J.B. Hunt Transport Services (JBHT) 10-Q 23 Oct 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Sep. 30, 2015shares
Entity Registrant Name	HUNT J B TRANSPORT SERVICES INC
Entity Central Index Key	728,535
Trading Symbol	jbht
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Entity Common Stock, Shares Outstanding (in shares)	114,601,888
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Operating revenues, excluding fuel surcharge revenues	$ 1,419,451	$ 1,316,951	$ 4,043,991	$ 3,737,936
Fuel surcharge revenues	167,043	284,205	522,640	817,994
Total operating revenues	1,586,494	1,601,156	4,566,631	4,555,930
Operating expenses:
Rents and purchased transportation	770,148	802,092	2,194,683	2,282,992
Salaries, wages and employee benefits	351,651	327,106	1,030,438	951,517
Fuel and fuel taxes	76,755	115,503	243,459	352,452
Depreciation and amortization	86,201	75,416	251,239	216,109
Operating supplies and expenses	57,299	56,978	164,497	165,939
Insurance and claims	20,078	21,904	55,714	57,622
General and administrative expenses, net of asset dispositions	14,866	15,057	56,471	36,525
Operating taxes and licenses	10,683	9,893	31,505	28,517
Communication and utilities	4,967	5,107	15,824	15,620
Total operating expenses	1,392,648	1,429,056	4,043,830	4,107,293
Operating income	193,846	172,100	522,801	448,637
Net interest expense	7,838	6,649	21,202	21,358
Earnings before income taxes	186,008	165,451	501,599	427,279
Income taxes	70,869	63,037	191,109	162,793
Net earnings	$ 115,139	$ 102,414	$ 310,490	$ 264,486
Weighted average basic shares outstanding (in shares)	115,456	117,050	116,157	117,020
Basic earnings per share (in dollars per share)	$ 1	$ 0.87	$ 2.67	$ 2.26
Weighted average diluted shares outstanding (in shares)	116,282	118,221	117,293	118,567
Diluted earnings per share (in dollars per share)	$ 0.99	$ 0.87	$ 2.65	$ 2.23
Dividends declared per common share (in dollars per share)	$ 0.21	$ 0.20	$ 0.63	$ 0.60

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 5,542	$ 5,961
Trade accounts receivable, net	671,398	653,795
Prepaid expenses and other	91,231	220,374
Total current assets	768,171	880,130
Property and equipment, at cost	3,957,722	3,719,757
Less accumulated depreciation	1,287,213	1,237,225
Net property and equipment	2,670,509	2,482,532
Other assets	80,584	34,455
Total assets	$ 3,519,264	3,397,117
Current liabilities:
Current portion of long-term debt		250,000
Trade accounts payable	$ 355,671	325,838
Claims accruals	100,649	96,719
Accrued payroll	69,447	80,547
Other accrued expenses	18,281	17,966
Total current liabilities	544,048	771,070
Long-term debt	993,353	683,539
Other long-term liabilities	59,646	59,561
Deferred income taxes	673,030	678,424
Stockholders' equity	1,249,187	1,204,523
Total liabilities and stockholders' equity	$ 3,519,264	$ 3,397,117

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net earnings	$ 310,490	$ 264,486
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	251,239	216,109
Share-based compensation	27,010	26,122
Gain on sale of revenue equipment and other	(1,257)	(5,413)
Provision for deferred income taxes	(5,395)	(10,315)
Changes in operating assets and liabilities:
Trade accounts receivable	(17,603)	(102,779)
Other assets	35,591	29,126
Trade accounts payable	27,644	39,070
Income taxes payable or receivable	75,150	7,500
Claims accruals	3,930	19,192
Accrued payroll and other accrued expenses	(9,839)	3,267
Net cash provided by operating activities	696,960	486,365
Cash flows from investing activities:
Additions to property and equipment	(561,774)	(599,824)
Net proceeds from sale of equipment	131,114	120,599
Changes in other assets	(20,095)	21
Net cash used in investing activities	(450,755)	(479,204)
Cash flows from financing activities:
Proceeds from issuances of long-term debt	349,129	499,642
Payments on long-term debt	(250,000)	(250,000)
Proceeds from revolving lines of credit and other	1,576,329	1,380,887
Payments on revolving lines of credit and other	(1,629,244)	(1,494,421)
Purchase of treasury stock	(212,227)	(75,000)
Stock option exercises and other	2,501	7,070
Stock repurchased for payroll taxes	(24,263)	(22,789)
Tax benefit of stock options exercised	14,446	17,645
Dividends paid	(73,295)	(70,167)
Net cash used in financing activities	(246,624)	(7,133)
Net change in cash and cash equivalents	(419)	28
Cash and cash equivalents at beginning of period	5,961	5,831
Cash and cash equivalents at end of period	5,542	5,859
Cash paid during the period for:
Interest	25,290	25,635
Income taxes	$ 103,832	$ 136,116

Note 1 - General

Note 1 - General	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
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, 2014. 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, 2015, 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. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which supersedes virtually all existing revenue recognition guidance. The new standard requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. This update also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. We have the option of using either a full retrospective or a modified retrospective approach when adopting this new standard. In August 2015, the FASB issued ASU 2015-14 Revenue from Contracts with Customers: Deferral of the Effective Date, which deferred the effective date of ASU 2014-09 one year to interim and annual periods beginning after December 15, 2017. Early adoption is permitted after the original effective date of December 15, 2016. We are currently evaluating the alternative transition methods and the potential effects of the adoption of this update on our financial statements. In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs, which amends the current presentation of debt issuance costs in the financial statements. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, instead of as an asset. The amendments are to be applied retrospectively and are effective for interim and annual periods beginning after December 15, 2015, but early adoption is permitted. The adoption of the new guidance is not expected to have a material impact on our condensed consolidated financial statements.

Note 2 - Earnings Per Share

Note 2 - Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
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 0.8 million shares during the third quarter 2015, compared to 1.2 million shares during third quarter 2014. During the nine months ended September 30, 2015 and 2014, the dilutive effect of restricted and performance share units and stock options was 1.1 million shares and 1.5 million shares, respectively.

Note 3 - Share-based Compensati

Note 3 - Share-based Compensation	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Restricted share units: Pretax compensation expense $ 4,668 $ 5,812 $ 20,372 $ 20,243 Tax benefit 1,778 2,214 7,762 7,713 Restricted share unit expense, net of tax $ 2,890 $ 3,598 $ 12,610 $ 12,530 Performance share units: Pretax compensation expense $ 1,645 $ 1,462 $ 6,638 $ 5,716 Tax benefit 627 557 2,529 2,178 Performance share unit expense, net of tax $ 1,018 $ 905 $ 4,109 $ 3,538 Stock options: Pretax compensation expense $ - $ 33 $ - $ 163 Tax benefit - 13 - 62 Stock option expense, net of tax $ - $ 20 $ - $ 101 As of September 30, 2015, we had $38.7 million and $10.2 million of total unrecognized compensation expense related to restricted share units and performance share units, respectively, that is to be recognized over the remaining weighted average period of approximately 3.9 years for restricted share units and 2.5 years for performance share units. During the nine months ended September 30, 2015, we issued 780,747 shares for vested restricted share units, 103,796 shares for vested performance share units, and 71,500 shares as a result of stock option exercises. Of these totals, 741,755 shares for vested restricted share units, 103,796 for performance share units, and 12,900 share resulting from stock option exercises were issued during the third quarter, 2015.

Note 4 - Financing Arrangements

Note 4 - Financing Arrangements	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Debt Disclosure [Text Block]	4. Financing Arrangements Outstanding borrowings under our current financing arrangements consist of the following (in millions): September 30, 2015 December 31, 2014 Senior revolving line of credit $ 135.0 $ 183.0 Senior notes, net of unamortized discount 858.4 750.5 Less current portion of long-term debt - (250.0 ) Total long-term debt $ 993.4 $ 683.5 Senior Revolving Line of Credit On September 30, 2015, we replaced our $500 million senior revolving credit facility dated August 12, 2011 with a new credit facility authorizing us 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. This new senior credit facility has a five year term expiring in September 2020, and 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, 2015, we had $135 million outstanding at an average interest rate of 1.21% under this agreement. Seni or Notes Our senior notes consist of three separate issuances. The first and second issuances are $250 million of 2.40% senior notes due March 2019 and $250 million of 3.85% senior notes due March 2024, respectively, both of which were issued in March 2014. Interest payments under both notes are due semiannually in March and September of each year, beginning September 2014. The third is $350 million of 3.30% senior notes due August 2022, issued on August 6, 2015. Interest payments under this note are due semiannually in February and August of each year, beginning February 2016. All three senior notes were issued by J.B. Hunt Transport Services, Inc., a parent-level holding company with no significant assets or operations. The notes are guaranteed on a full and unconditional basis by a wholly-owned subsidiary. All other subsidiaries of the parent are minor. We registered these offerings and the sale of the notes under the Securities Act of 1933, pursuant to a shelf registration statement filed in February 2014. All notes are unsecured obligations and rank equally with our existing and future senior unsecured debt. We may redeem for cash some or all of the notes based on a redemption price set forth in the note indenture. See Note 5, Derivative Financial Instruments, for terms of interest rate swaps entered into on the $250 million of 2.40% senior notes due March 2019 and the $350 million of 3.30% senior notes due August 2022. Our $250 million of 3.375% senior notes matured in September 2015. The entire outstanding balance was paid in full at maturity. 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, 2015.

Note 5 - Derivative Financial I

Note 5 - Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	5 . Derivative Financial Instruments We periodically utilize derivative instruments for hedging and non-trading purposes to manage exposure to changes in interest rates and to maintain an appropriate mix of fixed and variable-rate debt. At inception of a derivative contract, we document relationships between derivative instruments and hedged items, as well as our risk-management objective and strategy for undertaking various derivative transactions, and assess hedge effectiveness. If it is determined that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting prospectively. We entered into receive fixed-rate and pay variable-rate interest rate swap agreements simultaneously with the issuance of our $250 million of 2.40% senior notes due March 2019 and $350 million of 3.30% senior notes due August 2022, to effectively convert this fixed-rate debt to variable-rate. The notional amounts of these interest rate swap agreements equal those of the corresponding fixed-rate debt. The applicable interest rates under these agreements is based on LIBOR plus an established margin, resulting in an interest rate of 1.18% for our $250 million of 2.40% senior notes and 1.68% for our $350 million of 3.30% senior notes at September 30, 2015. The swaps expire when the corresponding senior notes are due. The fair values of these swaps are recorded in other assets in our Condensed Consolidated Balance Sheet at September 30, 2015. See Note 7, Fair Value Measurements, for disclosure of fair value. These derivatives meet the required criteria to be designated as fair value hedges and as the specific terms and notional amounts of these derivative instruments match those of the fixed-rate debt being hedged, these derivative instruments are assumed to perfectly hedge the related debt against changes in fair value due to changes in the benchmark interest rate. Accordingly, any change in the fair value of these interest rate swaps recorded in earnings is offset by a corresponding change in the fair value of the related debt.

Note 6 - Capital Stock

Note 6 - Capital Stock	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	6 . Capital Stock On October 27, 2011, our Board of Directors authorized the purchase of $500 million of our common stock, of which $1 million was remaining at September 30, 2015. We purchased approximately 2,245,000 shares, or $177.9 million, of our common stock under our repurchase authorization during the three months ended September 30, 2015 and approximately 2,655,000, or $212.2 million, for the nine months ended September 30, 2015. On October 22, 2015, our Board of Directors authorized an additional purchase of up to $500 million of our common stock. On July 23, 2015, our Board of Directors declared a regular quarterly dividend of $0.21 per common share, which was paid on August 14, 2015, to stockholders of record on July 31, 2015. On October 22, 2015, our Board of Directors declared a regular quarterly dividend of $0.21 per common share, which will be paid on November 20, 2015, to stockholders of record on November 6, 2015.

Note 7 - Fair Value Measurement

Note 7 - Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Fair Value Disclosures [Text Block]	7 . Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis Our assets and liabilities measured at fair value are based on valuation techniques which consider prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. These valuation methods are based on either quoted market prices (Level 1) or inputs, other than quoted prices in active markets, that are observable either directly or indirectly (Level 2). The following are assets and liabilities measured at fair value on a recurring basis at September 30, 2015 (in millions): Asset/(Liability) Balance Input Level Trading investments $ 13.4 1 Interest rate swaps $ 9.5 2 Senior notes $ (608.6 ) 2 The fair value of trading investments has been measured using the market approach (Level 1) and reflect quoted market prices. The fair values of interest rate swaps and corresponding senior notes have been measured using the income approach (Level 2), which includes relevant interest rate curve inputs. Trading investments and interest rate swaps are classified in other assets in our Condensed Consolidated Balance Sheets and the senior notes are classified in long-term debt in our Condensed Consolidated Balance Sheets. Financial Instruments The carrying amount and estimated fair value at September 30, 2015, using the income approach (Level 2), based on their net present value, discounted at our current borrowing rate, of our senior revolving line of credit and remaining senior notes not measured at fair value on a recurring basis, were $384.8 million and $394.4 million, respectively. The carrying amounts of all other instruments at September 30, 2015, approximate their fair value due to the short maturity of these instruments.

Note 8 - Income Taxes

Note 8 - Income Taxes	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	8. Income Taxes At September 30, 2015, we had a total of $31.8 million in gross unrecognized tax benefits, which are a component of other long-term liabilities on our balance sheet. Of this amount, $20.7 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 $4.9 million at September 30, 2015.

Note 9 - Legal Proceedings

Note 9 - Legal Proceedings	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	9. 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 half of 2014, the Court in the lead class-action granted Judgment in our favor with regard to all claims. The plaintiffs have appealed the case to the Ninth Circuit Court of Appeals where it is currently pending. The overlapping claims in the remaining action have been stayed pending a decision in the lead class-action case. 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 10 - Business Segments

Note 10 - Business Segments	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	10. Business Segments We reported four distinct business segments during the three and nine months ended September 30, 2015 and 2014. 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 11, Segment Information Assets (Excludes intercompany accounts) As of September 30, 2015 December 31, 2014 JBI $ 1,890 $ 1,733 DCS 912 832 ICS 81 106 JBT 309 289 Other (includes corporate) 327 437 Total $ 3,519 $ 3,397 Operating Revenues Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 JBI $ 949 $ 964 $ 2,698 $ 2,730 DCS 370 361 1,082 1,031 ICS 173 185 510 521 JBT 98 96 286 289 Subtotal 1,590 1,606 4,576 4,571 Inter-segment eliminations (4 ) (5 ) (9 ) (15 ) Total $ 1,586 $ 1,601 $ 4,567 $ 4,556 Operating Income Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 JBI $ 126.1 $ 125.0 $ 349.0 $ 331.6 DCS 45.1 34.3 121.5 80.2 ICS 11.5 8.4 23.0 20.8 JBT 11.2 4.3 29.4 16.1 Other (includes corporate) (0.1 ) 0.1 (0.1 ) (0.1 ) Total $ 193.8 $ 172.1 $ 522.8 $ 448.6 Depreciation and Amortization Expense Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 JBI $ 37.8 $ 33.5 $ 109.3 $ 95.5 DCS 33.9 29.5 98.4 85.8 ICS 0.1 0.3 0.7 0.7 JBT 10.5 8.3 31.1 23.0 Other (includes corporate) 3.9 3.8 11.7 11.1 Total $ 86.2 $ 75.4 $ 251.2 $ 216.1

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	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, 2014. 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, 2015, 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.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which supersedes virtually all existing revenue recognition guidance. The new standard requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. This update also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. We have the option of using either a full retrospective or a modified retrospective approach when adopting this new standard. In August 2015, the FASB issued ASU 2015-14 Revenue from Contracts with Customers: Deferral of the Effective Date, which deferred the effective date of ASU 2014-09 one year to interim and annual periods beginning after December 15, 2017. Early adoption is permitted after the original effective date of December 15, 2016. We are currently evaluating the alternative transition methods and the potential effects of the adoption of this update on our financial statements. In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs, which amends the current presentation of debt issuance costs in the financial statements. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, instead of as an asset. The amendments are to be applied retrospectively and are effective for interim and annual periods beginning after December 15, 2015, but early adoption is permitted. The adoption of the new guidance is not expected to have a material impact on our condensed consolidated financial statements.

Note 3 - Share-based Compensa16

Note 3 - Share-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Restricted share units: Pretax compensation expense $ 4,668 $ 5,812 $ 20,372 $ 20,243 Tax benefit 1,778 2,214 7,762 7,713 Restricted share unit expense, net of tax $ 2,890 $ 3,598 $ 12,610 $ 12,530 Performance share units: Pretax compensation expense $ 1,645 $ 1,462 $ 6,638 $ 5,716 Tax benefit 627 557 2,529 2,178 Performance share unit expense, net of tax $ 1,018 $ 905 $ 4,109 $ 3,538 Stock options: Pretax compensation expense $ - $ 33 $ - $ 163 Tax benefit - 13 - 62 Stock option expense, net of tax $ - $ 20 $ - $ 101

Note 4 - Financing Arrangemen17

Note 4 - Financing Arrangements (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Debt [Table Text Block]	September 30, 2015 December 31, 2014 Senior revolving line of credit $ 135.0 $ 183.0 Senior notes, net of unamortized discount 858.4 750.5 Less current portion of long-term debt - (250.0 ) Total long-term debt $ 993.4 $ 683.5

Note 7 - Fair Value Measureme18

Note 7 - Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Asset/(Liability) Balance Input Level Trading investments $ 13.4 1 Interest rate swaps $ 9.5 2 Senior notes $ (608.6 ) 2

Note 10 - Business Segments (Ta

Note 10 - Business Segments (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	Assets (Excludes intercompany accounts) As of September 30, 2015 December 31, 2014 JBI $ 1,890 $ 1,733 DCS 912 832 ICS 81 106 JBT 309 289 Other (includes corporate) 327 437 Total $ 3,519 $ 3,397
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Operating Revenues Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 JBI $ 949 $ 964 $ 2,698 $ 2,730 DCS 370 361 1,082 1,031 ICS 173 185 510 521 JBT 98 96 286 289 Subtotal 1,590 1,606 4,576 4,571 Inter-segment eliminations (4 ) (5 ) (9 ) (15 ) Total $ 1,586 $ 1,601 $ 4,567 $ 4,556
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	Operating Income Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 JBI $ 126.1 $ 125.0 $ 349.0 $ 331.6 DCS 45.1 34.3 121.5 80.2 ICS 11.5 8.4 23.0 20.8 JBT 11.2 4.3 29.4 16.1 Other (includes corporate) (0.1 ) 0.1 (0.1 ) (0.1 ) Total $ 193.8 $ 172.1 $ 522.8 $ 448.6
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]	Depreciation and Amortization Expense Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 JBI $ 37.8 $ 33.5 $ 109.3 $ 95.5 DCS 33.9 29.5 98.4 85.8 ICS 0.1 0.3 0.7 0.7 JBT 10.5 8.3 31.1 23.0 Other (includes corporate) 3.9 3.8 11.7 11.1 Total $ 86.2 $ 75.4 $ 251.2 $ 216.1

Note 2 - Earnings Per Share (De

Note 2 - Earnings Per Share (Details Textual) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	0.8	1.2	1.1	1.5

Note 3 - Share-based Compensa21

Note 3 - Share-based Compensation (Details Textual) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)shares	Sep. 30, 2015USD ($)shares
Restricted Stock Units (RSUs) [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $	$ 38.7	$ 38.7
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		3 years 328 days
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	741,755	780,747
Performance Shares [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $	$ 10.2	$ 10.2
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		2 years 182 days
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	103,796	103,796
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	12,900	71,500

Note 3 - Components of Share-ba

Note 3 - Components of Share-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Restricted Stock Units (RSUs) [Member]
Pretax compensation expense	$ 4,668	$ 5,812	$ 20,372	$ 20,243
Tax benefit	1,778	2,214	7,762	7,713
Share-based compensation expense, net of tax	2,890	3,598	12,610	12,530
Performance Shares [Member]
Pretax compensation expense	1,645	1,462	6,638	5,716
Tax benefit	627	557	2,529	2,178
Share-based compensation expense, net of tax	$ 1,018	905	$ 4,109	3,538
Employee Stock Option [Member]
Pretax compensation expense		33		163
Tax benefit		13		62
Share-based compensation expense, net of tax		$ 20		$ 101

Note 4 - Financing Arrangemen23

Note 4 - Financing Arrangements (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2015	Dec. 31, 2014
Line of Credit [Member] | Senior Debt Obligations [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 500,000	$ 500,000		$ 500,000
Debt Instrument, Term	5 years
Long-term Line of Credit	$ 135,000	$ 135,000			$ 183,000
Debt, Weighted Average Interest Rate	1.21%	1.21%
Senior Notes [Member] | Senior Notes, First Issuance [Member]
Unsecured Debt	$ 250,000	$ 250,000
Debt Instrument, Interest Rate, Stated Percentage	2.40%	2.40%
Senior Notes [Member] | Senior Notes, Second Issuance [Member]
Unsecured Debt	$ 250,000	$ 250,000
Debt Instrument, Interest Rate, Stated Percentage	3.85%	3.85%
Senior Notes [Member] | Senior Notes, Third Issuance [Member]
Unsecured Debt	$ 350,000	$ 350,000
Debt Instrument, Interest Rate, Stated Percentage	3.30%	3.30%
Senior Notes [Member] | Senior Notes Maturing in September 2015 [Member]
Debt Instrument, Interest Rate, Stated Percentage	3.375%	3.375%
Repayments of Long-term Debt		$ 250,000
Senior Debt Obligations [Member]
Line of Credit Facility, Maximum Borrowing Capacity Increase	$ 250,000	250,000
Repayments of Long-term Debt		$ 250,000	$ 250,000

Note 4 - Outstanding Borrowings

Note 4 - Outstanding Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Senior Debt Obligations [Member] | Line of Credit [Member]
Long-term Line of Credit	$ 135,000	$ 183,000
Senior Debt Obligations [Member] | Senior Notes [Member]
Long-term Debt	$ 858,400	750,500
Less current portion of long-term debt		(250,000)
Total long-term debt	$ 993,353	$ 683,539

Note 5 - Derivative Financial25

Note 5 - Derivative Financial Instruments (Details Textual) $ in Millions	Sep. 30, 2015USD ($)
Senior Notes, First Issuance [Member] | Senior Notes [Member]
Unsecured Debt	$ 250
Debt Instrument, Interest Rate, Stated Percentage	2.40%
Senior Notes, First Issuance [Member] | Fair Value Hedging [Member] | Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative, Variable Interest Rate	1.18%
Senior Notes, Third Issuance [Member] | Senior Notes [Member]
Unsecured Debt	$ 350
Debt Instrument, Interest Rate, Stated Percentage	3.30%
Senior Notes, Third Issuance [Member] | Fair Value Hedging [Member] | Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative, Variable Interest Rate	1.68%

Note 6 - Capital Stock (Details

Note 6 - Capital Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Oct. 22, 2015	Jul. 23, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Oct. 27, 2011
Subsequent Event [Member]
Stock Repurchase Program, Additional Authorized Amount	$ 500
Common Stock, Dividends, Per Share, Declared	$ 0.21
Stock Repurchase Program, Authorized Amount							$ 500
Stock Repurchase Program, Remaining Authorized Repurchase Amount			$ 1		$ 1
Treasury Stock, Shares, Acquired			2,245,000		2,655,000
Treasury Stock, Value, Acquired			$ 177.9		$ 212.2
Common Stock, Dividends, Per Share, Declared		$ 0.21	$ 0.21	$ 0.20	$ 0.63	$ 0.60

Note 7 - Fair Value Measureme27

Note 7 - Fair Value Measurements (Details Textual) - Senior Notes [Member] - Fair Value, Measurements, Nonrecurring [Member] $ in Millions	Sep. 30, 2015USD ($)
Estimate of Fair Value Measurement [Member]
Long-term Debt, Fair Value	$ 394.4
Long-term Debt	$ 384.8

Note 7 - Assets and Liabilities

Note 7 - Assets and Liabilities Measured at Fair Value (Details) $ in Millions	Sep. 30, 2015USD ($)
Fair Value, Inputs, Level 1 [Member]
Trading investments	$ 13.4
Fair Value, Inputs, Level 2 [Member]
Interest rate swaps	9.5
Senior notes	$ (608.6)

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Effective Income Tax Rate Reconciliation, Percent	38.10%	38.10%	38.10%	38.10%
Unrecognized Tax Benefits	$ 31.8		$ 31.8
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	20.7		20.7
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 4.9		$ 4.9

Note 10 - Business Segments (De

Note 10 - Business Segments (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Number of Reportable Segments	4	4	4	4

Note 10 - Assets (Details)

Note 10 - Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
JBI [Member] | Operating Segments [Member]
Assets	$ 1,890,000	$ 1,733,000
DCS [Member] | Operating Segments [Member]
Assets	912,000	832,000
ICS [Member] | Operating Segments [Member]
Assets	81,000	106,000
JBT [Member] | Operating Segments [Member]
Assets	309,000	289,000
Corporate and Other [Member] | Operating Segments [Member]
Assets	327,000	437,000
Assets	$ 3,519,264	$ 3,397,117

Note 10 - Operating Revenues (D

Note 10 - Operating Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
JBI [Member] | Operating Segments [Member]
Revenues	$ 949,000	$ 964,000	$ 2,698,000	$ 2,730,000
DCS [Member] | Operating Segments [Member]
Revenues	370,000	361,000	1,082,000	1,031,000
ICS [Member] | Operating Segments [Member]
Revenues	173,000	185,000	510,000	521,000
JBT [Member] | Operating Segments [Member]
Revenues	98,000	96,000	286,000	289,000
Operating Segments [Member]
Revenues	1,590,000	1,606,000	4,576,000	4,571,000
Intersegment Eliminations [Member]
Revenues	(4,000)	(5,000)	(9,000)	(15,000)
Revenues	$ 1,586,494	$ 1,601,156	$ 4,566,631	$ 4,555,930

Note 10 - Operating Income (Det

Note 10 - Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Operating Segments [Member] | JBI [Member]
Operating income	$ 126,100	$ 125,000	$ 349,000	$ 331,600
Operating Segments [Member] | DCS [Member]
Operating income	45,100	34,300	121,500	80,200
Operating Segments [Member] | ICS [Member]
Operating income	11,500	8,400	23,000	20,800
Operating Segments [Member] | JBT [Member]
Operating income	11,200	4,300	29,400	16,100
Operating Segments [Member] | Corporate and Other [Member]
Operating income	(100)	100	(100)	(100)
Operating income	$ 193,846	$ 172,100	$ 522,801	$ 448,637

Note 10 - Depreciation and Amor

Note 10 - Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Operating Segments [Member] | JBI [Member]
Depreciation and amortization	$ 37,800	$ 33,500	$ 109,300	$ 95,500
Operating Segments [Member] | DCS [Member]
Depreciation and amortization	33,900	29,500	98,400	85,800
Operating Segments [Member] | ICS [Member]
Depreciation and amortization	100	300	700	700
Operating Segments [Member] | JBT [Member]
Depreciation and amortization	10,500	8,300	31,100	23,000
Operating Segments [Member] | Corporate and Other [Member]
Depreciation and amortization	3,900	3,800	11,700	11,100
Depreciation and amortization	$ 86,201	$ 75,416	$ 251,239	$ 216,109