Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 11, 2019 | Jun. 29, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
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 Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 70,488,102 | ||
Entity Public Float | $ 1,759 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Shell Company | false | ||
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating revenues | $ 2,457,914 | $ 2,116,737 | $ 2,008,991 |
Operating expenses: | |||
Salaries, wages and benefits | 781,064 | 681,547 | 636,112 |
Fuel | 254,564 | 198,745 | 155,042 |
Supplies and maintenance | 185,074 | 164,325 | 171,397 |
Taxes and licenses | 87,318 | 86,768 | 85,547 |
Insurance and claims | 98,133 | 79,927 | 83,866 |
Depreciation | 230,151 | 217,639 | 209,728 |
Rent and purchased transportation | 589,002 | 509,573 | 512,296 |
Communications and utilities | 16,063 | 16,105 | 16,106 |
Other | (7,670) | 18,288 | 12,827 |
Total operating expenses | 2,233,699 | 1,972,917 | 1,882,921 |
Operating income | 224,215 | 143,820 | 126,070 |
Other expense (income): | |||
Interest expense | 2,695 | 2,243 | 2,577 |
Interest income | (2,737) | (3,308) | (4,158) |
Other | 376 | 328 | 191 |
Total other expense (income) | 334 | (737) | (1,390) |
Income before income taxes | 223,881 | 144,557 | 127,460 |
Income tax expense (benefit) | 55,733 | (58,332) | 48,331 |
Net income | $ 168,148 | $ 202,889 | $ 79,129 |
Earnings per share: | |||
Basic | $ 2.35 | $ 2.81 | $ 1.10 |
Diluted | $ 2.33 | $ 2.80 | $ 1.09 |
Weighted-average common shares outstanding: | |||
Basic | 71,694 | 72,270 | 72,057 |
Diluted | 72,057 | 72,558 | 72,393 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 168,148 | $ 202,889 | $ 79,129 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | (493) | 483 | (4,191) |
Change in fair value of interest rate swap | 255 | 599 | 337 |
Other comprehensive income (loss) | (238) | 1,082 | (3,854) |
Comprehensive income | $ 167,910 | $ 203,971 | $ 75,275 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 33,930 | $ 13,626 |
Accounts receivable, trade, less allowance of $8,613 and $8,250, respectively | 337,927 | 304,174 |
Other receivables | 26,545 | 26,491 |
Inventories and supplies | 10,060 | 11,694 |
Prepaid taxes, licenses and permits | 16,619 | 15,972 |
Other current assets | 31,577 | 28,272 |
Total current assets | 456,658 | 400,229 |
Property and equipment, at cost: | ||
Land | 59,103 | 56,300 |
Buildings and improvements | 188,174 | 171,619 |
Revenue equipment | 1,750,290 | 1,630,344 |
Service equipment and other | 250,010 | 256,074 |
Total property and equipment | 2,247,577 | 2,114,337 |
Less – accumulated depreciation | 760,015 | 767,474 |
Property and equipment, net | 1,487,562 | 1,346,863 |
Other non-current assets | 139,284 | 60,899 |
Total assets | 2,083,504 | 1,807,991 |
Current liabilities: | ||
Checks issued in excess of cash balances | 0 | 21,539 |
Accounts payable | 97,781 | 73,802 |
Current portion of long-term debt | 75,000 | 0 |
Insurance and claims accruals | 67,304 | 79,674 |
Accrued payroll | 40,271 | 32,520 |
Other current liabilities | 30,004 | 24,642 |
Total current liabilities | 310,360 | 232,177 |
Long-term debt, net of current portion | 50,000 | 75,000 |
Other long-term liabilities | 10,911 | 12,575 |
Insurance and claims accruals, net of current portion | 214,030 | 108,270 |
Deferred income taxes | 233,450 | 195,187 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $0.01 per value, 200,000,000 shares authorized; 80,533,536 shares issued; 70,441,973 and 72,409,222 shares outstanding, respectively | 805 | 805 |
Paid-in capital | 107,455 | 102,563 |
Retained earnings | 1,413,746 | 1,267,871 |
Accumulated other comprehensive loss | (16,073) | (15,835) |
Treasury stock, at cost; 10,091,563 and 8,124,314 shares, respectively | (241,180) | (170,622) |
Total stockholders’ equity | 1,264,753 | 1,184,782 |
Total liabilities and stockholders’ equity | $ 2,083,504 | $ 1,807,991 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Allowance for doubtful trade accounts receivable | $ 8,613 | $ 8,250 |
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 | 70,441,973 | 72,409,222 |
Treasury stock, shares | 10,091,563 | 8,124,314 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 168,148 | $ 202,889 | $ 79,129 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 230,151 | 217,639 | 209,728 |
Deferred income taxes | 37,694 | (100,948) | 44,632 |
Gain on disposal of property and equipment | (24,898) | (6,798) | (16,432) |
Non-cash equity compensation | 7,394 | 4,546 | 2,381 |
Insurance and claims accruals, net of current portion | 26,570 | (5,605) | (11,320) |
Other | (4,774) | (11,957) | (3,370) |
Changes in certain working capital items: | |||
Accounts receivable, net | (33,753) | (42,802) | (10,349) |
Other current assets | (9,979) | 20,173 | 2,245 |
Accounts payable | 7,559 | 5,831 | (5,272) |
Other current liabilities | 14,047 | (140) | 18,291 |
Net cash provided by operating activities | 418,159 | 282,828 | 309,663 |
Cash flows from investing activities: | |||
Additions to property and equipment | (519,872) | (316,343) | (537,838) |
Proceeds from sales of property and equipment | 170,900 | 117,498 | 108,231 |
Decrease in notes receivable | 20,898 | 20,037 | 19,353 |
Issuance of notes receivable | (3,300) | (5,000) | 0 |
Net cash used in investing activities | (331,374) | (183,808) | (410,254) |
Cash flows from financing activities: | |||
Repayments of short-term debt | (40,000) | (45,000) | (20,000) |
Proceeds from issuance of short-term debt | 40,000 | 0 | 40,000 |
Repayments of long-term debt | (20,000) | (60,000) | (40,000) |
Proceeds from issuance of long-term debt | 70,000 | 0 | 125,000 |
Payment of notes payable | 0 | 0 | (3,117) |
Change in net checks issued in excess of cash balances | (21,539) | 21,539 | 0 |
Dividends on common stock | (23,013) | (18,784) | (17,289) |
Repurchases of common stock | (72,165) | 0 | 0 |
Tax withholding related to net share settlements of restricted stock awards | (1,371) | (1,632) | (1,832) |
Stock options exercised | 476 | 2,461 | 370 |
Excess tax benefits from equity compensation | 0 | 0 | 238 |
Net cash provided by (used in) financing activities | (67,612) | (101,416) | 83,370 |
Effect of exchange rate fluctuations on cash | (374) | 50 | (384) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 18,799 | (2,346) | (17,605) |
Cash, cash equivalents and restricted cash, beginning of period | 15,131 | 17,477 | 35,082 |
Cash, cash equivalents and restricted cash, end of period | 33,930 | 15,131 | 17,477 |
Supplemental disclosures of cash flow information: | |||
Interest paid | 2,690 | 2,491 | 2,470 |
Income taxes paid | 11,355 | 22,088 | 4,673 |
Supplemental schedule of non-cash investing activities: | |||
Notes receivable issued upon sale of property and equipment | 13,140 | 5,816 | 25,449 |
Change in fair value of interest rate swap | 255 | 599 | 337 |
Property and equipment acquired included in accounts payable | 16,748 | 3,227 | 1,874 |
Property and equipment disposed included in other receivables | $ 674 | $ 654 | $ 155 |
Consolidated Statements Of Ca_2
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Reconciliation of cash, cash equivalents and restricted cash | |||
Cash and cash equivalents | $ 33,930 | $ 13,626 | $ 16,962 |
Restricted cash included in Other current assets | 0 | 1,505 | 515 |
Cash, cash equivalents and restricted cash | $ 33,930 | $ 15,131 | $ 17,477 |
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, 2015 | $ 935,654 | $ 805 | $ 102,734 | $ 1,022,966 | $ (13,063) | $ (177,788) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income | 75,275 | 0 | 0 | 79,129 | (3,854) | 0 |
Dividends on common stock | (17,299) | 0 | 0 | (17,299) | 0 | 0 |
Equity compensation activity, including excess tax benefits | (1,224) | 0 | (4,080) | 0 | 0 | 2,856 |
Non-cash equity compensation expense | 2,381 | 0 | 2,381 | 0 | 0 | 0 |
BALANCE at Dec. 31, 2016 | 994,787 | 805 | 101,035 | 1,084,796 | (16,917) | (174,932) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income | 203,971 | 0 | 0 | 202,889 | 1,082 | 0 |
Dividends on common stock | (19,523) | 0 | 0 | (19,523) | 0 | 0 |
Equity compensation activity, including excess tax benefits | 829 | 0 | (3,481) | 0 | 0 | 4,310 |
Non-cash equity compensation expense | 4,546 | 0 | 4,546 | 0 | 0 | 0 |
Cumulative effect of accounting change | 172 | 0 | 463 | (291) | 0 | 0 |
BALANCE at Dec. 31, 2017 | 1,184,782 | 805 | 102,563 | 1,267,871 | (15,835) | (170,622) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income | 167,910 | 0 | 0 | 168,148 | (238) | 0 |
Purchases of common stock | (72,165) | 0 | 0 | 0 | 0 | (72,165) |
Dividends on common stock | (24,284) | 0 | 0 | (24,284) | 0 | 0 |
Equity compensation activity, including excess tax benefits | (895) | 0 | (2,502) | 0 | 0 | 1,607 |
Non-cash equity compensation expense | 7,394 | 0 | 7,394 | 0 | 0 | 0 |
Cumulative effect of accounting change | 2,011 | 0 | 0 | 2,011 | 0 | 0 |
BALANCE at Dec. 31, 2018 | $ 1,264,753 | $ 805 | $ 107,455 | $ 1,413,746 | $ (16,073) | $ (241,180) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared per share | $ 0.340 | $ 0.270 | $ 0.240 |
Purchase of common stock, shares | 2,077,101 | 0 | 0 |
Equity compensation activity, shares | 109,852 | 242,253 | 168,219 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business : Werner Enterprises, Inc. (the “Company”) is a truckload transportation and logistics company operating under the jurisdiction of the U.S. Department of Transportation, similar governmental transportation agencies in the foreign countries in which we operate and various U.S. state regulatory authorities. For the years ended December 31, 2018, 2017 and 2016, our ten largest customers comprised 45% , 43% and 43% , respectively, of our revenues. No single customer generated more than 9% of the Company’s total revenues in 2018, 2017, and 2016. 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 income 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 for potentially uncollectible receivables. 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 and net realizable value 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% During fourth quarter 2016, due to the weak used truck market, we reduced the estimated life of certain trucks to more rapidly depreciate the trucks to their residual values. The effect of this change in accounting estimate was to (i) increase 2016 depreciation expense and decrease operating income by $4.1 million and (ii) increase 2017 depreciation expense and decrease operating income by $3.4 million We completed the sale of these specific trucks in 2017. 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 and estimates of incurred-but-not-reported losses (negative development) 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 calculation of the undiscounted self-insurance reserves for bodily injury and property damage claims and workers’ compensation claims at year-end. We renewed our liability insurance policies on August 1, 2018 with the same deductibles and aggregates that became effective with the August 1, 2017 renewal. Our self-insured retention (“SIR”) and deductible amount continues to be $3.0 million , plus administrative expenses, for each occurrence involving bodily injury or property damage. We also have an annual $6.0 million aggregate for claims between $3.0 million and $5.0 million and an additional $5.0 million deductible per claim for each claim between $5.0 million and $10.0 million . Our SIR/deductible was $2.0 million for policy years from August 1, 2004 through July 31, 2017, and we were also responsible for varying annual aggregate amounts of liability for claims in excess of the SIR/deductible (see page 10). 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 $26.7 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 $30.3 million in letters of credit as of December 31, 2018. Revenue Recognition: The Consolidated Statements of Income reflect recognition of operating revenues (including fuel surcharge revenues) and related direct costs over time as control of the promised services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those services. 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, we evaluate whether we are the principal (i.e., report revenues on a gross basis) or agent (i.e., report revenues on a net basis). 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: Deferred income 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 income 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. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. 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, 2018 2017 2016 Net income $ 168,148 $ 202,889 $ 79,129 Weighted average common shares outstanding 71,694 72,270 72,057 Dilutive effect of stock-based awards 363 288 336 Shares used in computing diluted earnings per share 72,057 72,558 72,393 Basic earnings per share $ 2.35 $ 2.81 $ 1.10 Diluted earnings per share $ 2.33 $ 2.80 $ 1.09 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, 2018, 2017 and 2016, comprehensive income consists of net income, foreign currency translation adjustments and change in fair value of interest rate swap. New Accounting Pronouncements Adopted: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 Company adopted ASU 2014-09 and related amendments, which is also known as Accounting Standards Codification (“ASC”) Topic 606, as of January 1, 2018 using the modified retrospective transition method. Results for periods beginning January 1, 2018 and later are presented under ASC Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historical accounting policy for revenue recognition. We recorded a $2.0 million net increase to the opening balance of retained earnings as of January 1, 2018, for the cumulative impact of adopting the new guidance. The impact primarily related to the change in accounting for shipments in transit as of December 31, 2017. ASC Topic 606 requires us to recognize revenue and related direct costs over time as the shipment is being delivered. Prior to adopting the new guidance, we recognized revenue and related direct costs when the shipment was delivered. Under the modified retrospective method of adoption, we are required to disclose the impact to our financial statements had we continued to follow our accounting policies under the previous revenue recognition guidance. Had we continued to recognize revenues and direct costs upon delivery, our operating revenues and operating expenses for the year ended December 31, 2018, would have been higher by approximately $0.5 million and $0.7 million , respectively. Additionally, under ASC Topic 606, we recorded a $14.3 million reduction of revenues for the year ended December 31, 2018, related to our driver training schools that would have been reported as bad debt expense prior to the new standard. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments,” which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The Company adopted ASU No. 2016-15 as of January 1, 2018. Upon adoption, this update had no effect on our consolidated financial position, results of operations or cash flows. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash,” which requires an entity to include in its cash and cash-equivalent balances in the statement of cash flows those amounts that are deemed to be restricted cash and restricted cash equivalents. The Company adopted ASU No. 2016-18 as of January 1, 2018, using the required retrospective adoption method. The adoption of this standard impacted the consolidated statements of cash flows by increasing beginning and ending cash to include the restricted balance of our like-kind exchange account and removing from operating activities the change in such balance, which resulted in a $1.0 million increase and a $2.7 million decrease to cash flow from operations for the years ended December 31, 2017 and 2016, respectively. In May 2017, the FASB issued ASU No. 2017-09, “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting,” which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The Company adopted ASU No. 2017-09 as of January 1, 2018 on a prospective basis. Upon adoption, this update had no effect on our consolidated financial position, results of operations or cash flows. Accounting Standards Updates Not Yet Effective: In February 2016, the FASB issued ASU No. 2016-02, “Leases,” to increase transparency and comparability by recognizing a right-of-use asset and a lease liability on the balance sheet and disclosing key information about leasing arrangements. The provisions of this update and additional guidance in subsequent ASUs are effective for us beginning January 1, 2019. In July 2018, the FASB issued ASU No. 2018-11, “Leases,” which provides an optional transition method allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption, with no restatement of comparative prior periods required. We will adopt the standard using this optional transition method. Based on our evaluation, the adoption of this standard will not have a material effect on our consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” with the objective of improving the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. The provisions of this update are effective for fiscal years beginning after December 15, 2018. Based on our evaluation, the adoption of this standard will not have a material effect on our consolidated financial statements. In February 2018, the FASB issued ASU No. 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Comprehensive Income,” which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The provisions of this update are effective for fiscal years beginning after December 15, 2018. We are evaluating the impact of adopting ASU No. 2018-02 on our financial position, results of operations and cash flows. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement,” which modifies the disclosure requirements on fair value measurements. As part of its disclosure framework project, the FASB has eliminated, amended and added disclosure requirements for fair value measurements in Topic 820, Fair Value Measurement. The provisions of this update are effective for fiscal years beginning after December 15, 2019. Although we are evaluating the impact of adopting ASU No. 2018-13 on our financial position, results of operations and cash flows, we do not expect a material effect upon adoption because we do not currently disclose any fair value measurements subject to the amendments. In August 2018, the FASB issued ASU No. 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force),” which updates the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract to align with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The provisions of this update are effective for fiscal years beginning after December 15, 2019. We are evaluating the impact of adopting ASU No. 2018-15 on our financial position, results of operations and cash flows. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | REVENUE Revenue Recognition Revenues are recognized over time as control of the promised services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those services. The following table presents our revenues disaggregated by revenue source (in thousands): Years Ended December 31 2018 2017 2016 Truckload Transportation Services $ 1,881,323 $ 1,635,244 $ 1,533,981 Werner Logistics 518,078 417,639 417,172 Inter-segment eliminations (1,149 ) (829 ) (973 ) Transportation services 2,398,252 2,052,054 1,950,180 Other revenues 59,662 64,683 58,811 Total revenues $ 2,457,914 $ 2,116,737 $ 2,008,991 The following table presents our revenues disaggregated by geographic areas in which we conduct business (in thousands). 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. Years Ended December 31 2018 2017 2016 United States $ 2,145,098 $ 1,837,525 $ 1,760,214 Mexico 233,116 210,228 183,058 Other 79,700 68,984 65,719 Total revenues $ 2,457,914 $ 2,116,737 $ 2,008,991 Transportation Services We generate nearly all of our revenues by transporting truckload freight shipments for our customers. Transportation services are carried out by our Truckload Transportation Services (“Truckload”) segment and our Werner Logistics (“Logistics”) segment. The Truckload segment utilizes company-owned and independent contractor trucks to deliver shipments, while the Logistics segment uses third-party capacity providers. The Company generates revenues from billings for transportation services under contracts with customers, generally on a rate per mile or per shipment, based on origin and destination of the shipment. The Company’s performance obligation arises when it receives a shipment order to transport a customer’s freight and is satisfied upon delivery of the shipment. The transaction price may be defined in a transportation services agreement or negotiated with the customer prior to accepting the shipment order. A customer may submit several shipment orders for transportation services at various times throughout a service agreement term, but each shipment represents a distinct service that is a separately identified performance obligation. The Company often provides additional or ancillary services as part of the shipment (such as loading/unloading and stops in transit) which are not distinct or are not material in the context of the contract; therefore the revenues for these services are recognized with the freight transaction price. The average transit time to complete a shipment is approximately 3 days . Invoices for transportation services are typically generated soon after shipment delivery and, while payment terms and conditions vary by customer, are generally due within 30 days after the invoice date. The Consolidated Statements of Income reflect recognition of transportation revenues (including fuel surcharge revenues) and related direct costs over time as the shipment is being delivered. The Company uses distance shipped (for the Truckload segment) and transit time (for the Logistics segment) to measure progress and the amount of revenues recognized over time, as the customer simultaneously receives and consumes the benefit. Determining a measure of progress requires us to make judgments that affect the timing of revenues recognized. The Company has determined that the methods described provide a faithful depiction of the transfer of services to the customer. 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, we evaluate whether we are the principal (i.e., report revenues on a gross basis) or agent (i.e., report revenues on a net basis). Generally, we report such revenues on a gross basis, that is, we recognize both revenues for the service we bill to the customer and rent and purchased transportation expense for transportation costs we pay to the third-party provider. Where we are the principal, we control the transportation service before it is provided to our customers, which is supported by us being primarily responsible for fulfilling the shipment obligation to the customer and having a level of discretion in establishing pricing with the customer. During 2018, revenues recognized from performance obligations related to prior periods (for example, due to changes in transaction price) was not material. Other Revenues Other revenues include revenues from our driver training schools, transportation-related activities such as third-party equipment maintenance and equipment leasing, and other business activities. These revenues are generally recognized over time and accounted for 2% of our total revenues in 2018. Revenues from our driver training schools require us to make judgments regarding price concessions in determining the amount of revenues to recognize. Contract Balances and Accounts Receivable A receivable is an unconditional right to consideration and is recognized when shipments have been completed and the related performance obligation has been fully satisfied. At December 31, 2018 and December 31, 2017 , the accounts receivable, net, balance was $337.9 million and $304.2 million , respectively. Contract assets represent a conditional right to consideration in exchange for goods or services, and are transferred to receivables when the rights become unconditional. At December 31, 2018 , the balance of contract assets was $7.4 million , and the balance was $7.8 million at January 1, 2018, after adopting ASC Topic 606. The Company has recognized contract assets within the other current assets financial statement caption on the balance sheet. These contract assets are considered current assets as they will be settled in less than 12 months. Contract liabilities represent advance consideration received from customers, and are recognized as revenues over time as the related performance obligation is satisfied. At December 31, 2018 and December 31, 2017 , the balance of contract liabilities was $1.7 million and $2.1 million , respectively. The amount of revenues recognized in 2018 that was included in the December 31, 2017 contract liability balance was $2.1 million . The Company has recognized contract liabilities within the accounts payable and other current liabilities financial statement captions on the balance sheet. These contract liabilities are considered current liabilities as they will be settled in less than 12 months. Performance Obligations We have elected to apply the practical expedient in ASC Topic 606 to not disclose the value of remaining performance obligations for contracts with an original expected length of one year or less. Remaining performance obligations represent the transaction price allocated to future reporting periods for freight shipments started but not completed at the reporting date that we expect to recognize as revenues in the period subsequent to the reporting date; transit times generally average approximately 3 days . |
Credit Facilities
Credit Facilities | 12 Months Ended |
Dec. 31, 2018 | |
Line of Credit Facility [Abstract] | |
Credit Facilities | CREDIT FACILITIES As of December 31, 2018, 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 . We had an unsecured line of credit of $75.0 million with U.S. Bank, N.A., which will expire 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 . Borrowings under these credit facilities and term note bear variable interest based on the London Interbank Offered Rate (“LIBOR”). As of December 31, 2018 and 2017, our outstanding debt totaled $125.0 million and $75.0 million , respectively. We had $75.0 million outstanding under the term commitment at a variable rate of 3.06% as of December 31, 2018, which is effectively fixed at 2.5% with an interest rate swap agreement, and we had an additional $50.0 million outstanding under the credit facilities at a variable interest rate of 3.01% . The $325.0 million of borrowing capacity under our credit facilities at December 31, 2018, is further reduced by $30.3 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, 2018, we were in compliance with these covenants. At December 31, 2018, the aggregate future maturities of long-term debt by year are as follows (in thousands): 2019 $ 75,000 2020 50,000 2021 — 2022 — 2023 — Total $ 125,000 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, 2018 | |
Receivables [Abstract] | |
Notes Receivable | NOTES RECEIVABLE We provide financing to some individuals who want to become independent contractors by purchasing a tractor from us and leasing their services to us. We maintain a primary security interest in the tractor until the independent contractor pays the note balance in full. Independent contractor 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, 2018 2017 Independent contractor notes receivable $ 18,660 $ 28,634 Other notes receivable 11,298 8,489 29,958 37,123 Less current portion 7,563 11,127 Notes receivable – non-current $ 22,395 $ 25,996 We also provide financing to some individuals who attended our driver training schools. The student notes receivable are included in other receivables and other non-current assets in the Consolidated Balance Sheets. At December 31, student notes receivable consisted of the following (in thousands): December 31, 2018 2017 Student notes receivable $ 53,025 $ 48,121 Allowance for doubtful student notes receivable (19,361 ) (21,026 ) Total student notes receivable, net of allowance 33,664 27,095 Less current portion, net of allowance 8,393 6,326 Student notes receivable – non-current $ 25,271 $ 20,769 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Tax Cuts and Jobs Act of 2017 (the “Tax Act”) was enacted on December 22, 2017, and lowered the federal corporate income tax rate to 21% from 35% effective January 1, 2018. In accounting for income taxes, deferred income 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 income 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. As a result of the reduction of the federal corporate income tax rate under the Tax Act, the Company revalued its ending net deferred income tax liabilities at December 31, 2017 and recognized a provisional $110.5 million income tax benefit. The SEC staff issued Staff Accounting Bulletin No. 118 to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. The Company recognized the provisional tax impact related to the revaluation of deferred income tax assets and liabilities and included the amount in its consolidated financial statements for the year ended December 31, 2017. During third quarter 2018, the Company filed its 2017 Federal Income Tax Return which resulted in an immaterial adjustment to the deferred tax liability and the tax expense. Accordingly, the Company’s accounting for the federal rate reduction under the Tax Act is now complete. Income tax expense consisted of the following (in thousands): Years Ended December 31, 2018 2017 2016 Current: Federal $ 7,428 $ 38,535 $ 237 State 9,841 3,979 2,928 Foreign 770 102 534 18,039 42,616 3,699 Deferred: Federal 37,284 (104,573 ) 42,895 State 410 3,625 1,737 37,694 (100,948 ) 44,632 Total income tax expense (benefit) $ 55,733 $ (58,332 ) $ 48,331 The effective income tax rate differs from the federal corporate tax rate of 21% in 2018 and 35% in 2017 and 2016 as follows (in thousands): Years Ended December 31, 2018 2017 2016 Tax at statutory rate $ 47,015 $ 50,595 $ 44,611 Change in federal income tax rate — (110,508 ) — State income taxes, net of federal tax benefits 8,098 4,943 3,032 Non-deductible meals and entertainment 1,044 1,495 1,549 Income tax credits (1,800 ) (1,780 ) (1,900 ) Equity compensation (312 ) (820 ) — Other, net 1,688 (2,257 ) 1,039 Total income tax expense (benefit) $ 55,733 $ (58,332 ) $ 48,331 At December 31, deferred income tax assets and liabilities consisted of the following (in thousands): December 31, 2018 2017 Deferred income tax assets: Insurance and claims accruals $ 47,031 $ 41,986 Compensation-related accruals 7,413 6,797 Allowance for uncollectible accounts 3,628 3,599 Other 1,896 1,979 Gross deferred income tax assets 59,968 54,361 Deferred income tax liabilities: Property and equipment 287,061 243,482 Prepaid expenses 4,772 4,699 Other 1,585 1,367 Gross deferred income tax liabilities 293,418 249,548 Net deferred income tax liability $ 233,450 $ 195,187 Deferred income tax assets are more likely than not to be realized as a result of future taxable income and reversal of deferred income tax liabilities. We recognized a $0.2 million decrease in the net liability for unrecognized tax benefits for the year ended December 31, 2018, and a $1.6 million decrease for the year ended December 31, 2017, including the impact of the federal tax rate change. We accrued interest expense of $0.1 million during 2018 and $0.2 million during 2017, excluding from both years the reversal of accrued interest related to the adjustment of uncertain tax positions. If recognized, $2.0 million of unrecognized tax benefits as of December 31, 2018 and $2.3 million as of December 31, 2017 would impact our effective tax rate. Interest of $0.4 million as of December 31, 2018 and 2017 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 2018 and 2017 are shown below (in thousands). December 31, 2018 2017 Unrecognized tax benefits, beginning balance $ 2,883 $ 6,055 Gross increases – tax positions in prior period 106 168 Gross decreases – tax positions in prior period — — Gross increases – current-period tax positions 444 136 Settlements (856 ) (3,476 ) Unrecognized tax benefits, ending balance $ 2,577 $ 2,883 We file U.S. federal income tax returns, as well as income tax returns in various states and several foreign jurisdictions. The years 2015 through 2017 are open for examination by the U.S. Internal Revenue Service (“IRS”), and various years are open for examination by state and foreign tax authorities. State and foreign jurisdictional statutes of limitations generally range from three to four years. |
Equity Compensation and Employe
Equity Compensation and Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Employee Benefits and Share-based Compensation, Noncash [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 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, 2018 , there were 7,077,807 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, 2018 , the total unrecognized compensation cost related to non-vested equity compensation awards was approximately $10.4 million and is expected to be recognized over a weighted average period of 2.0 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, 2018 2017 2016 Stock options: Pre-tax compensation expense $ — $ 6 $ (25 ) Tax benefit — 2 (9 ) Stock option expense, net of tax $ — $ 4 $ (16 ) Restricted awards: Pre-tax compensation expense $ 4,143 $ 3,244 $ 2,337 Tax benefit 1,056 1,265 886 Restricted stock expense, net of tax $ 3,087 $ 1,979 $ 1,451 Performance awards: Pre-tax compensation expense $ 3,152 $ 1,459 $ 167 Tax benefit 804 569 63 Performance award expense, net of tax $ 2,348 $ 890 $ 104 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 2019. 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 became 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, 2018: 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 33 $ 19.69 Granted — — Exercised (24 ) 19.94 Forfeited — — Expired — — Outstanding at end of period 9 19.02 0.92 $ 95 Exercisable at end of period 9 19.02 0.92 $ 95 We did not grant any stock options during the years ended December 31, 2018, 2017 and 2016. 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): 2018 $ 484 2017 1,722 2016 119 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 60 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, 2018: Number of Restricted Awards (in thousands) Weighted Average Grant Date Fair Value ($) Nonvested at beginning of period 273 $ 27.69 Granted 160 36.30 Vested (91 ) 27.27 Forfeited (16 ) 29.45 Nonvested at end of period 326 31.93 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 total fair value of previously granted restricted awards vested during the years ended December 31, 2018, 2017, and 2016 was $3.1 million , $4.4 million , and $4.3 million , respectively. We withheld shares based on the closing stock price on the vesting date to settle the employees’ statutory obligation for the applicable income and other employment taxes. The shares withheld to satisfy the tax withholding obligations were recorded as treasury stock. Performance Awards Performance awards entitle the recipient to shares of common stock upon attainment of performance objectives as pre-established by the Compensation Committee. If the performance objectives are achieved, performance awards currently outstanding vest, subject to continued employment, over periods ranging from 12 to 60 months from the grant date of the award. The performance awards do not confer any voting or dividend rights to recipients until such shares vest and do not have any post-vesting sales restrictions. The following table summarizes performance award activity for the year ended December 31, 2018: Number of Performance Awards (in thousands) Weighted Average Grant Date Fair Value ($) Nonvested at beginning of period 158 $ 27.20 Granted 84 37.48 Vested (35 ) 27.07 Forfeited — — Nonvested at end of period 207 27.92 The 2018 performance awards are earned based upon the level of attainment by the Company of specified performance objectives related to cumulative diluted earnings per share for the two-year period from January 1, 2018 to December 31, 2019. Shares earned based on cumulative diluted earnings per share may be capped based on absolute total shareholder return during the three-year period ended December 31, 2020. The 2018 performance awards will vest in one installment on the third anniversary from the grant date. The 2017 performance awards are earned based upon the level of attainment by the Company of specified performance objectives related to cumulative diluted earnings per share for the two-year period from January 1, 2017 to December 31, 2018. Shares earned based on cumulative diluted earnings per share may be capped based on absolute total shareholder return during the three-year period ended December 31, 2019. The 2017 performance awards will vest in one installment on the third anniversary from the grant date. 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 vesting date fair value of the performance awards vested during the years ended December 31, 2018, 2017 and 2016 was $1.3 million , $1.0 million and $1.6 million , respectively. We withheld shares based on the closing stock price on the vesting date to settle the employees’ statutory obligation for the applicable income and other employment taxes. The shares withheld to satisfy the 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 trading 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): 2018 $ 239 2017 208 2016 183 401(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): 2018 $ 2,615 2017 2,357 2016 2,113 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, 2018, there were 42 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, 2018 2017 Accumulated benefit obligation $ 7,202 $ 7,682 Aggregate market value 6,588 7,059 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES We have committed to property and equipment purchases of approximately $276.1 million at December 31, 2018. We are involved in certain claims and pending litigation, including those described herein, 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 employment 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 related events unfold. On May 17, 2018, in Harris County District Court in Houston, Texas, a jury rendered an adverse verdict against Werner Enterprises, Inc. (the “Company”) in a lawsuit arising from an accident between a Werner tractor-trailer and a passenger vehicle. The accident happened on December 30, 2014, near Odessa, Texas. A Werner driver was westbound on Interstate 20. A pickup truck, driven by Zaragoza Salinas, was eastbound on Interstate 20. The Salinas pickup lost control in the eastbound lanes, traveled into and through the grassy interstate median, and directly into the path of the Werner unit. The pickup had spun prior to impact, so that the bed of the pickup first struck the front of the Werner tractor. As a result of the accident, four passengers in the pickup sustained varying injuries. Tragically, a 7 year-old boy died, and his 12 year-old sister suffered catastrophic brain injuries. The children’s mother and their 14 year-old brother were also injured. Werner’s driver did not receive a citation, and the investigating officers placed no blame on the Werner driver. The Werner driver was traveling well below the posted speed limit, did not lose control of his tractor-trailer, and even brought the unit to a controlled stop after the impact. Despite these facts, the jury entered a verdict against the Company. On July 30, 2018, the court entered a final judgment against Werner for $92.0 million , including pre-judgment interest. The Company has premium-based liability insurance to cover the potential outcome from this jury verdict. Under the Company’s insurance policies in effect on the date of this accident, the Company’s maximum liability for this accident is $10.0 million (plus pre-judgment and post-judgment interest) with premium-based coverage that exceeds the jury verdict amount. As a result of this jury verdict, the Company has accrued $15.2 million of pre-tax insurance and claims expense (including interest and legal fees) in its financial statements during 2018. Under the terms of the Company’s insurance policies, the Company is the primary obligor of the verdict awarded to the family, and as such, the Company has recorded a $79.2 million receivable from its third-party insurance providers in other non-current assets and a corresponding liability of the same amount in the long-term portion of insurance and claims accruals in the consolidated balance sheets as of December 31, 2018, and such amounts are treated as non-cash operating activities in the consolidated statement of cash flows for the year ended December 31, 2018. The Company is pursuing an appeal of this verdict. No assurances can be given regarding the outcome of such appeal. We are involved in class action litigation in the U.S. District Court for the District of Nebraska, in which the plaintiffs allege that we owe drivers for unpaid wages under the Fair Labor Standards Act (FLSA) and the Nebraska Wage Payment and Collection Act and that we 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 is August 2008 through March 2014. The case was tried to a jury in May 2017, resulting in a verdict of $0.8 million in plaintiffs’ favor on the short break matter and a verdict in our favor on the sleeper berth matter. As a result of various post-trial motions, the court has awarded $0.5 million to the plaintiffs for attorney fees and costs. As of December 31, 2018, we had accrued for the jury’s award, attorney fees and costs in the short break matter and had not accrued for the sleeper berth matter. Plaintiffs have appealed the post-verdict amounts awarded by the trial court for fees, costs and liquidated damages. 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 deductions and other items. Based on the knowledge of the facts, management does not currently believe the outcome of these class actions 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 dispositions cannot be determined at this time. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
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 $72,000 in 2018, $72,000 in 2017, and $50,000 in 2016 and are recorded as expenses in the Consolidated Statements of Income. The Company has made leasehold improvements to the land totaling approximately $6.6 million for facilities used for business meetings and customer promotion. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION We have two reportable segments – Truckload Transportation Services (“Truckload”) and Werner Logistics. The Truckload segment consists of two operating units, Dedicated and One-Way Truckload. These units are aggregated because they have similar economic characteristics and meet the other aggregation criteria described in the accounting guidance for segment reporting. Dedicated provides truckload services dedicated to a specific customer, generally for a retail distribution center or manufacturing facility, utilizing either dry van or specialized trailers. 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, including Mexico cross-border routes; (ii) the expedited (“Expedited”) fleet provides time-sensitive truckload services utilizing driver teams; (iii) the regional short-haul (“Regional”) fleet provides comparable truckload van service within geographic regions across the United States; and (iv) the Temperature Controlled fleet provides truckload services for temperature sensitive products over irregular routes utilizing temperature-controlled trailers. Revenues for the Truckload segment include a small amount of non-trucking revenues which consist primarily of the intra-Mexico portion of cross-border shipments delivered to or from Mexico where we utilize a third-party capacity provider. The Werner Logistics segment generates the majority of our non-trucking revenues through five operating units that provide non-trucking services to our customers. These five Werner Logistics 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; (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; and (v) Werner Final Mile (“Final Mile”) offers home and business deliveries of large or heavy items using third-party agents with two associates operating a liftgate straight truck. We generate other revenues from our driver training schools, transportation-related activities such as third-party equipment maintenance and 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, including gains and losses on sales of assets not attributable to 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, 2018 2017 2016 Revenues Truckload Transportation Services $ 1,881,323 $ 1,635,244 $ 1,533,981 Werner Logistics 518,078 417,639 417,172 Other 56,903 62,745 57,062 Corporate 2,759 1,938 1,749 Subtotal 2,459,063 2,117,566 2,009,964 Inter-segment eliminations (1,149 ) (829 ) (973 ) Total $ 2,457,914 $ 2,116,737 $ 2,008,991 Operating Income Truckload Transportation Services $ 202,581 $ 138,059 $ 107,713 Werner Logistics 20,378 8,683 20,734 Other (453 ) 35 (6,177 ) Corporate 1,709 (2,957 ) 3,800 Total $ 224,215 $ 143,820 $ 126,070 Information about the geographic areas in which we conduct business is summarized below (in thousands) as of and for the years ended December 31, 2018, 2017 and 2016. 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. 2018 2017 2016 Revenues United States $ 2,145,098 $ 1,837,525 $ 1,760,214 Foreign countries Mexico 233,116 210,228 183,058 Other 79,700 68,984 65,719 Total foreign countries 312,816 279,212 248,777 Total $ 2,457,914 $ 2,116,737 $ 2,008,991 Long-lived Assets United States $ 1,452,532 $ 1,321,206 $ 1,341,703 Foreign countries Mexico 34,741 25,309 20,614 Other 289 348 321 Total foreign countries 35,030 25,657 20,935 Total $ 1,487,562 $ 1,346,863 $ 1,362,638 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 9% of our total revenues for 2018, 2017 and 2016. |
Quarterly Results of Operations
Quarterly Results of Operations | 12 Months Ended |
Dec. 31, 2018 | |
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 2018: Operating revenues $ 562,684 $ 619,130 $ 629,735 $ 646,365 Operating income 35,115 50,783 63,386 74,931 Net income 27,807 38,264 47,514 54,563 Basic earnings per share 0.38 0.53 0.67 0.77 Diluted earnings per share 0.38 0.53 0.66 0.77 (In thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter 2017: Operating revenues $ 501,221 $ 519,508 $ 528,643 $ 567,365 Operating income 25,972 36,913 35,874 45,061 Net income 16,019 23,219 22,517 141,134 Basic earnings per share 0.22 0.32 0.31 1.95 Diluted earnings per share 0.22 0.32 0.31 1.94 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, 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, 2018: Allowance for doubtful accounts $ 8,250 $ 672 $ 309 $ 8,613 Year ended December 31, 2017: Allowance for doubtful accounts $ 9,183 $ 184 $ 1,117 $ 8,250 Year ended December 31, 2016: Allowance for doubtful accounts $ 10,298 $ (245 ) $ 870 $ 9,183 (In thousands) Balance at Charged to (1) Write-offs Balance at Year ended December 31, 2018: Allowance for doubtful student notes $ 21,026 $ 17,858 $ 19,523 $ 19,361 Year ended December 31, 2017: Allowance for doubtful student notes $ 15,682 $ 15,917 $ 10,573 $ 21,026 Year ended December 31, 2016: Allowance for doubtful student notes $ 8,622 $ 19,019 $ 11,959 $ 15,682 (1) Includes $14,277 recorded as a reduction of revenues after adopting the new revenue recognition standard effective January 1, 2018. See report of independent registered public accounting firm. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business : Werner Enterprises, Inc. (the “Company”) is a truckload transportation and logistics company operating under the jurisdiction of the U.S. Department of Transportation, similar governmental transportation agencies in the foreign countries in which we operate and various U.S. state regulatory authorities. For the years ended December 31, 2018, 2017 and 2016, our ten largest customers comprised 45% , 43% and 43% , respectively, of our revenues. No single customer generated more than 9% of the Company’s total revenues in 2018, 2017, and 2016. |
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 income 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 for potentially uncollectible receivables. 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 and net realizable value 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% During fourth quarter 2016, due to the weak used truck market, we reduced the estimated life of certain trucks to more rapidly depreciate the trucks to their residual values. The effect of this change in accounting estimate was to (i) increase 2016 depreciation expense and decrease operating income by $4.1 million and (ii) increase 2017 depreciation expense and decrease operating income by $3.4 million We completed the sale of these specific trucks in 2017. |
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 and estimates of incurred-but-not-reported losses (negative development) 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 calculation of the undiscounted self-insurance reserves for bodily injury and property damage claims and workers’ compensation claims at year-end. We renewed our liability insurance policies on August 1, 2018 with the same deductibles and aggregates that became effective with the August 1, 2017 renewal. Our self-insured retention (“SIR”) and deductible amount continues to be $3.0 million , plus administrative expenses, for each occurrence involving bodily injury or property damage. We also have an annual $6.0 million aggregate for claims between $3.0 million and $5.0 million and an additional $5.0 million deductible per claim for each claim between $5.0 million and $10.0 million . Our SIR/deductible was $2.0 million for policy years from August 1, 2004 through July 31, 2017, and we were also responsible for varying annual aggregate amounts of liability for claims in excess of the SIR/deductible (see page 10). 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 $26.7 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 $30.3 million in letters of credit as of December 31, 2018. |
Revenue Recognition | Revenue Recognition: The Consolidated Statements of Income reflect recognition of operating revenues (including fuel surcharge revenues) and related direct costs over time as control of the promised services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those services. 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, we evaluate whether we are the principal (i.e., report revenues on a gross basis) or agent (i.e., report revenues on a net basis). |
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: Deferred income 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 income 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. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. 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, 2018 2017 2016 Net income $ 168,148 $ 202,889 $ 79,129 Weighted average common shares outstanding 71,694 72,270 72,057 Dilutive effect of stock-based awards 363 288 336 Shares used in computing diluted earnings per share 72,057 72,558 72,393 Basic earnings per share $ 2.35 $ 2.81 $ 1.10 Diluted earnings per share $ 2.33 $ 2.80 $ 1.09 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, 2018, 2017 and 2016, comprehensive income consists of net income, foreign currency translation adjustments and change in fair value of interest rate swap. |
New Accounting Pronouncements Adopted | New Accounting Pronouncements Adopted: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 Company adopted ASU 2014-09 and related amendments, which is also known as Accounting Standards Codification (“ASC”) Topic 606, as of January 1, 2018 using the modified retrospective transition method. Results for periods beginning January 1, 2018 and later are presented under ASC Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historical accounting policy for revenue recognition. We recorded a $2.0 million net increase to the opening balance of retained earnings as of January 1, 2018, for the cumulative impact of adopting the new guidance. The impact primarily related to the change in accounting for shipments in transit as of December 31, 2017. ASC Topic 606 requires us to recognize revenue and related direct costs over time as the shipment is being delivered. Prior to adopting the new guidance, we recognized revenue and related direct costs when the shipment was delivered. Under the modified retrospective method of adoption, we are required to disclose the impact to our financial statements had we continued to follow our accounting policies under the previous revenue recognition guidance. Had we continued to recognize revenues and direct costs upon delivery, our operating revenues and operating expenses for the year ended December 31, 2018, would have been higher by approximately $0.5 million and $0.7 million , respectively. Additionally, under ASC Topic 606, we recorded a $14.3 million reduction of revenues for the year ended December 31, 2018, related to our driver training schools that would have been reported as bad debt expense prior to the new standard. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments,” which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The Company adopted ASU No. 2016-15 as of January 1, 2018. Upon adoption, this update had no effect on our consolidated financial position, results of operations or cash flows. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash,” which requires an entity to include in its cash and cash-equivalent balances in the statement of cash flows those amounts that are deemed to be restricted cash and restricted cash equivalents. The Company adopted ASU No. 2016-18 as of January 1, 2018, using the required retrospective adoption method. The adoption of this standard impacted the consolidated statements of cash flows by increasing beginning and ending cash to include the restricted balance of our like-kind exchange account and removing from operating activities the change in such balance, which resulted in a $1.0 million increase and a $2.7 million decrease to cash flow from operations for the years ended December 31, 2017 and 2016, respectively. In May 2017, the FASB issued ASU No. 2017-09, “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting,” which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The Company adopted ASU No. 2017-09 as of January 1, 2018 on a prospective basis. Upon adoption, this update had no effect on our consolidated financial position, results of operations or cash flows. |
Accounting Standards Updates Not Yet Effective | Accounting Standards Updates Not Yet Effective: In February 2016, the FASB issued ASU No. 2016-02, “Leases,” to increase transparency and comparability by recognizing a right-of-use asset and a lease liability on the balance sheet and disclosing key information about leasing arrangements. The provisions of this update and additional guidance in subsequent ASUs are effective for us beginning January 1, 2019. In July 2018, the FASB issued ASU No. 2018-11, “Leases,” which provides an optional transition method allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption, with no restatement of comparative prior periods required. We will adopt the standard using this optional transition method. Based on our evaluation, the adoption of this standard will not have a material effect on our consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” with the objective of improving the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. The provisions of this update are effective for fiscal years beginning after December 15, 2018. Based on our evaluation, the adoption of this standard will not have a material effect on our consolidated financial statements. In February 2018, the FASB issued ASU No. 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Comprehensive Income,” which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The provisions of this update are effective for fiscal years beginning after December 15, 2018. We are evaluating the impact of adopting ASU No. 2018-02 on our financial position, results of operations and cash flows. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement,” which modifies the disclosure requirements on fair value measurements. As part of its disclosure framework project, the FASB has eliminated, amended and added disclosure requirements for fair value measurements in Topic 820, Fair Value Measurement. The provisions of this update are effective for fiscal years beginning after December 15, 2019. Although we are evaluating the impact of adopting ASU No. 2018-13 on our financial position, results of operations and cash flows, we do not expect a material effect upon adoption because we do not currently disclose any fair value measurements subject to the amendments. In August 2018, the FASB issued ASU No. 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force),” which updates the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract to align with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The provisions of this update are effective for fiscal years beginning after December 15, 2019. We are evaluating the impact of adopting ASU No. 2018-15 on our financial position, results of operations and cash flows. |
Summary of Significant Accoun_3
Summary of Significant Accounting Polices (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 2016 Net income $ 168,148 $ 202,889 $ 79,129 Weighted average common shares outstanding 71,694 72,270 72,057 Dilutive effect of stock-based awards 363 288 336 Shares used in computing diluted earnings per share 72,057 72,558 72,393 Basic earnings per share $ 2.35 $ 2.81 $ 1.10 Diluted earnings per share $ 2.33 $ 2.80 $ 1.09 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition [Abstract] | |
Disaggregation of revenue by revenue source | The following table presents our revenues disaggregated by revenue source (in thousands): Years Ended December 31 2018 2017 2016 Truckload Transportation Services $ 1,881,323 $ 1,635,244 $ 1,533,981 Werner Logistics 518,078 417,639 417,172 Inter-segment eliminations (1,149 ) (829 ) (973 ) Transportation services 2,398,252 2,052,054 1,950,180 Other revenues 59,662 64,683 58,811 Total revenues $ 2,457,914 $ 2,116,737 $ 2,008,991 |
Revenue by geographical location | The following table presents our revenues disaggregated by geographic areas in which we conduct business (in thousands). 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. Years Ended December 31 2018 2017 2016 United States $ 2,145,098 $ 1,837,525 $ 1,760,214 Mexico 233,116 210,228 183,058 Other 79,700 68,984 65,719 Total revenues $ 2,457,914 $ 2,116,737 $ 2,008,991 |
Credit Facilities (Tables)
Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Line of Credit Facility [Abstract] | |
Schedule of Maturities of Long-term Debt | At December 31, 2018, the aggregate future maturities of long-term debt by year are as follows (in thousands): 2019 $ 75,000 2020 50,000 2021 — 2022 — 2023 — Total $ 125,000 |
Notes Receivable (Tables)
Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables | |
Schedule of Notes Receivable | At December 31, notes receivable consisted of the following (in thousands): December 31, 2018 2017 Independent contractor notes receivable $ 18,660 $ 28,634 Other notes receivable 11,298 8,489 29,958 37,123 Less current portion 7,563 11,127 Notes receivable – non-current $ 22,395 $ 25,996 |
Student Loan [Member] | |
Receivables | |
Schedule of Notes Receivable | At December 31, student notes receivable consisted of the following (in thousands): December 31, 2018 2017 Student notes receivable $ 53,025 $ 48,121 Allowance for doubtful student notes receivable (19,361 ) (21,026 ) Total student notes receivable, net of allowance 33,664 27,095 Less current portion, net of allowance 8,393 6,326 Student notes receivable – non-current $ 25,271 $ 20,769 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense | Income tax expense consisted of the following (in thousands): Years Ended December 31, 2018 2017 2016 Current: Federal $ 7,428 $ 38,535 $ 237 State 9,841 3,979 2,928 Foreign 770 102 534 18,039 42,616 3,699 Deferred: Federal 37,284 (104,573 ) 42,895 State 410 3,625 1,737 37,694 (100,948 ) 44,632 Total income tax expense (benefit) $ 55,733 $ (58,332 ) $ 48,331 |
Schedule of Effective Income Tax Rate Reconciliation | The effective income tax rate differs from the federal corporate tax rate of 21% in 2018 and 35% in 2017 and 2016 as follows (in thousands): Years Ended December 31, 2018 2017 2016 Tax at statutory rate $ 47,015 $ 50,595 $ 44,611 Change in federal income tax rate — (110,508 ) — State income taxes, net of federal tax benefits 8,098 4,943 3,032 Non-deductible meals and entertainment 1,044 1,495 1,549 Income tax credits (1,800 ) (1,780 ) (1,900 ) Equity compensation (312 ) (820 ) — Other, net 1,688 (2,257 ) 1,039 Total income tax expense (benefit) $ 55,733 $ (58,332 ) $ 48,331 |
Schedule of Deferred Tax Assets and Liabilities | At December 31, deferred income tax assets and liabilities consisted of the following (in thousands): December 31, 2018 2017 Deferred income tax assets: Insurance and claims accruals $ 47,031 $ 41,986 Compensation-related accruals 7,413 6,797 Allowance for uncollectible accounts 3,628 3,599 Other 1,896 1,979 Gross deferred income tax assets 59,968 54,361 Deferred income tax liabilities: Property and equipment 287,061 243,482 Prepaid expenses 4,772 4,699 Other 1,585 1,367 Gross deferred income tax liabilities 293,418 249,548 Net deferred income tax liability $ 233,450 $ 195,187 |
Reconciliation of Unrecognized Tax Benefits | The reconciliations of beginning and ending gross balances of unrecognized tax benefits for 2018 and 2017 are shown below (in thousands). December 31, 2018 2017 Unrecognized tax benefits, beginning balance $ 2,883 $ 6,055 Gross increases – tax positions in prior period 106 168 Gross decreases – tax positions in prior period — — Gross increases – current-period tax positions 444 136 Settlements (856 ) (3,476 ) Unrecognized tax benefits, ending balance $ 2,577 $ 2,883 |
Equity Compensation and Emplo_2
Equity Compensation and Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Employee Benefits and Share-based Compensation, Noncash [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, 2018 2017 2016 Stock options: Pre-tax compensation expense $ — $ 6 $ (25 ) Tax benefit — 2 (9 ) Stock option expense, net of tax $ — $ 4 $ (16 ) Restricted awards: Pre-tax compensation expense $ 4,143 $ 3,244 $ 2,337 Tax benefit 1,056 1,265 886 Restricted stock expense, net of tax $ 3,087 $ 1,979 $ 1,451 Performance awards: Pre-tax compensation expense $ 3,152 $ 1,459 $ 167 Tax benefit 804 569 63 Performance award expense, net of tax $ 2,348 $ 890 $ 104 |
Schedule of Equity Compensation Stock Options Activity | The following table summarizes stock option activity for the year ended December 31, 2018: 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 33 $ 19.69 Granted — — Exercised (24 ) 19.94 Forfeited — — Expired — — Outstanding at end of period 9 19.02 0.92 $ 95 Exercisable at end of period 9 19.02 0.92 $ 95 |
Intrinsic Value of Stock Options Exercised | The total intrinsic value of stock options exercised was as follows (in thousands): 2018 $ 484 2017 1,722 2016 119 |
Schedule of Equity Compensation, Restricted Award Activity | The following table summarizes restricted award activity for the year ended December 31, 2018: Number of Restricted Awards (in thousands) Weighted Average Grant Date Fair Value ($) Nonvested at beginning of period 273 $ 27.69 Granted 160 36.30 Vested (91 ) 27.27 Forfeited (16 ) 29.45 Nonvested at end of period 326 31.93 |
Schedule of Equity Compensation Performance Award Activity | The following table summarizes performance award activity for the year ended December 31, 2018: Number of Performance Awards (in thousands) Weighted Average Grant Date Fair Value ($) Nonvested at beginning of period 158 $ 27.20 Granted 84 37.48 Vested (35 ) 27.07 Forfeited — — Nonvested at end of period 207 27.92 |
Contributions for Employee Stock Purchase Plan | Our contributions for the Purchase Plan were as follows (in thousands): 2018 $ 239 2017 208 2016 183 |
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): 2018 $ 2,615 2017 2,357 2016 2,113 |
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, 2018 2017 Accumulated benefit obligation $ 7,202 $ 7,682 Aggregate market value 6,588 7,059 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Disclosure Of Segment Financial Information | The following table summarizes our segment information (in thousands): Years Ended December 31, 2018 2017 2016 Revenues Truckload Transportation Services $ 1,881,323 $ 1,635,244 $ 1,533,981 Werner Logistics 518,078 417,639 417,172 Other 56,903 62,745 57,062 Corporate 2,759 1,938 1,749 Subtotal 2,459,063 2,117,566 2,009,964 Inter-segment eliminations (1,149 ) (829 ) (973 ) Total $ 2,457,914 $ 2,116,737 $ 2,008,991 Operating Income Truckload Transportation Services $ 202,581 $ 138,059 $ 107,713 Werner Logistics 20,378 8,683 20,734 Other (453 ) 35 (6,177 ) Corporate 1,709 (2,957 ) 3,800 Total $ 224,215 $ 143,820 $ 126,070 |
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, 2018, 2017 and 2016. 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. 2018 2017 2016 Revenues United States $ 2,145,098 $ 1,837,525 $ 1,760,214 Foreign countries Mexico 233,116 210,228 183,058 Other 79,700 68,984 65,719 Total foreign countries 312,816 279,212 248,777 Total $ 2,457,914 $ 2,116,737 $ 2,008,991 Long-lived Assets United States $ 1,452,532 $ 1,321,206 $ 1,341,703 Foreign countries Mexico 34,741 25,309 20,614 Other 289 348 321 Total foreign countries 35,030 25,657 20,935 Total $ 1,487,562 $ 1,346,863 $ 1,362,638 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 2018: Operating revenues $ 562,684 $ 619,130 $ 629,735 $ 646,365 Operating income 35,115 50,783 63,386 74,931 Net income 27,807 38,264 47,514 54,563 Basic earnings per share 0.38 0.53 0.67 0.77 Diluted earnings per share 0.38 0.53 0.66 0.77 (In thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter 2017: Operating revenues $ 501,221 $ 519,508 $ 528,643 $ 567,365 Operating income 25,972 36,913 35,874 45,061 Net income 16,019 23,219 22,517 141,134 Basic earnings per share 0.22 0.32 0.31 1.95 Diluted earnings per share 0.22 0.32 0.31 1.94 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, 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, 2018: Allowance for doubtful accounts $ 8,250 $ 672 $ 309 $ 8,613 Year ended December 31, 2017: Allowance for doubtful accounts $ 9,183 $ 184 $ 1,117 $ 8,250 Year ended December 31, 2016: Allowance for doubtful accounts $ 10,298 $ (245 ) $ 870 $ 9,183 (In thousands) Balance at Charged to (1) Write-offs Balance at Year ended December 31, 2018: Allowance for doubtful student notes $ 21,026 $ 17,858 $ 19,523 $ 19,361 Year ended December 31, 2017: Allowance for doubtful student notes $ 15,682 $ 15,917 $ 10,573 $ 21,026 Year ended December 31, 2016: Allowance for doubtful student notes $ 8,622 $ 19,019 $ 11,959 $ 15,682 (1) Includes $14,277 recorded as a reduction of revenues after adopting the new revenue recognition standard effective January 1, 2018. |
Accounting Policies Summary of
Accounting Policies Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Percentage of customer revenue | 45.00% | 43.00% | 43.00% |
Accounts receivable recorded investment past due days | 90 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Schedule of Estimated Useful Life) (Details) | 12 Months Ended |
Dec. 31, 2018USD ($)Rate | |
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 Accoun_5
Summary of Significant Accounting Policies (Self Insurance Retention Liability (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2016 | |
Self insurance Retention Liability [Line Items] | ||
Self insurance retention liability | $ 3 | $ 2 |
Self insurance retention liability aggregate | 6 | |
Self insurance retention liability additional deductible | 5 | |
Self insurance retention Workers' compensation | 1 | |
Letters of credit outstanding, amount | 30.3 | |
Minimum | ||
Self insurance Retention Liability [Line Items] | ||
Self insurance retention aggregate deductible applicable range | 3 | |
Self insurance retention liability additional deductible applicable range | 5 | |
Maximum | ||
Self insurance Retention Liability [Line Items] | ||
Self insurance retention aggregate deductible applicable range | 5 | |
Self insurance retention liability additional deductible applicable range | 10 | |
State of Nebraska [Member] | ||
Self insurance Retention Liability [Line Items] | ||
Workers' compensation insurance bonds | 26.7 | |
Workers compensation insurance carrier [Member] | ||
Self insurance Retention Liability [Line Items] | ||
Workers' compensation insurance bonds | $ 6.9 |
Summary of Significant Accoun_6
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||||||||||
Net Income | $ 54,563 | $ 47,514 | $ 38,264 | $ 27,807 | $ 141,134 | $ 22,517 | $ 23,219 | $ 16,019 | $ 168,148 | $ 202,889 | $ 79,129 |
Weighted average common shares outstanding | 71,694 | 72,270 | 72,057 | ||||||||
Dilutive effect of stock-based awards | 363 | 288 | 336 | ||||||||
Shares used in computing diluted earnings per share | 72,057 | 72,558 | 72,393 | ||||||||
Basic earnings per share | $ 0.77 | $ 0.67 | $ 0.53 | $ 0.38 | $ 1.95 | $ 0.31 | $ 0.32 | $ 0.22 | $ 2.35 | $ 2.81 | $ 1.10 |
Diluted earnings per share | $ 0.77 | $ 0.66 | $ 0.53 | $ 0.38 | $ 1.94 | $ 0.31 | $ 0.32 | $ 0.22 | $ 2.33 | $ 2.80 | $ 1.09 |
Number of antidilutive options that were excluded from computation of earnings per share | 0 | 0 | 0 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Schedule of Effects of Change in Accounting Estimate) (Details) - Change in accounting method accounted for as change in estimate [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Change in Accounting Estimate [Line Items] | ||
Change in Accounting Estimate, Description | During fourth quarter 2016, due to the weak used truck market, we reduced the estimated life of certain trucks to more rapidly depreciate the trucks to their residual values. | |
Depreciation | $ 3.4 | $ 4.1 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Effects of New Accounting Pronouncements) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Cumulative effect on retained earnings | $ 2,000 | ||||||||||
Revenues | $ 646,365 | $ 629,735 | $ 619,130 | $ 562,684 | $ 567,365 | $ 528,643 | $ 519,508 | $ 501,221 | 2,457,914 | $ 2,116,737 | $ 2,008,991 |
Operating expenses | 2,233,699 | 1,972,917 | 1,882,921 | ||||||||
Prior period reclassification adjustment | 1,000 | 2,700 | |||||||||
Difference between revenue guidance in effect before and after Topic 606 | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | 500 | ||||||||||
Operating expenses | 700 | ||||||||||
Other revenues | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | 59,662 | $ 64,683 | $ 58,811 | ||||||||
Other revenues | Difference between revenue guidance in effect before and after Topic 606 | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | $ (14,300) |
Revenue Narrative (Details)
Revenue Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Revenue from Contract with Customer [Abstract] | |||
Average transit time | 3 days | ||
Accounts receivable, net | $ 337,927 | $ 304,174 | |
Contract assets | 7,400 | $ 7,800 | |
Contract liabilities | 1,700 | $ 2,100 | |
Revenue recognized from contract liability during the period | $ 2,100 |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenue by Revenue Source) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of revenue | |||||||||||
Revenues | $ 646,365 | $ 629,735 | $ 619,130 | $ 562,684 | $ 567,365 | $ 528,643 | $ 519,508 | $ 501,221 | $ 2,457,914 | $ 2,116,737 | $ 2,008,991 |
Truckload Transportation Services | |||||||||||
Disaggregation of revenue | |||||||||||
Revenues | 1,881,323 | 1,635,244 | 1,533,981 | ||||||||
Werner Logistics | |||||||||||
Disaggregation of revenue | |||||||||||
Revenues | 518,078 | 417,639 | 417,172 | ||||||||
Inter-segment eliminations | |||||||||||
Disaggregation of revenue | |||||||||||
Revenues | (1,149) | (829) | (973) | ||||||||
Transportation Services | |||||||||||
Disaggregation of revenue | |||||||||||
Revenues | 2,398,252 | 2,052,054 | 1,950,180 | ||||||||
Other revenues | |||||||||||
Disaggregation of revenue | |||||||||||
Revenues | $ 59,662 | $ 64,683 | $ 58,811 |
Revenue (Disaggregation of Re_2
Revenue (Disaggregation of Revenue by Geographical Areas) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of revenue | |||||||||||
Revenues | $ 646,365 | $ 629,735 | $ 619,130 | $ 562,684 | $ 567,365 | $ 528,643 | $ 519,508 | $ 501,221 | $ 2,457,914 | $ 2,116,737 | $ 2,008,991 |
United States | |||||||||||
Disaggregation of revenue | |||||||||||
Revenues | 2,145,098 | 1,837,525 | 1,760,214 | ||||||||
Mexico | |||||||||||
Disaggregation of revenue | |||||||||||
Revenues | 233,116 | 210,228 | 183,058 | ||||||||
Other | |||||||||||
Disaggregation of revenue | |||||||||||
Revenues | $ 79,700 | $ 68,984 | $ 65,719 |
Credit Facilities (Narrative) (
Credit Facilities (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Line of Credit Facility [Line Items] | ||
Total of committed credit facilities with banks | $ 325 | |
Borrowings outstanding | 125 | $ 75 |
Stand-by letters of credit | 30.3 | |
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 September 15, 2019 | ||
Line of Credit Facility [Line Items] | ||
Total of committed credit facilities with banks | $ 75 | |
Committed credit facilities maturity | Sep. 15, 2019 | |
Borrowings outstanding | $ 75 | |
Line of credit facility interest rate | 3.06% | |
Interest rate swap facility, fixed interest | 2.50% | |
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 | |
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 | |
Additional Outstanding Debt Under Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Borrowings outstanding | $ 50 | |
Line of credit facility interest rate | 3.01% |
Credit Facilities (Details)
Credit Facilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Line of Credit Facility [Line Items] | ||
2,019 | $ 75,000 | |
2,020 | 50,000 | |
2,021 | 0 | |
2,022 | 0 | |
2,023 | 0 | |
Total | $ 125,000 | $ 75,000 |
Notes Receivable (Details)
Notes Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable | $ 29,958 | $ 37,123 |
Less current portion | 7,563 | 11,127 |
Notes receivable - non-current | 22,395 | 25,996 |
Independent Contractors | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable | 18,660 | 28,634 |
Other Debtors [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable | $ 11,298 | $ 8,489 |
Student Notes Receivable (Detai
Student Notes Receivable (Details) - Student Loan [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Student notes receivable | $ 53,025 | $ 48,121 |
Allowance for doubtful student notes receivable | (19,361) | (21,026) |
Total student notes receivable, net of allowance | 33,664 | 27,095 |
Less current portion, net of allowance | 8,393 | 6,326 |
Student notes receivable - non-current portion | $ 25,271 | $ 20,769 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Examination [Line Items] | |||
Federal corporate tax rate | 21.00% | 35.00% | 35.00% |
Tax benefit recognized due to change in U.S. corporate income tax rate | $ (110.5) | ||
Increase (decrease) in net liability for unrecognized tax benefits | $ (0.2) | (1.6) | |
Accrued interest expense | 0.1 | 0.2 | |
Unrecognized tax benefits that would impact our effective tax rate | 2 | 2.3 | |
Interest included in total liability | 0.4 | $ 0.4 | |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Federal current | $ 7,428 | $ 38,535 | $ 237 |
State current | 9,841 | 3,979 | 2,928 |
Foreign current | 770 | 102 | 534 |
Current income tax expense (benefit), total | 18,039 | 42,616 | 3,699 |
Federal deferred | 37,284 | (104,573) | 42,895 |
State deferred | 410 | 3,625 | 1,737 |
Deferred income tax expense (benefit), total | 37,694 | (100,948) | 44,632 |
Total income tax expense (benefit) | $ 55,733 | $ (58,332) | $ 48,331 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Tax at statutory rate | $ 47,015 | $ 50,595 | $ 44,611 |
Change in federal income tax rate | 0 | (110,508) | 0 |
State income taxes, net of federal tax benefits | 8,098 | 4,943 | 3,032 |
Non-deductible meals and entertainment | 1,044 | 1,495 | 1,549 |
Income tax credits | (1,800) | (1,780) | (1,900) |
Equity compensation | (312) | (820) | 0 |
Other, net | 1,688 | (2,257) | 1,039 |
Total income tax expense (benefit) | $ 55,733 | $ (58,332) | $ 48,331 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Insurance and claims accruals | $ 47,031 | $ 41,986 |
Compensation - related accruals | 7,413 | 6,797 |
Allowance for uncollectible accounts | 3,628 | 3,599 |
Other | 1,896 | 1,979 |
Gross deferred income tax assets | 59,968 | 54,361 |
Property and equipment | 287,061 | 243,482 |
Prepaid expenses | 4,772 | 4,699 |
Other | 1,585 | 1,367 |
Gross deferred income tax liabilities | 293,418 | 249,548 |
Net deferred income tax liability | $ 233,450 | $ 195,187 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits, beginning balance | $ 2,883 | $ 6,055 |
Gross increases - tax positions in prior period | 106 | 168 |
Gross decreases - tax position in prior period | 0 | 0 |
Gross increases - current-period tax positions | 444 | 136 |
Settlements | (856) | (3,476) |
Unrecognized tax benefits, ending balance | $ 2,577 | $ 2,883 |
Equity Compensation and Emplo_3
Equity Compensation and Employee Benefit Plans (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | |
Equity Compensation [Abstract] | |||
Maximum shares of common stock | shares | 20,000,000 | ||
Maximum annual shares awarded to employee | shares | 500,000 | ||
Shares available for granting additional awards | shares | 7,077,807 | ||
Unrecognized compensation cost of non-vested equity compensation awards | $ | $ 10,400,000 | ||
Unrecognized compensation cost of non-vested equity compensation awards expected to be recognized over a weighted average period (years) | 2 years | ||
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 | 42 | ||
Number of options granted | shares | 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 | $ | $ 3,100,000 | $ 4,400,000 | $ 4,300,000 |
Restricted Stock | Minimum | |||
Equity Compensation [Abstract] | |||
Vesting period (months) | 12 months | ||
Restricted Stock | Maximum | |||
Equity Compensation [Abstract] | |||
Vesting period (months) | 60 months | ||
Performance Shares | |||
Equity Compensation [Abstract] | |||
Fair value of awards vested | $ | $ 1,300,000 | $ 1,000,000 | $ 1,600,000 |
Performance Shares | Minimum | |||
Equity Compensation [Abstract] | |||
Vesting period (months) | 12 months | ||
Performance Shares | Maximum | |||
Equity Compensation [Abstract] | |||
Vesting period (months) | 60 months |
Equity Compensation and Emplo_4
Equity Compensation and Employee Benefit Plans (Equity Compensation Expense and Related Income Tax Benefit Recognized) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stock Options | |||
Equity Compensation [Abstract] | |||
Pre-tax compensation expense | $ 0 | $ 6 | $ (25) |
Tax benefit | 0 | 2 | (9) |
Stock expense, net of tax | 0 | 4 | (16) |
Restricted Stock | |||
Equity Compensation [Abstract] | |||
Pre-tax compensation expense | 4,143 | 3,244 | 2,337 |
Tax benefit | 1,056 | 1,265 | 886 |
Stock expense, net of tax | 3,087 | 1,979 | 1,451 |
Performance Shares | |||
Equity Compensation [Abstract] | |||
Pre-tax compensation expense | 3,152 | 1,459 | 167 |
Tax benefit | 804 | 569 | 63 |
Stock expense, net of tax | $ 2,348 | $ 890 | $ 104 |
Equity Compensation and Emplo_5
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity Compensation [Abstract] | |||
Number of options outstanding at beginning of period | 33 | ||
Number of options granted | 0 | 0 | 0 |
Number of options exercised | (24) | ||
Number of options forfeited | 0 | ||
Number of options expired | 0 | ||
Number of options outstanding at end of period | 9 | 33 | |
Number of options exercisable at end of period | 9 | ||
Weighted average exercise price outstanding at beginning of period | $ 19.69 | ||
Weighted average exercise price options granted | 0 | ||
Weighted average exercise price options exercised | 19.94 | ||
Weighted average exercise price options forfeited | 0 | ||
Weighted average exercise price options expired | 0 | ||
Weighted average exercise price outstanding at end of period | 19.02 | $ 19.69 | |
Weighted average exercise price exercisable at end of period | $ 19.02 | ||
Weighted average remaining contractual term outstanding at end of period, years | 11 months 3 days | ||
Weighted average remaining contractual term exercisable at end of period, years | 11 months 3 days | ||
Aggregate intrinsic value outstanding at end of period | $ 95 | ||
Aggregate intrinsic value exercisable at end of period | $ 95 |
Equity Compensation and Emplo_6
Equity Compensation and Employee Benefit Plans (Intrinsic Value of Stock Options Exercised) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity Compensation [Abstract] | |||
Intrinsic value of stock options exercised | $ 484 | $ 1,722 | $ 119 |
Equity Compensation and Emplo_7
Equity Compensation and Employee Benefit Plans (Schedule of Equity Compensation Restricted Stock Activity) (Details) - Restricted Stock shares in Thousands | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Equity Compensation [Abstract] | |
Number of shares nonvested at beginning of period | shares | 273 |
Number of shares granted | shares | 160 |
Number of shares vested | shares | (91) |
Number of shares forfeited | shares | (16) |
Number of shares nonvested at end of period | shares | 326 |
Weighted average grant date fair value nonvested at beginning of period | $ / shares | $ 27.69 |
Weighted average grant date fair value shares granted | $ / shares | 36.30 |
Weighted average grant date fair value shares vested | $ / shares | 27.27 |
Weighted average grant date fair value shares forfeited | $ / shares | 29.45 |
Weighted average grant date fair value nonvested at end of period | $ / shares | $ 31.93 |
Equity Compensation and Emplo_8
Equity Compensation and Employee Benefit Plans (Schedule of Equity Compensation Performance Shares Activity) (Details) - Performance Shares shares in Thousands | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Equity Compensation [Abstract] | |
Number of shares nonvested at beginning of period | shares | 158 |
Number of shares granted | shares | 84 |
Number of shares vested | shares | (35) |
Number of shares forfeited | shares | 0 |
Number of shares nonvested at end of period | shares | 207 |
Weighted average grant date fair value nonvested at beginning of period | $ / shares | $ 27.20 |
Weighted average grant date fair value shares granted | $ / shares | 37.48 |
Weighted average grant date fair value shares vested | $ / shares | 27.07 |
Weighted average grant date fair value shares forfeited | $ / shares | 0 |
Weighted average grant date fair value nonvested at end of period | $ / shares | $ 27.92 |
Equity Compensation and Emplo_9
Equity Compensation and Employee Benefit Plans (Contributions for Employee Stock Purchase Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Employee Benefits and Share-based Compensation, Noncash [Abstract] | |||
Contributions for Employee Stock Purchase Plan | $ 239 | $ 208 | $ 183 |
Equity Compensation and Empl_10
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Employee Benefits and Share-based Compensation, Noncash [Abstract] | |||
401(k) Plan contributions and administrative expenses | $ 2,615 | $ 2,357 | $ 2,113 |
Equity Compensation and Empl_11
Equity Compensation and Employee Benefit Plans (Accumulated Benefit Obligation and Aggregate Market Value of Life Insurance Policies) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Employee Benefits and Share-based Compensation, Noncash [Abstract] | ||
Accumulated benefit obligation | $ 7,202 | $ 7,682 |
Aggregate market value | $ 6,588 | $ 7,059 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 30, 2014 | |
Loss Contingencies [Line Items] | ||||
Commitment for property and equipment purchases | $ 276,100 | |||
Loss contingency, damages awarded, value | $ 800 | |||
Insurance and claims | 98,133 | 79,927 | $ 83,866 | |
Loss contingency, damages awarded, attorney fees and costs | $ 500 | |||
May 17, 2018 Verdict [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency, damages awarded, value | 92,000 | |||
Self insurance retained liability | $ 10,000 | |||
Insurance and claims | 15,200 | |||
Loss contingency, receivable, noncurrent | 79,200 | |||
Loss contingency, accrual, noncurrent | $ 79,200 |
Related Party Transactions (Det
Related Party Transactions (Details) - Principal Stockholder [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Lease annual rent payments | $ 1 | ||
Related party expense | 72,000 | $ 72,000 | $ 50,000 |
Leasehold improvements to land total | $ 6,600,000 |
Segment Information (Narratives
Segment Information (Narratives) (Details) | 12 Months Ended |
Dec. 31, 2018Segments | |
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 646,365 | $ 629,735 | $ 619,130 | $ 562,684 | $ 567,365 | $ 528,643 | $ 519,508 | $ 501,221 | $ 2,457,914 | $ 2,116,737 | $ 2,008,991 |
Operating income | $ 74,931 | $ 63,386 | $ 50,783 | $ 35,115 | $ 45,061 | $ 35,874 | $ 36,913 | $ 25,972 | 224,215 | 143,820 | 126,070 |
Truckload Transportation Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,881,323 | 1,635,244 | 1,533,981 | ||||||||
Operating income | 202,581 | 138,059 | 107,713 | ||||||||
Werner Logistics | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 518,078 | 417,639 | 417,172 | ||||||||
Operating income | 20,378 | 8,683 | 20,734 | ||||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 56,903 | 62,745 | 57,062 | ||||||||
Operating income | (453) | 35 | (6,177) | ||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,759 | 1,938 | 1,749 | ||||||||
Operating income | 1,709 | (2,957) | 3,800 | ||||||||
Subtotal | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,459,063 | 2,117,566 | 2,009,964 | ||||||||
Inter-segment eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ (1,149) | $ (829) | $ (973) |
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 646,365 | $ 629,735 | $ 619,130 | $ 562,684 | $ 567,365 | $ 528,643 | $ 519,508 | $ 501,221 | $ 2,457,914 | $ 2,116,737 | $ 2,008,991 |
Long-lived assets | 1,487,562 | 1,346,863 | 1,487,562 | 1,346,863 | 1,362,638 | ||||||
United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,145,098 | 1,837,525 | 1,760,214 | ||||||||
Long-lived assets | 1,452,532 | 1,321,206 | 1,452,532 | 1,321,206 | 1,341,703 | ||||||
Mexico | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 233,116 | 210,228 | 183,058 | ||||||||
Long-lived assets | 34,741 | 25,309 | 34,741 | 25,309 | 20,614 | ||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 79,700 | 68,984 | 65,719 | ||||||||
Long-lived assets | 289 | 348 | 289 | 348 | 321 | ||||||
Total Foreign Countries [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 312,816 | 279,212 | 248,777 | ||||||||
Long-lived assets | $ 35,030 | $ 25,657 | $ 35,030 | $ 25,657 | $ 20,935 |
Quarterly Results of Operatio_3
Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating revenues | $ 646,365 | $ 629,735 | $ 619,130 | $ 562,684 | $ 567,365 | $ 528,643 | $ 519,508 | $ 501,221 | $ 2,457,914 | $ 2,116,737 | $ 2,008,991 |
Operating income | 74,931 | 63,386 | 50,783 | 35,115 | 45,061 | 35,874 | 36,913 | 25,972 | 224,215 | 143,820 | 126,070 |
Net income | $ 54,563 | $ 47,514 | $ 38,264 | $ 27,807 | $ 141,134 | $ 22,517 | $ 23,219 | $ 16,019 | $ 168,148 | $ 202,889 | $ 79,129 |
Basic earnings per share | $ 0.77 | $ 0.67 | $ 0.53 | $ 0.38 | $ 1.95 | $ 0.31 | $ 0.32 | $ 0.22 | $ 2.35 | $ 2.81 | $ 1.10 |
Diluted earnings per share | $ 0.77 | $ 0.66 | $ 0.53 | $ 0.38 | $ 1.94 | $ 0.31 | $ 0.32 | $ 0.22 | $ 2.33 | $ 2.80 | $ 1.09 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 8,250 | $ 9,183 | $ 10,298 |
Charged to cost and expenses | 672 | 184 | (245) |
Write-offs (recoveries) of doubtful accounts | 309 | 1,117 | 870 |
Balance at end of period | 8,613 | 8,250 | 9,183 |
Student Loan [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 21,026 | 15,682 | 8,622 |
Charged to cost and expenses | 17,858 | 15,917 | 19,019 |
Write-offs (recoveries) of doubtful accounts | 19,523 | 10,573 | 11,959 |
Balance at end of period | $ 19,361 | $ 21,026 | $ 15,682 |