Document And Entity Information
Document And Entity Information | 9 Months Ended |
Sep. 30, 2017shares | |
Document Information [Line Items] | |
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) | 109,751,895 |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2017 |
Document Fiscal Year Focus | 2,017 |
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, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating revenues, excluding fuel surcharge revenues | $ 1,657,380 | $ 1,538,701 | $ 4,670,200 | $ 4,448,709 |
Fuel surcharge revenues | 185,954 | 151,958 | 529,208 | 385,688 |
Total operating revenues | 1,843,334 | 1,690,659 | 5,199,408 | 4,834,397 |
Operating expenses: | ||||
Rents and purchased transportation | 947,145 | 846,238 | 2,624,707 | 2,381,547 |
Salaries, wages and employee benefits | 408,340 | 374,517 | 1,178,524 | 1,108,997 |
Depreciation and amortization | 95,959 | 91,001 | 281,198 | 269,717 |
Fuel and fuel taxes | 87,006 | 74,179 | 246,725 | 205,082 |
Operating supplies and expenses | 67,578 | 62,191 | 190,085 | 173,222 |
Insurance and claims | 26,463 | 21,862 | 76,930 | 58,384 |
General and administrative expenses, net of asset dispositions | 29,389 | 21,025 | 74,597 | 61,570 |
Operating taxes and licenses | 10,744 | 11,665 | 32,329 | 34,156 |
Communication and utilities | 5,738 | 5,004 | 16,337 | 15,063 |
Total operating expenses | 1,678,362 | 1,507,682 | 4,721,432 | 4,307,738 |
Operating income | 164,972 | 182,977 | 477,976 | 526,659 |
Net interest expense | 8,310 | 6,485 | 22,521 | 19,347 |
Earnings before income taxes | 156,662 | 176,492 | 455,455 | 507,312 |
Income taxes | 56,277 | 67,067 | 154,499 | 192,778 |
Net earnings | $ 100,385 | $ 109,425 | $ 300,956 | $ 314,534 |
Weighted average basic shares outstanding (in shares) | 109,703 | 112,630 | 110,066 | 112,790 |
Basic earnings per share (in dollars per share) | $ 0.92 | $ 0.97 | $ 2.73 | $ 2.79 |
Weighted average diluted shares outstanding (in shares) | 110,628 | 113,363 | 111,154 | 113,709 |
Diluted earnings per share (in dollars per share) | $ 0.91 | $ 0.97 | $ 2.71 | $ 2.77 |
Dividends declared per common share (in dollars per share) | $ 0.23 | $ 0.22 | $ 0.69 | $ 0.66 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 7,707 | $ 6,377 |
Trade accounts receivable, net | 858,720 | 745,288 |
Prepaid expenses and other | 140,164 | 194,016 |
Total current assets | 1,006,591 | 945,681 |
Property and equipment, at cost | 4,507,917 | 4,258,915 |
Less accumulated depreciation | 1,632,108 | 1,440,124 |
Net property and equipment | 2,875,809 | 2,818,791 |
Goodwill | 55,737 | |
Other intangible assets, net | 58,685 | |
Other assets | 57,101 | 64,516 |
Total assets | 4,053,923 | 3,828,988 |
Current liabilities: | ||
Trade accounts payable | 493,585 | 384,308 |
Claims accruals | 117,645 | 109,745 |
Accrued payroll | 47,514 | 51,929 |
Other accrued expenses | 23,011 | 27,152 |
Total current liabilities | 681,755 | 573,134 |
Long-term debt | 1,084,801 | 986,278 |
Other long-term liabilities | 68,564 | 64,881 |
Deferred income taxes | 746,833 | 790,634 |
Stockholders' equity | 1,471,970 | 1,414,061 |
Total liabilities and stockholders' equity | $ 4,053,923 | $ 3,828,988 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net earnings | $ 300,956 | $ 314,534 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 281,198 | 269,717 |
Share-based compensation | 30,953 | 30,173 |
(Gain)/Loss on sale of revenue equipment and other | 5,716 | 2,357 |
Provision for deferred income taxes | (43,801) | (9,152) |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (113,432) | (118,404) |
Other assets | 58,230 | 50,319 |
Trade accounts payable | 100,020 | 56,827 |
Income taxes payable or receivable | 8,350 | 73,512 |
Claims accruals | 7,901 | 22 |
Accrued payroll and other accrued expenses | (7,542) | 14,058 |
Net cash provided by operating activities | 628,549 | 683,963 |
Cash flows from investing activities: | ||
Additions to property and equipment | (328,218) | (498,913) |
Net proceeds from sale of equipment | 13,380 | 140,159 |
Business acquisition | (137,630) | |
Changes in other assets | (3,641) | (17) |
Net cash used in investing activities | (456,109) | (358,771) |
Cash flows from financing activities: | ||
Proceeds from revolving lines of credit and other | 2,108,891 | 1,087,164 |
Payments on revolving lines of credit and other | (2,006,001) | (1,152,465) |
Purchase of treasury stock | (179,813) | (174,760) |
Stock option exercises and other | 1,100 | 1,342 |
Stock repurchased for payroll taxes | (19,167) | (18,613) |
Tax benefit of stock options exercised | 6,532 | |
Dividends paid | (76,120) | (74,477) |
Net cash used in financing activities | (171,110) | (325,277) |
Net change in cash and cash equivalents | 1,330 | (85) |
Cash and cash equivalents at beginning of period | 6,377 | 5,566 |
Cash and cash equivalents at end of period | 7,707 | 5,481 |
Supplemental disclosure of cash flow information: | ||
Interest | 24,641 | 21,614 |
Income taxes | $ 187,313 | $ 118,803 |
Note 1 - General
Note 1 - General | 9 Months Ended |
Sep. 30, 2017 | |
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 S tatements 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 not not 10 December 31, 2016. not may December 31, 2017, August November Goodwill a nd Other Intangible Assets Goodwill represents the excess of cost over the fair value of net identifiable tangible and intangible assets acquired in a business combination. Goodwill and intangible assets with indefinite lives are not third 5 8 Recent Accounting Pronouncements In May 2014, No. 2014 09, In August 2015, 2015 14, 2014 09, one December 15, 2017. December 15, 2016. To date, our implementation team has completed the process of contract review and documentation in accordance with the standard. We intend to adopt this new standard in the first 2018, not In February 2016, 2016 02, 2016 02 December 15, 2018, Accounting Prono uncement Adopted in 201 7 In March 2016, 2016 09, – Stock Compensation: Improvements to Employee Share-Based Payment Accounting, which amended and simplified certain aspects of accounting for share-based payment award transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments were effective for interim and annual periods beginning after December 15, 2016. 2016 09 first 2017, third $4.5 third 2017. no |
Note 2 - Earnings Per Share
Note 2 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
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 0.9 third 2017, 0.7 third 2016. nine September 30, 2017 2016, 1.1 0.9 |
Note 3 - Share-based Compensati
Note 3 - Share-based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 3 . Share-b ased 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, 201 7 201 6 201 7 201 6 Restricted share units: Pretax compensation expense $ 5,977 $ 5,390 $ 22,987 $ 22,298 Tax benefit 2,146 2,048 7,793 8,473 Restricted share unit expense, net of tax $ 3,831 $ 3,342 $ 15,194 $ 13,825 Performance share units: Pretax compensation expense $ 1,867 $ 1,868 $ 7,966 $ 7,875 Tax benefit 670 710 2,700 2,992 Performance share unit expense, net of tax $ 1,197 $ 1,158 $ 5,266 $ 4,883 As of September 30, 2017, $55.0 $11.4 3.7 2.3 nine September 30, 2017, 379,161 155,867 364,538 155,867 third 2017. |
Note 4 - Financing Arrangements
Note 4 - Financing Arrangements | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. Financing Arrangements Outstanding borrowings, net of unamortized discount and debt issuance cost, under our current financing arrangements consist of the following (in millions): September 30, 201 7 December 31 , 2016 Senior r evolving line of credit $ 241.0 $ 139.0 Senior notes 843.8 847.3 Total long-term debt $ 1,084.8 $ 986.3 Senior Revolving Line of Credit At September 30, 2017, $500 September 2020. $250 one September 30, 2017, $242.0 2.25% Seni or Notes Our senior notes consist of three separate issuances. The first second $250 2.40% March 2019 $250 3.85% March 2024, March 2014. March September September 2014. third $350 3.30% August 2022, August 2015. February August February 2016. three no 1933, February 2014. may 5, $250 2.40% March 2019 $350 3.30% August 2022. 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, 2017. |
Note 5 - Derivative Financial I
Note 5 - Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
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 We entered into receive fixed-rate and pay variable-rate interest rate swap agreements simultaneously with the issuance of our $250 2.40% March 2019 $350 3.30% August 2022, ting in an interest rate of 2.17% $250 2.40% 2.67% $350 3.30% September 30, 2017. September 30, 2016. 7, |
Note 6 - Capital Stock
Note 6 - Capital Stock | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6 . Capital Stock On October 2 2, 2015, $500 April 20, 2017, $500 September 30, 2017, $521 not three September 30, 2017. July 20, 2017, $0.23, August 18, 2017 August 7, 2017 October 19, 2017, $0.23 November 17, 2017 November 3, 2017 |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
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 a ssets 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 2 September 30, 2017 ( Asset/(Liability) Balance Input Level Trading investments $ 15.9 1 Interest rate swap s $ (1.5 ) 2 Senior notes $ (595.3 ) 2 The fair value of trading investments has been measured using the market approach (Level 1 2 Trading investments are classified in other assets and the interest rate swaps are classified in other long-term liabilities in our Condensed Consolidated Balance Sheet. The senior notes are classified in long-term debt in our Condensed Consolidated Balance Sheet. Financial Instruments The carrying amount and estimated fair value at September 30, 2017, 2 not $489.5 $504.0 The carrying amounts of a ll other instruments at September 30, 2017, |
Note 8 - Income Taxes
Note 8 - Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8 . Income Taxes Our effective income tax rate was 35.9% three September 30, 2017, 38.0% three September 30, 2016. 33.9% first nine 2017, 38.0% 2016. first nine 2017 one $13.6 2012 2016 first 2017. $4.5 one $1.5 third 2017. At September 30, 2017, $35.6 $23.2 $5.8 September 30, 2017. |
Note 9 - Legal Proceedings
Note 9 - Legal Proceedings | 9 Months Ended |
Sep. 30, 2017 | |
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 2014, July 31, 2017, may In January 2017, May 1, 2016, no 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 |
Note 10 - Acquisition
Note 10 - Acquisition | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 1 0 . Acquisition On July 20, 2017, Special Logistics Dedicated, LLC (SLD), and its affiliated entities, subject to customary closing conditions. The purchase price was $136.0 no The closing of the transaction was effective on July 31, 2017. $137.6 $3.0 $60 $56 July 31, 2017 ( Consideration $ 137.6 Accounts receivable 9.4 Other current assets 1.5 Property and equipment 14.9 Intangible s 60.2 Accounts payable (3.9 ) Accrued Liabilities (0.2 ) Goodwill $ 55.7 As of September 30, 2017, |
Note 11 - Goodwill and Other In
Note 11 - Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 1 1 . Goodwill a nd Other Intangible Assets As discussed in Note 10, third 2017, $56 $60 no September 30, 2017. September 30, 201 7 Weighted Average Amortization Period Definite-lived intangibles: Non-competition agreements $ 0.2 5 Customer relationships 60.0 8 Total definite-lived intangibles 60.2 Less accumulated amortization (1.5 ) Total iden tifiable intangible assets, net $ 58.7 At September 30, 2017, $1.5 no Intangible asset amortization expense was $1.5 three nine September 30, 2017. $7.5 may |
Note 12 - Business Segments
Note 12 - Business Segments | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 2 . Business Segments We reported four three nine September 30, 2017 2016. 11, Segment Information 10 December 31, 2016. Assets (Excludes intercompany accounts) As of September 30, 2017 December 31, 201 6 JBI $ 2,077 $ 2,032 DCS 1,138 951 ICS 182 136 JBT 262 279 Other (includes corporate) 395 431 Total $ 4,054 $ 3,829 Operating Revenues Three Months Ende d September 30, Nine Months Ended September 30, 201 7 201 6 201 7 201 6 JBI $ 1,048 $ 970 $ 2,987 $ 2,798 DCS 438 394 1,242 1,135 ICS 269 233 701 620 JBT 93 97 281 291 Subtotal 1,848 1,694 5,211 4,844 Inter-segment eliminations (5 ) (3 ) (12 ) (10 ) Total $ 1,843 $ 1,691 $ 5,199 $ 4,834 Operating Income Three Months Ended September 30, Nine Months Ended September 30, 201 7 201 6 201 7 201 6 JBI $ 109.1 $ 116.9 $ 314.1 $ 325.6 DCS 42.9 52.5 136.2 147.7 ICS 7.3 8.5 11.5 30.2 JBT 5.7 5.1 16.2 23.1 Other (includes corporate) - - - 0.1 Total $ 165.0 $ 183.0 $ 478.0 $ 526.7 Depreciation and Amortization Expense Three Months Ended September 30, Nine Months Ended September 30, 201 7 201 6 201 7 201 6 JBI $ 40.4 $ 40.3 $ 121.2 $ 119.4 DCS 40.4 35.8 114.1 106.3 ICS 0.3 0.1 0.9 0.3 JBT 10.2 10.1 30.7 30.4 Other (includes corporate) 4.7 4.7 14.3 13.3 Total $ 96.0 $ 91.0 $ 281.2 $ 269.7 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited interim Condensed Consolidated Financial S tatements 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 not not 10 December 31, 2016. not may December 31, 2017, August November |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill a nd Other Intangible Assets Goodwill represents the excess of cost over the fair value of net identifiable tangible and intangible assets acquired in a business combination. Goodwill and intangible assets with indefinite lives are not third 5 8 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, No. 2014 09, In August 2015, 2015 14, 2014 09, one December 15, 2017. December 15, 2016. To date, our implementation team has completed the process of contract review and documentation in accordance with the standard. We intend to adopt this new standard in the first 2018, not In February 2016, 2016 02, 2016 02 December 15, 2018, Accounting Prono uncement Adopted in 201 7 In March 2016, 2016 09, – Stock Compensation: Improvements to Employee Share-Based Payment Accounting, which amended and simplified certain aspects of accounting for share-based payment award transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments were effective for interim and annual periods beginning after December 15, 2016. 2016 09 first 2017, third $4.5 third 2017. no |
Note 3 - Share-based Compensa18
Note 3 - Share-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 201 7 201 6 201 7 201 6 Restricted share units: Pretax compensation expense $ 5,977 $ 5,390 $ 22,987 $ 22,298 Tax benefit 2,146 2,048 7,793 8,473 Restricted share unit expense, net of tax $ 3,831 $ 3,342 $ 15,194 $ 13,825 Performance share units: Pretax compensation expense $ 1,867 $ 1,868 $ 7,966 $ 7,875 Tax benefit 670 710 2,700 2,992 Performance share unit expense, net of tax $ 1,197 $ 1,158 $ 5,266 $ 4,883 |
Note 4 - Financing Arrangemen19
Note 4 - Financing Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 30, 201 7 December 31 , 2016 Senior r evolving line of credit $ 241.0 $ 139.0 Senior notes 843.8 847.3 Total long-term debt $ 1,084.8 $ 986.3 |
Note 7 - Fair Value Measureme20
Note 7 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Asset/(Liability) Balance Input Level Trading investments $ 15.9 1 Interest rate swap s $ (1.5 ) 2 Senior notes $ (595.3 ) 2 |
Note 10 - Acquisition (Tables)
Note 10 - Acquisition (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Consideration $ 137.6 Accounts receivable 9.4 Other current assets 1.5 Property and equipment 14.9 Intangible s 60.2 Accounts payable (3.9 ) Accrued Liabilities (0.2 ) Goodwill $ 55.7 |
Note 11 - Goodwill and Other 22
Note 11 - Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | September 30, 201 7 Weighted Average Amortization Period Definite-lived intangibles: Non-competition agreements $ 0.2 5 Customer relationships 60.0 8 Total definite-lived intangibles 60.2 Less accumulated amortization (1.5 ) Total iden tifiable intangible assets, net $ 58.7 |
Note 12 - Business Segments (Ta
Note 12 - Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Assets (Excludes intercompany accounts) As of September 30, 2017 December 31, 201 6 JBI $ 2,077 $ 2,032 DCS 1,138 951 ICS 182 136 JBT 262 279 Other (includes corporate) 395 431 Total $ 4,054 $ 3,829 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Operating Revenues Three Months Ende d September 30, Nine Months Ended September 30, 201 7 201 6 201 7 201 6 JBI $ 1,048 $ 970 $ 2,987 $ 2,798 DCS 438 394 1,242 1,135 ICS 269 233 701 620 JBT 93 97 281 291 Subtotal 1,848 1,694 5,211 4,844 Inter-segment eliminations (5 ) (3 ) (12 ) (10 ) Total $ 1,843 $ 1,691 $ 5,199 $ 4,834 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Operating Income Three Months Ended September 30, Nine Months Ended September 30, 201 7 201 6 201 7 201 6 JBI $ 109.1 $ 116.9 $ 314.1 $ 325.6 DCS 42.9 52.5 136.2 147.7 ICS 7.3 8.5 11.5 30.2 JBT 5.7 5.1 16.2 23.1 Other (includes corporate) - - - 0.1 Total $ 165.0 $ 183.0 $ 478.0 $ 526.7 |
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, 201 7 201 6 201 7 201 6 JBI $ 40.4 $ 40.3 $ 121.2 $ 119.4 DCS 40.4 35.8 114.1 106.3 ICS 0.3 0.1 0.9 0.3 JBT 10.2 10.1 30.7 30.4 Other (includes corporate) 4.7 4.7 14.3 13.3 Total $ 96.0 $ 91.0 $ 281.2 $ 269.7 |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Expense (Benefit) | $ 56,277 | $ 67,067 | $ 154,499 | $ 192,778 |
Accounting Standards Update 2016-09 [Member] | ||||
Income Tax Expense (Benefit) | $ (4,500) | |||
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 8 years |
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, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0.9 | 0.7 | 1.1 | 0.9 |
Note 3 - Share-based Compensa26
Note 3 - Share-based Compensation (Details Textual) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017USD ($)shares | Sep. 30, 2017USD ($)shares | |
Restricted Stock Units (RSUs) [Member] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 55 | $ 55 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 255 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | shares | 364,538 | 379,161 |
Performance Shares [Member] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 11.4 | $ 11.4 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 109 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | shares | 155,867 | 155,867 |
Note 3 - Share-based Compensa27
Note 3 - Share-based Compensation - Components of Share-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Restricted Stock Units (RSUs) [Member] | ||||
Pretax compensation expense | $ 5,977 | $ 5,390 | $ 22,987 | $ 22,298 |
Tax benefit | 2,146 | 2,048 | 7,793 | 8,473 |
Share unit expense, net of tax | 3,831 | 3,342 | 15,194 | 13,825 |
Performance Shares [Member] | ||||
Pretax compensation expense | 1,867 | 1,868 | 7,966 | 7,875 |
Tax benefit | 670 | 710 | 2,700 | 2,992 |
Share unit expense, net of tax | $ 1,197 | $ 1,158 | $ 5,266 | $ 4,883 |
Note 4 - Financing Arrangemen28
Note 4 - Financing Arrangements (Details Textual) $ in Millions | Sep. 30, 2017USD ($) |
Senior Notes [Member] | Senior Notes, First Issuance [Member] | |
Unsecured Debt | $ 250 |
Debt Instrument, Interest Rate, Stated Percentage | 2.40% |
Senior Notes [Member] | Senior Notes, Second Issuance [Member] | |
Unsecured Debt | $ 250 |
Debt Instrument, Interest Rate, Stated Percentage | 3.85% |
Senior Notes [Member] | Senior Notes, Third Issuance [Member] | |
Unsecured Debt | $ 350 |
Debt Instrument, Interest Rate, Stated Percentage | 3.30% |
Senior Debt Obligations [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 |
Line of Credit Facility, Maximum Borrowing Capacity Increase | 250 |
Senior Debt Obligations [Member] | Line of Credit [Member] | |
Long-term Line of Credit | $ 242 |
Debt, Weighted Average Interest Rate | 2.25% |
Note 4 - Financing Arrangemen29
Note 4 - Financing Arrangements - Outstanding Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Long-term debt | $ 1,084,801 | $ 986,278 |
Senior Debt Obligations [Member] | Line of Credit [Member] | ||
Long-term Debt | 241,000 | 139,000 |
Senior Debt Obligations [Member] | Senior Notes [Member] | ||
Long-term Debt | $ 843,800 | $ 847,300 |
Note 5 - Derivative Financial30
Note 5 - Derivative Financial Instruments (Details Textual) $ in Millions | Sep. 30, 2017USD ($) |
Senior Notes, First Issuance [Member] | Fair Value Hedging [Member] | Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Derivative, Variable Interest Rate | 2.17% |
Senior Notes, Third Issuance [Member] | Fair Value Hedging [Member] | Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Derivative, Variable Interest Rate | 2.67% |
Senior Notes [Member] | Senior Notes, First Issuance [Member] | |
Unsecured Debt | $ 250 |
Debt Instrument, Interest Rate, Stated Percentage | 2.40% |
Senior Notes [Member] | Senior Notes, Third Issuance [Member] | |
Unsecured Debt | $ 350 |
Debt Instrument, Interest Rate, Stated Percentage | 3.30% |
Note 6 - Capital Stock (Details
Note 6 - Capital Stock (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | Oct. 19, 2017 | Jul. 20, 2017 | Apr. 20, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Oct. 22, 2015 |
Stock Repurchase Program, Authorized Amount | $ 500 | |||||||
Stock Repurchase Program, Additional Authorized Amount | $ 500 | |||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 521 | $ 521 | ||||||
Treasury Stock, Shares, Acquired | 0 | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.23 | $ 0.23 | $ 0.22 | $ 0.69 | $ 0.66 | |||
Dividends Payable, Date to be Paid | Aug. 18, 2017 | |||||||
Dividends Payable, Date of Record | Aug. 7, 2017 | |||||||
Subsequent Event [Member] | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.23 | |||||||
Dividends Payable, Date to be Paid | Nov. 17, 2017 | |||||||
Dividends Payable, Date of Record | Nov. 3, 2017 |
Note 7 - Fair Value Measureme32
Note 7 - Fair Value Measurements (Details Textual) - Senior Notes [Member] - Fair Value, Measurements, Recurring [Member] $ in Millions | Sep. 30, 2017USD ($) |
Long-term Debt | $ 489.5 |
Estimate of Fair Value Measurement [Member] | |
Long-term Debt, Fair Value | $ 504 |
Note 7 - Fair Value Measureme33
Note 7 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring [Member] $ in Millions | Sep. 30, 2017USD ($) |
Fair Value, Inputs, Level 1 [Member] | |
Trading investments | $ 15.9 |
Fair Value, Inputs, Level 2 [Member] | |
Interest rate swaps | (1.5) |
Senior notes | $ (595.3) |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Effective Income Tax Rate Reconciliation, Percent | 35.90% | 38.00% | 33.90% | 38.00% |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | $ 13,600 | |||
Income Tax Expense (Benefit) | $ 56,277 | $ 67,067 | 154,499 | $ 192,778 |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 1,500 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 23,200 | 23,200 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 5,800 | 5,800 | ||
Other Noncurrent Liabilities [Member] | ||||
Unrecognized Tax Benefits | 35,600 | $ 35,600 | ||
Accounting Standards Update 2016-09 [Member] | ||||
Income Tax Expense (Benefit) | $ (4,500) |
Note 10 - Acquisition (Details
Note 10 - Acquisition (Details Textual) - USD ($) $ in Thousands | Jul. 31, 2017 | Jul. 20, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Goodwill | $ 55,737 | |||
Special Logistics Dedicated, LLC [Member] | ||||
Business Combination, Consideration Transferred | $ 136,000 | |||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 0 | |||
Payments to Acquire Businesses, Gross | $ 137,600 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 60,200 | |||
Goodwill | 55,700 | |||
Special Logistics Dedicated, LLC [Member] | General and Administrative Expense [Member] | ||||
Business Combination, Acquisition Related Costs | $ 3,000 |
Note 10 - Acquisition - Purchas
Note 10 - Acquisition - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jul. 31, 2017 | Dec. 31, 2016 |
Goodwill | $ 55,737 | ||
Special Logistics Dedicated, LLC [Member] | |||
Consideration | $ 137,600 | ||
Accounts receivable | 9,400 | ||
Other current assets | 1,500 | ||
Property and equipment | 14,900 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 60,200 | ||
Accounts payable | (3,900) | ||
Accrued Liabilities | (200) | ||
Goodwill | $ 55,700 |
Note 11 - Goodwill and Other 37
Note 11 - Goodwill and Other Intangible Assets (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($) | |
Goodwill, Impairment Loss | $ 0 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 1,500 | $ 1,500 |
Acquired Finite-lived Intangible Asset, Residual Value | 0 | 0 |
Amortization of Intangible Assets | 1,500 | 1,500 |
Finite-Lived Intangible Assets, Amortization Expense, Annual Amount | 7,500 | $ 7,500 |
Goodwill, Period Increase (Decrease) | 0 | |
Special Logistics Dedicated, LLC [Member] | ||
Goodwill, Acquired During Period | 56,000 | |
Finite-lived Intangible Assets Acquired | $ 60,000 |
Note 11 - Goodwill and Other 38
Note 11 - Goodwill and Other Intangible Assets - Identifiable Intangible Assets (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Definite-lived intangibles: | |
Finite-lived intangible assets, gross | $ 60,200 |
Less accumulated amortization | (1,500) |
Total identifiable intangible assets, net | 58,700 |
Noncompete Agreements [Member] | |
Definite-lived intangibles: | |
Finite-lived intangible assets, gross | $ 200 |
Weighted average amortization period (Year) | 5 years |
Customer Relationships [Member] | |
Definite-lived intangibles: | |
Finite-lived intangible assets, gross | $ 60,000 |
Weighted average amortization period (Year) | 8 years |
Note 12 - Business Segments (De
Note 12 - Business Segments (Details Textual) | 3 Months Ended |
Sep. 30, 2017 | |
Number of Reportable Segments | 4 |
Note 12 - Business Segments - A
Note 12 - Business Segments - Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets | $ 4,053,923 | $ 3,828,988 |
Operating Segments [Member] | JBI [Member] | ||
Assets | 2,077,000 | 2,032,000 |
Operating Segments [Member] | DCS [Member] | ||
Assets | 1,138,000 | 951,000 |
Operating Segments [Member] | ICS [Member] | ||
Assets | 182,000 | 136,000 |
Operating Segments [Member] | JBT [Member] | ||
Assets | 262,000 | 279,000 |
Operating Segments [Member] | Corporate and Other [Member] | ||
Assets | $ 395,000 | $ 431,000 |
Note 12 - Business Segments - O
Note 12 - Business Segments - Operating Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues | $ 1,843,334 | $ 1,690,659 | $ 5,199,408 | $ 4,834,397 |
Operating Segments [Member] | ||||
Revenues | 1,848,000 | 1,694,000 | 5,211,000 | 4,844,000 |
Operating Segments [Member] | JBI [Member] | ||||
Revenues | 1,048,000 | 970,000 | 2,987,000 | 2,798,000 |
Operating Segments [Member] | DCS [Member] | ||||
Revenues | 438,000 | 394,000 | 1,242,000 | 1,135,000 |
Operating Segments [Member] | ICS [Member] | ||||
Revenues | 269,000 | 233,000 | 701,000 | 620,000 |
Operating Segments [Member] | JBT [Member] | ||||
Revenues | 93,000 | 97,000 | 281,000 | 291,000 |
Intersegment Eliminations [Member] | ||||
Revenues | $ (5,000) | $ (3,000) | $ (12,000) | $ (10,000) |
Note 12 - Business Segments -42
Note 12 - Business Segments - Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating income | $ 164,972 | $ 182,977 | $ 477,976 | $ 526,659 |
JBI [Member] | Operating Segments [Member] | ||||
Operating income | 109,100 | 116,900 | 314,100 | 325,600 |
DCS [Member] | Operating Segments [Member] | ||||
Operating income | 42,900 | 52,500 | 136,200 | 147,700 |
ICS [Member] | Operating Segments [Member] | ||||
Operating income | 7,300 | 8,500 | 11,500 | 30,200 |
JBT [Member] | Operating Segments [Member] | ||||
Operating income | 5,700 | 5,100 | 16,200 | 23,100 |
Corporate and Other [Member] | Operating Segments [Member] | ||||
Operating income | $ 100 |
Note 12 - Business Segments - D
Note 12 - Business Segments - Depreciation and Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Depreciation and amortization | $ 95,959 | $ 91,001 | $ 281,198 | $ 269,717 |
JBI [Member] | Operating Segments [Member] | ||||
Depreciation and amortization | 40,400 | 40,300 | 121,200 | 119,400 |
DCS [Member] | Operating Segments [Member] | ||||
Depreciation and amortization | 40,400 | 35,800 | 114,100 | 106,300 |
ICS [Member] | Operating Segments [Member] | ||||
Depreciation and amortization | 300 | 100 | 900 | 300 |
JBT [Member] | Operating Segments [Member] | ||||
Depreciation and amortization | 10,200 | 10,100 | 30,700 | 30,400 |
Corporate and Other [Member] | Operating Segments [Member] | ||||
Depreciation and amortization | $ 4,700 | $ 4,700 | $ 14,300 | $ 13,300 |