Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 12, 2019 | Jun. 29, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,017 | ||
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 | 33,843,786 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 331.5 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and cash equivalents | $ 227.6 | $ 91.6 |
Restricted amounts held in escrow | 0 | 54.1 |
Accounts receivable, less allowances of $11.1 and $12.0, respectively | 470.3 | 488.3 |
Prepaid expenses and other | 58.7 | 66.1 |
Total current assets | 756.6 | 700.1 |
Property and Equipment: | ||
Cost | 2,765.9 | 2,770.2 |
Less – accumulated depreciation | (1,969.8) | (1,957.5) |
Net property and equipment | 796.1 | 812.7 |
Other assets | 64.4 | 72.7 |
Total Assets | 1,617.1 | 1,585.5 |
Liabilities and Shareholders’ Deficit | ||
Accounts payable | 178 | 172 |
Wages, vacations and employee benefits | 223.6 | 182.3 |
Claims and insurance accruals | 112.8 | 115.1 |
Other accrued taxes | 24.7 | 23.6 |
Other current and accrued liabilities | 32.6 | 20.6 |
Current maturities of long-term debt | 20.7 | 30.6 |
Total current liabilities | 592.4 | 544.2 |
Other Liabilities: | ||
Long-term debt and financing, less current portion | 854.2 | 875.5 |
Deferred income taxes, net | 1.8 | 3.1 |
Pension and postretirement | 202.9 | 235.4 |
Claims and other liabilities | 271.3 | 280.8 |
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 33,090,000 and 32,733,000 shares | 0.3 | 0.3 |
Capital surplus | 2,327.6 | 2,323.3 |
Accumulated deficit | (2,208.4) | (2,228.6) |
Accumulated other comprehensive loss | (332.3) | (355.8) |
Treasury stock, at cost (410 shares) | (92.7) | (92.7) |
Total shareholders’ deficit | (305.5) | (353.5) |
Total Liabilities and Shareholders’ Deficit | $ 1,617.1 | $ 1,585.5 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Allowance for doubtful accounts receivable | $ 11.1 | $ 12 |
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 | 33,090,000 | 32,733,000 |
Treasury stock, shares | 410 | 410 |
Statements Of Consolidated Oper
Statements Of Consolidated Operations - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Operating Revenue | $ 5,092 | $ 4,891 | $ 4,697.5 |
Operating Expenses: | |||
Salaries, wages and employee benefits | 2,950 | 2,884.2 | 2,802.9 |
Fuel, operating expenses and supplies | 940.2 | 867.5 | 799.1 |
Purchased transportation | 683.2 | 627.5 | 553.6 |
Depreciation and amortization | 147.7 | 147.7 | 159.8 |
Other operating expenses | 248.8 | 245.7 | 252.2 |
Gains on property disposals, net | (20.8) | (0.6) | (14.6) |
Total operating expenses | 4,949.1 | 4,772 | 4,553 |
Operating Income | 142.9 | 119 | 144.5 |
Nonoperating Expenses: | |||
Interest expense | 105.8 | 102.8 | 103.4 |
Non-union pension and postretirement benefits | 9.4 | 20.6 | 20.2 |
Other, net | (3.6) | 13.7 | (3.7) |
Nonoperating expenses, net | 111.6 | 137.1 | 119.9 |
Income (Loss) before income taxes | 31.3 | (18.1) | 24.6 |
Income tax expense (benefit) | 11.1 | (7.3) | 3.1 |
Net Income (Loss) | 20.2 | (10.8) | 21.5 |
Net Income (Loss) Attributable to Common Shareholders | $ 20.2 | $ (10.8) | $ 21.5 |
Average Common Shares Outstanding - Basic (in shares) | 32,983 | 32,685 | 32,416 |
Dilutive weighted average shares outstanding (in shares) | 33,859 | 32,685 | 33,040 |
Earnings (Loss) Per Share - Basic (in dollars per share) | $ 0.61 | $ (0.33) | $ 0.66 |
Earnings (Loss) Per Share - Diluted (in dollars per share) | $ 0.60 | $ (0.33) | $ 0.65 |
Statement of Consolidated Compr
Statement of Consolidated Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 20.2 | $ (10.8) | $ 21.5 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax [Abstract] | |||
Net actuarial gains (losses) and other adjustments | 1 | 36.1 | (69.5) |
Net prior service credit | 0 | 8.9 | 0 |
Settlement adjustment | 10.9 | 6.3 | 0 |
Amortization of prior net losses | 14.6 | 12.9 | 13.7 |
Amortization of prior net service credit | (0.4) | 0 | 0 |
Changes in foreign currency translation adjustments | (2.6) | 5.2 | 1.3 |
Reclassification of foreign currency translation gains to net income | 0 | 0 | (10.4) |
Other comprehensive income (loss) | 23.5 | 69.4 | (64.9) |
Comprehensive income (loss) | $ 43.7 | $ 58.6 | $ (43.4) |
Statements Of Consolidated Cash
Statements Of Consolidated Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities: | |||
Net income (loss) | $ 20.2 | $ (10.8) | $ 21.5 |
Noncash items included in net income (loss): | |||
Depreciation and amortization | 147.7 | 147.7 | 159.8 |
Noncash equity-based compensation and employee benefits expense | 20.3 | 22 | 21 |
Non-union pension settlement charge | 10.9 | 7.6 | 0 |
Deferred income tax benefit, net | (1.1) | (13.2) | (0.4) |
Gains on property disposals, net | (20.8) | (0.6) | (14.6) |
Other noncash items, net | 4.9 | 13.2 | 6.1 |
Changes in assets and liabilities, net: | |||
Accounts receivable | 16.6 | (38.6) | (21) |
Accounts payable | 6.1 | 10.9 | (1.1) |
Other operating assets | 5.4 | 14.9 | 10.5 |
Other operating liabilities | 14.6 | (92.4) | (78) |
Net cash provided by operating activities | 224.8 | 60.7 | 103.8 |
Investing Activities: | |||
Acquisition of property and equipment | (145.4) | (103.3) | (100.6) |
Proceeds from disposal of property and equipment | 36.4 | 8.8 | 35.1 |
Proceeds from disposal of equity method investment, net | 0 | 0 | 14.6 |
Net cash used in investing activities | (109) | (94.5) | (50.9) |
Financing Activities: | |||
Repayment of long-term debt | (31.9) | (79.3) | (70.7) |
Debt issuance costs | 0 | (14.5) | (1.8) |
Payments for tax withheld on equity-based compensation | (2) | (2.4) | (0.7) |
Net cash used in financing activities | (33.9) | (96.2) | (73.2) |
Net Increase (Decrease) In Cash and Cash Equivalents and Restricted Amounts Held in Escrow | 81.9 | (130) | (20.3) |
Cash and Cash Equivalents and Restricted Amounts Held in Escrow, Beginning of Year | 145.7 | 275.7 | 296 |
Cash and Cash Equivalents and Restricted Amounts Held in Escrow, End of Year | 227.6 | 145.7 | 275.7 |
Supplemental Cash Flow Information: | |||
Interest paid | (101.2) | (103.4) | (90.2) |
Letter of credit fees paid | (7) | (7) | (8.5) |
Income tax refund (payment), net | $ (5.5) | $ 1.7 | $ (6.8) |
Statement Of Consolidated Share
Statement Of Consolidated Shareholders' Deficit - USD ($) $ in Millions | Total | Common Stock: | Capital Surplus: | Accumulated Deficit: | Accumulated Other Comprehensive Loss: | Net actuarial gains (losses) and other adjustments | Net prior service credit | Settlement adjustment | Amortization of prior net losses | Amortization of prior net service credit | Foreign currency translation adjustments | Treasury Stock, At Cost: |
Beginning balance at Dec. 31, 2015 | $ 0.3 | $ 2,312.6 | $ (2,239.3) | $ (360.3) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Equity-based compensation | 6.6 | |||||||||||
Net income (loss) | $ 21.5 | 21.5 | ||||||||||
Change in other comprehensive income | $ (69.5) | $ 0 | $ 0 | $ 13.7 | $ 0 | $ 1.3 | ||||||
Reclassification of foreign currency translation gains to net income | (10.4) | |||||||||||
Ending balance at Dec. 31, 2016 | (416.2) | 0.3 | 2,319.2 | (2,217.8) | (425.2) | $ (92.7) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Equity-based compensation | 4.1 | |||||||||||
Net income (loss) | (10.8) | (10.8) | ||||||||||
Change in other comprehensive income | 36.1 | 8.9 | 6.3 | 12.9 | 0 | 5.2 | ||||||
Reclassification of foreign currency translation gains to net income | 0 | |||||||||||
Ending balance at Dec. 31, 2017 | (353.5) | 0.3 | 2,323.3 | (2,228.6) | (355.8) | (92.7) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Equity-based compensation | 4.3 | |||||||||||
Net income (loss) | 20.2 | 20.2 | ||||||||||
Change in other comprehensive income | $ 1 | $ 0 | $ 10.9 | $ 14.6 | $ (0.4) | $ (2.6) | ||||||
Reclassification of foreign currency translation gains to net income | 0 | 0 | ||||||||||
Ending balance at Dec. 31, 2018 | $ (305.5) | $ 0.3 | $ 2,327.6 | $ (2,208.4) | $ (332.3) | $ (92.7) |
Description Of Business
Description Of Business | 12 Months Ended |
Dec. 31, 2018 | |
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 YRC Freight, our LTL subsidiary, YRC Reimer, a subsidiary located in Canada that specializes in shipments into, across and out of Canada, and HNRY Logistics, our logistics solutions provider. 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, 2018 | |
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. Basis of Presentation 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. 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, 2018 , approximately 78% of our labor force is subject to collective bargaining agreements. In 2014, 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 The Company’s revenues are derived from the transportation services we provide through the delivery of goods over the duration of a shipment. Upon receipt of the bill of lading, the contract existence criteria is met as evidenced by a legally enforceable agreement between two parties where collectability is probable, thus creating the distinct performance obligation. The Company has elected to expense initial direct costs as incurred because the average shipment cycle is less than one week. The YRC Freight and Regional Transportation segments recognize revenue and substantially all the purchased transportation expense on a gross basis because we direct the use of the transportation service provided and remain responsible for the complete and proper shipment. Inherent within our revenue recognition practices are estimates for revenue associated with shipments in transit and future adjustments to revenue and accounts receivable for billing adjustments and collectability. 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. For the reserve for uncollectible accounts, we primarily use historical write-off experience but may also consider customer-specific factors, overall collection trends and economic conditions as part of our ongoing monitoring of credit. 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 $11.1 million and $12.0 million as of December 31, 2018 and 2017 , respectively. Given the nature of our transportation services, future adjustments may arise which creates variability when establishing the transaction price used to recognize revenue. We have a high volume of performance obligations with similar characteristics, therefore we primarily use historical trends to arrive at estimated reserves. For rerate reserves, which are common for LTL carriers, 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 and commodity verifications. Although the majority of rerating occurs in the same month as the original rating, a portion occurs during subsequent periods. At December 31, 2018 and 2017 , our financial statements included a rerate reserve as a reduction to “Accounts Receivable” of $12.5 million and $8.8 million, respectively. For shipments in transit, we record revenue based on the percentage of service completed as of the period end and recognize 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. The total revenue earned is accumulated for all shipments in transit at a particular period end and recorded as operating revenue. At December 31, 2018 and 2017 , our financial statements included deferred revenue as a reduction to “Accounts Receivable” of $25.7 million and $28.1 million , respectively. We considered the disclosure requirements for revenue disaggregation guidance in ASC Topic 606 and noted that our segments disaggregate our revenues based on geographic and time-based factors as our Regional Transportation segment carriers operate in a smaller geographic footprint and have a shorter length of haul as compared to our YRC Freight segment. No other criteria listed in the guidance or through our review process was considered to be meaningful for financial statement users. As such, we conclude that no further disaggregation of revenues is necessary. Refer to the “Business Segments” footnote to the consolidated financial statements for more details. 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 income (loss). Foreign currency gains and losses resulting from foreign currency transactions resulted in a net gain of $2.7 million in 2018 and a net loss of $4.0 million and a net gain of $0.9 million during 2017 and 2016 , respectively. These amounts 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 (also referred to as third-party 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 based 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 2.6% , 1.5% and 1.0% for workers’ compensation claims incurred as of December 31, 2018 , 2017 and 2016 , respectively. The rate was 2.5% , 1.3% and 0.8% for property damage and liability claims incurred as of December 31, 2018 , 2017 and 2016 , 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, 2018 and 2017 , we had $350.3 million and $360.7 million, respectively, accrued for outstanding claims. Expected aggregate undiscounted amounts and material changes to these amounts related to workers’ compensation and property damage and liability claims as of December 31 are presented below: (in millions) Workers’ Compensation Property Damage and Liability Claims Total Undiscounted amount at December 31, 2016 $ 299.4 $ 72.9 $ 372.3 Estimated settlement cost for 2017 claims 95.7 37.2 132.9 Claim payments, net of recoveries (90.3 ) (33.5 ) (123.8 ) Change in estimated settlement cost for prior claim years (5.5 ) (6.1 ) (11.6 ) Undiscounted amount at December 31, 2017 $ 299.3 $ 70.5 $ 369.8 Estimated settlement cost for 2018 claims 95.9 40.0 135.9 Claim payments, net of recoveries (92.4 ) (36.2 ) (128.6 ) Change in estimated settlement cost for prior claim years (15.0 ) (0.7 ) (15.7 ) Undiscounted settlement cost estimate at December 31, 2018 $ 287.8 $ 73.6 $ 361.4 Discounted settlement cost estimate at December 31, 2018 $ 264.4 $ 72.0 $ 336.4 In addition to the amounts above, accrued settlement cost amounts for cargo claims and other insurance related amounts, none of which are discounted, totaled $13.9 million and $15.0 million at December 31, 2018 and 2017 , respectively. Estimated cash payments to settle claims which were incurred on or before December 31, 2018 , for the next five years and thereafter are as follows: (in millions) Workers’ Compensation Property Damage and Liability Claims Total 2019 $ 76.4 $ 27.6 $ 104.0 2020 48.8 20.4 69.2 2021 33.0 13.2 46.2 2022 22.4 7.0 29.4 2023 17.5 3.1 20.6 Thereafter 89.7 2.3 92.0 Total $ 287.8 $ 73.6 $ 361.4 Equity-Based Compensation We have various equity-based employee compensation plans, which are described more fully in the “Equity-Based 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 equity grants, with no performance requirement, we recognize compensation cost on a straight-line basis over the requisite service period (generally three 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) 2018 2017 Land $ 243.7 $ 246.0 Structures 791.3 783.3 Revenue equipment 1,257.4 1,303.5 Technology equipment and software 259.7 230.6 Other 213.8 206.8 Total property and equipment, at cost $ 2,765.9 $ 2,770.2 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 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. The Company capitalizes certain costs associated with developing or obtaining internal-use software. Capitalizable costs include external direct costs of materials and services utilized in developing or obtaining the software and payroll and payroll-related costs for employees directly associated with the development of the project. For the years ended December 31, 2018, 2017 and 2016 , depreciation expense was $145.9 million, $147.7 million and $146.3 million, respectively. Long-lived assets are reviewed for impairment when events or circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the long-lived assets, the carrying value would be reduced to the estimated fair value. Future cash flow estimates for an impairment review would be based on the lowest level of identifiable cash flows, which are at the operating company level. Equity Method Investment 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, 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 operations for the twelve months ended December 31, 2016. 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 under the 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 in the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used should 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, 2018 and 2017 . 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, 2017 (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 $ 54.1 $ 54.1 $ — $ — Total assets at fair value $ 54.1 $ 54.1 $ — $ — 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. As of December 31, 2018 , we had no restricted amounts held in escrow. The fair value of our long-term debt is included in the “Debt and Financing” footnote to the consolidated financial statements. Reclassifications Out of Accumulated Other Comprehensive Income For the year ended December 31, 2018 , we reclassified the amortization of our prior net pension losses and prior service credit, net of tax, totaling $ 14.6 million and $ (0.4) million , respectively, from accumulated other comprehensive income to net income. For the years ended December 31, 2017 and 2016 , we reclassified the amortization of prior net pension losses, net of tax, totaling $12.9 million and $13.7 million , respectively, from accumulated other comprehensive income (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, for the year ended December 31, 2016, 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 loss, as discussed in the “Equity Method Investments” section of this footnote. Newly-Adopted Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers . The new standard became effective for the Company for its annual reporting period beginning January 1, 2018 using a modified retrospective approach. There was no cumulative effect adjustment recorded. The Company completed the implementation and included updates to our disclosures herein. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . The Company adopted this new standard effective January 1, 2017. The new standard requires an employer to classify as a financing activity in its statement of cash flows the cash paid to a taxing authority when shares are withheld to satisfy the employer’s statutory income tax withholding obligation. As a result of adoption, the Company reclassified $2.4 million and $0.7 million in “Payments for tax withheld on equity-based compensation” as financing activities in the statements of consolidated cash flows for the years ended 2017 and 2016, respectively. The Company had no other items requiring retrospective treatment under the pronouncement. 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 no longer presents transfers between cash and cash equivalents and restricted cash in the statement of consolidated cash flows. The new standard became effective for the Company for its annual reporting period beginning January 1, 2018, and was adopted using a retrospective transition approach. The statement of consolidated cash flows has been updated to reflect the presentation of beginning and ending cash to include “Cash and cash equivalents” as well as “Restricted amounts held in escrow” and removed changes in restricted escrows as a component of investing activities. In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires companies to present the service cost component of net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period. All other components of net periodic benefit cost are presented outside of any subtotal for operating income, if one is presented. Given the Company’s defined benefit plans are frozen, there is no service cost associated with the plans, other than the administrative costs. Therefore, the Company will include administrative costs with all other components as there is no service provided by employees. The Company adopted the new standard January 1, 2018, with retrospective application. For the years ended December 31, 2017 and 2016, the amount reclassified to “Nonoperating expenses” from “Salaries, wages and employee benefits” (a component of operating expenses) was $20.6 million and $20.2 million , respectively. Other than the reclassification of periodic net benefit cost, the adoption of this standard did not have a material impact on the consolidated financial statements. Impact of Recently-Issued Accounting Standards 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. 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. The Company will adopt the standard using a prospective transition approach, which applies the provisions of the new guidance at the effective date without adjusting the comparative periods presented. Upon adoption, the Company plans to elect the package of three practical expedients which allows entities to not reassess initial direct costs, lease classification for existing or expired leases, and lease definition for existing or expired contracts as of the effective date of January 1, 2019. The Company does not plan to elect the hindsight method practical expedient which would allow us to reassess lease terms and impairment. For leases with a term of twelve months or less, the Company plans to make an accounting policy election in which the right of use lease asset and lease liability will not be recognized on the consolidated balance sheet. The Company does not plan to separate lease and non-lease components for its revenue equipment and real property leases. We lease certain revenue equipment and real estate, predominantly through operating leases, and we have an immaterial amount of leases in which we are a lessor. ASU 2016-02 is intended to increase transparency and comparability among organizations by requiring the recognition of right-of-use (“ROU”) assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases under current U.S. GAAP. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. In preparation for adoption of the standard, we implemented a software solution to assist with the measurement and ongoing reporting for leases, along with new internal controls to ensure the completeness and accuracy of our lease population. The Company estimates the adoption of the standard will result in the recognition of approximately $375.0 million of right-of-use assets and liabilities for operating leases in the consolidated balance sheet as of January 1, 2019. The standard is not expected to have a material impact on the statement of consolidated operations or the statement of consolidated cash flows. In addition, the new lease standard is not expected to impact the calculation of the total maximum leverage ratio covenant, which is defined under the terms of our credit agreement. In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans . The guidance modifies disclosure requirements for defined benefit plans. This guidance is effective for fiscal years ending after December 15, 2020, and early adoption is permitted. The Company is currently assessing the potential impact of ASU 2018-14 on its consolidated financial statement disclosures. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 Deferred debt costs (a) $ 2.1 $ 2.9 Prepayments (b) 18.0 20.0 Intangible assets 25.2 27.8 Other 19.1 22.0 Total $ 64.4 $ 72.7 (a) Deferred debt costs relate to our ABL Facility. (b) Prepayments primarily includes prepaid costs for revenue equipment leases. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [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, 2018 and 2017 , and the funded status at December 31, 2018 and 2017 , is as follows: (in millions) 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 1,228.4 $ 1,233.6 Service cost (a) — 5.4 Interest cost 44.1 51.1 Benefits paid (110.4 ) (108.0 ) Actuarial (gain) loss (88.5 ) 63.5 Expenses paid from assets (a) — (6.9 ) Plan amendments — (10.7 ) Other (0.4 ) 0.4 Benefit obligation at year end $ 1,073.2 $ 1,228.4 Change in plan assets: Fair value of plan assets at prior year end $ 998.3 $ 878.7 Actual return on plan assets (a) (27.8 ) 166.1 Employer contributions 15.2 68.0 Benefits paid (110.4 ) (108.0 ) Expenses paid from assets (a) — (6.9 ) Other (0.4 ) 0.4 Fair value of plan assets at year end $ 874.9 $ 998.3 Funded status at year end $ (198.3 ) $ (230.1 ) (a) Due to the adoption of ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , all administrative costs are now being presented as nonoperating as there are no service costs due to the frozen status of the plans. This resulted in the reclassification of administrative costs, which are now a component of “Actual return on plan assets.” The underfunded status of the plans of $198.3 million and $230.1 million at December 31, 2018 and 2017 , 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, 2019 . Our long-term strategy is to reduce the risk of our plans. In 2017, the Company amended the domestic pension plans to provide an automatic commencement of benefit at age 65, regardless of employment status, in an effort to reduce our long-term pension obligations and ongoing annual pension expense. At the same time, the Yellow Transportation Plan was amended to permit the payment of lump sum benefit payments for those participants who reached age 65. Effective January 1, 2018, the Yellow Transportation Plan was amended to permit the payment of lump sum benefit payments for all participants. The impact of these amendments to the benefit obligation is reflected in “Plan amendments” in the above table. These amendments triggered non-cash settlement charges of $10.9 million and $7.6 million in 2018 and 2017, respectively, due to the amount of lump sum benefit payments distributed from plan assets. The lump sum benefit payments reduce pension obligations and are funded from existing plan assets. The non-cash settlement charge results from the requirement to expense the unrecognized actuarial losses associated with the lump sum settlements, which are reflected in nonoperating expenses. The charge had no effect on total equity because the actuarial losses were already recognized in accumulated other comprehensive income (loss). Accordingly, the effect on retained earnings was offset by a corresponding reduction in accumulated other comprehensive income (loss). Benefit Plan Obligations Amounts recognized in the consolidated balance sheets for pension benefits at December 31 are as follows: (in millions) 2018 2017 Noncurrent assets $ 2.7 $ 3.3 Current liabilities 0.8 0.8 Noncurrent liabilities 200.2 232.6 Amounts recognized in accumulated other comprehensive loss at December 31 consist of: (in millions) 2018 2017 Net actuarial loss $ 368.9 $ 395.3 Net prior service credit (10.3 ) (10.7 ) Total $ 358.6 $ 384.6 As shown above, included in accumulated other comprehensive loss at December 31, 2018 , are unrecognized actuarial losses of $358.6 million ( $334.4 million , net of tax). The expected amortization of actuarial loss and net prior service credit included in accumulated other comprehensive income (loss) and expected to be recognized in net periodic cost in 2019 is $11.9 million and $0.4 million , 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, 2018 and 2017 is as follows: At December 31, 2018 (in millions) ABO Exceeds Assets Assets Exceed ABO Total Projected benefit obligation $ 927.6 $ 145.6 $ 1,073.2 Accumulated benefit obligation 927.6 145.6 1,073.2 Fair value of plan assets 726.6 148.3 874.9 At December 31, 2017 (in millions) ABO Exceeds Assets Assets Exceed ABO Total Projected benefit obligation $ 1,223.9 $ 4.5 $ 1,228.4 Accumulated benefit obligation 1,223.9 4.2 1,228.1 Fair value of plan assets 993.0 5.3 998.3 Assumptions Weighted average actuarial assumptions used to determine benefit obligations at December 31: 2018 2017 Discount rate 4.44 % 3.77 % Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31: 2018 2017 2016 Discount rate 3.77 % 4.27 % 4.81 % Expected rate of return on assets 7.0 % 7.0 % 7.0 % Mortality table (a) RP-2014 RP-2014 RP-2014 (a) The 2018 , 2017 and 2016 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, 2018 and 2017 , and targeted long-term asset allocation for the plans are as follows: 2018 2017 Target Equities 39.0 % 41.0 % 38.0 % Debt Securities 24.0 % 27.0 % 30.0 % Absolute Return 37.0 % 32.0 % 32.0 % Based on various market factors, we selected an expected rate of return on assets of 7.0% effective for the 2018 and 2017 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 $9.9 million to our single-employer pension plans in 2019 . 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) 2019 2020 2021 2022 2023 2023-2027 Expected benefit payments $ 86.7 $ 82.8 $ 80.2 $ 78.1 $ 75.6 $ 353.0 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, 2018 , 2017 and 2016 were as follows: (in millions) 2018 2017 2016 Net periodic benefit cost: Service cost $ — $ 5.4 $ 6.5 Interest cost 44.1 51.1 55.9 Expected return on plan assets (60.0 ) (59.3 ) (56.2 ) Amortization of prior net losses 14.6 15.5 13.7 Amortization of prior net service credit (0.4 ) — — Settlement adjustment 10.9 7.6 — Net periodic pension cost $ 9.2 $ 20.3 $ 19.9 Other changes in plan assets and benefit obligations recognized in other comprehensive loss (income): Net actuarial gains (losses) and other adjustments $ (0.9 ) $ (43.7 ) $ 69.5 Net prior service credit — (10.7 ) — Settlement adjustment (10.9 ) (7.6 ) — Amortization of prior net losses (14.6 ) (15.5 ) (13.7 ) Amortization of prior net service credit 0.4 — — Total recognized in other comprehensive loss (income) (26.0 ) (77.5 ) 55.8 Total recognized in net periodic benefit cost and other comprehensive loss (income) $ (16.8 ) $ (57.2 ) $ 75.7 During the years ended December 31, 2018 and 2017 , the income tax provision (benefit) related to amounts in other comprehensive (income) loss was $(0.1) million and $13.3 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, 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 net asset value (“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, 2018 and 2017 , respectively. The tables below detail by level, within the fair value hierarchy, the pension assets at fair value as of December 31, 2018 and December 31, 2017 : Pension Assets at Fair Value as of December 31, 2018 (in millions) Total Level 1 Level 2 Level 3 Equities $ 67.7 $ 65.5 $ 2.2 $ — Private equities 43.4 — — 43.4 Fixed income: Corporate and other 24.8 7.7 16.2 0.9 Government 177.1 67.2 109.9 — Interest bearing 25.1 (10.5 ) 35.6 — Investments measured at NAV (a) 536.8 Total plan assets $ 874.9 $ 129.9 $ 163.9 $ 44.3 Pension Assets at Fair Value as of December 31, 2017 (in millions) Total Level 1 Level 2 Level 3 Equities $ 104.1 $ 101.5 $ 2.6 — Private equities 46.6 — — 46.6 Fixed income: Corporate and other 34.2 9.6 18.6 6.0 Government 210.3 54.2 156.1 — Interest bearing 40.5 5.0 35.5 — Investments measured at NAV (a) 562.6 $ — $ — $ — Total plan assets $ 998.3 $ 170.3 $ 212.8 $ 52.6 (a) Certain investments that are measured at fair value using the NAV 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, 2016 $ 38.3 $ 3.5 $ 41.8 Purchases 1.9 2.0 3.9 Sales (1.1 ) — (1.1 ) Unrealized gains 7.5 0.5 8.0 Balance at December 31, 2017 $ 46.6 $ 6.0 $ 52.6 Purchases — 0.6 0.6 Sales (0.3 ) — (0.3 ) Unrealized losses (2.9 ) (5.7 ) (8.6 ) Balance at December 31, 2018 $ 43.4 $ 0.9 $ 44.3 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, 2018 : Fair value estimated using Net Asset Value per Share (in millions) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Private equities (a) $ 155.2 $ 2.8 Redemptions not permitted Fixed income (b) 189.2 0.5 Redemptions not permitted Equities (c) 84.0 — Monthly 3-30 days Absolute return (d) 108.4 — Monthly, Quarterly 2-45 days Total $ 536.8 (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, 2017 : Fair value estimated using Net Asset Value per Share (in millions) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Private equities (a) $ 143.9 $ 8.2 Redemptions not permitted Fixed income (b) 181.0 0.5 Redemptions not permitted Equities (c) 112.7 — Monthly 3-30 days Absolute return (d) 125.0 — Monthly, Quarterly 2-45 days Total $ 562.6 (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) 2018 2017 2016 Health and welfare $ 499.3 $ 482.6 $ 453.1 Pension 115.5 98.1 90.3 Total $ 614.8 $ 580.7 $ 543.4 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, 2018 : Pension Protection Zone Status (b) Funding Improvement or Rehabilitation Plan Employer Surcharge Imposed Expiration Date of Collective-Bargaining Agreement Pension Fund (a) EIN Number 2018 2017 Central States, Southeast and Southwest Areas Pension Fund 36-6044243 Critical and Declining Critical and Declining 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 and Declining Yes No 3/31/2019 Teamsters Local 641 Pension Fund 22-6220288 Critical and Declining Critical and Declining 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 PPA zone status available for 2018 and 2017 is for the plan’s year-end during calendar years 2017 and 2016, 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 and Teamsters Local 641 Pension Fund’s Forms 5500 as providing more than 5 percent of the total contributions for 2017 and 2016. We contributed a total of $112.6 million , $97.8 million and $89.1 million to the multi-employer pension funds for the years ended December 31, 2018, 2017 and 2016 . The following table provides the pension amounts contributed by fund for those funds that are considered to be individually significant: (in millions) 2018 2017 2016 Central States, Southeast and Southwest Areas Pension Plan $ 70.7 $ 58.8 $ 51.8 Teamsters National 401(k) Savings Plan 14.7 13.1 12.5 Road Carriers Local 707 Pension Fund 2.2 2.2 1.8 Teamsters Local 641 Pension Fund 1.8 1.5 1.3 In 2006, the PPA 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 fail to meet minimum funding requirements, meet a required funding improvement or rehabilitation plan that the PPA 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 PPA 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 a suspension application which was approved and implemented October 2017. The plan requires annual future employer contribution increases of 3.5% 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 the Company. 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 $13.3 million in 2018 , $10.3 million in 2017 and $7.2 million in 2016 . Our employees covered under collective bargaining agreements may also participate in union-sponsored 401(k) plans. Annual Incentive Awards The Company provides an annual cash incentive compensation plan (Annual Incentive Plan, or AIP) to certain salaried employees across various levels of the organization which is based on factors such as operating revenues and Adjusted EBITDA achieved for the year, compared to targeted operating results. Results from operations include performance incentive accruals of $29.8 million in 2018, with no such accruals in 2017 or 2016. The AIP awards earned for a year are paid in the first quarter of the following year. |
Debt And Financing
Debt And Financing | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt and Financing | Debt and Financing Our outstanding debt as of December 31, 2018 and December 31, 2017 consisted of the following: As of December 31, 2018 (in millions) Par Value Discount Debt Issuance Costs Book Value Effective Interest Rate Term Loan $ 573.7 $ (7.8 ) $ (6.5 ) $ 559.4 (a) 11.4 % ABL Facility — — — — Secured Second A&R CDA 26.9 — (0.1 ) 26.8 7.9 % Unsecured Second A&R CDA 46.7 — (0.2 ) 46.5 7.9 % Lease financing obligations 242.7 — (0.5 ) 242.2 14.9 % Total debt $ 890.0 $ (7.8 ) $ (7.3 ) $ 874.9 Current maturities of Term Loan (14.2 ) — — (14.2 ) Current maturities of Unsecured Second A&R CDA (1.5 ) — — (1.5 ) Current maturities of lease financing obligations (5.0 ) — — (5.0 ) Long-term debt $ 869.3 $ (7.8 ) $ (7.3 ) $ 854.2 As of December 31, 2017 (in millions) Par Value Discount Debt Issuance Costs Book Value Effective Interest Rate Term Loan $ 595.5 $ (10.4 ) $ (8.3 ) $ 576.8 (a) 10.5 % ABL Facility (a) — — — — N/A Secured Second A&R CDA 26.9 — (0.1 ) 26.8 7.8 % Unsecured Second A&R CDA 48.2 — (0.3 ) 47.9 7.8 % Lease financing obligations 255.5 — (0.9 ) 254.6 12.1 % Total debt $ 926.1 $ (10.4 ) $ (9.6 ) $ 906.1 Current maturities of Term Loan (18.0 ) — — (18.0 ) Current maturities of Unsecured Second A&R CDA (1.5 ) — — (1.5 ) Current maturities of lease financing obligations (11.1 ) — — (11.1 ) Long-term debt $ 895.5 $ (10.4 ) $ (9.6 ) $ 875.5 (a) As of December 31, 2018 and 2017, 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 of 8.50% . Credit Facilities As of December 31, 2018 , we had two primary credit facilities that we utilized to support our liquidity needs: a $600 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, 2018 below. $600 Million First Lien Term Loan On July 26, 2017, the Company entered into Amendment No. 4 (the “Amendment”) to the credit agreement (the “Term Loan Agreement”) governing our term loan facility (the “Term Loan”), 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.) which extended the maturity date to July 26, 2022 and required a $35.2 million payment to bring the balance to $600 million . No amounts under this Term Loan, once repaid, may be reborrowed. The Term Loan requires quarterly principal payments, with remaining amounts outstanding due upon the maturity date of July 26, 2022. Borrowings under the Term Loan can be repaid in whole or in part at any time, without penalty, 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 8.50% 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. In connection with the Amendment, the Company paid $35.2 million in principal and incurred $9.7 million in original issuance discount and $9.7 million in transaction costs for third party fees. 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 (subject to permitted liens) (the “CDA Collateral”) securing the obligations under the Second A&R CDA as defined and discussed below. 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 July 26, 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, 2018 3.50 to 1.00 June 30, 2020 3.00 to 1.00 March 31, 2019 3.25 to 1.00 September 30, 2020 2.75 to 1.00 June 30, 2019 3.25 to 1.00 December 31, 2020 2.75 to 1.00 September 30, 2019 3.25 to 1.00 March 31, 2021 2.75 to 1.00 December 31, 2019 3.00 to 1.00 June 30, 2021 and thereafter 2.50 to 1.00 March 31, 2020 3.00 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 certain property disposals, restructuring professional fees and other transaction costs related to issuances of debt, non-recurring consulting 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, 2018 was 2.64 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 was amended on June 28, 2016 to extend the maturity date to June 28, 2021. 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. 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, 2018 and 2017 , we had $341.3 million and $ 352.6 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, 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 Pursuant to the terms of the collective bargaining agreement with the IBT, the Company’s subsidiaries began making contributions to the Funds (defined below) for the month beginning June 1, 2011 at the rate of 25% of the contribution rate in effect on July 1, 2009. 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”). The Deferred Pension Payments and Deferred Interest (each as defined in the A&R CDA) bear interest at a floating 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 secured first priority collateral. On January 30, 2018, the Company entered into Amendment No. 1 (the “First Amendment to the CDA”) to the Second A&R CDA with the Trustees for the Central States, Southeast and Southwest Areas Pension Fund, certain pension funds party thereto, and Wilmington Trust Company, as agent (the “CDA”). The First Amendment to the CDA, among other things: (a) extends the final maturity date of obligations under the CDA to December 31, 2022 and (b) provides for annual scheduled amortization equal to 2.0% of the amount outstanding as of November 30 of each applicable year. Additionally, pursuant to the First Amendment to the CDA, a one-time payment of $25.0 million was made in December 2017 to Wilmington Trust Company, as agent under the CDA. Maturities The principal maturities over the next five years and thereafter of total debt as of December 31, 2018 was as follows: Term Loan ABL Facility Second A&R CDA Lease Financing Obligations (a) Total 2019 $ 14.2 $ — $ 1.5 $ 5.1 $ 20.8 2020 18.0 — 1.4 3.6 23.0 2021 18.0 — 1.4 3.4 22.8 2022 523.5 — 69.3 4.3 597.1 2023 — — — 5.1 5.1 Thereafter — — — 221.2 221.2 Total $ 573.7 $ — $ 73.6 $ 242.7 $ 890.0 (a) Lease financing obligations subsequent to 2023 of $221.2 million represent principal cash obligations of $17.1 million and the estimated net book value of the underlying assets at the expiration of their associated lease agreements of $204.1 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, 2018 December 31, 2017 (in millions) Book Value Fair Value Book Value Fair Value Term Loan $ 559.4 $ 546.0 $ 576.8 $ 596.9 ABL Facility — — — — Lease financing obligations 242.2 234.7 254.6 257.7 Second A&R CDA 73.3 70.0 74.7 75.3 Total debt $ 874.9 $ 850.7 $ 906.1 $ 929.9 The fair values of the Term Loan and Second 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, 2018 , our maximum availability under our ABL Facility was $39.2 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 $341.3 million of outstanding letters of credit. Our Managed Accessibility was $1.2 million , which is the measure of availability management represents is the maximum amount we would access on the ABL Facility and is adjusted for eligible receivables plus eligible borrowing base cash measured as of December 31, 2018. If eligible receivables fall below the threshold management uses to measure availability, which is 10% of the borrowing line, the Credit Agreement governing the ABL Facility permits adjustments from eligible borrowing base based on the ABL requirement to maintain availability equal to or above 10% of the borrowing line. For the December 31, 2018 measured borrowing base certificate, which was filed in January 2019, we had less than 10% of the borrowing line in eligible receivables and moved $25.0 million of cash into restricted cash, as permitted under the ABL Facility, which effectively put our cash and cash equivalents and Managed Accessibility to $203.8 million as of December 31, 2018 . As of December 31, 2017 , our availability under our ABL Facility was $68.9 million . Of the $68.9 million in availability, Managed Accessibility was $26.7 million . Our cash and cash equivalents and Managed Accessibility was $118.3 million as of December 31, 2017 . The table below summarizes cash and cash equivalents and Managed Accessibility for the years ended December 31: (in millions) 2018 2017 Cash and cash equivalents 227.6 91.6 Less: amounts placed into restricted cash subsequent to year-end (25.0 ) — Managed Accessibility 1.2 26.7 Total cash and cash equivalents and Managed Accessibility $ 203.8 $ 118.3 Outside of funding normal operations, our principal uses of cash include making contributions to our various multi-employer pension funds and single-employer pension plans, 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, 2018 and 2017 were $145.4 million and $103.3 million , respectively. These amounts were principally used to fund the purchase of used tractors and trailers, refurbish engines for our revenue fleet, and for capitalized costs to improve our technology infrastructure. For the year ended December 31, 2018 , we entered into new operating lease commitments for revenue equipment totaling $198.5 million , with such payments to be made over the average lease term of 4 years. As of December 31, 2018 , our operating lease obligations for 2019 are $138.4 million and our operating lease obligations through 2030 total $429.2 million and are expected to increase as we lease additional revenue equipment in future years. |
Equity-Based Compensation Plans
Equity-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity-Based Compensation Plans | Equity-Based 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, 2018 , 1.5 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. 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 vested 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, 2015 421 $ 18.09 Vested (140 ) 17.90 Forfeited (20 ) 16.83 Unvested at December 31, 2016 261 $ 17.98 Vested (141 ) 17.90 Forfeited (6 ) 18.23 Unvested at December 31, 2017 114 $ 18.06 Vested (114 ) 18.06 Forfeited — — Unvested at December 31, 2018 — $ — The Company expenses the grant date fair value of the awards earned in the performance period over the respective service periods. For the years ended December 31, 2018 and 2017 , the Company recognized compensation expense of $0.1 million and $0.9 million , respectively. These awards were fully expensed by February 2018. The fair value of shares vested and distributed during the year ended December 31, 2018 was $2.1 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, 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 Granted 496 12.43 Vested and distributed (306 ) 11.91 Forfeited (58 ) 12.28 Unvested at December 31, 2017 1,307 $ 11.55 Granted 730 9.35 Vested and distributed (457 ) 10.91 Forfeited (164 ) 11.31 Unvested at December 31, 2018 1,416 $ 10.65 All of the members of the Board of 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, 2018 , 2017 , and 2016 , the total number of restricted stock units that are vested but for which the underlying Common Stock has not been distributed was 660,000 , 528,000 , and 410,000 , respectively; these shares are shown as unvested in the above table. The intrinsic value of unvested shares as of December 31, 2018 was $4.5 million . The Company records expense on a straight-line basis over the vesting term. For the years ended December 31, 2018, 2017 and 2016 , the Company recorded compensation expense for restricted stock awards of $6.2 million , $5.6 million , and $5.0 million , respectively. Unrecognized compensation expense related to restricted stock awards of $4.0 million at December 31, 2018 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 2018 2017 2016 25% per year for four years — — 8 100% immediately 132 106 123 33.3% per year for three years 452 85 599 100% on February 14, 2020 — 305 — 100% on July 31, 2018 146 — — Total restricted stock and stock units granted 730 496 730 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, 2018, 2017 and 2016 was $5.0 million , $3.6 million , and $3.5 million , respectively. The outstanding awards under our stock compensation plans are considered participating securities in our earnings per share calculation. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
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. The Company adopted the guidance provided by Securities and Exchange Staff Accounting Bulletin No. 118 (“SAB 118”) regarding the public disclosures of certain accounting impacts of the Tax Act. In 2017 and the first nine months of 2018, the Company recorded provisional amounts for certain enactment date effects of the Tax Act by applying the guidance in SAB 118 because we had not yet completed our enactment date accounting for these effects. All provisional amounts have been finalized for the 2018 Form 10-K as required by SAB 118. This includes the federal and state income tax effects of newly enacted law, which imposed a one-time transition tax liability related to undistributed earnings of certain foreign subsidiaries that were not previously taxed. Such finalization had no net impact on the tax provision for 2018, as it merely adjusted net operating loss carry-forward amounts and was fully offset by a valuation allowance. Deferred tax liabilities (assets) were comprised of the following at December 31 : (in millions) 2018 2017 Depreciation $ 109.0 $ 148.0 Deferred revenue 9.3 14.4 Intangibles 6.0 6.4 Gain on debt redemption — 7.9 State taxes 19.9 22.1 Other 15.2 10.6 Deferred tax liabilities 159.4 209.4 Claims and insurance (84.8 ) (98.2 ) Net operating loss carryforwards (199.9 ) (228.0 ) Employee benefit accruals (88.9 ) (88.8 ) Sale/leaseback transactions (54.5 ) (64.7 ) Other (20.6 ) (31.7 ) Deferred tax assets (448.7 ) (511.4 ) Valuation allowance 291.1 305.1 Net deferred tax assets (157.6 ) (206.3 ) Net deferred tax liability $ 1.8 $ 3.1 The net deferred tax liability of $1.8 million and $3.1 million as of December 31, 2018 and 2017 , respectively, is included as a separate line item in each of the accompanying balance sheets. Current income tax payable was $5.8 million as of December 31, 2018 and is included in “Other current and accrued liabilities” in the accompanying balance sheets. Current income tax receivable was $1.3 million as of December 31, 2017 , and is included in “Prepaid expenses and other” in the accompanying balance sheets. As of December 31, 2018 , the Company has remaining federal net operating loss carryforwards of approximately $677.3 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 2030 and 2037 if not used. As of December 31, 2018 , the Company has general business and other credit carryforwards of approximately $0.1 million . These credit carryforwards will likely not be utilized and will expire between 2027 and 2031 if not used. As of December 31, 2018 and 2017 , a valuation allowance of $291.1 million and $305.1 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: 2018 2017 2016 Federal statutory rate 21.0 % 35.0 % 35.0 % State income taxes, net 14.1 % (2.8 )% 2.9 % Foreign tax rate differential 12.1 % (10.0 )% (3.3 )% Permanent differences 8.3 % (8.9 )% 6.9 % Valuation allowance (17.5 )% (48.6 )% (13.0 )% Benefit from intraperiod tax allocation under ASC 740 — % 73.5 % — % Net change in unrecognized tax benefits (0.9 )% 0.5 % (10.2 )% Other, net (primarily prior year return to provision) (1.6 )% 1.6 % (5.7 )% Effective tax rate 35.5 % 40.3 % 12.6 % The income tax provision (benefit) consisted of the following: (in millions) 2018 2017 2016 Current: Federal $ — $ (0.9 ) $ (1.7 ) State 5.4 0.8 (0.7 ) Foreign 6.8 6.0 5.9 Current income tax expense 12.2 5.9 3.5 Deferred: Federal — (13.3 ) — State — — — Foreign (1.1 ) 0.1 (0.4 ) Deferred income tax benefit (1.1 ) (13.2 ) (0.4 ) Income tax expense (benefit) 11.1 (7.3 ) 3.1 Based on the income (loss) before income taxes: Domestic 13.6 (30.5 ) 3.9 Foreign 17.7 12.4 20.7 Income (Loss) before income taxes $ 31.3 $ (18.1 ) $ 24.6 The Company applies the intraperiod tax allocation rules of ASC 740 to allocate income taxes among continuing operations, other comprehensive income (loss), and additional paid-in capital when our situation meets the criteria as prescribed in the rule. During 2017, the Company recognized $13.3 million of deferred benefit in the statement of consolidated operations and an equal and offsetting deferred tax expense in other comprehensive income (loss) included in the statement of consolidated comprehensive income (loss) due to the application of the exception within the intraperiod tax allocation rules. There was no domestic deferred benefit recognized in 2018 or 2016, 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) 2018 2017 Unrecognized tax benefits at January 1 $ 56.8 $ 45.3 Increases related to: Tax positions taken during a prior period 7.1 11.8 Tax positions taken during the current period 0.4 0.4 Decreases related to: Tax positions taken during a prior period (0.1 ) — Lapse of applicable statute of limitations (4.8 ) (0.7 ) Settlements with taxing authorities (0.2 ) — Unrecognized tax benefits at December 31 $ 59.2 $ 56.8 At December 31, 2018 and 2017 , there are $10.5 million and $10.8 million of benefits that, if recognized, would affect the effective tax rate. We accrued interest of $0.8 million for each of the years ended December 31, 2018 and 2017 and reversed $0.3 million and $0.7 million of previously accrued interest on uncertain tax positions during the years ended December 31, 2018 and 2017 for a net increase of $0.5 million and $0.1 million for 2018 and 2017, respectively. The reversals related primarily to statute expirations and other favorable resolution of prior uncertain positions. The total amount of interest accrued for uncertain tax positions is $2.8 million and $2.3 million as of December 31, 2018 and 2017 . During the year ended December 31, 2018 , we paid inconsequential amounts of tax and interest to settle state audits of tax years 2010 through 2014 for certain of our subsidiaries, and we reduced our previously recorded liability for unrecognized tax benefits accordingly. During the year ended December 31, 2017, we paid no amounts to settle audits. 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 $7.7 million as a result of developments in examinations, or from the expiration of statutes of limitation. Tax years that remain subject to examination for our major tax jurisdictions as of December 31, 2018 : Statute remains open 2005-2017 Tax years currently under examination/exam completed 2005-2013 Tax years not examined 2014-2018 |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2018 | |
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 service fees to our reporting segments based on the benefits received or an overhead allocation basis. Shared support functions include information technology, legal, financial services, revenue management, and other company-wide services. Corporate represents residual operating expenses of the holding company that are not attributable to any segment and remain unallocated. It also represents certain items that are permitted to be excluded from Adjusted EBITDA. Corporate identifiable assets primarily consist of cash and cash equivalents, restricted amounts held in escrow, information technology assets, and deferred debt issuance costs. Intersegment revenue relates to transportation services between our segments. We considered the disclosure requirements for revenue disaggregation guidance in ASC Topic 606 and noted that our segments disaggregate our revenues based on geographic and time-based factors as our Regional Transportation segment carriers operate in a smaller geographic footprint and have a shorter length of haul as compared to our YRC Freight segment. Revenue from foreign sources totaled $104.1 million , $99.3 million , and $101.0 million for the years ended December 31, 2018, 2017, and 2016 , respectively, and is mainly derived from Canada and, to a lesser extent, Mexico. Long-lived assets located in foreign countries totaled $6.5 million , $5.3 million and $5.2 million at December 31, 2018, 2017, and 2016 , respectively. The following table summarizes our operations by business segment: (in millions) YRC Freight Regional Transportation Corporate/Eliminations Consolidated 2018 External revenue $ 3,197.3 $ 1,895.0 $ (0.3 ) $ 5,092.0 Operating income (loss) 85.0 70.7 (12.8 ) 142.9 Identifiable assets 973.6 626.4 17.1 1,617.1 Acquisition of property and equipment (76.5 ) (62.9 ) (6.0 ) (145.4 ) Proceeds from disposal of property and equipment 35.8 0.6 — 36.4 Depreciation and amortization 82.2 65.0 0.5 147.7 2017 External revenue $ 3,067.9 $ 1,823.4 $ (0.3 ) $ 4,891.0 Operating income (loss) (a) 60.7 67.9 (9.6 ) 119.0 Identifiable assets 1,042.1 607.4 (64.0 ) 1,585.5 Acquisition of property and equipment (66.6 ) (36.6 ) (0.1 ) (103.3 ) Proceeds from disposal of property and equipment 8.1 0.7 — 8.8 Depreciation and amortization 84.8 62.9 — 147.7 2016 External revenue $ 2,958.9 $ 1,739.3 $ (0.7 ) $ 4,697.5 Operating income (loss) (a) 71.8 81.3 (8.6 ) 144.5 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 (a) Due to the adoption of ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , “Operating income (loss)” for prior years have been updated to reflect the reclassification of pension expense |
Shareholders' Deficit
Shareholders' Deficit | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Deficit | Shareholders’ Deficit The Company issued to the IBT one share of Series A Voting Preferred Stock that entitles the holder to elect two directors to the Company’s Board of Directors. The following reflects the activity in the shares of our common stock for the years ended December 31: Common Shares (in thousands) 2018 2017 2016 Beginning balance 32,733 32,473 32,141 Issuance of equity awards, net 357 260 332 Ending balance 33,090 32,733 32,473 Our Term Loan agreement in place as of December 31, 2018 , 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, 2018 | |
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 (loss) per share adjusts the weighted average shares outstanding for our dilutive unvested shares and stock units using the treasury stock method. Our calculations for basic and dilutive earnings (loss) per share for the years ended December 31, 2018, 2017, and 2016 are as follows: (dollars in millions, except per share data, shares and stock units in thousands) 2018 2017 2016 Basic and dilutive net income (loss) available to common shareholders $ 20.2 $ (10.8 ) $ 21.5 Basic weighted average shares outstanding 32,983 32,685 32,416 Effect of dilutive securities: Unvested shares and stock units (a) 876 — 624 Dilutive weighted average shares outstanding 33,859 32,685 33,040 Basic earnings (loss) per share (b) $ 0.61 $ (0.33 ) $ 0.66 Diluted earnings (loss) per share (b) $ 0.60 $ (0.33 ) $ 0.65 (a) Includes unvested shares of Common Stock, unvested stock units, and vested stock units for which the underlying Common Stock has not been distributed. (b) Earnings (loss) per share is based on unrounded figures and not the rounded figures presented. Given our net loss position for the year ended December 31, 2017, there are no dilutive securities for this period. Our anti-dilutive securities for the years ended December 31 are as follows: (shares in thousands) 2018 2017 2016 Anti-dilutive unvested shares and options 51 8 196 |
Commitments, Contingencies, And
Commitments, Contingencies, And Uncertainties | 12 Months Ended |
Dec. 31, 2018 | |
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 which are expensed to “Fuel, operating expense and supplies” and revenue equipment which are expensed to “Purchased transportation” on the accompanying statements of consolidated operations. Rental expense was $197.3 million , $159.2 million and $140.8 million for the years ended December 31, 2018, 2017 and 2016 , respectively. At December 31, 2018 , we were committed under noncancelable lease agreements for building and revenue equipment, requiring minimum annual rentals payable as follows: (in millions) 2019 2020 2021 2022 2023 Thereafter Minimum annual rentals $ 138.4 $ 118.0 $ 94.0 $ 44.6 $ 18.7 $ 15.5 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, 2018 , we have $34.5 million committed for capital expenditure obligations to be completed during 2019 , which primarily includes noncancelable orders for revenue equipment leases not yet delivered, whereby the cash obligations will be scheduled over the multi-year term of the lease and are not included on the Company’s consolidated balance sheets. Department of Defense Complaint In December 2018, the United States on behalf of the United States Department of Defense filed a complaint against the Company in the U.S. District in the Western District of New York captioned United States ex rel. James Hannum v. YRC Freight, Inc.; Roadway Express, Inc.; and Yellow Transportation, Inc., Civil Action No. 08-0811(A). The complaint alleges that the Company violated the False Claims Act by overcharging the Department of Defense for freight carrier services by failing to comply with the contractual terms of freight contracts between the Department of Defense and the Company and related government procurement rules. The complaint also alleges claims for unjust enrichment and breach of contract and seeks damages, treble damages, civil penalties, attorneys’ fees and costs of suit, all in unspecified amounts, under the False Claims Act. Management believes it has meritorious defenses and will vigorously defend this action. Class Action Securities Complaint In January 2019, a purported class action lawsuit captioned Christina Lewis v. YRC Worldwide Inc., et al., Case No. 1:19-cv-00001, was filed in the United States District Court for the Northern District of New York against the Company and certain of our current and former officers. The complaint was filed on behalf of persons who purchased or otherwise acquired the Company’s publicly traded securities between March 10, 2014 and December 14, 2018. The complaint generally alleges that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by making false and misleading statements relating to its freight billing practices as alleged in the Department of Defense complaint described above. The action includes claims for damages, including interest, and an award of reasonable costs and attorneys’ fees. Management believes it has meritorious defenses and will vigorously defend this action. The court has not yet appointed lead plaintiff or lead counsel for this case. Given the early stage of the proceedings at this time we are not in a position to assess the likelihood of any potential loss or adverse effect on our financial condition or to estimate the range of potential loss, if any. 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, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions On June 11, 2018, the Company entered into an agreement with James L. Welch, who was then serving as Chief Executive Officer and as a member of the Board, for him to provide consulting services to the Company as part of its succession plan for the Chief Executive Officer role. The consulting agreement became effective on August 1, 2018, immediately following Mr. Welch’s July 31, 2018 retirement, and will terminate on July 31, 2019 unless extended by mutual agreement of the parties. Mr. Welch is being paid $150,000 per annum as an independent contractor for his services, receiving $62,500 for consulting services performed during 2018. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 25, 2019, our primary third-party carrier payable agent, IPS Worldwide, LLC, filed a petition for Chapter 11 bankruptcy. As a result, the Company recorded a contingent loss in our 2018 consolidated statement of operations for $4.3 million , which reflects the best estimate of our exposure based on the facts available to management. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Basis of Presentation 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. |
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 and Revenue-related Reserves | Revenue Recognition and Revenue-related Reserves The Company’s revenues are derived from the transportation services we provide through the delivery of goods over the duration of a shipment. Upon receipt of the bill of lading, the contract existence criteria is met as evidenced by a legally enforceable agreement between two parties where collectability is probable, thus creating the distinct performance obligation. The Company has elected to expense initial direct costs as incurred because the average shipment cycle is less than one week. The YRC Freight and Regional Transportation segments recognize revenue and substantially all the purchased transportation expense on a gross basis because we direct the use of the transportation service provided and remain responsible for the complete and proper shipment. Inherent within our revenue recognition practices are estimates for revenue associated with shipments in transit and future adjustments to revenue and accounts receivable for billing adjustments and collectability. 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. For the reserve for uncollectible accounts, we primarily use historical write-off experience but may also consider customer-specific factors, overall collection trends and economic conditions as part of our ongoing monitoring of credit. 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 $11.1 million and $12.0 million as of December 31, 2018 and 2017 , respectively. Given the nature of our transportation services, future adjustments may arise which creates variability when establishing the transaction price used to recognize revenue. We have a high volume of performance obligations with similar characteristics, therefore we primarily use historical trends to arrive at estimated reserves. For rerate reserves, which are common for LTL carriers, 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 and commodity verifications. Although the majority of rerating occurs in the same month as the original rating, a portion occurs during subsequent periods. At December 31, 2018 and 2017 , our financial statements included a rerate reserve as a reduction to “Accounts Receivable” of $12.5 million and $8.8 million, respectively. For shipments in transit, we record revenue based on the percentage of service completed as of the period end and recognize 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. The total revenue earned is accumulated for all shipments in transit at a particular period end and recorded as operating revenue. At December 31, 2018 and 2017 , our financial statements included deferred revenue as a reduction to “Accounts Receivable” of $25.7 million and $28.1 million , respectively. We considered the disclosure requirements for revenue disaggregation guidance in ASC Topic 606 and noted that our segments disaggregate our revenues based on geographic and time-based factors as our Regional Transportation segment carriers operate in a smaller geographic footprint and have a shorter length of haul as compared to our YRC Freight segment. No other criteria listed in the guidance or through our review process was considered to be meaningful for financial statement users. As such, we conclude that no further disaggregation of revenues is necessary. |
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 income (loss). |
Self-Insurance Accruals for Claims | 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 (also referred to as third-party 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 based 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 | Equity-Based Compensation We have various equity-based employee compensation plans, which are described more fully in the “Equity-Based 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 equity grants, with no performance requirement, we recognize compensation cost on a straight-line basis over the requisite service period (generally three 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 | Long-lived assets are reviewed for impairment when events or circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the long-lived assets, the carrying value would be reduced to the estimated fair value. Future cash flow estimates for an impairment review would be based on the lowest level of identifiable cash flows, which are at the operating company level. 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 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. The Company capitalizes certain costs associated with developing or obtaining internal-use software. Capitalizable costs include external direct costs of materials and services utilized in developing or obtaining the software and payroll and payroll-related costs for employees directly associated with the development of the project. |
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 under the 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 in the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used should 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. 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. |
Recently Issued Accounting Standards | Newly-Adopted Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers . The new standard became effective for the Company for its annual reporting period beginning January 1, 2018 using a modified retrospective approach. There was no cumulative effect adjustment recorded. The Company completed the implementation and included updates to our disclosures herein. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . The Company adopted this new standard effective January 1, 2017. The new standard requires an employer to classify as a financing activity in its statement of cash flows the cash paid to a taxing authority when shares are withheld to satisfy the employer’s statutory income tax withholding obligation. As a result of adoption, the Company reclassified $2.4 million and $0.7 million in “Payments for tax withheld on equity-based compensation” as financing activities in the statements of consolidated cash flows for the years ended 2017 and 2016, respectively. The Company had no other items requiring retrospective treatment under the pronouncement. 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 no longer presents transfers between cash and cash equivalents and restricted cash in the statement of consolidated cash flows. The new standard became effective for the Company for its annual reporting period beginning January 1, 2018, and was adopted using a retrospective transition approach. The statement of consolidated cash flows has been updated to reflect the presentation of beginning and ending cash to include “Cash and cash equivalents” as well as “Restricted amounts held in escrow” and removed changes in restricted escrows as a component of investing activities. In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires companies to present the service cost component of net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period. All other components of net periodic benefit cost are presented outside of any subtotal for operating income, if one is presented. Given the Company’s defined benefit plans are frozen, there is no service cost associated with the plans, other than the administrative costs. Therefore, the Company will include administrative costs with all other components as there is no service provided by employees. The Company adopted the new standard January 1, 2018, with retrospective application. For the years ended December 31, 2017 and 2016, the amount reclassified to “Nonoperating expenses” from “Salaries, wages and employee benefits” (a component of operating expenses) was $20.6 million and $20.2 million , respectively. Other than the reclassification of periodic net benefit cost, the adoption of this standard did not have a material impact on the consolidated financial statements. Impact of Recently-Issued Accounting Standards 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. 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. The Company will adopt the standard using a prospective transition approach, which applies the provisions of the new guidance at the effective date without adjusting the comparative periods presented. Upon adoption, the Company plans to elect the package of three practical expedients which allows entities to not reassess initial direct costs, lease classification for existing or expired leases, and lease definition for existing or expired contracts as of the effective date of January 1, 2019. The Company does not plan to elect the hindsight method practical expedient which would allow us to reassess lease terms and impairment. For leases with a term of twelve months or less, the Company plans to make an accounting policy election in which the right of use lease asset and lease liability will not be recognized on the consolidated balance sheet. The Company does not plan to separate lease and non-lease components for its revenue equipment and real property leases. We lease certain revenue equipment and real estate, predominantly through operating leases, and we have an immaterial amount of leases in which we are a lessor. ASU 2016-02 is intended to increase transparency and comparability among organizations by requiring the recognition of right-of-use (“ROU”) assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases under current U.S. GAAP. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. In preparation for adoption of the standard, we implemented a software solution to assist with the measurement and ongoing reporting for leases, along with new internal controls to ensure the completeness and accuracy of our lease population. The Company estimates the adoption of the standard will result in the recognition of approximately $375.0 million of right-of-use assets and liabilities for operating leases in the consolidated balance sheet as of January 1, 2019. The standard is not expected to have a material impact on the statement of consolidated operations or the statement of consolidated cash flows. In addition, the new lease standard is not expected to impact the calculation of the total maximum leverage ratio covenant, which is defined under the terms of our credit agreement. In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans . The guidance modifies disclosure requirements for defined benefit plans. This guidance is effective for fiscal years ending after December 15, 2020, and early adoption is permitted. The Company is currently assessing the potential impact of ASU 2018-14 on its consolidated financial statement disclosures. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 related to workers’ compensation and property damage and liability claims as of December 31 are presented below: (in millions) Workers’ Compensation Property Damage and Liability Claims Total Undiscounted amount at December 31, 2016 $ 299.4 $ 72.9 $ 372.3 Estimated settlement cost for 2017 claims 95.7 37.2 132.9 Claim payments, net of recoveries (90.3 ) (33.5 ) (123.8 ) Change in estimated settlement cost for prior claim years (5.5 ) (6.1 ) (11.6 ) Undiscounted amount at December 31, 2017 $ 299.3 $ 70.5 $ 369.8 Estimated settlement cost for 2018 claims 95.9 40.0 135.9 Claim payments, net of recoveries (92.4 ) (36.2 ) (128.6 ) Change in estimated settlement cost for prior claim years (15.0 ) (0.7 ) (15.7 ) Undiscounted settlement cost estimate at December 31, 2018 $ 287.8 $ 73.6 $ 361.4 Discounted settlement cost estimate at December 31, 2018 $ 264.4 $ 72.0 $ 336.4 |
Estimated Cash Payments To Settle Claims [Table Text Block] | Estimated cash payments to settle claims which were incurred on or before December 31, 2018 , for the next five years and thereafter are as follows: (in millions) Workers’ Compensation Property Damage and Liability Claims Total 2019 $ 76.4 $ 27.6 $ 104.0 2020 48.8 20.4 69.2 2021 33.0 13.2 46.2 2022 22.4 7.0 29.4 2023 17.5 3.1 20.6 Thereafter 89.7 2.3 92.0 Total $ 287.8 $ 73.6 $ 361.4 |
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) 2018 2017 Land $ 243.7 $ 246.0 Structures 791.3 783.3 Revenue equipment 1,257.4 1,303.5 Technology equipment and software 259.7 230.6 Other 213.8 206.8 Total property and equipment, at cost $ 2,765.9 $ 2,770.2 |
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 |
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, 2017 (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 $ 54.1 $ 54.1 $ — $ — Total assets at fair value $ 54.1 $ 54.1 $ — $ — |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 Deferred debt costs (a) $ 2.1 $ 2.9 Prepayments (b) 18.0 20.0 Intangible assets 25.2 27.8 Other 19.1 22.0 Total $ 64.4 $ 72.7 (a) Deferred debt costs relate to our ABL Facility. (b) Prepayments primarily includes prepaid costs for revenue equipment leases. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [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, 2018 and 2017 , and the funded status at December 31, 2018 and 2017 , is as follows: (in millions) 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 1,228.4 $ 1,233.6 Service cost (a) — 5.4 Interest cost 44.1 51.1 Benefits paid (110.4 ) (108.0 ) Actuarial (gain) loss (88.5 ) 63.5 Expenses paid from assets (a) — (6.9 ) Plan amendments — (10.7 ) Other (0.4 ) 0.4 Benefit obligation at year end $ 1,073.2 $ 1,228.4 Change in plan assets: Fair value of plan assets at prior year end $ 998.3 $ 878.7 Actual return on plan assets (a) (27.8 ) 166.1 Employer contributions 15.2 68.0 Benefits paid (110.4 ) (108.0 ) Expenses paid from assets (a) — (6.9 ) Other (0.4 ) 0.4 Fair value of plan assets at year end $ 874.9 $ 998.3 Funded status at year end $ (198.3 ) $ (230.1 ) (a) Due to the adoption of ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , all administrative costs are now being presented as nonoperating as there are no service costs due to the frozen status of the plans. This resulted in the reclassification of administrative costs, which are now a component of “Actual return on plan assets.” |
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) 2018 2017 Noncurrent assets $ 2.7 $ 3.3 Current liabilities 0.8 0.8 Noncurrent liabilities 200.2 232.6 |
Amounts recognized in accumulated other comprehensive loss [Table Text Block] | Amounts recognized in accumulated other comprehensive loss at December 31 consist of: (in millions) 2018 2017 Net actuarial loss $ 368.9 $ 395.3 Net prior service credit (10.3 ) (10.7 ) Total $ 358.6 $ 384.6 |
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, 2018 and 2017 is as follows: At December 31, 2018 (in millions) ABO Exceeds Assets Assets Exceed ABO Total Projected benefit obligation $ 927.6 $ 145.6 $ 1,073.2 Accumulated benefit obligation 927.6 145.6 1,073.2 Fair value of plan assets 726.6 148.3 874.9 At December 31, 2017 (in millions) ABO Exceeds Assets Assets Exceed ABO Total Projected benefit obligation $ 1,223.9 $ 4.5 $ 1,228.4 Accumulated benefit obligation 1,223.9 4.2 1,228.1 Fair value of plan assets 993.0 5.3 998.3 |
Schedule of assumptions used [Table Text Block] | Weighted average actuarial assumptions used to determine benefit obligations at December 31: 2018 2017 Discount rate 4.44 % 3.77 % Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31: 2018 2017 2016 Discount rate 3.77 % 4.27 % 4.81 % Expected rate of return on assets 7.0 % 7.0 % 7.0 % Mortality table (a) RP-2014 RP-2014 RP-2014 (a) The 2018 , 2017 and 2016 mortality tables were based on a custom mortality improvement scale to reflect expectations of underlying plan participants |
Schedule Of Asset Allocation And Targeted Long Term Asset Allocation | Our asset allocation as of December 31, 2018 and 2017 , and targeted long-term asset allocation for the plans are as follows: 2018 2017 Target Equities 39.0 % 41.0 % 38.0 % Debt Securities 24.0 % 27.0 % 30.0 % Absolute Return 37.0 % 32.0 % 32.0 % |
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) 2019 2020 2021 2022 2023 2023-2027 Expected benefit payments $ 86.7 $ 82.8 $ 80.2 $ 78.1 $ 75.6 $ 353.0 |
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, 2018 , 2017 and 2016 were as follows: (in millions) 2018 2017 2016 Net periodic benefit cost: Service cost $ — $ 5.4 $ 6.5 Interest cost 44.1 51.1 55.9 Expected return on plan assets (60.0 ) (59.3 ) (56.2 ) Amortization of prior net losses 14.6 15.5 13.7 Amortization of prior net service credit (0.4 ) — — Settlement adjustment 10.9 7.6 — Net periodic pension cost $ 9.2 $ 20.3 $ 19.9 Other changes in plan assets and benefit obligations recognized in other comprehensive loss (income): Net actuarial gains (losses) and other adjustments $ (0.9 ) $ (43.7 ) $ 69.5 Net prior service credit — (10.7 ) — Settlement adjustment (10.9 ) (7.6 ) — Amortization of prior net losses (14.6 ) (15.5 ) (13.7 ) Amortization of prior net service credit 0.4 — — Total recognized in other comprehensive loss (income) (26.0 ) (77.5 ) 55.8 Total recognized in net periodic benefit cost and other comprehensive loss (income) $ (16.8 ) $ (57.2 ) $ 75.7 |
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, 2018 and December 31, 2017 : Pension Assets at Fair Value as of December 31, 2018 (in millions) Total Level 1 Level 2 Level 3 Equities $ 67.7 $ 65.5 $ 2.2 $ — Private equities 43.4 — — 43.4 Fixed income: Corporate and other 24.8 7.7 16.2 0.9 Government 177.1 67.2 109.9 — Interest bearing 25.1 (10.5 ) 35.6 — Investments measured at NAV (a) 536.8 Total plan assets $ 874.9 $ 129.9 $ 163.9 $ 44.3 Pension Assets at Fair Value as of December 31, 2017 (in millions) Total Level 1 Level 2 Level 3 Equities $ 104.1 $ 101.5 $ 2.6 — Private equities 46.6 — — 46.6 Fixed income: Corporate and other 34.2 9.6 18.6 6.0 Government 210.3 54.2 156.1 — Interest bearing 40.5 5.0 35.5 — Investments measured at NAV (a) 562.6 $ — $ — $ — Total plan assets $ 998.3 $ 170.3 $ 212.8 $ 52.6 (a) Certain investments that are measured at fair value using the NAV 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, 2016 $ 38.3 $ 3.5 $ 41.8 Purchases 1.9 2.0 3.9 Sales (1.1 ) — (1.1 ) Unrealized gains 7.5 0.5 8.0 Balance at December 31, 2017 $ 46.6 $ 6.0 $ 52.6 Purchases — 0.6 0.6 Sales (0.3 ) — (0.3 ) Unrealized losses (2.9 ) (5.7 ) (8.6 ) Balance at December 31, 2018 $ 43.4 $ 0.9 $ 44.3 |
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, 2018 : Fair value estimated using Net Asset Value per Share (in millions) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Private equities (a) $ 155.2 $ 2.8 Redemptions not permitted Fixed income (b) 189.2 0.5 Redemptions not permitted Equities (c) 84.0 — Monthly 3-30 days Absolute return (d) 108.4 — Monthly, Quarterly 2-45 days Total $ 536.8 (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, 2017 : Fair value estimated using Net Asset Value per Share (in millions) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Private equities (a) $ 143.9 $ 8.2 Redemptions not permitted Fixed income (b) 181.0 0.5 Redemptions not permitted Equities (c) 112.7 — Monthly 3-30 days Absolute return (d) 125.0 — Monthly, Quarterly 2-45 days Total $ 562.6 (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] | The following table provides additional information related to our participation in individually significant multi-employer pension plans for the year ended December 31, 2018 : Pension Protection Zone Status (b) Funding Improvement or Rehabilitation Plan Employer Surcharge Imposed Expiration Date of Collective-Bargaining Agreement Pension Fund (a) EIN Number 2018 2017 Central States, Southeast and Southwest Areas Pension Fund 36-6044243 Critical and Declining Critical and Declining 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 and Declining Yes No 3/31/2019 Teamsters Local 641 Pension Fund 22-6220288 Critical and Declining Critical and Declining 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 PPA zone status available for 2018 and 2017 is for the plan’s year-end during calendar years 2017 and 2016, 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. We expensed the following amounts related to these plans for the years ended December 31: (in millions) 2018 2017 2016 Health and welfare $ 499.3 $ 482.6 $ 453.1 Pension 115.5 98.1 90.3 Total $ 614.8 $ 580.7 $ 543.4 |
Schedule of multiemployer plans [Table Text Block] | The following table provides additional information related to our participation in individually significant multi-employer pension plans for the year ended December 31, 2018 : Pension Protection Zone Status (b) Funding Improvement or Rehabilitation Plan Employer Surcharge Imposed Expiration Date of Collective-Bargaining Agreement Pension Fund (a) EIN Number 2018 2017 Central States, Southeast and Southwest Areas Pension Fund 36-6044243 Critical and Declining Critical and Declining 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 and Declining Yes No 3/31/2019 Teamsters Local 641 Pension Fund 22-6220288 Critical and Declining Critical and Declining 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 PPA zone status available for 2018 and 2017 is for the plan’s year-end during calendar years 2017 and 2016, 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. We expensed the following amounts related to these plans for the years ended December 31: (in millions) 2018 2017 2016 Health and welfare $ 499.3 $ 482.6 $ 453.1 Pension 115.5 98.1 90.3 Total $ 614.8 $ 580.7 $ 543.4 |
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) 2018 2017 2016 Central States, Southeast and Southwest Areas Pension Plan $ 70.7 $ 58.8 $ 51.8 Teamsters National 401(k) Savings Plan 14.7 13.1 12.5 Road Carriers Local 707 Pension Fund 2.2 2.2 1.8 Teamsters Local 641 Pension Fund 1.8 1.5 1.3 |
Debt And Financing (Tables)
Debt And Financing (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Our outstanding debt as of December 31, 2018 and December 31, 2017 consisted of the following: As of December 31, 2018 (in millions) Par Value Discount Debt Issuance Costs Book Value Effective Interest Rate Term Loan $ 573.7 $ (7.8 ) $ (6.5 ) $ 559.4 (a) 11.4 % ABL Facility — — — — Secured Second A&R CDA 26.9 — (0.1 ) 26.8 7.9 % Unsecured Second A&R CDA 46.7 — (0.2 ) 46.5 7.9 % Lease financing obligations 242.7 — (0.5 ) 242.2 14.9 % Total debt $ 890.0 $ (7.8 ) $ (7.3 ) $ 874.9 Current maturities of Term Loan (14.2 ) — — (14.2 ) Current maturities of Unsecured Second A&R CDA (1.5 ) — — (1.5 ) Current maturities of lease financing obligations (5.0 ) — — (5.0 ) Long-term debt $ 869.3 $ (7.8 ) $ (7.3 ) $ 854.2 As of December 31, 2017 (in millions) Par Value Discount Debt Issuance Costs Book Value Effective Interest Rate Term Loan $ 595.5 $ (10.4 ) $ (8.3 ) $ 576.8 (a) 10.5 % ABL Facility (a) — — — — N/A Secured Second A&R CDA 26.9 — (0.1 ) 26.8 7.8 % Unsecured Second A&R CDA 48.2 — (0.3 ) 47.9 7.8 % Lease financing obligations 255.5 — (0.9 ) 254.6 12.1 % Total debt $ 926.1 $ (10.4 ) $ (9.6 ) $ 906.1 Current maturities of Term Loan (18.0 ) — — (18.0 ) Current maturities of Unsecured Second A&R CDA (1.5 ) — — (1.5 ) Current maturities of lease financing obligations (11.1 ) — — (11.1 ) Long-term debt $ 895.5 $ (10.4 ) $ (9.6 ) $ 875.5 (a) As of December 31, 2018 and 2017, 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 of 8.50% . |
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, 2018 3.50 to 1.00 June 30, 2020 3.00 to 1.00 March 31, 2019 3.25 to 1.00 September 30, 2020 2.75 to 1.00 June 30, 2019 3.25 to 1.00 December 31, 2020 2.75 to 1.00 September 30, 2019 3.25 to 1.00 March 31, 2021 2.75 to 1.00 December 31, 2019 3.00 to 1.00 June 30, 2021 and thereafter 2.50 to 1.00 March 31, 2020 3.00 to 1.00 |
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, 2018 was as follows: Term Loan ABL Facility Second A&R CDA Lease Financing Obligations (a) Total 2019 $ 14.2 $ — $ 1.5 $ 5.1 $ 20.8 2020 18.0 — 1.4 3.6 23.0 2021 18.0 — 1.4 3.4 22.8 2022 523.5 — 69.3 4.3 597.1 2023 — — — 5.1 5.1 Thereafter — — — 221.2 221.2 Total $ 573.7 $ — $ 73.6 $ 242.7 $ 890.0 (a) Lease financing obligations subsequent to 2023 of $221.2 million represent principal cash obligations of $17.1 million and the estimated net book value of the underlying assets at the expiration of their associated lease agreements of $204.1 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, 2018 December 31, 2017 (in millions) Book Value Fair Value Book Value Fair Value Term Loan $ 559.4 $ 546.0 $ 576.8 $ 596.9 ABL Facility — — — — Lease financing obligations 242.2 234.7 254.6 257.7 Second A&R CDA 73.3 70.0 74.7 75.3 Total debt $ 874.9 $ 850.7 $ 906.1 $ 929.9 |
Schedule Of Cash And Cash Equivalents And Managed Accessibility [Table Text Block] | The table below summarizes cash and cash equivalents and Managed Accessibility for the years ended December 31: (in millions) 2018 2017 Cash and cash equivalents 227.6 91.6 Less: amounts placed into restricted cash subsequent to year-end (25.0 ) — Managed Accessibility 1.2 26.7 Total cash and cash equivalents and Managed Accessibility $ 203.8 $ 118.3 |
Equity-Based Compensation Pla_2
Equity-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2015 421 $ 18.09 Vested (140 ) 17.90 Forfeited (20 ) 16.83 Unvested at December 31, 2016 261 $ 17.98 Vested (141 ) 17.90 Forfeited (6 ) 18.23 Unvested at December 31, 2017 114 $ 18.06 Vested (114 ) 18.06 Forfeited — — Unvested at December 31, 2018 — $ — |
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, 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 Granted 496 12.43 Vested and distributed (306 ) 11.91 Forfeited (58 ) 12.28 Unvested at December 31, 2017 1,307 $ 11.55 Granted 730 9.35 Vested and distributed (457 ) 10.91 Forfeited (164 ) 11.31 Unvested at December 31, 2018 1,416 $ 10.65 |
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 2018 2017 2016 25% per year for four years — — 8 100% immediately 132 106 123 33.3% per year for three years 452 85 599 100% on February 14, 2020 — 305 — 100% on July 31, 2018 146 — — Total restricted stock and stock units granted 730 496 730 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 Depreciation $ 109.0 $ 148.0 Deferred revenue 9.3 14.4 Intangibles 6.0 6.4 Gain on debt redemption — 7.9 State taxes 19.9 22.1 Other 15.2 10.6 Deferred tax liabilities 159.4 209.4 Claims and insurance (84.8 ) (98.2 ) Net operating loss carryforwards (199.9 ) (228.0 ) Employee benefit accruals (88.9 ) (88.8 ) Sale/leaseback transactions (54.5 ) (64.7 ) Other (20.6 ) (31.7 ) Deferred tax assets (448.7 ) (511.4 ) Valuation allowance 291.1 305.1 Net deferred tax assets (157.6 ) (206.3 ) Net deferred tax liability $ 1.8 $ 3.1 |
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: 2018 2017 2016 Federal statutory rate 21.0 % 35.0 % 35.0 % State income taxes, net 14.1 % (2.8 )% 2.9 % Foreign tax rate differential 12.1 % (10.0 )% (3.3 )% Permanent differences 8.3 % (8.9 )% 6.9 % Valuation allowance (17.5 )% (48.6 )% (13.0 )% Benefit from intraperiod tax allocation under ASC 740 — % 73.5 % — % Net change in unrecognized tax benefits (0.9 )% 0.5 % (10.2 )% Other, net (primarily prior year return to provision) (1.6 )% 1.6 % (5.7 )% Effective tax rate 35.5 % 40.3 % 12.6 % |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The income tax provision (benefit) consisted of the following: (in millions) 2018 2017 2016 Current: Federal $ — $ (0.9 ) $ (1.7 ) State 5.4 0.8 (0.7 ) Foreign 6.8 6.0 5.9 Current income tax expense 12.2 5.9 3.5 Deferred: Federal — (13.3 ) — State — — — Foreign (1.1 ) 0.1 (0.4 ) Deferred income tax benefit (1.1 ) (13.2 ) (0.4 ) Income tax expense (benefit) 11.1 (7.3 ) 3.1 Based on the income (loss) before income taxes: Domestic 13.6 (30.5 ) 3.9 Foreign 17.7 12.4 20.7 Income (Loss) before income taxes $ 31.3 $ (18.1 ) $ 24.6 |
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) 2018 2017 Unrecognized tax benefits at January 1 $ 56.8 $ 45.3 Increases related to: Tax positions taken during a prior period 7.1 11.8 Tax positions taken during the current period 0.4 0.4 Decreases related to: Tax positions taken during a prior period (0.1 ) — Lapse of applicable statute of limitations (4.8 ) (0.7 ) Settlements with taxing authorities (0.2 ) — Unrecognized tax benefits at December 31 $ 59.2 $ 56.8 |
Summary of Income Tax Examinations [Table Text Block] | Tax years that remain subject to examination for our major tax jurisdictions as of December 31, 2018 : Statute remains open 2005-2017 Tax years currently under examination/exam completed 2005-2013 Tax years not examined 2014-2018 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 2018 External revenue $ 3,197.3 $ 1,895.0 $ (0.3 ) $ 5,092.0 Operating income (loss) 85.0 70.7 (12.8 ) 142.9 Identifiable assets 973.6 626.4 17.1 1,617.1 Acquisition of property and equipment (76.5 ) (62.9 ) (6.0 ) (145.4 ) Proceeds from disposal of property and equipment 35.8 0.6 — 36.4 Depreciation and amortization 82.2 65.0 0.5 147.7 2017 External revenue $ 3,067.9 $ 1,823.4 $ (0.3 ) $ 4,891.0 Operating income (loss) (a) 60.7 67.9 (9.6 ) 119.0 Identifiable assets 1,042.1 607.4 (64.0 ) 1,585.5 Acquisition of property and equipment (66.6 ) (36.6 ) (0.1 ) (103.3 ) Proceeds from disposal of property and equipment 8.1 0.7 — 8.8 Depreciation and amortization 84.8 62.9 — 147.7 2016 External revenue $ 2,958.9 $ 1,739.3 $ (0.7 ) $ 4,697.5 Operating income (loss) (a) 71.8 81.3 (8.6 ) 144.5 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 (a) Due to the adoption of ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , “Operating income (loss)” for prior years have been updated to reflect the reclassification of pension expense |
Shareholders' Deficit (Tables)
Shareholders' Deficit (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity [Table Text Block] | The following reflects the activity in the shares of our common stock for the years ended December 31: Common Shares (in thousands) 2018 2017 2016 Beginning balance 32,733 32,473 32,141 Issuance of equity awards, net 357 260 332 Ending balance 33,090 32,733 32,473 |
Earnings (Loss) Per Share Loss
Earnings (Loss) Per Share Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018, 2017, and 2016 are as follows: (dollars in millions, except per share data, shares and stock units in thousands) 2018 2017 2016 Basic and dilutive net income (loss) available to common shareholders $ 20.2 $ (10.8 ) $ 21.5 Basic weighted average shares outstanding 32,983 32,685 32,416 Effect of dilutive securities: Unvested shares and stock units (a) 876 — 624 Dilutive weighted average shares outstanding 33,859 32,685 33,040 Basic earnings (loss) per share (b) $ 0.61 $ (0.33 ) $ 0.66 Diluted earnings (loss) per share (b) $ 0.60 $ (0.33 ) $ 0.65 (a) Includes unvested shares of Common Stock, unvested stock units, and vested stock units for which the underlying Common Stock has not been distributed. (b) 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 in thousands) 2018 2017 2016 Anti-dilutive unvested shares and options 51 8 196 |
Commitments, Contingencies, a_2
Commitments, Contingencies, and Uncertainties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | At December 31, 2018 , we were committed under noncancelable lease agreements for building and revenue equipment, requiring minimum annual rentals payable as follows: (in millions) 2019 2020 2021 2022 2023 Thereafter Minimum annual rentals $ 138.4 $ 118.0 $ 94.0 $ 44.6 $ 18.7 $ 15.5 |
Accounting Policies (Details)
Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2019 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Allowance for doubtful accounts | $ 11.1 | $ 12 | ||
Rerate reserve as a reduction to accounts receivable | 12.5 | 8.8 | ||
Deferred revenue | 25.7 | 28.1 | ||
Foreign currency transactions gains (losses) | $ 2.7 | $ (4) | $ 0.9 | |
Risk-free rate for maturities of workers' compensation claims | 2.60% | 1.50% | 1.01% | |
Risk-free rate for property damage and liability claims | 2.50% | 1.30% | 0.80% | |
Accrued claims and insurance | $ 350.3 | $ 360.7 | ||
Amortization of prior net losses | 14.6 | 12.9 | $ 13.7 | |
Amortization of prior net service credit | (0.4) | 0 | 0 | |
Reclassification of foreign currency translation gains to net income | 0 | 0 | 10.4 | |
Net cash provided (used) in financing activities | (33.9) | (96.2) | (73.2) | |
Nonoperating Income (Expense) | (111.6) | (137.1) | (119.9) | |
Labor and Related Expense | $ 2,950 | 2,884.2 | 2,802.9 | |
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% | |||
Accounting Standards Update 2016-09 | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Net cash provided (used) in financing activities | (2.4) | (0.7) | ||
Accounting Standards Update 2017-07 | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Nonoperating Income (Expense) | (20.6) | (20.2) | ||
Labor and Related Expense | $ (20.6) | $ (20.2) | ||
Subsequent Event | Accounting Standards Update 2016-02 | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Operating lease, right-of-use asset | $ 375 | |||
Operating lease, liability | $ 375 |
Accounting Policies (Claims and
Accounting Policies (Claims and Insurance) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | |
Workers’ Compensation | |||
LIability For Unpaid Claims And Claim Adjustment Expense, Adjustment Of Opening Balance [Roll Forward] | |||
Undiscounted amount | $ 299.3 | $ 299.4 | |
Estimated settlement cost | 95.9 | 95.7 | |
Claim payments, net of recoveries | (92.4) | (90.3) | |
Change in estimated settlement cost for older claim years | (15) | (5.5) | |
Undiscounted amount | 287.8 | 299.3 | |
Discounted settlement cost estimate | $ 264.4 | ||
Undiscounted amount | 299.3 | 299.4 | 287.8 |
Property Damage and Liability Claims | |||
LIability For Unpaid Claims And Claim Adjustment Expense, Adjustment Of Opening Balance [Roll Forward] | |||
Undiscounted amount | 70.5 | 72.9 | |
Estimated settlement cost | 40 | 37.2 | |
Claim payments, net of recoveries | (36.2) | (33.5) | |
Change in estimated settlement cost for older claim years | (0.7) | (6.1) | |
Undiscounted amount | 73.6 | 70.5 | |
Discounted settlement cost estimate | 72 | ||
Undiscounted amount | 70.5 | 72.9 | 73.6 |
Total | |||
LIability For Unpaid Claims And Claim Adjustment Expense, Adjustment Of Opening Balance [Roll Forward] | |||
Undiscounted amount | 369.8 | 372.3 | |
Estimated settlement cost | 135.9 | 132.9 | |
Claim payments, net of recoveries | (128.6) | (123.8) | |
Change in estimated settlement cost for older claim years | (15.7) | (11.6) | |
Undiscounted amount | 361.4 | 369.8 | |
Discounted settlement cost estimate | 336.4 | ||
Undiscounted amount | 369.8 | 372.3 | 361.4 |
Cargo Claims And Other Insurance Related Amounts [Member] | |||
LIability For Unpaid Claims And Claim Adjustment Expense, Adjustment Of Opening Balance [Roll Forward] | |||
Undiscounted amount | 15 | ||
Undiscounted amount | 13.9 | 15 | |
Undiscounted amount | $ 15 | $ 15 | $ 13.9 |
Accounting Policies (Estimated
Accounting Policies (Estimated Cash Payments) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Workers’ Compensation | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
2,019 | $ 76.4 |
2,020 | 48.8 |
2,021 | 33 |
2,022 | 22.4 |
2,023 | 17.5 |
Thereafter | 89.7 |
Total | 287.8 |
Property Damage and Liability Claims | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
2,019 | 27.6 |
2,020 | 20.4 |
2,021 | 13.2 |
2,022 | 7 |
2,023 | 3.1 |
Thereafter | 2.3 |
Total | 73.6 |
Total | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
2,019 | 104 |
2,020 | 69.2 |
2,021 | 46.2 |
2,022 | 29.4 |
2,023 | 20.6 |
Thereafter | 92 |
Total | $ 361.4 |
Accounting Policies (Property a
Accounting Policies (Property and Equipment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Land | $ 243.7 | $ 246 | |
Structures | 791.3 | 783.3 | |
Revenue equipment | 1,257.4 | 1,303.5 | |
Technology equipment and software | 259.7 | 230.6 | |
Other | 213.8 | 206.8 | |
Total cost | 2,765.9 | 2,770.2 | |
Depreciation | $ 145.9 | $ 147.7 | $ 146.3 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 23, 2015 |
Entity Information [Line Items] | |||||
Reclassification of foreign currency translation gains to net income | $ 0 | $ 0 | $ (10.4) | ||
Proceeds from disposal of equity method investment, net | 0 | 0 | 14.6 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ (2.6) | $ 5.2 | $ 1.3 | ||
JHJ international Transportation Co. [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||
Entity Information [Line Items] | |||||
Ownership percentage | 50.00% | ||||
Equity Method Investment Held For Sale Price | $ 16.3 | ||||
Proceeds from disposal of equity method investment, net | 16.3 | ||||
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 | (10.4) | ||||
Gain (Loss) on Sale of Equity Investments | $ 2.3 |
Accounting Policies (Fair Value
Accounting Policies (Fair Value Measurement) (Details) - Fair Value, Measurements, Recurring [Member] $ in Millions | Dec. 31, 2017USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Restricted amounts held in escrow-current | $ 54.1 |
Total assets at fair value | 54.1 |
Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Restricted amounts held in escrow-current | 54.1 |
Total assets at fair value | 54.1 |
Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Restricted amounts held in escrow-current | 0 |
Total assets at fair value | 0 |
Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Restricted amounts held in escrow-current | 0 |
Total assets at fair value | $ 0 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred debt costs | $ 2.1 | $ 2.9 |
Prepayments | 18 | 20 |
Intangible assets | 25.2 | 27.8 |
Other | 19.1 | 22 |
Other assets | $ 64.4 | $ 72.7 |
Employee Benefits (Details)
Employee Benefits (Details) employee in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)employee | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
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 | ||
Employer discretionary contribution amount | $ 13,300,000 | $ 10,300,000 | 7,200,000 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 1,228,400,000 | 1,233,600,000 | |
Service cost | 0 | 5,400,000 | |
Interest cost | 44,100,000 | 51,100,000 | |
Benefits paid | (110,400,000) | (108,000,000) | |
Actuarial loss | (88,500,000) | 63,500,000 | |
Expenses paid from assets | 0 | (6,900,000) | |
Plan amendments | 0 | (10,700,000) | |
Other | (400,000) | 400,000 | |
Benefit obligation at year end | 1,073,200,000 | 1,228,400,000 | 1,233,600,000 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets beginning of year | 998,300,000 | 878,700,000 | |
Actual return on plan assets | (27,800,000) | 166,100,000 | |
Employer contributions | 15,200,000 | 68,000,000 | |
Benefits paid | 110,400,000 | 108,000,000 | |
Expenses paid from assets | 0 | (6,900,000) | |
Other | (400,000) | 400,000 | |
Fair value of plan assets at year end | 874,900,000 | 998,300,000 | 878,700,000 |
Funded status at year end | (198,300,000) | (230,100,000) | |
Noncurrent assets | 2,700,000 | 3,300,000 | |
Current liabilities | 800,000 | 800,000 | |
Noncurrent liabilities | 200,200,000 | 232,600,000 | |
Net actuarial loss | 368,900,000 | 395,300,000 | |
Net prior service credit | (10,300,000) | (10,700,000) | |
Unrecognized actuarial losses before tax | 358,600,000 | 384,600,000 | |
Unrecognized actuarial losses net of tax | 334,400,000 | ||
Actuarial loss included in accumulated other comprehensive income and expected to be recognized next year | 11,900,000 | ||
Expected amortization of prior service credit next fiscal year | (400,000) | ||
Other Postretirement Benefits Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Service cost | 0 | 5,400,000 | 6,500,000 |
Interest cost | 44,100,000 | 51,100,000 | 55,900,000 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Settlement adjustment | $ 10,900,000 | $ 7,600,000 | $ 0 |
Employee Benefits (Accumulated
Employee Benefits (Accumulated Benefit Obligations) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Retirement Benefits [Abstract] | ||
ABO Exceeds Assets | $ 927.6 | $ 1,223.9 |
Assets Exceed ABO | 145.6 | 4.5 |
Projected benefit obligation | 1,073.2 | 1,228.4 |
ABO Exceeds Assets | 927.6 | 1,223.9 |
Assets Exceed ABO | 145.6 | 4.2 |
Accumulated benefit obligation | 1,073.2 | 1,228.1 |
ABO Exceeds Assets | 726.6 | 993 |
Assets Exceed ABO | 148.3 | 5.3 |
Fair value of plan assets | $ 874.9 | $ 998.3 |
Employee Benefits (Assumptions)
Employee Benefits (Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, benefit obligations | 4.44% | 3.77% | |
Discount rate, benefit cost | 3.77% | 4.27% | 4.81% |
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 | 39.00% | 41.00% | |
Plan investments target allocations | 38.00% | ||
Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan investments actual allocations | 24.00% | 27.00% | |
Plan investments target allocations | 30.00% | ||
Absolute Return | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan investments actual allocations | 37.00% | 32.00% | |
Plan investments target allocations | 32.00% |
Employee Benefits (Future Contr
Employee Benefits (Future Contributions) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Retirement Benefits [Abstract] | |
Expected employer contribution in next fiscal year | $ 9.9 |
Expected benefit payments | |
2,019 | 86.7 |
2,020 | 82.8 |
2,021 | 80.2 |
2,022 | 78.1 |
2,023 | 75.6 |
2023-2027 | $ 353 |
Employee Benefits (Net Periodic
Employee Benefits (Net Periodic Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net periodic benefit cost: | |||
Service cost | $ 0 | $ 5.4 | |
Interest cost | 44.1 | 51.1 | |
Other changes in plan assets and benefit obligations recognized in other comprehensive loss (income): | |||
Income tax provision (benefit) related to amounts in other comprehensive income | (0.1) | 13.3 | |
Other Postretirement Benefits Plan | |||
Net periodic benefit cost: | |||
Service cost | 0 | 5.4 | $ 6.5 |
Interest cost | 44.1 | 51.1 | 55.9 |
Expected return on plan assets | (60) | (59.3) | (56.2) |
Amortization of prior net losses | 14.6 | 15.5 | 13.7 |
Amortization of prior net service credit | (0.4) | 0 | 0 |
Settlement adjustment | 10.9 | 7.6 | 0 |
Net periodic pension cost | 9.2 | 20.3 | 19.9 |
Other changes in plan assets and benefit obligations recognized in other comprehensive loss (income): | |||
Net actuarial gains (losses) and other adjustments | (0.9) | (43.7) | 69.5 |
Net prior service credit | 0 | (10.7) | 0 |
Settlement adjustment | (10.9) | (7.6) | 0 |
Amortization of prior net losses | (14.6) | (15.5) | (13.7) |
Amortization of prior net service credit | 0.4 | 0 | 0 |
Total recognized in other comprehensive loss (income) | (26) | (77.5) | 55.8 |
Total recognized in net periodic benefit cost and other comprehensive loss (income) | $ (16.8) | $ (57.2) | $ 75.7 |
Employee Benefits (Fair Value)
Employee Benefits (Fair Value) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | $ 998.3 | $ 878.7 | $ 874.9 | $ 998.3 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 998.3 | 878.7 | ||
Fair value of plan assets at year end | 874.9 | 998.3 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Investments measured at net asset value | 536.8 | 562.6 | ||
Fair value of plan assets | 998.3 | 998.3 | 874.9 | 998.3 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 998.3 | |||
Fair value of plan assets at year end | 874.9 | 998.3 | ||
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 | 170.3 | 170.3 | 129.9 | 170.3 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 170.3 | |||
Fair value of plan assets at year end | 129.9 | 170.3 | ||
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 | 212.8 | 212.8 | 163.9 | 212.8 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 212.8 | |||
Fair value of plan assets at year end | 163.9 | 212.8 | ||
Fair Value, Measurements, Recurring [Member] | Level 3 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 52.6 | 41.8 | 44.3 | 52.6 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 52.6 | 41.8 | ||
Purchases | 0.6 | 3.9 | ||
Sales | (0.3) | (1.1) | ||
Unrealized gain (loss) | (8.6) | 8 | ||
Fair value of plan assets at year end | 44.3 | 52.6 | ||
Fair Value, Measurements, Recurring [Member] | Equities | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 104.1 | 104.1 | 67.7 | 104.1 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 104.1 | |||
Fair value of plan assets at year end | 67.7 | 104.1 | ||
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 | 101.5 | 101.5 | 65.5 | 101.5 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 101.5 | |||
Fair value of plan assets at year end | 65.5 | 101.5 | ||
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 | 2.6 | 2.6 | 2.2 | 2.6 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 2.6 | |||
Fair value of plan assets at year end | 2.2 | 2.6 | ||
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] | ||||
Investments measured at net asset value | 155.2 | 143.9 | ||
Unfunded Commitments | 2.8 | 8.2 | ||
Fair value of plan assets | 46.6 | 46.6 | 43.4 | 46.6 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 46.6 | |||
Fair value of plan assets at year end | 43.4 | 46.6 | ||
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] | ||||
Fair value of plan assets | 46.6 | 38.3 | 43.4 | 46.6 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 46.6 | 38.3 | ||
Purchases | 0 | 1.9 | ||
Sales | (0.3) | (1.1) | ||
Unrealized gain (loss) | (2.9) | 7.5 | ||
Fair value of plan assets at year end | 43.4 | 46.6 | ||
Fair Value, Measurements, Recurring [Member] | Corporate | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 34.2 | 34.2 | 24.8 | 34.2 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 34.2 | |||
Fair value of plan assets at year end | 24.8 | 34.2 | ||
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 | 9.6 | 9.6 | 7.7 | 9.6 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 9.6 | |||
Fair value of plan assets at year end | 7.7 | 9.6 | ||
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 | 18.6 | 18.6 | 16.2 | 18.6 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 18.6 | |||
Fair value of plan assets at year end | 16.2 | 18.6 | ||
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 | 6 | 6 | 0.9 | 6 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 6 | |||
Fair value of plan assets at year end | 0.9 | 6 | ||
Fair Value, Measurements, Recurring [Member] | Government | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 210.3 | 210.3 | 177.1 | 210.3 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 210.3 | |||
Fair value of plan assets at year end | 177.1 | 210.3 | ||
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 | 54.2 | 54.2 | 67.2 | 54.2 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 54.2 | |||
Fair value of plan assets at year end | 67.2 | 54.2 | ||
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 | 156.1 | 156.1 | 109.9 | 156.1 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 156.1 | |||
Fair value of plan assets at year end | 109.9 | 156.1 | ||
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] | Interest bearing | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 40.5 | 40.5 | 25.1 | 40.5 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 40.5 | |||
Fair value of plan assets at year end | 25.1 | 40.5 | ||
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 | 5 | 5 | (10.5) | 5 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 5 | |||
Fair value of plan assets at year end | (10.5) | 5 | ||
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 | 35.5 | 35.5 | 35.6 | 35.5 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 35.5 | |||
Fair value of plan assets at year end | 35.6 | 35.5 | ||
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 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Investments measured at net asset value | 189.2 | 181 | ||
Unfunded Commitments | 0.5 | 0.5 | ||
Fair Value, Measurements, Recurring [Member] | Fixed income | Level 3 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 6 | 3.5 | 0.9 | 6 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets beginning of year | 6 | 3.5 | ||
Purchases | 0.6 | 2 | ||
Sales | 0 | 0 | ||
Unrealized gain (loss) | (5.7) | 0.5 | ||
Fair value of plan assets at year end | $ 0.9 | $ 6 | ||
Fair Value, Measurements, Recurring [Member] | Equity Funds [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Investments measured at net asset value | 84 | 112.7 | ||
Fair Value, Measurements, Recurring [Member] | Absolute Return | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Investments measured at net asset value | $ 108.4 | $ 125 | ||
Minimum | Fair Value, Measurements, Recurring [Member] | Equity Funds [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Investment redemption, notice period | 3 days | 3 days | ||
Minimum | Fair Value, Measurements, Recurring [Member] | Absolute Return | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Investment redemption, notice period | 2 days | 2 days | ||
Maximum | Fair Value, Measurements, Recurring [Member] | Equity Funds [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Investment redemption, notice period | 30 days | 30 days | ||
Maximum | Fair Value, Measurements, Recurring [Member] | Absolute Return | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Investment redemption, notice period | 45 days | 45 days |
Employee Benefits (Multi-Employ
Employee Benefits (Multi-Employer Pension Plans) (Details) - USD ($) $ in Millions | Jun. 01, 2011 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Expense related to multi-employer plans | $ 614.8 | $ 580.7 | $ 543.4 | |
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 | 499.3 | 482.6 | 453.1 | |
Pension | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Expense related to multi-employer plans | 115.5 | 98.1 | 90.3 | |
Contribution to the multi-employer plan | 112.6 | 97.8 | 89.1 | |
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 | 70.7 | 58.8 | 51.8 | |
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 | 14.7 | 13.1 | 12.5 | |
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 | 2.2 | 2.2 | 1.8 | |
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 | $ 1.8 | $ 1.5 | $ 1.3 | |
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 ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate, benefit obligations | 4.44% | 3.77% | |
Noncash equity-based compensation and employee benefits expense | $ 20,300,000 | $ 22,000,000 | $ 21,000,000 |
Annual Incentive Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Incentive accruals | $ 29,800,000 | $ 0 | $ 0 |
Debt And Financing - Total Debt
Debt And Financing - Total Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Par Value | $ 890 | $ 926.1 |
Discount | (7.8) | (10.4) |
Debt Issuance Costs | (7.3) | (9.6) |
Book Value | 874.9 | 906.1 |
Book Value, Current Maturities | (20.7) | (30.6) |
Par value, excluding current maturities | 869.3 | 895.5 |
Premium/(Discount), Noncurrent Maturities | (7.8) | (10.4) |
Book Value, Excluding Current Maturities | 854.2 | 875.5 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Par Value | 573.7 | 595.5 |
Discount | (7.8) | (10.4) |
Debt Issuance Costs | (6.5) | (8.3) |
Book Value | $ 559.4 | $ 576.8 |
Effective interest rate | 11.40% | 10.50% |
Par Value, Current Maturities | $ (14.2) | $ (18) |
Discount, Current Maturities | 0 | 0 |
Debt Issuance Costs, Current | 0 | 0 |
Book Value, Current Maturities | (14.2) | (18) |
ABL Facility | ABL Facility | ||
Debt Instrument [Line Items] | ||
Par Value | 0 | 0 |
Discount | 0 | 0 |
Debt Issuance Costs | 0 | 0 |
Book Value | 0 | 0 |
Secured Second A&R CDA | ||
Debt Instrument [Line Items] | ||
Par Value | 26.9 | 26.9 |
Discount | 0 | 0 |
Debt Issuance Costs | (0.1) | (0.1) |
Book Value | $ 26.8 | $ 26.8 |
Effective interest rate | 7.90% | 7.80% |
Unsecured Second A&R CDA | ||
Debt Instrument [Line Items] | ||
Par Value | $ 46.7 | $ 48.2 |
Discount | 0 | 0 |
Debt Issuance Costs | (0.2) | (0.3) |
Book Value | $ 46.5 | $ 47.9 |
Effective interest rate | 7.90% | 7.80% |
Par Value, Current Maturities | $ (1.5) | $ (1.5) |
Discount, Current Maturities | 0 | 0 |
Debt Issuance Costs, Current | 0 | 0 |
Book Value, Current Maturities | (1.5) | (1.5) |
Lease financing obligations | ||
Debt Instrument [Line Items] | ||
Par Value | 242.7 | 255.5 |
Discount | 0 | 0 |
Debt Issuance Costs | (0.5) | (0.9) |
Book Value | $ 242.2 | $ 254.6 |
Effective interest rate | 14.90% | 12.10% |
Par Value, Current Maturities | $ (5) | $ (11.1) |
Discount, Current Maturities | 0 | 0 |
Debt Issuance Costs, Current | 0 | 0 |
Book Value, Current Maturities | $ (5) | $ (11.1) |
LIBOR | Term Loan | ||
Debt Instrument [Line Items] | ||
Floor Interest Rate | 1.00% | 1.00% |
Basis spread on variable rate | 8.50% | 8.50% |
Debt And Financing - Additional
Debt And Financing - Additional Details (Details) | Jan. 30, 2018USD ($) | Dec. 31, 2018USD ($)facility | Dec. 31, 2017USD ($) | Jul. 26, 2017USD ($) | Feb. 13, 2014USD ($) |
Debt Instrument [Line Items] | |||||
Contribution rate of subsidiaries to funds | 25.00% | ||||
Unamortized discount (premium), net, noncurrent maturities | $ 7,800,000 | $ 10,400,000 | |||
Book Value | |||||
Debt Instrument [Line Items] | |||||
Fair value of long term debt | 874,900,000 | 906,100,000 | |||
Fair Value | |||||
Debt Instrument [Line Items] | |||||
Fair value of long term debt | 850,700,000 | 929,900,000 | |||
First Amendment To CDA | |||||
Debt Instrument [Line Items] | |||||
Annual amortization of amount outstanding, percent | 2.00% | ||||
Payments to fund CDA | $ 25,000,000 | ||||
ABL Facility | |||||
Debt Instrument [Line Items] | |||||
Managed Accessibility | 1,200,000 | 26,700,000 | |||
Restricted cash | 25,000,000 | 0 | |||
Cash, cash equivalents and managed accessibility | $ 203,800,000 | $ 118,300,000 | |||
2014 Financing | |||||
Debt Instrument [Line Items] | |||||
Number of credit facilities | facility | 2 | ||||
Term Loan | |||||
Debt Instrument [Line Items] | |||||
Effective interest rate | 11.40% | 10.50% | |||
Term Loan | Book Value | |||||
Debt Instrument [Line Items] | |||||
Fair value of long term debt | $ 559,400,000 | $ 576,800,000 | |||
Term Loan | Fair Value | |||||
Debt Instrument [Line Items] | |||||
Fair value of long term debt | 546,000,000 | 596,900,000 | |||
Term Loan | Amendment No. 4 | |||||
Debt Instrument [Line Items] | |||||
Principal amount issued | 600,000,000 | ||||
Additional payment required | $ 35,200,000 | ||||
Right to increase New Term Loan | 250,000,000 | ||||
Annual principal payment | 35,200,000 | ||||
Unamortized discount | 9,700,000 | ||||
Deferred finance costs | $ 9,700,000 | ||||
Term Loan | 2014 Financing | |||||
Debt Instrument [Line Items] | |||||
Principal amount issued | 600,000,000 | ||||
ABL Facility | Book Value | |||||
Debt Instrument [Line Items] | |||||
Fair value of long term debt | 0 | 0 | |||
ABL Facility | Fair Value | |||||
Debt Instrument [Line Items] | |||||
Fair value of long term debt | 0 | 0 | |||
ABL Facility | ABL Facility | |||||
Debt Instrument [Line Items] | |||||
Total cash and availability | $ 39,200,000 | 68,900,000 | |||
ABL Facility | ABL Facility | Minimum | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 1.75% | ||||
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 | |||||
Debt Instrument [Line Items] | |||||
Principal amount issued | $ 450,000,000 | ||||
Letter of Credit | ABL Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity, uncommitted accordion | $ 100,000,000 | ||||
Letters of credit outstanding, amount | $ 341,300,000 | $ 352,600,000 | |||
Collateral line cap, percent | 10.00% | ||||
Restricted cash | $ (25,000,000) | ||||
Lease financing obligations | |||||
Debt Instrument [Line Items] | |||||
Effective interest rate | 14.90% | 12.10% | |||
Lease financing obligations | Book Value | |||||
Debt Instrument [Line Items] | |||||
Fair value of long term debt | $ 242,200,000 | $ 254,600,000 | |||
Lease financing obligations | Fair Value | |||||
Debt Instrument [Line Items] | |||||
Fair value of long term debt | 234,700,000 | 257,700,000 | |||
Other Debt Obligations | Book Value | |||||
Debt Instrument [Line Items] | |||||
Fair value of long term debt | 73,300,000 | 74,700,000 | |||
Other Debt Obligations | Fair Value | |||||
Debt Instrument [Line Items] | |||||
Fair value of long term debt | $ 70,000,000 | $ 75,300,000 | |||
LIBOR | Term Loan | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 8.50% | 8.50% | |||
LIBOR | 2014 Term Loan | Amendment No. 4 | |||||
Debt Instrument [Line Items] | |||||
Variable rate basis, option two, minimum variable rate basis | 1.00% | ||||
Basis spread on variable rate | 6.50% | ||||
Alternate Base Rate | 2014 Term Loan | Amendment No. 4 | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 8.50% | ||||
ABL Base Rate | ABL Facility | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.75% |
Debt And Financing - Maturities
Debt And Financing - Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
2,019 | $ 20.8 | |
2,020 | 23 | |
2,021 | 22.8 | |
2,022 | 597.1 | |
2,023 | 5.1 | |
Thereafter | 221.2 | |
Total | 890 | $ 926.1 |
Term Loan | ||
Debt Instrument [Line Items] | ||
2,019 | 14.2 | |
2,020 | 18 | |
2,021 | 18 | |
2,022 | 523.5 | |
2,023 | 0 | |
Thereafter | 0 | |
Total | 573.7 | |
ABL Facility | ||
Debt Instrument [Line Items] | ||
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 0 | |
2,023 | 0 | |
Thereafter | 0 | |
Total | 0 | |
Second A&R CDA | ||
Debt Instrument [Line Items] | ||
2,019 | 1.5 | |
2,020 | 1.4 | |
2,021 | 1.4 | |
2,022 | 69.3 | |
2,023 | 0 | |
Thereafter | 0 | |
Total | 73.6 | |
Lease Financing Obligation | ||
Debt Instrument [Line Items] | ||
2,019 | 5.1 | |
2,020 | 3.6 | |
2,021 | 3.4 | |
2,022 | 4.3 | |
2,023 | 5.1 | |
Thereafter | 221.2 | |
Total | 242.7 | |
Principal cash obligations | 17.1 | |
Net book value of assets | $ 204.1 |
Debt And Financing - Price Grid
Debt And Financing - Price Grid (Details) - Credit Agreement Amendment, July 26, 2017 | 12 Months Ended |
Dec. 31, 2018 | |
Leverage Ratios [Abstract] | |
December 31, 2018 | 3.50 |
March 31, 2019 | 3.25 |
June 30, 2019 | 3.25 |
September 30, 2019 | 3.25 |
December 31, 2019 | 3 |
March 31, 2020 | 3 |
June 30, 2020 | 3 |
September 30, 2020 | 2.75 |
December 31, 2020 | 2.75 |
March 31, 2021 | 2.75 |
June 30, 2021 and thereafter | 2.50 |
Total Leverage Ratio | 2.64 |
Debt And Financing - Cash and C
Debt And Financing - Cash and Cash Equivalents and Managed Accessibility (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Cash and cash equivalents | $ 227,600,000 | $ 91,600,000 |
2014 ABL Facility Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Cash and cash equivalents | 227,600,000 | 91,600,000 |
Less: amounts placed into restricted cash subsequent to year-end | (25,000,000) | 0 |
Managed Accessibility | 1,200,000 | 26,700,000 |
Cash, cash equivalents and managed accessibility | $ 203,800,000 | $ 118,300,000 |
Debt And Financing - Capital Ex
Debt And Financing - Capital Expenditures/Operating Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Acquisition of property and equipment | $ (145.4) | $ (103.3) | $ (100.6) |
Minimum annual rentals 2019 | 138.4 | ||
Revenue Equipment [Member] | |||
Debt Instrument [Line Items] | |||
Operating lease commitment | $ 198.5 | ||
Operating lease term | 4 years | ||
Minimum annual rentals 2019 | $ 138.4 | ||
Future minimum payments due | $ 429.2 |
Equity-Based Compensation Pla_3
Equity-Based Compensation Plans (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of nonvested shares vested and distributed | $ 2.1 | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Compensation cost share based awards | 0.1 | $ 0.9 | ||
Restricted Stock And Share Unit [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost share based awards | $ 6.2 | $ 5.6 | $ 5 | |
Restricted stock units vested but common shares not distributed (in shares) | 660,000 | 528,000 | 410,000 | |
Intrinsic value, outstanding | $ 4.5 | |||
Unrecognized compensation expense | $ 4 | |||
Period of recognition | 10 months 18 days | |||
2011 Long Term Incentive And Equity Award Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for issuance (in shares) | 1,500,000 | 5,000,000 |
Equity-Based Compensation Pla_4
Equity-Based Compensation Plans - Restricted Stock Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost share based awards | $ 0.1 | $ 0.9 | |
Shares [Roll Forward] | |||
Unvested, beginning balance (in shares) | 114 | 261 | 421 |
Vested (in shares) | (114) | (141) | (140) |
Forfeited (in shares) | 0 | (6) | (20) |
Unvested, ending balance (in shares) | 0 | 114 | 261 |
Weighted Average Grant-Date Fair Value [Roll Forward] | |||
Unvested, beginning balance (in dollars per share) | $ 18.06 | $ 17.98 | $ 18.09 |
Vested (in dollars per share) | 18.06 | 17.90 | 17.90 |
Forfeited (in dollars per share) | 0 | 18.23 | 16.83 |
Unvested, ending balance (in dollars per share) | $ 0 | $ 18.06 | $ 17.98 |
Restricted Stock And Share Unit [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost share based awards | $ 6.2 | $ 5.6 | $ 5 |
Period of recognition | 10 months 18 days | ||
Shares [Roll Forward] | |||
Unvested, beginning balance (in shares) | 1,307 | 1,175 | 767 |
Granted (in shares) | 730 | 496 | 730 |
Vested (in shares) | (457) | (306) | (269) |
Forfeited (in shares) | (164) | (58) | (53) |
Unvested, ending balance (in shares) | 1,416 | 1,307 | 1,175 |
Weighted Average Grant-Date Fair Value [Roll Forward] | |||
Unvested, beginning balance (in dollars per share) | $ 11.55 | $ 11.30 | $ 14.34 |
Granted (in dollars per share) | 9.35 | 12.43 | 8.76 |
Vested (in dollars per share) | 10.91 | 11.91 | 12.90 |
Forfeited (in dollars per share) | 11.31 | 12.28 | 11.60 |
Unvested, ending balance (in dollars per share) | $ 10.65 | $ 11.55 | $ 11.30 |
Vested but not distributed (in shares) | 660 | 528 | 410 |
Equity-Based Compensation Pla_5
Equity-Based Compensation Plans - Vesting Terms (Details) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested in Period, Fair Value | $ 5 | $ 3.6 | $ 3.5 |
Restricted Stock And Share Unit [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 730 | 496 | 730 |
Restricted Stock And Share Unit [Member] | 25% per year for four years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 0 | 0 | 8 |
Restricted Stock And Share Unit [Member] | 100% immediately | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 132 | 106 | 123 |
Restricted Stock And Share Unit [Member] | 33.3% per year for three years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 452 | 85 | 599 |
Restricted Stock And Share Unit [Member] | 100% on February 14, 2020 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 0 | 305 | 0 |
Restricted Stock And Share Unit [Member] | 100% on July 31, 2018 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 146 | 0 | 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Net deferred tax liability | $ 1.8 | $ 3.1 |
Income tax receivable | 5.8 | 1.3 |
Net operating loss carryforwards | 677.3 | |
Foreign tax credit carryforwards, subject to expriration | 0.1 | |
Valuation allowance | 291.1 | 305.1 |
Deferred income tax benefit | 13.3 | |
Unrecognized tax benefits that would impact effective tax rate | 10.5 | 10.8 |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 0.8 | 0.8 |
Interest accrual reversal | 0.3 | 0.7 |
Interest accrued net reduction | 0.5 | 0.1 |
Total amount of interest accrued for uncertain tax positions | 2.8 | $ 2.3 |
Amount by which unrecognized tax benefits may decrease over the next 12 months | $ 7.7 |
Income Taxes (Deferred tax liab
Income Taxes (Deferred tax liabilities and assets) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Depreciation | $ 109 | $ 148 |
Deferred revenue | 9.3 | 14.4 |
Intangibles | 6 | 6.4 |
Gain on debt redemption | 0 | 7.9 |
State taxes | 19.9 | 22.1 |
Other | 15.2 | 10.6 |
Deferred tax liabilities | 159.4 | 209.4 |
Claims and insurance | (84.8) | (98.2) |
Net operating loss carryforwards | (199.9) | (228) |
Employee benefit accruals | (88.9) | (88.8) |
Deferred Tax Asset, Sale Leaseback Transaction | (54.5) | (64.7) |
Other | (20.6) | (31.7) |
Deferred tax assets | (448.7) | (511.4) |
Valuation allowance | 291.1 | 305.1 |
Net deferred tax assets | (157.6) | (206.3) |
Net deferred tax liability | $ 1.8 | $ 3.1 |
Income Taxes (Federal Tax Rate
Income Taxes (Federal Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 21.00% | 35.00% | 35.00% |
State income taxes, net | 14.10% | (2.80%) | 2.90% |
Foreign tax rate differential | 12.10% | (10.00%) | (3.30%) |
Permanent differences | 8.30% | (8.90%) | 6.90% |
Valuation allowance | (17.50%) | (48.60%) | (13.00%) |
Benefit from intraperiod tax allocation under ASC 740 | 0.00% | 73.50% | 0.00% |
Net change in unrecognized tax benefits | (0.90%) | 0.50% | (10.20%) |
Other, net (primarily prior year return to provision) | (1.60%) | 1.60% | (5.70%) |
Effective tax rate | 35.50% | 40.30% | 12.60% |
Income Taxes (Provision) (Detai
Income Taxes (Provision) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||
Federal | $ 0 | $ (0.9) | $ (1.7) |
State | 5.4 | 0.8 | (0.7) |
Foreign | 6.8 | 6 | 5.9 |
Current income tax expense | 12.2 | 5.9 | 3.5 |
Deferred: | |||
Federal | 0 | (13.3) | 0 |
State | 0 | 0 | 0 |
Foreign | (1.1) | 0.1 | (0.4) |
Deferred income tax benefit | (1.1) | (13.2) | (0.4) |
Income tax expense (benefit) | 11.1 | (7.3) | 3.1 |
Domestic | 13.6 | (30.5) | 3.9 |
Foreign | 17.7 | 12.4 | 20.7 |
Income (Loss) before income taxes | $ 31.3 | $ (18.1) | $ 24.6 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Unrecognized Tax Benefits [Roll Forward] | ||
Unrecognized tax benefits at January 1 | $ 56.8 | $ 45.3 |
Increases related to: tax positions taken during a prior period | 7.1 | 11.8 |
Increases related to: tax positions taken during the current period | 0.4 | 0.4 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 0.1 | 0 |
Decreases related to: lapse of applicable statute of limitations | (4.8) | (0.7) |
Decreases related to: settlements with taxing authorities | (0.2) | 0 |
Unrecognized tax benefits at December 31 | $ 59.2 | $ 56.8 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
External revenue | $ 5,092 | $ 4,891 | $ 4,697.5 |
Operating income (loss) | 142.9 | 119 | 144.5 |
Identifiable assets | 1,617.1 | 1,585.5 | 1,770 |
Acquisition of property and equipment | (145.4) | (103.3) | (100.6) |
Proceeds from disposal of property and equipment | 36.4 | 8.8 | 35.1 |
Depreciation and amortization | 147.7 | 147.7 | 159.8 |
YRC Freight | |||
Segment Reporting Information [Line Items] | |||
External revenue | 3,197.3 | 3,067.9 | 2,958.9 |
Operating income (loss) | 85 | 60.7 | 71.8 |
Identifiable assets | 973.6 | 1,042.1 | 1,208.7 |
Acquisition of property and equipment | (76.5) | (66.6) | (73.2) |
Proceeds from disposal of property and equipment | 35.8 | 8.1 | 31.3 |
Depreciation and amortization | 82.2 | 84.8 | 90.3 |
Regional Transportation | |||
Segment Reporting Information [Line Items] | |||
External revenue | 1,895 | 1,823.4 | 1,739.3 |
Operating income (loss) | 70.7 | 67.9 | 81.3 |
Identifiable assets | 626.4 | 607.4 | 642.9 |
Acquisition of property and equipment | (62.9) | (36.6) | (27.4) |
Proceeds from disposal of property and equipment | 0.6 | 0.7 | 3.8 |
Depreciation and amortization | 65 | 62.9 | 69.5 |
Corporate/Eliminations | |||
Segment Reporting Information [Line Items] | |||
External revenue | (0.3) | (0.3) | (0.7) |
Operating income (loss) | (12.8) | (9.6) | (8.6) |
Identifiable assets | 17.1 | (64) | (81.6) |
Acquisition of property and equipment | (6) | (0.1) | 0 |
Proceeds from disposal of property and equipment | 0 | 0 | 0 |
Depreciation and amortization | 0.5 | 0 | 0 |
Foreign Countries | |||
Segment Reporting Information [Line Items] | |||
Revenues | 104.1 | 99.3 | 101 |
Long-lived assets located in foreign countries | $ 6.5 | $ 5.3 | $ 5.2 |
Shareholders' Deficit (Details)
Shareholders' Deficit (Details) - shares | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 22, 2011 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Common stock, shares authorized | 95,000,000 | 95,000,000 | ||
Preferred stock authorized shares | 5,000,000 | 5,000,000 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance, common shares | 32,733,000 | 32,473,000 | 32,141,000 | |
Ending balance, common shares | 33,090,000 | 32,733,000 | 32,473,000 | |
Common Stock: | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Issuance of equity awards, net | 357,000 | 260,000 | 332,000 | |
Series A Preferred Stock [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Preferred stock authorized shares | 1 |
Loss Per Share (Details)
Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Basic and dilutive net income (loss) available to common shareholders | $ 20.2 | $ (10.8) | $ 21.5 |
Average Common Shares Outstanding - Basic (in shares) | 32,983 | 32,685 | 32,416 |
Dilutive weighted average shares outstanding (in shares) | 33,859 | 32,685 | 33,040 |
Earnings (Loss) Per Share - Basic (in dollars per share) | $ 0.61 | $ (0.33) | $ 0.66 |
Earnings (Loss) Per Share - Diluted (in dollars per share) | $ 0.60 | $ (0.33) | $ 0.65 |
Stock Compensation Plan | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Unvested shares and stock units (in shares) | 876 | 0 | 624 |
Anti-dilutive unvested shares and options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive unvested shares and options (in shares) | 51 | 8 | 196 |
Commitments, Contingencies, a_3
Commitments, Contingencies, and Uncertainties (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $ 197.3 | $ 159.2 | $ 140.8 |
Minimum annual rentals 2019 | 138.4 | ||
Minimum annual rentals 2020 | 118 | ||
Minimum annual rentals 2021 | 94 | ||
Minimum annual rentals 2022 | 44.6 | ||
Minimum annual rentals 2023 | 18.7 | ||
Minium annual rentals thereafter | 15.5 | ||
Committed for capital expenditures to be completed during 2015 | $ 34.5 |
Related Party Transactions (Det
Related Party Transactions (Details) - Chief Executive Officer - Consulting Services - James L. Welch - Affiliated Entity | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Related Party Transaction [Line Items] | |
Annual compensation | $ 150,000 |
Services performed | $ 62,500 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Jan. 25, 2019USD ($) |
Third Party Carrier Payable Agent, Chapter 11 Bankruptcy Filing | IPS Worldwide, LLC | Subsequent Event | |
Subsequent Event [Line Items] | |
Loss contingency, estimate of possible loss | $ 4.3 |