Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 18, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000728535 | ||
Entity Registrant Name | HUNT J B TRANSPORT SERVICES INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 0-11757 | ||
Entity Incorporation, State or Country Code | AR | ||
Entity Tax Identification Number | 71-0335111 | ||
Entity Address, Address Line One | 615 J.B. Hunt Corporate Drive | ||
Entity Address, Postal Zip Code | 72745-0130 | ||
Entity Address, City or Town | Lowell | ||
Entity Address, State or Province | AR | ||
City Area Code | 479 | ||
Local Phone Number | 820-0000 | ||
Title of 12(g) Security | Common Stock, $0.01 par value | ||
Trading Symbol | JBHT | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 7,700,000,000 | ||
Entity Common Stock, Shares Outstanding | 106,258,961 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 35,000 | $ 7,600 |
Trade accounts receivable, net | 1,011,829 | 1,051,698 |
Other receivables, net | 230,331 | 274,511 |
Inventories | 21,106 | 21,977 |
Prepaid expenses | 183,033 | 147,195 |
Total current assets | 1,481,299 | 1,502,981 |
Property and equipment, at cost: | ||
Revenue and service equipment | 4,837,747 | 4,716,860 |
Land | 58,692 | 49,486 |
Structures and improvements | 302,184 | 238,202 |
Furniture and office equipment | 442,183 | 324,695 |
Total property and equipment | 5,640,806 | 5,329,243 |
Less accumulated depreciation | 2,019,940 | 1,884,132 |
Net property and equipment | 3,620,866 | 3,445,111 |
Goodwill | 96,326 | 40,087 |
Other intangible assets, net | 106,506 | 65,070 |
Other assets | 165,857 | 38,398 |
Total assets | 5,470,854 | 5,091,647 |
Current liabilities: | ||
Current portion of long-term debt | 0 | 250,706 |
Trade accounts payable | 602,601 | 709,736 |
Claims accruals | 279,590 | 275,139 |
Accrued payroll | 68,220 | 80,922 |
Other accrued expenses | 85,355 | 35,845 |
Total current liabilities | 1,035,766 | 1,352,348 |
Long-term debt | 1,295,740 | 898,398 |
Other long-term liabilities | 173,241 | 96,056 |
Deferred income taxes | 699,078 | 643,461 |
Total liabilities | 3,203,825 | 2,990,263 |
Commitments and contingencies (Note 10) | ||
Stockholders’ equity: | ||
Preferred stock, $100 par value. 10 million shares authorized; none outstanding | 0 | 0 |
Common stock, $.01 par value. 1 billion shares authorized; (167,099,432 shares issued at December 31, 2019 and 2018, of which 106,212,908 and 108,710,825 shares were outstanding at December 31, 2019 and 2018, respectively) | 1,671 | 1,671 |
Additional paid-in capital | 374,049 | 340,457 |
Retained earnings | 4,592,938 | 4,188,435 |
Treasury stock, at cost (60,886,524 shares at December 31, 2019, and 58,388,607 shares at December 31, 2018) | (2,701,629) | (2,429,179) |
Total stockholders’ equity | 2,267,029 | 2,101,384 |
Total liabilities and stockholders' equity | $ 5,470,854 | $ 5,091,647 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Preferred stock, par value (in dollars per share) | $ 100 | $ 100 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, issued (in shares) | 167,099,432 | 167,099,432 |
Common stock, outstanding (in shares) | 106,212,908 | 108,710,825 |
Treasury stock, shares (in shares) | 60,886,524 | 58,388,607 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating revenues | $ 9,165,258 | $ 8,614,874 | $ 7,189,568 |
Operating expenses: | |||
Rents and purchased transportation | 4,528,812 | 4,434,540 | 3,650,806 |
Salaries, wages and employee benefits | 2,167,851 | 1,926,213 | 1,608,378 |
Depreciation and amortization | 499,145 | 435,893 | 383,518 |
Fuel and fuel taxes | 463,195 | 459,011 | 347,573 |
Operating supplies and expenses | 333,113 | 303,529 | 257,239 |
General and administrative expenses, net of asset dispositions | 191,933 | 163,270 | 125,878 |
Insurance and claims | 157,251 | 129,406 | 123,579 |
Operating taxes and licenses | 55,336 | 51,080 | 44,825 |
Communication and utilities | 34,797 | 30,911 | 23,983 |
Total operating expenses | 8,431,433 | 7,933,853 | 6,565,779 |
Operating income | 733,825 | 681,021 | 623,789 |
Interest income | 1,754 | 224 | 235 |
Interest expense | 54,684 | 40,427 | 28,785 |
Earnings before income taxes | 680,895 | 640,818 | 595,239 |
Income taxes | 164,575 | 151,233 | (91,024) |
Net earnings | $ 516,320 | $ 489,585 | $ 686,263 |
Weighted average basic shares outstanding (in shares) | 107,329 | 109,375 | 109,987 |
Basic earnings per share (in dollars per share) | $ 4.81 | $ 4.48 | $ 6.24 |
Weighted average diluted shares outstanding (in shares) | 108,307 | 110,428 | 111,049 |
Diluted earnings per share (in dollars per share) | $ 4.77 | $ 4.43 | $ 6.18 |
Dividends declared per common share (in dollars per share) | $ 1.04 | $ 0.96 | $ 0.92 |
Service Excluding Fuel Surcharge [Member] | |||
Operating revenues | $ 8,122,600 | $ 7,557,648 | $ 6,435,858 |
Fuel Surcharge [Member] | |||
Operating revenues | $ 1,042,658 | $ 1,057,226 | $ 753,710 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balances at Dec. 31, 2016 | $ 1,671 | $ 293,087 | $ 3,218,943 | $ (2,099,640) | $ 1,414,061 |
Comprehensive income: | |||||
Net earnings | 0 | 0 | 686,263 | 0 | 686,263 |
Cash dividend declared and paid | 0 | 0 | (101,362) | 0 | (101,362) |
Purchase of treasury shares | 0 | 0 | 0 | (179,813) | (179,813) |
Share-based compensation | 0 | 38,291 | 0 | 0 | 38,291 |
Restricted share issuances, net of stock repurchased for payroll taxes and other | 0 | (20,567) | 0 | 2,452 | (18,115) |
Balances at Dec. 31, 2017 | 1,671 | 310,811 | 3,803,844 | (2,277,001) | 1,839,325 |
Comprehensive income: | |||||
Net earnings | 0 | 0 | 489,585 | 0 | 489,585 |
Cash dividend declared and paid | 0 | 0 | (104,994) | 0 | (104,994) |
Purchase of treasury shares | 0 | 0 | 0 | (150,338) | (150,338) |
Share-based compensation | 0 | 47,369 | 0 | 0 | 47,369 |
Restricted share issuances, net of stock repurchased for payroll taxes and other | 0 | (17,723) | 0 | (1,840) | (19,563) |
Balances at Dec. 31, 2018 | 1,671 | 340,457 | 4,188,435 | (2,429,179) | 2,101,384 |
Comprehensive income: | |||||
Net earnings | 0 | 0 | 516,320 | 0 | 516,320 |
Cash dividend declared and paid | 0 | 0 | (111,817) | 0 | (111,817) |
Purchase of treasury shares | 0 | 0 | 0 | (275,657) | (275,657) |
Share-based compensation | 0 | 53,324 | 0 | 0 | 53,324 |
Restricted share issuances, net of stock repurchased for payroll taxes and other | 0 | (19,732) | 0 | 3,207 | (16,525) |
Balances at Dec. 31, 2019 | $ 1,671 | $ 374,049 | $ 4,592,938 | $ (2,701,629) | $ 2,267,029 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retained Earnings [Member] | |||
Cash dividend declared and paid per share (in dollars per share) | $ 1.04 | $ 0.96 | $ 0.92 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net earnings | $ 516,320 | $ 489,585 | $ 686,263 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 499,145 | 435,893 | 383,518 |
Noncash lease expense | 39,517 | 0 | 0 |
Share-based compensation | 53,324 | 47,369 | 38,291 |
Loss on sale of revenue equipment and other | 13,057 | 12,107 | 7,370 |
Advance deposit impairment | 0 | 0 | 20,240 |
Deferred income taxes | 55,617 | 101,591 | (248,764) |
Changes in operating assets and liabilities: | |||
Trade accounts receivable | 50,310 | (130,931) | (166,111) |
Income taxes receivable or payable | 41,447 | (41,071) | (45,542) |
Other current assets | (4,975) | (6,133) | 69,462 |
Trade accounts payable | (85,327) | 98,037 | 85,237 |
Claims accruals | (20,727) | 21,580 | 25,021 |
Accrued payroll and other accrued expenses | (59,361) | 59,814 | 168 |
Net cash provided by operating activities | 1,098,347 | 1,087,841 | 855,153 |
Cash flows from investing activities: | |||
Additions to property and equipment | (854,115) | (995,650) | (526,928) |
Proceeds from sale of equipment | 165,918 | 110,165 | 16,413 |
Business acquisition | (115,654) | 0 | (136,879) |
Change in other assets | (111) | (1,288) | (3,888) |
Net cash used in investing activities | (803,962) | (886,773) | (651,282) |
Cash flows from financing activities: | |||
Proceeds from long-term debt | 700,000 | 0 | 0 |
Payments on long-term debt | (250,000) | 0 | 0 |
Proceeds from revolving lines of credit and other | 1,591,014 | 3,204,715 | 2,716,155 |
Payments on revolving lines of credit and other | (1,904,000) | (3,137,900) | (2,612,501) |
Purchase of treasury stock | (275,657) | (150,338) | (179,813) |
Stock repurchased for payroll taxes and other | (16,525) | (19,563) | (18,115) |
Dividends paid | (111,817) | (104,994) | (101,362) |
Net cash used in financing activities | (266,985) | (208,080) | (195,636) |
Net increase/(decrease) in cash and cash equivalents | 27,400 | (7,012) | 8,235 |
Cash and cash equivalents at beginning of year | 7,600 | 14,612 | 6,377 |
Cash and cash equivalents at end of year | 35,000 | 7,600 | 14,612 |
Supplemental disclosure of cash flow information: | |||
Interest | 46,721 | 39,901 | 28,785 |
Income taxes | 71,681 | 83,822 | 190,783 |
Noncash investing activities | |||
Accruals for equipment received | $ 25,505 | $ 49,390 | $ 53,026 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II – Valuation and Qualifying Accounts (in millions) Allowance for Doubtful Accounts, Revenue Adjustments and Other for the Years Ended: Balance at Beginning of Year Charged to Expense/ Revenue Write-Offs, Net of Recoveries Balance at End of Year December 31, 2017 13.4 29.3 (18.7 ) 24.0 December 31, 2018 24.0 35.7 (23.9 ) 35.8 December 31, 2019 35.8 34.2 (47.5 ) 22.5 The above schedule reports allowances related to trade accounts receivable and other receivables. All other schedules have been omitted either because they are not |
Note 1 - Business
Note 1 - Business | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Notes to Consolidated Financial Statements 1. Business J.B. Hunt Transport Services, Inc. is one four |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Basis of Consolidation Our Consolidated Financial Statements include all of our wholly owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. J.B. Hunt Transport Services, Inc. is a parent-level holding company with no Use of Estimates The Consolidated Financial Statements contained in this report have been prepared in conformity with accounting principles generally accepted in the United States of America. The preparation of these statements requires us to make estimates and assumptions that directly affect the amounts reported in such statements and accompanying notes. We evaluate these estimates on an ongoing basis utilizing historical experience, consulting with experts and using other methods we consider reasonable in the particular circumstances. Nevertheless, our actual results may We believe certain accounting policies and estimates are of more significance in our financial statement preparation process than others. We believe the most critical accounting policies and estimates include the economic useful lives and salvage values of our assets, provisions for uncollectible accounts receivable, estimates of exposures under our insurance and claims policies, and estimates for taxes. To the extent that actual, final outcomes are different from our estimates, or that additional facts and circumstances cause us to revise our estimates, our earnings during that accounting period will be affected. Cash and Cash Equivalents Cash in excess of current operating requirements is invested in short-term, highly liquid investments. We consider all highly liquid investments purchased with original maturities of three Accounts Receivable and Allowance Our trade accounts receivable includes accounts receivable reduced by an allowance for uncollectible accounts and revenue adjustments. Receivables are recorded at amounts billed to customers when loads are delivered or services are performed. The allowance for uncollectible accounts and revenue adjustments is based on historical experience, as well as any known trends or uncertainties related to customer billing and account collectability. The adequacy of our allowance is reviewed quarterly. Balances are charged against the allowance when it is determined the receivable will not December 31, 2019 2018, December 31, 2018, December 31, 2019. Inventory Our inventories consist primarily of revenue equipment parts, tires, supplies, and fuel, and are valued using the lower of average cost or market. Investments in Marketable Equity Securities Our investments consist of marketable equity securities stated at fair value and are designated as either trading securities or available-for-sale securities at the time of purchase based upon the intended holding period. Changes in the fair value of our trading securities are recognized currently in “general and administrative expenses, net of asset dispositions” in our Consolidated Statements of Earnings. Changes in the fair value of our available-for-sale securities are recognized in “accumulated other comprehensive income” on our Consolidated Balance Sheets, unless we determine that an unrealized loss is other-than-temporary. If we determine that an unrealized loss is other-than-temporary, we recognize the loss in earnings. Cost basis is determined using average cost. At December 31, 2019 2018, 8, Property and Equipment Depreciation of property and equipment is calculated on the straight-line method over the estimated useful lives of 4 to 10 years for tractors, 7 to 20 years for trailing equipment, 10 to 40 years for structures and improvements, 3 to 7 years for computer hardware and software, and 3 to 10 years for furniture and office equipment. Salvage values are typically 10% to 30% of original cost for tractors and trailing equipment and reflect any agreements with tractor suppliers for residual or trade-in values for certain new equipment. We periodically review these useful lives and salvage values. We capitalize tires placed in service on new revenue equipment as a part of the equipment cost. Replacement tires and costs for recapping tires are expensed at the time the tires are placed in service. Gains and losses on the sale or other disposition of equipment are recognized at the time of the disposition and are classified in general and administrative expenses, net of asset dispositions in the Consolidated Statements of Earnings. We continually evaluate the carrying value of our assets for events or changes in circumstances that indicate the carrying value may not Leases We recognize a right-of-use asset and a lease liability on the effective date of a lease agreement. Right-of-use assets represent our right to use an underlying asset over the lease term and lease liabilities represent the obligation to make lease payments resulting from the lease agreement. We initially record these assets and liabilities based on the present value of lease payments over the lease term calculated using our incremental borrowing rate applicable to the leased asset or the implicit rate within the agreement if it is readily determinable. Lease agreements with lease and non-lease components are combined as a single lease component. Right-of-use assets additionally include net prepaid lease expenses. Options to extend or terminate an agreement are included in the lease term when it becomes reasonably certain the option will be exercised. Leases with an initial term of 12 not Revenue Recognition We record revenues on the gross basis at amounts charged to our customers because we control and are primarily responsible for the fulfillment of promised services. Accordingly, we serve as a principal in the transaction. We invoice our customers, and we maintain discretion over pricing. Additionally, we are responsible for selection of third Our revenue is earned through the service offerings of our four 14, Intermodal (JBI) third one Dedicated Contract Services® (DCS) Integrated Capacity Solutions™ (ICS) third one Truckload (JBT) not We recognize revenue from customer contracts based on relative transit time in each reporting period and as other performance obligations are provided, with related expenses recognized as incurred. Accordingly, a portion of the total revenue that will be billed to the customer is recognized in each reporting period based on the percentage of the freight pickup and delivery performance obligation that has been completed at the end of the reporting period. Derivative Instruments We periodically utilize derivative instruments to manage exposure to changes in interest rates. 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 Income Taxes Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income or expense in the period that includes the enactment date. We record valuation allowances for deferred tax assets to the extent we believe these assets are not not not not 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 reflect the potential dilution that could occur if holders of unvested restricted and performance share units converted their holdings into common stock. Outstanding unvested restricted share units represent the dilutive effects on weighted average shares. A reconciliation of the number of shares used in computing basic and diluted earnings per share is shown below (in thousands): Years ended December 31, 2019 2018 2017 Weighted average shares outstanding – basic 107,329 109,375 109,987 Effect of common stock equivalents 978 1,053 1,062 Weighted average shares outstanding – diluted 108,307 110,428 111,049 Concentrations of Credit Risk Financial instruments, which potentially subject us to concentrations of credit risk, include trade receivables. For each of the years ended December 31, 2019, 2018, 2017, December 31, 2019 2018, no 10% Share-based Compensation We have a share-based compensation plan covering certain employees, including officers and directors. We account for share-based compensation utilizing the fair value recognition provisions of current accounting standards for share-based payments. We currently utilize restricted share units and performance share units. Issuances of our stock upon restricted share unit and performance share unit vesting are made from treasury stock. Our restricted share unit and performance share unit awards may Claims Accruals We purchase insurance coverage for a portion of expenses related to employee injuries, vehicular collisions, accidents, and cargo damage. We are substantially self-insured for loss of and damage to our owned and leased revenue equipment. Certain insurance arrangements include a level of self-insurance (deductible) coverage applicable to each claim. We have umbrella policies to limit our exposure to catastrophic claim costs. The amounts of self-insurance change from time to time based on measurement dates, policy expiration dates, and claim type. For 2017 2018, $500,000 $100,000 2019, 2020 2019 Our claims accrual policy for all self-insured claims is to recognize a liability at the time of the incident based on our analysis of the nature and severity of the claims and analyses provided by third not not December 31, 2019 2018, December 31, 2019 2018, December 31, 2019 2018, Business Combinations The purchase price of our acquisitions is the aggregate of the consideration transferred, including liabilities incurred, measured at the acquisition date. We allocate the purchase price of acquisitions to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. This assignment of fair values to the assets acquired and liabilities assumed requires the use of estimates, judgments, inputs, and assumptions. The excess of the purchase price over those estimated fair values is recorded as goodwill. Changes to the acquisition date provisional fair values prior to the end of the measurement period are recorded as adjustments to the associated goodwill. Acquisition-related expenses and restructuring costs, if any, are expensed as incurred. Goodwill and 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 October 1 st Recent Accounting Pronouncements In June 2016, 2016 13, January 1, 2020, not Accounting Pronouncements Adopted in 201 9 In February 2016, 2016 02, 2016 02 January 1, 2019. July 2018, 2018 11, no The FASB has provided certain practical expedients in applying the standard. Of the allowed practical expedients within the standard applicable to our operations, we elected the package of practical expedients which, among other things, allowed us to carry forward the historical lease classification upon adoption of the standard. We did not not not Upon adoption of the standard, we recorded offsetting lease assets and lease liabilities resulting in a $102.4 million increase in other assets, a $32.3 million increase in other accrued expenses and a $70.1 million increase in other long-term liabilities in our Consolidated Balance Sheet, as of January 1, 2019. not |
Note 3 - Financing Arrangements
Note 3 - Financing Arrangements | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3. Financing Arrangements Outstanding borrowings, net of unamortized discount, unamortized debt issuance cost, and fair value swap, under our current financing arrangements consist of the following (in millions): December 31, 2019 2018 Senior revolving line of credit $ - $ 307.1 Senior notes 1,295.7 842.0 Less current portion of long-term debt - (250.7 ) Total long-term debt $ 1,295.7 $ 898.4 Aggregate maturities of long-term debt subsequent to December 31, 2019, 2022, 2024, Senior Revolving Line of Credit At December 31, 2019, September 2023. one December 31, 2019, Senior Notes Our senior notes consist of three first March 2024, March 2014. March September September 2014. second August 2022, August 2015. February August February 2016. third March 2026, March 2019. March September September 2019. three no 1933, February 2014 January 2019. may 4, $350 3.30% August 2022. March 2019. Our financing arrangements require us to maintain certain covenants and financial ratios. We were in compliance with all covenants and financial ratios at December 31, 2019. |
Note 4 - Derivative Financial I
Note 4 - Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 4. 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 a receive fixed-rate and pay variable-rate interest rate swap agreement simultaneously with the issuance of our $350 million of 3.30% senior notes due August 2022, $350 3.30% December 31, 2019. December 31, 2019. 9, |
Note 5 - Capital Stock
Note 5 - Capital Stock | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 5. Capital Stock We have one one no December 31, 2019 2018. one January 22, 2020, February 21, 2020, February 7, 2020. December 31, 2019, 2019, December 31, 2019, January 22, 2020, |
Note 6 - Share-based Compensati
Note 6 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 6. Share-based Compensation We maintain a Management Incentive Plan (the “Plan”) that provides various share-based financial methods to compensate our key employees with shares of our common stock or common stock equivalents. Under the Plan, as amended, we have, from time to time, utilized restricted share units, performance share units, restricted shares, and non-statutory stock options to compensate our employees and directors. We currently are utilizing restricted and performance share units. Our restricted share units have various vesting schedules generally ranging from 3 to 10 years when awarded. These restricted share units do not Our performance share units vest based on the passage of time (generally 3 to 10 years) and achievement of performance criteria. Performance share units do not An employee is allowed to surrender shares of common stock received upon vesting to satisfy tax withholding obligations incident to the vesting of restricted share units and performance share units. We account for our restricted share units and performance share units in accordance with current accounting standards for share-based payments. These standards require that the cost of all share-based payments to employees be recognized in our Consolidated Financial Statements based on the grant date fair value of those awards. This cost is recognized over the period for which an employee is required to provide service in exchange for the award, subject to the attainment of performance metrics established for performance share units. Share-based compensation expense is recorded in salaries, wages, and employee benefits in our Consolidated Statements of Earnings, along with other compensation expenses to employees. The following table summarizes the components of our share-based compensation program expense (in thousands): Years ended December 31, 2019 2018 2017 Restricted share units Pretax compensation expense $ 38,632 $ 32,797 $ 28,679 Tax benefit 9,337 7,740 (4,385 ) Restricted share units, net of tax $ 29,295 $ 25,057 $ 33,064 Performance share units Pretax compensation expense $ 14,692 $ 14,572 $ 9,612 Tax benefit 3,551 3,439 (1,470 ) Performance share awards, net of tax $ 11,141 $ 11,133 $ 11,082 A summary of our restricted share units and performance share units is as follows: Restricted Share Units Number of Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2016 1,502,656 $ 71.16 Granted 158,319 90.06 Vested (380,702 ) 67.29 Forfeited (37,745 ) 75.13 Unvested at December 31, 2017 1,242,528 $ 74.71 Granted 370,669 119.82 Vested (337,512 ) 79.02 Forfeited (29,850 ) 83.69 Unvested at December 31, 2018 1,245,835 $ 86.80 Granted 440,255 99.60 Vested (341,218 ) 85.61 Forfeited (31,454 ) 93.91 Unvested at December 31, 2019 1,313,418 $ 91.22 Performance Share Units Number of Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2016 484,054 $ 70.58 Granted - - Vested (155,867 ) 68.27 Forfeited - - Unvested at December 31, 2017 328,187 $ 71.68 Granted 150,763 122.57 Vested (118,438 ) 69.29 Forfeited - - Unvested at December 31, 2018 360,512 $ 93.74 Granted 142,156 98.58 Vested (127,140 ) 93.46 Forfeited - - Unvested at December 31, 2019 375,528 $ 95.67 At December 31, 2019, The aggregate intrinsic value of restricted and performance share units vested during the years ended December 31, 2019, 2018, 2017, December 31, 2019. December 31, 2019, 2018, 2017, |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. Income Taxes Income tax expense attributable to earnings before income taxes consists of (in thousands): Years ended December 31, 2019 2018 2017 Current: Federal $ 87,977 $ 22,904 $ 134,284 State and local 20,981 26,738 23,456 108,958 49,642 157,740 Deferred: Federal 51,229 97,670 (261,592 ) State and local 4,388 3,921 12,828 55,617 101,591 (248,764 ) Total tax expense/(benefit) $ 164,575 $ 151,233 $ (91,024 ) Income tax expense attributable to earnings before income taxes differed from the amounts computed using the statutory federal income tax rate of 21% as follows (in thousands): Years ended December 31, 2019 2018 2017 Income tax at federal statutory rate $ 142,988 $ 134,572 $ 208,334 State tax, net of federal effect 19,293 24,627 18,334 Federal tax reform - (3,219 ) (309,223 ) Benefit of stock compensation (1,238 ) (4,919 ) (4,907 ) 199/R&D credit (200 ) 1,000 (7,056 ) Nondeductible meals and entertainment 1,688 1,071 1,374 Change in effective state tax rate, net of federal benefit 1,562 (1,469 ) 3,403 Other, net 482 (430 ) (1,283 ) Total tax expense $ 164,575 $ 151,233 $ (91,024 ) The Tax Cuts and Jobs Act (the Act) was enacted in December 2017. 2018, 21%. December 31, 2017, not 21%. 2017 2018, 2017 no not Income taxes receivable was $60.9 million and $102.4 million at December 31, 2019 2018, December 31, 2019 2018, December 31, 2019 2018 Deferred tax assets: Insurance accruals $ 27,180 $ 34,889 Allowance for doubtful accounts 8,052 7,649 Compensation accrual 4,925 10,461 Deferred compensation accrual 24,521 20,396 Federal benefit of state uncertain tax positions 9,867 10,364 Lease liabilities 30,251 - State NOL carry-forward 7,495 6,041 Other 6,357 4,626 Total gross deferred tax assets 118,648 94,426 Valuation allowance (7,495 ) (6,041 ) Total deferred tax assets, net of valuation allowance 111,153 88,385 Deferred tax liabilities: Plant and equipment, principally due to differences in depreciation 729,016 696,913 Prepaid permits and insurance, principally due to expensing for income tax purposes 39,285 33,594 Lease right-of-use assets 30,014 - Other 11,916 1,339 Total gross deferred tax liabilities 810,231 731,846 Net deferred tax liability $ 699,078 $ 643,461 Guidance on accounting for uncertainty in income taxes prescribes recognition and measurement criteria and requires that we assess whether the benefits of our tax positions taken are more likely than not December 31, 2019 2018 2017 Beginning balance $ 52.2 $ 45.3 $ 35.4 Additions based on tax positions related to the current year 11.0 13.9 11.6 Additions/(reductions) based on tax positions taken in prior years (6.5 ) (2.4 ) 5.4 Reductions due to settlements - - (2.4 ) Reductions due to lapse of applicable statute of limitations (6.1 ) (4.6 ) (4.7 ) Ending balance $ 50.6 $ 52.2 $ 45.3 At December 31, 2019 2018, 2019 2018, December 31, 2019, 2018, 2017, December 31, 2019 2018, Tax years 2016 2009 |
Note 8 - Employee Benefit Plans
Note 8 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 8. Employee Benefit Plans We maintain a defined contribution employee retirement plan, which includes a 401 December 31, 2019, 2018, 2017, We have a nonqualified deferred compensation plan that allows eligible employees to defer a portion of their compensation. The compensation deferred under this plan is credited with earnings or losses on investments elected by plan participants. Each participant is fully vested in all deferred compensation and earnings; however, these amounts are subject to general creditor claims until actually distributed to the employee. A participant may one 2 25 55, 15 December 31, 2019, December 31, 2018. December 31, 2019, December 31, 2018. |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. 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 2 Asset/(Liability) Balance December 31, 2019 2018 Input Level Trading investments $ 20.4 $ 15.7 1 Interest rate swaps $ 4.8 $ (4.8 ) 2 Senior notes, net of unamortized discount and debt issuance costs $ (353.1 ) $ (591.3 ) 2 The fair value of trading investments has been measured using the market approach (Level 1 2 Financial Instruments The carrying amount of our senior revolving line of credit and remaining senior notes not December 31, 2019 2018, 2 December 31, 2019 2018, In 2017, zero not December 31, 2019 2018, |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. Commitments and Contingencies At December 31, 2019, 2020 2022, During 2019, December 31, 2019. As of December 31, 2018, one December 31, 2018, $117.8 2019 $34.9; 2020 $29.9; 2021 $20.7; 2022 $13.7; We were a defendant in a certain alleged class-action lawsuit in which the plaintiffs were current and former California-based employee drivers who alleged claims for unpaid wages, failure to provide meal and rest periods, and other items. We reached an agreement and recorded a reserve in September 2018 April 2019. In January 2017 May 1, 2016, October 2018 third 2018 April 2014 May 2018. January 2019 2016 2017 fourth 2018 May 1, 2016 December 31, 2017 January 1, 2018 December 31, 2018, October 2019 third 2019 January 1, 2018 December 31, 2018 no January 1, 2019 September 30, 2019. third 2019 On January 17, 2020, In June 2019, 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 11 - Leases
Note 11 - Leases | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 1 1 . Leases As of December 31, 2019, one not 12 Asset/(Liability) Balance December 31, 2019 Right-of-use assets $ 125.5 Lease liabilities, current $ (44.4 ) Lease liabilities, long-term $ (80.1 ) Right-of-use assets are classified in other assets in our Consolidated Balance Sheets. Operating lease liability, current is classified in other accrued expenses, while operating lease liability, long-term is classified in other long-term liabilities in our Consolidated Balance Sheets. As of December 31, 2019, December 31, 2019, Year one $ 44.9 Year two 35.0 Year three 24.0 Year four 14.6 Year five 5.2 Thereafter 10.0 Total lease payments 133.7 Less interest (9.2 ) Present value of lease liabilities $ 124.5 During the year ended December 31, 2019, December 31, 2019, 12, |
Note 12 - Acquisitions
Note 12 - Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 12. Acquisitions On January 7, 2019, 1st February 15, 2019, February 15, 2019 ( Consideration $ 98.2 Accounts receivable 8.9 Other current assets 0.3 Property and equipment 0.8 Right-of-use assets 16.0 Intangible 45.8 Accounts payable and accrued liabilities (5.8 ) Lease liabilities (16.0 ) Goodwill $ 48.2 On November 26, 2019, December 31, 2019, December 31, 2019 ( Consideration $ 17.4 Accounts receivable 1.5 Other current assets 0.3 Property and equipment 0.5 Right-of-use assets 3.1 Intangible 8.1 Accounts payable and accrued liabilities (1.1 ) Lease liabilities (3.1 ) Goodwill $ 8.1 |
Note 13 - Goodwill and Other In
Note 13 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 13. Goodwill and Other Intangible Assets As discussed in Note 12, 2019, December 31, 2019 2018, No December 31, 2019. December 31, Weighted Average 2019 2018 Period Finite-lived intangibles: Customer relationships $ 118.6 $ 75.3 11.5 Non-competition agreements 6.9 0.2 6.8 Trade names 3.8 - 2.0 LDC Network 10.5 10.5 10.0 Total finite-lived intangibles 139.8 86.0 Less accumulated amortization (33.3 ) (20.9 ) Total identifiable intangible assets, net $ 106.5 $ 65.1 Our finite-lived intangible assets have no During the years ending December 31, 2019, 2018, 2017, 2020 2021, $11.7 2022 2024. may |
Note 14 - Segment Information
Note 14 - Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. Segment Information We have four reportable business segments – Intermodal (JBI), Dedicated Contract Services (DCS), Integrated Capacity Solutions (ICS), and Truckload (JBT) – which are based primarily on the services each segment provides. The JBI segment includes freight that is transported by rail over at least some portion of the movement and also includes certain repositioning truck freight moved by JBI equipment or third third not Our customers are geographically dispersed across the United States. A summary of certain segment information as of December 31 Assets (Excludes intercompany accounts) December 31, 2019 2018 JBI $ 2,217 $ 2,221 DCS 1,877 1,595 ICS 208 212 JBT 241 307 Other (includes corporate) 928 757 Total $ 5,471 $ 5,092 Revenues Years ended December 31, 2019 2018 2017 JBI $ 4,745 $ 4,717 $ 4,084 DCS 2,695 2,163 1,719 ICS 1,348 1,335 1,025 JBT 389 417 378 Total segment revenues 9,177 8,632 7,206 Intersegment eliminations (12 ) (17 ) (16 ) Total $ 9,165 $ 8,615 $ 7,190 Operating Income Years ended December 31, 2019 2018 2017 JBI $ 447 $ 401 $ 407 DCS 269 193 171 ICS (11 ) 50 23 JBT 29 37 23 Total $ 734 $ 681 $ 624 Depreciation and Amortization Expense Years ended December 31, 2019 2018 2017 JBI $ 181 $ 173 $ 163 DCS 246 200 158 JBT 33 38 41 Other 39 25 22 Total $ 499 $ 436 $ 384 |
Note 15 - Quarterly Financial I
Note 15 - Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 15. Quarterly Financial Information (Unaudited) As further discussed in Note 10, third 2019 fourth 2018 December 31, 2019 2018 Quarter First Second Third Fourth 2019: Operating revenues $ 2,089,627 $ 2,261,647 $ 2,363,660 $ 2,450,323 Operating income $ 167,795 $ 193,093 $ 167,862 $ 205,074 Net earnings $ 119,601 $ 133,633 $ 118,410 $ 144,676 Basic earnings per share $ 1.10 $ 1.24 $ 1.11 $ 1.36 Diluted earnings per share $ 1.09 $ 1.23 $ 1.10 $ 1.35 2018: Operating revenues $ 1,948,245 $ 2,139,027 $ 2,209,760 $ 2,317,842 Operating income $ 168,781 $ 214,812 $ 174,688 $ 122,740 Net earnings $ 118,142 $ 151,652 $ 131,110 $ 88,681 Basic earnings per share $ 1.08 $ 1.39 $ 1.20 $ 0.81 Diluted earnings per share $ 1.07 $ 1.37 $ 1.19 $ 0.81 56 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation Our Consolidated Financial Statements include all of our wholly owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. J.B. Hunt Transport Services, Inc. is a parent-level holding company with no |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The Consolidated Financial Statements contained in this report have been prepared in conformity with accounting principles generally accepted in the United States of America. The preparation of these statements requires us to make estimates and assumptions that directly affect the amounts reported in such statements and accompanying notes. We evaluate these estimates on an ongoing basis utilizing historical experience, consulting with experts and using other methods we consider reasonable in the particular circumstances. Nevertheless, our actual results may We believe certain accounting policies and estimates are of more significance in our financial statement preparation process than others. We believe the most critical accounting policies and estimates include the economic useful lives and salvage values of our assets, provisions for uncollectible accounts receivable, estimates of exposures under our insurance and claims policies, and estimates for taxes. To the extent that actual, final outcomes are different from our estimates, or that additional facts and circumstances cause us to revise our estimates, our earnings during that accounting period will be affected. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash in excess of current operating requirements is invested in short-term, highly liquid investments. We consider all highly liquid investments purchased with original maturities of three |
Receivable [Policy Text Block] | Accounts Receivable and Allowance Our trade accounts receivable includes accounts receivable reduced by an allowance for uncollectible accounts and revenue adjustments. Receivables are recorded at amounts billed to customers when loads are delivered or services are performed. The allowance for uncollectible accounts and revenue adjustments is based on historical experience, as well as any known trends or uncertainties related to customer billing and account collectability. The adequacy of our allowance is reviewed quarterly. Balances are charged against the allowance when it is determined the receivable will not December 31, 2019 2018, December 31, 2018, December 31, 2019. |
Inventory, Policy [Policy Text Block] | Inventory Our inventories consist primarily of revenue equipment parts, tires, supplies, and fuel, and are valued using the lower of average cost or market. |
Investment, Policy [Policy Text Block] | Investments in Marketable Equity Securities Our investments consist of marketable equity securities stated at fair value and are designated as either trading securities or available-for-sale securities at the time of purchase based upon the intended holding period. Changes in the fair value of our trading securities are recognized currently in “general and administrative expenses, net of asset dispositions” in our Consolidated Statements of Earnings. Changes in the fair value of our available-for-sale securities are recognized in “accumulated other comprehensive income” on our Consolidated Balance Sheets, unless we determine that an unrealized loss is other-than-temporary. If we determine that an unrealized loss is other-than-temporary, we recognize the loss in earnings. Cost basis is determined using average cost. At December 31, 2019 2018, 8, |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Depreciation of property and equipment is calculated on the straight-line method over the estimated useful lives of 4 to 10 years for tractors, 7 to 20 years for trailing equipment, 10 to 40 years for structures and improvements, 3 to 7 years for computer hardware and software, and 3 to 10 years for furniture and office equipment. Salvage values are typically 10% to 30% of original cost for tractors and trailing equipment and reflect any agreements with tractor suppliers for residual or trade-in values for certain new equipment. We periodically review these useful lives and salvage values. We capitalize tires placed in service on new revenue equipment as a part of the equipment cost. Replacement tires and costs for recapping tires are expensed at the time the tires are placed in service. Gains and losses on the sale or other disposition of equipment are recognized at the time of the disposition and are classified in general and administrative expenses, net of asset dispositions in the Consolidated Statements of Earnings. We continually evaluate the carrying value of our assets for events or changes in circumstances that indicate the carrying value may not |
Lessee, Leases [Policy Text Block] | Leases We recognize a right-of-use asset and a lease liability on the effective date of a lease agreement. Right-of-use assets represent our right to use an underlying asset over the lease term and lease liabilities represent the obligation to make lease payments resulting from the lease agreement. We initially record these assets and liabilities based on the present value of lease payments over the lease term calculated using our incremental borrowing rate applicable to the leased asset or the implicit rate within the agreement if it is readily determinable. Lease agreements with lease and non-lease components are combined as a single lease component. Right-of-use assets additionally include net prepaid lease expenses. Options to extend or terminate an agreement are included in the lease term when it becomes reasonably certain the option will be exercised. Leases with an initial term of 12 not |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition We record revenues on the gross basis at amounts charged to our customers because we control and are primarily responsible for the fulfillment of promised services. Accordingly, we serve as a principal in the transaction. We invoice our customers, and we maintain discretion over pricing. Additionally, we are responsible for selection of third Our revenue is earned through the service offerings of our four 14, Intermodal (JBI) third one Dedicated Contract Services® (DCS) Integrated Capacity Solutions™ (ICS) third one Truckload (JBT) not We recognize revenue from customer contracts based on relative transit time in each reporting period and as other performance obligations are provided, with related expenses recognized as incurred. Accordingly, a portion of the total revenue that will be billed to the customer is recognized in each reporting period based on the percentage of the freight pickup and delivery performance obligation that has been completed at the end of the reporting period. |
Derivatives, Policy [Policy Text Block] | Derivative Instruments We periodically utilize derivative instruments to manage exposure to changes in interest rates. 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 |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income or expense in the period that includes the enactment date. We record valuation allowances for deferred tax assets to the extent we believe these assets are not not not not |
Earnings Per Share, Policy [Policy Text Block] | 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 reflect the potential dilution that could occur if holders of unvested restricted and performance share units converted their holdings into common stock. Outstanding unvested restricted share units represent the dilutive effects on weighted average shares. A reconciliation of the number of shares used in computing basic and diluted earnings per share is shown below (in thousands): Years ended December 31, 2019 2018 2017 Weighted average shares outstanding – basic 107,329 109,375 109,987 Effect of common stock equivalents 978 1,053 1,062 Weighted average shares outstanding – diluted 108,307 110,428 111,049 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk Financial instruments, which potentially subject us to concentrations of credit risk, include trade receivables. For each of the years ended December 31, 2019, 2018, 2017, December 31, 2019 2018, no 10% |
Share-based Payment Arrangement [Policy Text Block] | Share-based Compensation We have a share-based compensation plan covering certain employees, including officers and directors. We account for share-based compensation utilizing the fair value recognition provisions of current accounting standards for share-based payments. We currently utilize restricted share units and performance share units. Issuances of our stock upon restricted share unit and performance share unit vesting are made from treasury stock. Our restricted share unit and performance share unit awards may |
Claims Accruals Policy [Policy Text Block] | Claims Accruals We purchase insurance coverage for a portion of expenses related to employee injuries, vehicular collisions, accidents, and cargo damage. We are substantially self-insured for loss of and damage to our owned and leased revenue equipment. Certain insurance arrangements include a level of self-insurance (deductible) coverage applicable to each claim. We have umbrella policies to limit our exposure to catastrophic claim costs. The amounts of self-insurance change from time to time based on measurement dates, policy expiration dates, and claim type. For 2017 2018, $500,000 $100,000 2019, 2020 2019 Our claims accrual policy for all self-insured claims is to recognize a liability at the time of the incident based on our analysis of the nature and severity of the claims and analyses provided by third not not December 31, 2019 2018, December 31, 2019 2018, December 31, 2019 2018, |
Business Combinations Policy [Policy Text Block] | Business Combinations The purchase price of our acquisitions is the aggregate of the consideration transferred, including liabilities incurred, measured at the acquisition date. We allocate the purchase price of acquisitions to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. This assignment of fair values to the assets acquired and liabilities assumed requires the use of estimates, judgments, inputs, and assumptions. The excess of the purchase price over those estimated fair values is recorded as goodwill. Changes to the acquisition date provisional fair values prior to the end of the measurement period are recorded as adjustments to the associated goodwill. Acquisition-related expenses and restructuring costs, if any, are expensed as incurred. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and 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 October 1 st |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In June 2016, 2016 13, January 1, 2020, not Accounting Pronouncements Adopted in 201 9 In February 2016, 2016 02, 2016 02 January 1, 2019. July 2018, 2018 11, no The FASB has provided certain practical expedients in applying the standard. Of the allowed practical expedients within the standard applicable to our operations, we elected the package of practical expedients which, among other things, allowed us to carry forward the historical lease classification upon adoption of the standard. We did not not not Upon adoption of the standard, we recorded offsetting lease assets and lease liabilities resulting in a $102.4 million increase in other assets, a $32.3 million increase in other accrued expenses and a $70.1 million increase in other long-term liabilities in our Consolidated Balance Sheet, as of January 1, 2019. not |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Summary of Allowance for Doubtful Accounts and Revenue Adjustments [Table Text Block] | Allowance for Doubtful Accounts, Revenue Adjustments and Other for the Years Ended: Balance at Beginning of Year Charged to Expense/ Revenue Write-Offs, Net of Recoveries Balance at End of Year December 31, 2017 13.4 29.3 (18.7 ) 24.0 December 31, 2018 24.0 35.7 (23.9 ) 35.8 December 31, 2019 35.8 34.2 (47.5 ) 22.5 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Years ended December 31, 2019 2018 2017 Weighted average shares outstanding – basic 107,329 109,375 109,987 Effect of common stock equivalents 978 1,053 1,062 Weighted average shares outstanding – diluted 108,307 110,428 111,049 |
Note 3 - Financing Arrangemen_2
Note 3 - Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, 2019 2018 Senior revolving line of credit $ - $ 307.1 Senior notes 1,295.7 842.0 Less current portion of long-term debt - (250.7 ) Total long-term debt $ 1,295.7 $ 898.4 |
Note 6 - Share-based Compensa_2
Note 6 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Years ended December 31, 2019 2018 2017 Restricted share units Pretax compensation expense $ 38,632 $ 32,797 $ 28,679 Tax benefit 9,337 7,740 (4,385 ) Restricted share units, net of tax $ 29,295 $ 25,057 $ 33,064 Performance share units Pretax compensation expense $ 14,692 $ 14,572 $ 9,612 Tax benefit 3,551 3,439 (1,470 ) Performance share awards, net of tax $ 11,141 $ 11,133 $ 11,082 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Restricted Share Units Number of Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2016 1,502,656 $ 71.16 Granted 158,319 90.06 Vested (380,702 ) 67.29 Forfeited (37,745 ) 75.13 Unvested at December 31, 2017 1,242,528 $ 74.71 Granted 370,669 119.82 Vested (337,512 ) 79.02 Forfeited (29,850 ) 83.69 Unvested at December 31, 2018 1,245,835 $ 86.80 Granted 440,255 99.60 Vested (341,218 ) 85.61 Forfeited (31,454 ) 93.91 Unvested at December 31, 2019 1,313,418 $ 91.22 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Performance Share Units Number of Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2016 484,054 $ 70.58 Granted - - Vested (155,867 ) 68.27 Forfeited - - Unvested at December 31, 2017 328,187 $ 71.68 Granted 150,763 122.57 Vested (118,438 ) 69.29 Forfeited - - Unvested at December 31, 2018 360,512 $ 93.74 Granted 142,156 98.58 Vested (127,140 ) 93.46 Forfeited - - Unvested at December 31, 2019 375,528 $ 95.67 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years ended December 31, 2019 2018 2017 Current: Federal $ 87,977 $ 22,904 $ 134,284 State and local 20,981 26,738 23,456 108,958 49,642 157,740 Deferred: Federal 51,229 97,670 (261,592 ) State and local 4,388 3,921 12,828 55,617 101,591 (248,764 ) Total tax expense/(benefit) $ 164,575 $ 151,233 $ (91,024 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years ended December 31, 2019 2018 2017 Income tax at federal statutory rate $ 142,988 $ 134,572 $ 208,334 State tax, net of federal effect 19,293 24,627 18,334 Federal tax reform - (3,219 ) (309,223 ) Benefit of stock compensation (1,238 ) (4,919 ) (4,907 ) 199/R&D credit (200 ) 1,000 (7,056 ) Nondeductible meals and entertainment 1,688 1,071 1,374 Change in effective state tax rate, net of federal benefit 1,562 (1,469 ) 3,403 Other, net 482 (430 ) (1,283 ) Total tax expense $ 164,575 $ 151,233 $ (91,024 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2019 2018 Deferred tax assets: Insurance accruals $ 27,180 $ 34,889 Allowance for doubtful accounts 8,052 7,649 Compensation accrual 4,925 10,461 Deferred compensation accrual 24,521 20,396 Federal benefit of state uncertain tax positions 9,867 10,364 Lease liabilities 30,251 - State NOL carry-forward 7,495 6,041 Other 6,357 4,626 Total gross deferred tax assets 118,648 94,426 Valuation allowance (7,495 ) (6,041 ) Total deferred tax assets, net of valuation allowance 111,153 88,385 Deferred tax liabilities: Plant and equipment, principally due to differences in depreciation 729,016 696,913 Prepaid permits and insurance, principally due to expensing for income tax purposes 39,285 33,594 Lease right-of-use assets 30,014 - Other 11,916 1,339 Total gross deferred tax liabilities 810,231 731,846 Net deferred tax liability $ 699,078 $ 643,461 |
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block] | December 31, 2019 2018 2017 Beginning balance $ 52.2 $ 45.3 $ 35.4 Additions based on tax positions related to the current year 11.0 13.9 11.6 Additions/(reductions) based on tax positions taken in prior years (6.5 ) (2.4 ) 5.4 Reductions due to settlements - - (2.4 ) Reductions due to lapse of applicable statute of limitations (6.1 ) (4.6 ) (4.7 ) Ending balance $ 50.6 $ 52.2 $ 45.3 |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Asset/(Liability) Balance December 31, 2019 2018 Input Level Trading investments $ 20.4 $ 15.7 1 Interest rate swaps $ 4.8 $ (4.8 ) 2 Senior notes, net of unamortized discount and debt issuance costs $ (353.1 ) $ (591.3 ) 2 |
Note 11 - Leases (Tables)
Note 11 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Operatling Lease Assets and Liabilities [Table Text Block] | Asset/(Liability) Balance December 31, 2019 Right-of-use assets $ 125.5 Lease liabilities, current $ (44.4 ) Lease liabilities, long-term $ (80.1 ) |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year one $ 44.9 Year two 35.0 Year three 24.0 Year four 14.6 Year five 5.2 Thereafter 10.0 Total lease payments 133.7 Less interest (9.2 ) Present value of lease liabilities $ 124.5 |
Note 12 - Acquisitions (Tables)
Note 12 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Consideration $ 98.2 Accounts receivable 8.9 Other current assets 0.3 Property and equipment 0.8 Right-of-use assets 16.0 Intangible 45.8 Accounts payable and accrued liabilities (5.8 ) Lease liabilities (16.0 ) Goodwill $ 48.2 Consideration $ 17.4 Accounts receivable 1.5 Other current assets 0.3 Property and equipment 0.5 Right-of-use assets 3.1 Intangible 8.1 Accounts payable and accrued liabilities (1.1 ) Lease liabilities (3.1 ) Goodwill $ 8.1 |
Note 13 - Goodwill and Other _2
Note 13 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, Weighted Average 2019 2018 Period Finite-lived intangibles: Customer relationships $ 118.6 $ 75.3 11.5 Non-competition agreements 6.9 0.2 6.8 Trade names 3.8 - 2.0 LDC Network 10.5 10.5 10.0 Total finite-lived intangibles 139.8 86.0 Less accumulated amortization (33.3 ) (20.9 ) Total identifiable intangible assets, net $ 106.5 $ 65.1 |
Note 14 - Segment Information (
Note 14 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Assets (Excludes intercompany accounts) December 31, 2019 2018 JBI $ 2,217 $ 2,221 DCS 1,877 1,595 ICS 208 212 JBT 241 307 Other (includes corporate) 928 757 Total $ 5,471 $ 5,092 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Revenues Years ended December 31, 2019 2018 2017 JBI $ 4,745 $ 4,717 $ 4,084 DCS 2,695 2,163 1,719 ICS 1,348 1,335 1,025 JBT 389 417 378 Total segment revenues 9,177 8,632 7,206 Intersegment eliminations (12 ) (17 ) (16 ) Total $ 9,165 $ 8,615 $ 7,190 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Operating Income Years ended December 31, 2019 2018 2017 JBI $ 447 $ 401 $ 407 DCS 269 193 171 ICS (11 ) 50 23 JBT 29 37 23 Total $ 734 $ 681 $ 624 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | Depreciation and Amortization Expense Years ended December 31, 2019 2018 2017 JBI $ 181 $ 173 $ 163 DCS 246 200 158 JBT 33 38 41 Other 39 25 22 Total $ 499 $ 436 $ 384 |
Note 15 - Quarterly Financial_2
Note 15 - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter First Second Third Fourth 2019: Operating revenues $ 2,089,627 $ 2,261,647 $ 2,363,660 $ 2,450,323 Operating income $ 167,795 $ 193,093 $ 167,862 $ 205,074 Net earnings $ 119,601 $ 133,633 $ 118,410 $ 144,676 Basic earnings per share $ 1.10 $ 1.24 $ 1.11 $ 1.36 Diluted earnings per share $ 1.09 $ 1.23 $ 1.10 $ 1.35 2018: Operating revenues $ 1,948,245 $ 2,139,027 $ 2,209,760 $ 2,317,842 Operating income $ 168,781 $ 214,812 $ 174,688 $ 122,740 Net earnings $ 118,142 $ 151,652 $ 131,110 $ 88,681 Basic earnings per share $ 1.08 $ 1.39 $ 1.20 $ 0.81 Diluted earnings per share $ 1.07 $ 1.37 $ 1.19 $ 0.81 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Allowance for Doubtful Accounts and Revenue Adjustments (Details) - SEC Schedule, 12-09, Allowance, Credit Loss [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance at beginning of year | $ 35.8 | $ 24 | $ 13.4 |
Charged to expense/against revenue | 34.2 | 35.7 | 29.3 |
Write-offs, net of recoveries | (47.5) | (23.9) | (18.7) |
Balance at end of year | $ 22.5 | $ 35.8 | $ 24 |
Note 1 - Business (Details Text
Note 1 - Business (Details Textual) | 12 Months Ended |
Dec. 31, 2019 | |
Number of Operating Segments | 4 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | |
Equity Securities, FV-NI | $ 0 | $ 0 | ||
Number of Operating Segments | 4 | |||
Self Insurance, Per Claim Amount, Personal Injury and Property Damage Claims | $ 500,000 | 500,000 | $ 500,000 | |
Self Insurance, Per Claim Deductible, Workers' Compensation Claims | 100,000 | $ 100,000 | ||
Self Insurance Reserve | 263,000,000 | 260,000,000 | ||
Prepaid Insurance, Current and Noncurrent | 281,000,000 | 261,000,000 | ||
Assets, Current, Total | 1,481,299,000 | 1,502,981,000 | ||
Other Assets, Noncurrent, Total | 165,857,000 | 38,398,000 | ||
Other Accrued Liabilities, Current | 85,355,000 | 35,845,000 | ||
Other Liabilities, Noncurrent, Total | 173,241,000 | 96,056,000 | ||
Accounting Standards Update 2016-02 [Member] | ||||
Other Assets, Noncurrent, Total | $ 102,400,000 | |||
Other Accrued Liabilities, Current | 32,300,000 | |||
Other Liabilities, Noncurrent, Total | $ 70,100,000 | |||
Accounts and Other Receivables, Net, Current [Member] | ||||
Assets, Current, Total | $ 157,000,000 | $ 158,000,000 | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Number of Major Customers | 10 | 10 | 10 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Top 10 Customers [Member] | ||||
Concentration Risk, Percentage | 32.00% | 30.00% | 29.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Top 10 Customers [Member] | ||||
Number of Major Customers | 10 | 10 | ||
Concentration Risk, Percentage | 34.00% | 32.00% | ||
Minimum [Member] | ||||
Property, Plant and Equipment, Salvage Value, Percentage | 10.00% | |||
Finite-Lived Intangible Asset, Useful Life | 2 years | |||
Maximum [Member] | ||||
Property, Plant and Equipment, Salvage Value, Percentage | 30.00% | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||
Tractors [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life | 4 years | |||
Tractors [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Trailing Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life | 7 years | |||
Trailing Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 20 years | |||
Land, Buildings and Improvements [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Land, Buildings and Improvements [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 40 years | |||
Computer Hardware and Software [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Computer Hardware and Software [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 7 years | |||
Furniture and Fixtures [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Furniture and Fixtures [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Trade Accounts Receivable [Member] | ||||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 22,500,000 | $ 23,600,000 | ||
Other Receivables [Member] | ||||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 0 | $ 12,200,000 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Basic and Diluted Earnings Per Share Computation (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Weighted average basic shares outstanding (in shares) | 107,329 | 109,375 | 109,987 |
Effect of common stock equivalents (in shares) | 978 | 1,053 | 1,062 |
Weighted average shares outstanding – diluted (in shares) | 108,307 | 110,428 | 111,049 |
Note 3 - Financing Arrangemen_3
Note 3 - Financing Arrangements (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2019 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | $ 353,100 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 248,600 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 694,000 | |
Senior Notes [Member] | Senior Notes, First Issuance [Member] | ||
Unsecured Debt, Total | $ 250,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | |
Senior Notes [Member] | Senior Notes, Second Issuance [Member] | ||
Unsecured Debt, Total | $ 350,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.30% | |
Senior Notes [Member] | Senior Notes, Third Issuance [Member] | ||
Unsecured Debt, Total | $ 700,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.875% | |
Senior Notes [Member] | The 2.40% Senior Notes [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.40% | |
Repayments of Unsecured Debt | $ 250,000 | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750,000 | |
Line of Credit Facility, Maximum Borrowing Capacity, Optional Increase | 250,000 | |
Long-term Line of Credit, Total | $ 0 |
Note 3 - Financing Arrangemen_4
Note 3 - Financing Arrangements - Outstanding Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Less current portion of long-term debt | $ 0 | $ (250,706) |
Long-term debt | 1,295,740 | 898,398 |
Line of Credit [Member] | ||
Long-term Debt, Total | 0 | 307,100 |
Senior Notes [Member] | ||
Long-term Debt, Total | $ 1,295,700 | $ 842,000 |
Note 4 - Derivative Financial_2
Note 4 - Derivative Financial Instruments (Details Textual) - Senior Notes, Second Issuance [Member] $ in Millions | Dec. 31, 2019USD ($) |
Fair Value Hedging [Member] | Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Derivative, Variable Interest Rate | 3.27% |
Senior Notes [Member] | |
Unsecured Debt, Total | $ 350 |
Debt Instrument, Interest Rate, Stated Percentage | 3.30% |
Note 5 - Capital Stock (Details
Note 5 - Capital Stock (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Jan. 22, 2020 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Preferred Stock, Shares Outstanding, Ending Balance | 0 | 0 | 0 | ||
Common Stock, Dividends, Per Share, Declared | $ 0.26 | $ 1.04 | $ 0.96 | $ 0.92 | |
Treasury Stock, Shares, Acquired | 2,800 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 275,657 | $ 150,338 | $ 179,813 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 95,000 | $ 95,000 | |||
Exercise or Vesting [Member] | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,700 | 1,700 | |||
Future Issuance [Member] | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 5,700 | 5,700 | |||
Subsequent Event [Member] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.27 | ||||
Stock Repurchase Program, Authorized Amount | $ 500,000 | ||||
Dividends Payable, Date to be Paid | Feb. 21, 2020 | ||||
Dividends Payable, Date of Record | Feb. 7, 2020 |
Note 6 - Share-based Compensa_3
Note 6 - Share-based Compensation (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 61.3 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years 2 months 12 days | ||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 years | ||
Performance Shares [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 13 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 2 months 12 days | ||
Performance Shares [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Performance Shares [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 years | ||
Restricted Stock Units (RSUs) and Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 47 | $ 55.1 | $ 49.3 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | 197.2 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 41.1 | $ 35 | $ 36.4 |
Note 6 - Share-based Compensa_4
Note 6 - Share-based Compensation - Components of Share-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Stock Units (RSUs) [Member] | |||
Pretax compensation expense | $ 38,632 | $ 32,797 | $ 28,679 |
Tax benefit | 9,337 | 7,740 | (4,385) |
Share unit expense, net of tax | 29,295 | 25,057 | 33,064 |
Performance Shares [Member] | |||
Pretax compensation expense | 14,692 | 14,572 | 9,612 |
Tax benefit | 3,551 | 3,439 | (1,470) |
Share unit expense, net of tax | $ 11,141 | $ 11,133 | $ 11,082 |
Note 6 - Share-based Compensa_5
Note 6 - Share-based Compensation - Restricted Share Units (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of shares unvested at beginning of period (in shares) | 1,245,835 | 1,242,528 | 1,502,656 |
Number of shares unvested at beginning of period, weighted average grant date fair value (in dollars per share) | $ 86.80 | $ 74.71 | $ 71.16 |
Number of shares granted (in shares) | 440,255 | 370,669 | 158,319 |
Number of shares granted, weighted average grant date fair value (in dollars per share) | $ 99.60 | $ 119.82 | $ 90.06 |
Number of shares vested (in shares) | (341,218) | (337,512) | (380,702) |
Number of shares vested, weighted average grant date fair value (in dollars per share) | $ 85.61 | $ 79.02 | $ 67.29 |
Number of shares forfeited (in shares) | (31,454) | (29,850) | (37,745) |
Number of shares forfeited, weighted average grant date fair value (in dollars per share) | $ 93.91 | $ 83.69 | $ 75.13 |
Number of shares unvested at end of period (in shares) | 1,313,418 | 1,245,835 | 1,242,528 |
Number of shares unvested at end of period, weighted average grant date fair value (in dollars per share) | $ 91.22 | $ 86.80 | $ 74.71 |
Note 6 - Share-based Compensa_6
Note 6 - Share-based Compensation - Performance Share Units (Details) - Performance Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of shares unvested at beginning of period (in shares) | 360,512 | 328,187 | 484,054 |
Number of shares unvested at beginning of period, weighted average grant date fair value (in dollars per share) | $ 93.74 | $ 71.68 | $ 70.58 |
Number of shares granted (in shares) | 142,156 | 150,763 | 0 |
Number of shares granted, weighted average grant date fair value (in dollars per share) | $ 98.58 | $ 122.57 | $ 0 |
Number of shares vested (in shares) | (127,140) | (118,438) | (155,867) |
Number of shares vested, weighted average grant date fair value (in dollars per share) | $ 93.46 | $ 69.29 | $ 68.27 |
Number of shares forfeited (in shares) | 0 | 0 | 0 |
Number of shares unvested at end of period, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 | $ 0 |
Number of shares unvested at end of period (in shares) | 375,528 | 360,512 | 328,187 |
Number of shares unvested at end of period, weighted average grant date fair value (in dollars per share) | $ 95.67 | $ 93.74 | $ 71.68 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 309.2 | |||
Income Taxes Receivable | $ 60.9 | $ 102.4 | ||
Unrecognized Tax Benefits, Ending Balance | 50.6 | 45.3 | 52.2 | $ 35.4 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 41.8 | 43.1 | ||
Income Tax Examination, Penalties and Interest Accrued, Total | 3.2 | $ 2.1 | 2.4 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 4.8 | $ 4.6 | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||
Open Tax Year | 2016 2017 2018 2019 | |||
State and Local Jurisdiction [Member] | ||||
Open Tax Year | 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 |
Note 7 - Income Taxes - Current
Note 7 - Income Taxes - Current and Deferred Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
Federal | $ 87,977 | $ 22,904 | $ 134,284 |
State and local | 20,981 | 26,738 | 23,456 |
Current income taxes, total | 108,958 | 49,642 | 157,740 |
Deferred: | |||
Federal | 51,229 | 97,670 | (261,592) |
State and local | 4,388 | 3,921 | 12,828 |
Deferred income taxes, total | 55,617 | 101,591 | (248,764) |
Total tax expense/(benefit) | $ 164,575 | $ 151,233 | $ (91,024) |
Note 7 - Income Taxes - Reconci
Note 7 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income tax at federal statutory rate | $ 142,988 | $ 134,572 | $ 208,334 |
State tax, net of federal effect | 19,293 | 24,627 | 18,334 |
Federal tax reform | 0 | (3,219) | (309,223) |
Benefit of stock compensation | (1,238) | (4,919) | (4,907) |
199/R&D credit | (200) | 1,000 | (7,056) |
Nondeductible meals and entertainment | 1,688 | 1,071 | 1,374 |
Change in effective state tax rate, net of federal benefit | 1,562 | (1,469) | 3,403 |
Other, net | 482 | (430) | (1,283) |
Total tax expense/(benefit) | $ 164,575 | $ 151,233 | $ (91,024) |
Note 7 - Income Taxes - Deferre
Note 7 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Insurance accruals | $ 27,180 | $ 34,889 |
Allowance for doubtful accounts | 8,052 | 7,649 |
Compensation accrual | 4,925 | 10,461 |
Deferred compensation accrual | 24,521 | 20,396 |
Federal benefit of state uncertain tax positions | 9,867 | 10,364 |
Lease liabilities | 30,251 | 0 |
State NOL carry-forward | 7,495 | 6,041 |
Other | 6,357 | 4,626 |
Total gross deferred tax assets | 118,648 | 94,426 |
Valuation allowance | (7,495) | (6,041) |
Total deferred tax assets, net of valuation allowance | 111,153 | 88,385 |
Deferred tax liabilities: | ||
Plant and equipment, principally due to differences in depreciation | 729,016 | 696,913 |
Prepaid permits and insurance, principally due to expensing for income tax purposes | 39,285 | 33,594 |
Lease right-of-use assets | 30,014 | 0 |
Other | 11,916 | 1,339 |
Total gross deferred tax liabilities | 810,231 | 731,846 |
Net deferred tax liability | $ 699,078 | $ 643,461 |
Note 7 - Income Taxes - Unrecog
Note 7 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Beginning balance | $ 52.2 | $ 45.3 | $ 35.4 |
Additions based on tax positions related to the current year | 11 | 13.9 | 11.6 |
(Reductions) based on tax positions taken in prior years | (6.5) | (2.4) | |
Additions based on tax positions taken in prior years | 5.4 | ||
Reductions due to settlements | 0 | 0 | (2.4) |
Reductions due to lapse of applicable statute of limitations | (6.1) | (4.6) | (4.7) |
Ending balance | $ 50.6 | $ 52.2 | $ 45.3 |
Note 8 - Employee Benefit Pla_2
Note 8 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Contribution Plan, Cost | $ 20.8 | $ 19.7 | $ 16.7 |
Deferred Compensation Liability, Current and Noncurrent, Total | 20.4 | 15.7 | |
Other Current Assets [Member] | Defined Benefit Plan, Equity Securities [Member] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | $ 20.4 | $ 15.7 |
Note 9 - Fair Value Measureme_3
Note 9 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Deposit Assets, Total | $ 0 | $ 20,200 | ||
Senior Notes [Member] | ||||
Long-term Debt, Total | $ 1,295,700 | $ 842,000 | ||
Senior Notes [Member] | Fair Value, Recurring [Member] | ||||
Long-term Debt, Total | 942,600 | 555,900 | ||
Long-term Debt, Fair Value | $ 1,030,000 | $ 564,900 |
Note 9 - Fair Value Measureme_4
Note 9 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Inputs, Level 1 [Member] | ||
Trading investments | $ 20.4 | $ 15.7 |
Fair Value, Inputs, Level 2 [Member] | ||
Interest rate swaps, assets | 4.8 | |
Interest rate swaps, liabilities | (4.8) | |
Senior notes, net of unamortized discount and debt issuance costs | $ (353.1) | $ (591.3) |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||||||
Jun. 30, 2019 | Jan. 31, 2019 | Jan. 31, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | |
Purchase Obligation, Due in Next Twelve Months | $ 938 | |||||||
Loss Contingency, Estimate of Possible Loss | $ 2.7 | |||||||
Operating Leases, Future Minimum Payments Due, Total | $ 117.8 | |||||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 34.9 | |||||||
Operating Leases, Future Minimum Payments, Due in Two Years | 29.9 | |||||||
Operating Leases, Future Minimum Payments, Due in Three Years | 20.7 | |||||||
Operating Leases, Future Minimum Payments, Due in Four Years | 13.7 | |||||||
Operating Leases, Future Minimum Payments, Due Thereafter | 18.6 | |||||||
Lawsuit for Claims of Unpaid Wages, Failure to Provide Meal and Rest Periods, and Other Items [Member] | ||||||||
Loss Contingency, Damages Sought, Value | $ 15 | |||||||
Arbitration Case with BNSF [Member] | ||||||||
Loss Contingency, Loss in Period | $ 18.3 | |||||||
Arbitration Case with BNSF [Member] | Second Interim Award by Abritrators [Member] | ||||||||
Loss Contingency, Damages Awarded, Value | $ 89.4 | |||||||
Arbitration Case with BNSF [Member] | Second Interim Award by Abritrators for 2016 Period at Issue [Member] | ||||||||
Loss Contingency, Damages Awarded, Value | $ 52.1 | |||||||
Arbitration Case with BNSF [Member] | Second Interim Award by Abritrators for 2017 [Member] | ||||||||
Loss Contingency, Damages Awarded, Value | $ 37.3 | |||||||
Arbitration Case with BNSF [Member] | Interim Award, Contingent Liabilities for Period of May 1, 2016 through December 31, 2017 [Member] | ||||||||
Loss Contingency, Loss in Period | 89.4 | |||||||
Arbitration Case with BNSF [Member] | Interim Award, Contingent Liabilities for Period of January 1, 2018 through December 31, 2018 [Member] | ||||||||
Loss Contingency, Loss in Period | $ 26.8 | 44.6 | ||||||
Arbitration Case with BNSF [Member] | Interim Award, Contingent Liabilities for Period of January 1, 2018 through December 31, 2018 [Member] | Legal Fees, Cost and Interest [Member] | ||||||||
Loss Contingency, Loss in Period | 17.4 | |||||||
Arbitration Case with BNSF [Member] | Interim Award, Contingent Liabilities for Period of May 1, 2016 through December 31, 2018 [Member] | ||||||||
Loss Contingency, Loss in Period | $ 134 | |||||||
Arbitration Case with BNSF [Member] | Settled Litigation [Member] | ||||||||
Loss Contingency, Loss in Period | $ 44.2 | |||||||
Casualty Claim [Member] | Settled Litigation [Member] | DCS [Member] | ||||||||
Loss Contingency, Loss in Period | $ 20 |
Note 11 - Leases (Details Textu
Note 11 - Leases (Details Textual) - USD ($) $ in Millions | Feb. 15, 2019 | Dec. 31, 2019 |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 2 months 12 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.46% | |
Operating Lease, Payments | $ 44.5 | |
Operating Lease, Expense | 43.5 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 61.6 | |
Cory 1st Choice Home Delivery [Member] | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 19.1 |
Note 11 - Leases - Operating Le
Note 11 - Leases - Operating Lease Assets and Liabilities (Details) $ in Millions | Dec. 31, 2019USD ($) |
Other Noncurrent Assets [Member] | |
Right-of-use assets | $ 125.5 |
Other Current Liabilities [Member] | |
Lease liabilities, current | (44.4) |
Other Noncurrent Liabilities [Member] | |
Lease liabilities, long-term | $ (80.1) |
Note 11 - Leases - Future Minim
Note 11 - Leases - Future Minimum Lease Payments (Details) $ in Millions | Dec. 31, 2019USD ($) |
Year one | $ 44.9 |
Year two | 35 |
Year three | 24 |
Year four | 14.6 |
Year five | 5.2 |
Thereafter | 10 |
Total lease payments | 133.7 |
Less interest | (9.2) |
Other Accrued Expenses and Other Long-term Liabilities [Member] | |
Present value of lease liabilities | $ 124.5 |
Note 12 - Acquisitions (Details
Note 12 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Feb. 15, 2019 | Dec. 31, 2018 |
Goodwill, Ending Balance | $ 96,326 | $ 40,087 | |
Cory 1st Choice Home Delivery [Member] | |||
Business Combination, Consideration Transferred, Total | $ 100,000 | ||
Payments to Acquire Businesses, Gross | 98,200 | ||
Business Combination, Acquisition Related Costs | 2,900 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 45,800 | ||
Goodwill, Ending Balance | $ 48,200 | ||
RDI Last Mile Co. (RDI) [Member] | |||
Business Combination, Consideration Transferred, Total | 17,500 | ||
Payments to Acquire Businesses, Gross | 17,400 | ||
Business Combination, Acquisition Related Costs | 500 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 8,100 | ||
Goodwill, Ending Balance | $ 8,100 |
Note 12 - Acquisitions - Purcha
Note 12 - Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Feb. 15, 2019 | Dec. 31, 2018 |
Goodwill | $ 96,326 | $ 40,087 | |
Cory 1st Choice Home Delivery [Member] | |||
Consideration | $ 98,200 | ||
Accounts receivable | 8,900 | ||
Other current assets | 300 | ||
Property and equipment | 800 | ||
Right-of-use assets | 16,000 | ||
Intangible | 45,800 | ||
Accounts payable and accrued liabilities | (5,800) | ||
Lease liabilities | (16,000) | ||
Goodwill | $ 48,200 | ||
RDI Last Mile Co. (RDI) [Member] | |||
Consideration | 17,400 | ||
Accounts receivable | 1,500 | ||
Other current assets | 300 | ||
Property and equipment | 500 | ||
Right-of-use assets | 3,100 | ||
Intangible | 8,100 | ||
Accounts payable and accrued liabilities | (1,100) | ||
Lease liabilities | (3,100) | ||
Goodwill | $ 8,100 |
Note 13 - Goodwill and Other _3
Note 13 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill, Ending Balance | $ 96,326 | $ 40,087 | |
Goodwill, Impairment Loss | 0 | ||
Acquired Finite-lived Intangible Asset, Residual Value | 0 | ||
Amortization of Intangible Assets, Total | 12,400 | $ 8,600 | $ 4,200 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 13,600 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 11,900 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 11,700 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 11,700 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 11,700 | ||
Cory and RDI Acquisitions [Member] | |||
Goodwill, Ending Balance | 56,300 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 53,900 |
Note 13 - Goodwill and Other _4
Note 13 - Goodwill and Other Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-lived intangible assets, gross | $ 139.8 | $ 86 |
Less accumulated amortization | (33.3) | (20.9) |
Total identifiable intangible assets, net | 106.5 | 65.1 |
Customer Relationships [Member] | ||
Finite-lived intangible assets, gross | $ 118.6 | 75.3 |
Weighted average amortization period (Year) | 11 years 6 months | |
Noncompete Agreements [Member] | ||
Finite-lived intangible assets, gross | $ 6.9 | 0.2 |
Weighted average amortization period (Year) | 6 years 9 months 18 days | |
Trade Names [Member] | ||
Finite-lived intangible assets, gross | $ 3.8 | 0 |
Weighted average amortization period (Year) | 2 years | |
LDC Network Access [Member] | ||
Finite-lived intangible assets, gross | $ 10.5 | $ 10.5 |
Weighted average amortization period (Year) | 10 years |
Note 14 - Segment Information_2
Note 14 - Segment Information (Details Textual) | 6 Months Ended |
Dec. 31, 2019 | |
Number of Reportable Segments | 4 |
Note 14 - Segment Information -
Note 14 - Segment Information - Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | $ 5,470,854 | $ 5,091,647 |
Operating Segments [Member] | JBI [Member] | ||
Assets | 2,217,000 | 2,221,000 |
Operating Segments [Member] | DCS [Member] | ||
Assets | 1,877,000 | 1,595,000 |
Operating Segments [Member] | ICS [Member] | ||
Assets | 208,000 | 212,000 |
Operating Segments [Member] | JBT [Member] | ||
Assets | 241,000 | 307,000 |
Corporate and Reconciling Items [Member] | ||
Assets | $ 928,000 | $ 757,000 |
Note 14 - Segment Information_3
Note 14 - Segment Information - Operating Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | $ 2,450,323 | $ 2,363,660 | $ 2,261,647 | $ 2,089,627 | $ 2,317,842 | $ 2,209,760 | $ 2,139,027 | $ 1,948,245 | $ 9,165,258 | $ 8,614,874 | $ 7,189,568 |
Operating Segments [Member] | |||||||||||
Revenues | 9,177,000 | 8,632,000 | 7,206,000 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Revenues | (12,000) | (17,000) | (16,000) | ||||||||
JBI [Member] | Operating Segments [Member] | |||||||||||
Revenues | 4,745,000 | 4,717,000 | 4,084,000 | ||||||||
DCS [Member] | Operating Segments [Member] | |||||||||||
Revenues | 2,695,000 | 2,163,000 | 1,719,000 | ||||||||
ICS [Member] | Operating Segments [Member] | |||||||||||
Revenues | 1,348,000 | 1,335,000 | 1,025,000 | ||||||||
JBT [Member] | Operating Segments [Member] | |||||||||||
Revenues | $ 389,000 | $ 417,000 | $ 378,000 |
Note 14 - Segment Information_4
Note 14 - Segment Information - Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating income | $ 205,074 | $ 167,862 | $ 193,093 | $ 167,795 | $ 122,740 | $ 174,688 | $ 214,812 | $ 168,781 | $ 733,825 | $ 681,021 | $ 623,789 |
JBI [Member] | Operating Segments [Member] | |||||||||||
Operating income | 447,000 | 401,000 | 407,000 | ||||||||
DCS [Member] | Operating Segments [Member] | |||||||||||
Operating income | 269,000 | 193,000 | 171,000 | ||||||||
ICS [Member] | Operating Segments [Member] | |||||||||||
Operating income | (11,000) | 50,000 | 23,000 | ||||||||
JBT [Member] | Operating Segments [Member] | |||||||||||
Operating income | $ 29,000 | $ 37,000 | $ 23,000 |
Note 14 - Segment Information_5
Note 14 - Segment Information - Depreciation and Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Depreciation and amortization | $ 499,145 | $ 435,893 | $ 383,518 |
Corporate and Reconciling Items [Member] | |||
Depreciation and amortization | 39,000 | 25,000 | 22,000 |
JBI [Member] | Operating Segments [Member] | |||
Depreciation and amortization | 181,000 | 173,000 | 163,000 |
DCS [Member] | Operating Segments [Member] | |||
Depreciation and amortization | 246,000 | 200,000 | 158,000 |
JBT [Member] | Operating Segments [Member] | |||
Depreciation and amortization | $ 33,000 | $ 38,000 | $ 41,000 |
Note 15 - Quarterly Financial_3
Note 15 - Quarterly Financial Information (Unaudited) - Operating Results by Quarter (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | $ 2,450,323 | $ 2,363,660 | $ 2,261,647 | $ 2,089,627 | $ 2,317,842 | $ 2,209,760 | $ 2,139,027 | $ 1,948,245 | $ 9,165,258 | $ 8,614,874 | $ 7,189,568 |
Operating income | 205,074 | 167,862 | 193,093 | 167,795 | 122,740 | 174,688 | 214,812 | 168,781 | 733,825 | 681,021 | 623,789 |
Net earnings | $ 144,676 | $ 118,410 | $ 133,633 | $ 119,601 | $ 88,681 | $ 131,110 | $ 151,652 | $ 118,142 | $ 516,320 | $ 489,585 | $ 686,263 |
Basic earnings per share (in dollars per share) | $ 1.36 | $ 1.11 | $ 1.24 | $ 1.10 | $ 0.81 | $ 1.20 | $ 1.39 | $ 1.08 | $ 4.81 | $ 4.48 | $ 6.24 |
Diluted earnings per share (in dollars per share) | $ 1.35 | $ 1.10 | $ 1.23 | $ 1.09 | $ 0.81 | $ 1.19 | $ 1.37 | $ 1.07 | $ 4.77 | $ 4.43 | $ 6.18 |