Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | HUNT J B TRANSPORT SERVICES INC |
Document Type | 10-Q |
Current Fiscal Year End Date | -19 |
Entity Common Stock, Shares Outstanding | 117,856,402 |
Amendment Flag | FALSE |
Entity Central Index Key | 728535 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Large Accelerated Filer |
Entity Well-known Seasoned Issuer | Yes |
Document Period End Date | 30-Sep-13 |
Document Fiscal Year Focus | 2013 |
Document Fiscal Period Focus | Q3 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Earnings (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating revenues, excluding fuel surcharge revenues | $1,165,965 | $1,046,769 | $3,325,070 | $2,990,971 |
Fuel surcharge revenues | 269,885 | 249,023 | 785,225 | 725,873 |
Total operating revenues | 1,435,850 | 1,295,792 | 4,110,295 | 3,716,844 |
Operating expenses: | ||||
Rents and purchased transportation | 724,417 | 646,049 | 2,062,745 | 1,818,890 |
Salaries, wages and employee benefits | 289,789 | 260,911 | 835,765 | 766,820 |
Fuel and fuel taxes | 114,147 | 114,694 | 340,987 | 348,332 |
Depreciation and amortization | 64,291 | 57,773 | 187,304 | 170,120 |
Operating supplies and expenses | 55,378 | 48,281 | 149,918 | 133,632 |
Insurance and claims | 13,878 | 13,745 | 38,759 | 37,385 |
General and administrative expenses, net of asset dispositions | 10,172 | 9,369 | 33,581 | 19,718 |
Operating taxes and licenses | 8,168 | 7,451 | 23,723 | 21,916 |
Communication and utilities | 4,881 | 4,467 | 14,338 | 13,166 |
Total operating expenses | 1,285,121 | 1,162,740 | 3,687,120 | 3,329,979 |
Operating income | 150,729 | 133,052 | 423,175 | 386,865 |
Net interest expense | 5,835 | 6,346 | 18,320 | 20,263 |
Earnings before income taxes | 144,894 | 126,706 | 404,855 | 366,602 |
Income taxes | 55,422 | 48,465 | 154,337 | 140,225 |
Net earnings | $89,472 | $78,241 | $250,518 | $226,377 |
Weighted average basic shares outstanding (in Shares) | 117,723 | 118,131 | 117,472 | 117,461 |
Basic earnings per share (in Dollars per share) | $0.76 | $0.66 | $2.13 | $1.93 |
Weighted average diluted shares outstanding (in Shares) | 119,357 | 120,281 | 119,552 | 120,022 |
Diluted earnings per share (in Dollars per share) | $0.75 | $0.65 | $2.10 | $1.89 |
Dividends declared per common share (in Dollars per share) | $0.15 | $0.14 | $0.30 | $0.42 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $5,968 | $5,589 |
Trade accounts receivable, net | 584,914 | 466,011 |
Prepaid expenses and other | 57,150 | 82,932 |
Total current assets | 648,032 | 554,532 |
Property and equipment, at cost | 3,150,319 | 2,904,706 |
Less accumulated depreciation | 1,112,933 | 1,019,232 |
Net property and equipment | 2,037,386 | 1,885,474 |
Other assets | 27,016 | 24,635 |
Total assets | 2,712,434 | 2,464,641 |
Current liabilities: | ||
Current portion of long-term debt | 250,000 | 100,000 |
Trade accounts payable | 304,799 | 266,722 |
Claims accruals | 61,823 | 47,442 |
Accrued payroll | 61,173 | 70,647 |
Other accrued expenses | 11,793 | 17,199 |
Deferred income taxes | 750 | 750 |
Total current liabilities | 690,338 | 502,760 |
Long-term debt | 437,474 | 585,347 |
Other long-term liabilities | 56,723 | 53,050 |
Deferred income taxes | 547,422 | 531,624 |
Stockholders' equity | 980,477 | 791,860 |
Total liabilities and stockholders' equity | $2,712,434 | $2,464,641 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ||
Net earnings | $250,518 | $226,377 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 187,304 | 170,120 |
Share-based compensation | 23,602 | 21,979 |
Gain on sale of revenue equipment and other | -4,625 | -11,707 |
Provision for deferred income taxes | 15,798 | 5,146 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | -118,903 | -92,773 |
Other assets | 17,890 | 20,835 |
Trade accounts payable | 37,396 | 78,371 |
Income taxes payable or receivable | 2,120 | 15,452 |
Claims accruals | 14,381 | 5,830 |
Accrued payroll and other accrued expenses | -14,253 | -22,291 |
Net cash provided by operating activities | 411,228 | 417,339 |
Cash flows from investing activities: | ||
Additions to property and equipment | -372,564 | -329,598 |
Net proceeds from sale of equipment | 38,940 | 50,561 |
Changes in other assets | -35 | -370 |
Net cash used in investing activities | -333,659 | -279,407 |
Cash flows from financing activities: | ||
Payments on long-term debt | -100,000 | -50,000 |
Proceeds from revolving lines of credit and other | 1,372,752 | 1,174,531 |
Payments on revolving lines of credit and other | -1,264,438 | -1,227,543 |
Purchase of treasury stock | -64,723 | |
Stock option exercises and other | -9,192 | -3,674 |
Tax benefit of stock options exercised | 23,637 | 18,288 |
Dividends paid | -35,226 | -49,325 |
Net cash used in financing activities | -77,190 | -137,723 |
Net change in cash and cash equivalents | 379 | 209 |
Cash and cash equivalents at beginning of period | 5,589 | 5,450 |
Cash and cash equivalents at end of period | 5,968 | 5,659 |
Cash paid during the period for: | ||
Interest | 23,514 | 26,362 |
Income taxes | $111,404 | $99,646 |
Note_1_General
Note 1 - General | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. General |
Basis of Presentation | |
The accompanying unaudited interim Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. We believe such statements include all adjustments (consisting only of normal recurring adjustments) necessary for the fair presentation of our financial position, results of operations and cash flows at the dates and for the periods indicated. Pursuant to the requirements of the Securities and Exchange Commission (SEC) applicable to quarterly reports on Form 10-Q, the accompanying financial statements do not include all disclosures required by GAAP for annual financial statements. While we believe the disclosures presented are adequate to make the information not misleading, these unaudited interim Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2012. Operating results for the periods presented in this report are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2013, or any other interim period. Our business is somewhat seasonal with slightly higher freight volumes typically experienced during August through early November in our full-load freight transportation business. |
Note_2_Earnings_Per_Share
Note 2 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2013 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 2. Earnings Per Share |
We compute basic earnings per share by dividing net earnings available to common stockholders by the actual weighted average number of common shares outstanding for the reporting period. Diluted earnings per share reflects the potential dilution that could occur if holders of unvested restricted and performance share units or vested and unvested stock options exercised or converted their holdings into common stock. The dilutive effect of restricted and performance share units and stock options was 1.6 million shares during the third quarter 2013, compared to 2.1 million shares during third quarter 2012. During the nine months ended September 30, 2013 and 2012, the dilutive effect of restricted and performance share units and stock options was 2.1 million shares and 2.6 million shares, respectively. |
Note_3_Sharebased_Compensation
Note 3 - Share-based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 3. Share-based Compensation | ||||||||||||||||
The following table summarizes the components of our share-based compensation program expense (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Restricted share units: | |||||||||||||||||
Pretax compensation expense | $ | 4,467 | $ | 4,628 | $ | 18,764 | $ | 18,272 | |||||||||
Tax benefit | 1,709 | 1,770 | 7,153 | 6,989 | |||||||||||||
Restricted share unit expense, net of tax | $ | 2,758 | $ | 2,858 | $ | 11,611 | $ | 11,283 | |||||||||
Performance share units: | |||||||||||||||||
Pretax compensation expense | $ | 1,001 | $ | 698 | $ | 4,161 | $ | 2,947 | |||||||||
Tax benefit | 383 | 267 | 1,586 | 1,127 | |||||||||||||
Performance share unit expense, net of tax | $ | 618 | $ | 431 | $ | 2,575 | $ | 1,820 | |||||||||
Stock options: | |||||||||||||||||
Pretax compensation expense | $ | 156 | $ | 264 | $ | 677 | $ | 760 | |||||||||
Tax benefit | 60 | 101 | 258 | 291 | |||||||||||||
Stock option expense, net of tax | $ | 96 | $ | 163 | $ | 419 | $ | 469 | |||||||||
As of September 30, 2013, we had $34.1 million, $6.8 million, and $0.2 million of total unrecognized compensation expense related to restricted share units, performance share units, and stock options, respectively, that is to be recognized over the remaining weighted-average period of approximately 3.2 years for restricted share units, 2.7 years for performance share units, and 0.8 years for stock options. During the nine months ended September 30, 2013, we issued 865,147 shares for vested restricted share units, 61,975 shares for vested performance share units, and 525,788 shares as a result of stock option exercises. Of these totals, 833,801 shares for vested restricted share units, 61,975 shares for performance share units, and 111,300 shares resulting from stock option exercises were issued during the third quarter 2013. |
Note_4_Financing_Arrangements
Note 4 - Financing Arrangements | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Debt Disclosure [Text Block] | 4. Financing Arrangements | |||||||||||
Outstanding borrowings under our current financing arrangements consist of the following (in millions): | ||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||
Senior revolving line of credit | $ | 187.8 | $ | 85.8 | ||||||||
Senior term loan | 150 | 200 | ||||||||||
Senior notes, net of unamortized discount | 349.7 | 399.5 | ||||||||||
Less current portion of long-term debt | (250.0 | ) | (100.0 | ) | ||||||||
Total long-term debt | $ | 437.5 | $ | 585.3 | ||||||||
Senior Revolving Line of Credit | ||||||||||||
At September 30, 2013, we were authorized to borrow up to $500 million under a senior revolving line of credit, which is supported by a credit agreement with a group of banks and expires in August 2016. This senior credit facility allows us to request an increase in the total commitment by up to $250 million and to request a one-year extension of the maturity date. The applicable interest rate under this agreement is based on either the Prime Rate, the Federal Funds Rate, or LIBOR, depending upon the specific type of borrowing, plus an applicable margin based on our credit rating, and other fees. At September 30, 2013, we had $187.8 million outstanding at an average interest rate of 1.22% under this agreement. | ||||||||||||
Senior Term Loan | ||||||||||||
Our senior term loan at September 30, 2013, consists of an unsecured $150 million variable-rate agreement, which matures in March 2014. The entire $150 million balance is payable at maturity. The applicable interest rate under this agreement is based on either the Prime Rate, the Federal Funds Rate, or LIBOR, depending upon the specific type of borrowing, plus an applicable margin based on our credit rating and other fees. At September 30, 2013, the interest rate on this facility was 1.18%. | ||||||||||||
Senior Notes | ||||||||||||
Our senior notes consist of two separate issuances. The first is $100 million of 6.08% senior notes, which mature in July 2014. The entire $100 million balance is payable at maturity. Interest payments are due semiannually in January and July. The second is $250 million of 3.375% senior notes, which mature in September 2015. The entire $250 million balance is payable at maturity. Interest payments are due semiannually in March and September of each year. We have the option to redeem for cash some or all of the notes based on a redemption price set forth in the note indenture. | ||||||||||||
Our financing arrangements require us to maintain certain covenants and financial ratios. We were in compliance with all covenants and financial ratios at September 30, 2013. |
Note_5_Capital_Stock
Note 5 - Capital Stock | 9 Months Ended |
Sep. 30, 2013 | |
Policy Text Block [Abstract] | |
Stockholders' Equity, Policy [Policy Text Block] | 5. Capital Stock |
On October 27, 2011, our Board of Directors authorized the purchase of $500 million of our common stock, of which $388 million was remaining at September 30, 2013. We did not purchase any shares under our repurchase authorization during the three months ended September 30, 2013. On July 23, 2013, our Board of Directors declared a regular quarterly dividend of $0.15 per common share, which was paid on August 16, 2013, to stockholders of record on August 2, 2013. On October 29, 2013, our Board of Directors declared a regular quarterly dividend of $0.15 per common share, which will be paid on November 29, 2013, to stockholders of record on November 15, 2013. |
Note_6_Fair_Value_Measurements
Note 6 - Fair Value Measurements | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Fair Value Disclosures [Abstract] | |||||||||
Fair Value Disclosures [Text Block] | 6. Fair Value Measurements | ||||||||
Our assets and liabilities measured at fair value are based on the market approach valuation technique, which considers prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. | |||||||||
At September 30, 2013, we had $11.8 million of trading investments measured at fair value, based on quoted market prices (Level 1). Trading investments are classified in other assets in our Condensed Consolidated Balance Sheets and are measured at fair value on a recurring basis. | |||||||||
The carrying amounts and estimated fair values using the income method (Level 2), based on their net present value, discounted at our current borrowing rate of our long-term debt at September 30, 2013, were as follows (in millions): | |||||||||
Carrying Value | Estimated Fair Value | ||||||||
Senior revolving line of credit | $ | 187.8 | $ | 187.8 | |||||
Senior term loan | $ | 150 | $ | 150 | |||||
Senior notes | $ | 349.7 | $ | 365.6 | |||||
The carrying amounts of all other instruments at September 30, 2013, approximate their fair value due to the short maturity of these instruments or their variable rate. |
Note_7_Income_Taxes
Note 7 - Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 7. Income Taxes |
Our effective income tax rate was 38.25% for the three months ended September 30, 2013, and 38.12% for the nine months ended September 30, 2013, compared with 38.25% for the three and nine months ended September 30, 2012. In determining our quarterly provision for income taxes, we use an estimated annual effective tax rate, adjusted for discrete items. This rate is based on our expected annual income, statutory tax rates, best estimate of nontaxable and nondeductible items of income and expense, and the ultimate outcome of tax audits. | |
At September 30, 2013, we had a total of $26.6 million in gross unrecognized tax benefits, which are a component of other long-term liabilities on our balance sheet. Of this amount, $17.3 million represents the amount of unrecognized tax benefits that, if recognized, would impact our effective tax rate. The total amount of accrued interest and penalties for such unrecognized tax benefits was $4.8 million at September 30, 2013. |
Note_8_Legal_Proceedings
Note 8 - Legal Proceedings | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 8. Legal Proceedings |
We are a defendant in certain class-action lawsuits in which the plaintiffs are current and former California-based drivers who allege claims for unpaid wages, failure to provide meal and rest periods, and other items. During the first quarter of 2013, we filed a motion to stay proceedings pending a decision in the Ninth Circuit Court of Appeals on an unrelated case but with similar issues. That motion was subsequently denied. During the second quarter of 2013, we filed a Motion for Judgment on the Pleadings with regard to the meal and rest period claims, which was granted in our favor. We have filed a Motion for Summary Judgment with regard to other remaining claims during the fourth quarter of 2013. The first trial date for one of the class-action lawsuits has been scheduled for the second quarter of 2014. We cannot reasonably estimate at this time the possible loss or range of loss, if any, that may arise from these lawsuits. | |
We are involved in certain other claims and pending litigation arising from the normal conduct of business. Based on present knowledge of the facts and, in certain cases, opinions of outside counsel, we believe the resolution of these claims and pending litigation will not have a material adverse effect on our financial condition, results of operations, or liquidity. |
Note_9_Business_Segments
Note 9 - Business Segments | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||
Segment Reporting Disclosure [Text Block] | 9. Business Segments | |||||||||||||||||
We reported four distinct business segments during the three and nine months ended September 30, 2013 and 2012. These segments included Intermodal (JBI), Dedicated Contract Services® (DCS), Integrated Capacity Solutions (ICS), and Truck (JBT). The operation of each of these businesses is described in Note 10, Segment Information, of our Annual Report (Form 10-K) for the year ended December 31, 2012. A summary of certain segment information is presented below (in millions): | ||||||||||||||||||
Assets | ||||||||||||||||||
(Excludes intercompany accounts) | ||||||||||||||||||
As of | ||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||
JBI | $ | 1,618 | $ | 1,443 | ||||||||||||||
DCS | 682 | 586 | ||||||||||||||||
ICS | 68 | 55 | ||||||||||||||||
JBT | 161 | 185 | ||||||||||||||||
Other (includes corporate) | 183 | 196 | ||||||||||||||||
Total | $ | 2,712 | $ | 2,465 | ||||||||||||||
Operating Revenues | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
JBI | $ | 890 | $ | 794 | $ | 2,541 | $ | 2,250 | ||||||||||
DCS | 319 | 273 | 901 | 796 | ||||||||||||||
ICS | 137 | 121 | 391 | 328 | ||||||||||||||
JBT | 97 | 117 | 300 | 371 | ||||||||||||||
Subtotal | 1,443 | 1,305 | 4,133 | 3,745 | ||||||||||||||
Inter-segment eliminations | (7 | ) | (9 | ) | (23 | ) | (28 | ) | ||||||||||
Total | $ | 1,436 | $ | 1,296 | $ | 4,110 | $ | 3,717 | ||||||||||
Operating Income | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
JBI | $ | 118 | $ | 97.9 | $ | 325.5 | $ | 270.8 | ||||||||||
DCS | 29.3 | 25.6 | 80.9 | 86.9 | ||||||||||||||
ICS | 2.8 | 5.5 | 12.2 | 11.5 | ||||||||||||||
JBT | 0.6 | 4 | 4.7 | 17.7 | ||||||||||||||
Other (includes corporate) | - | 0.1 | (0.1 | ) | - | |||||||||||||
Total | $ | 150.7 | $ | 133.1 | $ | 423.2 | $ | 386.9 | ||||||||||
Depreciation and Amortization Expense | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
JBI | $ | 29.5 | $ | 26.5 | $ | 85.9 | $ | 76.6 | ||||||||||
DCS | 25.1 | 19.8 | 71.2 | 58.4 | ||||||||||||||
ICS | 0.1 | 0.1 | 0.2 | 0.2 | ||||||||||||||
JBT | 6.9 | 9 | 22.1 | 27.8 | ||||||||||||||
Other (includes corporate) | 2.7 | 2.4 | 7.9 | 7.1 | ||||||||||||||
Total | $ | 64.3 | $ | 57.8 | $ | 187.3 | $ | 170.1 | ||||||||||
Note_3_Sharebased_Compensation1
Note 3 - Share-based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Restricted share units: | |||||||||||||||||
Pretax compensation expense | $ | 4,467 | $ | 4,628 | $ | 18,764 | $ | 18,272 | |||||||||
Tax benefit | 1,709 | 1,770 | 7,153 | 6,989 | |||||||||||||
Restricted share unit expense, net of tax | $ | 2,758 | $ | 2,858 | $ | 11,611 | $ | 11,283 | |||||||||
Performance share units: | |||||||||||||||||
Pretax compensation expense | $ | 1,001 | $ | 698 | $ | 4,161 | $ | 2,947 | |||||||||
Tax benefit | 383 | 267 | 1,586 | 1,127 | |||||||||||||
Performance share unit expense, net of tax | $ | 618 | $ | 431 | $ | 2,575 | $ | 1,820 | |||||||||
Stock options: | |||||||||||||||||
Pretax compensation expense | $ | 156 | $ | 264 | $ | 677 | $ | 760 | |||||||||
Tax benefit | 60 | 101 | 258 | 291 | |||||||||||||
Stock option expense, net of tax | $ | 96 | $ | 163 | $ | 419 | $ | 469 |
Note_4_Financing_Arrangements_
Note 4 - Financing Arrangements (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Schedule of Debt [Table Text Block] | 30-Sep-13 | 31-Dec-12 | ||||||||||
Senior revolving line of credit | $ | 187.8 | $ | 85.8 | ||||||||
Senior term loan | 150 | 200 | ||||||||||
Senior notes, net of unamortized discount | 349.7 | 399.5 | ||||||||||
Less current portion of long-term debt | (250.0 | ) | (100.0 | ) | ||||||||
Total long-term debt | $ | 437.5 | $ | 585.3 |
Note_6_Fair_Value_Measurements1
Note 6 - Fair Value Measurements (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Fair Value Disclosures [Abstract] | |||||||||
Fair Value, Measurement Inputs, Disclosure [Text Block] | Carrying Value | Estimated Fair Value | |||||||
Senior revolving line of credit | $ | 187.8 | $ | 187.8 | |||||
Senior term loan | $ | 150 | $ | 150 | |||||
Senior notes | $ | 349.7 | $ | 365.6 |
Note_9_Business_Segments_Table
Note 9 - Business Segments (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Assets | |||||||||||||||||
(Excludes intercompany accounts) | ||||||||||||||||||
As of | ||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||
JBI | $ | 1,618 | $ | 1,443 | ||||||||||||||
DCS | 682 | 586 | ||||||||||||||||
ICS | 68 | 55 | ||||||||||||||||
JBT | 161 | 185 | ||||||||||||||||
Other (includes corporate) | 183 | 196 | ||||||||||||||||
Total | $ | 2,712 | $ | 2,465 | ||||||||||||||
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Operating Revenues | |||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
JBI | $ | 890 | $ | 794 | $ | 2,541 | $ | 2,250 | ||||||||||
DCS | 319 | 273 | 901 | 796 | ||||||||||||||
ICS | 137 | 121 | 391 | 328 | ||||||||||||||
JBT | 97 | 117 | 300 | 371 | ||||||||||||||
Subtotal | 1,443 | 1,305 | 4,133 | 3,745 | ||||||||||||||
Inter-segment eliminations | (7 | ) | (9 | ) | (23 | ) | (28 | ) | ||||||||||
Total | $ | 1,436 | $ | 1,296 | $ | 4,110 | $ | 3,717 | ||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Operating Income | |||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
JBI | $ | 118 | $ | 97.9 | $ | 325.5 | $ | 270.8 | ||||||||||
DCS | 29.3 | 25.6 | 80.9 | 86.9 | ||||||||||||||
ICS | 2.8 | 5.5 | 12.2 | 11.5 | ||||||||||||||
JBT | 0.6 | 4 | 4.7 | 17.7 | ||||||||||||||
Other (includes corporate) | - | 0.1 | (0.1 | ) | - | |||||||||||||
Total | $ | 150.7 | $ | 133.1 | $ | 423.2 | $ | 386.9 | ||||||||||
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | Depreciation and Amortization Expense | |||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
JBI | $ | 29.5 | $ | 26.5 | $ | 85.9 | $ | 76.6 | ||||||||||
DCS | 25.1 | 19.8 | 71.2 | 58.4 | ||||||||||||||
ICS | 0.1 | 0.1 | 0.2 | 0.2 | ||||||||||||||
JBT | 6.9 | 9 | 22.1 | 27.8 | ||||||||||||||
Other (includes corporate) | 2.7 | 2.4 | 7.9 | 7.1 | ||||||||||||||
Total | $ | 64.3 | $ | 57.8 | $ | 187.3 | $ | 170.1 |
Note_2_Earnings_Per_Share_Deta
Note 2 - Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 1.6 | 2.1 | 2.1 | 2.6 |
Note_3_Sharebased_Compensation2
Note 3 - Share-based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Restricted Stock Units (RSUs) [Member] | ||
Note 3 - Share-based Compensation (Details) [Line Items] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $34.10 | $34.10 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 73 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 833,801 | 865,147 |
Performance Shares [Member] | ||
Note 3 - Share-based Compensation (Details) [Line Items] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | 6.8 | 6.8 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 255 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 61,975 | 61,975 |
Employee Stock Option [Member] | ||
Note 3 - Share-based Compensation (Details) [Line Items] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $0.20 | $0.20 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 292 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 111,300 | 525,788 |
Note_3_Sharebased_Compensation3
Note 3 - Share-based Compensation (Details) - Components of Share-based Compensation (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Pretax compensation expense | $23,602 | $21,979 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Pretax compensation expense | 4,467 | 4,628 | 18,764 | 18,272 |
Tax benefit | 1,709 | 1,770 | 7,153 | 6,989 |
Stock option expense, net of tax | 2,758 | 2,858 | 11,611 | 11,283 |
Performance Shares [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Pretax compensation expense | 1,001 | 698 | 4,161 | 2,947 |
Tax benefit | 383 | 267 | 1,586 | 1,127 |
Stock option expense, net of tax | 618 | 431 | 2,575 | 1,820 |
Employee Stock Option [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Pretax compensation expense | 156 | 264 | 677 | 760 |
Tax benefit | 60 | 101 | 258 | 291 |
Stock option expense, net of tax | $96 | $163 | $419 | $469 |
Note_4_Financing_Arrangements_1
Note 4 - Financing Arrangements (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Senior Notes First Issuance [Member] | Senior Notes [Member] | ||
Note 4 - Financing Arrangements (Details) [Line Items] | ||
Long-term Debt | $100 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.08% | |
Senior Notes Second Issuance [Member] | Senior Notes [Member] | ||
Note 4 - Financing Arrangements (Details) [Line Items] | ||
Long-term Debt | 250 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.38% | |
Line of Credit [Member] | Senior Debt Obligations [Member] | ||
Note 4 - Financing Arrangements (Details) [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 500 | |
Line of Credit Facility, Amount Outstanding | 187.8 | 85.8 |
Debt, Weighted Average Interest Rate | 1.22% | |
Line of Credit [Member] | Maximum Increase [Member] | ||
Note 4 - Financing Arrangements (Details) [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 250 | |
Loans Payable [Member] | Senior Debt Obligations [Member] | ||
Note 4 - Financing Arrangements (Details) [Line Items] | ||
Long-term Debt | 150 | 200 |
Line of Credit Facility, Interest Rate at Period End | 1.18% | |
Senior Notes [Member] | Senior Debt Obligations [Member] | ||
Note 4 - Financing Arrangements (Details) [Line Items] | ||
Long-term Debt | $349.70 | $399.50 |
Note_4_Financing_Arrangements_2
Note 4 - Financing Arrangements (Details) - Outstanding Borrowings (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Note 4 - Financing Arrangements (Details) - Outstanding Borrowings [Line Items] | ||
Less current portion of long-term debt | ($250,000,000) | ($100,000,000) |
Total long-term debt | 437,474,000 | 585,347,000 |
Senior Debt Obligations [Member] | Line of Credit [Member] | ||
Note 4 - Financing Arrangements (Details) - Outstanding Borrowings [Line Items] | ||
Senior revolving line of credit | 187,800,000 | 85,800,000 |
Senior Debt Obligations [Member] | Loans Payable [Member] | ||
Note 4 - Financing Arrangements (Details) - Outstanding Borrowings [Line Items] | ||
Long-term debt | 150,000,000 | 200,000,000 |
Senior Debt Obligations [Member] | Senior Notes [Member] | ||
Note 4 - Financing Arrangements (Details) - Outstanding Borrowings [Line Items] | ||
Long-term debt | $349,700,000 | $399,500,000 |
Note_5_Capital_Stock_Details
Note 5 - Capital Stock (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 10 Months Ended | 1 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jul. 23, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 27, 2011 | Oct. 29, 2013 |
Subsequent Event [Member] | |||||||
Note 5 - Capital Stock (Details) [Line Items] | |||||||
Stock Repurchase Program, Authorized Amount (in Dollars) | $500 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount (in Dollars) | $388 | ||||||
Common Stock, Dividends, Per Share, Declared | $0.15 | $0.15 | $0.14 | $0.30 | $0.42 | $0.15 |
Note_6_Fair_Value_Measurements2
Note 6 - Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Fair Value Disclosures [Abstract] | |
Fair Value, Concentration of Risk, Trading Account Assets | $11.80 |
Note_6_Fair_Value_Measurements3
Note 6 - Fair Value Measurements (Details) - Carrying Amounts and Estimated Fair Values (Senior Debt Obligations [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Line of Credit [Member] | ||
Note 6 - Fair Value Measurements (Details) - Carrying Amounts and Estimated Fair Values [Line Items] | ||
Senior revolving line of credit | $187.80 | $85.80 |
Senior revolving line of credit | 187.8 | |
Loans Payable [Member] | ||
Note 6 - Fair Value Measurements (Details) - Carrying Amounts and Estimated Fair Values [Line Items] | ||
Carrying Value | 150 | 200 |
Estimated Fair Value | 150 | |
Senior Notes [Member] | ||
Note 6 - Fair Value Measurements (Details) - Carrying Amounts and Estimated Fair Values [Line Items] | ||
Carrying Value | 349.7 | 399.5 |
Estimated Fair Value | $365.60 |
Note_7_Income_Taxes_Details
Note 7 - Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | 38.25% | 38.25% | 38.12% | 38.25% |
Unrecognized Tax Benefits (in Dollars) | $26.60 | $26.60 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate (in Dollars) | 17.3 | 17.3 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued (in Dollars) | $4.80 | $4.80 |
Note_9_Business_Segments_Detai
Note 9 - Business Segments (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 4 |
Note_9_Business_Segments_Detai1
Note 9 - Business Segments (Details) - Assets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Assets | $2,712,434 | $2,464,641 |
JBI [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Assets | 1,618,000 | 1,443,000 |
DCS [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Assets | 682,000 | 586,000 |
ICS [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Assets | 68,000 | 55,000 |
JBT [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Assets | 161,000 | 185,000 |
Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Assets | $183,000 | $196,000 |
Note_9_Business_Segments_Detai2
Note 9 - Business Segments (Details) - Operating Revenues (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Segment revenues | $1,435,850 | $1,295,792 | $4,110,295 | $3,716,844 |
Operating Segments [Member] | JBI [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Segment revenues | 890,000 | 794,000 | 2,541,000 | 2,250,000 |
Operating Segments [Member] | DCS [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Segment revenues | 319,000 | 273,000 | 901,000 | 796,000 |
Operating Segments [Member] | ICS [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Segment revenues | 137,000 | 121,000 | 391,000 | 328,000 |
Operating Segments [Member] | JBT [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Segment revenues | 97,000 | 117,000 | 300,000 | 371,000 |
Operating Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Segment revenues | 1,443,000 | 1,305,000 | 4,133,000 | 3,745,000 |
Intersegment Eliminations [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Segment revenues | ($7,000) | ($9,000) | ($23,000) | ($28,000) |
Note_9_Business_Segments_Detai3
Note 9 - Business Segments (Details) - Operating Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Note 9 - Business Segments (Details) - Operating Income (Loss) [Line Items] | ||||
Segment Operating Income (Loss) | $150,729 | $133,052 | $423,175 | $386,865 |
JBI [Member] | ||||
Note 9 - Business Segments (Details) - Operating Income (Loss) [Line Items] | ||||
Segment Operating Income (Loss) | 118,000 | 97,900 | 325,500 | 270,800 |
DCS [Member] | ||||
Note 9 - Business Segments (Details) - Operating Income (Loss) [Line Items] | ||||
Segment Operating Income (Loss) | 29,300 | 25,600 | 80,900 | 86,900 |
ICS [Member] | ||||
Note 9 - Business Segments (Details) - Operating Income (Loss) [Line Items] | ||||
Segment Operating Income (Loss) | 2,800 | 5,500 | 12,200 | 11,500 |
JBT [Member] | ||||
Note 9 - Business Segments (Details) - Operating Income (Loss) [Line Items] | ||||
Segment Operating Income (Loss) | 600 | 4,000 | 4,700 | 17,700 |
Corporate and Other [Member] | ||||
Note 9 - Business Segments (Details) - Operating Income (Loss) [Line Items] | ||||
Segment Operating Income (Loss) | $100 | ($100) |
Note_9_Business_Segments_Detai4
Note 9 - Business Segments (Details) - Depreciation and Amortization (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Segment Depreciation and Amortization Expense | $64,291 | $57,773 | $187,304 | $170,120 |
JBI [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Segment Depreciation and Amortization Expense | 29,500 | 26,500 | 85,900 | 76,600 |
DCS [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Segment Depreciation and Amortization Expense | 25,100 | 19,800 | 71,200 | 58,400 |
ICS [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Segment Depreciation and Amortization Expense | 100 | 100 | 200 | 200 |
JBT [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Segment Depreciation and Amortization Expense | 6,900 | 9,000 | 22,100 | 27,800 |
Corporate and Other [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Segment Depreciation and Amortization Expense | $2,700 | $2,400 | $7,900 | $7,100 |