Document And Entity Information
Document And Entity Information | 3 Months Ended |
Mar. 31, 2021shares | |
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 | Q1 |
Document Fiscal Year Focus | 2021 |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2021 |
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, City or Town | Lowell |
Entity Address, State or Province | AR |
Entity Address, Postal Zip Code | 72745 |
City Area Code | 479 |
Local Phone Number | 820-0000 |
Title of 12(b) Security | Common Stock, $0.01 par value |
Trading Symbol | JBHT |
Security Exchange Name | NASDAQ |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 105,671,006 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating revenues | $ 2,618,149 | $ 2,280,826 |
Operating expenses: | ||
Rents and purchased transportation | 1,352,301 | 1,136,151 |
Salaries, wages and employee benefits | 620,032 | 574,249 |
Depreciation and amortization | 137,545 | 130,095 |
Fuel and fuel taxes | 113,040 | 101,123 |
Operating supplies and expenses | 81,698 | 85,598 |
General and administrative expenses, net of asset dispositions | 44,891 | 45,165 |
Insurance and claims | 38,030 | 32,361 |
Operating taxes and licenses | 13,814 | 13,312 |
Communication and utilities | 9,146 | 8,031 |
Total operating expenses | 2,410,497 | 2,126,085 |
Operating income | 207,652 | 154,741 |
Net interest expense | 12,024 | 12,036 |
Earnings before income taxes | 195,628 | 142,705 |
Income taxes | 49,022 | 37,871 |
Net earnings | $ 146,606 | $ 104,834 |
Weighted average basic shares outstanding (in shares) | 105,678 | 105,985 |
Basic earnings per share (in dollars per share) | $ 1.39 | $ 0.99 |
Weighted average diluted shares outstanding (in shares) | 106,816 | 106,950 |
Diluted earnings per share (in dollars per share) | $ 1.37 | $ 0.98 |
Dividends declared per common share (in dollars per share) | $ 0.28 | $ 0.27 |
Service Excluding Fuel Surcharge [Member] | ||
Operating revenues | $ 2,388,034 | $ 2,045,694 |
Fuel Surcharge [Member] | ||
Operating revenues | $ 230,115 | $ 235,132 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 552,970 | $ 313,302 |
Trade accounts receivable, net | 1,219,162 | 1,124,403 |
Prepaid expenses and other | 359,867 | 404,412 |
Total current assets | 2,131,999 | 1,842,117 |
Property and equipment, at cost | 5,953,231 | 5,908,710 |
Less accumulated depreciation | 2,302,310 | 2,219,816 |
Net property and equipment | 3,650,921 | 3,688,894 |
Goodwill and intangible assets, net | 208,399 | 212,122 |
Other assets | 171,287 | 185,215 |
Total assets | 6,162,606 | 5,928,348 |
Current liabilities: | ||
Trade accounts payable | 641,887 | 587,510 |
Claims accruals | 279,315 | 276,056 |
Accrued payroll and payroll taxes | 161,311 | 130,943 |
Other accrued expenses | 83,887 | 90,294 |
Total current liabilities | 1,166,400 | 1,084,803 |
Long-term debt | 1,301,430 | 1,305,424 |
Other long-term liabilities | 249,692 | 245,961 |
Deferred income taxes | 723,018 | 692,022 |
Stockholders' equity | 2,722,066 | 2,600,138 |
Total liabilities and stockholders' equity | $ 6,162,606 | $ 5,928,348 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balances at Dec. 31, 2019 | $ 1,671 | $ 374,049 | $ 4,592,938 | $ (2,701,629) | $ 2,267,029 |
Net earnings | 0 | 0 | 104,834 | 0 | 104,834 |
Cash dividend declared and paid | 0 | 0 | (28,688) | 0 | (28,688) |
Purchase of treasury shares | 0 | 0 | 0 | (75,193) | (75,193) |
Share-based compensation | 0 | 18,063 | 0 | 0 | 18,063 |
Restricted share issuances, net of stock repurchased for payroll taxes | 0 | (3,535) | 0 | (92) | (3,627) |
Balances at Mar. 31, 2020 | 1,671 | 388,577 | 4,669,084 | (2,776,914) | 2,282,418 |
Balances at Dec. 31, 2020 | 1,671 | 408,244 | 4,984,739 | (2,794,516) | 2,600,138 |
Net earnings | 0 | 0 | 146,606 | 0 | 146,606 |
Cash dividend declared and paid | 0 | 0 | (29,597) | 0 | (29,597) |
Purchase of treasury shares | 0 | 0 | 0 | (5,239) | (5,239) |
Share-based compensation | 0 | 14,967 | 0 | 0 | 14,967 |
Restricted share issuances, net of stock repurchased for payroll taxes | 0 | (3,960) | 0 | (849) | (4,809) |
Balances at Mar. 31, 2021 | $ 1,671 | $ 419,251 | $ 5,101,748 | $ (2,800,604) | $ 2,722,066 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash dividend declared and paid per share (in dollars per share) | $ 0.28 | $ 0.27 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net earnings | $ 146,606 | $ 104,834 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 137,545 | 130,095 |
Noncash lease expense | 12,296 | 11,411 |
Share-based compensation | 14,967 | 18,063 |
Loss on sale of revenue equipment and other | 1,147 | 1,472 |
Deferred income taxes | 30,996 | 15,470 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (94,759) | 33,549 |
Other assets | 46,385 | (60,029) |
Trade accounts payable | 43,280 | (5,392) |
Income taxes payable or receivable | 12,156 | 23,066 |
Claims accruals | 2,242 | (7,938) |
Accrued payroll and other accrued expenses | 11,797 | (15,438) |
Net cash provided by operating activities | 364,658 | 249,163 |
Cash flows from investing activities: | ||
Additions to property and equipment | (108,775) | (166,814) |
Net proceeds from sale of equipment | 22,921 | 38,078 |
Change in other assets | 4 | 28 |
Net cash used in investing activities | (85,850) | (128,708) |
Cash flows from financing activities: | ||
Proceeds from revolving lines of credit and other | 505 | 220,607 |
Payments on revolving lines of credit and other | 0 | (220,100) |
Purchase of treasury stock | (5,239) | (75,193) |
Stock repurchased for payroll taxes | (4,809) | (3,627) |
Dividends paid | (29,597) | (28,688) |
Net cash used in financing activities | (39,140) | (107,001) |
Net change in cash and cash equivalents | 239,668 | 13,454 |
Cash and cash equivalents at beginning of period | 313,302 | 35,000 |
Cash and cash equivalents at end of period | 552,970 | 48,454 |
Supplemental disclosure of cash flow information: | ||
Interest | 21,343 | 21,673 |
Income taxes | 3,779 | 1,173 |
Noncash investing activities | ||
Accruals for equipment received | $ 23,630 | $ 22,395 |
Note 1 - General
Note 1 - General | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. General Basis of Presentation The accompanying unaudited interim Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. We believe such statements include all adjustments (consisting only of normal recurring adjustments) necessary for the fair presentation of our financial position, results of operations and cash flows at the dates and for the periods indicated. Pursuant to the requirements of the Securities and Exchange Commission (SEC) applicable to quarterly reports on Form 10 not not 10 December 31, 2020. not may December 31, 2021, August November Use of Estimates The novel coronavirus (COVID- 19 may may 19 may may Accounts Receivable and Allowance Our trade accounts receivable includes accounts receivable reduced by an allowance for uncollectible accounts. Receivables are recorded at amounts billed to customers when loads are delivered or services are performed. The allowance for uncollectible accounts is calculated over the life of the underlying receivable and is based on historical experience; any known trends or uncertainties related to customer billing and account collectability; current economic conditions; and reasonable and supportable economic forecasts, each applied to segregated risk pools based on the business segment that generated the receivable. The adequacy of our allowance is reviewed quarterly. Balances are charged against the allowance when it is determined the receivable will not March 31, 2021 December 31, 2020. first 2021, |
Note 2 - Earnings Per Share
Note 2 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 2. Earnings Per Share We compute basic earnings per share by dividing net earnings available to common stockholders by the actual weighted average number of common shares outstanding for the reporting period. Diluted earnings per share reflects the potential dilution that could occur if holders of unvested restricted and performance share units converted their holdings into common stock. The dilutive effect of restricted and performance share units was 1.1 million shares during the first 2021, first 2020. |
Note 3 - Share-based Compensati
Note 3 - Share-based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 3. Share-based Compensation The following table summarizes the components of our share-based compensation program expense (in thousands): Three Months Ended March 31, 2021 2020 Restricted share units: Pretax compensation expense $ 10,778 $ 14,679 Tax benefit 2,727 3,758 Restricted share unit expense, net of tax $ 8,051 $ 10,921 Performance share units: Pretax compensation expense $ 4,189 $ 3,384 Tax benefit 1,060 866 Performance share unit expense, net of tax $ 3,129 $ 2,518 As of March 31, 2021, first 2021, |
Note 4 - Financing Arrangements
Note 4 - Financing Arrangements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. 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): March 31, 2021 December 31, 2020 Senior notes $ 1,301.4 $ 1,305.4 Senior Revolving Line of Credit At March 31, 2021, September 2023. one March 31, 2021, no 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. no 1933, February 2014 January 2019. may 5, $350 3.30% August 2022. Our financing arrangements require us to maintain certain covenants and financial ratios. We were in compliance with all covenants and financial ratios at March 31, 2021. |
Note 5 - Derivative Financial I
Note 5 - Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 5. Derivative Financial Instruments We periodically utilize derivative instruments for hedging and non-trading purposes to manage exposure to changes in interest rates and to maintain an appropriate mix of fixed and variable-rate debt. At inception of a derivative contract, we document relationships between derivative instruments and hedged items, as well as our risk-management objective and strategy for undertaking various derivative transactions, and assess hedge effectiveness. If it is determined that a derivative is not We entered into 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% March 31, 2021. March 31, 2021. 7, |
Note 6 - Capital Stock
Note 6 - Capital Stock | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6. Capital Stock On April 20, 2017, January 22, 2020, March 31, 2021, three March 31, 2021. January 21, 2021, February 19, 2021, February 5, 2021. April 22, 2021 $0.28 May 21, 2021 May 7, 2021 |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 7. Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis Our assets and liabilities measured at fair value are based on valuation techniques which consider prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. These valuation methods are based on either quoted market prices (Level 1 2 Asset/(Liability) Balance March 31, 2021 December 31, 2020 Input Level Trading investments $ 23.7 $ 23.1 1 Interest rate swap $ 8.0 $ 12.5 2 Senior notes, net of unamortized discount and debt issuance costs $ (357.0 ) $ (361.3 ) 2 The fair value of trading investments has been measured using the market approach (Level 1 2 Financial Instruments The carrying amount of our remaining senior notes not March 31, 2021 December 31, 2020, 2 March 31, 2021 December 31, 2020, The carrying amounts of all other instruments at March 31, 2021, |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. Income Taxes Our effective income tax rate was 25.1% for the three March 31, 2021, three March 31, 2020. At March 31, 2021, March 31, 2021. |
Note 9 - Legal Proceedings
Note 9 - Legal Proceedings | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. Legal Proceedings In January 2017, May 1, 2016, October 2019, third 2019 January 17, 2020, first 2020, July 21, 2020, not We are also party to various state use tax audits, and have been assessed amounts owed for which we are vigorously appealing. If our appeals fail, we could be forced to settle these assessments for a material amount. We are involved in certain other claims and pending litigation arising from the normal conduct of business. Based on present knowledge of the facts and, in certain cases, opinions of outside counsel, we believe the resolution of these claims and pending litigation will not |
Note 10 - Business Segments
Note 10 - Business Segments | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 10. Business Segments We reported five three March 31, 2021 2020. 14, Segment Information 10 December 31, 2020. Assets (Excludes intercompany accounts) As of March 31, 2021 December 31, 2020 JBI $ 2,579 $ 2,426 DCS 1,571 1,482 ICS 326 301 FMS 491 486 JBT 311 286 Other (includes corporate) 885 947 Total $ 6,163 $ 5,928 Operating Revenues For The Three Months Ended March 31, 2021 2020 JBI $ 1,177 $ 1,150 DCS 580 542 ICS 525 335 FMS 202 154 JBT 150 105 Subtotal 2,634 2,286 Inter-segment eliminations (16 ) (5 ) Total $ 2,618 $ 2,281 Operating Income/(Loss) For The Three Months Ended March 31, 2021 2020 JBI $ 107.5 $ 102.2 DCS 74.3 72.9 ICS 7.3 (18.9 ) FMS 8.5 (3.3 ) JBT 10.2 1.8 Other (includes corporate) (0.1 ) - Total $ 207.7 $ 154.7 Depreciation and Amortization Expense For The Three Months Ended March 31, 2021 2020 JBI $ 49.1 $ 46.5 DCS 56.9 56.3 ICS 0.2 0.4 FMS 9.0 8.1 JBT 8.9 8.2 Other (includes corporate) 13.4 10.6 Total $ 137.5 $ 130.1 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited interim Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. We believe such statements include all adjustments (consisting only of normal recurring adjustments) necessary for the fair presentation of our financial position, results of operations and cash flows at the dates and for the periods indicated. Pursuant to the requirements of the Securities and Exchange Commission (SEC) applicable to quarterly reports on Form 10 not not 10 December 31, 2020. not may December 31, 2021, August November |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The novel coronavirus (COVID- 19 may may 19 may may |
Receivable [Policy Text Block] | Accounts Receivable and Allowance Our trade accounts receivable includes accounts receivable reduced by an allowance for uncollectible accounts. Receivables are recorded at amounts billed to customers when loads are delivered or services are performed. The allowance for uncollectible accounts is calculated over the life of the underlying receivable and is based on historical experience; any known trends or uncertainties related to customer billing and account collectability; current economic conditions; and reasonable and supportable economic forecasts, each applied to segregated risk pools based on the business segment that generated the receivable. The adequacy of our allowance is reviewed quarterly. Balances are charged against the allowance when it is determined the receivable will not March 31, 2021 December 31, 2020. first 2021, |
Note 3 - Share-based Compensa_2
Note 3 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2021 2020 Restricted share units: Pretax compensation expense $ 10,778 $ 14,679 Tax benefit 2,727 3,758 Restricted share unit expense, net of tax $ 8,051 $ 10,921 Performance share units: Pretax compensation expense $ 4,189 $ 3,384 Tax benefit 1,060 866 Performance share unit expense, net of tax $ 3,129 $ 2,518 |
Note 4 - Financing Arrangemen_2
Note 4 - Financing Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 31, 2021 December 31, 2020 Senior notes $ 1,301.4 $ 1,305.4 |
Note 7 - Fair Value Measureme_2
Note 7 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Asset/(Liability) Balance March 31, 2021 December 31, 2020 Input Level Trading investments $ 23.7 $ 23.1 1 Interest rate swap $ 8.0 $ 12.5 2 Senior notes, net of unamortized discount and debt issuance costs $ (357.0 ) $ (361.3 ) 2 |
Note 10 - Business Segments (Ta
Note 10 - Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Assets (Excludes intercompany accounts) As of March 31, 2021 December 31, 2020 JBI $ 2,579 $ 2,426 DCS 1,571 1,482 ICS 326 301 FMS 491 486 JBT 311 286 Other (includes corporate) 885 947 Total $ 6,163 $ 5,928 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Operating Revenues For The Three Months Ended March 31, 2021 2020 JBI $ 1,177 $ 1,150 DCS 580 542 ICS 525 335 FMS 202 154 JBT 150 105 Subtotal 2,634 2,286 Inter-segment eliminations (16 ) (5 ) Total $ 2,618 $ 2,281 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Operating Income/(Loss) For The Three Months Ended March 31, 2021 2020 JBI $ 107.5 $ 102.2 DCS 74.3 72.9 ICS 7.3 (18.9 ) FMS 8.5 (3.3 ) JBT 10.2 1.8 Other (includes corporate) (0.1 ) - Total $ 207.7 $ 154.7 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | Depreciation and Amortization Expense For The Three Months Ended March 31, 2021 2020 JBI $ 49.1 $ 46.5 DCS 56.9 56.3 ICS 0.2 0.4 FMS 9.0 8.1 JBT 8.9 8.2 Other (includes corporate) 13.4 10.6 Total $ 137.5 $ 130.1 |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 15.6 | $ 18.4 |
Accounts Receivable, Credit Loss Expense (Reversal) | 0.6 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ 3.4 |
Note 2 - Earnings Per Share (De
Note 2 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total (in shares) | 1.1 | 1 |
Note 3 - Share-based Compensa_3
Note 3 - Share-based Compensation (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($)shares | |
Restricted Stock Units (RSUs) [Member] | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 95.3 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 1 month 6 days |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | shares | 10,128 |
Performance Shares [Member] | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 32.3 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 8 months 12 days |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | shares | 76,948 |
Note 3 - Share-based Compensa_4
Note 3 - Share-based Compensation - Components of Share-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Restricted Stock Units (RSUs) [Member] | ||
Pretax compensation expense | $ 10,778 | $ 14,679 |
Tax benefit | 2,727 | 3,758 |
Share unit expense, net of tax | 8,051 | 10,921 |
Performance Shares [Member] | ||
Pretax compensation expense | 4,189 | 3,384 |
Tax benefit | 1,060 | 866 |
Share unit expense, net of tax | $ 3,129 | $ 2,518 |
Note 4 - Financing Arrangemen_3
Note 4 - Financing Arrangements (Details Textual) $ in Thousands | Mar. 31, 2021USD ($) |
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% |
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 4 - Financing Arrangemen_4
Note 4 - Financing Arrangements - Outstanding Borrowings (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Senior Notes [Member] | ||
Long-term Debt, Total | $ 1,301.4 | $ 1,305.4 |
Note 5 - Derivative Financial_2
Note 5 - Derivative Financial Instruments (Details Textual) - Senior Notes, Second Issuance [Member] $ in Millions | Mar. 31, 2021USD ($) |
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap [Member] | Fair Value Hedging [Member] | |
Derivative, Variable Interest Rate | 1.55% |
Senior Notes [Member] | |
Unsecured Debt, Total | $ 350 |
Debt Instrument, Interest Rate, Stated Percentage | 3.30% |
Note 6 - Capital Stock (Details
Note 6 - Capital Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Apr. 22, 2021 | Jan. 21, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Jan. 22, 2020 | Apr. 20, 2017 |
Stock Repurchase Program, Authorized Amount | $ 500,000 | $ 500,000 | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 498,000 | ||||||
Treasury Stock, Shares, Acquired (in shares) | 34,000 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ 5,239 | $ 75,193 | |||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.28 | $ 0.28 | $ 0.27 | $ 0.27 | |||
Subsequent Event [Member] | |||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.30 | ||||||
Dividends Payable, Date Declared | Apr. 22, 2021 | ||||||
Dividends Payable, Date to be Paid | May 21, 2021 | ||||||
Dividends Payable, Date of Record | May 7, 2021 |
Note 7 - Fair Value Measureme_3
Note 7 - Fair Value Measurements (Details Textual) - Senior Notes [Member] - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Long-term Debt, Total | $ 1,301.4 | $ 1,305.4 |
Fair Value, Nonrecurring [Member] | ||
Long-term Debt, Total | 944.4 | 944.1 |
Long-term Debt, Fair Value | $ 1,050 | $ 1,090 |
Note 7 - Fair Value Measureme_4
Note 7 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Inputs, Level 1 [Member] | ||
Trading investments | $ 23.7 | $ 23.1 |
Fair Value, Inputs, Level 2 [Member] | ||
Interest rate swap | 8 | 12.5 |
Senior notes, net of unamortized discount and debt issuance costs | $ (357) | $ (361.3) |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 25.10% | 26.50% |
Unrecognized Tax Benefits, Ending Balance | $ 68.2 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 58.8 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 6.4 |
Note 9 - Legal Proceedings (Det
Note 9 - Legal Proceedings (Details Textual) - Arbitration Case with BNSF [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Sep. 30, 2019 | |
Loss Contingency, Loss in Period | $ 8.2 | |
Final Award for Period Of January 1, 2018 Through December 31, 2018 [Member] | ||
Loss Contingency, Loss in Period | $ 44.2 | |
Final Award for Period Of January 1, 2018 Through December 31, 2018 [Member] | Certain Charges Claimed [Member] | ||
Loss Contingency, Loss in Period | 26.8 | |
Final Award for Period Of January 1, 2018 Through December 31, 2018 [Member] | Legal Fees, Cost and Interest [Member] | ||
Loss Contingency, Loss in Period | $ 17.4 |
Note 10 - Business Segments (De
Note 10 - Business Segments (Details Textual) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Number of Reportable Segments | 5 | 5 |
Note 10 - Business Segments - A
Note 10 - Business Segments - Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | $ 6,162,606 | $ 5,928,348 |
Operating Segments [Member] | JBI [Member] | ||
Assets | 2,579,000 | 2,426,000 |
Operating Segments [Member] | DCS [Member] | ||
Assets | 1,571,000 | 1,482,000 |
Operating Segments [Member] | ICS [Member] | ||
Assets | 326,000 | 301,000 |
Operating Segments [Member] | FMS [Member] | ||
Assets | 491,000 | 486,000 |
Operating Segments [Member] | JBT [Member] | ||
Assets | 311,000 | 286,000 |
Segment Reconciling Items [Member] | ||
Assets | $ 885,000 | $ 947,000 |
Note 10 - Business Segments - O
Note 10 - Business Segments - Operating Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | $ 2,618,149 | $ 2,280,826 |
Operating Segments [Member] | ||
Revenues | 2,634,000 | 2,286,000 |
Intersegment Eliminations [Member] | ||
Revenues | (16,000) | (5,000) |
JBI [Member] | Operating Segments [Member] | ||
Revenues | 1,177,000 | 1,150,000 |
DCS [Member] | Operating Segments [Member] | ||
Revenues | 580,000 | 542,000 |
ICS [Member] | Operating Segments [Member] | ||
Revenues | 525,000 | 335,000 |
FMS [Member] | Operating Segments [Member] | ||
Revenues | 202,000 | 154,000 |
JBT [Member] | Operating Segments [Member] | ||
Revenues | $ 150,000 | $ 105,000 |
Note 10 - Business Segments -_2
Note 10 - Business Segments - Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating income | $ 207,652 | $ 154,741 |
Segment Reconciling Items [Member] | ||
Operating income | (100) | 0 |
JBI [Member] | Operating Segments [Member] | ||
Operating income | 107,500 | 102,200 |
DCS [Member] | Operating Segments [Member] | ||
Operating income | 74,300 | 72,900 |
ICS [Member] | Operating Segments [Member] | ||
Operating income | 7,300 | (18,900) |
FMS [Member] | Operating Segments [Member] | ||
Operating income | 8,500 | (3,300) |
JBT [Member] | Operating Segments [Member] | ||
Operating income | $ 10,200 | $ 1,800 |
Note 10 - Business Segments - D
Note 10 - Business Segments - Depreciation and Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Depreciation and amortization | $ 137,545 | $ 130,095 |
Segment Reconciling Items [Member] | ||
Depreciation and amortization | 13,400 | 10,600 |
JBI [Member] | Operating Segments [Member] | ||
Depreciation and amortization | 49,100 | 46,500 |
DCS [Member] | Operating Segments [Member] | ||
Depreciation and amortization | 56,900 | 56,300 |
ICS [Member] | Operating Segments [Member] | ||
Depreciation and amortization | 200 | 400 |
FMS [Member] | Operating Segments [Member] | ||
Depreciation and amortization | 9,000 | 8,100 |
JBT [Member] | Operating Segments [Member] | ||
Depreciation and amortization | $ 8,900 | $ 8,200 |