J.B. Hunt Transport Services (JBHT) 10-Q 28 Apr 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 2023 shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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 Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)	103,647,731
Entity Central Index Key	0000728535
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating revenues, excluding fuel surcharge revenues	$ 3,229,588	$ 3,488,588
Operating expenses:
Rents and purchased transportation	1,467,798	1,837,340
Salaries, wages and employee benefits	824,999	763,591
Fuel and fuel taxes	195,834	189,466
Depreciation and amortization	175,812	148,763
Operating supplies and expenses	128,360	106,939
Insurance and claims	70,328	46,131
General and administrative expenses, net of asset dispositions	60,404	37,447
Operating taxes and licenses	18,108	15,749
Communication and utilities	10,456	8,868
Total operating expenses	2,952,099	3,154,294
Operating income	277,489	334,294
Net interest expense	14,789	12,586
Earnings before income taxes	262,700	321,708
Income taxes	64,932	78,383
Net earnings	$ 197,768	$ 243,325
Weighted average basic shares outstanding (in shares)	103,724	104,894
Basic earnings per share (in dollars per share)	$ 1.91	$ 2.32
Weighted average diluted shares outstanding (in shares)	104,729	106,075
Diluted earnings per share (in dollars per share)	$ 1.89	$ 2.29
Service Excluding Fuel Surcharge [Member]
Operating revenues, excluding fuel surcharge revenues	$ 2,731,453	$ 3,042,217
Fuel Surcharge [Member]
Operating revenues, excluding fuel surcharge revenues	$ 498,135	$ 446,371

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 52,604	$ 51,927
Trade accounts receivable, net	1,382,896	1,528,075
Prepaid expenses and other	553,427	631,776
Total current assets	1,988,927	2,211,778
Property and equipment, at cost	8,163,778	7,999,480
Less accumulated depreciation	2,965,980	3,019,663
Net property and equipment	5,197,798	4,979,817
Goodwill and intangible assets, net	231,518	236,390
Other assets	372,159	358,597
Total assets	7,790,402	7,786,582
Current liabilities:
Current portion of long-term debt	249,785	0
Trade accounts payable	749,774	798,776
Claims accruals	485,623	452,149
Accrued payroll	96,961	188,252
Other accrued expenses	121,440	129,054
Total current liabilities	1,703,583	1,568,231
Long-term debt	991,710	1,261,738
Other long-term liabilities	375,761	369,314
Deferred income taxes	921,977	920,531
Stockholders' equity	3,797,371	3,666,768
Total liabilities and stockholders' equity	$ 7,790,402	$ 7,786,582

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, Common [Member]	Total
Balances at Dec. 31, 2021	$ 1,671	$ 448,217	$ 5,621,103	$ (2,953,175)	$ 3,117,816
Net earnings	0	0	243,325	0	243,325
Cash dividend declared and paid	0	0	(41,940)	0	(41,940)
Purchase of treasury shares	0	0	0	(75,018)	(75,018)
Share-based compensation	0	19,141	0	0	19,141
Restricted share issuances, net of stock repurchased for payroll taxes and other	0	(5,842)	0	(3,940)	(9,782)
Balances at Mar. 31, 2022	1,671	461,516	5,822,488	(3,032,133)	3,253,542
Balances at Dec. 31, 2022	1,671	499,897	6,423,730	(3,258,530)	3,666,768
Net earnings	0	0	197,768	0	197,768
Cash dividend declared and paid	0	0	(43,584)	0	(43,584)
Purchase of treasury shares	0	0	0	(30,849)	(30,849)
Share-based compensation	0	19,248	0	0	19,248
Restricted share issuances, net of stock repurchased for payroll taxes and other	0	(7,826)	0	(4,154)	(11,980)
Balances at Mar. 31, 2023	$ 1,671	$ 511,319	$ 6,577,914	$ (3,293,533)	$ 3,797,371

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share)	$ 0.42	$ 0.40

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net earnings	$ 197,768	$ 243,325
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	175,812	148,763
Noncash lease expense	22,852	18,461
Share-based compensation	19,248	19,141
(Gain)/loss on sale of revenue equipment and other	6,038	(17,262)
Deferred income taxes	1,446	8,285
Changes in operating assets and liabilities:
Trade accounts receivable	145,179	(232,920)
Other assets	52,886	35,734
Trade accounts payable	(76,106)	86,959
Income taxes payable or receivable	52,951	33,688
Claims accruals	17,085	13,357
Accrued payroll and other accrued expenses	(127,538)	(65,746)
Net cash provided by operating activities	487,621	291,785
Cash flows from investing activities:
Additions to property and equipment	(461,314)	(309,338)
Net proceeds from sale of equipment	81,483	20,212
Business acquisition	0	(86,939)
Net cash used in investing activities	(379,831)	(376,065)
Cash flows from financing activities:
Proceeds from revolving lines of credit and other	945,400	0
Payments on revolving lines of credit and other	(966,100)	0
Purchase of treasury stock	(30,849)	(75,018)
Stock repurchased for payroll taxes and other	(11,980)	(9,782)
Dividends paid	(43,584)	(41,940)
Net cash used in financing activities	(107,113)	(126,740)
Net change in cash and cash equivalents	677	(211,020)
Cash and cash equivalents at beginning of period	51,927	355,549
Cash and cash equivalents at end of period	52,604	144,529
Supplemental disclosure of cash flow information:
Interest	24,577	20,974
Income taxes	7,455	22,153
Noncash investing activities
Accruals for equipment received	$ 134,578	$ 52,195

Note 1 - General

Note 1 - General	3 Months Ended
	Mar. 31, 2023
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, 2022. 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, 2023, 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	3 Months Ended
	Mar. 31, 2023
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 1.0 million shares during the three months ended March 31, 2023, compared to 1.2 million shares during the three months ended March 31, 2022.

Note 3 - Share-based Compensati

Note 3 - Share-based Compensation	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 Restricted share units: Pretax compensation expense $ 12,722 $ 12,975 Tax benefit 3,252 3,250 Restricted share unit expense, net of tax $ 9,470 $ 9,725 Performance share units: Pretax compensation expense $ 6,526 $ 6,166 Tax benefit 1,668 1,545 Performance share unit expense, net of tax $ 4,858 $ 4,621 As of March 31, 2023, we had $99.7 million and $45.0 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 2.7 years for restricted share units and 2.5 years for performance share units. During the three months ended March 31, 2023, we issued 13,159 shares for vested restricted share units and 138,881 shares for vested performance share units.

Note 4 - Financing Arrangements

Note 4 - Financing Arrangements	3 Months Ended
	Mar. 31, 2023
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): March 31, 2023 December 31, 2022 Senior credit facility $ 294.2 $ 314.7 Senior notes 947.3 947.0 Less current portion of long-term debt (249.8 ) - Total long-term debt $ 991.7 $ 1,261.7 Senior Credit Facility At March 31, 2023, we were authorized 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 tangible 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 financing arrangements require us to maintain certain covenants and financial ratios. We were in compliance with all covenants and financial ratios at March 31, 2023.

Note 5 - Capital Stock

Note 5 - Capital Stock	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Equity [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 March 31, 2023, $520 million of these authorizations were remaining. We purchased approximately 183,000 shares, or $30.8 million, of our common stock under our repurchase authorization during the three months ended March 31, 2023. On January 19, 2023, our Board of Directors declared a regular quarterly cash dividend of $0.42, which was paid February 24, 2023, to stockholders of record on February 10, 2023. On April 27, 2023, our Board of Directors declared a regular quarterly dividend of $0.42 per common share, which will be paid on May 26, 2023, to stockholders of record on May 12, 2023.

Note 6 - Fair Value Measurement

Note 6 - Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Fair Value Disclosures [Text Block]	6. Fair Value Measurements 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). Assets Measured at Fair Value on a Recurring Basis The following assets are measured at fair value on a recurring basis (in millions): Asset Balance March 31, 2023 December 31, 2022 Input Level Trading investments $ 28.1 $ 25.1 1 The fair value of trading investments has been measured using the market approach (Level 1) and reflects quoted market prices. Trading investments are classified in other assets in our Condensed Consolidated Balance Sheets. Financial Instruments The carrying amount of our senior credit facility and senior notes was $1.24 billion and $1.26 billion at March 31, 2023 and December 31, 2022, 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 $1.23 billion and $1.24 billion at March 31, 2023 and December 31, 2022, respectively. The carrying amounts of all other instruments at March 31, 2023, approximate their fair value due to the short maturity of these instruments.

Note 7 - Income Taxes

Note 7 - Income Taxes	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	7. Income Taxes Our effective income tax rate was 24.7% for the three months ended March 31, 2023, compared to 24.4% for the three months ended March 31, 2022. 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 March 31, 2023, we had a total of $92.2 million in gross unrecognized tax benefits, which are a component of other long-term liabilities on our Condensed Consolidated Balance Sheets. Of this amount, $77.2 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 $8.9 million at March 31, 2023.

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
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. Our claims from time to time exceed some of these existing coverage layer aggregate reimbursement limits, and accordingly, we have recorded a liability for the estimated probable exposure for these occurrences. 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 - Business Segments

Note 9 - Business Segments	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	9. Business Segments We reported five On January 1, 2023, we transferred the majority of the company owned trucking operations in our JBT business segment to our DCS business segment and transferred our less-than-truckload brokerage operations from our ICS business segment to our FMS business segment. Accordingly, the prior period segment information reported below has been reclassified to conform to the current period presentation. These reclassifications have no impact on our historical consolidated balance sheets, statements of earnings or cash flows. A summary of certain segment information is presented below (in millions): Assets (Excludes intercompany accounts) As of March 31, 2023 December 31, 2022 JBI $ 3,262 $ 3,270 DCS 2,128 1,952 ICS 284 311 FMS 629 620 JBT 464 474 Other (includes corporate) 1,023 1,160 Total $ 7,790 $ 7,787 Operating Revenues For The Three Months Ended March 31, 2023 2022 JBI $ 1,540 $ 1,603 DCS 879 776 ICS 385 659 FMS 225 235 JBT 206 230 Subtotal 3,235 3,503 Inter-segment eliminations (5 ) (14 ) Total $ 3,230 $ 3,489 Operating Income/(Loss) For The Three Months Ended March 31, 2023 2022 JBI $ 168.7 $ 201.0 DCS 102.6 79.7 ICS (5.4 ) 24.2 FMS 6.6 0.6 JBT 5.0 28.9 Other (includes corporate) - (0.1 ) Total $ 277.5 $ 334.3 Depreciation and Amortization Expense For The Three Months Ended March 31, 2023 2022 JBI $ 61.7 $ 52.7 DCS 76.2 65.4 FMS 12.0 9.4 JBT 10.8 7.5 Other (includes corporate) 15.1 13.8 Total $ 175.8 $ 148.8

Note 3 - Share-based Compensa_2

Note 3 - Share-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended March 31, 2023 2022 Restricted share units: Pretax compensation expense $ 12,722 $ 12,975 Tax benefit 3,252 3,250 Restricted share unit expense, net of tax $ 9,470 $ 9,725 Performance share units: Pretax compensation expense $ 6,526 $ 6,166 Tax benefit 1,668 1,545 Performance share unit expense, net of tax $ 4,858 $ 4,621

Note 4 - Financing Arrangemen_2

Note 4 - Financing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Debt [Table Text Block]	March 31, 2023 December 31, 2022 Senior credit facility $ 294.2 $ 314.7 Senior notes 947.3 947.0 Less current portion of long-term debt (249.8 ) - Total long-term debt $ 991.7 $ 1,261.7

Note 6 - Fair Value Measureme_2

Note 6 - Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Asset Balance March 31, 2023 December 31, 2022 Input Level Trading investments $ 28.1 $ 25.1 1

Note 9 - Business Segments (Tab

Note 9 - Business Segments (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	Assets (Excludes intercompany accounts) As of March 31, 2023 December 31, 2022 JBI $ 3,262 $ 3,270 DCS 2,128 1,952 ICS 284 311 FMS 629 620 JBT 464 474 Other (includes corporate) 1,023 1,160 Total $ 7,790 $ 7,787
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Operating Revenues For The Three Months Ended March 31, 2023 2022 JBI $ 1,540 $ 1,603 DCS 879 776 ICS 385 659 FMS 225 235 JBT 206 230 Subtotal 3,235 3,503 Inter-segment eliminations (5 ) (14 ) Total $ 3,230 $ 3,489
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	Operating Income/(Loss) For The Three Months Ended March 31, 2023 2022 JBI $ 168.7 $ 201.0 DCS 102.6 79.7 ICS (5.4 ) 24.2 FMS 6.6 0.6 JBT 5.0 28.9 Other (includes corporate) - (0.1 ) Total $ 277.5 $ 334.3
Segment, Reconciliation of Other Items from Segments to Consolidated [Table Text Block]	Depreciation and Amortization Expense For The Three Months Ended March 31, 2023 2022 JBI $ 61.7 $ 52.7 DCS 76.2 65.4 FMS 12.0 9.4 JBT 10.8 7.5 Other (includes corporate) 15.1 13.8 Total $ 175.8 $ 148.8

Note 2 - Earnings Per Share (De

Note 2 - Earnings Per Share (Details Textual) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements	1	1.2

Note 3 - Share-based Compensa_3

Note 3 - Share-based Compensation (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) shares
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $	$ 99.7
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 8 months 12 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | shares	13,159
Performance Shares [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $	$ 45
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 6 months
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | shares	138,881

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, 2023	Mar. 31, 2022
Restricted Stock Units (RSUs) [Member]
Pretax compensation expense	$ 12,722	$ 12,975
Tax benefit	3,252	3,250
Restricted share unit expense, net of tax	9,470	9,725
Performance Shares [Member]
Pretax compensation expense	6,526	6,166
Tax benefit	1,668	1,545
Restricted share unit expense, net of tax	$ 4,858	$ 4,621

Note 4 - Financing Arrangemen_3

Note 4 - Financing Arrangements (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,000,000
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	$ 296,800
Debt, Weighted Average Interest Rate	5.77%
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	0
Senior Notes, First Issuance [Member] | Senior Notes [Member]
Unsecured Debt	$ 250,000
Debt Instrument, Interest Rate, Stated Percentage	3.85%
Senior Notes, Second Issuance [Member] | Senior Notes [Member]
Unsecured Debt	$ 700,000
Debt Instrument, Interest Rate, Stated Percentage	3.875%

Note 4 - Financing Arrangemen_4

Note 4 - Financing Arrangements - Outstanding Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Long-term debt	$ 991,710	$ 1,261,738
Less current portion of long-term debt	(249,785)	0
Total long-term debt	991,700	1,261,700
Senior Notes [Member]
Long-term debt	947,300	947,000
Revolving Credit Facility [Member]
Long-term debt	$ 294,200	$ 314,700

Note 5 - Capital Stock (Details

Note 5 - Capital Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Apr. 27, 2023	Jan. 19, 2023	Mar. 31, 2023	Mar. 31, 2022	Jul. 20, 2022	Jan. 22, 2020
Stock Repurchase Program, Authorized Amount					$ 500,000	$ 500,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount			$ 520,000
Treasury Stock, Shares, Acquired			183,000
Treasury Stock, Value, Acquired, Cost Method			$ 30,849	$ 75,018
Common Stock, Dividends, Per Share, Declared		$ 0.42
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.42

Note 6 - Fair Value Measureme_3

Note 6 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Long-Term Debt	$ 991.7	$ 1,261.7
Fair Value, Nonrecurring [Member] | Senior Notes [Member]
Long-Term Debt	1,240	1,260
Long-Term Debt, Fair Value	$ 1,230	$ 1,240

Note 6 - Fair Value Measureme_4

Note 6 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Trading investments	$ 28.1	$ 25.1

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	24.70%	24.40%
Unrecognized Tax Benefits	$ 92.2
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	77.2
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 8.9

Note 9 - Business Segments (Det

Note 9 - Business Segments (Details Textual)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Number of Reportable Segments	5	5

Note 9 - Business Segments - As

Note 9 - Business Segments - Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets	$ 7,790,402	$ 7,786,582
Operating Segments [Member] | JBI [Member]
Assets	3,262,000	3,270,000
Operating Segments [Member] | DCS [Member]
Assets	2,128,000	1,952,000
Operating Segments [Member] | ICS [Member]
Assets	284,000	311,000
Operating Segments [Member] | FMS [Member]
Assets	629,000	620,000
Operating Segments [Member] | JBT [Member]
Assets	464,000	474,000
Segment Reconciling Items [Member]
Assets	$ 1,023,000	$ 1,160,000

Note 9 - Business Segments - Re

Note 9 - Business Segments - Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues	$ 3,229,588	$ 3,488,588
Operating Segments [Member]
Revenues	3,235,000	3,503,000
Operating Segments [Member] | JBI [Member]
Revenues	1,540,000	1,603,000
Operating Segments [Member] | DCS [Member]
Revenues	879,000	776,000
Operating Segments [Member] | ICS [Member]
Revenues	385,000	659,000
Operating Segments [Member] | FMS [Member]
Revenues	225,000	235,000
Operating Segments [Member] | JBT [Member]
Revenues	206,000	230,000
Intersegment Eliminations [Member]
Revenues	$ (5,000)	$ (14,000)

Note 9 - Business Segments - Op

Note 9 - Business Segments - Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating income	$ 277,489	$ 334,294
Operating Segments [Member] | JBI [Member]
Operating income	168,700	201,000
Operating Segments [Member] | DCS [Member]
Operating income	102,600	79,700
Operating Segments [Member] | ICS [Member]
Operating income	(5,400)	24,200
Operating Segments [Member] | FMS [Member]
Operating income	6,600	600
Operating Segments [Member] | JBT [Member]
Operating income	5,000	28,900
Segment Reconciling Items [Member]
Operating income	$ 0	$ (100)

Note 9 - Business Segments - De

Note 9 - Business Segments - Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Depreciation and amortization	$ 175,812	$ 148,763
Operating Segments [Member] | JBI [Member]
Depreciation and amortization	61,700	52,700
Operating Segments [Member] | DCS [Member]
Depreciation and amortization	76,200	65,400
Operating Segments [Member] | FMS [Member]
Depreciation and amortization	12,000	9,400
Operating Segments [Member] | JBT [Member]
Depreciation and amortization	10,800	7,500
Segment Reconciling Items [Member]
Depreciation and amortization	$ 15,100	$ 13,800