Document And Entity Information
Document And Entity Information | 9 Months Ended |
Sep. 30, 2022 shares | |
Document Information [Line Items] | |
Entity Central Index Key | 0000728535 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q3 |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2022 |
Document Transition Report | false |
Entity File Number | 0-11757 |
Entity Registrant Name | J.B. HUNT TRANSPORT SERVICES, INC. |
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, $0.01 par value |
Trading Symbol | JBHT |
Security Exchange Name | NASDAQ |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 103,537,423 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating revenues | $ 3,838,257 | $ 3,144,812 | $ 11,164,377 | $ 8,671,331 |
Operating expenses: | ||||
Rents and purchased transportation | 1,891,848 | 1,667,236 | 5,650,011 | 4,557,770 |
Salaries, wages and employee benefits | 887,723 | 711,694 | 2,493,139 | 1,997,196 |
Fuel and fuel taxes | 242,379 | 139,155 | 697,481 | 379,036 |
Depreciation and amortization | 166,580 | 138,923 | 472,914 | 415,839 |
Operating supplies and expenses | 138,346 | 98,541 | 371,668 | 271,257 |
Insurance and claims | 60,189 | 41,254 | 193,577 | 114,792 |
General and administrative expenses, net of asset dispositions | 62,815 | 50,266 | 160,026 | 142,662 |
Operating taxes and licenses | 17,082 | 15,464 | 49,154 | 43,488 |
Communication and utilities | 9,067 | 8,450 | 26,802 | 26,264 |
Total operating expenses | 3,476,029 | 2,870,983 | 10,114,772 | 7,948,304 |
Operating income | 362,228 | 273,829 | 1,049,605 | 723,027 |
Net interest expense | 13,562 | 11,977 | 38,991 | 36,061 |
Earnings before income taxes | 348,666 | 261,852 | 1,010,614 | 686,966 |
Income taxes | 79,284 | 62,023 | 242,566 | 168,369 |
Net earnings | $ 269,382 | $ 199,829 | $ 768,048 | $ 518,597 |
Weighted average basic shares outstanding (in shares) | 103,757 | 105,173 | 104,297 | 105,452 |
Basic earnings per share (in dollars per share) | $ 2.60 | $ 1.90 | $ 7.36 | $ 4.92 |
Weighted average diluted shares outstanding (in shares) | 104,924 | 106,436 | 105,458 | 106,688 |
Diluted earnings per share (in dollars per share) | $ 2.57 | $ 1.88 | $ 7.28 | $ 4.86 |
Service Excluding Fuel Surcharge [Member] | ||||
Operating revenues | $ 3,162,106 | $ 2,813,939 | $ 9,364,082 | $ 7,808,954 |
Fuel Surcharge [Member] | ||||
Operating revenues | $ 676,151 | $ 330,873 | $ 1,800,295 | $ 862,377 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 84,334 | $ 355,549 |
Trade accounts receivable, net | 1,726,155 | 1,506,619 |
Prepaid expenses and other | 341,927 | 451,201 |
Total current assets | 2,152,416 | 2,313,369 |
Property and equipment, at cost | 7,680,238 | 6,680,316 |
Less accumulated depreciation | 2,972,231 | 2,612,661 |
Net property and equipment | 4,708,007 | 4,067,655 |
Goodwill and intangible assets, net | 241,443 | 191,093 |
Other assets | 329,693 | 222,231 |
Total assets | 7,431,559 | 6,794,348 |
Current liabilities: | ||
Current portion of long-term debt | 0 | 355,972 |
Trade accounts payable | 838,859 | 772,736 |
Claims accruals | 340,207 | 307,210 |
Accrued payroll | 208,707 | 190,950 |
Other accrued expenses | 112,951 | 102,732 |
Total current liabilities | 1,500,724 | 1,729,600 |
Long-term debt | 1,243,814 | 945,257 |
Other long-term liabilities | 346,007 | 256,233 |
Deferred income taxes | 835,905 | 745,442 |
Stockholders' equity | 3,505,109 | 3,117,816 |
Total liabilities and stockholders' equity | $ 7,431,559 | $ 6,794,348 |
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 |
Balance at Dec. 31, 2020 | $ 1,671 | $ 408,244 | $ 4,984,739 | $ (2,794,516) | $ 2,600,138 |
Net earnings | 0 | 0 | 518,597 | 0 | 518,597 |
Common Stock, Dividends, Per Share, Cash Paid | 0 | 0 | (92,891) | 0 | (92,891) |
Purchase of treasury shares | 0 | 0 | 0 | (136,917) | (136,917) |
Share-based compensation | 0 | 47,411 | 0 | 0 | 47,411 |
Restricted share issuances, net of stock repurchased for payroll taxes and other | 0 | (10,747) | 0 | (3,363) | (14,110) |
Balance at Sep. 30, 2021 | 1,671 | 444,908 | 5,410,445 | (2,934,796) | 2,922,228 |
Balance at Jun. 30, 2021 | 1,671 | 436,736 | 5,242,206 | (2,881,585) | 2,799,028 |
Net earnings | 0 | 0 | 199,829 | 0 | 199,829 |
Common Stock, Dividends, Per Share, Cash Paid | 0 | 0 | (31,590) | 0 | (31,590) |
Purchase of treasury shares | 0 | 0 | 0 | (50,336) | (50,336) |
Share-based compensation | 0 | 15,946 | 0 | 0 | 15,946 |
Restricted share issuances, net of stock repurchased for payroll taxes and other | 0 | (7,774) | 0 | (2,875) | (10,649) |
Balance at Sep. 30, 2021 | 1,671 | 444,908 | 5,410,445 | (2,934,796) | 2,922,228 |
Balance at Dec. 31, 2021 | 1,671 | 448,217 | 5,621,103 | (2,953,175) | 3,117,816 |
Net earnings | 0 | 0 | 768,048 | 0 | 768,048 |
Common Stock, Dividends, Per Share, Cash Paid | 0 | 0 | (125,228) | 0 | (125,228) |
Purchase of treasury shares | 0 | 0 | 0 | (300,030) | (300,030) |
Share-based compensation | 0 | 59,737 | 0 | 0 | 59,737 |
Restricted share issuances, net of stock repurchased for payroll taxes and other | 0 | (10,498) | 0 | (4,736) | (15,234) |
Balance at Sep. 30, 2022 | 1,671 | 497,456 | 6,263,923 | (3,257,941) | 3,505,109 |
Balance at Jun. 30, 2022 | 1,671 | 483,109 | 6,036,095 | (3,196,011) | 3,324,864 |
Net earnings | 0 | 0 | 269,382 | 0 | 269,382 |
Common Stock, Dividends, Per Share, Cash Paid | 0 | 0 | (41,554) | 0 | (41,554) |
Purchase of treasury shares | 0 | 0 | 0 | (60,690) | (60,690) |
Share-based compensation | 0 | 20,153 | 0 | 0 | 20,153 |
Restricted share issuances, net of stock repurchased for payroll taxes and other | 0 | (5,806) | 0 | (1,240) | (7,046) |
Balance at Sep. 30, 2022 | $ 1,671 | $ 497,456 | $ 6,263,923 | $ (3,257,941) | $ 3,505,109 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.40 | $ 0.30 | $ 1.20 | $ 0.88 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net earnings | $ 768,048 | $ 518,597 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 472,914 | 415,839 |
Noncash lease expense | 61,656 | 40,160 |
Share-based compensation | 59,737 | 47,411 |
(Gain)/loss on sale of revenue equipment and other | (20,970) | 2,317 |
Deferred income taxes | 90,463 | 38,566 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (212,325) | (318,545) |
Other assets | 102,506 | 131,753 |
Trade accounts payable | 55,640 | 101,636 |
Income taxes payable or receivable | (7,616) | (16,976) |
Claims accruals | 34,322 | 10,464 |
Accrued payroll and other accrued expenses | (48,969) | (1,373) |
Net cash provided by operating activities | 1,355,406 | 969,849 |
Cash flows from investing activities: | ||
Additions to property and equipment | (1,087,881) | (572,717) |
Net proceeds from sale of equipment | 69,853 | 61,642 |
Business acquisitions | (118,101) | 0 |
Changes in other assets | 0 | (79) |
Net cash used in investing activities | (1,136,129) | (511,154) |
Cash flows from financing activities: | ||
Payments on long-term debt | (350,000) | 0 |
Proceeds from revolving lines of credit and other | 1,035,200 | 1,516 |
Payments on revolving lines of credit and other | (735,200) | 0 |
Purchase of treasury stock | (300,030) | (136,917) |
Stock repurchased for payroll taxes and other | (15,234) | (14,110) |
Dividends paid | (125,228) | (92,891) |
Net cash used in financing activities | (490,492) | (242,402) |
Net change in cash and cash equivalents | (271,215) | 216,293 |
Cash and cash equivalents at beginning of period | 355,549 | 313,302 |
Cash and cash equivalents at end of period | 84,334 | 529,595 |
Supplemental disclosure of cash flow information: | ||
Interest | 48,694 | 45,643 |
Income taxes | 156,304 | 140,992 |
Noncash investing activities | ||
Accruals for equipment received | $ 70,903 | $ 72,459 |
Note 1 - General
Note 1 - General | 9 Months Ended |
Sep. 30, 2022 | |
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 statement of our financial position, results of operations and cash flows at the dates and for the periods indicated. Pursuant to the requirements of the Securities and Exchange Commission (SEC) applicable to quarterly reports on Form 10-Q, the accompanying financial statements do not include all disclosures required by GAAP for annual financial statements. While we believe the disclosures presented are adequate to make the information not misleading, these unaudited interim Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2021. Operating results for the periods presented in this report are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2022, or any other interim period. Our business is somewhat seasonal with slightly higher freight volumes typically experienced during August through early November in our full-load freight transportation business. |
Note 2 - Earnings Per Share
Note 2 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
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 1.2 million shares during the three and nine months ended September 30, 2022, compared to 1.3 million and 1.2 million shares during the three and nine months ended September 30, 2021, respectively. |
Note 3 - Share-based Compensati
Note 3 - Share-based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Restricted share units: Pretax compensation expense $ 14,655 $ 11,677 $ 42,550 $ 34,669 Tax benefit 3,664 2,931 10,638 8,702 Restricted share unit expense, net of tax $ 10,991 $ 8,746 $ 31,912 $ 25,967 Performance share units: Pretax compensation expense $ 5,498 $ 4,269 $ 17,187 $ 12,742 Tax benefit 1,375 1,071 4,297 3,198 Performance share unit expense, net of tax $ 4,123 $ 3,198 $ 12,890 $ 9,544 As of September 30, 2022, we had $81.8 million and $31.3 million of total unrecognized compensation expense related to restricted share units and performance share units, respectively, that is to be recognized over the remaining weighted average period of approximately 2.9 years for restricted share units and 2.6 years for performance share units. During the nine months ended September 30, 2022, we issued 128,769 shares for vested restricted share units and 108,823 shares for vested performance share units. Of this total, 114,956 shares for vested restricted share units and no shares for vested performance share units were issued during the third quarter 2022. |
Note 4 - Financing Arrangements
Note 4 - Financing Arrangements | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. Financing Arrangements Outstanding borrowings, net of unamortized discount and unamortized debt issuance cost, under our current financing arrangements consist of the following (in millions): September 30, 2022 December 31, 2021 Senior credit facility $ 297.0 $ - Senior notes 946.8 1,301.2 Less current portion of long-term debt - (356.0 ) Total long-term debt $ 1,243.8 $ 945.2 Senior Credit Facility On September 27, 2022, we replaced our $750 million senior credit facility dated September 25, 2018, with a new credit facility authorizing us to borrow up to $1.5 billion through a revolving line of credit and committed term loans, which is supported by a credit agreement with a group of banks. The revolving line of credit authorizes us to borrow up to $1.0 billion under a five-year one-year Senior Notes Our senior notes consist of two separate issuances. The first is $250 million of 3.85% senior notes due March 2024, issued in March 2014. Interest payments under these notes are due semiannually in March and September of each year, beginning September 2014. The second is $700 million of 3.875% senior notes due March 2026, issued in March 2019. Interest payments under these notes are due semiannually in March and September of each year beginning September 2019. Both senior notes were issued by J.B. Hunt Transport Services, Inc., a parent-level holding company with no significant assets or operations. The notes are guaranteed on a full and unconditional basis by a wholly-owned subsidiary. All other subsidiaries of the parent are minor. We registered these offerings and the sale of the notes under the Securities Act of 1933, pursuant to shelf registration statements filed in February 2014 and January 2019. Both notes are unsecured obligations and rank equally with our existing and future senior unsecured debt. We may redeem for cash some or all of the notes based on a redemption price set forth in the note indenture. Our $350 million of 3.30% senior notes matured in August 2022. The entire outstanding balance was paid in full at maturity. Our financing arrangements require us to maintain certain covenants and financial ratios. We were in compliance with all covenants and financial ratios at September 30, 2022. |
Note 5 - Capital Stock
Note 5 - Capital Stock | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 5. Capital Stock On January 22, 2020, our Board of Directors authorized the purchase of up to $500 million of our common stock. On July 20, 2022, our Board of Directors authorized an additional purchase of up to $500 million of our common stock. At September 30, 2022, $551 million of this combined authorization was remaining. We purchased approximately 1,710,000 shares, or $300 million, of our common stock under our repurchase authorization during the nine months ended September 30, 2022, of which 349,000 shares, or $60.7 million, were purchased in third quarter 2022. On July 20, 2022, our Board of Directors declared a regular quarterly dividend of $0.40 per common share, which was paid August 19, 2022, to stockholders of record on August 5, 2022. On October 20, 2022, our Board of Directors declared a regular quarterly dividend of $0.40 per common share, which will be paid on November 18, 2022, to stockholders of record on November 4, 2022. |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 6. Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis Our assets and liabilities measured at fair value are based on valuation techniques which consider prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. These valuation methods are based on either quoted market prices (Level 1) or inputs, other than quoted prices in active markets, that are observable either directly or indirectly (Level 2). The following are assets and liabilities measured at fair value on a recurring basis at September 30, 2022 (in millions): Asset/(Liability) Balance September 30, 2022 December 31, 2021 Input Level Trading investments $ 23.5 $ 26.0 1 Interest rate swap $ - $ 6.3 2 Senior notes, net of unamortized discount and debt issuance costs $ - $ (356.0 ) 2 The fair value of trading investments has been measured using the market approach (Level 1) and reflect quoted market prices. The fair values of the interest rate swap and corresponding senior notes have been measured using the income approach (Level 2), which include relevant interest rate curve inputs. Trading investments are classified in other assets in our Condensed Consolidated Balance Sheets. The interest rate swap and senior notes are classified in our Condensed Consolidated Balance Sheets in prepaid expenses and other and current portion of long-term debt, respectively. The senior notes matured in August, 2022 and the related interest rate swap terminated. Financial Instruments The carrying amount of our senior credit facility and remaining senior notes not measured at fair value on a recurring basis was $1.24 billion and $945.2 million at September 30, 2022 and December 31, 2021, respectively. The estimated fair value of these liabilities using the income approach (Level 2), based on their net present value, discounted at our current borrowing rate, was $905.0 million and $1.04 billion at September 30, 2022 and December 31, 2021, respectively. The carrying amounts of all other instruments at September 30, 2022, approximate their fair value due to the short maturity of these instruments. |
Note 7 - Income Taxes
Note 7 - Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. Income Taxes Our effective income tax rate was 22.7% for the three months ended September 30, 2022, compared to 23.7% for the three months ended September 30, 2021. Our effective income tax rate was 24.0% for the first nine months of 2022, compared to 24.5% in 2021. In determining our quarterly provision for income taxes, we use an estimated annual effective tax rate, adjusted for discrete items. This rate is based on our expected annual income, statutory tax rates, best estimate of nontaxable and nondeductible items of income and expense, and the ultimate outcome of tax audits. At September 30, 2022, we had a total of $87.8 million in gross unrecognized tax benefits, which are a component of other long-term liabilities on our Condensed Consolidated Balance Sheets. Of this amount, $74.5 million represents the amount of unrecognized tax benefits that, if recognized, would impact our effective tax rate. The total amount of accrued interest and penalties for such unrecognized tax benefits was $9.0 million at September 30, 2022. In August 2022, the Inflation Reduction Act of 2022 was signed into law. This legislation includes significant changes relating to tax, climate change, energy and health care. The major tax provisions in the law include a corporate alternative minimum tax (CAMT) on certain large corporations and an excise tax on certain share repurchases, both effective January 1, 2023. The CAMT is not expected to impact us on the effective date, and the excise tax on share repurchases is not expected to have a material impact on our financial statements. |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8. Commitments and Contingencies As the result of state use tax audits, we have been assessed amounts owed from which we are vigorously appealing. We have recorded a liability for the estimated probable exposure under these audits and await resolution of the matter. We purchase insurance coverage for a portion of expenses related to vehicular collisions and accidents. These policies include a level of self-insurance (deductible) coverage applicable to each claim as well as certain coverage layer specific, aggregated reimbursement limits of covered excess claims. We may exceed some of these existing coverage layer aggregate reimbursement limits. During the second quarter 2022, we recorded $30 million in liabilities to reflect our estimate of exposure for excess claims and will adjust current reserves as necessary until the underlying claims are ultimately settled. We are involved in certain other claims and pending litigation arising from the normal conduct of business. Based on present knowledge of the facts and, in certain cases, opinions of outside counsel, we believe the resolution of these claims and pending litigation will not have a material adverse effect on our financial condition, results of operations or liquidity. |
Note 9 - Acquisitions
Note 9 - Acquisitions | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 9. Acquisitions On January 31, 2022, we entered into an asset purchase agreement to acquire substantially all of the assets and assume certain specified liabilities of Zenith Freight Lines, LLC (Zenith), a wholly-owned subsidiary of Bassett Furniture Industries, Inc., subject to customary closing conditions. The closing of the transaction was effective on February 28, 2022, with a purchase price of $86.9 million. Total consideration paid in cash under the Zenith agreement was $87.1 million and consisted of the agreed upon purchase price adjusted for estimated working capital adjustments. In addition, we incurred approximately $0.9 million in transaction costs which are recorded in general and administrative expenses, net of asset dispositions in our Condensed Consolidated Statements of Earnings. The Zenith acquisition was accounted for as a business combination and will operate within our Final Mile Services ® Consideration $ 87.1 Accounts receivable 7.2 Other current assets 1.3 Property and equipment 28.4 Other assets 0.3 Right-of-use assets 28.2 Intangibles 42.7 Accounts payable and accrued liabilities (4.2 ) Lease liabilities (28.2 ) Goodwill $ 11.4 On September 14, 2022, we entered into purchase agreements to acquire substantially all of the assets and assume certain specified liabilities of Alterri Distribution Center, LLC and to acquire all the real property and other assets of related entities (Alterri), subject to customary closing conditions. The closing of the transaction was effective on September 14, 2022, with a purchase price and total consideration paid in cash of $31.0 million. The Alterri acquisition was accounted for as a business combination and will operate within our Intermodal business segment. Assets acquired and liabilities assumed were recorded in our Condensed Consolidated Balance Sheet at their estimated fair values, as of the closing date, using cost, market data and valuation techniques that reflect management’s judgment and estimates. As a result of the acquisition, we recorded approximately $0.9 million of definite-lived intangible assets and approximately $8.7 million of goodwill. Goodwill consists of acquiring and retaining Alterri’s existing operating model and strategic geographic location as well as expected synergies from the combination of operations. The following table outlines the consideration transferred and preliminary purchase price allocation at their respective estimated fair values as of September 30, 2022 (in millions): Consideration $ 31.0 Accounts receivable 0.3 Property and equipment 21.1 Right-of-use assets 0.4 Intangibles 0.9 Lease liabilities (0.4 ) Goodwill $ 8.7 |
Note 10 - Goodwill and Other In
Note 10 - Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 10. Goodwill and Other Intangible Assets As discussed in Note 9, Acquisitions, in 2022, we recorded additional goodwill of approximately $20.1 million and additional finite-lived intangible assets of approximately $43.6 million in connection with the Zenith and Alterri acquisitions. Total goodwill was $120.6 million and $100.5 million at September 30, 2022, and December 31, 2021, respectively. At September 30, 2022, $111.9 million and $8.7 million of our goodwill was assigned to our Final Mile Services and Intermodal business segments, respectively. No impairment losses have been recorded for goodwill as of September 30, 2022. Prior to the Zenith and Alterri acquisitions, our intangible assets consisted of those arising from previous business acquisitions and our purchased LDC network access, both within our Final Mile Services business segment. Identifiable intangible assets consist of the following (in millions): Weighted Average September 30, December 31, Amortization 2022 2021 Period Finite-lived intangibles: Customer relationships $ 169.0 $ 129.9 10.8 Non-competition agreements 9.6 7.3 6.3 Trade names 6.4 4.2 2.1 LDC Network 10.5 10.5 10.0 Total finite-lived intangibles 195.5 151.9 Less accumulated amortization (74.7 ) (61.3 ) Total identifiable intangible assets, net $ 120.8 $ 90.6 Our finite-lived intangible assets have no assigned residual values. Intangible asset amortization expense was $4.8 million during the third quarter 2022, compared to $3.5 million during third quarter 2021. During the nine months ended September 30, 2022 and 2021, intangible asset amortization expense was $13.4 million and $10.7 million, respectively. Estimated amortization expense for our finite-lived intangible assets is expected to be approximately $18.2 million for 2022, $19.5 million for 2023, $18.3 million for 2024, $18.0 million for 2025, and $17.2 million for 2026. Actual amounts of amortization expense may differ from estimated amounts due to additional intangible asset acquisitions, impairment or accelerated amortization of intangible assets, and other events. |
Note 11 - Business Segments
Note 11 - Business Segments | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11. Business Segments We reported five ® ® Assets (Excludes intercompany accounts) As of September 30, 2022 December 31, 2021 JBI $ 3,272 $ 2,858 DCS 1,824 1,630 ICS 396 428 JBT 491 403 FMS 579 472 Other (includes corporate) 870 1,003 Total $ 7,432 $ 6,794 Operating Revenues Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 JBI $ 1,837 $ 1,413 $ 5,273 $ 3,879 DCS 894 665 2,498 1,866 ICS 591 666 1,890 1,799 JBT 274 204 807 537 FMS 249 206 725 620 Subtotal 3,845 3,154 11,193 8,701 Inter-segment eliminations (7 ) (9 ) (29 ) (30 ) Total $ 3,838 $ 3,145 $ 11,164 $ 8,671 Operating Income/(Loss) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 JBI $ 217.0 $ 165.1 $ 620.5 $ 407.2 DCS 103.1 78.1 269.4 231.5 ICS 13.5 14.7 62.1 25.1 JBT 19.0 14.7 75.5 39.0 FMS 9.6 1.3 22.3 20.5 Other (includes corporate) (0.0 ) (0.1 ) (0.2 ) (0.3 ) Total $ 362.2 $ 273.8 $ 1,049.6 $ 723.0 Depreciation and Amortization Expense Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 JBI $ 58.0 $ 48.9 $ 165.9 $ 147.5 DCS 68.7 58.3 197.8 173.6 ICS 0.6 0.2 1.7 0.6 JBT 11.9 9.1 32.5 26.8 FMS 11.4 8.7 32.1 26.3 Other (includes corporate) 16.0 13.7 42.9 41.0 Total $ 166.6 $ 138.9 $ 472.9 $ 415.8 |
Note 3 - Share-based Compensa_2
Note 3 - Share-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Restricted share units: Pretax compensation expense $ 14,655 $ 11,677 $ 42,550 $ 34,669 Tax benefit 3,664 2,931 10,638 8,702 Restricted share unit expense, net of tax $ 10,991 $ 8,746 $ 31,912 $ 25,967 Performance share units: Pretax compensation expense $ 5,498 $ 4,269 $ 17,187 $ 12,742 Tax benefit 1,375 1,071 4,297 3,198 Performance share unit expense, net of tax $ 4,123 $ 3,198 $ 12,890 $ 9,544 |
Note 4 - Financing Arrangemen_2
Note 4 - Financing Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 30, 2022 December 31, 2021 Senior credit facility $ 297.0 $ - Senior notes 946.8 1,301.2 Less current portion of long-term debt - (356.0 ) Total long-term debt $ 1,243.8 $ 945.2 |
Note 6 - Fair Value Measureme_2
Note 6 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Asset/(Liability) Balance September 30, 2022 December 31, 2021 Input Level Trading investments $ 23.5 $ 26.0 1 Interest rate swap $ - $ 6.3 2 Senior notes, net of unamortized discount and debt issuance costs $ - $ (356.0 ) 2 |
Note 9 - Acquisitions (Tables)
Note 9 - Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Alterri Distribution Center, LLC [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Consideration $ 31.0 Accounts receivable 0.3 Property and equipment 21.1 Right-of-use assets 0.4 Intangibles 0.9 Lease liabilities (0.4 ) Goodwill $ 8.7 |
Zenith Freight Lines, LLC [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Consideration $ 87.1 Accounts receivable 7.2 Other current assets 1.3 Property and equipment 28.4 Other assets 0.3 Right-of-use assets 28.2 Intangibles 42.7 Accounts payable and accrued liabilities (4.2 ) Lease liabilities (28.2 ) Goodwill $ 11.4 |
Note 10 - Goodwill and Other _2
Note 10 - Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Weighted Average September 30, December 31, Amortization 2022 2021 Period Finite-lived intangibles: Customer relationships $ 169.0 $ 129.9 10.8 Non-competition agreements 9.6 7.3 6.3 Trade names 6.4 4.2 2.1 LDC Network 10.5 10.5 10.0 Total finite-lived intangibles 195.5 151.9 Less accumulated amortization (74.7 ) (61.3 ) Total identifiable intangible assets, net $ 120.8 $ 90.6 |
Note 11 - Business Segments (Ta
Note 11 - Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Assets (Excludes intercompany accounts) As of September 30, 2022 December 31, 2021 JBI $ 3,272 $ 2,858 DCS 1,824 1,630 ICS 396 428 JBT 491 403 FMS 579 472 Other (includes corporate) 870 1,003 Total $ 7,432 $ 6,794 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Operating Revenues Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 JBI $ 1,837 $ 1,413 $ 5,273 $ 3,879 DCS 894 665 2,498 1,866 ICS 591 666 1,890 1,799 JBT 274 204 807 537 FMS 249 206 725 620 Subtotal 3,845 3,154 11,193 8,701 Inter-segment eliminations (7 ) (9 ) (29 ) (30 ) Total $ 3,838 $ 3,145 $ 11,164 $ 8,671 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Operating Income/(Loss) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 JBI $ 217.0 $ 165.1 $ 620.5 $ 407.2 DCS 103.1 78.1 269.4 231.5 ICS 13.5 14.7 62.1 25.1 JBT 19.0 14.7 75.5 39.0 FMS 9.6 1.3 22.3 20.5 Other (includes corporate) (0.0 ) (0.1 ) (0.2 ) (0.3 ) Total $ 362.2 $ 273.8 $ 1,049.6 $ 723.0 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | Depreciation and Amortization Expense Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 JBI $ 58.0 $ 48.9 $ 165.9 $ 147.5 DCS 68.7 58.3 197.8 173.6 ICS 0.6 0.2 1.7 0.6 JBT 11.9 9.1 32.5 26.8 FMS 11.4 8.7 32.1 26.3 Other (includes corporate) 16.0 13.7 42.9 41.0 Total $ 166.6 $ 138.9 $ 472.9 $ 415.8 |
Note 2 - Earnings Per Share (De
Note 2 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements | 1.2 | 1.3 | 1.2 | 1.2 |
Note 3 - Share-based Compensa_3
Note 3 - Share-based Compensation (Details Textual) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 USD ($) shares | Sep. 30, 2022 USD ($) shares | |
Restricted Stock Units (RSUs) [Member] | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 81.8 | $ 81.8 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 10 months 24 days | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | shares | 114,956 | 128,769 |
Performance Shares [Member] | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 31.3 | $ 31.3 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 7 months 6 days | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | shares | 0 | 108,823 |
Note 3 - Share-based Compensa_4
Note 3 - Share-based Compensation - Components of Share-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Restricted Stock Units (RSUs) [Member] | ||||
Pretax compensation expense | $ 14,655 | $ 11,677 | $ 42,550 | $ 34,669 |
Tax benefit | 3,664 | 2,931 | 10,638 | 8,702 |
Restricted share unit expense, net of tax | 10,991 | 8,746 | 31,912 | 25,967 |
Performance Shares [Member] | ||||
Pretax compensation expense | 5,498 | 4,269 | 17,187 | 12,742 |
Tax benefit | 1,375 | 1,071 | 4,297 | 3,198 |
Restricted share unit expense, net of tax | $ 4,123 | $ 3,198 | $ 12,890 | $ 9,544 |
Note 4 - Financing Arrangemen_3
Note 4 - Financing Arrangements (Details Textual) - USD ($) $ in Thousands | Sep. 27, 2022 | Sep. 30, 2022 | Sep. 25, 2018 |
New Credit Facility [Member] | |||
Debt Instrument, Maximum Borrowing Capacity | $ 1,500,000 | ||
Committed Term Loans [Member] | |||
Debt Instrument, Loans, Maximum Borrowing Capacity | 500,000 | ||
Long-Term Line of Credit, Total | $ 0 | ||
Senior Notes, First Issuance [Member] | Senior Notes [Member] | |||
Unsecured Debt, Total | $ 250,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | ||
Senior Notes, Second Issuance [Member] | Senior Notes [Member] | |||
Unsecured Debt, Total | $ 700,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.875% | ||
Senior Notes, Third Issuance [Member] | Senior Notes [Member] | |||
Unsecured Debt, Total | $ 350,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.30% | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | $ 750,000 | |
Debt Instrument, Term | 5 years | ||
Line of Credit Facility, Maximum Borrowing Capacity, Optional Increase | $ 300,000 | ||
Line of Credit Facility, Duration By Which Maturity Date May Be Extended Upon Request | 1 year | ||
Long-Term Line of Credit, Total | $ 300,000 | ||
Debt, Weighted Average Interest Rate | 4.10% |
Note 4 - Financing Arrangemen_4
Note 4 - Financing Arrangements - Outstanding Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Long-term debt | $ 1,243,814 | $ 945,257 |
Less current portion of long-term debt | 0 | (355,972) |
Total long-term debt | 1,243,800 | 945,200 |
Senior Notes [Member] | ||
Long-term debt | 946,800 | 1,301,200 |
Revolving Credit Facility [Member] | ||
Long-term debt | $ 297,000 | $ 0 |
Note 5 - Capital Stock (Details
Note 5 - Capital Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Oct. 20, 2022 | Jul. 20, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jan. 22, 2020 | |
Stock Repurchase Program, Authorized Amount | $ 500,000 | $ 500,000 | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 551,000 | $ 551,000 | |||||
Treasury Stock, Shares, Acquired | 349,000 | 1,710,000 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ 60,690 | $ 50,336 | $ 300,030 | $ 136,917 | |||
Common Stock, Dividends, Per Share, Declared | $ 0.40 | ||||||
Subsequent Event [Member] | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.40 |
Note 6 - Fair Value Measureme_3
Note 6 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Long-Term Debt, Total | $ 1,243.8 | $ 945.2 |
Fair Value, Nonrecurring [Member] | Senior Notes [Member] | ||
Long-Term Debt, Total | 1,240 | 945.2 |
Long-Term Debt, Fair Value | $ 905 | $ 1,040 |
Note 6 - Fair Value Measureme_4
Note 6 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Inputs, Level 1 [Member] | ||
Trading investments | $ 23.5 | $ 26 |
Fair Value, Inputs, Level 2 [Member] | ||
Interest rate swap | 0 | 6.3 |
Senior notes, net of unamortized discount and debt issuance costs | $ 0 | $ (356) |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 24.50% | 22.70% | 23.70% | 24% |
Unrecognized Tax Benefits, Ending Balance | $ 87.8 | $ 87.8 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 74.5 | 74.5 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 9 | $ 9 |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Details Textual) $ in Millions | Sep. 30, 2022 USD ($) |
Liability for Claims and Claims Adjustment Expense, Ending Balance | $ 30 |
Note 9 - Acquisitions (Details
Note 9 - Acquisitions (Details Textual) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 14, 2022 | Feb. 28, 2022 | Sep. 30, 2022 | |
Zenith Freight Lines, LLC [Member] | |||
Payments to Acquire Businesses, Gross | $ 87.1 | ||
Business Combination, Consideration Transferred, Total | 86.9 | $ 87.1 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 42.7 | $ 43.6 | |
Goodwill, Ending Balance | 11.4 | ||
Zenith Freight Lines, LLC [Member] | General and Administrative Expense [Member] | |||
Business Combination, Acquisition Related Costs | $ 0.9 | ||
Alterri Distribution Center, LLC [Member] | |||
Business Combination, Consideration Transferred, Total | $ 31 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0.9 | ||
Goodwill, Ending Balance | $ 8.7 |
Note 9 - Acquisitions - Acquisi
Note 9 - Acquisitions - Acquisition of Zenith (Details) - Zenith Freight Lines, LLC [Member] - USD ($) $ in Millions | 9 Months Ended | |
Feb. 28, 2022 | Sep. 30, 2022 | |
Consideration | $ 86.9 | $ 87.1 |
Accounts receivable | 7.2 | |
Other current assets | 1.3 | |
Property and equipment | 28.4 | |
Other assets | 0.3 | |
Right-of-use assets | 28.2 | |
Intangibles | 42.7 | |
Accounts payable and accrued liabilities | 4.2 | |
Lease liabilities | 28.2 | |
Goodwill | $ 11.4 |
Note 9 - Acquisitions - Acqui_2
Note 9 - Acquisitions - Acquisition of Alterri (Details) - Alterri Distribution Center, LLC [Member] $ in Millions | Sep. 14, 2022 USD ($) |
Consideration | $ 31 |
Accounts receivable | 0.3 |
Property and equipment | 21.1 |
Right-of-use assets | 0.4 |
Intangibles | 0.9 |
Lease liabilities | (0.4) |
Goodwill | $ 8.7 |
Note 10 - Goodwill and Other _3
Note 10 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Feb. 28, 2022 | Dec. 31, 2021 | |
Goodwill, Gross | $ 120,600 | $ 120,600 | $ 100,500 | |||
Acquired Finite-Lived Intangible Asset, Residual Value | 0 | 0 | ||||
Amortization of Intangible Assets | 4,800 | $ 3,500 | 13,400 | $ 10,700 | ||
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | 18,200 | 18,200 | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 19,500 | 19,500 | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 18,300 | 18,300 | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 18,000 | 18,000 | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 17,200 | 17,200 | ||||
Final Mile Services [Member] | ||||||
Goodwill, Gross | 111,900 | 111,900 | ||||
Intermodal Business Segments [Member] | ||||||
Goodwill, Gross | 8,700 | 8,700 | ||||
Zenith Freight Lines, LLC [Member] | ||||||
Goodwill, Gross | 20,100 | 20,100 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 43,600 | $ 43,600 | $ 42,700 |
Note 10 - Goodwill and Other _4
Note 10 - Goodwill and Other Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Finite-lived intangible assets, gross | $ 195.5 | $ 151.9 |
Less accumulated amortization | (74.7) | (61.3) |
Total identifiable intangible assets, net | 120.8 | 90.6 |
Customer Relationships [Member] | ||
Finite-lived intangible assets, gross | $ 169 | 129.9 |
Weighted average amortization period (Year) | 10 years 9 months 18 days | |
Noncompete Agreements [Member] | ||
Finite-lived intangible assets, gross | $ 9.6 | 7.3 |
Weighted average amortization period (Year) | 6 years 3 months 18 days | |
Trade Names [Member] | ||
Finite-lived intangible assets, gross | $ 6.4 | 4.2 |
Weighted average amortization period (Year) | 2 years 1 month 6 days | |
LDC Network Access [Member] | ||
Finite-lived intangible assets, gross | $ 10.5 | $ 10.5 |
Weighted average amortization period (Year) | 10 years |
Note 11 - Business Segments (De
Note 11 - Business Segments (Details Textual) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Number of Reportable Segments | 5 | 5 |
Note 11 - Business Segments - A
Note 11 - Business Segments - Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | $ 7,431,559 | $ 6,794,348 |
Operating Segments [Member] | JBI [Member] | ||
Assets | 3,272,000 | 2,858,000 |
Operating Segments [Member] | DCS [Member] | ||
Assets | 1,824,000 | 1,630,000 |
Operating Segments [Member] | ICS [Member] | ||
Assets | 396,000 | 428,000 |
Operating Segments [Member] | JBT [Member] | ||
Assets | 491,000 | 403,000 |
Operating Segments [Member] | FMS [Member] | ||
Assets | 579,000 | 472,000 |
Segment Reconciling Items [Member] | ||
Assets | $ 870,000 | $ 1,003,000 |
Note 11 - Business Segments - R
Note 11 - Business Segments - Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues | $ 3,838,257 | $ 3,144,812 | $ 11,164,377 | $ 8,671,331 |
Operating Segments [Member] | ||||
Revenues | 3,845,000 | 3,154,000 | 11,193,000 | 8,701,000 |
Operating Segments [Member] | JBI [Member] | ||||
Revenues | 1,837,000 | 1,413,000 | 5,273,000 | 3,879,000 |
Operating Segments [Member] | DCS [Member] | ||||
Revenues | 894,000 | 665,000 | 2,498,000 | 1,866,000 |
Operating Segments [Member] | ICS [Member] | ||||
Revenues | 591,000 | 666,000 | 1,890,000 | 1,799,000 |
Operating Segments [Member] | JBT [Member] | ||||
Revenues | 274,000 | 204,000 | 807,000 | 537,000 |
Operating Segments [Member] | FMS [Member] | ||||
Revenues | 249,000 | 206,000 | 725,000 | 620,000 |
Intersegment Eliminations [Member] | ||||
Revenues | $ (7,000) | $ (9,000) | $ (29,000) | $ (30,000) |
Note 11 - Business Segments - O
Note 11 - Business Segments - Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating income | $ 362,228 | $ 273,829 | $ 1,049,605 | $ 723,027 |
Operating Segments [Member] | JBI [Member] | ||||
Operating income | 217,000 | 165,100 | 620,500 | 407,200 |
Operating Segments [Member] | DCS [Member] | ||||
Operating income | 103,100 | 78,100 | 269,400 | 231,500 |
Operating Segments [Member] | ICS [Member] | ||||
Operating income | 13,500 | 14,700 | 62,100 | 25,100 |
Operating Segments [Member] | JBT [Member] | ||||
Operating income | 19,000 | 14,700 | 75,500 | 39,000 |
Operating Segments [Member] | FMS [Member] | ||||
Operating income | 9,600 | 1,300 | 22,300 | 20,500 |
Segment Reconciling Items [Member] | ||||
Operating income | $ 0 | $ (100) | $ (200) | $ (300) |
Note 11 - Business Segments - D
Note 11 - Business Segments - Depreciation and Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Depreciation and amortization | $ 166,580 | $ 138,923 | $ 472,914 | $ 415,839 |
Operating Segments [Member] | JBI [Member] | ||||
Depreciation and amortization | 58,000 | 48,900 | 165,900 | 147,500 |
Operating Segments [Member] | DCS [Member] | ||||
Depreciation and amortization | 68,700 | 58,300 | 197,800 | 173,600 |
Operating Segments [Member] | ICS [Member] | ||||
Depreciation and amortization | 600 | 200 | 1,700 | 600 |
Operating Segments [Member] | JBT [Member] | ||||
Depreciation and amortization | 11,900 | 9,100 | 32,500 | 26,800 |
Operating Segments [Member] | FMS [Member] | ||||
Depreciation and amortization | 11,400 | 8,700 | 32,100 | 26,300 |
Segment Reconciling Items [Member] | ||||
Depreciation and amortization | $ 16,000 | $ 13,700 | $ 42,900 | $ 41,000 |