Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 14, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Entity File Number | 0-15010 | ||
Entity Registrant Name | MARTEN TRANSPORT, LTD | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 39-1140809 | ||
Entity Address, Address Line One | 129 Marten Street | ||
Entity Address, City or Town | Mondovi | ||
Entity Address, State or Province | WI | ||
Entity Address, Postal Zip Code | 54755 | ||
City Area Code | 715 | ||
Local Phone Number | 926-4216 | ||
Title of 12(b) Security | COMMON STOCK, PAR VALUE | ||
Trading Symbol | MRTN | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,348,378,000 | ||
Entity Common Stock, Shares Outstanding (in shares) | 81,322,168 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Firm ID | 2014 | ||
Auditor Location | Minneapolis, Minnesota | ||
Entity Central Index Key | 0000799167 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 53,213 | $ 80,600 |
Receivables: | ||
Trade, less allowances of $497 and $500, respectively | 105,501 | 120,702 |
Other | 10,356 | 7,218 |
Prepaid expenses and other | 27,512 | 27,320 |
Total current assets | 196,582 | 235,840 |
Property and equipment: | ||
Less accumulated depreciation | (370,103) | (346,665) |
Net property and equipment | 792,233 | 728,167 |
Other noncurrent assets | 1,524 | 1,672 |
Total assets | 990,339 | 965,679 |
Current liabilities: | ||
Accounts payable | 36,516 | 37,299 |
Insurance and claims accruals | 47,017 | 45,747 |
Accrued and other current liabilities | 26,709 | 41,264 |
Total current liabilities | 110,242 | 124,310 |
Deferred income taxes | 122,462 | 137,041 |
Noncurrent operating lease liabilities | 249 | 409 |
Total liabilities | 232,953 | 261,760 |
Commitments and Contingencies | ||
Stockholders' equity: | ||
Preferred stock, $.01 par value per share; 2,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $.01 par value per share; 192,000,000 shares authorized; 81,312,168 shares at December 31, 2023, and 81,115,132 shares at December 31, 2022, issued and outstanding | 813 | 811 |
Additional paid-in capital | 49,789 | 47,188 |
Retained earnings | 706,784 | 655,920 |
Total stockholders’ equity | 757,386 | 703,919 |
Total liabilities and stockholders’ equity | 990,339 | 965,679 |
Revenue Equipment [Member] | ||
Property and equipment: | ||
Revenue equipment | 996,396 | 915,866 |
Land and Building [Member] | ||
Property and equipment: | ||
Revenue equipment | 108,867 | 102,877 |
Office Equipment [Member] | ||
Property and equipment: | ||
Revenue equipment | $ 57,073 | $ 56,089 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 497,000 | $ 500,000 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred Stock, Shares Issued (in shares) | 0 | 0 |
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized (in shares) | 192,000,000 | 192,000,000 |
Common Stock, Shares, Outstanding (in shares) | 81,312,168 | 81,115,132 |
Common Stock, Shares, Issued (in shares) | 81,312,168 | 81,115,132 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating revenue | $ 1,131,455 | $ 1,263,878 | $ 973,644 |
Operating expenses (income): | |||
Salaries, wages and benefits | 378,818 | 390,304 | 317,962 |
Purchased transportation | 199,334 | 249,792 | 193,221 |
Fuel and fuel taxes | 180,437 | 218,571 | 131,288 |
Supplies and maintenance | 67,411 | 55,700 | 45,459 |
Depreciation | 116,722 | 111,014 | 102,562 |
Operating taxes and licenses | 11,053 | 10,763 | 10,534 |
Insurance and claims | 56,014 | 50,513 | 41,987 |
Communications and utilities | 10,149 | 9,177 | 8,350 |
Other | 35,019 | 38,079 | 26,887 |
Total operating expenses | 1,041,345 | 1,120,534 | 861,955 |
Operating income | 90,110 | 143,344 | 111,689 |
Other | (3,806) | (827) | (43) |
Income before income taxes | 93,916 | 144,171 | 111,732 |
Income taxes expense | 23,543 | 33,817 | 26,304 |
Net income | $ 70,373 | $ 110,354 | $ 85,428 |
Basic earnings per common share (in dollars per share) | $ 0.87 | $ 1.35 | $ 1.03 |
Diluted earnings per common share (in dollars per share) | 0.86 | 1.35 | 1.02 |
Dividends declared per common share (in dollars per share) | $ 0.24 | $ 0.24 | $ 0.66 |
Revenue Equipment [Member] | |||
Operating expenses (income): | |||
Gain on disposition of property, plant and equipment | $ (13,612) | $ (13,379) | $ (16,295) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 82,705 | |||
Balance at Dec. 31, 2020 | $ 827 | $ 85,070 | $ 534,436 | $ 620,333 |
Net income | $ 0 | 0 | 85,428 | 85,428 |
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 329 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 3 | 873 | 0 | 876 |
Employee taxes paid in exchange for shares withheld | 0 | (2,743) | 0 | (2,743) |
Share-based payment arrangement compensation expense | 0 | 2,518 | 0 | 2,518 |
Dividends on common stock | $ 0 | 0 | (54,735) | (54,735) |
Balance (in shares) at Dec. 31, 2021 | 83,034 | |||
Balance at Dec. 31, 2021 | $ 830 | 85,718 | 565,129 | 651,677 |
Net income | $ 0 | 0 | 110,354 | 110,354 |
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 351 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 4 | 1,996 | 0 | 2,000 |
Employee taxes paid in exchange for shares withheld | 0 | (1,610) | 0 | (1,610) |
Share-based payment arrangement compensation expense | 0 | 2,814 | 0 | 2,814 |
Dividends on common stock | $ 0 | 0 | (19,563) | (19,563) |
Repurchase and retirement of common stock (in shares) | (2,270) | |||
Repurchase and retirement of common stock | $ (23) | (41,730) | 0 | (41,753) |
Balance (in shares) at Dec. 31, 2022 | 81,115 | |||
Balance at Dec. 31, 2022 | $ 811 | 47,188 | 655,920 | 703,919 |
Net income | $ 0 | 0 | 70,373 | 70,373 |
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 197 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 2 | 1,208 | 0 | 1,210 |
Employee taxes paid in exchange for shares withheld | 0 | (926) | 0 | (926) |
Share-based payment arrangement compensation expense | 0 | 2,319 | 0 | 2,319 |
Dividends on common stock | $ 0 | 0 | (19,509) | $ (19,509) |
Repurchase and retirement of common stock (in shares) | 0 | |||
Balance (in shares) at Dec. 31, 2023 | 81,312 | |||
Balance at Dec. 31, 2023 | $ 813 | $ 49,789 | $ 706,784 | $ 757,386 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES: | |||
Net income | $ 70,373 | $ 110,354 | $ 85,428 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 116,722 | 111,014 | 102,562 |
Tires in service amortization | 7,172 | 6,604 | 6,433 |
Deferred income taxes | (14,579) | 11,878 | 4,065 |
Share-based payment arrangement compensation expense | 2,319 | 2,814 | 2,518 |
us-gaap_IncreaseDecreaseInOperatingCapitalAbstract | |||
Receivables | 12,751 | (23,547) | (16,745) |
Prepaid expenses and other | (3,939) | (8,227) | (5,749) |
Accounts payable | (3,615) | 11,893 | (823) |
Insurance and claims accruals | 1,270 | 3,733 | 2,419 |
Accrued and other current liabilities | (10,484) | 6,352 | 7,391 |
Net cash provided by operating activities | 164,378 | 219,489 | 171,204 |
CASH FLOW USED FOR INVESTING ACTIVITIES: | |||
Other | (45) | (38) | (37) |
Net cash used for investing activities | (172,540) | (134,958) | (123,734) |
CASH FLOWS USED FOR FINANCING ACTIVITIES: | |||
Dividends on common stock | (19,509) | (19,563) | (54,735) |
Repurchase and retirement of common stock | 0 | (41,753) | 0 |
Issuance of common stock from share-based payment arrangement exercises, deferred compensation plan distributions and vesting of performance unit awards | 1,210 | 2,000 | 876 |
Employee taxes paid in exchange for shares withheld | (926) | (1,610) | (2,743) |
Net cash used for financing activities | (19,225) | (60,926) | (56,602) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (27,387) | 23,605 | (9,132) |
CASH AND CASH EQUIVALENTS: | |||
Beginning of year | 80,600 | 56,995 | 66,127 |
End of year | 53,213 | 80,600 | 56,995 |
SUPPLEMENTAL NON-CASH DISCLOSURE: | |||
Change in property and equipment not yet paid | (1,612) | 10,470 | (6,187) |
Operating lease assets and liabilities acquired | 89 | 318 | 0 |
Income taxes | 36,978 | 23,649 | 21,719 |
Interest | 10 | 65 | 0 |
Revenue Equipment [Member] | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain on disposition of revenue equipment | (13,612) | (13,379) | (16,295) |
CASH FLOW USED FOR INVESTING ACTIVITIES: | |||
Revenue equipment additions | (231,943) | (162,556) | (193,892) |
Proceeds from revenue equipment dispositions | 68,009 | 41,695 | 75,596 |
Buildings And Land Office Equipment And Other [Member] | |||
CASH FLOW USED FOR INVESTING ACTIVITIES: | |||
Revenue equipment additions | (8,614) | (14,067) | (5,402) |
Proceeds from revenue equipment dispositions | $ 53 | $ 8 | $ 1 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies Nature of business: five Principles of consolidation: Cash and cash equivalents: not Trade accounts receivable: Property and equipment: Depreciation is computed based on the cost of the asset, reduced by its estimated salvage value, using the straight-line method for financial reporting purposes. We begin depreciating assets in the month that each asset is placed in service and, therefore, is ready for its intended use, and depreciate each asset until it is taken out of service and available for sale. Accelerated methods are used for income tax reporting purposes. Following is a summary of estimated useful lives for financial reporting purposes: Years Tractors 5 Trailers 7 Refrigerated containers 12 Service and other equipment 3 - 15 Buildings and improvements 20 - 40 In 2023, we replaced our company-owned tractors within an average of 4.1 years and our trailers within an average of 8.0 years after purchase. Our useful lives for depreciating tractors is five years, for trailers is seven no five seven Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less the costs to sell. Tires in service: Income taxes: In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting dates. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Potential accrued interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense. Insurance and claims: Revenue recognition: Revenue from Contracts with Customers We account for revenue of our Intermodal and Brokerage segments and revenue on freight transported by independent contractors within our Truckload and Dedicated segments on a gross basis because we are the principal service provider controlling the promised service before it is transferred to each customer. We are primarily responsible for fulfilling the promise to provide each specified service to each customer. We bear the primary risk of loss in the event of cargo claims by our customers. We also have complete control and discretion in establishing the price for each specified service. Accordingly, all such revenue billed to customers is classified as operating revenue and all corresponding payments to carriers for transportation services we arrange in connection with brokerage and intermodal activities and to independent contractor providers of revenue equipment are classified as purchased transportation expense within our consolidated statements of operations. See Note 14 for more information. Our largest customer, Walmart, accounted for 19% of our revenue excluding fuel surcharges in 2023 and 19% of our trade receivables as of December 31, 2023, 21% of our revenue in 2022 and 22% of our trade receivables as of December 31, 2022, and 23% of our revenue in 2021. During each of 2023, 2022 and 2021, approximately 99% of our revenue was generated within the United States. Share-based payment arrangement compensation: Compensation-Stock Compensation Earnings per common share: Segment reporting: Segment Reporting Use of estimates: |
Note 2 - Details of Consolidate
Note 2 - Details of Consolidated Balance Sheet Accounts | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 2. Details of Consolidated Balance Sheet Accounts Prepaid expenses and other: (In thousands) 2023 2022 Parts and tires inventory $ 6,286 $ 5,427 License fees 5,557 6,029 Tires in service 4,984 5,330 Insurance premiums 4,608 4,054 Contract assets 2,106 2,746 Other 3,971 3,734 $ 27,512 $ 27,320 Accrued and other current liabilities: (In thousands) 2023 2022 Accrued expenses $ 10,575 $ 14,426 Vacation 9,612 9,776 Salaries and wages 3,800 14,750 Other 2,722 2,312 $ 26,709 $ 41,264 |
Note 3 - Long-term Debt
Note 3 - Long-term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3. Long-Term Debt In August 2022, we entered into a credit agreement that provides for an unsecured committed credit facility with an aggregate principal amount of $30.0 million which matures in August 2027. The credit agreement amends, restates and continues in its entirety our previous credit agreement, as amended. At December 31, 2023, there was no outstanding principal balance on the facility. As of that date, we had outstanding standby letters of credit to guarantee settlement of self-insurance claims of $20.7 million and remaining borrowing availability of $9.3 million. At December 31, 2022, there was also no outstanding principal balance on the facility. As of that date, we had outstanding standby letters of credit of $16.1 million on the facility. This facility bears interest at a variable rate based on the Term SOFR Rate plus applicable margins. The interest rate for the facility that would apply to outstanding principal balances was 8.5% at December 31, 2023. Our credit agreement effective in August 2022 prohibits us from paying, in any fiscal year, stock redemptions and dividends in excess of $150 million. Our previous credit agreement prohibited us from making such payments in excess of 25% of our net income from the prior fiscal year. Waivers allowing stock redemptions and dividends in excess of the 25% limitation in total amounts of up to $80 million in each of 2022 and 2021 were obtained from the lender in March 2022 and August 2021, respectively. The current and previous credit agreements also contain restrictive covenants which, among other matters, require us to maintain compliance with cash flow leverage and fixed charge coverage ratios. We were in compliance with all covenants at December 31, 2023 and December 31, 2022. |
Note 4 - Related Party Transact
Note 4 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 4. Related Party Transactions The following related party transactions occurred during the three years ended December 31, 2023: (a) We purchase tires and obtain related services from a company in which one of our directors is the chairman of the board and chief executive officer. We paid that company $195,000 in 2023, $477,000 in 2022 and $306,000 in 2021 for tires and related services. In addition, we paid $2.0 million in each of 2023, 2022 and 2021 to tire manufacturers for tires that were provided by the same company. The same company received commissions from the tire manufacturers related to these purchases. We did not (b) We paid $8,000 in 2023 and $10,000 in 2022 for building repairs to a company in which one of our directors is the chief executive officer and the principal stockholder. No payments were made to that company for services in 2021. We did not have any accounts payable to that company as of December 31, 2023 or 2022. |
Note 5 - Income Taxes
Note 5 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 5. Income Taxes The components of the income taxes expense consisted of the following: (In thousands) 2023 2022 2021 Current: Federal $ 33,416 $ 18,025 $ 18,872 State 4,706 3,914 3,367 Total current 38,122 21,939 22,239 Deferred: Federal (13,526 ) 9,795 3,462 State (1,053 ) 2,083 603 Total deferred (14,579 ) 11,878 4,065 Total expense $ 23,543 $ 33,817 $ 26,304 The federal statutory income tax rate is reconciled to the effective income tax rate as follows: 2023 2022 2021 Federal statutory income tax rate 21 % 21 % 21 % Increase in taxes arising from state income taxes, net of federal income tax benefit 3 3 3 Per diem and other non-deductible expenses 2 - - Other, net (1 ) (1 ) - Effective tax rate 25 % 23 % 24 % As of December 31, the net deferred tax liability consisted of the following: (In thousands) 2023 2022 Deferred tax assets: Reserves and accrued liabilities $ 13,126 $ 13,244 Other 1,212 1,597 14,338 14,841 Deferred tax liabilities: Depreciation 133,634 148,285 Prepaid expenses 3,166 3,597 136,800 151,882 Net deferred tax liability $ 122,462 $ 137,041 We have not provided a valuation allowance against deferred tax assets at December 31, 2023 or 2022. We believe the deferred tax assets will be realized principally through future reversals of existing taxable temporary differences (deferred tax liabilities) and future taxable income. Our reserves for unrecognized tax benefits were $434,000 as of December 31, 2023 and $438,000 as of December 31, 2022. The $4,000 decrease in the amount reserved relates to current period tax positions. If recognized, $343,000 of the unrecognized tax benefits as of December 31, 2023 would favorably impact our effective tax rate. Potential interest and penalties related to unrecognized tax benefits of $14,000 and $10,000 were recognized in our financial statements as of December 31, 2023 and 2022, respectively. The federal statute of limitations remains open for 2020 and forward. We file tax returns in numerous state jurisdictions with varying statutes of limitations. |
Note 6 - Earnings Per Common Sh
Note 6 - Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 6. Earnings per Common Share Basic and diluted earnings per common share were computed as follows: (In thousands, except per share amounts) 2023 2022 2021 Numerator: Net income $ 70,373 $ 110,354 $ 85,428 Denominator: Basic earnings per common share - weighted-average shares 81,272 81,692 82,872 Effect of dilutive stock options 141 267 536 Diluted earnings per common share - weighted-average shares and assumed conversions 81,413 81,959 83,408 Basic earnings per common share $ 0.87 $ 1.35 $ 1.03 Diluted earnings per common share $ 0.86 $ 1.35 $ 1.02 Options totaling 173,300, 541,500 and 605,550 equivalent shares were outstanding but were not included in the calculation of diluted earnings per share for 2023, 2022 and 2021, respectively, because including the options in the denominator would be antidilutive, or decrease the number of weighted-average shares, due to their exercise prices exceeding the average market price of the common shares, or because inclusion of average unrecognized compensation expense in the calculation would cause the options to be antidilutive. Unvested performance unit awards (see Note 10) totaling 106,582, 16,632 and 71,734 equivalent shares for 2023, 2022 and 2021, respectively, were considered outstanding but were not included in the calculation of diluted earnings per share because inclusion of average unrecognized compensation expense in the calculation would cause the performance units to be antidilutive. |
Note 7 - Share Repurchase Progr
Note 7 - Share Repurchase Program | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 7. Share Repurchase Program In August 2019, our Board of Directors approved and we announced an increase from current availability in our existing share repurchase program providing for the repurchase of up to $34.0 million, or approximately 1.8 million shares, of our common stock, which was increased by our Board of Directors to 2.7 million shares in August 2020 to reflect the three two We repurchased and retired 1.3 million shares of common stock for $25.0 million in the first quarter of 2022, and 963,000 shares of common stock for $16.8 million in the second quarter of 2022. We did not |
Note 8 - Dividends
Note 8 - Dividends | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Dividends [Text Block] | 8. Dividends In 2010, we announced a regular cash dividend program to our stockholders, subject to approval each quarter. Quarterly cash dividends of $0.06 per share of common stock were paid in each quarter of 2023 which totaled $19.5 million. Quarterly cash dividends of $0.06 per share of common stock were paid in each quarter of 2022 which totaled $19.6 million. We paid cash dividends totaling $54.7 million in 2021 which consisted of a special dividend of $0.50 per share of common stock in October, along with quarterly cash dividends of $0.04 per share of common stock in March, June, October and December. |
Note 9 - Leases
Note 9 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 9. Leases We lease facilities, drop yards, office space, land, chassis and equipment. All leases are classified as operating leases. We do not have any financing leases. Payments for operating leases that extend beyond 12 months are fixed. Some leases include options to renew, with renewal terms that can extend the lease term from six months to five years. The exercise of lease renewal options is at our sole discretion and is considered in the determination of the operating lease assets and lease liabilities once reasonably certain of exercise. Management has elected to apply the short-term lease exemption to leases with an initial term of 12 months or less and these leases are not capitalized. This primarily affects drop yards and chassis, for which we recognize lease expense on a straight-line basis over the lease term. As of December 31, the classification of operating leases in our consolidated balance sheets was as follows: (In thousands) 2023 2022 Assets: Other noncurrent assets (a) $ 517 $ 710 Liabilities: Accrued and other current liabilities 268 301 Noncurrent operating lease liabilities 249 409 Total liabilities $ 517 $ 710 (a) Operating lease asset balances at December 31, 2023 and 2022. The maturity of the operating lease liabilities is as follows: Amount Maturities: 2024 $ 296 2025 125 2026 64 2027 thru 2028 76 Total lease payments 561 Adjust to present value (44 ) Total operating lease liabilities $ 517 The weighted-average remaining lease term at December 31, 2023 was 33 months and at December 31, 2022 was 39 months. The weighted-average discount rate was 5.1% at December 31, 2023 and 4.4% at December 31, 2022. The operating leases identified do not specify implicit rates, accordingly, we use our incremental borrowing rate at the time of lease inception to determine the present value of lease payments. Operating lease assets obtained in exchange for lease obligations in 2023 and 2022 totaled $89,000 and $318,000, respectively. We paid $332,000 of cash for capitalized operating leases during 2023 and $285,000 during 2022. Total operating lease expense for 2023 was $6.5 million and for 2022 was $5.7 million. These amounts are reported within other operating expenses in our consolidated statements of operations and include $6.2 million and $5.4 million, respectively, of short-term lease expense with an initial term of 12 months or less. |
Note 10 - Employee Benefits
Note 10 - Employee Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 10. Employee Benefits Equity Incentive Plans At our 2019 Annual Meeting of Stockholders held on May 7, 2019, our stockholders approved an amendment to the Marten Transport, Ltd. 2015 Equity Incentive Plan, which was previously approved and adopted by our Board of Directors, subject to approval by our stockholders. The amendment increased the number of shares of common stock authorized for issuance under the 2015 Plan by 1.3 million shares and the number of shares of common stock authorized for issuance pursuant to full-value awards by 558,334 shares. The amendment also adjusted certain numbers to reflect the stock split that occurred in July 2017. On August 13, 2020, we effected a three-for-two stock split of our common stock, $0.01 par value, in the form of a 50% stock dividend. In July 2020, our Board of Directors approved an increase to reflect the three-for-two stock split in the number of shares of common stock authorized for issuance under the 2015 plan, along with in the number of shares reserved for issuance under all outstanding options and performance unit awards and shares held within our Deferred Compensation Plan. As a result, the number of shares authorized for issuance under the 2015 Plan, as amended, increased to 3,950,000 shares. As of December 31, 2023, there were 838,150 shares reserved for issuance under options outstanding and 226,715 shares reserved for issuance under outstanding performance unit awards under the 2015 Plan. The 2015 Plan replaced our 2005 Stock Incentive Plan (the “2005 Plan”), which expired by its terms in May 2015. Under the 2005 Plan, officers, directors and employees were granted non-statutory stock options and performance unit awards with similar terms to the options and awards under the 2015 Plan. As of December 31, 2023, there were no remaining shares reserved for issuance under options issued within the 2005 Plan. As of the same date, there were also no remaining shares reserved for issuance under performance unit awards issued within the 2005 Plan. No additional awards will be granted under the 2005 Plan. We use the Black-Scholes option pricing model to calculate the grant-date fair value of option awards. The fair value of service-based option awards granted was estimated as of the date of grant using the following weighted average assumptions: 2023 2022 2021 Expected option life in years (1) 6.0 6.0 6.0 Expected stock price volatility percentage (2) 28 % 26 % 27 % Risk-free interest rate percentage (3) 4.1 % 2.9 % 1.2 % Expected dividend yield (4) 1.14 % 1.13 % 0.91 % Fair value as of the date of grant $ 6.63 $ 5.79 $ 4.29 (1) Expected option life – We use historical employee exercise and option expiration data to estimate the expected life assumption for the Black-Scholes grant-date valuation. We believe that this historical data is currently the best estimate of the expected term of a new option. We use a weighted-average expected life for all awards. (2) Expected stock price volatility – We use our stock’s historical volatility for the same period of time as the expected life. We have no reason to believe that its future volatility will differ from the past. (3) Risk-free interest rate – The rate is based on the U.S. Treasury yield curve in effect at the time of the grant for the same period of time as the expected life. (4) Expected dividend yield – The calculation is based on the total expected annual dividend payout divided by the average stock price. Compensation costs associated with service-based option awards with graded vesting are recognized, net of an estimated forfeiture rate, on a straight-line basis over the requisite service period, which is the period between the grant date and the award’s stated vesting term. Service-based option awards become immediately exercisable in full in the event of death or disability and upon a change in control with respect to all options that have been outstanding for at least six months. In May 2017, we granted 163,754 performance unit awards under our 2015 Equity Incentive Plan to certain employees. This was our eighth grant of such awards. As of December 31, 2017 and each December 31 st In May 2018, we granted 68,550 performance unit awards under our 2015 Equity Incentive Plan with similar terms to the awards granted in 2017. We also granted 42,000 performance unit awards in May 2018 and 3,000 awards in August 2018 with similar terms to such awards, except that all vested performance units were paid to the employees immediately upon vesting. These awards granted in 2018 vested from December 31, 2018 through 2022. We also granted 3,000 performance unit awards in December 2018 with similar terms to the awards granted in August 2018, except that the awards vested from December 31, 2019 through 2023. In May 2019, we granted 60,000 performance unit awards under our 2015 Equity Incentive Plan with similar terms to the awards granted in 2017. We also granted 45,000 performance unit awards in May 2019 with similar terms to such awards, except that all vested performance units were paid to the employees immediately upon vesting. These awards granted in 2019 vested from December 31, 2019 through 2023. In May 2020, we granted 73,205 performance unit awards under our 2015 Equity Incentive Plan with similar terms to awards granted in 2017, except that all vested performance units will be paid to the employees immediately upon vesting. These awards granted in 2020 vest from December 31, 2020 through 2024. In May 2021, we granted 98,400 performance unit awards under our 2015 Equity Incentive Plan with similar terms to awards granted in 2020. These awards granted in 2021 vest from December 31, 2021 through 2025. In May 2022, we granted 102,900 performance unit awards, and in August 2022, we granted 21,000 performance unit awards, under our 2015 Equity Incentive Plan with similar terms to awards granted in 2020. These awards granted in 2022 vest from December 31, 2022 through 2026. In May 2023, we granted 114,044 performance unit awards under our 2015 Equity Incentive Plan with similar terms to awards granted in 2020. These awards granted in 2023 vest from December 31, 2023 through 2027. In May 2020, our Compensation Committee and Board of Directors approved the termination of our deferred compensation plan. The termination was effective in May 2021. All shares of our common stock within the plan were distributed by March 2022. The fair value of each performance unit is based on the closing market price on the date of grant. We recognize compensation expense for these awards based on the estimated number of units probable of achieving the vesting requirements of the awards, net of an estimated forfeiture rate. The amount of share-based compensation recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. We currently expect, based on an analysis of our historical forfeitures and known forfeitures on existing awards, that approximately 1.25% of unvested outstanding awards will be forfeited each year. This analysis will be re-evaluated on a quarterly basis and the forfeiture rate will be adjusted as necessary. Ultimately, the actual expense recognized over the vesting period will only be for those shares that vest. Total share-based compensation expense recorded in 2023 was $2.3 million ($1.7 million net of income tax benefit, $0.02 earnings per basic and diluted share), in 2022 was $2.8 million ($2.2 million net of income tax benefit, $0.03 earnings per basic and diluted share) and in 2021 was $2.5 million ($1.9 million net of income tax benefit, $0.02 earnings per basic and diluted share). All share-based compensation expense was recorded in salaries, wages and benefits expense. As of December 31, 2023, there was a total of $1.8 million of unrecognized compensation expense related to unvested service-based option awards, which is expected to be recognized over a weighted-average period of 3.0 years, and $3.7 million of unrecognized compensation expense related to unvested performance unit awards, which will be recorded based on the estimated number of units probable of achieving the vesting requirements of the awards through 2027. Option activity in 2023 was as follows: Shares Weighted- Average Exercise Price Outstanding at December 31, 2022 915,391 $ 15.84 Granted 39,000 21.44 Exercised (106,941 ) 11.30 Forfeited (9,300 ) 18.35 Outstanding at December 31, 2023 838,150 $ 16.65 Exercisable at December 31, 2023 431,850 $ 15.12 The 838,150 options outstanding as of December 31, 2023 have a weighted-average remaining contractual life of 3.9 years and an aggregate intrinsic value based on our closing stock price on December 29, 2023 for in-the-money options of $3.8 million. The 431,850 options exercisable as of the same date have a weighted-average remaining contractual life of 2.9 years and an aggregate intrinsic value, similarly calculated, of $2.6 million. The fair value of options granted in 2023, 2022 and 2021 was $258,000, $819,000 and $1.8 million, respectively, for service-based options. The total intrinsic value of options exercised in 2023, 2022 and 2021 was $1.1 million, $2.0 million and $789,000, respectively. Intrinsic value is the difference between the fair value of the acquired shares at the date of exercise and the exercise price, multiplied by the number of options exercised. Proceeds received from option exercises in 2023, 2022 and 2021 were $2.4 million, $4.0 million and $1.7 million, respectively. Nonvested service-based option awards as of December 31, 2023 and changes during 2023 were as follows: Shares Weighted- Average Grant Date Fair Value Weighted- Average Remaining Contractual Life (in Years) Nonvested at December 31, 2022 544,150 $ 4.62 5.5 Granted 39,000 6.63 6.6 Vested (167,550 ) 4.44 3.9 Forfeited (9,300 ) 5.01 5.2 Nonvested at December 31, 2023 406,300 $ 4.88 5.0 The total fair value of options which vested during 2023, 2022 and 2021 was $744,000, $691,000 and $411,000, respectively. The following table summarizes our nonvested performance unit award activity in 2023: Shares Weighted-Average Grant Date Fair Value Nonvested at December 31, 2022 121,867 $ 17.83 Granted 114,044 20.49 Vested (47,511 ) (1) 17.56 Nonvested at December 31, 2023 188,400 $ 19.51 (1) This number of performance unit award shares vested based on our financial performance in 2023 and will be distributed in March 2024. The fair value of unit award shares that vested in 2023 was $834,000. Retirement Savings Plan Stock Purchase Plans |
Note 11- Termination of Deferre
Note 11- Termination of Deferred Compensation Plan | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Compensation Related Costs, General [Text Block] | 11. Termination of Deferred Compensation Plan In August 2010, our Board of Directors approved and adopted the Marten Transport, Ltd. Deferred Compensation Plan. The deferred compensation plan was an unfunded, nonqualified deferred compensation plan designed to allow board elected officers and other select members of our management designated by our Compensation Committee to save for retirement on a tax-deferred basis. Under the terms of the plan, each participant was eligible to defer portions of their base pay, annual bonus or receipt of common stock otherwise payable under a vested performance unit award. Each participant could have elected a fixed distribution date for the participant’s deferral account, other than certain required performance unit award deferrals credited to the discretionary account, which were to be distributed after the later of the date of the participant’s termination of employment or the date the participant attains age 62. Upon termination of a participant’s employment with us, the plan required a lump-sum distribution of the deferral account, excluding the required performance unit award deferrals, unless the participant had elected an installment distribution. Upon a participant’s death, the plan provided that a participant’s distributions accelerate and be paid in a lump sum to the participant’s beneficiary. We had the ability to terminate the plan and accelerate distributions to participants, but only to the extent and at the times permitted under Section 409A of the Internal Revenue Code of 1986, as amended. We had the ability to terminate the plan and accelerate distributions upon a change in control, which was not a payment event under the plan. In conjunction with the approval of the plan, our Board of Directors also adopted an amendment to the Marten Transport, Ltd. 2005 Stock Incentive Plan to allow for deferral of receipt of income from a performance unit award under the plan. Such deferral is also provided for within the Marten Transport, Ltd. 2015 Equity Incentive Plan. In May 2020, our Compensation Committee and Board of Directors approved the termination of our deferred compensation plan. The termination was effective in May 2021. All shares of our common stock within the plan were distributed by March 2022. |
Note 12 - Fair Value of Financi
Note 12 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 12. Fair Value of Financial Instruments The carrying amounts of cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturity of these instruments. |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. Commitments and Contingencies We are committed to new revenue equipment purchases of $181 million in 2024. Operating lease obligation expenditures through 2028 total $561,000. We self-insure, in part, for losses relating to workers’ compensation, auto liability, general liability, cargo and property damage claims, along with employees’ health insurance, with varying risk retention levels. We maintain insurance coverage for per-incident and total losses in excess of these risk retention levels in amounts we consider adequate based upon historical experience and our ongoing review, and reserve currently for the estimated cost of the uninsured portion of pending claims. We are also involved in other legal actions that arise in the ordinary course of business. A number of trucking companies, including us, have been subject to lawsuits alleging violations of various federal and state wage and hour laws. A number of these lawsuits have resulted in the payment of substantial settlements or damages by the defendants. The outcome of all litigation is difficult to assess or quantify, and the magnitude of the potential loss relating to such lawsuits may remain unknown for substantial periods of time. The cost to defend litigation may also be significant. Not all claims are covered by our insurance, and there can be no assurance that our coverage limits will be adequate to cover all amounts in dispute. To the extent we experience claims that are uninsured, exceed our coverage limits or cause increases in future premiums, the resulting expense could have a materially adverse effect on our business and operating results. Based on our present knowledge of the facts and, in certain cases, advice of outside counsel, management believes the resolution of open claims and pending litigation, taking into account existing reserves, is not likely to have a materially adverse effect on our consolidated financial statements, however, any future liability claims or adverse developments in existing claims could impact this analysis. |
Note 14 - Revenue and Business
Note 14 - Revenue and Business Segments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. Revenue and Business Segments We account for our revenue in accordance with FASB ASC 606, Revenue from Contracts with Customers five four We have strategically transitioned from a refrigerated long-haul carrier to a multifaceted business offering a network of time and temperature-sensitive and dry truck-based transportation and distribution capabilities across our five distinct business platforms – Truckload, Dedicated, Intermodal, Brokerage and MRTN de Mexico. Our Truckload segment provides a combination of regional short-haul and medium-to-long-haul full-load transportation services. We transport food and other consumer packaged goods that require a temperature-controlled or insulated environment, along with dry freight, across the United States and into and out of Mexico and Canada. Our agreements with customers are typically for one year. Our Dedicated segment provides customized transportation solutions tailored to meet individual customers’ requirements, utilizing temperature-controlled trailers, dry vans and other specialized equipment within the United States. Our agreements with customers range from three five Generally, we are paid by the mile for our Truckload and Dedicated services. We also derive Truckload and Dedicated revenue from fuel surcharges, loading and unloading activities, equipment detention and other accessorial services. The main factors that affect our Truckload and Dedicated revenue are the rate per mile we receive from our customers, the percentage of miles for which we are compensated, the number of miles we generate with our equipment and changes in fuel prices. We monitor our revenue production primarily through average Truckload and Dedicated revenue, net of fuel surcharges, per tractor per week. We also analyze our average Truckload and Dedicated revenue, net of fuel surcharges, per total mile, non-revenue miles percentage, the miles per tractor we generate, our fuel surcharge revenue, our accessorial revenue and our other sources of operating revenue. Our Intermodal segment transports our customers’ freight within the United States utilizing our refrigerated containers on railroad flatcars for portions of trips, with the balance of the trips using our tractors or, to a lesser extent, contracted carriers. The main factors that affect our Intermodal revenue are the rate per mile and other charges we receive from our customers. Our Brokerage segment develops contractual relationships with and arranges for third-party carriers to transport freight for our customers in temperature-controlled trailers and dry vans within the United States and into and out of Mexico through Marten Transport Logistics, LLC, which was established in 2007 and operates pursuant to brokerage authority granted by the United States Department of Transportation, or DOT. We retain the billing, collection and customer management responsibilities. The main factors that affect our Brokerage revenue are the rate per mile and other charges that we receive from our customers. Operating results of our MRTN de Mexico business which offers our customers door-to-door service between the United States and Mexico with our Mexican partner carriers is reported within our Truckload and Brokerage segments. Our customer agreements are typically for one-year no The following table sets forth for the years indicated our operating revenue and operating income by segment. We do not prepare separate balance sheets by segment and, as a result, assets are not separately identifiable by segment. (Dollars in thousands) 2023 2022 2021 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 395,565 $ 411,448 $ 346,289 Truckload fuel surcharge revenue 69,910 89,014 50,377 Total Truckload revenue 465,475 500,462 396,666 Dedicated revenue, net of fuel surcharge revenue 334,962 336,973 276,883 Dedicated fuel surcharge revenue 73,310 92,119 52,559 Total Dedicated revenue 408,272 429,092 329,442 Intermodal revenue, net of fuel surcharge revenue 75,887 100,452 87,468 Intermodal fuel surcharge revenue 16,191 29,313 14,777 Total Intermodal revenue 92,078 129,765 102,245 Brokerage revenue 165,630 204,559 145,291 Total operating revenue $ 1,131,455 $ 1,263,878 $ 973,644 Operating income/(loss): Truckload $ 24,835 $ 59,392 $ 51,032 Dedicated 48,377 50,566 36,395 Intermodal (156 ) 10,639 9,479 Brokerage 17,054 22,747 14,783 Total operating income $ 90,110 $ 143,344 $ 111,689 Truckload segment depreciation expense was $61.6 million, $56.4 million and $52.1 million, Dedicated segment depreciation expense was $46.2 million, $45.6 million and $43.0 million, Intermodal segment depreciation expense was $7.1 million, $7.5 million and $6.3 million, and Brokerage segment depreciation expense was $1.9 million, $1.5 million and $1.2 million, in 2023, 2022 and 2021, respectively. |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | ITEM 9B. OTHER INFORMATION None |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation: |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents: not |
Receivable [Policy Text Block] | Trade accounts receivable: |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and equipment: Depreciation is computed based on the cost of the asset, reduced by its estimated salvage value, using the straight-line method for financial reporting purposes. We begin depreciating assets in the month that each asset is placed in service and, therefore, is ready for its intended use, and depreciate each asset until it is taken out of service and available for sale. Accelerated methods are used for income tax reporting purposes. Following is a summary of estimated useful lives for financial reporting purposes: Years Tractors 5 Trailers 7 Refrigerated containers 12 Service and other equipment 3 - 15 Buildings and improvements 20 - 40 In 2023, we replaced our company-owned tractors within an average of 4.1 years and our trailers within an average of 8.0 years after purchase. Our useful lives for depreciating tractors is five years, for trailers is seven no five seven Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less the costs to sell. |
Tires In Service [Policy Text Block] | Tires in service: |
Income Tax, Policy [Policy Text Block] | Income taxes: In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting dates. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Potential accrued interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense. |
Self Insurance Reserve [Policy Text Block] | Insurance and claims: |
Revenue from Contract with Customer [Policy Text Block] | Revenue recognition: Revenue from Contracts with Customers We account for revenue of our Intermodal and Brokerage segments and revenue on freight transported by independent contractors within our Truckload and Dedicated segments on a gross basis because we are the principal service provider controlling the promised service before it is transferred to each customer. We are primarily responsible for fulfilling the promise to provide each specified service to each customer. We bear the primary risk of loss in the event of cargo claims by our customers. We also have complete control and discretion in establishing the price for each specified service. Accordingly, all such revenue billed to customers is classified as operating revenue and all corresponding payments to carriers for transportation services we arrange in connection with brokerage and intermodal activities and to independent contractor providers of revenue equipment are classified as purchased transportation expense within our consolidated statements of operations. See Note 14 for more information. Our largest customer, Walmart, accounted for 19% of our revenue excluding fuel surcharges in 2023 and 19% of our trade receivables as of December 31, 2023, 21% of our revenue in 2022 and 22% of our trade receivables as of December 31, 2022, and 23% of our revenue in 2021. During each of 2023, 2022 and 2021, approximately 99% of our revenue was generated within the United States. |
Share-Based Payment Arrangement [Policy Text Block] | Share-based payment arrangement compensation: Compensation-Stock Compensation |
Earnings Per Share, Policy [Policy Text Block] | Earnings per common share: |
Segment Reporting, Policy [Policy Text Block] | Segment reporting: Segment Reporting |
Use of Estimates, Policy [Policy Text Block] | Use of estimates: |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Years Tractors 5 Trailers 7 Refrigerated containers 12 Service and other equipment 3 - 15 Buildings and improvements 20 - 40 |
Note 2 - Details of Consolida_2
Note 2 - Details of Consolidated Balance Sheet Accounts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | (In thousands) 2023 2022 Parts and tires inventory $ 6,286 $ 5,427 License fees 5,557 6,029 Tires in service 4,984 5,330 Insurance premiums 4,608 4,054 Contract assets 2,106 2,746 Other 3,971 3,734 $ 27,512 $ 27,320 |
Schedule of Accrued Liabilities [Table Text Block] | (In thousands) 2023 2022 Accrued expenses $ 10,575 $ 14,426 Vacation 9,612 9,776 Salaries and wages 3,800 14,750 Other 2,722 2,312 $ 26,709 $ 41,264 |
Note 5 - Income Taxes (Tables)
Note 5 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (In thousands) 2023 2022 2021 Current: Federal $ 33,416 $ 18,025 $ 18,872 State 4,706 3,914 3,367 Total current 38,122 21,939 22,239 Deferred: Federal (13,526 ) 9,795 3,462 State (1,053 ) 2,083 603 Total deferred (14,579 ) 11,878 4,065 Total expense $ 23,543 $ 33,817 $ 26,304 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2023 2022 2021 Federal statutory income tax rate 21 % 21 % 21 % Increase in taxes arising from state income taxes, net of federal income tax benefit 3 3 3 Per diem and other non-deductible expenses 2 - - Other, net (1 ) (1 ) - Effective tax rate 25 % 23 % 24 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (In thousands) 2023 2022 Deferred tax assets: Reserves and accrued liabilities $ 13,126 $ 13,244 Other 1,212 1,597 14,338 14,841 Deferred tax liabilities: Depreciation 133,634 148,285 Prepaid expenses 3,166 3,597 136,800 151,882 Net deferred tax liability $ 122,462 $ 137,041 |
Note 6 - Earnings Per Common _2
Note 6 - Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (In thousands, except per share amounts) 2023 2022 2021 Numerator: Net income $ 70,373 $ 110,354 $ 85,428 Denominator: Basic earnings per common share - weighted-average shares 81,272 81,692 82,872 Effect of dilutive stock options 141 267 536 Diluted earnings per common share - weighted-average shares and assumed conversions 81,413 81,959 83,408 Basic earnings per common share $ 0.87 $ 1.35 $ 1.03 Diluted earnings per common share $ 0.86 $ 1.35 $ 1.02 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Balance Sheet Classification [Table Text Block] | (In thousands) 2023 2022 Assets: Other noncurrent assets (a) $ 517 $ 710 Liabilities: Accrued and other current liabilities 268 301 Noncurrent operating lease liabilities 249 409 Total liabilities $ 517 $ 710 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Amount Maturities: 2024 $ 296 2025 125 2026 64 2027 thru 2028 76 Total lease payments 561 Adjust to present value (44 ) Total operating lease liabilities $ 517 |
Note 10 - Employee Benefits (Ta
Note 10 - Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2023 2022 2021 Expected option life in years (1) 6.0 6.0 6.0 Expected stock price volatility percentage (2) 28 % 26 % 27 % Risk-free interest rate percentage (3) 4.1 % 2.9 % 1.2 % Expected dividend yield (4) 1.14 % 1.13 % 0.91 % Fair value as of the date of grant $ 6.63 $ 5.79 $ 4.29 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Shares Weighted- Average Exercise Price Outstanding at December 31, 2022 915,391 $ 15.84 Granted 39,000 21.44 Exercised (106,941 ) 11.30 Forfeited (9,300 ) 18.35 Outstanding at December 31, 2023 838,150 $ 16.65 Exercisable at December 31, 2023 431,850 $ 15.12 |
Schedule of Nonvested Share Activity [Table Text Block] | Shares Weighted- Average Grant Date Fair Value Weighted- Average Remaining Contractual Life (in Years) Nonvested at December 31, 2022 544,150 $ 4.62 5.5 Granted 39,000 6.63 6.6 Vested (167,550 ) 4.44 3.9 Forfeited (9,300 ) 5.01 5.2 Nonvested at December 31, 2023 406,300 $ 4.88 5.0 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Shares Weighted-Average Grant Date Fair Value Nonvested at December 31, 2022 121,867 $ 17.83 Granted 114,044 20.49 Vested (47,511 ) (1) 17.56 Nonvested at December 31, 2023 188,400 $ 19.51 |
Note 14 - Revenue and Busines_2
Note 14 - Revenue and Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (Dollars in thousands) 2023 2022 2021 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 395,565 $ 411,448 $ 346,289 Truckload fuel surcharge revenue 69,910 89,014 50,377 Total Truckload revenue 465,475 500,462 396,666 Dedicated revenue, net of fuel surcharge revenue 334,962 336,973 276,883 Dedicated fuel surcharge revenue 73,310 92,119 52,559 Total Dedicated revenue 408,272 429,092 329,442 Intermodal revenue, net of fuel surcharge revenue 75,887 100,452 87,468 Intermodal fuel surcharge revenue 16,191 29,313 14,777 Total Intermodal revenue 92,078 129,765 102,245 Brokerage revenue 165,630 204,559 145,291 Total operating revenue $ 1,131,455 $ 1,263,878 $ 973,644 Operating income/(loss): Truckload $ 24,835 $ 59,392 $ 51,032 Dedicated 48,377 50,566 36,395 Intermodal (156 ) 10,639 9,479 Brokerage 17,054 22,747 14,783 Total operating income $ 90,110 $ 143,344 $ 111,689 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Number of Operating Segments | 5 | ||
Loss on Deposits Above FDIC Amount | $ 0 | ||
Accounts Receivable, Allowance for Credit Loss, Current | 497,000 | $ 500,000 | |
Letters of Credit Outstanding, Amount | $ 20,700,000 | $ 16,100,000 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Walmart [Member] | |||
Concentration Risk, Percentage | 19% | 21% | 23% |
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | UNITED STATES | |||
Concentration Risk, Percentage | 99% | 99% | 99% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Walmart [Member] | |||
Concentration Risk, Percentage | 19% | 22% | |
Uninsured Risk [Member] | Auto Liability Claim [Member] | |||
Loss Contingency Range Possible Loss Per Claim | $ 1,000,000 | ||
Uninsured Risk [Member] | Workers Compensation Liability Claim [Member] | |||
Loss Contingency Range Possible Loss Per Claim | 750,000 | ||
Insurance Claims [Member] | |||
Letters of Credit Outstanding, Amount | 20,700,000 | ||
Supplies and Maintenance Costs [Member] | |||
Amortization | $ 7,200,000 | $ 6,600,000 | $ 6,400,000 |
Tractor [Member] | |||
Replacement Of Equipment Period After Purchase (Year) | 4 years 1 month 6 days | ||
Useful life (Year) | 5 years | ||
Property, Plant and Equipment, Salvage Value, Percentage | 25% | ||
Trailer [Member] | |||
Replacement Of Equipment Period After Purchase (Year) | 8 years | ||
Useful life (Year) | 7 years | ||
Property, Plant and Equipment, Salvage Value, Percentage | 35% | ||
Refrigerated Containers [Member] | |||
Useful life (Year) | 12 years | ||
Property, Plant and Equipment, Salvage Value, Percentage | 0% | ||
Tires In Service [Member] | |||
Useful life (Year) | 24 months |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Estimated Useful Lives (Details) | Dec. 31, 2023 |
Tractor [Member] | |
Useful life (Year) | 5 years |
Trailer [Member] | |
Useful life (Year) | 7 years |
Refrigerated Containers [Member] | |
Useful life (Year) | 12 years |
Service And Other Equipment [Member] | Minimum [Member] | |
Useful life (Year) | 3 years |
Service And Other Equipment [Member] | Maximum [Member] | |
Useful life (Year) | 15 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Useful life (Year) | 20 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Useful life (Year) | 40 years |
Note 2 - Details of Consolida_3
Note 2 - Details of Consolidated Balance Sheet Accounts - Prepaid Expenses and Other (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Insurance premiums | $ 4,608 | $ 4,054 |
Contract assets | 2,106 | 2,746 |
Other | 3,971 | 3,734 |
Prepaid Expense and Other Assets, Current | 27,512 | 27,320 |
Parts And Tires Inventory [Member] | ||
Prepaid expenses | 6,286 | 5,427 |
License Fees Member [Member] | ||
Prepaid expenses | 5,557 | 6,029 |
Tires In Service [Member] | ||
Prepaid expenses | $ 4,984 | $ 5,330 |
Note 2 - Details of Consolida_4
Note 2 - Details of Consolidated Balance Sheet Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued expenses | $ 10,575 | $ 14,426 |
Vacation | 9,612 | 9,776 |
Salaries and wages | 3,800 | 14,750 |
Other | 2,722 | 2,312 |
Accrued Liabilities, Current | $ 26,709 | $ 41,264 |
Note 3 - Long-term Debt (Detail
Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 30 | ||
Letters of Credit Outstanding, Amount | 20.7 | $ 16.1 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 9.3 | ||
Line of Credit Facility, Dividends Payment, Maximum | $ 150 | ||
Line Of Credit Facility Dividend Restrictions Percentage Of Net Income Limit | 25% | ||
Line of Credit Facility Dividend Restrictions Percentage of Net Income Limit1 | 25% | ||
Line of Credit Facility, Waiver to Pay Dividends, Maximum | $ 80 | $ 80 | |
Credit Facility [Member] | |||
Long-Term Debt, Weighted Average Interest Rate, at Point in Time | 8.50% |
Note 4 - Related Party Transa_2
Note 4 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Tire Purchases [Member] | |||
Accounts Payable | $ 0 | $ 29,000 | |
Director [Member] | Construction Projects [Member] | |||
Related Party Transaction, Amounts of Transaction | 8,000 | 10,000 | |
Purchase of Fuel, Tires and Related Services [Member] | |||
Related Party Transaction, Amounts of Transaction | 195,000 | 477,000 | $ 306,000 |
Tire Purchases [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 2,000,000 | $ 2,000,000 | $ 2,000,000 |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Unrecognized Tax Benefits | $ 434,000 | $ 438,000 |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 4,000 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 343,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 14,000 | $ 10,000 |
Open Tax Year | 2020 |
Note 5 - Income Taxes - Compone
Note 5 - Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 33,416 | $ 18,025 | $ 18,872 |
State | 4,706 | 3,914 | 3,367 |
Total current | 38,122 | 21,939 | 22,239 |
Deferred: | |||
Federal | (13,526) | 9,795 | 3,462 |
State | (1,053) | 2,083 | 603 |
Total deferred | (14,579) | 11,878 | 4,065 |
Total expense | $ 23,543 | $ 33,817 | $ 26,304 |
Note 5 - Income Taxes - Federal
Note 5 - Income Taxes - Federal Income Tax Reconciled to the Effective Income Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal statutory income tax rate | 21% | 21% | 21% |
Increase in taxes arising from state income taxes, net of federal income tax benefit | 3% | 3% | 3% |
Per diem and other non-deductible expenses | 2% | 0% | 0% |
Other, net | (1.00%) | (1.00%) | 0% |
Effective tax rate | 25% | 23% | 24% |
Note 5 - Income Taxes - Net Def
Note 5 - Income Taxes - Net Deferred Tax Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Reserves and accrued liabilities | $ 13,126 | $ 13,244 |
Other | 1,212 | 1,597 |
Deferred Tax Assets, Gross | 14,338 | 14,841 |
Deferred tax liabilities: | ||
Depreciation | 133,634 | 148,285 |
Prepaid expenses | 3,166 | 3,597 |
Deferred Tax Liabilities, Gross | 136,800 | 151,882 |
Net deferred tax liability | $ 122,462 | $ 137,041 |
Note 6 - Earnings Per Common _3
Note 6 - Earnings Per Common Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 173,300 | 541,500 | 605,550 |
Unvested Performance Unit Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 106,582 | 16,632 | 71,734 |
Note 6 - Earnings per Common _4
Note 6 - Earnings per Common Share - Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator: | |||
Net income | $ 70,373 | $ 110,354 | $ 85,428 |
Denominator: | |||
Basic earnings per common share - weighted-average shares (in shares) | 81,272 | 81,692 | 82,872 |
Effect of dilutive stock options (in shares) | 141 | 267 | 536 |
Diluted earnings per common share - weighted-average shares and assumed conversions (in shares) | 81,413 | 81,959 | 83,408 |
Basic earnings per common share (in dollars per share) | $ 0.87 | $ 1.35 | $ 1.03 |
Diluted earnings per common share (in dollars per share) | $ 0.86 | $ 1.35 | $ 1.02 |
Note 7 - Share Repurchase Pro_2
Note 7 - Share Repurchase Program (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Aug. 13, 2020 | Dec. 31, 2022 shares | Sep. 30, 2022 shares | Jun. 30, 2022 USD ($) shares | Mar. 31, 2022 USD ($) shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) | May 03, 2022 USD ($) shares | Aug. 31, 2020 shares | Aug. 31, 2019 USD ($) shares | |
Stock Repurchase Program, Authorized Amount | $ | $ 50,000 | $ 34,000 | ||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares | 3,100,000 | 2,700,000 | 1,800,000 | |||||||
Stock Repurchased and Retired During Period, Shares | shares | 0 | 0 | 963,000 | 1,300,000 | 0 | |||||
Stock Repurchased and Retired During Period, Value | $ | $ 16,800 | $ 25,000 | $ 41,753 | |||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ | $ 33,200 | |||||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | shares | 2,200,000 | |||||||||
Stock Split To [Member] | ||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 3 | |||||||||
Stock Split from [Member] | ||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 |
Note 8 - Dividends (Details Tex
Note 8 - Dividends (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||||||
Oct. 31, 2021 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Common Stock, Dividends, Per Share, Declared | $ 0.24 | $ 0.24 | $ 0.66 | |||||||||||||
Payments of Ordinary Dividends, Common Stock | $ 19,509 | $ 19,563 | $ 54,735 | |||||||||||||
Paid Quarterly [Member] | ||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | ||||
Payments of Ordinary Dividends, Common Stock | $ 19,500 | $ 19,600 | $ 54,700 | |||||||||||||
Special Dividend [Member] | ||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.5 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating Lease, Weighted Average Remaining Lease Term (Month) | 33 months | 39 months |
Operating Lease, Weighted Average Discount Rate, Percent | 5.10% | 4.40% |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 89,000 | $ 318,000 |
Operating Lease, Payments | 332,000 | 285,000 |
Operating Lease, Cost | 6,500,000 | 5,700,000 |
Short-Term Lease, Cost | $ 6,200,000 | $ 5,400,000 |
Note 9 - Leases - Operating Lea
Note 9 - Leases - Operating Leases Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Noncurrent operating lease liabilities | $ 249 | $ 409 | |
Other Noncurrent Assets [Member] | |||
Other noncurrent assets (a) | [1] | 517 | 710 |
Accrued and Other Current Liabilities [Member] | |||
Accrued and other current liabilities | 268 | 301 | |
Other Noncurrent Liabilities [Member] | |||
Noncurrent operating lease liabilities | 249 | 409 | |
Other Liabilities [Member] | |||
Total liabilities | $ 517 | $ 710 | |
[1]Operating lease asset balances at December 31, 2023 and 2022. |
Note 9 - Leases - Maturity of O
Note 9 - Leases - Maturity of Operating Lease Liabilities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 296,000 | |
2025 | 125,000 | |
2026 | 64,000 | |
2027 thru 2028 | 76,000 | |
Total lease payments | 561,000 | |
Adjust to present value | (44,000) | |
Other Liabilities [Member] | ||
Total operating lease liabilities | $ 517,000 | $ 710,000 |
Note 10 - Employee Benefits (De
Note 10 - Employee Benefits (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||||||||
Aug. 13, 2020 | May 07, 2019 | May 31, 2023 | Aug. 31, 2022 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | Dec. 31, 2018 | Aug. 31, 2018 | May 31, 2018 | Aug. 31, 2017 | May 31, 2017 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 29, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted | 2,674,431 | ||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate Of Unvested Outstanding Awards | 1.25% | ||||||||||||||||
Share-Based Payment Arrangement, Expense | $ 2,319,000 | $ 2,814,000 | $ 2,518,000 | ||||||||||||||
Share-Based Payment Arrangement, Expense, after Tax | $ 1,700,000 | $ 2,200,000 | $ 1,900,000 | ||||||||||||||
Share Based Compensation Expense Net Of Tax Amount Per Basic Share (in dollars per share) | $ 0.02 | $ 0.03 | $ 0.02 | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | 838,150 | 915,391 | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 10 months 24 days | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 3,800,000 | ||||||||||||||||
Exercisable, shares (in shares) | 431,850 | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 10 months 24 days | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value | $ 2,600,000 | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | 1,100,000 | $ 2,000,000 | $ 789,000 | ||||||||||||||
Proceeds from Stock Options Exercised | 2,400,000 | 4,000,000 | 1,700,000 | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value | $ 744,000 | 691,000 | 411,000 | ||||||||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 35% | ||||||||||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6% | ||||||||||||||||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20% | ||||||||||||||||
Defined Contribution Plan, Cost | $ 3,900,000 | 4,000,000 | 3,000,000 | ||||||||||||||
Retirement Savings Plan, Participants Less Than 50 Years Old [Member] | |||||||||||||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | 22,500 | ||||||||||||||||
Retirement Savings Plan, Participants Over50 Years Old [Member] | |||||||||||||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 30,000 | ||||||||||||||||
Stock Split [Member] | |||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | ||||||||||||||||
Stockholders' Equity Note, Stock Split, Dividend Settlement, Percent | 50% | ||||||||||||||||
Performance Shares [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Reserved For Issuance Under Awards Outstanding | 838,150 | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 834,000 | ||||||||||||||||
Performance Shares [Member] | Awards Paid to Employees Upon Vesting [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted | 114,044 | 21,000 | 102,900 | 98,400 | 73,205 | 45,000 | 3,000 | 3,000 | 42,000 | 3,000 | 65,013 | ||||||
Performance Shares [Member] | One Half of Awards Paid Immediately Upon Vesting and One Half Credited to Employees' Accounts [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted | 60,000 | 68,550 | |||||||||||||||
Unvested Service Based Option Awards [Member] | |||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1,800,000 | ||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years | ||||||||||||||||
Unvested Performance Unit Awards [Member] | |||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 3,700,000 | ||||||||||||||||
Service Based Options [Member] | |||||||||||||||||
Shares Granted, Value, Share-Based Payment Arrangement, before Forfeiture | $ 258,000 | $ 819,000 | $ 1,800,000 | ||||||||||||||
2015 Equity Incentive Plan [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized | 1,300,000 | ||||||||||||||||
2015 Equity Incentive Plan [Member] | Stock Split [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized | 3,950,000 | ||||||||||||||||
2015 Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Annual Percentage Of Award Which Vests | 20% | ||||||||||||||||
2015 Equity Incentive Plan [Member] | Full Value Awards [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized | 558,334 | ||||||||||||||||
2015 Equity Incentive Plan [Member] | Performance Shares [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted | 163,754 | ||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Reserved For Issuance Under Awards Outstanding | 226,715 | ||||||||||||||||
Minimum [Member] | 2015 Equity Incentive Plan [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period | 7 years | ||||||||||||||||
Maximum [Member] | 2015 Equity Incentive Plan [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period | 10 years |
Note 10 - Employee Benefits - S
Note 10 - Employee Benefits - Stock Options Valuation Assumptions (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Expected option life in years(1) (Year) | [1] | 6 years | 6 years | 6 years |
Expected stock price volatility percentage(2) | [2] | 28% | 26% | 27% |
Risk-free interest rate percentage(3) | [3] | 4.10% | 2.90% | 1.20% |
Expected dividend yield(4) | [4] | 1.14% | 1.13% | 0.91% |
Fair value as of the date of grant (in dollars per share) | $ 6.63 | $ 5.79 | $ 4.29 | |
[1]Expected option life – We use historical employee exercise and option expiration data to estimate the expected life assumption for the Black-Scholes grant-date valuation. We believe that this historical data is currently the best estimate of the expected term of a new option. We use a weighted-average expected life for all awards.[2]Expected stock price volatility – We use our stock’s historical volatility for the same period of time as the expected life. We have no reason to believe that its future volatility will differ from the past.[3]Risk-free interest rate – The rate is based on the U.S. Treasury yield curve in effect at the time of the grant for the same period of time as the expected life.[4]Expected dividend yield – The calculation is based on the total expected annual dividend payout divided by the average stock price. |
Note 10 - Employee Benefits - O
Note 10 - Employee Benefits - Option Activity (Details) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Outstanding at December 31, 2022 (in shares) | shares | 915,391 |
Outstanding at December 31, 2022 (in dollars per share) | $ / shares | $ 15.84 |
Granted, shares (in shares) | shares | 39,000 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 21.44 |
Exercised, shares (in shares) | shares | (106,941) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 11.3 |
Forfeited, shares (in shares) | shares | (9,300) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 18.35 |
Balance, shares (in shares) | shares | 838,150 |
Balance, weighted average exercise price (in dollars per share) | $ / shares | $ 16.65 |
Exercisable, shares (in shares) | shares | 431,850 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 15.12 |
Note 10 - Employee Benefits - N
Note 10 - Employee Benefits - Non-vested Option Awards Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Granted, shares (in shares) | 39,000 | ||
Granted, weighted average grant date fair value (in dollars per share) | $ 6.63 | $ 5.79 | $ 4.29 |
Forfeited, shares (in shares) | (9,300) | ||
Service Based Options [Member] | |||
Beginning of period, nonvested, shares (in shares) | 544,150 | ||
Beginning of period, nonvested, weighted average grant date fair value (in dollars per share) | $ 4.62 | ||
Nonvested, weighted average remaining contractual life (Year) | 5 years | 5 years 6 months | |
Granted, shares (in shares) | 39,000 | ||
Granted, weighted average grant date fair value (in dollars per share) | $ 6.63 | ||
Granted, weighted average remaining contractual life (Year) | 6 years 7 months 6 days | ||
Vested, shares (in shares) | (167,550) | ||
Vested, weighted average grant date fair value (in dollars per share) | $ 4.44 | ||
Vested, weighted average remaining contractual life (Year) | 3 years 10 months 24 days | ||
Forfeited, shares (in shares) | (9,300) | ||
Forfeited, weighted average grant date fair value (in dollars per share) | $ 5.01 | ||
Forfeited, weighted average remaining contractual life (Year) | 5 years 2 months 12 days | ||
End of period, nonvested, shares (in shares) | 406,300 | 544,150 | |
End of period, nonvested, weighted average grant date fair value (in dollars per share) | $ 4.88 | $ 4.62 |
Note 10 - Employee Benefits -_2
Note 10 - Employee Benefits - Non-vested Performance Unit Award Activity (Details) - Performance Shares [Member] | 12 Months Ended | |
Dec. 31, 2023 $ / shares shares | ||
Nonvested, shares (in shares) | shares | 121,867 | |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.83 | |
Granted, shares (in shares) | shares | 114,044 | |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 20.49 | |
Vested, shares (in shares) | shares | (47,511) | [1] |
Vested, shares (in dollars per share) | $ / shares | $ (17.56) | |
Nonvested, shares (in shares) | shares | 188,400 | |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 19.51 | |
[1]This number of performance unit award shares vested based on our financial performance in 2023 and will be distributed in March 2024. The fair value of unit award shares that vested in 2023 was $834,000. |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) | Dec. 31, 2023 USD ($) |
Lessee, Operating Lease, Liability, to be Paid, Total | $ 561,000 |
Capital Addition Purchase Commitments [Member] | Revenue Equipment [Member] | |
Purchase Obligation, to be Paid, Remainder of Fiscal Year | $ 181,000,000 |
Note 14 - Revenue and Busines_3
Note 14 - Revenue and Business Segments (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Number of Operating Segments | 5 | ||
Number of Reportable Segments | 4 | ||
Customer Contract Term (Year) | 1 year | ||
Capitalized Contract Cost, Impairment Loss | $ 0 | $ 0 | |
Prepaid Expenses and Other Current Assets [Member] | |||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 2,100 | 2,700 | |
Dedicated [Member] | |||
Depreciation, Depletion and Amortization, Total | $ 46,200 | 45,600 | $ 43,000 |
Dedicated [Member] | Minimum [Member] | |||
Customer Contract Term (Year) | 3 years | ||
Dedicated [Member] | Maximum [Member] | |||
Customer Contract Term (Year) | 5 years | ||
Truckload [Member] | |||
Depreciation, Depletion and Amortization, Total | $ 61,600 | 56,400 | 52,100 |
Intermodal [Member] | |||
Depreciation, Depletion and Amortization, Total | 7,100 | 7,500 | 6,300 |
Brokerage [Member] | |||
Depreciation, Depletion and Amortization, Total | $ 1,900 | $ 1,500 | $ 1,200 |
Note 14 - Revenue and Busines_4
Note 14 - Revenue and Business Segments - Operating Revenue and Operating Income by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating revenue | $ 1,131,455 | $ 1,263,878 | $ 973,644 |
Operating income/(loss): | |||
Operating Income | 90,110 | 143,344 | 111,689 |
Truckload [Member] | |||
Operating revenue | 465,475 | 500,462 | 396,666 |
Operating income/(loss): | |||
Operating Income | 24,835 | 59,392 | 51,032 |
Truckload [Member] | Revenue, Net of Fuel Surcharge [Member] | |||
Operating revenue | 395,565 | 411,448 | 346,289 |
Truckload [Member] | Fuel Surcharge Revenue [Member] | |||
Operating revenue | 69,910 | 89,014 | 50,377 |
Dedicated [Member] | |||
Operating revenue | 408,272 | 429,092 | 329,442 |
Operating income/(loss): | |||
Operating Income | 48,377 | 50,566 | 36,395 |
Dedicated [Member] | Revenue, Net of Fuel Surcharge [Member] | |||
Operating revenue | 334,962 | 336,973 | 276,883 |
Dedicated [Member] | Fuel Surcharge Revenue [Member] | |||
Operating revenue | 73,310 | 92,119 | 52,559 |
Intermodal [Member] | |||
Operating revenue | 92,078 | 129,765 | 102,245 |
Operating income/(loss): | |||
Operating Income | (156) | 10,639 | 9,479 |
Intermodal [Member] | Revenue, Net of Fuel Surcharge [Member] | |||
Operating revenue | 75,887 | 100,452 | 87,468 |
Intermodal [Member] | Fuel Surcharge Revenue [Member] | |||
Operating revenue | 16,191 | 29,313 | 14,777 |
Brokerage [Member] | |||
Operating revenue | 165,630 | 204,559 | 145,291 |
Operating income/(loss): | |||
Operating Income | $ 17,054 | $ 22,747 | $ 14,783 |