Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 18, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | WERNER ENTERPRISES INC | ||
Entity Central Index Key | 793,074 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 72,042,271 | ||
Entity Public Float | $ 1,186 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Trading Symbol | wern |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating revenues | $ 2,093,529 | $ 2,139,289 | $ 2,029,183 |
Operating expenses: | |||
Salaries, wages and benefits | 639,908 | 584,006 | 545,419 |
Fuel | 204,583 | 346,058 | 371,789 |
Supplies and maintenance | 190,114 | 188,437 | 179,172 |
Taxes and licenses | 89,646 | 85,468 | 86,686 |
Insurance and claims | 80,848 | 80,375 | 71,177 |
Depreciation | 193,209 | 176,984 | 173,019 |
Rent and purchased transportation | 480,624 | 498,782 | 456,885 |
Communications and utilities | 15,121 | 14,220 | 13,506 |
Other | (980) | 4,871 | (8,196) |
Total operating expenses | 1,893,073 | 1,979,201 | 1,889,457 |
Operating income | 200,456 | 160,088 | 139,726 |
Other expense (income): | |||
Interest expense | 1,974 | 881 | 454 |
Interest income | (2,875) | (2,538) | (2,269) |
Other | 196 | (29) | (170) |
Total other income | (705) | (1,686) | (1,985) |
Income before income taxes | 201,161 | 161,774 | 141,711 |
Income taxes | 77,447 | 63,124 | 54,926 |
Net income | $ 123,714 | $ 98,650 | $ 86,785 |
Earnings per share: | |||
Basic | $ 1.72 | $ 1.37 | $ 1.19 |
Diluted | $ 1.71 | $ 1.36 | $ 1.18 |
Weighted-average common shares outstanding: | |||
Basic | 71,957 | 72,122 | 72,866 |
Diluted | 72,556 | 72,738 | 73,428 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $ 123,714 | $ 98,650 | $ 86,785 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (3,930) | (3,564) | (475) |
Change in fair value of interest rate swap | 242 | (1,180) | 0 |
Other comprehensive income (loss) | (3,688) | (4,744) | (475) |
Comprehensive income | $ 120,026 | $ 93,906 | $ 86,310 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 31,833 | $ 22,604 |
Accounts receivable, trade, less allowance of $10,298 and $10,017, respectively | 251,023 | 266,727 |
Other receivables | 17,241 | 20,316 |
Inventories and supplies | 16,415 | 17,824 |
Prepaid taxes, licenses and permits | 15,657 | 14,914 |
Current deferred income taxes | 28,037 | 34,066 |
Income taxes receivable | 20,052 | 23,435 |
Other current assets | 27,281 | 26,458 |
Total current assets | 407,539 | 426,344 |
Property and equipment, at cost: | ||
Land | 34,356 | 32,213 |
Buildings and improvements | 134,595 | 130,618 |
Revenue equipment | 1,530,617 | 1,413,178 |
Service equipment and other | 209,032 | 210,220 |
Total property and equipment | 1,908,600 | 1,786,229 |
Less – accumulated depreciation | 754,130 | 772,447 |
Property and equipment, net | 1,154,470 | 1,013,782 |
Other non-current assets | 51,675 | 40,336 |
Total assets | 1,613,684 | 1,480,462 |
Current liabilities: | ||
Accounts payable | 70,643 | 64,827 |
Insurance and claims accruals | 64,106 | 73,814 |
Accrued payroll | 25,233 | 28,121 |
Other current liabilities | 23,720 | 19,768 |
Total current liabilities | 183,702 | 186,530 |
Long-term debt, net of current portion | 75,000 | 75,000 |
Other long-term liabilities | 19,832 | 20,021 |
Insurance and claims accruals, net of current portion | 125,195 | 123,445 |
Deferred income taxes | $ 274,301 | $ 241,606 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $0.01 par value, 200,000,000 shares authorized; 80,533,536 shares issued; 71,998,750 and 72,038,368 shares outstanding, respectively | $ 805 | $ 805 |
Paid-in capital | 102,734 | 101,803 |
Retained earnings | 1,022,966 | 915,085 |
Accumulated other comprehensive loss | (13,063) | (9,375) |
Treasury stock, at cost; 8,534,786 and 8,495,168 shares, respectively | (177,788) | (174,458) |
Total stockholders’ equity | 935,654 | 833,860 |
Total liabilities and stockholders’ equity | $ 1,613,684 | $ 1,480,462 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Allowance for doubtful trade accounts receivable | $ 10,298 | $ 10,017 |
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 | 71,998,750 | 72,038,368 |
Treasury stock, shares | 8,534,786 | 8,495,168 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 123,714 | $ 98,650 | $ 86,785 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 193,209 | 176,984 | 173,019 |
Deferred income taxes | 38,442 | 5,038 | (8,389) |
Gain on disposal of property and equipment | (23,240) | (19,260) | (16,408) |
Non-cash equity compensation | 4,361 | 6,070 | 4,809 |
Insurance and claims accruals, net of current portion | 1,750 | (8,455) | 6,400 |
Other | 9,103 | 1,107 | (541) |
Changes in certain working capital items: | |||
Accounts receivable, net | 15,704 | (35,080) | (20,514) |
Other current assets | 9,455 | (25,926) | 3,398 |
Accounts payable | 7,256 | (1,497) | 2,793 |
Other current liabilities | (9,362) | 8,934 | 1,105 |
Net cash provided by operating activities | 370,392 | 206,565 | 232,457 |
Cash flows from investing activities: | |||
Additions to property and equipment | (454,097) | (296,649) | (211,329) |
Proceeds from sales of property and equipment | 102,614 | 84,355 | 59,413 |
Decrease in notes receivable | 19,517 | 14,390 | 10,679 |
Other | (3,580) | (5,583) | 979 |
Net cash used in investing activities | (335,546) | (203,487) | (140,258) |
Cash flows from financing activities: | |||
Repayments of short-term debt | (10,000) | (10,000) | (20,000) |
Proceeds from issuance of short-term debt | 10,000 | 10,000 | 0 |
Repayments of long-term debt | 0 | (40,000) | (40,000) |
Proceeds from issuance of long-term debt | 0 | 75,000 | 10,000 |
Payment of notes payable | (3,117) | 0 | 0 |
Dividends on common stock | (15,115) | (14,440) | (14,587) |
Repurchases of common stock | (6,438) | (30,587) | (20,060) |
Tax withholding related to net share settlements of restricted stock awards | (1,724) | (1,977) | (1,804) |
Stock options exercised | 846 | 7,012 | 2,548 |
Excess tax benefits from equity compensation | 556 | 1,324 | 379 |
Net cash used in financing activities | (24,992) | (3,668) | (83,524) |
Effect of exchange rate fluctuations on cash | (625) | (484) | (425) |
Net increase (decrease) in cash and cash equivalents | 9,229 | (1,074) | 8,250 |
Cash and cash equivalents, beginning of period | 22,604 | 23,678 | 15,428 |
Cash and cash equivalents, end of period | 31,833 | 22,604 | 23,678 |
Supplemental disclosures of cash flow information: | |||
Interest paid | 1,978 | 820 | 466 |
Income taxes paid | 35,205 | 76,849 | 66,032 |
Supplemental schedule of non-cash investing activities: | |||
Notes receivable issued upon sale of property and equipment | 36,060 | 14,385 | 17,110 |
Issuance of notes payable | 0 | 6,233 | 0 |
Change in fair value of interest rate swap | 242 | (1,180) | 0 |
Property and equipment acquired included in accounts payable | 627 | 2,067 | 5,403 |
Property and equipment disposed included in other receivables | $ 21 | $ 0 | $ 434 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
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) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income | 93,906 | 0 | 0 | 98,650 | (4,744) | 0 |
Purchases of common stock | (30,587) | 0 | 0 | 0 | 0 | (30,587) |
Dividends on common stock | (14,407) | 0 | 0 | (14,407) | 0 | 0 |
Equity compensation activity, including excess tax benefits | 6,359 | 0 | (2,801) | 0 | 0 | 9,160 |
Non-cash equity compensation expense | 6,070 | 0 | 6,070 | 0 | 0 | 0 |
BALANCE at Dec. 31, 2014 | 833,860 | 805 | 101,803 | 915,085 | (9,375) | (174,458) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income | 120,026 | 0 | 0 | 123,714 | (3,688) | 0 |
Purchases of common stock | (6,438) | 0 | 0 | 0 | 0 | (6,438) |
Dividends on common stock | (15,833) | 0 | 0 | (15,833) | 0 | 0 |
Equity compensation activity, including excess tax benefits | (322) | 0 | (3,430) | 0 | 0 | 3,108 |
Non-cash equity compensation expense | 4,361 | 0 | 4,361 | 0 | 0 | 0 |
BALANCE at Dec. 31, 2015 | $ 935,654 | $ 805 | $ 102,734 | $ 1,022,966 | $ (13,063) | $ (177,788) |
Consolidated Statements of Sto8
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared per share | $ 0.220 | $ 0.200 | $ 0.200 |
Purchase of common stock, shares | 225,000 | 1,200,000 | 821,091 |
Equity compensation activity, shares | 185,382 | 524,488 | 288,413 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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 year ended December 31, 2015, our ten largest customers comprised 45% of our revenues. For the years ended December 31, 2014 and 2013, our ten largest customers comprised 41% and 40% , respectively, of our revenues. No single customer generated more than 10% of the Company’s total revenues in 2015, 2014, and 2013. 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. The most significant estimates that affect our financial statements include the useful lives and salvage values of property and equipment, accrued liabilities for insurance and claims, estimates for incomes taxes and the allowance for doubtful accounts. 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 at year-end. For the years ended December 31, 2015, 2014, and 2013 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 $29.8 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 $31.0 million in letters of credit as of December 31, 2015. 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. Derivative Financial Instrument: We manage our interest rate risk through an interest rate swap. The derivative financial instrument is recognized in the Consolidated Balance Sheets at fair value. The effect on earnings from recognizing the fair value of this derivative financial instrument depends on its intended use, its hedge designation, and its effectiveness in offsetting changes in the fair value of the exposure it is hedging. Changes in the fair value of the instrument designated to reduce or eliminate adverse fluctuations in the fair values of recognized assets and liabilities and unrecognized firm commitments are reported currently in earnings along with changes in the fair values of the hedged items. Changes in the effective portion of the fair value of the instrument used to reduce or eliminate adverse fluctuations in cash flows of anticipated or forecasted transactions is reported in equity as a component of accumulated other comprehensive income (loss), net of income tax effects. Amounts in accumulated other comprehensive income (loss) are reclassified to earnings when the related hedged items affect earnings or the anticipated transactions are no longer probable. Amounts reported in earnings are classified consistent with the item being hedged. 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, 2015 2014 2013 Net income $ 123,714 $ 98,650 $ 86,785 Weighted average common shares outstanding 71,957 72,122 72,866 Dilutive effect of stock-based awards 599 616 562 Shares used in computing diluted earnings per share 72,556 72,738 73,428 Basic earnings per share $ 1.72 $ 1.37 $ 1.19 Diluted earnings per share $ 1.71 $ 1.36 $ 1.18 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. Performance awards are excluded from the calculation of dilutive potential common shares until the threshold performance conditions have been satisfied. 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, restricted stock, and performance awards vest in increments, and we recognize compensation expense over the requisite service period of each award. We accrue compensation expense for performance awards for the estimated number of shares expected to be issued using the most current information available at the date of the financial statements. If the performance objectives are not met, no compensation expense will be recognized, and any previously recognized compensation expense will be reversed. 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, 2015 and 2014, comprehensive income consists of net income, foreign currency translation adjustments and change in fair value of interest rate swap. For the year ended December 31, 2013, comprehensive income consists of net income and foreign currency translation adjustments. New Accounting Pronouncements Adopted: We did not adopt any new accounting standards during 2015. Accounting Standards Updates Not Yet Effective: On May 28, 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In July 2015, the FASB voted to approve a one-year deferral of the effective date of the new revenue recognition standard and to permit early adoption but no earlier than the original effective date (annual periods beginning after December 15, 2016); such decisions were documented in the FASB's ASU No. 2015-14 “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.” As a result of the deferral, the new standard will become effective for us beginning January 1, 2018, unless we choose to adopt early on January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures and have not yet selected a transition method. In April 2015, the FASB issued ASU No. 2015-3, “Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs,” which requires debt issuance costs to be recorded as a direct reduction of the debt liability on the balance sheet rather than as an asset. The provisions of this update are effective as of January 1, 2016, and are not expected to have a material effect on our consolidated financial position, results of operations or cash flows. In July 2015, the FASB issued ASU No. 2015-11, “Inventory: Simplifying the Measurement of Inventory,” which requires inventory to be recorded at the lower of cost and net realizable value. The provisions of this update are effective as of January 1, 2017, and are not expected to have a material effect on our consolidated financial position, results of operations or cash flows. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes: Balance Sheet Classification of Deferred Taxes,” which requires presentation of deferred tax assets and liabilities as non-current in the balance sheet. The provisions of this update are effective as of January 1, 2017, and early adoption is permitted as of the beginning of an interim or annual reporting period. The amendments in the update are not expected to have a material effect on our consolidated financial position, results from operations or cash flows. Other ASUs not identified above and which are not effective until after December 31, 2015 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, 2015 | |
Line of Credit Facility [Abstract] | |
Credit Facilities | CREDIT FACILITIES As of December 31, 2015, we had unsecured committed credit facilities with three banks as well as a term commitment with one of these banks. We had with Wells Fargo Bank, N.A., a $100.0 million credit facility which will expire on July 12, 2020 , and a $75.0 million term commitment with principal due and payable on September 15, 2019 . On July 13, 2015, we amended our existing credit agreement, dated June 1, 2012, as previously amended, with Wells Fargo Bank, N.A. This amendment lowered the maximum principal amount of the unsecured line of credit to $100.0 million from $175.0 million and extended the term of the credit agreement to July 12, 2020 from May 31, 2016. Also on July 13, 2015, we entered into a new credit agreement with U.S. Bank, N.A. The new credit agreement is an unsecured line of credit of $75.0 million and expires on July 13, 2020 . We also had a $75.0 million credit facility with BMO Harris Bank, N.A., which will expire on March 5, 2020 . On March 5, 2015, we replaced our existing $75.0 million credit agreement with BMO Harris Bank, N.A., with a new credit agreement. The new BMO Harris Bank, N.A., agreement includes a $75.0 million credit facility which will expire on March 5, 2020 . Borrowings under these credit facilities and term note bear variable interest ( 0.9305% at December 31, 2015) based on the London Interbank Offered Rate (“LIBOR”), with interest on the term note effectively fixed at 2.5% with an interest rate swap agreement. As of December 31, 2015 and 2014, our outstanding debt totaled $75.0 million . The $325.0 million of credit available under these facilities is further reduced by $31.0 million in stand-by letters of credit under which we are obligated. Each of the debt agreements includes, among other things, financial covenants requiring us (i) not to exceed a maximum ratio of total debt to total capitalization and/or (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, 2015, we were in compliance with these covenants. At December 31, 2015, the aggregate future maturities of long-term debt by year are as follows (in thousands): 2016 $ — 2017 — 2018 — 2019 75,000 2020 — Total $ 75,000 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, 2015 | |
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, 2015 2014 Independent contractor notes receivable $ 38,450 $ 19,021 Other notes receivable 7,474 6,780 45,924 25,801 Less current portion 11,597 8,464 Notes receivable – non-current $ 34,327 $ 17,337 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, 2015, we had 682 notes receivable from these independent contractors and at December 31, 2014, we had 472 such notes receivable. We maintain a primary security interest in the tractor until the independent contractor pays the note balance in full. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases, Operating [Abstract] | |
Leases | LEASES In 2011, we entered into leases of certain tractors under operating leases which expired in 2015 . Rental expense for these leases was included in rent and purchased transportation expense within the Consolidated Statements of Income. At December 31, 2015, we had no future lease payments under non-cancelable revenue equipment operating leases. Rental expense under these non-cancelable revenue equipment operating leases for the years ended December 31, 2015, 2014, and 2013 was as follows (in thousands): 2015 $ 584 2014 1,565 2013 1,593 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Income tax expense consisted of the following (in thousands): Years Ended December 31, 2015 2014 2013 Current: Federal $ 32,090 $ 51,260 $ 55,227 State 5,665 6,606 6,616 Foreign 1,250 220 1,472 39,005 58,086 63,315 Deferred: Federal 33,912 4,503 (9,668 ) State 4,530 535 1,279 38,442 5,038 (8,389 ) Total income tax expense $ 77,447 $ 63,124 $ 54,926 The effective income tax rate differs from the federal corporate tax rate of 35% in 2015, 2014 and 2013 as follows (in thousands): Years Ended December 31, 2015 2014 2013 Tax at statutory rate $ 70,406 $ 56,621 $ 49,599 State income taxes, net of federal tax benefits 6,627 4,641 5,132 Non-deductible meals and entertainment 1,687 1,497 1,577 Income tax credits (1,700 ) (1,600 ) (1,574 ) Other, net 427 1,965 192 Total income tax expense $ 77,447 $ 63,124 $ 54,926 At December 31, deferred tax assets and liabilities consisted of the following (in thousands): December 31, 2015 2014 Deferred tax assets: Insurance and claims accruals $ 71,285 $ 74,651 Allowance for uncollectible accounts 6,138 8,260 Other 16,478 14,724 Gross deferred tax assets 93,901 97,635 Deferred tax liabilities: Property and equipment 330,580 295,628 Prepaid expenses 7,229 6,913 Other 2,356 2,634 Gross deferred tax liabilities 340,165 305,175 Net deferred tax liability $ 246,264 $ 207,540 These amounts are presented in the accompanying Consolidated Balance Sheets as of December 31 as follows (in thousands): December 31, 2015 2014 Current deferred tax asset $ 28,037 $ 34,066 Non-current deferred tax liability 274,301 241,606 Net deferred tax liability $ 246,264 $ 207,540 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. We recognized a $551 thousand decrease in the net liability for unrecognized tax benefits for the year ended December 31, 2015 and a $37 thousand decrease for the year ended December 31, 2014. We accrued interest expense of $0.2 million during 2015 and $0.2 million during 2014, excluding from both years the reversal of accrued interest related to the adjustment of uncertain tax positions. If recognized, $5.0 million of unrecognized tax benefits as of December 31, 2015 and $5.5 million as of December 31, 2014 would impact our effective tax rate. Interest of $1.4 million as of December 31, 2015 and $1.7 million as of December 31, 2014 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 2015 and 2014 are shown below (in thousands). December 31, 2015 2014 Unrecognized tax benefits, beginning balance $ 8,583 $ 8,644 Gross increases – tax positions in prior period 229 244 Gross increases – current-period tax positions 769 745 Settlements (1,864 ) (1,050 ) Unrecognized tax benefits, ending balance $ 7,717 $ 8,583 We file U.S. federal income tax returns, as well as income tax returns in various states and several foreign jurisdictions. The years 2011 through 2014 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. In December 2015, we were notified that the IRS will perform an audit of our amended 2011 federal income tax return. State and foreign jurisdictional statutes of limitations generally range from three to four years. |
Derivative Financial Instrument
Derivative Financial Instrument | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative financial instruments | DERIVATIVE FINANCIAL INSTRUMENT In the normal course of business we are subject to risk from adverse fluctuations in foreign exchange and interest rates and commodity prices. We manage our risks for interest rate changes through use of an interest rate swap. At December 31, 2015, we had one interest rate swap outstanding, which matures in September 2019, with a notional value of $75.0 million and a pre-tax fair value loss of $1.5 million . The counterparty to this contract is a major financial institution. We are exposed to credit loss in the event of non-performance by the counterparty. We do not use derivative instruments for trading or speculative purposes and have no derivative financial instruments to reduce our exposure to fuel price fluctuations. Our objective in managing exposure to interest rate risk is to limit the impact on earnings and cash flow. The extent to which we use such instruments is dependent on our access to these contracts in the financial markets and its success using other methods. Our outstanding derivative financial instrument is recognized as an other long-term liability in the Consolidated Balance Sheets at fair value. The interest rate swap is accounted for as a cash flow hedging instrument. At inception, we formally designated and documented the financial instrument as a hedge of a specific underlying exposure, the risk management objective, and the manner in which effectiveness of the hedge will be assessed. We formally assess, both at inception and at each reporting period thereafter, whether the derivative financial instrument is effective in offsetting changes in cash flows of the related underlying exposure. All changes in fair value of outstanding derivatives in cash flow hedges, except any ineffective portion, are recorded in other comprehensive income until earnings are impacted by the hedged transaction. Classification of the gain or loss in the Consolidated Statements of Income upon release from comprehensive income is the same as that of the underlying exposure. Any ineffective portion of the change in fair value of the instruments is recognized immediately in earnings. We will discontinue the use of hedge accounting prospectively when (i) the derivative instrument is no longer effective in offsetting changes in fair value or cash flows of the underlying hedged item; (ii) the derivative instrument expires, is sold, terminated, or exercised; or (iii) designating the derivative instrument as a hedge is no longer appropriate. Should we discontinue hedge accounting because it is no longer probable that an anticipated transaction will occur in the originally expected period, or within an additional two-month period thereafter, changes to fair value accumulated in other comprehensive income are recognized immediately in earnings. FASB ASC 815-10 requires companies to recognize the derivative instrument as an asset or a liability at fair value in the statement of financial position. Fair value of the derivative instrument is required to be measured under the FASB’s Fair Value Measurements and Disclosures guidance, which establishes a hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs use quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. The fair value of our interest rate swap is based on Level 2 inputs. |
Equity Compensation and Employe
Equity Compensation and Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Equity Compensation and Employee Benefit Plans | EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS Equity Plan The Werner Enterprises, Inc. Amended and Restated Equity Plan (the “Equity Plan”), approved by the Company's shareholders, provides for grants to employees and non-employee directors of the Company in the form of nonqualified stock options, restricted stock and units (“restricted awards”), performance stock and units (“performance awards”), 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, 2015, there were 7,357,396 shares available for granting additional awards. Equity compensation expense is included in salaries, wages and benefits within the Consolidated Statements of Income. As of December 31, 2015, the total unrecognized compensation cost related to non-vested equity compensation awards was approximately $9.9 million and is expected to be recognized over a weighted average period of 2.5 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, 2015 2014 2013 Stock options: Pre-tax compensation expense $ 30 $ 116 $ 84 Tax benefit 11 46 31 Stock option expense, net of tax $ 19 $ 70 $ 53 Restricted awards: Pre-tax compensation expense $ 1,875 $ 4,134 $ 4,727 Tax benefit 722 1,622 1,831 Restricted stock expense, net of tax $ 1,153 $ 2,512 $ 2,896 Performance awards: Pre-tax compensation expense $ 2,514 $ 1,859 $ — Tax benefit 968 724 — Restricted stock expense, net of tax $ 1,546 $ 1,135 $ — We do not have a formal policy for issuing shares upon an exercise of stock options or vesting of restricted and performance awards. 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 2016. 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, 2015: Number of Options (in thousands) Weighted Average Exercise Price ($) Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Outstanding at beginning of period 248 $ 18.18 Granted — — Exercised (48 ) 17.46 Forfeited (8 ) 19.96 Expired — — Outstanding at end of period 192 18.29 2.89 $ 980 Exercisable at end of period 182 18.06 2.72 $ 969 We did not grant any stock options during the years ended December 31, 2015, 2014 and 2013. The fair value of stock option grants is estimated using a Black-Scholes valuation model. The total intrinsic value of stock options exercised was as follows (in thousands): 2015 $ 655 2014 3,687 2013 896 Restricted Awards Restricted stock entitles 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 awards currently outstanding vest over periods ranging from 12 to 84 months from the grant date of the award. The restricted awards do not confer any voting or dividend rights to recipients until such shares vest and do not have any post-vesting sales restrictions. The following table summarizes restricted award activity for the year ended December 31, 2015: Number of Restricted Awards (in thousands) Weighted Average Grant Date Fair Value ($) Nonvested at beginning of period 643 $ 22.92 Granted 126 26.30 Vested (164 ) 22.03 Forfeited (160 ) 22.58 Nonvested at end of period 445 24.32 We estimate the fair value of restricted 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 awards granted (in thousands) and the weighted-average assumptions used to calculate the present value of estimated future dividends: Years Ended December 31, 2015 2014 2013 Number of shares granted 126 140 115 Dividends per share (quarterly amounts) $ 0.06 $ 0.05 $ 0.05 Risk-free interest rate 1.6 % 1.6 % 1.4 % The total fair value of previously granted restricted awards vested during the years ended December 31, 2015, 2014, and 2013 was $4.5 million , $5.8 million , and $5.5 million , respectively. We withheld shares based on the closing stock price on the vesting date to settle the employees' minimum statutory obligation for the applicable income and other employment taxes. Total cash remitted for the employees' tax obligations to the relevant taxing authorities is reflected as a financing activity within the Consolidated Statements of Cash Flows, and the shares withheld to satisfy the minimum tax withholding obligations were recorded as treasury stock. Performance Awards Performance awards entitle the recipient to shares of common stock upon attainment of performance objectives as pre-established by the Compensation Committee. If the performance objectives are achieved, performance awards currently outstanding vest, subject to continued employment, over periods ranging from 12 to 60 months from the grant date of the award. The performance awards do not confer any voting or dividend rights to recipients until such shares vest and do not have any post-vesting sales restrictions. The following table summarizes performance award activity for the year ended December 31, 2015: Number of Performance Awards (in thousands) Weighted Average Grant Date Fair Value ($) Nonvested at beginning of period 183 $ 25.06 Granted 202 28.79 Vested (37 ) 25.06 Forfeited (90 ) 27.19 Nonvested at end of period 258 27.23 The performance awards are earned based upon the level of attainment by the Company of specified performance objectives related to earnings per share for the fiscal year, as established by the Compensation Committee. The number of shares which are ultimately earned for the 2015 awards will range from 0 percent to 132 percent of the target number based on the level of attainment of the performance objectives and ranged from 0 percent to 133 percent for the 2014 awards. We estimate the fair value of performance 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. The following table summarizes the number of performance awards granted (in thousands) and the assumptions used to calculate the present value of estimated future dividends: Years Ended December 31, 2015 2014 Number of shares granted 202 183 Dividends per share (quarterly amounts) $ 0.06 $ 0.05 Risk-free interest rate 1.6 % 1.5 % During the year ended December 31, 2015, the Compensation Committee determined that the 2014 fiscal year performance objectives were achieved at the target level and 182,813 shares of common stock were earned, subject to time-based vesting. The vesting date fair value of the performance awards vested during the year ended December 31, 2015 was $1.1 million . 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 employees’ tax obligations to the relevant taxing authorities is reflected as a financing activity within the Consolidated Statements of Cash Flows, and the shares withheld to satisfy the minimum tax withholding obligations are 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): 2015 $ 182 2014 188 2013 210 401(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): 2015 $ 2,041 2014 1,812 2013 1,722 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. At December 31, 2015, there were 56 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, 2015 2014 Accumulated benefit obligation $ 7,068 $ 6,785 Aggregate market value 6,216 6,055 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES We have committed to property and equipment purchases of approximately $112.0 million at December 31, 2015. We are involved in certain claims and pending litigation arising in the ordinary course of business. The majority of these claims relate to bodily injury, property damage, cargo and workers’ compensation incurred in the transportation of freight, as well as certain class action litigation related to personnel and employments matters. We accrue for the uninsured portion of contingent losses from these and other pending claims when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Based on the knowledge of the facts, management believes the resolution of claims and pending litigation, taking into account existing reserves, will not have a material adverse effect on our consolidated financial statements. Moreover, the results of complex legal proceedings are difficult to predict and our view of these matters may change in the future as the litigation and events related thereto unfold. We are involved in class action litigation in the U.S. District Court for the District of Nebraska, alleging that we owe drivers for unpaid wages under the Fair Labor Standards Act and the Nebraska Wage Payment and Collection Act and failed to pay minimum wage per hour for drivers in our student driver training program, related to short break time and sleeper berth time. The period covered by this class action suit dates back to 2008 through March 2014. In August 2015, the court denied our motion for summary judgment and granted the plaintiff's motion for summary judgment, ruling in plaintiff's favor on both theories of liability (short breaks and sleeper berth time). As a result, we accrued $ 2.0 million during third quarter 2015 related to the short break matter. Based on the knowledge of the facts related to the sleeper berth matter, management does not currently believe a loss is probable, thus we have not accrued for the sleeper berth matter. We are currently unable to determine the possible loss or range of loss. We intend to vigorously defend the merits of these claims and to appeal any adverse verdict in this case. We are also involved in certain class action litigation in which the plaintiffs allege claims for failure to provide meal and rest breaks, unpaid wages, unauthorized deduction and other items. Based on the knowledge of the facts, management does not currently believe the outcome of the litigation is likely to have a material adverse effect on our financial position or results of operations. However, the final disposition of these matters and the impact of such final disposition cannot be determined at this time. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
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 $52,000 in 2015 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 $4,421,000 in 2015, $4,623,000 in 2014 and $4,141,000 in 2013 related primarily to leasing revenue equipment and a terminal building. The Company recorded purchased transportation expense to TDR of approximately $477,000 in 2015, $651,000 in 2014 and $603,000 in 2013. The Company also sells used revenue equipment to this entity. These sales totaled $164,000 in 2015, $2,154,000 in 2014 and $2,275,000 in 2013, and the Company recognized net gains of $41,000 in 2015, $858,000 in 2014 and $1,449,000 in 2013. The Company had receivables from TDR, primarily related to the leases and revenue equipment sales, of $504,000 at December 31, 2015, $442,000 at December 31, 2014 and $858,000 at December 31, 2013. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
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 medium-to-long-haul van (“Van”) fleet transports a variety of consumer nondurable products and other commodities in truckload quantities over irregular routes using dry van trailers; (ii) the expedited (“Expedited”) fleet provides time-sensitive truckload services utilizing driver teams; and (iii) the regional short-haul (“Regional”) fleet provides comparable truckload van service within geographic regions across the United States. 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 from our driver training schools and from transportation-related activities such as 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. Inter-segment eliminations in the table below represent transactions between reporting segments that are eliminated in consolidation. The following table summarizes our segment information (in thousands): Years Ended December 31, 2015 2014 2013 Revenues Truckload Transportation Services $ 1,644,874 $ 1,702,137 $ 1,657,854 Value Added Services 393,174 390,645 361,384 Other 54,512 46,588 11,342 Corporate 2,297 2,803 3,081 Subtotal 2,094,857 2,142,173 2,033,661 Inter-segment eliminations (1,328 ) (2,884 ) (4,478 ) Total $ 2,093,529 $ 2,139,289 $ 2,029,183 Operating Income Truckload Transportation Services $ 189,850 $ 152,992 $ 119,597 Value Added Services 16,898 7,535 14,664 Other (7,513 ) (3,991 ) 3,947 Corporate 1,221 3,552 1,518 Total $ 200,456 $ 160,088 $ 139,726 Information about the geographic areas in which we conduct business is summarized below (in thousands) as of and for the years ended December 31, 2015, 2014 and 2013. 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. 2015 2014 2013 Revenues United States $ 1,821,026 $ 1,857,624 $ 1,768,442 Foreign countries Mexico 191,453 187,124 172,009 Other 81,050 94,541 88,732 Total foreign countries 272,503 281,665 260,741 Total $ 2,093,529 $ 2,139,289 $ 2,029,183 Long-lived Assets United States $ 1,134,433 $ 989,815 $ 955,543 Foreign countries Mexico 19,879 23,734 21,654 Other 158 233 321 Total foreign countries 20,037 23,967 21,975 Total $ 1,154,470 $ 1,013,782 $ 977,518 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 2015, 2014 and 2013. |
Quarterly Results of Operations
Quarterly Results of Operations | 12 Months Ended |
Dec. 31, 2015 | |
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 2015: Operating revenues $ 495,654 $ 534,644 $ 534,448 $ 528,783 Operating income 38,185 52,210 52,800 57,261 Net income 23,142 31,848 32,076 36,648 Basic earnings per share 0.32 0.44 0.45 0.51 Diluted earnings per share 0.32 0.44 0.44 0.51 (In thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter 2014: Operating revenues $ 492,022 $ 542,120 $ 551,961 $ 553,186 Operating income 23,441 42,330 41,690 52,627 Net income 14,339 25,632 25,970 32,709 Basic earnings per share 0.20 0.36 0.36 0.45 Diluted earnings per share 0.20 0.35 0.36 0.45 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II WERNER ENTERPRISES, INC. VALUATION AND QUALIFYING ACCOUNTS (In thousands) Balance at Beginning of Period Charged to Costs and Expenses Write-offs (Recoveries) of Doubtful Accounts Balance at End of Period Year ended December 31, 2015: Allowance for doubtful accounts $ 10,017 $ 692 $ 411 $ 10,298 Year ended December 31, 2014: Allowance for doubtful accounts $ 9,939 $ 206 $ 128 $ 10,017 Year ended December 31, 2013: Allowance for doubtful accounts $ 10,528 $ 15 $ 604 $ 9,939 See report of independent registered public accounting firm. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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 year ended December 31, 2015, our ten largest customers comprised 45% of our revenues. For the years ended December 31, 2014 and 2013, our ten largest customers comprised 41% and 40% , respectively, of our revenues. No single customer generated more than 10% of the Company’s total revenues in 2015, 2014, and 2013. |
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. The most significant estimates that affect our financial statements include the useful lives and salvage values of property and equipment, accrued liabilities for insurance and claims, estimates for incomes taxes and the allowance for doubtful accounts. 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 at year-end. For the years ended December 31, 2015, 2014, and 2013 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 $29.8 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 $31.0 million in letters of credit as of December 31, 2015. |
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. |
Derivative Financial Instrument | Derivative Financial Instrument: We manage our interest rate risk through an interest rate swap. The derivative financial instrument is recognized in the Consolidated Balance Sheets at fair value. The effect on earnings from recognizing the fair value of this derivative financial instrument depends on its intended use, its hedge designation, and its effectiveness in offsetting changes in the fair value of the exposure it is hedging. Changes in the fair value of the instrument designated to reduce or eliminate adverse fluctuations in the fair values of recognized assets and liabilities and unrecognized firm commitments are reported currently in earnings along with changes in the fair values of the hedged items. Changes in the effective portion of the fair value of the instrument used to reduce or eliminate adverse fluctuations in cash flows of anticipated or forecasted transactions is reported in equity as a component of accumulated other comprehensive income (loss), net of income tax effects. Amounts in accumulated other comprehensive income (loss) are reclassified to earnings when the related hedged items affect earnings or the anticipated transactions are no longer probable. Amounts reported in earnings are classified consistent with the item being hedged. |
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, 2015 2014 2013 Net income $ 123,714 $ 98,650 $ 86,785 Weighted average common shares outstanding 71,957 72,122 72,866 Dilutive effect of stock-based awards 599 616 562 Shares used in computing diluted earnings per share 72,556 72,738 73,428 Basic earnings per share $ 1.72 $ 1.37 $ 1.19 Diluted earnings per share $ 1.71 $ 1.36 $ 1.18 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. Performance awards are excluded from the calculation of dilutive potential common shares until the threshold performance conditions have been satisfied. |
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, restricted stock, and performance awards vest in increments, and we recognize compensation expense over the requisite service period of each award. We accrue compensation expense for performance awards for the estimated number of shares expected to be issued using the most current information available at the date of the financial statements. If the performance objectives are not met, no compensation expense will be recognized, and any previously recognized compensation expense will be reversed. |
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, 2015 and 2014, comprehensive income consists of net income, foreign currency translation adjustments and change in fair value of interest rate swap. For the year ended December 31, 2013, comprehensive income consists of net income and foreign currency translation adjustments. |
New Accounting Pronouncements Adopted | New Accounting Pronouncements Adopted: We did not adopt any new accounting standards during 2015. |
Accounting Standards Updates Not Yet Effective | Accounting Standards Updates Not Yet Effective: On May 28, 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In July 2015, the FASB voted to approve a one-year deferral of the effective date of the new revenue recognition standard and to permit early adoption but no earlier than the original effective date (annual periods beginning after December 15, 2016); such decisions were documented in the FASB's ASU No. 2015-14 “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.” As a result of the deferral, the new standard will become effective for us beginning January 1, 2018, unless we choose to adopt early on January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures and have not yet selected a transition method. In April 2015, the FASB issued ASU No. 2015-3, “Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs,” which requires debt issuance costs to be recorded as a direct reduction of the debt liability on the balance sheet rather than as an asset. The provisions of this update are effective as of January 1, 2016, and are not expected to have a material effect on our consolidated financial position, results of operations or cash flows. In July 2015, the FASB issued ASU No. 2015-11, “Inventory: Simplifying the Measurement of Inventory,” which requires inventory to be recorded at the lower of cost and net realizable value. The provisions of this update are effective as of January 1, 2017, and are not expected to have a material effect on our consolidated financial position, results of operations or cash flows. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes: Balance Sheet Classification of Deferred Taxes,” which requires presentation of deferred tax assets and liabilities as non-current in the balance sheet. The provisions of this update are effective as of January 1, 2017, and early adoption is permitted as of the beginning of an interim or annual reporting period. The amendments in the update are not expected to have a material effect on our consolidated financial position, results from operations or cash flows. Other ASUs not identified above and which are not effective until after December 31, 2015 are not expected to have a material effect on our consolidated financial position, results of operations or cash flows. |
Summary of Significant Accoun22
Summary of Significant Accounting Polices (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Net income $ 123,714 $ 98,650 $ 86,785 Weighted average common shares outstanding 71,957 72,122 72,866 Dilutive effect of stock-based awards 599 616 562 Shares used in computing diluted earnings per share 72,556 72,738 73,428 Basic earnings per share $ 1.72 $ 1.37 $ 1.19 Diluted earnings per share $ 1.71 $ 1.36 $ 1.18 |
Credit Facilities (Tables)
Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Line of Credit Facility [Abstract] | |
Schedule of Maturities of Long-term Debt | At December 31, 2015, the aggregate future maturities of long-term debt by year are as follows (in thousands): 2016 $ — 2017 — 2018 — 2019 75,000 2020 — Total $ 75,000 |
Notes Receivable (Tables)
Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Notes Receivable | At December 31, notes receivable consisted of the following (in thousands): December 31, 2015 2014 Independent contractor notes receivable $ 38,450 $ 19,021 Other notes receivable 7,474 6,780 45,924 25,801 Less current portion 11,597 8,464 Notes receivable – non-current $ 34,327 $ 17,337 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases, Operating [Abstract] | |
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, 2015, 2014, and 2013 was as follows (in thousands): 2015 $ 584 2014 1,565 2013 1,593 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense | Income tax expense consisted of the following (in thousands): Years Ended December 31, 2015 2014 2013 Current: Federal $ 32,090 $ 51,260 $ 55,227 State 5,665 6,606 6,616 Foreign 1,250 220 1,472 39,005 58,086 63,315 Deferred: Federal 33,912 4,503 (9,668 ) State 4,530 535 1,279 38,442 5,038 (8,389 ) Total income tax expense $ 77,447 $ 63,124 $ 54,926 |
Schedule of Effective Income Tax Rate Reconciliation | he effective income tax rate differs from the federal corporate tax rate of 35% in 2015, 2014 and 2013 as follows (in thousands): Years Ended December 31, 2015 2014 2013 Tax at statutory rate $ 70,406 $ 56,621 $ 49,599 State income taxes, net of federal tax benefits 6,627 4,641 5,132 Non-deductible meals and entertainment 1,687 1,497 1,577 Income tax credits (1,700 ) (1,600 ) (1,574 ) Other, net 427 1,965 192 Total income tax expense $ 77,447 $ 63,124 $ 54,926 |
Schedule of Deferred Tax Assets and Liabilities | At December 31, deferred tax assets and liabilities consisted of the following (in thousands): December 31, 2015 2014 Deferred tax assets: Insurance and claims accruals $ 71,285 $ 74,651 Allowance for uncollectible accounts 6,138 8,260 Other 16,478 14,724 Gross deferred tax assets 93,901 97,635 Deferred tax liabilities: Property and equipment 330,580 295,628 Prepaid expenses 7,229 6,913 Other 2,356 2,634 Gross deferred tax liabilities 340,165 305,175 Net deferred tax liability $ 246,264 $ 207,540 |
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, 2015 2014 Current deferred tax asset $ 28,037 $ 34,066 Non-current deferred tax liability 274,301 241,606 Net deferred tax liability $ 246,264 $ 207,540 |
Reconciliation of Unrecognized Tax Benefits | he reconciliations of beginning and ending gross balances of unrecognized tax benefits for 2015 and 2014 are shown below (in thousands). December 31, 2015 2014 Unrecognized tax benefits, beginning balance $ 8,583 $ 8,644 Gross increases – tax positions in prior period 229 244 Gross increases – current-period tax positions 769 745 Settlements (1,864 ) (1,050 ) Unrecognized tax benefits, ending balance $ 7,717 $ 8,583 |
Equity Compensation and Emplo27
Equity Compensation and Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of 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, 2015 2014 2013 Stock options: Pre-tax compensation expense $ 30 $ 116 $ 84 Tax benefit 11 46 31 Stock option expense, net of tax $ 19 $ 70 $ 53 Restricted awards: Pre-tax compensation expense $ 1,875 $ 4,134 $ 4,727 Tax benefit 722 1,622 1,831 Restricted stock expense, net of tax $ 1,153 $ 2,512 $ 2,896 Performance awards: Pre-tax compensation expense $ 2,514 $ 1,859 $ — Tax benefit 968 724 — Restricted stock expense, net of tax $ 1,546 $ 1,135 $ — |
Schedule of Equity Compensation Stock Options Activity | The following table summarizes stock option activity for the year ended December 31, 2015: Number of Options (in thousands) Weighted Average Exercise Price ($) Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Outstanding at beginning of period 248 $ 18.18 Granted — — Exercised (48 ) 17.46 Forfeited (8 ) 19.96 Expired — — Outstanding at end of period 192 18.29 2.89 $ 980 Exercisable at end of period 182 18.06 2.72 $ 969 |
Intrinsic Value of Stock Options Exercised | The total intrinsic value of stock options exercised was as follows (in thousands): 2015 $ 655 2014 3,687 2013 896 |
Schedule of Equity Compensation, Restricted Stock and Restricted Stock Units Activity | The following table summarizes restricted award activity for the year ended December 31, 2015: Number of Restricted Awards (in thousands) Weighted Average Grant Date Fair Value ($) Nonvested at beginning of period 643 $ 22.92 Granted 126 26.30 Vested (164 ) 22.03 Forfeited (160 ) 22.58 Nonvested at end of period 445 24.32 |
Schedule of Equity Compensation Award Restricted Stock Valuation Assumptions | The following table summarizes the number of restricted awards granted (in thousands) and the weighted-average assumptions used to calculate the present value of estimated future dividends: Years Ended December 31, 2015 2014 2013 Number of shares granted 126 140 115 Dividends per share (quarterly amounts) $ 0.06 $ 0.05 $ 0.05 Risk-free interest rate 1.6 % 1.6 % 1.4 % |
Schedule of Equity Compensation Performance Award Activity | The following table summarizes performance award activity for the year ended December 31, 2015: Number of Performance Awards (in thousands) Weighted Average Grant Date Fair Value ($) Nonvested at beginning of period 183 $ 25.06 Granted 202 28.79 Vested (37 ) 25.06 Forfeited (90 ) 27.19 Nonvested at end of period 258 27.23 |
Schedule of Equity Compensation Performance Award Valuation Assumptions | The following table summarizes the number of performance awards granted (in thousands) and the assumptions used to calculate the present value of estimated future dividends: Years Ended December 31, 2015 2014 Number of shares granted 202 183 Dividends per share (quarterly amounts) $ 0.06 $ 0.05 Risk-free interest rate 1.6 % 1.5 % |
Contributions for Employee Stock Purchase Plan | Our contributions for the Purchase Plan were as follows (in thousands): 2015 $ 182 2014 188 2013 210 |
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): 2015 $ 2,041 2014 1,812 2013 1,722 |
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, 2015 2014 Accumulated benefit obligation $ 7,068 $ 6,785 Aggregate market value 6,216 6,055 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Disclosure Of Segment Financial Information | The following table summarizes our segment information (in thousands): Years Ended December 31, 2015 2014 2013 Revenues Truckload Transportation Services $ 1,644,874 $ 1,702,137 $ 1,657,854 Value Added Services 393,174 390,645 361,384 Other 54,512 46,588 11,342 Corporate 2,297 2,803 3,081 Subtotal 2,094,857 2,142,173 2,033,661 Inter-segment eliminations (1,328 ) (2,884 ) (4,478 ) Total $ 2,093,529 $ 2,139,289 $ 2,029,183 Operating Income Truckload Transportation Services $ 189,850 $ 152,992 $ 119,597 Value Added Services 16,898 7,535 14,664 Other (7,513 ) (3,991 ) 3,947 Corporate 1,221 3,552 1,518 Total $ 200,456 $ 160,088 $ 139,726 |
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, 2015, 2014 and 2013. 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. 2015 2014 2013 Revenues United States $ 1,821,026 $ 1,857,624 $ 1,768,442 Foreign countries Mexico 191,453 187,124 172,009 Other 81,050 94,541 88,732 Total foreign countries 272,503 281,665 260,741 Total $ 2,093,529 $ 2,139,289 $ 2,029,183 Long-lived Assets United States $ 1,134,433 $ 989,815 $ 955,543 Foreign countries Mexico 19,879 23,734 21,654 Other 158 233 321 Total foreign countries 20,037 23,967 21,975 Total $ 1,154,470 $ 1,013,782 $ 977,518 |
Quarterly Results of Operatio29
Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015: Operating revenues $ 495,654 $ 534,644 $ 534,448 $ 528,783 Operating income 38,185 52,210 52,800 57,261 Net income 23,142 31,848 32,076 36,648 Basic earnings per share 0.32 0.44 0.45 0.51 Diluted earnings per share 0.32 0.44 0.44 0.51 (In thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter 2014: Operating revenues $ 492,022 $ 542,120 $ 551,961 $ 553,186 Operating income 23,441 42,330 41,690 52,627 Net income 14,339 25,632 25,970 32,709 Basic earnings per share 0.20 0.36 0.36 0.45 Diluted earnings per share 0.20 0.35 0.36 0.45 |
Schedule II - Valuation and Q30
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts | (In thousands) Balance at Beginning of Period Charged to Costs and Expenses Write-offs (Recoveries) of Doubtful Accounts Balance at End of Period Year ended December 31, 2015: Allowance for doubtful accounts $ 10,017 $ 692 $ 411 $ 10,298 Year ended December 31, 2014: Allowance for doubtful accounts $ 9,939 $ 206 $ 128 $ 10,017 Year ended December 31, 2013: Allowance for doubtful accounts $ 10,528 $ 15 $ 604 $ 9,939 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Percentage of customer revenue | 45.00% | 41.00% | 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 | 31 | ||
State of Nebraska [Member] | |||
Workers' compensation insurance bonds | 29.8 | ||
Workers' Compensation Insurance Carrier [Member] | |||
Workers' compensation insurance bonds | $ 6.9 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Schedule of Estimated Useful Life) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Building And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 30 years |
Salvage value percentage | 0.00% |
Tractors [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 80 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 | Service and Other Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Maximum | Service and Other Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Schedule Of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||||||||||
Net Income | $ 36,648 | $ 32,076 | $ 31,848 | $ 23,142 | $ 32,709 | $ 25,970 | $ 25,632 | $ 14,339 | $ 123,714 | $ 98,650 | $ 86,785 |
Weighted average common shares outstanding | 71,957 | 72,122 | 72,866 | ||||||||
Dilutive effect of stock-based awards | 599 | 616 | 562 | ||||||||
Shares used in computing diluted earnings per share | 72,556 | 72,738 | 73,428 | ||||||||
Basic earnings per share | $ 0.51 | $ 0.45 | $ 0.44 | $ 0.32 | $ 0.45 | $ 0.36 | $ 0.36 | $ 0.20 | $ 1.72 | $ 1.37 | $ 1.19 |
Diluted earnings per share | $ 0.51 | $ 0.44 | $ 0.44 | $ 0.32 | $ 0.45 | $ 0.36 | $ 0.35 | $ 0.20 | $ 1.71 | $ 1.36 | $ 1.18 |
Number of antidilutive options that were excluded from computation of earnings per share | 0 | 0 | 0 |
Credit Facilities (Narrative) (
Credit Facilities (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | ||
Total of committed credit facilities with banks | $ 325 | |
Borrowings outstanding | 75 | $ 75 |
Standby letters of credit | 31 | |
Mature on September 15, 2019 | ||
Line of Credit Facility [Line Items] | ||
Total of committed credit facilities with banks | $ 75 | |
Committed credit facilities maturity | Sep. 15, 2019 | |
Line of credit facility interest rate | 0.9305% | |
Interest rate swap facility, fixed interest | 2.50% | |
Mature on March 5, 2020 | ||
Line of Credit Facility [Line Items] | ||
Total of committed credit facilities with banks | $ 75 | |
Committed credit facilities maturity | Mar. 5, 2020 | |
Mature on July 12, 2020 | ||
Line of Credit Facility [Line Items] | ||
Total of committed credit facilities with banks | $ 100 | |
Committed credit facilities maturity | Jul. 12, 2020 | |
Mature on July 13, 2020 | ||
Line of Credit Facility [Line Items] | ||
Total of committed credit facilities with banks | $ 75 | |
Committed credit facilities maturity | Jul. 13, 2020 |
Credit Facilities (Details)
Credit Facilities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Line of Credit Facility [Line Items] | ||
2,016 | $ 0 | |
2,017 | 0 | |
2,018 | 0 | |
2,019 | 75 | |
2,020 | 0 | |
Total | $ 75 | $ 75 |
Notes Receivable (Details)
Notes Receivable (Details) $ in Thousands | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable | $ 45,924 | $ 25,801 |
Less current portion | 11,597 | 8,464 |
Notes receivable - non-current | 34,327 | 17,337 |
Independent Contractors [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable | $ 38,450 | $ 19,021 |
Number of notes receivable | 682 | 472 |
Other Debtors [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable | $ 7,474 | $ 6,780 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases, Operating [Abstract] | |||
Rental expense under non-cancelable revenue equipment operating leases | $ 584 | $ 1,565 | $ 1,593 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Examination [Line Items] | |||
Federal corporate tax rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) in net liability for unrecognized tax benefits | $ (551) | $ (37) | |
Accrued interest expense | 200 | 200 | |
Unrecognized tax benefits that would impact our effective tax rate | 5,000 | 5,500 | |
Interest included in total liability | 1,400 | $ 1,700 | |
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 ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal current | $ 32,090 | $ 51,260 | $ 55,227 |
State current | 5,665 | 6,606 | 6,616 |
Foreign current | 1,250 | 220 | 1,472 |
Current income tax expense (benefit), total | 39,005 | 58,086 | 63,315 |
Federal deferred | 33,912 | 4,503 | (9,668) |
State deferred | 4,530 | 535 | 1,279 |
Deferred income tax expense (benefit), total | 38,442 | 5,038 | (8,389) |
Total income tax expense | $ 77,447 | $ 63,124 | $ 54,926 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Tax at statutory rate | $ 70,406 | $ 56,621 | $ 49,599 |
State income taxes, net of federal tax benefits | 6,627 | 4,641 | 5,132 |
Non-deductible meals and entertainment | 1,687 | 1,497 | 1,577 |
Income tax credits | (1,700) | (1,600) | (1,574) |
Other, net | 427 | 1,965 | 192 |
Total income tax expense | $ 77,447 | $ 63,124 | $ 54,926 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Insurance and claims accruals | $ 71,285 | $ 74,651 |
Allowance for uncollectible accounts | 6,138 | 8,260 |
Other | 16,478 | 14,724 |
Gross deferred tax assets | 93,901 | 97,635 |
Property and equipment | 330,580 | 295,628 |
Prepaid expenses | 7,229 | 6,913 |
Other | 2,356 | 2,634 |
Gross deferred tax liabilities | 340,165 | 305,175 |
Net deferred tax liability | $ 246,264 | $ 207,540 |
Income Taxes (Schedule of Inc42
Income Taxes (Schedule of Income Tax Assets and Liabilities Financial Position) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Current deferred tax asset | $ 28,037 | $ 34,066 |
Non-current deferred tax liability | 274,301 | 241,606 |
Net deferred tax liability | $ 246,264 | $ 207,540 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits, beginning balance | $ 8,583 | $ 8,644 |
Gross increases - tax positions in prior period | 229 | 244 |
Gross increases - current-period tax positions | 769 | 745 |
Settlements | (1,864) | (1,050) |
Unrecognized tax benefits, ending balance | $ 7,717 | $ 8,583 |
Derivative Financial Instrume44
Derivative Financial Instruments (Details) $ in Millions | Dec. 31, 2015USD ($) |
Cash Flow Hedge Interest Rate Swap Details [Abstract] | |
Notional value of interest rate swap | $ 75 |
Fair value of interest rate swap | $ 1.5 |
Equity Compensation and Emplo45
Equity Compensation and Employee Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity Compensation [Abstract] | |||
Maximum shares of common stock | 20,000,000 | ||
Maximum annual shares awarded to employee | 500,000 | ||
Shares available for granting additional awards | 7,357,396 | ||
Unrecognized compensation cost of non-vested equity compensation awards | $ 9,900,000 | ||
Unrecognized compensation cost of non-vested equity compensation awards expected to be recognized over a weighted average period (years) | 2 years 6 months | ||
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 | 56 | ||
Number of options granted | 0 | 0 | 0 |
Stock Options | |||
Equity Compensation [Abstract] | |||
Maximum period for exercisable options (years and days) | 10 years 1 day | ||
Stock Options | Minimum | |||
Equity Compensation [Abstract] | |||
Vesting period (months) | 24 months | ||
Stock Options | Maximum | |||
Equity Compensation [Abstract] | |||
Vesting period (months) | 72 months | ||
Restricted Stock | |||
Equity Compensation [Abstract] | |||
Fair value of awards vested | $ 4,500,000 | $ 5,800,000 | $ 5,500,000 |
Restricted Stock | Minimum | |||
Equity Compensation [Abstract] | |||
Vesting period (months) | 12 months | ||
Restricted Stock | Maximum | |||
Equity Compensation [Abstract] | |||
Vesting period (months) | 84 months | ||
Performance Shares | |||
Equity Compensation [Abstract] | |||
Number of performance awards earned | 182,813 | ||
Fair value of awards vested | $ 1,100,000 | ||
Performance Shares | Minimum | |||
Equity Compensation [Abstract] | |||
Vesting period (months) | 12 months | ||
Performance awards, percentage range of target to be earned | 0.00% | 0.00% | |
Performance Shares | Maximum | |||
Equity Compensation [Abstract] | |||
Vesting period (months) | 60 months | ||
Performance awards, percentage range of target to be earned | 132.00% | 133.00% |
Equity Compensation and Emplo46
Equity Compensation and Employee Benefit Plans (Equity Compensation Expense and Related Income Tax Benefit Recognized) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Options | |||
Equity Compensation [Abstract] | |||
Pre-tax compensation expense | $ 30 | $ 116 | $ 84 |
Tax benefit | 11 | 46 | 31 |
Stock expense, net of tax | 19 | 70 | 53 |
Restricted Stock | |||
Equity Compensation [Abstract] | |||
Pre-tax compensation expense | 1,875 | 4,134 | 4,727 |
Tax benefit | 722 | 1,622 | 1,831 |
Stock expense, net of tax | 1,153 | 2,512 | 2,896 |
Performance Shares | |||
Equity Compensation [Abstract] | |||
Pre-tax compensation expense | 2,514 | 1,859 | 0 |
Tax benefit | 968 | 724 | 0 |
Stock expense, net of tax | $ 1,546 | $ 1,135 | $ 0 |
Equity Compensation and Emplo47
Equity Compensation and Employee Benefit Plans (Schedule of Equity Compensation Stock Options Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity Compensation [Abstract] | |||
Number of options outstanding at beginning of period | 248 | ||
Number of options granted | 0 | 0 | 0 |
Number of options exercised | (48) | ||
Number of options forfeited | (8) | ||
Number of options expired | 0 | ||
Number of options outstanding at end of period | 192 | 248 | |
Number of options exercisable at end of period | 182 | ||
Weighted average exercise price outstanding at beginning of period | $ 18.18 | ||
Weighted average exercise price options granted | 0 | ||
Weighted average exercise price options exercised | 17.46 | ||
Weighted average exercise price options forfeited | 19.96 | ||
Weighted average exercise price options expired | 0 | ||
Weighted average exercise price outstanding at end of period | 18.29 | $ 18.18 | |
Weighted average exercise price exercisable at end of period | $ 18.06 | ||
Weighted average remaining contractual term outstanding at end of period, years | 2 years 324 days | ||
Weighted average remaining contractual term exercisable at end of period, years | 2 years 263 days | ||
Aggregate intrinsic value outstanding at end of period | $ 980 | ||
Aggregate intrinsic value exercisable at end of period | $ 969 |
Equity Compensation and Emplo48
Equity Compensation and Employee Benefit Plans (Intrinsic Value of Stock Options Exercised) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity Compensation [Abstract] | |||
Intrinsic value of stock options exercised | $ 655 | $ 3,687 | $ 896 |
Equity Compensation and Emplo49
Equity Compensation and Employee Benefit Plans (Schedule of Equity Compensation Restricted Stock Activity) (Details) - Restricted Stock - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity Compensation [Abstract] | |||
Number of shares nonvested at beginning of period | 643 | ||
Number of shares granted | 126 | 140 | 115 |
Number of shares vested | (164) | ||
Number of shares forfeited | (160) | ||
Number of shares nonvested at end of period | 445 | 643 | |
Weighted average grant date fair value nonvested at beginning of period | $ 22.92 | ||
Weighted average grant date fair value shares granted | 26.30 | ||
Weighted average grant date fair value shares vested | 22.03 | ||
Weighted average grant date fair value shares forfeited | 22.58 | ||
Weighted average grant date fair value nonvested at end of period | $ 24.32 | $ 22.92 |
Equity Compensation and Emplo50
Equity Compensation and Employee Benefit Plans (Schedule of Equity Compensation Restricted Stock Valuation Assumptions) (Details) - Restricted Stock - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity Compensation [Abstract] | |||
Number of shares granted | 126 | 140 | 115 |
Dividends per share (quarterly amounts) | $ 0.06 | $ 0.05 | $ 0.05 |
Risk-free interest rate | 1.60% | 1.60% | 1.40% |
Equity Compensation and Emplo51
Equity Compensation and Employee Benefit Plans (Schedule of Equity Compensation Performance Shares Activity) (Details) - Performance Shares - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Equity Compensation [Abstract] | ||
Number of shares nonvested at beginning of period | 183 | |
Number of shares granted | 202 | 183 |
Number of shares vested | (37) | |
Number of shares forfeited | (90) | |
Number of shares nonvested at end of period | 258 | 183 |
Weighted average grant date fair value nonvested at beginning of period | $ 25.06 | |
Weighted average grant date fair value shares granted | 28.79 | |
Weighted average grant date fair value shares vested | 25.06 | |
Weighted average grant date fair value shares forfeited | 27.19 | |
Weighted average grant date fair value nonvested at end of period | $ 27.23 | $ 25.06 |
Equity Compensation and Emplo52
Equity Compensation and Employee Benefit Plans (Schedule of Equity Compensation Performance Shares Valuation Assumptions) (Details) - Performance Shares - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Equity Compensation [Abstract] | ||
Number of shares granted | 202 | 183 |
Dividends per share (quarterly amounts) | $ 0.06 | $ 0.05 |
Risk-free interest rate | 1.60% | 1.50% |
Equity Compensation and Emplo53
Equity Compensation and Employee Benefit Plans (Contributions for Employee Stock Purchase Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Contributions for Employee Stock Purchase Plan | $ 182 | $ 188 | $ 210 |
Equity Compensation and Emplo54
Equity Compensation and Employee Benefit Plans (Contributions and Administrative Expenses Under 401(k) Retirement Savings Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
401(k) Plan contributions and administrative expenses | $ 2,041 | $ 1,812 | $ 1,722 |
Equity Compensation and Emplo55
Equity Compensation and Employee Benefit Plans (Accumulated Benefit Obligation and Aggregate Market Value of Life Insurance Policies) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | ||
Accumulated benefit obligation | $ 7,068 | $ 6,785 |
Aggregate market value | $ 6,216 | $ 6,055 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment for property and equipment purchases | $ 112 |
Loss contingency, loss in period | $ 2 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
TDR [Member] | |||
Related Party Transaction [Line Items] | |||
Sales total | $ 164,000 | $ 2,154,000 | $ 2,275,000 |
Recognized gains, net | 41,000 | 858,000 | 1,449,000 |
Related party expense | 477,000 | 651,000 | 603,000 |
Other operating revenue | 4,421,000 | 4,623,000 | 4,141,000 |
Receivables | 504,000 | $ 442,000 | $ 858,000 |
Principal Stockholder [Member] | |||
Related Party Transaction [Line Items] | |||
Lease annual rent payments | 1 | ||
Leasehold improvements to land total | 6,500,000 | ||
Related party expense | $ 52,000 |
Segment Information (Narratives
Segment Information (Narratives) (Details) | 12 Months Ended |
Dec. 31, 2015Segments | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information (Summary Of
Segment Information (Summary Of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 528,783 | $ 534,448 | $ 534,644 | $ 495,654 | $ 553,186 | $ 551,961 | $ 542,120 | $ 492,022 | $ 2,093,529 | $ 2,139,289 | $ 2,029,183 |
Operating income | $ 57,261 | $ 52,800 | $ 52,210 | $ 38,185 | $ 52,627 | $ 41,690 | $ 42,330 | $ 23,441 | 200,456 | 160,088 | 139,726 |
Truckload Transportation Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,644,874 | 1,702,137 | 1,657,854 | ||||||||
Operating income | 189,850 | 152,992 | 119,597 | ||||||||
Value Added Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 393,174 | 390,645 | 361,384 | ||||||||
Operating income | 16,898 | 7,535 | 14,664 | ||||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 54,512 | 46,588 | 11,342 | ||||||||
Operating income | (7,513) | (3,991) | 3,947 | ||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,297 | 2,803 | 3,081 | ||||||||
Operating income | 1,221 | 3,552 | 1,518 | ||||||||
Subtotal | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,094,857 | 2,142,173 | 2,033,661 | ||||||||
Inter-segment eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ (1,328) | $ (2,884) | $ (4,478) |
Segment Information (Schedule O
Segment Information (Schedule Of Revenue And Long-Lived Assets, By Geographical Areas) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 528,783 | $ 534,448 | $ 534,644 | $ 495,654 | $ 553,186 | $ 551,961 | $ 542,120 | $ 492,022 | $ 2,093,529 | $ 2,139,289 | $ 2,029,183 |
Long-lived assets | 1,154,470 | 1,013,782 | 1,154,470 | 1,013,782 | 977,518 | ||||||
United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,821,026 | 1,857,624 | 1,768,442 | ||||||||
Long-lived assets | 1,134,433 | 989,815 | 1,134,433 | 989,815 | 955,543 | ||||||
Mexico [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 191,453 | 187,124 | 172,009 | ||||||||
Long-lived assets | 19,879 | 23,734 | 19,879 | 23,734 | 21,654 | ||||||
Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 81,050 | 94,541 | 88,732 | ||||||||
Long-lived assets | 158 | 233 | 158 | 233 | 321 | ||||||
Total Foreign Countries [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 272,503 | 281,665 | 260,741 | ||||||||
Long-lived assets | $ 20,037 | $ 23,967 | $ 20,037 | $ 23,967 | $ 21,975 |
Quarterly Results of Operatio61
Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating revenues | $ 528,783 | $ 534,448 | $ 534,644 | $ 495,654 | $ 553,186 | $ 551,961 | $ 542,120 | $ 492,022 | $ 2,093,529 | $ 2,139,289 | $ 2,029,183 |
Operating income | 57,261 | 52,800 | 52,210 | 38,185 | 52,627 | 41,690 | 42,330 | 23,441 | 200,456 | 160,088 | 139,726 |
Net Income | $ 36,648 | $ 32,076 | $ 31,848 | $ 23,142 | $ 32,709 | $ 25,970 | $ 25,632 | $ 14,339 | $ 123,714 | $ 98,650 | $ 86,785 |
Basic earnings per share | $ 0.51 | $ 0.45 | $ 0.44 | $ 0.32 | $ 0.45 | $ 0.36 | $ 0.36 | $ 0.20 | $ 1.72 | $ 1.37 | $ 1.19 |
Diluted earnings per share | $ 0.51 | $ 0.44 | $ 0.44 | $ 0.32 | $ 0.45 | $ 0.36 | $ 0.35 | $ 0.20 | $ 1.71 | $ 1.36 | $ 1.18 |
Schedule II - Valuation and Q62
Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 10,017 | $ 9,939 | $ 10,528 |
Charged to costs and expenses | 692 | 206 | 15 |
Write-offs (recoveries) of doubtful accounts | 411 | 128 | 604 |
Balance at end of period | $ 10,298 | $ 10,017 | $ 9,939 |