Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 19, 2014 | Jun. 28, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'WERNER ENTERPRISES INC | ' | ' |
Entity Central Index Key | '0000793074 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 72,827,329 | ' |
Entity Public Float | ' | ' | $1,108 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Trading Symbol | 'wern | ' | ' |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating revenues | $2,029,183 | $2,036,386 | $2,002,850 |
Operating expenses: | ' | ' | ' |
Salaries, wages and benefits | 545,419 | 544,322 | 536,509 |
Fuel | 371,789 | 401,417 | 412,905 |
Supplies and maintenance | 179,172 | 172,505 | 169,386 |
Taxes and licenses | 86,686 | 90,002 | 92,917 |
Insurance and claims | 71,177 | 65,593 | 67,523 |
Depreciation | 173,019 | 166,957 | 158,634 |
Rent and purchased transportation | 456,885 | 420,480 | 387,472 |
Communications and utilities | 13,506 | 13,745 | 15,181 |
Other | -8,196 | -10,079 | -11,351 |
Total operating expenses | 1,889,457 | 1,864,942 | 1,829,176 |
Operating income | 139,726 | 171,444 | 173,674 |
Other expense (income): | ' | ' | ' |
Interest expense | 454 | 288 | 85 |
Interest income | -2,269 | -1,837 | -1,448 |
Other | -170 | -173 | 131 |
Total other income | -1,985 | -1,722 | -1,232 |
Income before income taxes | 141,711 | 173,166 | 174,906 |
Income taxes | 54,926 | 70,132 | 72,149 |
Net income | $86,785 | $103,034 | $102,757 |
Earnings per share: | ' | ' | ' |
Basic earnings per share | $1.19 | $1.41 | $1.41 |
Diluted earnings per share | $1.18 | $1.40 | $1.40 |
Weighted-average common shares outstanding: | ' | ' | ' |
Basic | 72,866 | 72,909 | 72,787 |
Diluted | 73,428 | 73,453 | 73,225 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $86,785 | $103,034 | $102,757 |
Other comprehensive income (loss): | ' | ' | ' |
Foreign currency translation adjustments | -475 | 1,014 | -1,750 |
Other comprehensive income (loss) | -475 | 1,014 | -1,750 |
Comprehensive income | $86,310 | $104,048 | $101,007 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $23,678 | $15,428 |
Accounts receivable, trade, less allowance of $9,939 and $10,528, respectively | 231,647 | 211,133 |
Other receivables | 10,769 | 8,004 |
Inventories and supplies | 15,743 | 23,260 |
Prepaid taxes, licenses and permits | 15,064 | 14,893 |
Current deferred income taxes | 25,315 | 25,139 |
Other current assets | 27,445 | 21,330 |
Total current assets | 349,661 | 319,187 |
Property and equipment, at cost: | ' | ' |
Land | 31,445 | 31,620 |
Buildings and improvements | 132,023 | 132,201 |
Revenue equipment | 1,364,064 | 1,335,897 |
Service equipment and other | 200,205 | 190,772 |
Total property and equipment | 1,727,737 | 1,690,490 |
Less – accumulated depreciation | 750,219 | 696,647 |
Property and equipment, net | 977,518 | 993,843 |
Other non-current assets | 26,918 | 21,870 |
Total assets | 1,354,097 | 1,334,900 |
Current liabilities: | ' | ' |
Accounts payable | 66,678 | 56,397 |
Current portion of long-term debt | 0 | 20,000 |
Insurance and claims accruals | 59,811 | 57,679 |
Accrued payroll | 22,785 | 21,134 |
Other current liabilities | 18,457 | 20,983 |
Total current liabilities | 167,731 | 176,193 |
Long-term debt, net of current portion | 40,000 | 70,000 |
Other long-term liabilities | 14,710 | 15,779 |
Insurance and claims accruals, net of current portion | 131,900 | 125,500 |
Deferred income taxes | 227,237 | 232,531 |
Commitments and contingencies | ' | ' |
Stockholders’ equity: | ' | ' |
Common stock, $0.01 par value, 200,000,000 shares authorized; 80,533,536 shares issued; 72,713,920 and 73,246,598 shares outstanding, respectively | 805 | 805 |
Paid-in capital | 98,534 | 97,457 |
Retained earnings | 830,842 | 758,617 |
Accumulated other comprehensive loss | -4,631 | -4,156 |
Treasury stock, at cost; 7,819,616 and 7,286,938 shares, respectively | -153,031 | -137,826 |
Total stockholders’ equity | 772,519 | 714,897 |
Total liabilities and stockholders’ equity | $1,354,097 | $1,334,900 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful trade accounts receivable | $9,939 | $10,528 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 80,533,536 | 80,533,536 |
Common stock, shares outstanding | 72,713,920 | 73,246,598 |
Treasury stock, shares | 7,819,616 | 7,286,938 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $86,785 | $103,034 | $102,757 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation | 173,019 | 166,957 | 158,634 |
Deferred income taxes | -8,389 | -9,068 | 57,863 |
Gain on disposal of property and equipment | -16,408 | -20,533 | -21,290 |
Non-cash equity compensation | 4,809 | 4,602 | 2,599 |
Insurance and claims accruals, net of current portion | 6,400 | 4,250 | 8,000 |
Other | -541 | -237 | -1,073 |
Changes in certain working capital items: | ' | ' | ' |
Accounts receivable, net | -20,514 | 7,579 | -28,448 |
Other current assets | 3,398 | 17,581 | -21,744 |
Accounts payable | 2,793 | -20,172 | 19,381 |
Other current liabilities | 1,105 | 1,103 | -12,199 |
Net cash provided by operating activities | 232,457 | 255,096 | 264,480 |
Cash flows from investing activities: | ' | ' | ' |
Additions to property and equipment | -211,329 | -284,942 | -302,340 |
Retirements of property and equipment | 59,413 | 60,015 | 70,142 |
Decrease in notes receivable | 10,679 | 8,122 | 7,354 |
Other | 979 | 0 | 0 |
Net cash used in investing activities | -140,258 | -216,805 | -224,844 |
Cash flows from financing activities: | ' | ' | ' |
Repayments of short-term debt | -20,000 | -160,000 | -50,000 |
Proceeds from issuance of short-term debt | 0 | 180,000 | 50,000 |
Repayments of Long-term Lines of Credit | 40,000 | ' | ' |
Repayments of long-term debt | ' | 0 | 0 |
Proceeds from issuance of long-term debt | 10,000 | 70,000 | 0 |
Change in net checks issued in excess of cash balances | 0 | -6,671 | 6,671 |
Dividends on common stock | -14,587 | -124,391 | -50,969 |
Repurchases of common stock | -20,060 | 0 | 0 |
Tax withholding related to net share settlements of restricted stock awards | -1,804 | -674 | 0 |
Stock options exercised | 2,548 | 6,035 | 2,940 |
Excess tax benefits from equity compensation | 379 | 150 | 605 |
Net cash used in financing activities | -83,524 | -35,551 | -40,753 |
Effect of exchange rate fluctuations on cash | -425 | 276 | -437 |
Net increase (decrease) in cash and cash equivalents | 8,250 | 3,016 | -1,554 |
Cash and cash equivalents, beginning of period | 15,428 | 12,412 | 13,966 |
Cash and cash equivalents, end of period | 23,678 | 15,428 | 12,412 |
Supplemental disclosures of cash flow information: | ' | ' | ' |
Interest paid | 466 | 245 | 85 |
Income taxes paid | 66,032 | 67,968 | 28,802 |
Supplemental schedule of non-cash investing activities: | ' | ' | ' |
Notes receivable issued upon sale of property and equipment | 17,110 | 10,564 | 9,172 |
Property and equipment acquired included in accounts payable | 5,403 | 109 | 17,026 |
Property and equipment disposed included in other receivables | $434 | $311 | $258 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
In Thousands, unless otherwise specified | ||||||
BALANCE at Dec. 31, 2010 | $668,975 | $805 | $91,872 | $728,216 | ($3,420) | ($148,498) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Comprehensive income | 101,007 | 0 | 0 | 102,757 | -1,750 | 0 |
Dividends on common stock | -50,979 | 0 | 0 | -50,979 | 0 | 0 |
Equity compensation activity, including excess tax benefits | 3,545 | 0 | -75 | 0 | 0 | 3,620 |
Non-cash equity compensation expense | 2,599 | 0 | 2,599 | 0 | 0 | 0 |
BALANCE at Dec. 31, 2011 | 725,147 | 805 | 94,396 | 779,994 | -5,170 | -144,878 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Comprehensive income | 104,048 | 0 | 0 | 103,034 | 1,014 | 0 |
Dividends on common stock | -124,411 | 0 | 0 | -124,411 | 0 | 0 |
Equity compensation activity, including excess tax benefits | 5,511 | 0 | -1,541 | 0 | 0 | 7,052 |
Non-cash equity compensation expense | 4,602 | 0 | 4,602 | 0 | 0 | 0 |
BALANCE at Dec. 31, 2012 | 714,897 | 805 | 97,457 | 758,617 | -4,156 | -137,826 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Comprehensive income | 86,310 | 0 | 0 | 86,785 | -475 | 0 |
Purchases of common stock | -20,060 | 0 | 0 | 0 | 0 | -20,060 |
Dividends on common stock | -14,560 | 0 | 0 | -14,560 | 0 | 0 |
Equity compensation activity, including excess tax benefits | 1,123 | 0 | -3,732 | 0 | 0 | 4,855 |
Non-cash equity compensation expense | 4,809 | 0 | 4,809 | 0 | 0 | 0 |
BALANCE at Dec. 31, 2013 | $772,519 | $805 | $98,534 | $830,842 | ($4,631) | ($153,031) |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Dividends declared per share | $0.20 | $1.70 | $0.70 |
Equity compensation activity, shares | 288,413 | 399,022 | 202,578 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
Nature of Business: Werner Enterprises, Inc. (the “Company”) is a truckload transportation and logistics company operating under the jurisdiction of the U.S. Department of Transportation, similar governmental transportation agencies in the foreign countries in which we operate and various U.S. state regulatory authorities. For the years ended December 31, 2013, 2012 and 2011, our ten largest customers comprised 40% of our revenues. No single customer generated more than 10% of the Company’s total revenues in 2013, 2012, and 2011. | ||||||||||||
Principles of Consolidation: The accompanying consolidated financial statements include the accounts of Werner Enterprises, Inc. and our majority-owned subsidiaries. All significant intercompany accounts and transactions relating to these majority-owned entities have been eliminated. | ||||||||||||
Use of Management Estimates: The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the (i) reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and (ii) reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||
Cash and Cash Equivalents: We consider all highly liquid investments, purchased with a maturity of three months or less, to be cash equivalents. Accounts at banks with an aggregate excess of the amount of checks issued over cash balances are included in current liabilities in the Consolidated Balance Sheets, and changes in such accounts are reported as a financing activity in the Consolidated Statements of Cash Flows. | ||||||||||||
Trade Accounts Receivable: We record trade accounts receivable at the invoiced amounts, net of an allowance for doubtful accounts. The allowance for doubtful accounts is our estimate of the amount of probable credit losses and revenue adjustments in our existing accounts receivable. We review the financial condition of customers for granting credit and determine the allowance based on analysis of individual customers’ financial condition, historical write-off experience and national economic conditions. We evaluate the adequacy of our allowance for doubtful accounts quarterly. Past due balances over 90 days and exceeding a specified amount are reviewed individually for collectibility. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. We do not have any off-balance-sheet credit exposure related to our customers. | ||||||||||||
Inventories and Supplies: Inventories and supplies are stated at the lower of average cost or market and consist primarily of revenue equipment parts, tires, fuel and supplies. Tires placed on new revenue equipment are capitalized as a part of the equipment cost. Replacement tires are expensed when placed in service. | ||||||||||||
Property, Equipment, and Depreciation: Additions and improvements to property and equipment are capitalized at cost, while maintenance and repair expenditures are charged to operations as incurred. Gains and losses on the sale or exchange of equipment are recorded in other operating expenses. | ||||||||||||
Depreciation is calculated based on the cost of the asset, reduced by the asset’s estimated salvage value, using the straight-line method. Accelerated depreciation methods are used for income tax purposes. The lives and salvage values assigned to certain assets for financial reporting purposes are different than for income tax purposes. For financial reporting purposes, assets are generally depreciated using the following estimated useful lives and salvage values: | ||||||||||||
Lives | Salvage Values | |||||||||||
Building and improvements | 30 years | 0% | ||||||||||
Tractors | 80 months | 0% | ||||||||||
Trailers | 12 years | $1,000 | ||||||||||
Service and other equipment | 3-10 years | 0% | ||||||||||
Long-Lived Assets: We review our long-lived assets for impairment whenever events or circumstances indicate the carrying amount of a long-lived asset may not be recoverable. An impairment loss would be recognized if the carrying amount of the long-lived asset is not recoverable and the carrying amount exceeds its fair value. For long-lived assets classified as held and used, the carrying amount is not recoverable when the carrying value of the long-lived asset exceeds the sum of the future net cash flows. We do not separately identify assets by operating segment because tractors and trailers are routinely transferred from one operating fleet to another. As a result, none of our long-lived assets have identifiable cash flows from use that are largely independent of the cash flows of other assets and liabilities. Thus, the asset group used to assess impairment would include all of our assets. | ||||||||||||
Insurance and Claims Accruals: Insurance and claims accruals (both current and non-current) reflect the estimated cost (including estimated loss development and loss adjustment expenses) for (i) cargo loss and damage, (ii) bodily injury and property damage, (iii) group health and (iv) workers’ compensation claims not covered by insurance. The costs for cargo, bodily injury and property damage insurance and claims are included in insurance and claims expense in the Consolidated Statements of Income; the costs of group health and workers’ compensation claims are included in salaries, wages and benefits expense. The insurance and claims accruals are recorded at the estimated ultimate payment amounts. Such insurance and claims accruals are based upon individual case estimates (including negative development) and estimates of incurred-but-not-reported losses using loss development factors based upon past experience. Actual costs related to insurance and claims have not differed materially from estimated accrued amounts for all years presented. An actuary reviews our undiscounted self-insurance reserves for bodily injury and property damage claims and workers’ compensation claims every six months. | ||||||||||||
For the years ended December 31, 2013, 2012, and 2011 our self-insured retention (“SIR”) and deductible amount for liability claims is $2.0 million plus administrative expenses, for each occurrence involving bodily injury or property damage. We are also responsible for varying annual aggregate amounts of liability for claims in excess of the SIR/deductible. Liability claims in excess of these aggregates are covered under premium-based policies (issued by insurance companies) to coverage levels that our management considers adequate. We are also responsible for administrative expenses for each occurrence involving bodily injury or property damage. | ||||||||||||
Our SIR for workers’ compensation claims is $1.0 million per claim, with premium-based insurance coverage for claims exceeding this amount. We also maintain a $34.1 million bond for the State of Nebraska and a $6.9 million bond for our workers’ compensation insurance carrier. | ||||||||||||
Under these insurance arrangements, we maintained $32.7 million in letters of credit as of December 31, 2013. | ||||||||||||
Revenue Recognition: The Consolidated Statements of Income reflect recognition of operating revenues (including fuel surcharge revenues) and related direct costs when the shipment is delivered. For shipments where a third-party capacity provider (including independent contractors under contract with us) is utilized to provide some or all of the service and we (i) are the primary obligor in regard to the shipment delivery, (ii) establish customer pricing separately from carrier rate negotiations, (iii) generally have discretion in carrier selection and/or (iv) have credit risk on the shipment, we record both revenues for the dollar value of services we bill to the customer and rent and purchased transportation expense for transportation costs we pay to the third-party provider upon the shipment’s delivery. In the absence of the conditions listed above, we record revenues net of those expenses related to third-party providers. | ||||||||||||
Foreign Currency Translation: Local currencies are generally considered the functional currencies outside the United States. Assets and liabilities are translated at year-end exchange rates for operations in local currency environments. Foreign revenues and expense items denominated in the functional currency are translated at the average rates of exchange prevailing during the year. Foreign currency translation adjustments reflect the changes in foreign currency exchange rates applicable to the net assets of the foreign operations. Foreign currency translation adjustments are recorded in accumulated other comprehensive loss within stockholders’ equity in the Consolidated Balance Sheets and as a separate component of comprehensive income in the Consolidated Statements of Comprehensive Income. | ||||||||||||
Income Taxes: We use the asset and liability method in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates that are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. | ||||||||||||
In accounting for uncertain tax positions, we recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. We recognize interest and penalties directly related to income tax matters in income tax expense. | ||||||||||||
Common Stock and Earnings Per Share: Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options and restricted stock awards. There are no differences in the numerators of our computations of basic and diluted earnings per share for any periods presented. The computation of basic and diluted earnings per share is shown below (in thousands, except per share amounts). | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income | $ | 86,785 | $ | 103,034 | $ | 102,757 | ||||||
Weighted average common shares outstanding | 72,866 | 72,909 | 72,787 | |||||||||
Dilutive effect of stock-based awards | 562 | 544 | 438 | |||||||||
Shares used in computing diluted earnings per share | 73,428 | 73,453 | 73,225 | |||||||||
Basic earnings per share | $ | 1.19 | $ | 1.41 | $ | 1.41 | ||||||
Diluted earnings per share | $ | 1.18 | $ | 1.4 | $ | 1.4 | ||||||
There were no options to purchase shares of common stock that were outstanding during the periods indicated above that were excluded from the computation of diluted earnings per share because the option purchase price was greater than the average market price of the common shares during the period. | ||||||||||||
Equity Compensation: We have an equity compensation plan that provides for grants of non-qualified stock options, restricted stock, restricted stock units and stock appreciation rights to our associates and directors. We apply the fair value method of accounting for equity compensation awards. Issuances of stock upon an exercise of stock options or vesting of restricted stock are made from treasury stock; shares reacquired to satisfy tax withholding obligations upon vesting of restricted stock are recorded as treasury stock. Grants of stock options and restricted stock vest in increments, and we recognize compensation expense over the requisite service period of each award. | ||||||||||||
Comprehensive Income: Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) refers to revenues, expenses, gains and losses that are not included in net income, but rather are recorded directly in stockholders’ equity. For the years ended December 31, 2013, 2012 and 2011, comprehensive income consists of net income and foreign currency translation adjustments. | ||||||||||||
New Accounting Pronouncements Adopted: In February 2013, an update was made to “Comprehensive Income.” This update requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. The update also requires an entity to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The amendments in this update result in common requirements for the classification of amounts reclassified out of accumulated other comprehensive income. The amendments in this update are to be applied prospectively. This update became effective for us beginning January 1, 2013 and, upon adoption, had no effect on our consolidated financial position, results of operations and cash flows. | ||||||||||||
Accounting Standards Updates Not Yet Effective: Accounting Standards Updates not effective until after December 31, 2013 are not expected to have a material effect on our consolidated financial position, results of operations or cash flows. |
Credit_Facilities
Credit Facilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Line of Credit Facility [Abstract] | ' | |||||||
Credit Facilities | ' | |||||||
CREDIT FACILITIES | ||||||||
Long-term debt consisted of the following at December 31 (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Notes payable to banks under committed credit facilities | $ | 40,000 | $ | 90,000 | ||||
Less current portion | — | 20,000 | ||||||
Long-term debt, net | $ | 40,000 | $ | 70,000 | ||||
As of December 31, 2013, we have committed credit facilities with two banks. These include a $175 million four-year credit facility which will expire on May 31, 2016 and a $75 million five-year credit facility which will expire on May 31, 2017. Borrowings under these credit facilities bear variable interest (0.85% at December 31, 2013) based on the London Interbank Offered Rate (“LIBOR”). As of December 31, 2013, we had $40 million outstanding under these credit facilities with banks. The $250 million of credit available under these facilities is further reduced by $32.7 million in standby letters of credit under which we are obligated. Each of the debt agreements includes, among other things, two financial covenants requiring us (i) not to exceed a maximum ratio of total debt to total capitalization and (ii) not to exceed a maximum ratio of total funded debt to earnings before interest, income taxes, depreciation and amortization (as such terms are defined in each credit facility). At December 31, 2013, we were in compliance with these covenants. | ||||||||
At December 31, 2013, the aggregate future maturities of long-term debt by year are as follows (in thousands): | ||||||||
2014 | $ | — | ||||||
2015 | — | |||||||
2016 | 40,000 | |||||||
2017 | — | |||||||
Total | $ | 40,000 | ||||||
The carrying amounts of our long-term debt approximate fair value due to the duration of the notes and the variable interest rates. |
Notes_Receivable
Notes Receivable | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Notes Receivable | ' | |||||||
NOTES RECEIVABLE | ||||||||
Notes receivable are included in other current assets and other non-current assets in the Consolidated Balance Sheets. At December 31, notes receivable consisted of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Independent contractor notes receivable | $ | 18,475 | $ | 12,468 | ||||
Other notes receivable | 7,331 | 6,907 | ||||||
25,806 | 19,375 | |||||||
Less current portion | 8,895 | 5,514 | ||||||
Notes receivable – non-current | $ | 16,911 | $ | 13,861 | ||||
We provide financing to some individuals who want to become independent contractors by purchasing a tractor from us and leasing their services to us. At December 31, 2013, we had 466 notes receivable from these independent contractors and at December 31, 2012, we had 331 such notes receivable. We maintain a primary security interest in the tractor until the independent contractor pays the note balance in full. We also retain recourse exposure related to independent contractors who purchased tractors from us with third-party financing we arranged. |
Leases
Leases | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases, Operating [Abstract] | ' | |||
Leases | ' | |||
LEASES | ||||
In 2011, we entered into leases of certain tractors under operating leases which expire in 2015. Rental expense for these leases is included in rent and purchased transportation expense within the Consolidated Statements of Income. At December 31, 2013, the future minimum lease payments under non-cancelable revenue equipment operating leases are as follows (in thousands): | ||||
2014 | $ | 1,588 | ||
2015 | 595 | |||
Total | $ | 2,183 | ||
Rental expense under these non-cancelable revenue equipment operating leases for the years ended December 31, 2013 and 2012 was as follows (in thousands): | ||||
2013 | $ | 1,593 | ||
2012 | 1,620 | |||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
INCOME TAXES | ||||||||||||
Income tax expense consisted of the following (in thousands): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | 55,227 | $ | 69,590 | $ | 6,275 | ||||||
State | 6,616 | 10,088 | 6,664 | |||||||||
Foreign | 1,472 | (478 | ) | 1,347 | ||||||||
63,315 | 79,200 | 14,286 | ||||||||||
Deferred: | ||||||||||||
Federal | (9,668 | ) | (8,630 | ) | 50,297 | |||||||
State | 1,279 | (438 | ) | 7,566 | ||||||||
(8,389 | ) | (9,068 | ) | 57,863 | ||||||||
Total income tax expense | $ | 54,926 | $ | 70,132 | $ | 72,149 | ||||||
The effective income tax rate differs from the federal corporate tax rate of 35% in 2013, 2012 and 2011 as follows (in thousands): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Tax at statutory rate | $ | 49,599 | $ | 60,608 | $ | 61,217 | ||||||
State income taxes, net of federal tax benefits | 5,132 | 6,273 | 9,250 | |||||||||
Non-deductible meals and entertainment | 1,577 | 2,686 | 2,571 | |||||||||
Income tax credits | (1,574 | ) | (758 | ) | (1,517 | ) | ||||||
Other, net | 192 | 1,323 | 628 | |||||||||
Total income tax expense | $ | 54,926 | $ | 70,132 | $ | 72,149 | ||||||
At December 31, deferred tax assets and liabilities consisted of the following (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Insurance and claims accruals | $ | 76,596 | $ | 73,211 | ||||||||
Allowance for uncollectible accounts | 5,672 | 7,813 | ||||||||||
Other | 8,437 | 9,416 | ||||||||||
Gross deferred tax assets | 90,705 | 90,440 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property and equipment | 282,642 | 288,032 | ||||||||||
Prepaid expenses | 6,906 | 6,774 | ||||||||||
Other | 3,079 | 3,026 | ||||||||||
Gross deferred tax liabilities | 292,627 | 297,832 | ||||||||||
Net deferred tax liability | $ | 201,922 | $ | 207,392 | ||||||||
These amounts are presented in the accompanying Consolidated Balance Sheets as of December 31 as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Current deferred tax asset | $ | 25,315 | $ | 25,139 | ||||||||
Non-current deferred tax liability | 227,237 | 232,531 | ||||||||||
Net deferred tax liability | $ | 201,922 | $ | 207,392 | ||||||||
We have not recorded a valuation allowance because we believe that all deferred tax assets are more likely than not to be realized as a result of our historical profitability, future taxable income and reversal of deferred tax liabilities. | ||||||||||||
Tax adjustments in 2013 for uncertain tax positions decreased the total amount of unrecognized tax benefits. We recognized a $1.8 million decrease in the net liability for unrecognized tax benefits for the year ended December 31, 2013 and a $0.5 million increase for the year ended December 31, 2012. We accrued interest expense of $0.3 million during 2013, excluding the reversal of accrued interest related to the adjustment of uncertain tax positions, and $0.2 million during 2012. If recognized, $5.5 million of unrecognized tax benefits as of December 31, 2013 and $7.4 million as of December 31, 2012 would impact our effective tax rate. Interest of $1.7 million as of December 31, 2013 and $3.6 million as of December 31, 2012 has been reflected as a component of the total liability. We expect no other significant increases or decreases for uncertain tax positions during the next twelve months. | ||||||||||||
The reconciliations of beginning and ending gross balances of unrecognized tax benefits for 2013 and 2012 are shown below (in thousands). | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Unrecognized tax benefits, beginning balance | $ | 11,563 | $ | 10,827 | ||||||||
Gross increases – tax positions in prior period | 286 | 279 | ||||||||||
Gross increases – current-period tax positions | 742 | 788 | ||||||||||
Settlements | (3,947 | ) | (331 | ) | ||||||||
Unrecognized tax benefits, ending balance | $ | 8,644 | $ | 11,563 | ||||||||
We file U.S. federal income tax returns, as well as income tax returns in various states and several foreign jurisdictions. The years 2010 through 2012 are open for examination by the U.S. Internal Revenue Service (“IRS”), and various years are open for examination by state and foreign tax authorities. State and foreign jurisdictional statutes of limitations generally range from three to four years. | ||||||||||||
In May 2010, the IRS began an audit of our 2007 and 2008 federal income tax returns. During the second quarter of 2012, we received a notice of deficiency including proposed penalties related to our like-kind exchange program for tractors and trailers. The proposed tax deficiency related to timing differences for recognition of gains on sales of equipment. Prior to holding a scheduled appeals conference in June 2013, the IRS appeals officer decided to no longer contest this issue based on the merits of our position. In July 2013, we entered into a stipulation with the IRS that there are no deficiencies in federal income tax and no penalties due for the tax years 2007 and 2008. The IRS decision has no impact on our financial condition, results of operations or income tax rate because we had not previously accrued a liability for any proposed interest or penalties related to this issue. |
Equity_Compensation_and_Employ
Equity Compensation and Employee Benefit Plans | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||
Equity Compensation And Employee Benefit Plans | ' | ||||||||||||||
EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS | |||||||||||||||
Equity Plan | |||||||||||||||
The Company initially adopted the Werner Enterprises, Inc. Stock Option Plan in 1987, such plan being approved by the Company's shareholders on June 9, 1987, at the Company's annual meeting. The plan was later renamed the Werner Enterprises, Inc. Equity Plan (the "Equity Plan") and was last amended and restated on May 14, 2013. The Equity Plan provides for grants of nonqualified stock options, restricted stock, restricted stock units and stock appreciation rights. The Board of Directors or the Compensation Committee of our Board of Directors determines the terms of each award, including the type, recipients, number of shares subject to and vesting conditions of each award. No awards of stock appreciation rights have been issued under the Equity Plan to date. The maximum number of shares of common stock that may be awarded under the Equity Plan is 20,000,000 shares. The maximum aggregate number of shares that may be awarded to any one person in any one calendar year under the Equity Plan is 500,000. As of December 31, 2013, there were 7,658,356 shares available for granting additional awards. | |||||||||||||||
We apply the fair value method of accounting for equity compensation awards granted under our Equity Plan. Equity compensation expense is included in salaries, wages and benefits within the Consolidated Statements of Income. As of December 31, 2013, the total unrecognized compensation cost related to non-vested equity compensation awards was approximately $8.2 million and is expected to be recognized over a weighted average period of 2.6 years. The following table summarizes the equity compensation expense and related income tax benefit recognized in the Consolidated Statements of Income (in thousands): | |||||||||||||||
Years Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Stock options: | |||||||||||||||
Pre-tax compensation expense | $ | 84 | $ | 379 | $ | 343 | |||||||||
Tax benefit | 31 | 154 | 141 | ||||||||||||
Stock option expense, net of tax | $ | 53 | $ | 225 | $ | 202 | |||||||||
Restricted stock and restricted stock units: | |||||||||||||||
Pre-tax compensation expense | $ | 4,727 | $ | 4,223 | $ | 2,256 | |||||||||
Tax benefit | 1,831 | 1,710 | 931 | ||||||||||||
Restricted stock expense, net of tax | $ | 2,896 | $ | 2,513 | $ | 1,325 | |||||||||
We do not have a formal policy for issuing shares upon an exercise of stock options or vesting of restricted stock. Such shares are generally issued from treasury stock. From time to time, we repurchase shares of our common stock, the timing and amount of which depends on market and other factors. Historically, the shares acquired from such repurchases have provided us with sufficient quantities of stock to issue for equity compensation. Based on current treasury stock levels, we do not expect to repurchase additional shares specifically for equity compensation during 2014. | |||||||||||||||
Stock Options | |||||||||||||||
Stock options are granted at prices equal to the market value of the common stock on the date the option award is granted. Option awards currently outstanding become exercisable in installments from 24 to 72 months after the date of grant. The options are exercisable over a period not to exceed ten years and one day from the date of grant. | |||||||||||||||
The following table summarizes stock option activity for the year ended December 31, 2013: | |||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||
Options | Average | Average | Intrinsic Value | ||||||||||||
(in thousands) | Exercise | Remaining | (in thousands) | ||||||||||||
Price ($) | Contractual | ||||||||||||||
Term | |||||||||||||||
(Years) | |||||||||||||||
Outstanding at beginning of period | 800 | $ | 17.92 | ||||||||||||
Options granted | — | — | |||||||||||||
Options exercised | (141 | ) | 18.13 | ||||||||||||
Options forfeited | (6 | ) | 20.15 | ||||||||||||
Options expired | — | — | |||||||||||||
Outstanding at end of period | 653 | 17.85 | 3.36 | $ | 4,493 | ||||||||||
Exercisable at end of period | 570 | 17.54 | 2.9 | $ | 4,095 | ||||||||||
We did not grant any stock options during the years ended December 31, 2013 and 2012. The fair value of stock option grants is estimated using a Black-Scholes valuation model. The following table summarizes the number of stock options granted in 2011 and the weighted-average assumptions used in the valuations: | |||||||||||||||
Year Ended December 31, | |||||||||||||||
2011 | |||||||||||||||
Number of options granted | 31,000 | ||||||||||||||
Risk-free interest rate | 1.8 | % | |||||||||||||
Expected dividend yield | 0.9 | % | |||||||||||||
Expected volatility | 37 | % | |||||||||||||
Expected term (in years) | 7 | ||||||||||||||
Grant-date fair value | $ | 8.27 | |||||||||||||
The risk-free interest rate was based on average yields for U.S. Treasury notes with a remaining term that is equivalent to the expected term of the stock option grant. We calculated expected volatility using historical daily price changes of our common stock for the period immediately preceding the grant date and equivalent in duration to the expected term of the stock option grant. The expected term was the average number of years we estimated these options will be outstanding. We considered groups of associates having similar historical exercise behavior separately for valuation purposes. | |||||||||||||||
The total intrinsic value of stock options exercised was as follows (in thousands): | |||||||||||||||
2013 | $ | 896 | |||||||||||||
2012 | 1,537 | ||||||||||||||
2011 | 2,128 | ||||||||||||||
Restricted Stock and Restricted Stock Units | |||||||||||||||
Restricted stock awards entitle the holder to shares of common stock when the award vests. Restricted stock units entitle the holder to a combination of cash or stock equal to the value of common stock when the unit vests. The value of these shares may fluctuate according to market conditions and other factors. Restricted stock awards and restricted stock units currently outstanding vest over periods ranging from 12 to 84 months from the grant date of the award. The restricted stock and restricted stock units do not confer any voting or dividend rights to recipients until such shares fully vest and do not have any post-vesting sales restrictions. | |||||||||||||||
The following table summarizes restricted stock activity for the year ended December 31, 2013: | |||||||||||||||
Number of | Weighted | ||||||||||||||
Restricted | Average Grant | ||||||||||||||
Shares (in | Date Fair | ||||||||||||||
thousands) | Value ($) | ||||||||||||||
Nonvested at beginning of period | 815 | $ | 20.69 | ||||||||||||
Shares granted | 115 | 23.51 | |||||||||||||
Shares vested | (223 | ) | 21.08 | ||||||||||||
Shares forfeited | (9 | ) | 20.24 | ||||||||||||
Nonvested at end of period | 698 | 21.04 | |||||||||||||
We estimate the fair value of restricted stock awards based upon the market price of the underlying common stock on the date of grant, reduced by the present value of estimated future dividends because the awards are not entitled to receive dividends prior to vesting. Our estimate of future dividends is based on the most recent quarterly dividend rate at the time of grant, adjusted for any known future changes in the dividend rate. Cash settled restricted stock units are recorded as a liability within the Consolidated Balance Sheets and are adjusted to fair value each reporting period. The following table summarizes the number of restricted shares and units granted and the weighted-average assumptions used to calculate the present value of estimated future dividends: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Number of shares granted | 115,000 | 268,000 | 205,500 | ||||||||||||
Dividends per share (quarterly amounts) | $ | 0.05 | $ | 0.05 | $ | 0.05 | |||||||||
Risk-free interest rate | 1.4 | % | 0.7 | % | 1 | % | |||||||||
The total fair value of previously granted restricted stock awards vested during the years ended ended December 31, 2013 and 2012 was $5.5 million and $2.2 million, respectively. No shares of restricted stock vested during the year ended December 31, 2011. We withheld shares based on the closing stock price on the vesting date to settle the employees' minimum statutory obligation for the applicable income and other employment taxes. Total cash remitted for the employees' tax obligations to the relevant taxing authorities was $1.8 million for the year ended December 31, 2013 and is reflected as a financing activity within the Consolidated Statements of Cash Flows. The 75,071 shares withheld to satisfy the tax withholding obligations were recorded as treasury stock. | |||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||
Employee associates that meet certain eligibility requirements may participate in our Employee Stock Purchase Plan (the “Purchase Plan”). Eligible participants designate the amount of regular payroll deductions and/or a single annual payment (each subject to a yearly maximum amount) that is used to purchase shares of our common stock on the over-the-counter market. The maximum annual contribution amount is currently $20,000. These purchases are subject to the terms of the Purchase Plan. We contribute an amount equal to 15% of each participant’s contributions under the Purchase Plan. Interest accrues on Purchase Plan contributions at a rate of 5.25% until the purchase is made. We pay the broker’s commissions and administrative charges related to purchases of common stock under the Purchase Plan. Our contributions for the Purchase Plan were as follows (in thousands): | |||||||||||||||
2013 | $ | 210 | |||||||||||||
2012 | 204 | ||||||||||||||
2011 | 217 | ||||||||||||||
401(k) Retirement Savings Plan | |||||||||||||||
We have an Employees’ 401(k) Retirement Savings Plan (the “401(k) Plan”). Associates are eligible to participate in the 401(k) Plan if they have been continuously employed with us or one of our subsidiaries for six months or more. We match a portion of each associate’s 401(k) Plan elective deferrals. Salaries, wages and benefits expense in the accompanying Consolidated Statements of Income includes our 401(k) Plan contributions and administrative expenses, which were as follows (in thousands): | |||||||||||||||
2013 | $ | 1,722 | |||||||||||||
2012 | 1,612 | ||||||||||||||
2011 | 1,471 | ||||||||||||||
Nonqualified Deferred Compensation Plan | |||||||||||||||
The Executive Nonqualified Excess Plan (the “Excess Plan”) is our nonqualified deferred compensation plan for the benefit of eligible key managerial associates whose 401(k) Plan contributions are limited because of IRS regulations affecting highly compensated associates. Under the terms of the Excess Plan, participants may elect to defer compensation on a pre-tax basis within annual dollar limits we establish. Beginning in 2010, participants were permitted to defer amounts from performance-based compensation. At December 31, 2013, there were 59 participants in the Excess Plan. Although our current intention is not to do so, we may also make matching credits and/or profit sharing credits to participants’ accounts as we so determine each year. Each participant is fully vested in all deferred compensation and earnings; however, these amounts are subject to general creditor claims until distributed to the participant. Under current federal tax law, we are not allowed a current income tax deduction for the compensation deferred by participants, but we are allowed a tax deduction when a distribution payment is made to a participant from the Excess Plan. The accumulated benefit obligation is included in other long-term liabilities in the Consolidated Balance Sheets. We purchased life insurance policies to fund the future liability. The aggregate market value of the life insurance policies is included in other non-current assets in the Consolidated Balance Sheets. The accumulated benefit obligation and aggregate market value of the life insurance policies were as follows (in thousands): | |||||||||||||||
December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Accumulated benefit obligation | $ | 5,773 | $ | 4,311 | |||||||||||
Aggregate market value | 5,186 | 3,971 | |||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
COMMITMENTS AND CONTINGENCIES | |
We have committed to property and equipment purchases of approximately $23.7 million at December 31, 2013. | |
In November 2012, the IRS issued a Notice of Proposed Adjustment for tax years 2009 and 2010 related to an employment tax audit which focused on our driver per diem program. Under the program, eligible drivers may elect to receive a nontaxable reimbursement of certain expenses that are otherwise included in and contemplated as a portion of their compensation while away from home. The notice proposed that the nontaxable per diem payments are wages, resulting in additional FICA and FUTA taxes and federal income tax withholding obligations. In December 2013, the IRS issued a "no deficiency" notice, which concluded the audit. The IRS decision had no impact on our financial condition or results of operations because we had not previously accrued a liability related to this issue. | |
We are involved in certain other claims and pending litigation arising in the ordinary course of business. Management believes the ultimate resolution of these matters will not materially affect our consolidated financial statements. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
RELATED PARTY TRANSACTIONS | |
The Company leases land from a trust in which the Company’s principal stockholder is the sole trustee. The annual rent payments under this lease are $1.00 per year. The Company is responsible for all real estate taxes and maintenance costs related to the property, which were $93,000 in 2013 and are recorded as expenses in the Consolidated Statements of Income. The Company has made leasehold improvements to the land totaling approximately $6.5 million for facilities used for business meetings and customer promotion. | |
The Company transacts business with TDR Transportes, S.A. de C.V. (“TDR”), a truckload carrier in the Republic of Mexico, for certain purchased transportation needs. The Company recorded operating revenues from TDR of approximately $4,141,000 in 2013, $3,836,000 in 2012 and $3,965,000 in 2011 related primarily to leasing revenue equipment and a terminal building. The Company recorded purchased transportation expense to TDR of approximately $603,000 in 2013, $608,000 in 2012 and $534,000 in 2011. The Company also sells used revenue equipment to this entity. These sales totaled $2,275,000 in 2013, $1,551,000 in 2012 and $236,000 in 2011, and the Company recognized net gains of $1,449,000 in 2013, $823,000 in 2012 and $67,000 in 2011. The Company had receivables from TDR, primarily related to the leases and revenue equipment sales, of $858,000 at December 31, 2013, and $2,105,000 at December 31, 2012. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment Information | ' | |||||||||||
SEGMENT INFORMATION | ||||||||||||
We have two reportable segments – Truckload Transportation Services (“Truckload”) and Value Added Services (“VAS”). | ||||||||||||
The Truckload segment consists of two operating units, One-Way Truckload and Specialized Services, that are aggregated because they have similar economic characteristics and meet the other aggregation criteria described in the accounting guidance for segment reporting. One-Way Truckload is comprised of the following operating fleets: (i) the regional short-haul (“Regional”) fleet transports a variety of consumer nondurable products and other commodities in truckload quantities within geographic regions across the United States using dry van trailers; (ii) the medium-to-long-haul van (“Van”) fleet provides comparable truckload van service over irregular routes; and (iii) the expedited (“Expedited”) fleet provides time-sensitive truckload services utilizing driver teams. Specialized Services provides truckload services dedicated to a specific customer, generally for a retail distribution center or manufacturing facility, including services for products requiring specialized trailers such as flatbed or temperature-controlled trailers. Revenues for the Truckload segment include a small amount of non-trucking revenues which consist primarily of the portion of shipments delivered to or from Mexico where we utilize a third-party capacity provider. | ||||||||||||
The VAS segment generates the majority of our non-trucking revenues through four operating units that provide non-trucking services to our customers. These four VAS operating units are as follows: (i) truck brokerage (“Brokerage”) uses contracted carriers to complete customer shipments; (ii) freight management (”Freight Management”) offers a full range of single-source logistics management services and solutions; (iii) the intermodal (“Intermodal”) unit offers rail transportation through alliances with rail and drayage providers as an alternative to truck transportation; and (iv) Werner Global Logistics international (“WGL”) provides complete management of global shipments from origin to destination using a combination of air, ocean, truck and rail transportation modes. | ||||||||||||
We generate other revenues related to third-party equipment maintenance, equipment leasing and other business activities. None of these operations meets the quantitative reporting thresholds. As a result, these operations are grouped in “Other” in the tables below. “Corporate” includes revenues and expenses that are incidental to our activities and are not attributable to any of our operating segments. We do not prepare separate balance sheets by segment and, as a result, assets are not separately identifiable by segment. Intersegment eliminations in the table below represent transactions between reporting segments that are eliminated in consolidation. VAS segment revenues for the years ended December 31, 2012 and 2011 have been revised to conform with the current presentation. | ||||||||||||
The following table summarizes our segment information (in thousands): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues | ||||||||||||
Truckload Transportation Services | $ | 1,657,854 | $ | 1,699,349 | $ | 1,694,965 | ||||||
Value Added Services | 361,384 | 324,155 | 292,813 | |||||||||
Other | 11,342 | 11,782 | 12,367 | |||||||||
Corporate | 3,081 | 4,322 | 4,409 | |||||||||
Subtotal | 2,033,661 | 2,039,608 | 2,004,554 | |||||||||
Inter-segment eliminations | (4,478 | ) | (3,222 | ) | $ | (1,704 | ) | |||||
Total | $ | 2,029,183 | $ | 2,036,386 | $ | 2,002,850 | ||||||
Operating Income | ||||||||||||
Truckload Transportation Services | $ | 119,597 | $ | 153,142 | $ | 157,604 | ||||||
Value Added Services | 14,664 | 15,999 | 17,036 | |||||||||
Other | 3,947 | 1,212 | (383 | ) | ||||||||
Corporate | 1,518 | 1,091 | (583 | ) | ||||||||
Total | $ | 139,726 | $ | 171,444 | $ | 173,674 | ||||||
Information about the geographic areas in which we conduct business is summarized below (in thousands) as of and for the years ended December 31, 2013, 2012 and 2011. Operating revenues for foreign countries include revenues for (i) shipments with an origin or destination in that country and (ii) other services provided in that country. If both the origin and destination are in a foreign country, the revenues are attributed to the country of origin. | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues | ||||||||||||
United States | $ | 1,768,442 | $ | 1,772,179 | $ | 1,772,628 | ||||||
Foreign countries | ||||||||||||
Mexico | 172,009 | 172,016 | 147,938 | |||||||||
Other | 88,732 | 92,191 | 82,284 | |||||||||
Total foreign countries | 260,741 | 264,207 | 230,222 | |||||||||
Total | $ | 2,029,183 | $ | 2,036,386 | $ | 2,002,850 | ||||||
Long-lived Assets | ||||||||||||
United States | $ | 955,543 | $ | 979,798 | $ | 931,658 | ||||||
Foreign countries | ||||||||||||
Mexico | 21,654 | 13,659 | 9,993 | |||||||||
Other | 321 | 386 | 485 | |||||||||
Total foreign countries | 21,975 | 14,045 | 10,478 | |||||||||
Total | $ | 977,518 | $ | 993,843 | $ | 942,136 | ||||||
We generate substantially all of our revenues within the United States or from North American shipments with origins or destinations in the United States. No customer generated more than 10% of our total revenues for 2013, 2012 and 2011. |
Quarterly_Results_of_Operation
Quarterly Results of Operations | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Results of Operations | ' | |||||||||||||||
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||
(In thousands, except per share amounts) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
2013:00:00 | ||||||||||||||||
Operating revenues | $ | 492,887 | $ | 506,648 | $ | 511,728 | $ | 517,920 | ||||||||
Operating income | 28,693 | 42,361 | 32,583 | 36,089 | ||||||||||||
Net income | 17,511 | 25,840 | 21,259 | 22,175 | ||||||||||||
Basic earnings per share | 0.24 | 0.35 | 0.29 | 0.31 | ||||||||||||
Diluted earnings per share | 0.24 | 0.35 | 0.29 | 0.3 | ||||||||||||
(In thousands, except per share amounts) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
2012:00:00 | ||||||||||||||||
Operating revenues | $ | 498,376 | $ | 521,812 | $ | 506,504 | $ | 509,694 | ||||||||
Operating income | 35,402 | 51,113 | 41,805 | 43,124 | ||||||||||||
Net income | 21,245 | 30,680 | 25,128 | 25,981 | ||||||||||||
Basic earnings per share | 0.29 | 0.42 | 0.34 | 0.36 | ||||||||||||
Diluted earnings per share | 0.29 | 0.42 | 0.34 | 0.35 | ||||||||||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | |||||||||||||||
SCHEDULE II | ||||||||||||||||
WERNER ENTERPRISES, INC. | ||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
(In thousands) | Balance at | Charged to | Write-offs | Balance at | ||||||||||||
Beginning of | Costs and | (Recoveries) | End of | |||||||||||||
Period | Expenses | of Doubtful | Period | |||||||||||||
Accounts | ||||||||||||||||
Year ended December 31, 2013: | ||||||||||||||||
Allowance for doubtful accounts | $ | 10,528 | $ | 15 | $ | 604 | $ | 9,939 | ||||||||
Year ended December 31, 2012: | ||||||||||||||||
Allowance for doubtful accounts | $ | 10,154 | $ | 478 | $ | 104 | $ | 10,528 | ||||||||
Year ended December 31, 2011: | ||||||||||||||||
Allowance for doubtful accounts | $ | 9,484 | $ | 633 | $ | (37 | ) | $ | 10,154 | |||||||
See report of independent registered public accounting firm. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Nature of Business | ' | |||||||||||
Nature of Business: Werner Enterprises, Inc. (the “Company”) is a truckload transportation and logistics company operating under the jurisdiction of the U.S. Department of Transportation, similar governmental transportation agencies in the foreign countries in which we operate and various U.S. state regulatory authorities. For the years ended December 31, 2013, 2012 and 2011, our ten largest customers comprised 40% of our revenues. No single customer generated more than 10% of the Company’s total revenues in 2013, 2012, and 2011. | ||||||||||||
Principles of Consolidation | ' | |||||||||||
Principles of Consolidation: The accompanying consolidated financial statements include the accounts of Werner Enterprises, Inc. and our majority-owned subsidiaries. All significant intercompany accounts and transactions relating to these majority-owned entities have been eliminated. | ||||||||||||
Use of Management Estimates | ' | |||||||||||
Use of Management Estimates: The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the (i) reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and (ii) reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||
Cash And Cash Equivalents | ' | |||||||||||
Cash and Cash Equivalents: We consider all highly liquid investments, purchased with a maturity of three months or less, to be cash equivalents. Accounts at banks with an aggregate excess of the amount of checks issued over cash balances are included in current liabilities in the Consolidated Balance Sheets, and changes in such accounts are reported as a financing activity in the Consolidated Statements of Cash Flows. | ||||||||||||
Trade Accounts Receivable | ' | |||||||||||
Trade Accounts Receivable: We record trade accounts receivable at the invoiced amounts, net of an allowance for doubtful accounts. The allowance for doubtful accounts is our estimate of the amount of probable credit losses and revenue adjustments in our existing accounts receivable. We review the financial condition of customers for granting credit and determine the allowance based on analysis of individual customers’ financial condition, historical write-off experience and national economic conditions. We evaluate the adequacy of our allowance for doubtful accounts quarterly. Past due balances over 90 days and exceeding a specified amount are reviewed individually for collectibility. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. We do not have any off-balance-sheet credit exposure related to our customers. | ||||||||||||
Inventories and Supplies | ' | |||||||||||
Inventories and Supplies: Inventories and supplies are stated at the lower of average cost or market and consist primarily of revenue equipment parts, tires, fuel and supplies. Tires placed on new revenue equipment are capitalized as a part of the equipment cost. Replacement tires are expensed when placed in service. | ||||||||||||
Property, Equipment, and Depreciation | ' | |||||||||||
Property, Equipment, and Depreciation: Additions and improvements to property and equipment are capitalized at cost, while maintenance and repair expenditures are charged to operations as incurred. Gains and losses on the sale or exchange of equipment are recorded in other operating expenses. | ||||||||||||
Depreciation is calculated based on the cost of the asset, reduced by the asset’s estimated salvage value, using the straight-line method. Accelerated depreciation methods are used for income tax purposes. The lives and salvage values assigned to certain assets for financial reporting purposes are different than for income tax purposes. For financial reporting purposes, assets are generally depreciated using the following estimated useful lives and salvage values: | ||||||||||||
Lives | Salvage Values | |||||||||||
Building and improvements | 30 years | 0% | ||||||||||
Tractors | 80 months | 0% | ||||||||||
Trailers | 12 years | $1,000 | ||||||||||
Service and other equipment | 3-10 years | 0% | ||||||||||
Long-Lived Assets | ' | |||||||||||
Long-Lived Assets: We review our long-lived assets for impairment whenever events or circumstances indicate the carrying amount of a long-lived asset may not be recoverable. An impairment loss would be recognized if the carrying amount of the long-lived asset is not recoverable and the carrying amount exceeds its fair value. For long-lived assets classified as held and used, the carrying amount is not recoverable when the carrying value of the long-lived asset exceeds the sum of the future net cash flows. We do not separately identify assets by operating segment because tractors and trailers are routinely transferred from one operating fleet to another. As a result, none of our long-lived assets have identifiable cash flows from use that are largely independent of the cash flows of other assets and liabilities. Thus, the asset group used to assess impairment would include all of our assets. | ||||||||||||
Insurance And Claims Accruals | ' | |||||||||||
Insurance and Claims Accruals: Insurance and claims accruals (both current and non-current) reflect the estimated cost (including estimated loss development and loss adjustment expenses) for (i) cargo loss and damage, (ii) bodily injury and property damage, (iii) group health and (iv) workers’ compensation claims not covered by insurance. The costs for cargo, bodily injury and property damage insurance and claims are included in insurance and claims expense in the Consolidated Statements of Income; the costs of group health and workers’ compensation claims are included in salaries, wages and benefits expense. The insurance and claims accruals are recorded at the estimated ultimate payment amounts. Such insurance and claims accruals are based upon individual case estimates (including negative development) and estimates of incurred-but-not-reported losses using loss development factors based upon past experience. Actual costs related to insurance and claims have not differed materially from estimated accrued amounts for all years presented. An actuary reviews our undiscounted self-insurance reserves for bodily injury and property damage claims and workers’ compensation claims every six months. | ||||||||||||
For the years ended December 31, 2013, 2012, and 2011 our self-insured retention (“SIR”) and deductible amount for liability claims is $2.0 million plus administrative expenses, for each occurrence involving bodily injury or property damage. We are also responsible for varying annual aggregate amounts of liability for claims in excess of the SIR/deductible. Liability claims in excess of these aggregates are covered under premium-based policies (issued by insurance companies) to coverage levels that our management considers adequate. We are also responsible for administrative expenses for each occurrence involving bodily injury or property damage. | ||||||||||||
Our SIR for workers’ compensation claims is $1.0 million per claim, with premium-based insurance coverage for claims exceeding this amount. We also maintain a $34.1 million bond for the State of Nebraska and a $6.9 million bond for our workers’ compensation insurance carrier. | ||||||||||||
Under these insurance arrangements, we maintained $32.7 million in letters of credit as of December 31, 2013. | ||||||||||||
Revenue Recognition | ' | |||||||||||
Revenue Recognition: The Consolidated Statements of Income reflect recognition of operating revenues (including fuel surcharge revenues) and related direct costs when the shipment is delivered. For shipments where a third-party capacity provider (including independent contractors under contract with us) is utilized to provide some or all of the service and we (i) are the primary obligor in regard to the shipment delivery, (ii) establish customer pricing separately from carrier rate negotiations, (iii) generally have discretion in carrier selection and/or (iv) have credit risk on the shipment, we record both revenues for the dollar value of services we bill to the customer and rent and purchased transportation expense for transportation costs we pay to the third-party provider upon the shipment’s delivery. In the absence of the conditions listed above, we record revenues net of those expenses related to third-party providers. | ||||||||||||
Foreign Currency Translation | ' | |||||||||||
Foreign Currency Translation: Local currencies are generally considered the functional currencies outside the United States. Assets and liabilities are translated at year-end exchange rates for operations in local currency environments. Foreign revenues and expense items denominated in the functional currency are translated at the average rates of exchange prevailing during the year. Foreign currency translation adjustments reflect the changes in foreign currency exchange rates applicable to the net assets of the foreign operations. Foreign currency translation adjustments are recorded in accumulated other comprehensive loss within stockholders’ equity in the Consolidated Balance Sheets and as a separate component of comprehensive income in the Consolidated Statements of Comprehensive Income. | ||||||||||||
Income Taxes | ' | |||||||||||
Income Taxes: We use the asset and liability method in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates that are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. | ||||||||||||
In accounting for uncertain tax positions, we recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. We recognize interest and penalties directly related to income tax matters in income tax expense. | ||||||||||||
Common Stock And Earnings Per Share | ' | |||||||||||
Common Stock and Earnings Per Share: Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options and restricted stock awards. There are no differences in the numerators of our computations of basic and diluted earnings per share for any periods presented. The computation of basic and diluted earnings per share is shown below (in thousands, except per share amounts). | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income | $ | 86,785 | $ | 103,034 | $ | 102,757 | ||||||
Weighted average common shares outstanding | 72,866 | 72,909 | 72,787 | |||||||||
Dilutive effect of stock-based awards | 562 | 544 | 438 | |||||||||
Shares used in computing diluted earnings per share | 73,428 | 73,453 | 73,225 | |||||||||
Basic earnings per share | $ | 1.19 | $ | 1.41 | $ | 1.41 | ||||||
Diluted earnings per share | $ | 1.18 | $ | 1.4 | $ | 1.4 | ||||||
There were no options to purchase shares of common stock that were outstanding during the periods indicated above that were excluded from the computation of diluted earnings per share because the option purchase price was greater than the average market price of the common shares during the period. | ||||||||||||
Equity Compensation | ' | |||||||||||
Equity Compensation: We have an equity compensation plan that provides for grants of non-qualified stock options, restricted stock, restricted stock units and stock appreciation rights to our associates and directors. We apply the fair value method of accounting for equity compensation awards. Issuances of stock upon an exercise of stock options or vesting of restricted stock are made from treasury stock; shares reacquired to satisfy tax withholding obligations upon vesting of restricted stock are recorded as treasury stock. Grants of stock options and restricted stock vest in increments, and we recognize compensation expense over the requisite service period of each award. | ||||||||||||
Comprehensive Income | ' | |||||||||||
Comprehensive Income: Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) refers to revenues, expenses, gains and losses that are not included in net income, but rather are recorded directly in stockholders’ equity. For the years ended December 31, 2013, 2012 and 2011, comprehensive income consists of net income and foreign currency translation adjustments. | ||||||||||||
Accounting Policies Adopted/Not Adopted | ' | |||||||||||
New Accounting Pronouncements Adopted: In February 2013, an update was made to “Comprehensive Income.” This update requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. The update also requires an entity to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The amendments in this update result in common requirements for the classification of amounts reclassified out of accumulated other comprehensive income. The amendments in this update are to be applied prospectively. This update became effective for us beginning January 1, 2013 and, upon adoption, had no effect on our consolidated financial position, results of operations and cash flows. | ||||||||||||
Accounting Standards Updates Not Yet Effective: Accounting Standards Updates not effective until after December 31, 2013 are not expected to have a material effect on our consolidated financial position, results of operations or cash flows. |
Summary_of_Significant_Account2
Summary of Significant Accounting Polices (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Schedule of Estimated Useful Life | ' | |||||||||||
For financial reporting purposes, assets are generally depreciated using the following estimated useful lives and salvage values: | ||||||||||||
Lives | Salvage Values | |||||||||||
Building and improvements | 30 years | 0% | ||||||||||
Tractors | 80 months | 0% | ||||||||||
Trailers | 12 years | $1,000 | ||||||||||
Service and other equipment | 3-10 years | 0% | ||||||||||
Schedule Of Basic and Diluted Earnings Per Share | ' | |||||||||||
The computation of basic and diluted earnings per share is shown below (in thousands, except per share amounts). | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income | $ | 86,785 | $ | 103,034 | $ | 102,757 | ||||||
Weighted average common shares outstanding | 72,866 | 72,909 | 72,787 | |||||||||
Dilutive effect of stock-based awards | 562 | 544 | 438 | |||||||||
Shares used in computing diluted earnings per share | 73,428 | 73,453 | 73,225 | |||||||||
Basic earnings per share | $ | 1.19 | $ | 1.41 | $ | 1.41 | ||||||
Diluted earnings per share | $ | 1.18 | $ | 1.4 | $ | 1.4 | ||||||
Credit_Facilities_Tables
Credit Facilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Line of Credit Facility [Abstract] | ' | |||||||
Schedule of Debt | ' | |||||||
Long-term debt consisted of the following at December 31 (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Notes payable to banks under committed credit facilities | $ | 40,000 | $ | 90,000 | ||||
Less current portion | — | 20,000 | ||||||
Long-term debt, net | $ | 40,000 | $ | 70,000 | ||||
Schedule of Maturities of Long-term Debt | ' | |||||||
At December 31, 2013, the aggregate future maturities of long-term debt by year are as follows (in thousands): | ||||||||
2014 | $ | — | ||||||
2015 | — | |||||||
2016 | 40,000 | |||||||
2017 | — | |||||||
Total | $ | 40,000 | ||||||
Notes_Receivable_Tables
Notes Receivable (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Schedule of Notes Receivable | ' | |||||||
At December 31, notes receivable consisted of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Independent contractor notes receivable | $ | 18,475 | $ | 12,468 | ||||
Other notes receivable | 7,331 | 6,907 | ||||||
25,806 | 19,375 | |||||||
Less current portion | 8,895 | 5,514 | ||||||
Notes receivable – non-current | $ | 16,911 | $ | 13,861 | ||||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases, Operating [Abstract] | ' | |||
Future Minimum Lease Payments Under Non-Cancelable Revenue Equipment Operating Leases | ' | |||
At December 31, 2013, the future minimum lease payments under non-cancelable revenue equipment operating leases are as follows (in thousands): | ||||
2014 | $ | 1,588 | ||
2015 | 595 | |||
Total | $ | 2,183 | ||
Rental Expense Under Non-Cancelable Revenue Equipment Operating Leases | ' | |||
Rental expense under these non-cancelable revenue equipment operating leases for the years ended December 31, 2013 and 2012 was as follows (in thousands): | ||||
2013 | $ | 1,593 | ||
2012 | 1,620 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule Of Income Tax Expense | ' | |||||||||||
Income tax expense consisted of the following (in thousands): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | 55,227 | $ | 69,590 | $ | 6,275 | ||||||
State | 6,616 | 10,088 | 6,664 | |||||||||
Foreign | 1,472 | (478 | ) | 1,347 | ||||||||
63,315 | 79,200 | 14,286 | ||||||||||
Deferred: | ||||||||||||
Federal | (9,668 | ) | (8,630 | ) | 50,297 | |||||||
State | 1,279 | (438 | ) | 7,566 | ||||||||
(8,389 | ) | (9,068 | ) | 57,863 | ||||||||
Total income tax expense | $ | 54,926 | $ | 70,132 | $ | 72,149 | ||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
The effective income tax rate differs from the federal corporate tax rate of 35% in 2013, 2012 and 2011 as follows (in thousands): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Tax at statutory rate | $ | 49,599 | $ | 60,608 | $ | 61,217 | ||||||
State income taxes, net of federal tax benefits | 5,132 | 6,273 | 9,250 | |||||||||
Non-deductible meals and entertainment | 1,577 | 2,686 | 2,571 | |||||||||
Income tax credits | (1,574 | ) | (758 | ) | (1,517 | ) | ||||||
Other, net | 192 | 1,323 | 628 | |||||||||
Total income tax expense | $ | 54,926 | $ | 70,132 | $ | 72,149 | ||||||
Schedule Of Deferred Tax Assets And Liabilities | ' | |||||||||||
At December 31, deferred tax assets and liabilities consisted of the following (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Insurance and claims accruals | $ | 76,596 | $ | 73,211 | ||||||||
Allowance for uncollectible accounts | 5,672 | 7,813 | ||||||||||
Other | 8,437 | 9,416 | ||||||||||
Gross deferred tax assets | 90,705 | 90,440 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property and equipment | 282,642 | 288,032 | ||||||||||
Prepaid expenses | 6,906 | 6,774 | ||||||||||
Other | 3,079 | 3,026 | ||||||||||
Gross deferred tax liabilities | 292,627 | 297,832 | ||||||||||
Net deferred tax liability | $ | 201,922 | $ | 207,392 | ||||||||
Schedule Of Income Tax Assets And Liabilities Financial Position | ' | |||||||||||
These amounts are presented in the accompanying Consolidated Balance Sheets as of December 31 as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Current deferred tax asset | $ | 25,315 | $ | 25,139 | ||||||||
Non-current deferred tax liability | 227,237 | 232,531 | ||||||||||
Net deferred tax liability | $ | 201,922 | $ | 207,392 | ||||||||
Reconciliation Of Unrecognized Tax Benefits | ' | |||||||||||
The reconciliations of beginning and ending gross balances of unrecognized tax benefits for 2013 and 2012 are shown below (in thousands). | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Unrecognized tax benefits, beginning balance | $ | 11,563 | $ | 10,827 | ||||||||
Gross increases – tax positions in prior period | 286 | 279 | ||||||||||
Gross increases – current-period tax positions | 742 | 788 | ||||||||||
Settlements | (3,947 | ) | (331 | ) | ||||||||
Unrecognized tax benefits, ending balance | $ | 8,644 | $ | 11,563 | ||||||||
Equity_Compensation_and_Employ1
Equity Compensation and Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||
Equity Compensation Expense And Related Income Tax Benefit Recognized | ' | ||||||||||||||
The following table summarizes the equity compensation expense and related income tax benefit recognized in the Consolidated Statements of Income (in thousands): | |||||||||||||||
Years Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Stock options: | |||||||||||||||
Pre-tax compensation expense | $ | 84 | $ | 379 | $ | 343 | |||||||||
Tax benefit | 31 | 154 | 141 | ||||||||||||
Stock option expense, net of tax | $ | 53 | $ | 225 | $ | 202 | |||||||||
Restricted stock and restricted stock units: | |||||||||||||||
Pre-tax compensation expense | $ | 4,727 | $ | 4,223 | $ | 2,256 | |||||||||
Tax benefit | 1,831 | 1,710 | 931 | ||||||||||||
Restricted stock expense, net of tax | $ | 2,896 | $ | 2,513 | $ | 1,325 | |||||||||
Schedule Of Equity Compensation Stock Options Activity | ' | ||||||||||||||
The following table summarizes stock option activity for the year ended December 31, 2013: | |||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||
Options | Average | Average | Intrinsic Value | ||||||||||||
(in thousands) | Exercise | Remaining | (in thousands) | ||||||||||||
Price ($) | Contractual | ||||||||||||||
Term | |||||||||||||||
(Years) | |||||||||||||||
Outstanding at beginning of period | 800 | $ | 17.92 | ||||||||||||
Options granted | — | — | |||||||||||||
Options exercised | (141 | ) | 18.13 | ||||||||||||
Options forfeited | (6 | ) | 20.15 | ||||||||||||
Options expired | — | — | |||||||||||||
Outstanding at end of period | 653 | 17.85 | 3.36 | $ | 4,493 | ||||||||||
Exercisable at end of period | 570 | 17.54 | 2.9 | $ | 4,095 | ||||||||||
Schedule of Valuation Assumption Stock Options | ' | ||||||||||||||
The following table summarizes the number of stock options granted in 2011 and the weighted-average assumptions used in the valuations: | |||||||||||||||
Year Ended December 31, | |||||||||||||||
2011 | |||||||||||||||
Number of options granted | 31,000 | ||||||||||||||
Risk-free interest rate | 1.8 | % | |||||||||||||
Expected dividend yield | 0.9 | % | |||||||||||||
Expected volatility | 37 | % | |||||||||||||
Expected term (in years) | 7 | ||||||||||||||
Grant-date fair value | $ | 8.27 | |||||||||||||
Intrinsic Value Of Stock Options Exercised | ' | ||||||||||||||
The total intrinsic value of stock options exercised was as follows (in thousands): | |||||||||||||||
2013 | $ | 896 | |||||||||||||
2012 | 1,537 | ||||||||||||||
2011 | 2,128 | ||||||||||||||
Schedule Of Equity Compensation Restricted Stock Activity | ' | ||||||||||||||
The following table summarizes restricted stock activity for the year ended December 31, 2013: | |||||||||||||||
Number of | Weighted | ||||||||||||||
Restricted | Average Grant | ||||||||||||||
Shares (in | Date Fair | ||||||||||||||
thousands) | Value ($) | ||||||||||||||
Nonvested at beginning of period | 815 | $ | 20.69 | ||||||||||||
Shares granted | 115 | 23.51 | |||||||||||||
Shares vested | (223 | ) | 21.08 | ||||||||||||
Shares forfeited | (9 | ) | 20.24 | ||||||||||||
Nonvested at end of period | 698 | 21.04 | |||||||||||||
Schedule Of Equity Compensation Award Restricted Stock Valuation Assumptions | ' | ||||||||||||||
The following table summarizes the number of restricted shares and units granted and the weighted-average assumptions used to calculate the present value of estimated future dividends: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Number of shares granted | 115,000 | 268,000 | 205,500 | ||||||||||||
Dividends per share (quarterly amounts) | $ | 0.05 | $ | 0.05 | $ | 0.05 | |||||||||
Risk-free interest rate | 1.4 | % | 0.7 | % | 1 | % | |||||||||
Contributions For Employee Stock Purchase Plan | ' | ||||||||||||||
Our contributions for the Purchase Plan were as follows (in thousands): | |||||||||||||||
2013 | $ | 210 | |||||||||||||
2012 | 204 | ||||||||||||||
2011 | 217 | ||||||||||||||
Contributions And Administrative Expenses Under 401(k) Retirement Savings Plan | ' | ||||||||||||||
Salaries, wages and benefits expense in the accompanying Consolidated Statements of Income includes our 401(k) Plan contributions and administrative expenses, which were as follows (in thousands): | |||||||||||||||
2013 | $ | 1,722 | |||||||||||||
2012 | 1,612 | ||||||||||||||
2011 | 1,471 | ||||||||||||||
Deferred Compensation Assets And Liabilities | ' | ||||||||||||||
The accumulated benefit obligation and aggregate market value of the life insurance policies were as follows (in thousands): | |||||||||||||||
December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Accumulated benefit obligation | $ | 5,773 | $ | 4,311 | |||||||||||
Aggregate market value | 5,186 | 3,971 | |||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Disclosure Of Segment Financial Information | ' | |||||||||||
The following table summarizes our segment information (in thousands): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues | ||||||||||||
Truckload Transportation Services | $ | 1,657,854 | $ | 1,699,349 | $ | 1,694,965 | ||||||
Value Added Services | 361,384 | 324,155 | 292,813 | |||||||||
Other | 11,342 | 11,782 | 12,367 | |||||||||
Corporate | 3,081 | 4,322 | 4,409 | |||||||||
Subtotal | 2,033,661 | 2,039,608 | 2,004,554 | |||||||||
Inter-segment eliminations | (4,478 | ) | (3,222 | ) | $ | (1,704 | ) | |||||
Total | $ | 2,029,183 | $ | 2,036,386 | $ | 2,002,850 | ||||||
Operating Income | ||||||||||||
Truckload Transportation Services | $ | 119,597 | $ | 153,142 | $ | 157,604 | ||||||
Value Added Services | 14,664 | 15,999 | 17,036 | |||||||||
Other | 3,947 | 1,212 | (383 | ) | ||||||||
Corporate | 1,518 | 1,091 | (583 | ) | ||||||||
Total | $ | 139,726 | $ | 171,444 | $ | 173,674 | ||||||
Schedule Of Revenue And Long-Lived Assets, By Geographical Areas | ' | |||||||||||
Information about the geographic areas in which we conduct business is summarized below (in thousands) as of and for the years ended December 31, 2013, 2012 and 2011. Operating revenues for foreign countries include revenues for (i) shipments with an origin or destination in that country and (ii) other services provided in that country. If both the origin and destination are in a foreign country, the revenues are attributed to the country of origin. | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues | ||||||||||||
United States | $ | 1,768,442 | $ | 1,772,179 | $ | 1,772,628 | ||||||
Foreign countries | ||||||||||||
Mexico | 172,009 | 172,016 | 147,938 | |||||||||
Other | 88,732 | 92,191 | 82,284 | |||||||||
Total foreign countries | 260,741 | 264,207 | 230,222 | |||||||||
Total | $ | 2,029,183 | $ | 2,036,386 | $ | 2,002,850 | ||||||
Long-lived Assets | ||||||||||||
United States | $ | 955,543 | $ | 979,798 | $ | 931,658 | ||||||
Foreign countries | ||||||||||||
Mexico | 21,654 | 13,659 | 9,993 | |||||||||
Other | 321 | 386 | 485 | |||||||||
Total foreign countries | 21,975 | 14,045 | 10,478 | |||||||||
Total | $ | 977,518 | $ | 993,843 | $ | 942,136 | ||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule Of Quarterly Results Of Operations | ' | |||||||||||||||
(In thousands, except per share amounts) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
2013:00:00 | ||||||||||||||||
Operating revenues | $ | 492,887 | $ | 506,648 | $ | 511,728 | $ | 517,920 | ||||||||
Operating income | 28,693 | 42,361 | 32,583 | 36,089 | ||||||||||||
Net income | 17,511 | 25,840 | 21,259 | 22,175 | ||||||||||||
Basic earnings per share | 0.24 | 0.35 | 0.29 | 0.31 | ||||||||||||
Diluted earnings per share | 0.24 | 0.35 | 0.29 | 0.3 | ||||||||||||
(In thousands, except per share amounts) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
2012:00:00 | ||||||||||||||||
Operating revenues | $ | 498,376 | $ | 521,812 | $ | 506,504 | $ | 509,694 | ||||||||
Operating income | 35,402 | 51,113 | 41,805 | 43,124 | ||||||||||||
Net income | 21,245 | 30,680 | 25,128 | 25,981 | ||||||||||||
Basic earnings per share | 0.29 | 0.42 | 0.34 | 0.36 | ||||||||||||
Diluted earnings per share | 0.29 | 0.42 | 0.34 | 0.35 | ||||||||||||
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||
Schedule Of Valuation And Qualifying Accounts | ' | |||||||||||||||
(In thousands) | Balance at | Charged to | Write-offs | Balance at | ||||||||||||
Beginning of | Costs and | (Recoveries) | End of | |||||||||||||
Period | Expenses | of Doubtful | Period | |||||||||||||
Accounts | ||||||||||||||||
Year ended December 31, 2013: | ||||||||||||||||
Allowance for doubtful accounts | $ | 10,528 | $ | 15 | $ | 604 | $ | 9,939 | ||||||||
Year ended December 31, 2012: | ||||||||||||||||
Allowance for doubtful accounts | $ | 10,154 | $ | 478 | $ | 104 | $ | 10,528 | ||||||||
Year ended December 31, 2011: | ||||||||||||||||
Allowance for doubtful accounts | $ | 9,484 | $ | 633 | $ | (37 | ) | $ | 10,154 | |||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Percentage Of Customer Revenue | 40.00% | 40.00% | 40.00% |
Accounts receivable recorded investment past due days | '90 | ' | ' |
Self Insurance Retention Liability | $2 | $2 | $2 |
Self Insurance Retention Workers Compensation | 1 | ' | ' |
Letters of Credit Outstanding, Amount | 32.7 | ' | ' |
State Of Nebraska [Member] | ' | ' | ' |
Workers Compensation Insurance Bonds | 34.1 | ' | ' |
Workers Compensation Insurance Carrier [Member] | ' | ' | ' |
Workers Compensation Insurance Bonds | $6.90 | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Schedule of Estimated Useful Life) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Building And Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated Useful Lives | '30Â years |
Salvage Value Percentage | 0.00% |
Tractors [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated Useful Lives | '80Â months |
Salvage Value Percentage | 0.00% |
Trailers [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated Useful Lives | '12 years |
Salvage Value | 1,000 |
Service And Other Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Salvage Value Percentage | 0.00% |
Minimum [Member] | Service And Other Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated Useful Lives | '3 years |
Maximum [Member] | Service And Other Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated Useful Lives | '10 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Schedule Of Basic and Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income | $22,175 | $21,259 | $25,840 | $17,511 | $25,981 | $25,128 | $30,680 | $21,245 | $86,785 | $103,034 | $102,757 |
Weighted average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 72,866 | 72,909 | 72,787 |
Dilutive effect of stock-based awards | ' | ' | ' | ' | ' | ' | ' | ' | 562 | 544 | 438 |
Shares used in computing diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 73,428 | 73,453 | 73,225 |
Basic earnings per share | $0.31 | $0.29 | $0.35 | $0.24 | $0.36 | $0.34 | $0.42 | $0.29 | $1.19 | $1.41 | $1.41 |
Diluted earnings per share | $0.30 | $0.29 | $0.35 | $0.24 | $0.35 | $0.34 | $0.42 | $0.29 | $1.18 | $1.40 | $1.40 |
Number of antidilutive options that were excluded from computation of earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Credit_Facilities_Narrative_De
Credit Facilities (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Mature On May 31, 2016 | Mature On May 31, 2017 | |||
Debt_Covenants | Debt_Covenants | |||
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Total of committed credit facilities with two banks | $250,000,000 | ' | $175,000,000 | $75,000,000 |
Committed credit facilities maturity | ' | ' | 31-May-16 | 31-May-17 |
Term of credit facility (years) | ' | ' | '4 years | '5 years |
Line of credit facility interest rate | 0.85% | ' | ' | ' |
Borrowings outstanding | 40,000,000 | 90,000,000 | ' | ' |
Standby letters of credit | $32,700,000 | ' | ' | ' |
Number of financial covenants for debt agreements | ' | ' | 2 | 2 |
Line_Of_Credit_Facility_Schedu
Line Of Credit Facility (Schedule Of Long-term Debt Outstanding) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Line of Credit Facility [Abstract] | ' | ' |
Notes payable to banks under committed credit faciilities | $40,000 | $90,000 |
Less current portion | 0 | -20,000 |
Long-term debt, net | $40,000 | $70,000 |
Line_Of_Credit_Facility_Future
Line Of Credit Facility (Future Maturities Of Long-term Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
2013 | $0 | ' |
2014 | 0 | ' |
2015 | 40,000 | ' |
2016 | 0 | ' |
Total | $40,000 | $90,000 |
Notes_Receivable_Details
Notes Receivable (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Notes receivable | $25,806 | $19,375 |
Less current portion | 8,895 | 5,514 |
Notes receivable - non-current | 16,911 | 13,861 |
Independent Contractors [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Notes receivable | 18,475 | 12,468 |
Number of notes receivable | 466 | 331 |
Other Debtors [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Notes receivable | $7,331 | $6,907 |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Leases, Operating [Abstract] | ' | ' |
2014 | $1,588 | ' |
2015 | 595 | ' |
Total | 2,183 | ' |
Lease expiration date | 10-Jun-15 | ' |
Rental expense under non-cancelable revenue equipment operating leases | $1,593 | $1,620 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Examination [Line Items] | ' | ' | ' |
Federal corporate tax rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) in net liability for unrecognized tax benefits | ($1.80) | $0.50 | ' |
Accrued interest expense | 0.3 | 0.2 | ' |
Unrecognized tax benefits that would impact our effective tax rate | 5.5 | 7.4 | ' |
Interest included in total liability | 1.7 | 3.6 | ' |
Significant increases or decreases for uncertain tax positions | $0 | ' | ' |
State and Foreign Tax Authorities | Minimum | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Period of statute of limitations (years) | '3 years | ' | ' |
State and Foreign Tax Authorities | Maximum | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Period of statute of limitations (years) | '4 years | ' | ' |
Income_Taxes_Schedule_Of_Incom
Income Taxes (Schedule Of Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal current | $55,227 | $69,590 | $6,275 |
State current | 6,616 | 10,088 | 6,664 |
Foreign current | 1,472 | -478 | 1,347 |
Current income tax expense (benefit), total | 63,315 | 79,200 | 14,286 |
Federal deferred | -9,668 | -8,630 | 50,297 |
State deferred | 1,279 | -438 | 7,566 |
Deferred income tax expense (benefit), total | -8,389 | -9,068 | 57,863 |
Total income tax expense | $54,926 | $70,132 | $72,149 |
Income_Taxes_Schedule_Of_Effec
Income Taxes (Schedule Of Effective Income Tax Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Tax at statutory rate | $49,599 | $60,608 | $61,217 |
State income taxes, net of federal tax benefits | 5,132 | 6,273 | 9,250 |
Non-deductible meals and entertainment | 1,577 | 2,686 | 2,571 |
Income tax credits | -1,574 | -758 | -1,517 |
Other, net | 192 | 1,323 | 628 |
Total income tax expense | $54,926 | $70,132 | $72,149 |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Insurance and claims accruals | $76,596 | $73,211 |
Allowance for uncollectible accounts | 5,672 | 7,813 |
Other | 8,437 | 9,416 |
Gross deferred tax assets | 90,705 | 90,440 |
Property and equipment | 282,642 | 288,032 |
Prepaid expenses | 6,906 | 6,774 |
Other | 3,079 | 3,026 |
Gross deferred tax liabilities | 292,627 | 297,832 |
Net deferred tax liability | $201,922 | $207,392 |
Income_Taxes_Schedule_Of_Incom1
Income Taxes (Schedule Of Income Tax Assets And Liabilities Financial Position) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Current deferred tax asset | $25,315 | $25,139 |
Non-current deferred tax liability | 227,237 | 232,531 |
Net deferred tax liability | $201,922 | $207,392 |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Unrecognized tax benefits, beginning balance | $11,563 | $10,827 |
Gross increases - tax positions in prior period | 286 | 279 |
Gross increases - current-period tax positions | 742 | 788 |
Settlements | -3,947 | -331 |
Unrecognized tax benefits, ending balance | $8,644 | $11,563 |
Recovered_Sheet1
Equity Compensation And Employee Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity Compensation Arrangement by Equity Compensation Award [Line Items] | ' | ' | ' |
Maximum shares of common stock | 20,000,000 | ' | ' |
Maximum annual shares awarded to employee | 500,000 | ' | ' |
Shares available for granting additional awards | 7,658,356 | ' | ' |
Unrecognized compensation cost of non-vested equity compensation awards | $8,200,000 | ' | ' |
Unrecognized compensation cost of non-vested equity compensation awards expected to be recognized over a weighted average period (years) | '2 years 219 days | ' | ' |
Fair value of restricted stock awards vested | 5,500,000 | 2,200,000 | 0 |
Payments made to taxing authorities for employee tax obligations | 1,804,000 | 674,000 | 0 |
Shares withheld to settle employee tax withholding obligations | 75,071 | ' | ' |
Maximum period for exercisable options (years and days) | '10 years 0 months 1 day | ' | ' |
Maximum Annual Stock Purchase Plan Contributions By Plan Participants | $20,000 | ' | ' |
Percentage Of Company Matching Contribution To Employee Stock Purchase Plan | 15.00% | ' | ' |
Percentage Of Interest Accrues On Purchase Plan Contributions | 5.25% | ' | ' |
Number Of Participants In Executive Nonqualified Excess Plan | 59 | ' | ' |
Number of Options granted | 0 | 0 | ' |
Stock Options [Member] | ' | ' | ' |
Equity Compensation Arrangement by Equity Compensation Award [Line Items] | ' | ' | ' |
Number of Options granted | ' | ' | 31,000 |
Stock Options [Member] | Minimum [Member] | ' | ' | ' |
Equity Compensation Arrangement by Equity Compensation Award [Line Items] | ' | ' | ' |
Vesting period (months) | '24 months | ' | ' |
Stock Options [Member] | Maximum [Member] | ' | ' | ' |
Equity Compensation Arrangement by Equity Compensation Award [Line Items] | ' | ' | ' |
Vesting period (months) | '72 months | ' | ' |
Restricted Stock [Member] | Minimum [Member] | ' | ' | ' |
Equity Compensation Arrangement by Equity Compensation Award [Line Items] | ' | ' | ' |
Vesting period (months) | '12 months | ' | ' |
Restricted Stock [Member] | Maximum [Member] | ' | ' | ' |
Equity Compensation Arrangement by Equity Compensation Award [Line Items] | ' | ' | ' |
Vesting period (months) | '84 months | ' | ' |
Recovered_Sheet2
Equity Compensation And Employee Benefit Plans (Equity Compensation Expense And Related Income Tax Benefit Recognized) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Options [Member] | ' | ' | ' |
Equity Compensation Arrangement by Equity Compensation Award [Line Items] | ' | ' | ' |
Pre-tax compensation expense | $84 | $379 | $343 |
Tax benefit | 31 | 154 | 141 |
Stock expense, net of tax | 53 | 225 | 202 |
Restricted Stock [Member] | ' | ' | ' |
Equity Compensation Arrangement by Equity Compensation Award [Line Items] | ' | ' | ' |
Pre-tax compensation expense | 4,727 | 4,223 | 2,256 |
Tax benefit | 1,831 | 1,710 | 931 |
Stock expense, net of tax | $2,896 | $2,513 | $1,325 |
Equity_Compensation_And_Employ2
Equity Compensation And Employee Benefit Plans (Schedule Of Equity Compensation Stock Options Activity) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Arrangements with Employees and Nonemployees [Abstract] | ' | ' |
Number of Options Outstanding at beginning of period | 800 | ' |
Number of Options granted | 0 | 0 |
Number of Options exercised | -141 | ' |
Number of Options forfeited | -6 | ' |
Number of Options expired | 0 | ' |
Number of Options Outstanding at end of period | 653 | 800 |
Number of Options Exercisable at end of period | 570 | ' |
Weighted Average Exercise Price Outstanding at beginning of period | $17.92 | ' |
Weighted Average Exercise Price Options granted | $0 | ' |
Weighted Average Exercise Price Options exercised | $18.13 | ' |
Weighted Average Exercise Price Options forfeited | $20.15 | ' |
Weighted Average Exercise Price Options expired | $0 | ' |
Weighted Average Exercise Price Outstanding at end of period | $17.85 | $17.92 |
Weighted Average Exercise Price Exercisable at end of period | $17.54 | ' |
Weighted Average Remaining Contractual Term Outstanding at end of period, Years | '3 years 132 days | ' |
Weighted Average Remaining Contractual Term Exercisable at end of period, Years | '2 years 328 days | ' |
Aggregate Intrinsic Value Outstanding at end of period | $4,493 | ' |
Aggregate Intrinsic Value Exercisable at end of period | $4,095 | ' |
Equity_Compensation_And_Employ3
Equity Compensation And Employee Benefit Plans (Fair Value Of Stock Option Grants) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options [Member] | |||
Equity Compensation Arrangement by Equity Compensation Award [Line Items] | ' | ' | ' |
Number of Options granted | 0 | 0 | 31,000 |
Risk-free interest rate | ' | ' | 1.80% |
Expected dividend yield | ' | ' | 0.90% |
Expected volatility | ' | ' | 37.00% |
Expected term (in years) | ' | ' | '7 years |
Grant-date fair value | ' | ' | $8.27 |
Equity_Compensation_And_Employ4
Equity Compensation And Employee Benefit Plans (Intrinsic Value of Stock Options Exercised) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Intrinsic value of stock options exercised | $896 | $1,537 | $2,128 |
Equity_Compensation_And_Employ5
Equity Compensation And Employee Benefit Plans (Schedule Of Equity Compensation Restricted Stock Activity) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Arrangements with Employees and Nonemployees [Abstract] | ' | ' | ' |
Number of Restricted Shares Nonvested at beginning of period | 815,000 | ' | ' |
Number of Restricted Shares granted | 115,000 | 268,000 | 205,500 |
Number of Restricted Shares vested | -223,000 | ' | ' |
Number of Restricted Shares forfeited | -9,000 | ' | ' |
Number of Restricted Shares Nonvested at end of period | 698,000 | 815,000 | ' |
Weighted Average Grant Date Fair Value Nonvested at beginning of period | $20.69 | ' | ' |
Weighted Average Grant Date Fair Value Shares granted | $23.51 | ' | ' |
Weighted Average Grant Date Fair Value Shares vested | $21.08 | ' | ' |
Weighted Average Grant Date Fair Value Shares forfeited | $20.24 | ' | ' |
Weighted Average Grant Date Fair Value Nonvested at end of period | $21.04 | $20.69 | ' |
Equity_Compensation_And_Employ6
Equity Compensation And Employee Benefit Plans (Schedule Of Equity Compensation Award Valuation Assumptions) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity Compensation Arrangement by Equity Compensation Award [Line Items] | ' | ' | ' |
Number of restricted shares granted | 115,000 | 268,000 | 205,500 |
Dividends per share (quarterly amounts) | $0.05 | $0.05 | $0.05 |
Restricted Stock | ' | ' | ' |
Equity Compensation Arrangement by Equity Compensation Award [Line Items] | ' | ' | ' |
Risk-free interest rate | 1.40% | 0.70% | 1.00% |
Equity_Compensation_And_Employ7
Equity Compensation And Employee Benefit Plans (Contributions For Employee Stock Purchase Plan) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Contributions for Employee Stock Purchase Plan | $210 | $204 | $217 |
Equity_Compensation_And_Employ8
Equity Compensation And Employee Benefit Plans (Contributions And Administrative Expenses Under 401(k) Retirement Savings Plan) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
401(k) Plan contributions and administrative expenses | $1,722 | $1,612 | $1,471 |
Equity_Compensation_And_Employ9
Equity Compensation And Employee Benefit Plans (Accumulated Benefit Obligation And Aggregate Market Value Of Life Insurance Policies) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Accumulated benefit obligation | $5,773 | $4,311 |
Aggregate market value | $5,186 | $3,971 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitment for property and equipment purchases | $23.70 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
TDR [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Sales total | $2,275,000 | $1,551,000 | $236,000 |
Recognized gains, net | 1,449,000 | 823,000 | 67,000 |
Related party expense | 603,000 | 608,000 | 534,000 |
Other operating revenue | 4,141,000 | 3,836,000 | 3,965,000 |
Receivables | 858,000 | 2,105,000 | ' |
Principal Stockholder [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Lease annual rent payments | 1 | ' | ' |
Leasehold improvements to land total | 6,500,000 | ' | ' |
Related party expense | $93,000 | ' | ' |
Segment_Information_Narratives
Segment Information (Narratives) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Segments | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 2 |
Segment_Information_Summary_Of
Segment Information (Summary Of Segment Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $517,920 | $511,728 | $506,648 | $492,887 | $509,694 | $506,504 | $521,812 | $498,376 | $2,029,183 | $2,036,386 | $2,002,850 |
Operating Income | 36,089 | 32,583 | 42,361 | 28,693 | 43,124 | 41,805 | 51,113 | 35,402 | 139,726 | 171,444 | 173,674 |
Truckload Transportation Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,657,854 | 1,699,349 | 1,694,965 |
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 119,597 | 153,142 | 157,604 |
Value Added Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 361,384 | 324,155 | 292,813 |
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 14,664 | 15,999 | 17,036 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 11,342 | 11,782 | 12,367 |
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 3,947 | 1,212 | -383 |
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,081 | 4,322 | 4,409 |
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 1,518 | 1,091 | -583 |
Subtotal [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,033,661 | 2,039,608 | 2,004,554 |
Inter-segment eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ($4,478) | ($3,222) | ($1,704) |
Segment_Information_Schedule_O
Segment Information (Schedule Of Revenue And Long-Lived Assets, By Geographical Areas) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $517,920 | $511,728 | $506,648 | $492,887 | $509,694 | $506,504 | $521,812 | $498,376 | $2,029,183 | $2,036,386 | $2,002,850 |
Long-lived Assets | 977,518 | ' | ' | ' | 993,843 | ' | ' | ' | 977,518 | 993,843 | 942,136 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,768,442 | 1,772,179 | 1,772,628 |
Long-lived Assets | 955,543 | ' | ' | ' | 979,798 | ' | ' | ' | 955,543 | 979,798 | 931,658 |
Mexico [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 172,009 | 172,016 | 147,938 |
Long-lived Assets | 21,654 | ' | ' | ' | 13,659 | ' | ' | ' | 21,654 | 13,659 | 9,993 |
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 88,732 | 92,191 | 82,284 |
Long-lived Assets | 321 | ' | ' | ' | 386 | ' | ' | ' | 321 | 386 | 485 |
Total Foreign Countries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 260,741 | 264,207 | 230,222 |
Long-lived Assets | $21,975 | ' | ' | ' | $14,045 | ' | ' | ' | $21,975 | $14,045 | $10,478 |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | $517,920 | $511,728 | $506,648 | $492,887 | $509,694 | $506,504 | $521,812 | $498,376 | $2,029,183 | $2,036,386 | $2,002,850 |
Operating income | 36,089 | 32,583 | 42,361 | 28,693 | 43,124 | 41,805 | 51,113 | 35,402 | 139,726 | 171,444 | 173,674 |
Net Income | $22,175 | $21,259 | $25,840 | $17,511 | $25,981 | $25,128 | $30,680 | $21,245 | $86,785 | $103,034 | $102,757 |
Basic earnings per share | $0.31 | $0.29 | $0.35 | $0.24 | $0.36 | $0.34 | $0.42 | $0.29 | $1.19 | $1.41 | $1.41 |
Diluted earnings per share | $0.30 | $0.29 | $0.35 | $0.24 | $0.35 | $0.34 | $0.42 | $0.29 | $1.18 | $1.40 | $1.40 |
Schedule_II_Valuation_and_Qual2
Schedule II - Valuation and Qualifying Accounts (Details) (Allowance for Doubtful Accounts [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at Beginning of Period | $10,528 | $10,154 | $9,484 |
Charged to Costs and Expenses | 15 | 478 | 633 |
Write-off of Doubtful Accounts | 604 | 104 | -37 |
Balance at End of Period | $9,939 | $10,528 | $10,154 |