan liability and pension plan assets; and workers’ compensation and property damage and liability claims, and income tax uncertainties. | |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include demand deposits and highly liquid investments purchased with maturities of three months or less. Under the Company’s cash management system, checks issued but not presented to banks frequently result in book overdraft balances for accounting purposes which are classified within accounts payable in the accompanying consolidated balance sheets. The change in book overdrafts are reported as a component of operating cash flows for accounts payable as they do not represent bank overdrafts. | |
Concentration of Credit Risk and Other | Concentration of Credit Risks and Other We sell services and extend credit based on an evaluation of the customer’s financial condition, without requiring collateral. Exposure to losses on receivables is principally dependent on each customer’s financial condition. We monitor our exposure for credit losses and maintain allowances for anticipated losses. | |
Revenue Recognition | Revenue Recognition and Revenue-related Reserves For shipments in transit, we record revenue based on the percentage of service completed as of the period end and accrue delivery costs as incurred. The percentage of service completed for each shipment is based on how far along in the shipment cycle each shipment is in relation to standard transit days. Standard transit days are defined as our published service days between origin zip code and destination zip code. Based on historical cost and engineering studies, certain percentages of revenue are determined to be earned during each stage of the shipment cycle, such as initial pick up, long distance transportation, intermediate transfer and customer delivery. Using standard transit times, we analyze each shipment in transit at a particular period end to determine what stage the shipment is in. We apply that stage’s percentage of revenue earned factor to the rated revenue for that shipment to determine the revenue dollars earned by that shipment in the current period. The total revenue earned is accumulated for all shipments in transit at a particular period end and recorded as operating revenue. In addition, we recognize revenue on a gross basis because we are the primary obligors even when we use other transportation service providers who act on our behalf. We remain responsible to our customers for complete and proper shipment, including the risk of physical loss or damage of the goods and cargo claims issues. We assign pricing to bills of lading at the time of shipment based primarily on the weight, general classification of the product, the shipping destination and individual customer discounts. This process is referred to as rating. At various points throughout our process, incorrect ratings could be identified based on many factors, including weight verifications or updated customer discounts. Although the majority of rerating occurs in the same month as the original rating, a portion occurs during the following periods. We accrue a reserve for rerating based primarily on historical trends. | |
Uncollectible Accounts | We record an allowance for doubtful accounts primarily based on historical uncollectible amounts. We also take into account known factors surrounding specific customers and overall collection trends. Our process involves performing ongoing credit evaluations of customers, including the market in which they operate and the overall economic conditions. We continually review historical trends and customer specific factors and make adjustments to the allowance for doubtful accounts as appropriate. | |
Foreign Currency | Foreign Currency Our functional currency is the U.S. dollar, whereas, our foreign operations utilize the local currency as their functional currency. Accordingly, for purposes of translating foreign subsidiary financial statements to the U.S. dollar reporting currency, assets and liabilities of our foreign operations are translated at the fiscal year end exchange rates and income and expenses are translated monthly, at the average exchange rates for each respective month, with changes recognized in other comprehensive loss. | |
Claims and Self-Insurance Accruals | Self-Insurance Accruals for Claims Claims and insurance accruals, both current and long-term, reflect the estimated settlement cost of claims for workers’ compensation, property damage and liability claims, and cargo loss and damage that insurance does not cover. We establish and modify reserve estimates for workers’ compensation and property damage and liability claims primarily upon actuarial analyses prepared by independent actuaries. These reserves are discounted to present value using a risk-free rate based on the year of occurrence. | |
Stock Compensation Plans | Stock Compensation Plans We have various stock-based employee compensation plans, which are described more fully in the “Stock Compensation Plans” footnote to our consolidated financial statements. We recognize compensation costs for non-vested shares based on the grant date fair value. For our share-based payments granted, with no performance requirement, we recognize compensation cost on a straight-line basis over the requisite service period (generally three to four years) based on the grant-date fair value. For our performance-based awards, the Company expenses the grant date fair value of the awards which are probable of being earned in the performance period over the respective service period. | |
Property and Equipment | We carry property and equipment at cost less accumulated depreciation. We compute depreciation using the straight-line method based on the following service lives: Years Structures 10 - 30 Revenue equipment 10 - 20 Technology equipment and software 3 - 7 Other 3 - 10 We charge maintenance and repairs to expense as incurred and betterments are capitalized. The cost of replacement tires are expensed at the time those tires are placed into service, as is the case with other repair and maintenance costs. Leasehold improvements are capitalized and amortized over the shorter of their useful lives or the remaining lease term. In addition to purchasing new revenue equipment, we will also rebuild the engines of our tractors (at certain time or mile intervals). Because rebuilding an engine increases its useful life, we capitalize these costs and depreciate over the remaining useful life of the unit. The cost of engines on newly acquired revenue equipment is capitalized and depreciated over the estimated useful life of the related equipment. Our investment in technology equipment and software consists primarily of freight movement, automation, administrative, and related software. | |
Equity Method Investments | We accounted for the ownership of our joint venture under the equity method and accordingly, recognized our share of the respective joint ventures earnings in “Nonoperating expenses - Other, net” in the accompanying statements of operations. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments We determined fair value measurements used in our consolidated financial statements based upon the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: • Level 1: Valuations based on quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. • Level 2: Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. • Level 3: Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The asset’s or liability’s fair value measurement level with the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs. The valuation methodologies described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. We believe that our valuation methods are appropriate and consistent with other market participants. The use of different methodologies or assumptions to determine the fair value of certain financial assets could result in a different fair value measurement at the reporting date. | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In May 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-07, Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent) , which eliminates the requirement to categorize investments in the fair value hierarchy if their fair value is measured at net asset value (“NAV”) per share (or its equivalent) using the practical expedient in accordance with the standard for fair value measurement. The standard, which requires retrospective application, was effective for the Company beginning January 1, 2016. The fair value disclosures for our defined benefit pension plan investments as of December 31, 2016 and 2015, respectively, have been updated to reflect the adoption of this standard, as presented in the “Employee Benefits” footnote of our consolidated financial statements. There was no other impact to the consolidated financial statements from the adoption of this standard. In August 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest, which requires debt issue costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the accounting treatment for debt discounts. The recognition and measurement guidance of debt issuance costs are not affected by this update. The standard was effective for the Company beginning January 1, 2016. The Company adopted the standard in the first quarter of 2016, which required retrospective application. The December 31, 2015 consolidated balance sheet and related disclosures were updated to reflect the reclassification of $15.2 million of unamortized debt issuance costs, from “Other assets” to “Long-term debt, less current portion” which related to its Term Loan, Second A&R CDA, and lease financing obligations. There was no other impact to the consolidated financial statements from the adoption of this standard. In April 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers, Deferral of the Effective Date, which defers the effective date of ASU 2014-9, Revenue from Contracts with Customers . The new standard introduces a five-step model to determine when and how revenue is recognized. The premise of the new model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard will be effective for the Company for its annual reporting period beginning January 1, 2018, including interim periods within that reporting period. Early application is permitted for annual periods beginning January 1, 2017. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. The Company is in the process of reviewing customer contracts, but we believe our transportation revenue recognized under the new standard will generally approximate revenue under current standards, in that we recognize transportation revenue proportionately as we perform the transportation service for our customer. The Company plans to complete its evaluation in 2017, including an assessment of the new expanded disclosure requirements and a final determination of the transition method we will use to adopt the new standard. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes , which requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent. The new standard will be effective for the Company for its annual reporting period beginning January 1, 2017, including interim periods within that reporting period. The ASU allows entities to choose either prospective or retrospective transition. The Company will adopt the standard in the first quarter of 2017 and plans to elect prospective application. The Company does not believe the adoption of this standard will have a material impact on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases , which requires lessees to recognize a right-to-use asset and a lease obligation for all leases. Lessees are permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of twelve months or less. Lessor accounting under the new standard is substantially unchanged. Additional qualitative and quantitative disclosures, including significant judgments made by management, will be required. The new standard will become effective for the Company for its annual reporting period beginning January 1, 2019, including interim periods within that reporting period and requires a modified retrospective transition approach. The Company is currently evaluating the impacts the adoption of this standard will have on the consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows , which reduces diversity in the practice of classifying certain transactions in the statement of cash flows. The new standard will become effective for the Company for its annual reporting period beginning January 1, 2018, including interim periods within that reporting period and requires a retrospective transition approach. The Company will adopt the standard beginning with the first quarter of 2018. The Company does not believe the adoption of this standard will have a material impact on the consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory , that requires entities to recognize at the transaction date the income tax consequences of many intercompany asset transfers. The new standard will be effective for the Company for its annual reporting period beginning January 1, 2018, including interim periods within that reporting period. Early application is permitted at the beginning of an interim or annual period. Entities should apply the new standard on a modified retrospective basis with a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption. The Company will adopt the standard in the first quarter of 2018. The Company is still evaluating the effect but does not believe the change will have a material impact on the consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows, to clarify the guidance on how companies present restricted cash and restricted cash equivalents in the statement of cash flows. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. The new standard will |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Undiscounted Amounts And Material Changes In Insurance Claims [Table Text Block] | Expected aggregate undiscounted amounts and material changes to these amounts as of December 31 are presented below: (in millions) Workers’ Compensation Property Damage and Liability Claims Total Undiscounted amount at December 31, 2014 $ 339.1 $ 75.0 $ 414.1 Estimated settlement cost for 2015 claims 92.8 37.0 129.8 Claim payments, net of recoveries (115.0 ) (41.0 ) (156.0 ) Change in estimated settlement cost for older claim years (1.4 ) 13.9 12.5 Undiscounted amount at December 31, 2015 $ 315.5 $ 84.9 $ 400.4 Estimated settlement cost for 2016 claims 89.4 30.0 119.4 Claim payments, net of recoveries (103.6 ) (51.5 ) (155.1 ) Change in estimated settlement cost for older claim years (1.9 ) 9.5 7.6 Undiscounted settlement cost estimate at December 31, 2016 $ 299.4 $ 72.9 $ 372.3 Discounted settlement cost estimate at December 31, 2016 $ 277.0 $ 72.1 $ 349.1 |
Estimated Cash Payments To Settle Claims [Table Text Block] | Estimated cash payments to settle claims which were incurred on or before December 31, 2016 , for the next five years and thereafter are as follows: (in millions) Workers’ Compensation Property Damage and Liability Claims Total 2017 $ 76.2 $ 29.3 $ 105.5 2018 50.5 19.3 69.8 2019 34.9 12.4 47.3 2020 23.9 6.7 30.6 2021 18.3 3.1 21.4 Thereafter 95.6 2.1 97.7 Total $ 299.4 $ 72.9 $ 372.3 |
Property, Plant and Equipment [Table Text Block] | The following is a summary of the components of our property and equipment at cost as of December 31 : (in millions) 2016 2015 Land $ 248.9 $ 254.4 Structures 769.5 789.3 Revenue equipment 1,375.2 1,430.1 Technology equipment and software 186.8 146.4 Other 206.6 202.6 Total cost $ 2,787.0 $ 2,822.8 |
Schedule of Service Lives for Property, Plant and Equipment [Table Text Block] | We carry property and equipment at cost less accumulated depreciation. We compute depreciation using the straight-line method based on the following service lives: Years Structures 10 - 30 Revenue equipment 10 - 20 Technology equipment and software 3 - 7 Other 3 - 10 |
Schedule of Equity Method Investments [Table Text Block] | The following reflects the components of these results for the years ended December 31 : (in millions) 2016 2015 2014 Net equity method earnings $ 0.4 $ 2.3 $ 2.1 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The following tables summarize the fair value hierarchy of our financial assets held at fair value on a recurring basis, which consists of our restricted cash held in escrow: Fair Value Measurement at December 31, 2016 (in millions) Total Carrying Value Quoted prices in active market (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Restricted amounts held in escrow-current $ 126.7 $ 126.7 $ — $ — Restricted amounts held in escrow-long term 12.3 12.3 — — Total assets at fair value $ 139.0 $ 139.0 $ — $ — Fair Value Measurement at December 31, 2015 (in millions) Total Carrying Value Quoted prices in active market (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Restricted amounts held in escrow-current $ 58.8 $ 58.8 $ — $ — Restricted amounts held in escrow-long term 63.4 63.4 — — Total assets at fair value $ 122.2 $ 122.2 $ — $ — |
Intangibles (Tables)
Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The components of amortizable intangible assets are as follows at December 31 : 2016 2015 Weighted Gross Gross Average Carrying Accumulated Carrying Accumulated (in millions) Life (years) Amount Amortization Amount Amortization Customer related 12 $ 197.1 $ (197.1 ) $ 197.0 $ (183.5 ) |
Schedule Of Indefinite Lived Intangible Assets [Table Text Block] | The following table shows the changes in the carrying amount of our indefinite lived tradenames attributable to each applicable segment: (in millions) YRC Freight Regional Transportation Total Balances at December 31, 2013 $ 10.6 $ 18.7 $ 29.3 Change in foreign currency exchange rates (0.8 ) — (0.8 ) Balances at December 31, 2014 9.8 18.7 28.5 Change in foreign currency exchange rates (1.6 ) — (1.6 ) Balances at December 31, 2015 8.2 18.7 26.9 Change in foreign currency exchange rates 0.3 — 0.3 Balances at December 31, 2016 $ 8.5 $ 18.7 $ 27.2 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets [Table Text Block] | The primary components of other assets at December 31 are as follows: (in millions) 2016 2015 Equity method investment for JHJ $ — $ 22.3 Deferred debt costs (a) 4.5 5.0 Prepayments (b) 31.6 35.5 Other 18.1 18.1 Total $ 54.2 $ 80.9 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Reconciliation of the beginning and ending balances of projected benefit obligation and fair value of plan assets [Table Text Block] | The reconciliation of the beginning and ending balances of the projected benefit obligation and the fair value of plan assets for the years ended December 31, 2016 and 2015 , and the funded status at December 31, 2016 and 2015 , is as follows: (in millions) 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 1,202.7 $ 1,355.2 Service cost 6.5 4.6 Interest cost 55.9 57.2 Benefits paid (79.1 ) (151.9 ) Actuarial (gain) loss 53.4 (60.2 ) Expenses paid from assets (5.9 ) (5.8 ) Other 0.1 3.6 Benefit obligation at year end $ 1,233.6 $ 1,202.7 Change in plan assets: Fair value of plan assets at prior year end $ 867.1 $ 899.3 Actual return on plan assets 39.9 56.6 Employer contributions 56.5 70.9 Benefits paid (79.1 ) (151.9 ) Expenses paid from assets (5.9 ) (5.8 ) Other 0.2 (2.0 ) Fair value of plan assets at year end $ 878.7 $ 867.1 Funded status at year end $ (354.9 ) $ (335.6 ) |
Amounts recognized for pension [Table Text Block] | Amounts recognized in the consolidated balance sheets for pension benefits at December 31 are as follows: (in millions) 2016 2015 Noncurrent assets $ 1.2 $ 1.3 Current liabilities 0.7 0.7 Noncurrent liabilities 355.4 336.2 |
Amounts recognized in accumulated other comprehensive loss [Table Text Block] | Amounts recognized in accumulated other comprehensive loss at December 31 consist of: (in millions) 2016 2015 Net actuarial loss $ 462.1 $ 406.0 |
Information for penison plans with ABO in excess of plan assets [Table Text Block] | Information for pension plans with an accumulated benefit obligation (“ABO”) in excess of plan assets and plan assets that exceed ABO at December 31, 2016 and 2015 is as follows: At December 31, 2016 (in millions) ABO Exceeds Assets Assets Exceed ABO Total Projected benefit obligation $ 1,229.4 $ 4.2 $ 1,233.6 Accumulated benefit obligation 1,229.4 3.8 1,233.2 Fair value of plan assets 873.3 5.4 878.7 At December 31, 2015 (in millions) ABO Exceeds Assets Assets Exceed ABO Total Projected benefit obligation $ 1,198.3 $ 4.4 $ 1,202.7 Accumulated benefit obligation 1,198.3 3.9 1,202.2 Fair value of plan assets 861.4 5.7 867.1 |
Schedule of assumptions used [Table Text Block] | Weighted average actuarial assumptions used to determine benefit obligations at December 31: 2016 2015 Discount rate 4.27 % 4.81 % Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31: 2016 2015 2014 Discount rate 4.81 % 4.33 % 5.23 % Expected rate of return on assets 7.0 % 7.0 % 7.0 % Mortality table (a) RP-2014 RP-2014 RP-2000 |
Schedule of expected benefit payments [Table Text Block] | Expected benefit payments from our qualified and non-qualified defined benefit pension plans for each of the next five years and the total benefit payments for the following five years ended December 31 are as follows: (in millions) 2017 2018 2019 2020 2021 2022-2026 Expected benefit payments $ 78.2 $ 78.6 $ 79.1 $ 79.5 $ 80.5 $ 400.4 |
Components of net periodic pension cost recognized in other comprehensive income [Table Text Block] | The reconciliation of the beginning and ending balances of the projected benefit obligation and the fair value of plan assets for the years ended December 31, 2016 and 2015 , and the funded status at December 31, 2016 and 2015 , is as follows: (in millions) 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 1,202.7 $ 1,355.2 Service cost 6.5 4.6 Interest cost 55.9 57.2 Benefits paid (79.1 ) (151.9 ) Actuarial (gain) loss 53.4 (60.2 ) Expenses paid from assets (5.9 ) (5.8 ) Other 0.1 3.6 Benefit obligation at year end $ 1,233.6 $ 1,202.7 Change in plan assets: Fair value of plan assets at prior year end $ 867.1 $ 899.3 Actual return on plan assets 39.9 56.6 Employer contributions 56.5 70.9 Benefits paid (79.1 ) (151.9 ) Expenses paid from assets (5.9 ) (5.8 ) Other 0.2 (2.0 ) Fair value of plan assets at year end $ 878.7 $ 867.1 Funded status at year end $ (354.9 ) $ (335.6 ) |
Schedule of Costs of Retirement Plans [Table Text Block] | The components of our net periodic pension cost, other post-retirement costs and other amounts recognized in other comprehensive loss (income) for the years ended December 31, 2016 , 2015 and 2014 were as follows: (in millions) 2016 2015 2014 Net periodic benefit cost: Service cost $ 6.5 $ 4.6 $ 4.3 Interest cost 55.9 57.2 60.7 Expected return on plan assets (56.2 ) (59.9 ) (53.7 ) Amortization of prior net loss 13.7 16.0 12.8 Settlement loss — 28.7 — Net periodic pension cost $ 19.9 $ 46.6 $ 24.1 Other changes in plan assets and benefit obligations recognized in other comprehensive loss (income): Net actuarial loss (gain) and other adjustments $ 69.5 $ (52.0 ) $ 126.3 Less amortization of prior losses (13.7 ) (16.0 ) (12.8 ) Settlement adjustment — (28.7 ) — Total recognized in other comprehensive loss (income) 55.8 (96.7 ) 113.5 Total recognized in net periodic benefit cost and other comprehensive loss (income) $ 75.7 $ (50.1 ) $ 137.6 |
Pension assets at fair value [Table Text Block] | The tables below detail by level, within the fair value hierarchy, the pension assets at fair value as of December 31, 2016 and December 31, 2015 : Pension Assets at Fair Value as of December 31, 2016 (in millions) Total Level 1 Level 2 Level 3 Equities $ 87.9 $ 87.9 $ — $ — Private equities 38.3 — — 38.3 Fixed income: Corporate and other 24.8 5.4 15.9 3.5 Government 184.1 72.9 111.2 — Absolute return — — — — Interest bearing 47.3 18.6 28.7 — Investments measured at net asset value (a) $ 496.3 Total plan assets $ 878.7 $ 184.8 $ 155.8 $ 41.8 Pension Assets at Fair Value as of December 31, 2015 (in millions) Total Level 1 Level 2 Level 3 Equities $ 83.2 $ 83.2 $ — — Private equities 40.0 — — 40.0 Fixed income: Corporate and other 35.9 16.0 15.7 4.2 Government 194.5 73.0 121.5 — Absolute return 0.7 — 0.7 — Interest bearing 15.4 15.4 — — Investments measured at net asset value (a) 497.4 Total plan assets $ 867.1 $ 187.6 $ 137.9 $ 44.2 (a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. |
Assets measured at fair value on a recurring basis (Level 3) [Table Text Block] | The table below presents the activity of our assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3): (in millions) Private Equities Fixed income Total Level 3 Balance at December 31, 2014 $ 37.0 $ 4.4 $ 41.4 Purchases 4.5 — 4.5 Sales (0.7 ) — (0.7 ) Unrealized gain (0.8 ) (0.2 ) (1.0 ) Balance at December 31, 2015 $ 40.0 $ 4.2 $ 44.2 Purchases 4.0 2.7 6.7 Sales (0.6 ) — (0.6 ) Unrealized gain (5.1 ) (3.4 ) (8.5 ) Balance at December 31, 2016 $ 38.3 $ 3.5 $ 41.8 |
Level 3 assets using NAV [Table Text Block] | The following table sets forth a summary of the assets for which a reported NAV is used to estimate the fair value as of December 31, 2016 : Fair value estimated using Net Asset Value per Share (in millions) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Private equities (a) $ 94.6 $ 11.0 Redemptions not permitted Fixed income (b) 186.2 6.2 Redemptions not permitted Equities (c) 91.7 — Monthly 3-30 days Absolute return (d) 123.8 — Monthly, Quarterly 2-45 days Total $ 496.3 (a) Consists of private equity investments in pharmaceuticals and companies primarily in the technology and healthcare sectors. (b) Primarily consists of investments in royalty payments from marketers of pharmaceuticals and related debt securities. (c) Consists of public equity investments in U.S. and non-U.S. markets. (d) Consists of investments in global markets, including derivative securities of equity and fixed income indexes, commodities and interest rates. The following table sets forth a summary of the assets for which a reported NAV is used to estimate the fair value as of December 31, 2015 : Fair value estimated using Net Asset Value per Share (in millions) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Private equities (a) $ 91.1 $ 11.3 Redemptions not permitted Fixed income (b) 193.1 4.0 Redemptions not permitted Equities (c) 103.4 — Monthly, Quarterly 3-30 days Absolute return (d) 109.8 — Monthly, Quarterly 2-60 days Total $ 497.4 (a) Consists of private equity investments in pharmaceuticals and companies primarily in the technology and healthcare sectors. (b) Primarily consists of investments in royalty payments from marketers of pharmaceuticals and related debt securities. (c) Consists of public equity investments in U.S. and non-U.S. markets. (d) Consists of investments in global markets, including derivative securities of equity and fixed income indexes, commodities and interest rates. |
Schedule of multiemployer plans [Table Text Block] | We expensed the following amounts related to these plans for the years ended December 31: (in millions) 2016 2015 2014 Health and welfare $ 453.1 $ 436.8 $ 416.2 Pension 90.3 91.1 93.6 Total $ 543.4 $ 527.9 $ 509.8 The following table provides additional information related to our participation in individually significant multi-employer pension plans for the year ended December 31, 2016 : Pension Protection Zone Status (b) Funding Improvement or Rehabilitation Plan Employer Surcharge Imposed Expiration Date of Collective-Bargaining Agreement Pension Fund (a) EIN Number 2016 2015 Central States, Southeast and Southwest Areas Pension Fund 36-6044243 Critical and Declining Critical Yes No 3/31/2019 Teamsters National 401(k) Savings Plan (c) 52-1967784 N/A N/A N/A No 3/31/2019 Road Carriers Local 707 Pension Fund 51-6106510 Critical and Declining Critical Yes No 3/31/2019 Teamsters Local 641 Pension Fund 22-6220288 Critical Critical Yes No 3/31/2019 (a) The determination of individually significant multi-employer plans is based on the relative contributions to the plans over the periods presented as well as other factors. (b) The Pension Protection Zone Status is based on information that the Company obtained from the plans’ Forms 5500. Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available for 2016 and 2015 is for the plan’s year-end during calendar years 2015 and 2014, respectively. Among other factors, plans in the critical or critical and declining zone are generally less than 65 percent funded, plans in the endangered zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. (c) The policies of the Western Conference of Teamsters Pension Trust precluded the Company from reentering the plan on June 1, 2011. The plan did not assess a withdrawal liability and has not done so since June 1, 2011. Contributions related to the employees previously covered by this plan are now being made to the Teamsters National 401(k) Plan. |
Schedule of multiemployer plans [Table Text Block] | We expensed the following amounts related to these plans for the years ended December 31: (in millions) 2016 2015 2014 Health and welfare $ 453.1 $ 436.8 $ 416.2 Pension 90.3 91.1 93.6 Total $ 543.4 $ 527.9 $ 509.8 The following table provides additional information related to our participation in individually significant multi-employer pension plans for the year ended December 31, 2016 : Pension Protection Zone Status (b) Funding Improvement or Rehabilitation Plan Employer Surcharge Imposed Expiration Date of Collective-Bargaining Agreement Pension Fund (a) EIN Number 2016 2015 Central States, Southeast and Southwest Areas Pension Fund 36-6044243 Critical and Declining Critical Yes No 3/31/2019 Teamsters National 401(k) Savings Plan (c) 52-1967784 N/A N/A N/A No 3/31/2019 Road Carriers Local 707 Pension Fund 51-6106510 Critical and Declining Critical Yes No 3/31/2019 Teamsters Local 641 Pension Fund 22-6220288 Critical Critical Yes No 3/31/2019 (a) The determination of individually significant multi-employer plans is based on the relative contributions to the plans over the periods presented as well as other factors. (b) The Pension Protection Zone Status is based on information that the Company obtained from the plans’ Forms 5500. Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available for 2016 and 2015 is for the plan’s year-end during calendar years 2015 and 2014, respectively. Among other factors, plans in the critical or critical and declining zone are generally less than 65 percent funded, plans in the endangered zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. (c) The policies of the Western Conference of Teamsters Pension Trust precluded the Company from reentering the plan on June 1, 2011. The plan did not assess a withdrawal liability and has not done so since June 1, 2011. Contributions related to the employees previously covered by this plan are now being made to the Teamsters National 401(k) Plan. |
Pension amounts contributed by fund [Table Text Block] | The following table provides the pension amounts contributed by fund for those funds that are considered to be individually significant: (in millions) 2016 2015 2014 Central States, Southeast and Southwest Areas Pension Plan $ 51.8 $ 51.7 $ 52.2 Teamsters National 401(k) Savings Plan 12.5 12.5 13.1 Road Carriers Local 707 Pension Fund 1.8 2.0 2.3 Teamsters Local 641 Pension Fund 1.3 1.5 1.5 |
Debt And Financing (Tables)
Debt And Financing (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Our outstanding debt as of December 31, 2016 and December 31, 2015 consisted of the following: As of December 31, 2016 (in millions) Par Value Discount Debt Issuance Costs Book Value Stated Interest Rate Effective Interest Rate Term Loan $ 638.5 $ (2.7 ) $ (8.6 ) $ 627.2 8.00 % (a) 8.20 % ABL Facility — — — — N/A N/A Secured Second A&R CDA 28.7 — (0.6 ) 28.1 3.3-18.3% 7.5 % Unsecured Second A&R CDA 73.2 — — 73.2 3.3-18.3% 7.5 % Lease financing obligations 269.9 — (1.3 ) 268.6 9.0-18.2% 12.0 % Total debt $ 1,010.3 $ (2.7 ) $ (10.5 ) $ 997.1 Current maturities of Term Loan $ (6.7 ) $ — $ — $ (6.7 ) Current maturities of lease financing obligations (10.1 ) — — (10.1 ) Long-term debt $ 993.5 $ (2.7 ) $ (10.5 ) $ 980.3 As of December 31, 2015 (in millions) Par Value Premium/ (Discount) Debt Issuance Costs Book Value Stated Interest Rate Effective Interest Rate Term Loan $ 686.0 $ (4.3 ) $ (12.7 ) $ 669.0 8.25 % (a) 8.45 % ABL Facility(a) — — — — N/A N/A Secured Second A&R CDA 44.7 — (0.3 ) 44.4 3.3-18.3% 7.3 % Unsecured Second A&R CDA 73.2 — (0.5 ) 72.7 3.3-18.3% 7.3 % Lease financing obligations 278.0 — (1.7 ) 276.3 10.0-18.2% 12.0 % Total debt $ 1,081.9 $ (4.3 ) $ (15.2 ) $ 1,062.4 Current maturities of Term Loan (7.0 ) — — (7.0 ) Current maturities of lease financing obligations (8.9 ) — — (8.9 ) Long-term debt $ 1,066.0 $ (4.3 ) $ (15.2 ) $ 1,046.5 (a) As of December 31, 2016 and 2015, respectively, the stated interest rate represented a variable interest rate of 1, 3 or 6-month LIBOR, with a floor of 1.0% plus a fixed margin ranging from 7.00% to 7.25% . |
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) Term Loan $ 700.0 Extinguish Prior ABL Facility (includes accrued interest) $ 326.0 Proceeds from sale of common stock 215.0 Extinguish Prior Term Loan (includes accrued interest) 299.7 Proceeds from sale of preferred stock 35.0 Retire 6% Notes 71.5 Cash proceeds from restricted amounts held in escrow - existing ABL facility 90.0 Repurchase Series A Notes (upon transaction closing and includes accrued interest) 93.9 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) 92.0 Cash to Balance Sheet 16.5 Total sources $ 1,040.0 Total uses $ 1,040.0 (a) Under the terms of the ABL Facility, this amount was classified as “restricted amounts held in escrow” in the consolidated balance sheet at the closing date of the 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 $ 51.0 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 Maturities of Long-term Debt [Table Text Block] | The principal maturities over the next five years and thereafter of total debt as of December 31, 2016 was as follows: Term Loan ABL Facility Second A&R CDA Lease Financing Obligations (a) Total 2017 $ 6.7 $ — $ — $ 10.1 $ 16.8 2018 6.7 — — 11.8 18.5 2019 625.1 — 101.9 6.6 733.6 2020 — — — 4.2 4.2 2021 — — — 3.2 3.2 Thereafter — — — 234.0 234.0 Total $ 638.5 $ — $ 101.9 $ 269.9 $ 1,010.3 (a) Lease financing obligations subsequent to 2021 of $234.0 million represent principal cash obligations of $11.2 million and the estimated net book value of the underlying assets at the expiration of their associated lease agreements of $222.8 million . |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | The book value and estimated fair values of our long-term debt, including current maturities and other financial instruments, are summarized as follows: December 31, 2016 December 31, 2015 (in millions) Book Value Fair Value Book Value Fair Value Term Loan $ 627.2 $ 638.1 $ 669.0 $ 594.6 ABL Facility — — — — Lease financing obligations 268.6 259.1 276.3 282.9 Secured and Unsecured A&R CDA 101.3 101.8 117.1 102.1 Total debt $ 997.1 $ 999.0 $ 1,062.4 $ 979.6 |
Schedule of Maximum Total Leverage Ratio for Remaining Test Periods [Table Text Block] | Our total maximum leverage ratio covenants are as follows: Four Consecutive Fiscal Quarters Ending Maximum Total Four Consecutive Fiscal Quarters Ending Maximum Total December 31, 2016 3.50 to 1.00 March 31, 2018 3.50 to 1.00 March 31, 2017 3.85 to 1.00 June 30, 2018 3.50 to 1.00 June 30, 2017 3.85 to 1.00 September 30, 2018 3.25 to 1.00 September 30, 2017 3.75 to 1.00 December 31, 2018 3.25 to 1.00 December 31, 2017 3.50 to 1.00 |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Options Outstanding [Table Text Block] | A summary of performance-based unvested stock unit activity is as follows: (stock units in thousands) Units (in thousands) Weighted Average Grant-Date Fair Value Unvested at December 31, 2014 — — Granted 427 18.09 Forfeited (6 ) 18.23 Unvested at December 31, 2015 421 18.09 Vested (140 ) $ 17.90 Forfeited (20 ) 16.83 Unvested at December 31, 2016 261 $ 17.98 |
Restricted Stock and Restricted Stock Units Activity [Table Text Block] | A summary of the activity of our unvested restricted stock and stock unit awards are presented in the following table: Shares/units (in thousands) Weighted Average Grant-Date Fair Value Unvested at December 31, 2013 833 $ 8.96 Granted 1,046 15.83 Vested and distributed (564 ) 13.33 Forfeited (26 ) 15.38 Unvested at December 31, 2014 1,289 $ 12.86 Granted 342 17.29 Vested and distributed (835 ) 11.34 Forfeited (29 ) 10.25 Unvested at December 31, 2015 767 $ 14.34 Granted 730 8.76 Vested and distributed (269 ) 12.90 Forfeited (53 ) 11.60 Unvested at December 31, 2016 1,175 $ 11.30 |
Restricted Stock And Restricted Stock Units Vesting Term [Table Text Block] | The vesting provisions for the restricted stock and stock unit awards and the related number of shares granted during the year ended December 31 are as follows: Shares/units (in thousands) Vesting Terms 2016 2015 2014 50% immediately and 50% on the 1 year anniversary of the grant date — — 456 25% per year for four years 8 4 39 100% immediately 123 69 54 20% on February 28, 2015, 60% on July 31, 2015 and 20% on February 28, 2016 — — 459 33.3% per year for three years 599 269 38 Total restricted stock and stock units granted 730 342 1,046 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred tax liabilities (assets) were comprised of the following at December 31 : (in millions) 2016 2015 Depreciation $ 229.5 $ 256.3 Deferred revenue 15.8 13.9 Intangibles 8.9 16.2 Gain on debt redemption 25.7 38.5 State taxes 30.2 32.0 Other 31.5 27.5 Deferred tax liabilities 341.6 384.4 Claims and insurance (149.6 ) (165.7 ) Net operating loss carryforwards (302.9 ) (302.4 ) Employee benefit accruals (201.8 ) (221.9 ) Sale/Leaseback transaction (99.9 ) (107.0 ) Other (46.0 ) (54.4 ) Deferred tax assets (800.2 ) (851.4 ) Valuation allowance 461.7 470.5 Net deferred tax assets (338.5 ) (380.9 ) Net deferred tax liability $ 3.1 $ 3.5 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation between income taxes at the federal statutory rate and the consolidated effective tax rate follows: 2016 2015 2014 Federal statutory rate 35.0 % 35.0 % 35.0 % State income taxes, net 2.9 % (50.0 )% (4.9 )% Foreign tax rate differential (3.3 )% 43.2 % 1.4 % Permanent differences 6.9 % (88.6 )% (6.4 )% Valuation allowance (13.0 )% (243.2 )% (31.9 )% Benefit from intraperiod tax allocation under ASC 740 — % 265.9 % — % Net change in unrecognized tax benefits (10.2 )% (11.4 )% 17.8 % Benefit from settlement of litigation & audits — % 54.5 % 1.6 % Other, net (primarily prior year return to provision) (5.7 )% 110.5 % 6.6 % Effective tax rate 12.6 % 115.9 % 19.2 % |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The income tax provision (benefit) consisted of the following: (in millions) 2016 2015 2014 Current: Federal $ (1.7 ) $ (0.8 ) $ (23.6 ) State (0.7 ) (1.6 ) 3.7 Foreign 5.9 7.1 4.0 Current income tax provision (benefit) $ 3.5 $ 4.7 $ (15.9 ) Deferred: Federal $ — $ (8.7 ) $ — State — (3.0 ) — Foreign (0.4 ) 1.9 (0.2 ) Deferred income tax benefit $ (0.4 ) $ (9.8 ) $ (0.2 ) Income tax provision (benefit) $ 3.1 $ (5.1 ) $ (16.1 ) Based on the income (loss) before income taxes: Domestic $ 3.9 $ (33.2 ) $ (106.2 ) Foreign 20.7 28.8 22.4 Income (Loss) before income taxes $ 24.6 $ (4.4 ) $ (83.8 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A rollforward of the total amount of unrecognized tax benefits for the years ended December 31 is as follows: (in millions) 2016 2015 Unrecognized tax benefits at January 1 $ 30.6 $ 23.1 Increases related to: Tax positions taken during a prior period 17.3 11.5 Tax positions taken during the current period 0.4 0.3 Decreases related to: Tax positions taken during a prior period — — Lapse of applicable statute of limitations (3.0 ) (3.2 ) Settlements with taxing authorities — (1.1 ) Unrecognized tax benefits at December 31 $ 45.3 $ 30.6 |
Summary of Income Tax Examinations [Table Text Block] | Tax years that remain subject to examination for our major tax jurisdictions as of December 31, 2016 : Statute remains open 2005-2015 Tax years currently under examination/exam completed 2005-2013 Tax years not examined 2014-2016 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 Transportation Corporate/Eliminations Consolidated 2016 External revenue $ 2,958.9 $ 1,739.3 $ (0.7 ) $ 4,697.5 Operating income (loss) 53.2 81.3 (10.2 ) 124.3 Identifiable assets 1,208.7 642.9 (81.6 ) 1,770.0 Acquisition of property and equipment (73.2 ) (27.4 ) — (100.6 ) Proceeds from disposal of property and equipment 31.3 3.8 — 35.1 Depreciation and amortization 90.3 69.5 — 159.8 2015 External revenue $ 3,055.7 $ 1,776.9 $ (0.2 ) $ 4,832.4 Operating income (loss) 18.0 85.4 (10.4 ) 93.0 Identifiable assets (a) 1,351.5 652.9 (125.0 ) 1,879.4 Acquisition of property and equipment (59.2 ) (48.7 ) (0.1 ) (108.0 ) Proceeds from disposal of property and equipment 12.0 5.5 — 17.5 Depreciation and amortization 93.1 70.7 (0.1 ) 163.7 2014 External revenue $ 3,237.4 $ 1,831.4 $ — $ 5,068.8 Operating income (loss) 0.5 66.1 (21.1 ) 45.5 Identifiable assets (a) 1,462.1 685.7 (182.7 ) 1,965.1 Acquisition of property and equipment (37.0 ) (32.2 ) — (69.2 ) Proceeds from disposal of property and equipment 23.2 (2.4 ) — 20.8 Depreciation and amortization 98.0 65.8 (0.2 ) 163.6 |
Shareholders' Deficit (Tables)
Shareholders' Deficit (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity [Table Text Block] | The following reflects the activity in the shares of our preferred and common stock for the years ended December 31: Preferred Shares Common Shares 2016 2015 2014 2016 2015 2014 Beginning balance — — — 32,141 30,667 10,173 Issuance of Common Shares — — — — — 14,333 Issuance of Convertible Preferred Shares — — 583 — — — Conversion of Preferred Shares to Common Shares — — (583 ) — — 2,333 Issuance of equity in exchange for debt — — — — 995 3,471 Issuance of equity awards, net — — — 332 479 357 Ending balance — — — 32,473 32,141 30,667 |
Earnings (Loss) Per Share Loss
Earnings (Loss) Per Share Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Our calculations for basic and dilutive earnings (loss) per share for the years ended December 31, 2016, 2015, and 2014 are as follows: (dollars in millions, except per share data, shares and stock units in thousands) 2016 2015 2014 Basic and dilutive net income (loss) available to common shareholders $ 21.5 $ 0.7 $ (85.8 ) Basic weighted average shares outstanding 32,416 31,736 28,592 Effect of dilutive securities: Unvested shares and stock units (b) 624 616 — Series B Notes — 240 — Dilutive weighted average shares outstanding 33,040 32,592 28,592 Basic earnings (loss) per share (a) $ 0.66 $ 0.02 $ (3.00 ) Diluted earnings (loss) per share (a) $ 0.65 $ 0.02 $ (3.00 ) (a) Earnings (loss) per share is based on unrounded figures and not the rounded figures presented. |
Schedule of Antidilutive Securities | Our anti-dilutive securities for the years ended December 31 are as follows: (shares and stock units in thousands) 2016 2015 2014 Anti-dilutive unvested shares, options, and stock units (a) 196 71 1,072 Anti-dilutive Series B Notes — — 982 |
Commitments, Contingencies, a33
Commitments, Contingencies, and Uncertainties (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | At December 31, 2016 , we were committed under noncancelable lease agreements requiring minimum annual rentals payable as follows: (in millions) 2017 2018 2019 2020 2021 Thereafter Minimum annual rentals $ 107.4 $ 88.4 $ 61.4 $ 39.5 $ 18.9 $ 19.1 |
Accounting Policies (Details)
Accounting Policies (Details) $ in Millions | Nov. 30, 2011 | Sep. 30, 2010 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Reverse stock split, conversion ratio | 0.003333 | ||||
Rerate reserve as a reduction to accounts receivable | $ 10.4 | $ 8.1 | |||
Allowance for doubtful accounts | 9.5 | 7.4 | |||
Foreign currency transactions gains | $ 0.9 | $ 9.3 | $ 5.7 | ||
Risk-free rate for maturities of workers' compensation claims | 1.01% | 1.01% | 0.90% | ||
Risk-free rate for property damage and liability claims | 0.80% | 0.70% | 0.40% | ||
Accrued claims and insurance | $ 364.4 | $ 392.7 | |||
Labor Force Concentration Risk [Member] | Workforce Subject to Collective Bargaining Arrangements [Member] | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Percentage of labor force | 78.00% | ||||
February 17, 2010 Amendment [Member] | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Reverse stock split, conversion ratio | 0.04 | ||||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Reclassification of net losses to net income | $ 13.7 | 14.1 | $ 12.7 | ||
Long-term Debt [Member] | Accounting Standards Update 2015-03 | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Deferred finance costs | 15.2 | ||||
Other Assets [Member] | Accounting Standards Update 2015-03 | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Deferred finance costs | $ (15.2) |
Accounting Policies (Claims and
Accounting Policies (Claims and Insurance) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Workers' Compensation [Member] | ||
LIability For Unpaid Claims And Claim Adjustment Expense, Adjustment Of Opening Balance [Roll Forward] | ||
Undiscounted amount | $ 315.5 | $ 339.1 |
Estimated settlement cost | 89.4 | 92.8 |
Claim payments, net of recoveries | (103.6) | (115) |
Change in estimated settlement cost for older claim years | (1.9) | (1.4) |
Undiscounted amount | 299.4 | 315.5 |
Discounted settlement cost estimate | 277 | |
Property Damage and Liability Claims [Member] | ||
LIability For Unpaid Claims And Claim Adjustment Expense, Adjustment Of Opening Balance [Roll Forward] | ||
Undiscounted amount | 84.9 | 75 |
Estimated settlement cost | 30 | 37 |
Claim payments, net of recoveries | (51.5) | (41) |
Change in estimated settlement cost for older claim years | 9.5 | 13.9 |
Undiscounted amount | 72.9 | 84.9 |
Discounted settlement cost estimate | 72.1 | |
Total [Member] | ||
LIability For Unpaid Claims And Claim Adjustment Expense, Adjustment Of Opening Balance [Roll Forward] | ||
Undiscounted amount | 400.4 | 414.1 |
Estimated settlement cost | 119.4 | 129.8 |
Claim payments, net of recoveries | (155.1) | (156) |
Change in estimated settlement cost for older claim years | 7.6 | 12.5 |
Undiscounted amount | 372.3 | 400.4 |
Discounted settlement cost estimate | 349.1 | |
Cargo Claims And Other Insurance Related Amounts [Member] | ||
LIability For Unpaid Claims And Claim Adjustment Expense, Adjustment Of Opening Balance [Roll Forward] | ||
Undiscounted amount | 17 | |
Undiscounted amount | $ 15.3 | $ 17 |
Accounting Policies (Estimated
Accounting Policies (Estimated Cash Payments) (Details) $ in Millions | Dec. 31, 2016USD ($) |
Workers' Compensation [Member] | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
2,017 | $ 76.2 |
2,018 | 50.5 |
2,019 | 34.9 |
2,020 | 23.9 |
2,021 | 18.3 |
Thereafter | 95.6 |
Total | 299.4 |
Property Damage and Liability Claims [Member] | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
2,017 | 29.3 |
2,018 | 19.3 |
2,019 | 12.4 |
2,020 | 6.7 |
2,021 | 3.1 |
Thereafter | 2.1 |
Total | 72.9 |
Total [Member] | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
2,017 | 105.5 |
2,018 | 69.8 |
2,019 | 47.3 |
2,020 | 30.6 |
2,021 | 21.4 |
Thereafter | 97.7 |
Total | $ 372.3 |
Accounting Policies (Property a
Accounting Policies (Property and Equipment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Land | $ 248.9 | $ 254.4 | |
Structures | 769.5 | 789.3 | |
Revenue equipment | 1,375.2 | 1,430.1 | |
Technology equipment and software | 186.8 | 146.4 | |
Other | 206.6 | 202.6 | |
Total cost | 2,787 | 2,822.8 | |
Depreciation | $ 146.3 | $ 145.5 | $ 145.1 |
Structures [Member] | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, service life | 10 years | ||
Structures [Member] | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, service life | 30 years | ||
Revenue equipment [Member] | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, service life | 10 years | ||
Revenue equipment [Member] | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, service life | 20 years | ||
Technology equipment and software [Member] | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, service life | 3 years | ||
Technology equipment and software [Member] | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, service life | 7 years | ||
Other [Member] | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, service life | 3 years | ||
Other [Member] | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, service life | 10 years |
Accounting Policies (Equity Met
Accounting Policies (Equity Method Investments) (Details) - USD ($) $ in Millions | Mar. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Entity Information [Line Items] | ||||
Reclassification of foreign currency translation gains to net income | $ (10.4) | $ 0 | $ 0 | |
Equity Method Investment Held For Sale Price | 16.3 | |||
Our share of joint venture earnings | 0.4 | 2.3 | 2.1 | |
Proceeds from disposal of equity method investment, net | $ 16.3 | 14.6 | 0 | 0 |
Equity Method Investment, Transaction Fee | 1.7 | |||
Equity Method Investment, Amount Sold | 22.7 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 1.3 | $ (12) | $ (4.1) | |
Gain (Loss) on Sale of Equity Investments | 2.3 | |||
JHJ international Transportation Co. [Member] | ||||
Entity Information [Line Items] | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ 10.4 |
Accounting Policies (Fair Value
Accounting Policies (Fair Value Measurement) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted amounts held in escrow-current | $ 126.7 | $ 58.8 |
Restricted amounts held in escrow-long term | 12.3 | 63.4 |
Total assets at fair value | 139 | 122.2 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted amounts held in escrow-current | 126.7 | 58.8 |
Restricted amounts held in escrow-long term | 12.3 | 63.4 |
Total assets at fair value | 139 | 122.2 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted amounts held in escrow-current | 0 | 0 |
Restricted amounts held in escrow-long term | 0 | 0 |
Total assets at fair value | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted amounts held in escrow-current | 0 | 0 |
Restricted amounts held in escrow-long term | 0 | 0 |
Total assets at fair value | $ 0 | $ 0 |
Investment (Business Combinatio
Investment (Business Combinations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ 1.3 | $ (12) | $ (4.1) |
JHJ international Transportation Co. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ 10.4 |
Intangibles (Finite Lived by Ma
Intangibles (Finite Lived by Major Class) (Details) - Customer related [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life (years) | 12 years | |
Gross Carrying Amount | $ 197.1 | $ 197 |
Accumulated Amortization | $ (197.1) | $ (183.5) |
Intangibles (Amortization Expen
Intangibles (Amortization Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense for intangible assets | $ 13.5 | $ 18.2 | $ 18.3 |
Intangibles (Indefinite Lived)
Intangibles (Indefinite Lived) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Balance | $ 26.9 | $ 28.5 | $ 29.3 |
Change in foreign currency exchange rates | 0.3 | (1.6) | (0.8) |
Balance | 27.2 | 26.9 | 28.5 |
YRC Freight | |||
Indefinite-lived Intangible Assets [Roll Forward] | |||
Balance | 8.2 | 9.8 | 10.6 |
Change in foreign currency exchange rates | 0.3 | (1.6) | (0.8) |
Balance | 8.5 | 8.2 | 9.8 |
Regional Transportation | |||
Indefinite-lived Intangible Assets [Roll Forward] | |||
Balance | 18.7 | 18.7 | 18.7 |
Change in foreign currency exchange rates | 0 | 0 | 0 |
Balance | $ 18.7 | $ 18.7 | $ 18.7 |
Other Assets (Details)
Other Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Equity method investment for JHJ International Transportation Co., Ltd. | $ 0 | $ 22,300,000 |
Deferred debt costs | 4,500,000 | 5,000,000 |
Prepayments | 31,600,000 | 35,500,000 |
Other | 18,100,000 | 18,100,000 |
Other assets | 54,200,000 | 80,900,000 |
JHJ international Transportation Co. [Member] | ||
Dividends received | $ 0 | 1,700,000 |
Excess of investment over interest in equity | $ 4,500,000 |
Employee Benefits (Details)
Employee Benefits (Details) employee in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)employee | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Number of Fixed Income Funds Investing in Debt Securities Ecured by Royalty Payments [Line Items] | |||
Number of employees sponsored by defined benefit pension plans | employee | 9 | ||
Profit Sharing Bonus | $ 0 | $ 5,500,000 | $ 0 |
Employer discretionary contribution amount | 7,200,000 | 4,700,000 | 2,100,000 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 1,202,700,000 | 1,355,200,000 | |
Service cost | 6,500,000 | 4,600,000 | 4,300,000 |
Interest cost | 55,900,000 | 57,200,000 | 60,700,000 |
Benefits paid | (79,100,000) | (151,900,000) | |
Actuarial loss | 53,400,000 | (60,200,000) | |
Expenses paid from assets | (5,900,000) | (5,800,000) | |
Other | 100,000 | 3,600,000 | |
Benefit obligation at year end | 1,233,600,000 | 1,202,700,000 | 1,355,200,000 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets beginning of year | 867,100,000 | 899,300,000 | |
Actual return on plan assets | 39,900,000 | 56,600,000 | |
Employer contributions | 56,500,000 | 70,900,000 | |
Benefits paid | (79,100,000) | (151,900,000) | |
Expenses paid from assets | (5,900,000) | (5,800,000) | |
Other | 200,000 | (2,000,000) | |
Fair value of plan assets at year end | 878,700,000 | 867,100,000 | 899,300,000 |
Funded status at year end | (354,900,000) | (335,600,000) | |
Settlements, plan assets | 85,200,000 | ||
Noncurrent assets | 1,200,000 | 1,300,000 | |
Current liabilities | 700,000 | 700,000 | |
Noncurrent liabilities | 355,400,000 | 336,200,000 | |
Net actuarial loss | 462,100,000 | 406,000,000 | |
Unrecognized actuarial losses net of tax | 424,100,000 | ||
Actuarial loss included in accumulated other comprehensive income and expected to be recognized next year | 15,700,000 | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 1,233,200,000 | 1,202,200,000 | |
Pension Settlement Charge | $ 0 | $ 28,700,000 | $ 0 |
Employee Benefits (Accumulated
Employee Benefits (Accumulated Benefit Obligations) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Compensation and Retirement Disclosure [Abstract] | ||
ABO Exceeds Assets | $ 1,229.4 | $ 1,198.3 |
Assets Exceed ABO | 4.2 | 4.4 |
Projected benefit obligation | 1,233.6 | 1,202.7 |
ABO Exceeds Assets | 1,229.4 | 1,198.3 |
Assets Exceed ABO | 3.8 | 3.9 |
Accumulated benefit obligation | 1,233.2 | 1,202.2 |
ABO Exceeds Assets | 873.3 | 861.4 |
Assets Exceed ABO | 5.4 | 5.7 |
Fair value of plan assets | $ 878.7 | $ 867.1 |
Employee Benefits (Assumptions)
Employee Benefits (Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, benefit obligations | 4.27% | 4.81% | |
Discount rate, benefit cost | 4.81% | 4.33% | 5.23% |
Expected rate of return on assets, benefit cost | 7.00% | 7.00% | 7.00% |
Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan investments actual allocations | 38.00% | 37.00% | |
Plan investments target allocations | 37.00% | ||
Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan investments actual allocations | 30.00% | 30.00% | |
Plan investments target allocations | 33.00% | ||
Absolute Return | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan investments actual allocations | 32.00% | 33.00% | |
Plan investments target allocations | 30.00% |
Employee Benefits (Future Contr
Employee Benefits (Future Contributions) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Compensation and Retirement Disclosure [Abstract] | |
Expected employer contribution in 2015 | $ 53.9 |
Expected benefit payments | |
2,017 | 78.2 |
2,018 | 78.6 |
2,019 | 79.1 |
2,020 | 79.5 |
2,021 | 80.5 |
2022-2026 | $ 400.4 |
Employee Benefits (Net Periodic
Employee Benefits (Net Periodic Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net periodic benefit cost: | |||
Service cost | $ 6.5 | $ 4.6 | $ 4.3 |
Interest cost | 55.9 | 57.2 | 60.7 |
Expected return on plan assets | (56.2) | (59.9) | (53.7) |
Amortization of prior net loss | 13.7 | 16 | 12.8 |
Settlement loss | 0 | 28.7 | 0 |
Net periodic pension cost | 19.9 | 46.6 | 24.1 |
Other changes in plan assets and benefit obligations recognized in other comprehensive loss (income): | |||
Net actuarial loss (gain) and other adjustments | 69.5 | (52) | 126.3 |
Less amortization of prior losses | (13.7) | (16) | (12.8) |
Settlement adjustment | 0 | (28.7) | 0 |
Total recognized in other comprehensive loss (income) | 55.8 | (96.7) | 113.5 |
Total recognized in net periodic benefit cost and other comprehensive loss (income) | $ 75.7 | (50.1) | 137.6 |
Income tax provision (benefit) related to amounts in other comprehensive income | $ 12.2 | $ 0.2 |
Employee Benefits (Fair Value)
Employee Benefits (Fair Value) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | $ 867.1 | $ 899.3 | $ 878.7 | $ 867.1 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 867.1 | 899.3 | ||
Fair value of plan assets at year end | 878.7 | 867.1 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Investments measured at net asset value | 496.3 | 497.4 | ||
Fair value of plan assets | 867.1 | 867.1 | 878.7 | 867.1 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 867.1 | |||
Fair value of plan assets at year end | 878.7 | 867.1 | ||
Fair Value, Measurements, Recurring [Member] | Level 1 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 187.6 | 187.6 | 184.8 | 187.6 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 187.6 | |||
Fair value of plan assets at year end | 184.8 | 187.6 | ||
Fair Value, Measurements, Recurring [Member] | Level 2 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 137.9 | 137.9 | 155.8 | 137.9 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 137.9 | |||
Fair value of plan assets at year end | 155.8 | 137.9 | ||
Fair Value, Measurements, Recurring [Member] | Level 3 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Investments measured at net asset value | 496.3 | 497.4 | ||
Fair value of plan assets | 44.2 | 41.4 | 41.8 | 44.2 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 44.2 | 41.4 | ||
Purchases | 6.7 | 4.5 | ||
Sales | (0.6) | (0.7) | ||
Unrealized gain (loss) | (8.5) | (1) | ||
Fair value of plan assets at year end | 41.8 | 44.2 | ||
Fair Value, Measurements, Recurring [Member] | Equities | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 83.2 | 83.2 | 87.9 | 83.2 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 83.2 | |||
Fair value of plan assets at year end | 87.9 | 83.2 | ||
Fair Value, Measurements, Recurring [Member] | Equities | Level 1 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 83.2 | 83.2 | 87.9 | 83.2 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 83.2 | |||
Fair value of plan assets at year end | 87.9 | 83.2 | ||
Fair Value, Measurements, Recurring [Member] | Equities | Level 2 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 0 | |||
Fair value of plan assets at year end | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Equities | Level 3 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 0 | |||
Fair value of plan assets at year end | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Private equities | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 40 | 40 | 38.3 | 40 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 40 | |||
Fair value of plan assets at year end | 38.3 | 40 | ||
Fair Value, Measurements, Recurring [Member] | Private equities | Level 1 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 0 | |||
Fair value of plan assets at year end | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Private equities | Level 2 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 0 | |||
Fair value of plan assets at year end | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Private equities | Level 3 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Unfunded Commitments | 11 | 11.3 | ||
Investments measured at net asset value | 94.6 | 91.1 | ||
Fair value of plan assets | 40 | 37 | 38.3 | 40 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 40 | 37 | ||
Purchases | 4 | 4.5 | ||
Sales | (0.6) | (0.7) | ||
Unrealized gain (loss) | (5.1) | (0.8) | ||
Fair value of plan assets at year end | 38.3 | 40 | ||
Fair Value, Measurements, Recurring [Member] | Corporate | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 35.9 | 35.9 | 24.8 | 35.9 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 35.9 | |||
Fair value of plan assets at year end | 24.8 | 35.9 | ||
Fair Value, Measurements, Recurring [Member] | Corporate | Level 1 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 16 | 16 | 5.4 | 16 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 16 | |||
Fair value of plan assets at year end | 5.4 | 16 | ||
Fair Value, Measurements, Recurring [Member] | Corporate | Level 2 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 15.7 | 15.7 | 15.9 | 15.7 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 15.7 | |||
Fair value of plan assets at year end | 15.9 | 15.7 | ||
Fair Value, Measurements, Recurring [Member] | Corporate | Level 3 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 4.2 | 4.2 | 3.5 | 4.2 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 4.2 | |||
Fair value of plan assets at year end | 3.5 | 4.2 | ||
Fair Value, Measurements, Recurring [Member] | Government | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 194.5 | 194.5 | 184.1 | 194.5 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 194.5 | |||
Fair value of plan assets at year end | 184.1 | 194.5 | ||
Fair Value, Measurements, Recurring [Member] | Government | Level 1 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 73 | 73 | 72.9 | 73 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 73 | |||
Fair value of plan assets at year end | 72.9 | 73 | ||
Fair Value, Measurements, Recurring [Member] | Government | Level 2 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 121.5 | 121.5 | 111.2 | 121.5 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 121.5 | |||
Fair value of plan assets at year end | 111.2 | 121.5 | ||
Fair Value, Measurements, Recurring [Member] | Government | Level 3 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 0 | |||
Fair value of plan assets at year end | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Absolute Return | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 0.7 | 0.7 | 0 | 0.7 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 0.7 | |||
Fair value of plan assets at year end | 0 | 0.7 | ||
Fair Value, Measurements, Recurring [Member] | Absolute Return | Level 1 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 0 | |||
Fair value of plan assets at year end | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Absolute Return | Level 2 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 0.7 | 0.7 | 0 | 0.7 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 0.7 | |||
Fair value of plan assets at year end | 0 | 0.7 | ||
Fair Value, Measurements, Recurring [Member] | Absolute Return | Level 3 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Investments measured at net asset value | 123.8 | 109.8 | ||
Fair value of plan assets | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 0 | |||
Fair value of plan assets at year end | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Interest bearing | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 15.4 | 15.4 | 47.3 | 15.4 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 15.4 | |||
Fair value of plan assets at year end | 47.3 | 15.4 | ||
Fair Value, Measurements, Recurring [Member] | Interest bearing | Level 1 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 15.4 | 15.4 | 18.6 | 15.4 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 15.4 | |||
Fair value of plan assets at year end | 18.6 | 15.4 | ||
Fair Value, Measurements, Recurring [Member] | Interest bearing | Level 2 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 0 | 0 | 28.7 | 0 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 0 | |||
Fair value of plan assets at year end | 28.7 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Interest bearing | Level 3 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 0 | |||
Fair value of plan assets at year end | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fixed income | Level 3 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Unfunded Commitments | 6.2 | 4 | ||
Investments measured at net asset value | 186.2 | 193.1 | ||
Fair value of plan assets | 4.2 | 4.4 | 3.5 | 4.2 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 4.2 | 4.4 | ||
Purchases | 2.7 | 0 | ||
Sales | 0 | 0 | ||
Unrealized gain (loss) | (3.4) | (0.2) | ||
Fair value of plan assets at year end | $ 3.5 | $ 4.2 | ||
Fair Value, Measurements, Recurring [Member] | Equity Funds [Member] | Level 3 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Investments measured at net asset value | $ 91.7 | $ 103.4 |
Employee Benefits (Multi-Employ
Employee Benefits (Multi-Employer Pension Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 01, 2011 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Expense related to multi-employer plans | $ 543.4 | $ 527.9 | $ 509.8 | |
Employer pension contribution percentage | 25.00% | |||
Health and welfare | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Expense related to multi-employer plans | 453.1 | 436.8 | 416.2 | |
Pension | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Expense related to multi-employer plans | 90.3 | 91.1 | 93.6 | |
Contribution to the multi-employer plan | 89.1 | 89.4 | 91.6 | |
Central States, Southeast and Southwest Areas Pension Plan [Member] | Pension | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Contribution to the multi-employer plan | 51.8 | 51.7 | 52.2 | |
Teamster National 401K Savings Plan [Member] | Pension | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Contribution to the multi-employer plan | 12.5 | 12.5 | 13.1 | |
Road Carriers Local 707 Pension Fund [Member] | Pension | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Contribution to the multi-employer plan | 1.8 | 2 | 2.3 | |
Teamsters Local 641 Pension Fund [Domain] | Pension | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Contribution to the multi-employer plan | $ 1.3 | $ 1.5 | $ 1.5 | |
Workforce Subject to Collective Bargaining Arrangements [Member] | Labor Force Concentration Risk [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Percentage of labor force | 78.00% |
Employee Benefits (Other Plans)
Employee Benefits (Other Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | $ 55.8 | $ (96.7) | $ 113.5 |
Settlement loss | $ 0 | $ (28.7) | 0 |
Discount rate, benefit obligations | 4.27% | 4.81% | |
Equity-based compensation and employee benefits expense | $ 21 | $ 24.4 | 26.6 |
Management | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Equity-based compensation and employee benefits expense | 2.1 | 14.1 | 2.9 |
Performance Incentive Awards | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Performance and sales incentive expense | $ 11.7 | $ 13.2 | $ 13.9 |
Debt And Financing - Total Debt
Debt And Financing - Total Debt (Details) - USD ($) $ in Millions | Feb. 13, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||
Par value | $ 1,010.3 | $ 1,081.9 | ||
Premium/(Discount), Debt | (2.7) | (4.3) | ||
Debt Issuance Costs, Noncurrent, Net | (10.5) | (15.2) | ||
Long-term debt | 997.1 | 1,062.4 | ||
Long-term Debt, Current Maturities | (16.8) | (15.9) | ||
Par value, excluding current maturities | 993.5 | 1,066 | ||
Premium/(Discount), Noncurrent Maturities | (2.7) | (4.3) | ||
Long-term debt, less current portion | 980.3 | 1,046.5 | ||
Gain (Loss) on Extinguishment of Debt | 0 | (0.6) | $ 11.2 | |
Term Loan | ||||
Debt Instrument [Line Items] | ||||
Par value | 638.5 | 686 | ||
Premium/(Discount), Debt | (2.7) | (4.3) | ||
Debt Issuance Costs, Noncurrent, Net | (8.6) | (12.7) | ||
Long-term debt | $ 627.2 | $ 669 | ||
Interest rate | 8.00% | 8.25% | ||
Effective Interest Rate | 8.20% | 8.45% | ||
Par Value, Current Maturities | $ (6.7) | $ (7) | ||
Premium/(Discount), Current Maturities | 0 | 0 | ||
Debt Issuance Costs, Current, Net | 0 | 0 | ||
Long-term Debt, Current Maturities | (6.7) | (7) | ||
Line of Credit | ABL Facility | ||||
Debt Instrument [Line Items] | ||||
Par value | 0 | 0 | ||
Premium/(Discount), Debt | 0 | 0 | ||
Debt Issuance Costs, Noncurrent, Net | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Secured Second A&R CDA | ||||
Debt Instrument [Line Items] | ||||
Par value | 28.7 | 44.7 | ||
Premium/(Discount), Debt | 0 | 0 | ||
Debt Issuance Costs, Noncurrent, Net | (0.6) | (0.3) | ||
Long-term debt | $ 28.1 | $ 44.4 | ||
Effective Interest Rate | 7.50% | 7.30% | ||
Unsecured Second A&R CDA | ||||
Debt Instrument [Line Items] | ||||
Par value | $ 73.2 | $ 73.2 | ||
Premium/(Discount), Debt | 0 | 0 | ||
Debt Issuance Costs, Noncurrent, Net | 0 | (0.5) | ||
Long-term debt | $ 73.2 | $ 72.7 | ||
Effective Interest Rate | 7.50% | 7.30% | ||
Lease financing obligations | ||||
Debt Instrument [Line Items] | ||||
Par value | $ 269.9 | $ 278 | ||
Premium/(Discount), Debt | 0 | 0 | ||
Debt Issuance Costs, Noncurrent, Net | (1.3) | (1.7) | ||
Long-term debt | $ 268.6 | $ 276.3 | ||
Effective Interest Rate | 12.00% | 12.00% | ||
Par Value, Current Maturities | $ (10.1) | $ (8.9) | ||
Premium/(Discount), Current Maturities | 0 | 0 | ||
Debt Issuance Costs, Current, Net | 0 | 0 | ||
Long-term Debt, Current Maturities | $ (10.1) | $ (8.9) | ||
2014 Financing [Member] | ||||
Debt Instrument [Line Items] | ||||
Sources of Funds | $ 1,040 | |||
Payments for Fees, Expenses and Original Issue Discount | 50.8 | |||
Proceeds from Issuance of Preferred Stock and Preference Stock | 35 | |||
2014 Financing [Member] | Series A Note | ||||
Debt Instrument [Line Items] | ||||
Repayments of debt, including accrued interest | $ 93.9 | |||
Minimum | Line of Credit | ABL Facility | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 1.75% | 2.00% | ||
Minimum | Secured Second A&R CDA | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.30% | 3.30% | ||
Minimum | Unsecured Second A&R CDA | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.30% | 3.30% | ||
Minimum | Lease financing obligations | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 9.00% | 10.00% | ||
Maximum | Line of Credit | ABL Facility | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.50% | |||
Maximum | Secured Second A&R CDA | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 18.30% | 18.30% | ||
Maximum | Unsecured Second A&R CDA | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 18.30% | 18.30% | ||
Maximum | Lease financing obligations | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 18.20% | 18.20% | ||
LIBOR | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Floor Interest Rate | 1.00% | 1.00% | ||
LIBOR | Minimum | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 7.00% | 7.00% | ||
LIBOR | Maximum | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 7.25% | 7.25% |
Debt And Financing - Additional
Debt And Financing - Additional Details (Details) | Aug. 05, 2014USD ($) | Feb. 13, 2014USD ($) | Jan. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Mar. 31, 2015 | Mar. 25, 2015$ / shares | Mar. 14, 2014shares | Jul. 22, 2011USD ($) |
Debt Instrument [Line Items] | ||||||||||
Contribution rate of subsidiaries to funds | 25.00% | |||||||||
Stock Issued During Period, Shares, New Issues | shares | 0 | 0 | 0 | |||||||
Proceeds from Issuance or Sale of Equity | $ 250,000,000 | $ 0 | $ 0 | $ 250,000,000 | ||||||
Repayment of long-term debt | 70,700,000 | 16,700,000 | 892,700,000 | |||||||
Proceeds from Issuance of Long-term Debt | 0 | 0 | 696,800,000 | |||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 234,000,000 | |||||||||
Premium/(Discount), Debt | (2,700,000) | (4,300,000) | ||||||||
Long-term debt | 997,100,000 | 1,062,400,000 | ||||||||
Current maturities | (16,800,000) | (15,900,000) | ||||||||
Debt Instrument, Face Amount, Excluding Current Maturities | 993,500,000 | 1,066,000,000 | ||||||||
Debt Instrument, Unamortized Discount (Premium), Net, Noncurrent Maturities | 2,700,000 | 4,300,000 | ||||||||
Accelerated amortization of the discount | 1,600,000 | 2,100,000 | 27,500,000 | |||||||
Long-term debt, less current portion | (980,300,000) | (1,046,500,000) | ||||||||
Gains (Losses) on Extinguishment of Debt | 0 | (600,000) | 11,200,000 | |||||||
Extinguishment of Debt, Acceleration of Net Premiums on Old Debt | 16,300,000 | |||||||||
Expense Related to Fair Value of Incremental Shares Converted | 5,100,000 | |||||||||
Aggregate principal amount | 1,010,300,000 | 1,081,900,000 | ||||||||
Payments of Financing Costs | 43,800,000 | |||||||||
Capitalized Financing Costs | 26,700,000 | |||||||||
Payments of Stock Issuance Costs | $ 0 | $ 0 | 17,100,000 | |||||||
Common stock, shares authorized | shares | 95,000,000 | 95,000,000 | 95,000,000 | |||||||
Previous maximum ownership percentage | 19.99% | 19.99% | ||||||||
Amortization of Beneficial Conversion Feature on Preferred Stock | $ 0 | $ 0 | 18,100,000 | |||||||
Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Right to increase New Term Loan | 250,000,000 | |||||||||
Book Value | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fair value of long term debt | 997,100,000 | 1,062,400,000 | ||||||||
Fair Value | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fair value of long term debt | 999,000,000 | $ 979,600,000 | ||||||||
Secured CDA [Domain] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 51,000,000 | |||||||||
A&R CDA | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 124,200,000 | |||||||||
Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 8.00% | 8.25% | ||||||||
Premium/(Discount), Debt | $ (2,700,000) | $ (4,300,000) | ||||||||
Long-term debt | 627,200,000 | 669,000,000 | ||||||||
Debt Instrument, Gross, Current Maturities | 6,700,000 | 7,000,000 | ||||||||
Current maturities | (6,700,000) | (7,000,000) | ||||||||
Premium/(Discount), Current Maturities | $ 0 | $ 0 | ||||||||
Effective Interest Rate | 8.20% | 8.45% | ||||||||
Aggregate principal amount | $ 638,500,000 | $ 686,000,000 | ||||||||
Term Loan | Book Value | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fair value of long term debt | 627,200,000 | 669,000,000 | ||||||||
Term Loan | Fair Value | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fair value of long term debt | 638,100,000 | 594,600,000 | ||||||||
Term Loan | 2014 Financing [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount issued | 700,000,000 | |||||||||
2014 Term Loan [Member] | 2014 Financing [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount Discount Percent | 1.00% | |||||||||
Line of Credit | Book Value | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fair value of long term debt | 0 | 0 | ||||||||
Line of Credit | Fair Value | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fair value of long term debt | 0 | 0 | ||||||||
Line of Credit | ABL Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Premium/(Discount), Debt | 0 | 0 | ||||||||
Long-term debt | 0 | 0 | ||||||||
Line Of Credit Facility, Total Cash and Availability | 89,000,000 | 79,700,000 | ||||||||
Line Of Credit Facility, Total Able to Be Drawn | 44,400,000 | 35,500,000 | ||||||||
Aggregate principal amount | $ 0 | $ 0 | ||||||||
Line of Credit | ABL Facility | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 2.50% | |||||||||
Line of Credit | ABL Facility | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 1.75% | 2.00% | ||||||||
ABL Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.75% | |||||||||
ABL Facility | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Commitment fee percentage | 0.375% | |||||||||
ABL Facility | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Commitment fee percentage | 0.25% | |||||||||
ABL Facility | 2014 Financing [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount issued | $ 450,000,000 | |||||||||
Senior Notes | Senior B Notes [Domain] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount issued | $ 100,000,000 | |||||||||
Interest rate | 10.00% | |||||||||
Series B Notes Outstanding Principal and Interest | 17,900,000 | |||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 18 | |||||||||
Common Stock shares converted from Series B Notes | 994,689 | |||||||||
Exchange/conversion of Series B Notes to common stock | $ 1,200,000 | |||||||||
Issuance of equity upon conversion of 6% convertible senior notes | shares | 75,900 | |||||||||
Debt interest expense | $ 400,000 | |||||||||
Make whole premium | 200,000 | |||||||||
Accelerated amortization of the discount | $ 200,000 | |||||||||
Expense Related to Fair Value of Incremental Shares Converted | $ 600,000 | |||||||||
Cash Repayment to Series B Notes holders | 300,000 | |||||||||
Senior Notes | Senior B Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Conversion price, future period | $ / shares | $ 15 | |||||||||
Debt Instrument, Convertible, Conversion Ratio, Future Period | 0.0539567 | |||||||||
Debt Instrument, Convertible, Conversion Ratio | 0.0566695 | |||||||||
Exchange/conversion of Series B Notes to common stock | 50,600,000 | |||||||||
Make Whole Interest Expense | 8,000,000 | |||||||||
Senior Notes | 6% Senior Convertible Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 0.00% | |||||||||
Senior Notes | Unsecured Second A&R CDA | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Exchange/conversion of Series B Notes to common stock | 50,600,000 | |||||||||
Long-term debt | 73,200,000 | |||||||||
Lease Financing Obligation | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 234,000,000 | |||||||||
Aggregate principal amount | 269,900,000 | |||||||||
Long Term Debt, Principal Cash Obligation, After Year Five | 11,200,000 | |||||||||
Net Book Value Of Assets | 222,800,000 | |||||||||
Secured Second A&R CDA | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Premium/(Discount), Debt | 0 | 0 | ||||||||
Long-term debt | $ 28,100,000 | $ 44,400,000 | ||||||||
Effective Interest Rate | 7.50% | 7.30% | ||||||||
Aggregate principal amount | $ 28,700,000 | $ 44,700,000 | ||||||||
Secured Second A&R CDA | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 18.30% | 18.30% | ||||||||
Secured Second A&R CDA | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 3.30% | 3.30% | ||||||||
Letter of Credit [Member] | ABL Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Letters of Credit Outstanding, Amount | $ 357,200,000 | $ 362,000,000 | ||||||||
Lease financing obligations | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Premium/(Discount), Debt | 0 | 0 | ||||||||
Long-term debt | 268,600,000 | 276,300,000 | ||||||||
Debt Instrument, Gross, Current Maturities | 10,100,000 | 8,900,000 | ||||||||
Current maturities | (10,100,000) | (8,900,000) | ||||||||
Premium/(Discount), Current Maturities | $ 0 | $ 0 | ||||||||
Effective Interest Rate | 12.00% | 12.00% | ||||||||
Aggregate principal amount | $ 269,900,000 | $ 278,000,000 | ||||||||
Lease financing obligations | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 18.20% | 18.20% | ||||||||
Lease financing obligations | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 9.00% | 10.00% | ||||||||
Lease financing obligations | Book Value | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fair value of long term debt | $ 268,600,000 | $ 276,300,000 | ||||||||
Lease financing obligations | Fair Value | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fair value of long term debt | 259,100,000 | 282,900,000 | ||||||||
Other | Book Value | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fair value of long term debt | 101,300,000 | 117,100,000 | ||||||||
Other | Fair Value | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fair value of long term debt | 101,800,000 | 102,100,000 | ||||||||
Unsecured Second A&R CDA | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Premium/(Discount), Debt | 0 | 0 | ||||||||
Long-term debt | $ 73,200,000 | $ 72,700,000 | ||||||||
Effective Interest Rate | 7.50% | 7.30% | ||||||||
Aggregate principal amount | $ 73,200,000 | $ 73,200,000 | ||||||||
Unsecured Second A&R CDA | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 18.30% | 18.30% | ||||||||
Unsecured Second A&R CDA | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 3.30% | 3.30% | ||||||||
Restructured Term Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 0 | |||||||||
Aggregate principal amount | $ 638,500,000 | |||||||||
2014 Financing [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from Issuance of Common Stock | 215,000,000 | |||||||||
Increase (Decrease) in Restricted Cash | 90,000,000 | |||||||||
Uses of Funds | 1,040,000,000 | |||||||||
Non Cash Sources of Funds | 174,800,000 | |||||||||
Non Cash Uses of Funds | 174,800,000 | |||||||||
2014 Financing [Member] | 6% Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayment of long-term debt | 71,500,000 | |||||||||
2014 Financing [Member] | ABL Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Increase (Decrease) in Restricted Cash | 92,000,000 | |||||||||
2014 Financing [Member] | ABL Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayment of long-term debt | 326,000,000 | |||||||||
2014 Financing [Member] | Series A Note | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayment of long-term debt | $ 90,900,000 | |||||||||
Future Repayments of Series A Notes | $ 89,600,000 | $ 89,600,000 | ||||||||
2014 Financing [Member] | 2014 ABL Facility Credit Agreement [Member] [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from Issuance of Long-term Debt | 0 | |||||||||
Cash, Period Increase (Decrease) | 16,500,000 | |||||||||
2014 Financing [Member] | Restructured Term Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayment of long-term debt | 299,700,000 | |||||||||
2014 Financing [Member] | Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from Issuance of Long-term Debt | $ 700,000,000 | |||||||||
LIBOR | Term Loan | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 7.25% | 7.25% | ||||||||
LIBOR | Term Loan | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 7.00% | 7.00% | ||||||||
LIBOR | 2014 Term Loan [Member] | 2014 Financing [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate basis, option two, minimum variable rate basis | 1.00% | |||||||||
Basis spread on variable rate | 6.50% | |||||||||
Higher of London Interbank Offer Rate or 1.00% [Member] | 2014 Term Loan [Member] | 2014 Financing [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 7.50% | |||||||||
ABL Base Rate [Domain] | ABL Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0.75% | |||||||||
Common Stock [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stock Issued During Period, Shares, New Issues | shares | 14,333,334 | 0 | 0 | 14,333,000 | ||||||
Issuance of equity upon conversion of 6% convertible senior notes | shares | 0 | 995,000 | 3,471,000 | |||||||
Preferred Stock [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stock Issued During Period, Shares, New Issues | shares | 583,334 | 0 | 0 | 583,000 | ||||||
Issuance of equity upon conversion of 6% convertible senior notes | shares | 0 | 0 | 0 | |||||||
ABL Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line Of Credit Facility, Total Cash and Availability | $ 181,100,000 | $ 209,300,000 | ||||||||
Credit Agreement Amendment, September 2014 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Leverage Ratio | 3.40 |
Debt And Financing - Maturities
Debt And Financing - Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
2,017 | $ 16.8 | |
2,018 | 18.5 | |
2,019 | 733.6 | |
2,020 | 4.2 | |
2,021 | 3.2 | |
Thereafter | 234 | |
Total | 1,010.3 | $ 1,081.9 |
Term Loan | ||
Debt Instrument [Line Items] | ||
2,017 | 6.7 | |
2,018 | 6.7 | |
2,019 | 625.1 | |
2,020 | 0 | |
2,021 | 0 | |
Thereafter | 0 | |
Total | 638.5 | |
ABL Facility | ||
Debt Instrument [Line Items] | ||
2,017 | 0 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
Thereafter | 0 | |
Total | 0 | |
Second A&R CDA | ||
Debt Instrument [Line Items] | ||
2,017 | 0 | |
2,018 | 0 | |
2,019 | 101.9 | |
2,020 | 0 | |
2,021 | 0 | |
Thereafter | 0 | |
Total | 101.9 | |
Lease Financing Obligation | ||
Debt Instrument [Line Items] | ||
2,017 | 10.1 | |
2,018 | 11.8 | |
2,019 | 6.6 | |
2,020 | 4.2 | |
2,021 | 3.2 | |
Thereafter | 234 | |
Total | 269.9 | |
Principal cash obligations | 11.2 | |
Net book value of assets | $ 222.8 |
Debt And Financing - Price Grid
Debt And Financing - Price Grid (Details) | 12 Months Ended |
Dec. 31, 2016 | |
ABL Facility | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.75% |
Credit Agreement Amendment, September 2014 [Member] | |
Debt Instrument [Line Items] | |
Total Leverage Ratio | 3.40 |
ABL Facility Credit Agreement [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Covenant, Maximum Total Leverage Ratio, Current Quarter | 3.5 |
Debt Instrument, Covenant, Maximum Total Leverage Ratio, Quarter Two | 3.85 |
Debt Instrument, Covenant, Maximum Total Leverage Ratio, Quarter Three | 3.85 |
Debt Instrument, Covenant, Maximum Total Leverage Ratio, Quarter Four | 3.75 |
Debt Instrument, Covenant, Maximum Total Leverage Ratio, Quarter Five | 3.5 |
Debt Instrument, Covenant, Maximum Total Leverage Ratio, Quarter Six | 3.5 |
Debt Instrument, Covenant, Maximum Total Leverage Ratio, Quarter Seven | 3.5 |
Debt Instrument, Covenant, Maximum Total Leverage Ratio, Quarter Eight | 3.25 |
Debt Instrument, Covenant, Maximum Total Leverage Ratio, Quarter Nine | 3.25 |
Debt And Financing - Capital Ex
Debt And Financing - Capital Expenditures/Operating Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Acquisition of property and equipment | $ (100.6) | $ (108) | $ (69.2) |
Minimum annual rentals 2017 | 107.4 | ||
Future minimum payments due | 334.7 | ||
Revenue Equipment [Member] | |||
Debt Instrument [Line Items] | |||
Operating lease commitment | $ 126.4 | ||
Operating lease term | 5 years |
Stock Compensation Plans (Detai
Stock Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 01, 2010 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vested in Period, Fair Value | $ 3.5 | $ 9.5 | $ 7.2 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share | $ 3,500,000 | |||||
Fair value of nonvested shares vested and distributed | $ 2.5 | |||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 261,000 | 421,000 | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 17.98 | $ 18.09 | $ 0 | |||
Vested | (140,000) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 17.90 | |||||
Granted | 427,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 18.09 | |||||
Unrecognized compensation expense | $ 1.1 | |||||
Period of recognition | 6 months | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (20,000) | (6,000) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 16.83 | $ 18.23 | ||||
Compensation Cost Share Based Awards | $ 2.3 | $ 3.9 | ||||
Restricted Stock And Share Unit [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,175,000 | 767,000 | 1,289,000 | 833,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 11.30 | $ 14.34 | $ 12.86 | $ 8.96 | ||
Vested | (269,000) | (835,000) | (564,000) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 12.90 | $ 11.34 | $ 13.33 | |||
Granted | 730,000 | 342,000 | 1,046,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.76 | $ 17.29 | $ 15.83 | |||
Unrecognized compensation expense | $ 5.4 | |||||
Period of recognition | 10 months 24 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (53,000) | (29,000) | (26,000) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 11.60 | $ 10.25 | $ 15.38 | |||
Compensation Cost Share Based Awards | $ 5 | $ 4.8 | $ 14.4 | |||
2011 Long Term Incentive And Equity Award Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares reserved for issuance | 2,100,000 | 5,000,000 | ||||
Second Union Employee Option Plan [Member] | Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares authorized | 31,000 | |||||
Exercise price per share | $ 3,600 | |||||
Expiration period | 10 years |
Stock Compensation Plans (Summa
Stock Compensation Plans (Summary Of Option Activity) (Details) $ in Millions | Dec. 31, 2016USD ($) |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 15.6 |
Stock Compensation Plans (Restr
Stock Compensation Plans (Restricted Stock Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Cost Share Based Awards | $ 2.3 | $ 3.9 | |
Period of recognition | 6 months | ||
Shares [Roll Forward] | |||
Nonvested | 421 | 0 | |
Granted | 427 | ||
Vested | (140) | ||
Forfeited | (20) | (6) | |
Nonvested | 261 | 421 | 0 |
Weighted Average Grant-Date Fair Value [Roll Forward] | |||
Nonvested, Weighted AVerage Grant-Date Fair Value | $ 18.09 | $ 0 | |
Granted | 18.09 | ||
Vested | 17.90 | ||
Forfeited | 16.83 | 18.23 | |
Nonvested, Weighted AVerage Grant-Date Fair Value | $ 17.98 | $ 18.09 | $ 0 |
Restricted Stock And Share Unit [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Cost Share Based Awards | $ 5 | $ 4.8 | $ 14.4 |
Period of recognition | 10 months 24 days | ||
Shares [Roll Forward] | |||
Nonvested | 767 | 1,289 | 833 |
Granted | 730 | 342 | 1,046 |
Vested | (269) | (835) | (564) |
Forfeited | (53) | (29) | (26) |
Nonvested | 1,175 | 767 | 1,289 |
Weighted Average Grant-Date Fair Value [Roll Forward] | |||
Nonvested, Weighted AVerage Grant-Date Fair Value | $ 14.34 | $ 12.86 | $ 8.96 |
Granted | 8.76 | 17.29 | 15.83 |
Vested | 12.90 | 11.34 | 13.33 |
Forfeited | 11.60 | 10.25 | 15.38 |
Nonvested, Weighted AVerage Grant-Date Fair Value | $ 11.30 | $ 14.34 | $ 12.86 |
Vested but not distributed | 410 | 275 | 221 |
Stock Compensation Plans (Vesti
Stock Compensation Plans (Vesting Terms) (Details) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested in Period, Fair Value | $ 3.5 | $ 9.5 | $ 7.2 |
Restricted Stock And Share Unit [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 730 | 342 | 1,046 |
50% immediately and 50% on the 1 year anniversary of the grant date | Restricted Stock And Share Unit [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 0 | 0 | 456 |
25% per year for four years | Restricted Stock And Share Unit [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 8 | 4 | 39 |
100% immediately | Restricted Stock And Share Unit [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 123 | 69 | 54 |
20% on February 28, 2015, 60% on July 31, 2015 and 20% on February 28, 2016 | Restricted Stock And Share Unit [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 0 | 0 | 459 |
33.3% per year for three years | Restricted Stock And Share Unit [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 599 | 269 | 38 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Net deferred tax liability | $ 3.1 | $ 3.5 |
Income tax receivable | 9.1 | 2.3 |
Net operating loss carryforwards | 741.5 | |
Foreign tax credit carryforwards, subject to expriration | 7.8 | |
Alternative Minimum Tax | 0.9 | |
Valuation allowance | 461.7 | 470.5 |
Deferred income tax expense (benefit) | 11.7 | |
Unrecognized tax benefits that would impact effective tax rate | 10.9 | 7.6 |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 0.6 | 2 |
Interest accrual reversal | 1.5 | 3.3 |
Interest accrued net reduction | 0.9 | 1.3 |
Total amount of interest accrued for uncertain tax positions | 2.2 | $ 3.1 |
Amount by which unrecognized tax benefits may decrease over the next 12 months | $ 0.9 |
Income Taxes (Deferred tax liab
Income Taxes (Deferred tax liabilities and assets) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Depreciation | $ 229.5 | $ 256.3 |
Deferred revenue | 15.8 | 13.9 |
Intangibles | 8.9 | 16.2 |
Gain on debt redemption | 25.7 | 38.5 |
State taxes | 30.2 | 32 |
Other | 31.5 | 27.5 |
Deferred tax liabilities | 341.6 | 384.4 |
Claims and insurance | (149.6) | (165.7) |
Net operating loss carryforwards | (302.9) | (302.4) |
Employee benefit accruals | (201.8) | (221.9) |
Deferred Tax Asset, Sale Leaseback Transaction | (99.9) | (107) |
Other | (46) | (54.4) |
Deferred tax assets | (800.2) | (851.4) |
Valuation allowance | 461.7 | 470.5 |
Net deferred tax assets | (338.5) | (380.9) |
Net deferred tax liability | $ 3.1 | $ 3.5 |
Income Taxes (Federal Tax Rate
Income Taxes (Federal Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes, net | 2.90% | (50.00%) | (4.90%) |
Foreign tax rate differential | (3.30%) | 43.20% | 1.40% |
Permanent differences | 6.90% | (88.60%) | (6.40%) |
Valuation allowance | (13.00%) | (243.20%) | (31.90%) |
Benefit from intraperiod tax allocation under ASC 740 | 0.00% | 265.90% | 0.00% |
Net change in unrecognized tax benefits | (10.20%) | (11.40%) | 17.80% |
Benefit from settlement of litigation & audits | 0.00% | 54.50% | 1.60% |
Other, net (primarily prior year return to provision) | (5.70%) | 110.50% | 6.60% |
Effective tax rate | 12.60% | 115.90% | 19.20% |
Income Taxes (Provision) (Detai
Income Taxes (Provision) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||
Federal | $ (1.7) | $ (0.8) | $ (23.6) |
State | (0.7) | (1.6) | 3.7 |
Foreign | 5.9 | 7.1 | 4 |
Current income tax provision (benefit) | 3.5 | 4.7 | (15.9) |
Deferred: | |||
Federal | 0 | (8.7) | 0 |
State | 0 | (3) | 0 |
Foreign | (0.4) | 1.9 | (0.2) |
Deferred income tax benefit | (0.4) | (9.8) | (0.2) |
Income tax provision (benefit) | 3.1 | (5.1) | (16.1) |
Domestic | 3.9 | (33.2) | (106.2) |
Foreign | 20.7 | 28.8 | 22.4 |
Income (Loss) before income taxes | $ 24.6 | $ (4.4) | $ (83.8) |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Unrecognized Tax Benefits [Roll Forward] | ||
Unrecognized tax benefits at January 1 | $ 30.6 | $ 23.1 |
Increases related to: tax positions taken during a prior period | 17.3 | 11.5 |
Increases related to: tax positions taken during the current period | 0.4 | 0.3 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 0 | 0 |
Decreases related to: lapse of applicable statute of limitations | (3) | (3.2) |
Decreases related to: settlements with taxing authorities | 0 | (1.1) |
Unrecognized tax benefits at December 31 | $ 45.3 | $ 30.6 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
External revenue | $ 4,697.5 | $ 4,832.4 | $ 5,068.8 |
Operating income (loss) | 124.3 | 93 | 45.5 |
Identifiable assets | 1,770 | 1,879.4 | 1,965.1 |
Acquisition of property and equipment | (100.6) | (108) | (69.2) |
Proceeds from disposal of property and equipment | 35.1 | 17.5 | 20.8 |
Depreciation and amortization | 159.8 | 163.7 | 163.6 |
YRC Freight | |||
Segment Reporting Information [Line Items] | |||
External revenue | 2,958.9 | 3,055.7 | 3,237.4 |
Operating income (loss) | 53.2 | 18 | 0.5 |
Identifiable assets | 1,208.7 | 1,351.5 | 1,462.1 |
Acquisition of property and equipment | (73.2) | (59.2) | (37) |
Proceeds from disposal of property and equipment | 31.3 | 12 | 23.2 |
Depreciation and amortization | 90.3 | 93.1 | 98 |
Regional Transportation | |||
Segment Reporting Information [Line Items] | |||
External revenue | 1,739.3 | 1,776.9 | 1,831.4 |
Operating income (loss) | 81.3 | 85.4 | 66.1 |
Identifiable assets | 642.9 | 652.9 | 685.7 |
Acquisition of property and equipment | (27.4) | (48.7) | (32.2) |
Proceeds from disposal of property and equipment | 3.8 | 5.5 | (2.4) |
Depreciation and amortization | 69.5 | 70.7 | 65.8 |
Corporate/Eliminations | |||
Segment Reporting Information [Line Items] | |||
External revenue | (0.7) | (0.2) | 0 |
Operating income (loss) | (10.2) | (10.4) | (21.1) |
Identifiable assets | (81.6) | (125) | (182.7) |
Acquisition of property and equipment | 0 | (0.1) | 0 |
Proceeds from disposal of property and equipment | 0 | 0 | 0 |
Depreciation and amortization | 0 | (0.1) | (0.2) |
Foreign Countries | |||
Segment Reporting Information [Line Items] | |||
Revenues | 101 | 116.5 | 137.5 |
Long-lived assets located in foreign countries | $ 5.2 | $ 6.5 | $ 8.7 |
Shareholders' Deficit (Details)
Shareholders' Deficit (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 14, 2014 | Jul. 22, 2011 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Equity issuance proceeds | $ 250 | $ 0 | $ 0 | $ 250 | ||
Common stock, shares authorized | 95,000,000 | 95,000,000 | 95,000,000 | |||
Previous maximum ownership percentage | 19.99% | 19.99% | ||||
Amortization of Beneficial Conversion Feature on Preferred Stock | $ 0 | $ 0 | $ 18.1 | |||
Preferred stock authorized shares | 5,000,000 | 5,000,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance, preferred shares | 0 | 0 | ||||
Beginning balance, common shares | 32,141,000 | 30,667,000 | 10,173,000 | |||
Issuance of stock | 0 | 0 | 0 | |||
Ending balance, preferred shares | 0 | 0 | 0 | |||
Ending balance, common shares | 32,473,000 | 32,141,000 | 30,667,000 | |||
Common Stock [Member] | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Common stock shares converted from preferred | 0 | 0 | (2,333,000) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of stock | 14,333,334 | 0 | 0 | 14,333,000 | ||
Common stock shares converted from preferred | 0 | 0 | 2,333,000 | |||
Stock Issued During Period, Shares, Other | 0 | 995,000 | 3,471,000 | |||
Issuance of equity awards, net | 332,000 | 479,000 | 357,000 | |||
Preferred Stock [Member] | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Common stock shares converted from preferred | 0 | 0 | (583,000) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance, preferred shares | 0 | 0 | 0 | |||
Issuance of stock | 583,334 | 0 | 0 | 583,000 | ||
Common stock shares converted from preferred | 0 | 0 | 583,000 | |||
Stock Issued During Period, Shares, Other | 0 | 0 | 0 | |||
Issuance of equity awards, net | 0 | 0 | 0 | |||
Ending balance, preferred shares | 0 | 0 | ||||
Series A Preferred Stock [Member] | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Preferred stock authorized shares | 1 | |||||
Liquidation value per share | $ 1 | |||||
Shares issued | 1 | |||||
Series B Preferred Stock [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of stock | 0 | 0 | 0 |
Loss Per Share (Details)
Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Basic and dilutive net income (loss) available to common shareholders | $ 21.5 | $ 0.7 | $ (85.8) |
Average Common Shares Outstanding - Basic | 32,416 | 31,736 | 28,592 |
Dilutive weighted average shares outstanding | 33,040 | 32,592 | 28,592 |
Earnings (Loss) Per Share - Basic (in dollars per share) | $ 0.66 | $ 0.02 | $ (3) |
Earnings (Loss) Per Share - Diluted (in dollars per share) | $ 0.65 | $ 0.02 | $ (3) |
Stock Compensation Plan | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 624 | 616 | 0 |
Anti-dilutive unvested shares, options, and stock units(a) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares and options units | 196 | 71 | 1,072 |
Anti-dilutive Series B Notes | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 240 | 0 |
Antidilutive shares and options units | 0 | 0 | 982 |
Commitments, Contingencies, a70
Commitments, Contingencies, and Uncertainties (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $ 140.8 | $ 119.3 | $ 98.7 |
Minimum annual rentals 2017 | 107.4 | ||
Minium annual rentals 2018 | 88.4 | ||
Minimum annual rentals 2019 | 61.4 | ||
Minimum annual rentals 2020 | 39.5 | ||
Minimum annual rentals 2021 | 18.9 | ||
Minium annual rentals thereafter | 19.1 | ||
Committed for capital expenditures to be completed during 2015 | 6.5 | ||
Payments for Environmental Liabilities | $ 9.1 | $ 8.1 | $ 8 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2014USD ($) | Jan. 31, 2014USD ($) | Dec. 31, 2016USD ($) | |
Logistics Planning Services [Domain] | |||
Related Party Transaction [Line Items] | |||
Related Party Costs | $ 5.1 | ||
Related Party Purchased Transportation | 3,300,000 | ||
MAEVA [Member] | |||
Related Party Transaction [Line Items] | |||
Completion Fee | $ 5.5 | ||
Incremental Completion Fee | $ 3.5 | ||
Hall Enterprises, Inc. [Member] | |||
Related Party Transaction [Line Items] | |||
Equity ownership in related party | 0.00% |