Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 07, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'OLD DOMINION FREIGHT LINE INC/VA | ' |
Entity Central Index Key | '0000878927 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'ODFL | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 86,164,917 |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $12,104 | $12,857 |
Customer receivables, less allowances of $8,712 and $8,561, respectively | 268,223 | 219,039 |
Other receivables | 7,261 | 1,324 |
Prepaid expenses | 23,713 | 21,754 |
Deferred income taxes | 21,975 | 20,054 |
Total current assets | 333,276 | 275,028 |
Property and equipment: | ' | ' |
Revenue equipment | 1,014,041 | 922,030 |
Land and structures | 952,383 | 874,768 |
Other fixed assets | 251,125 | 225,298 |
Leasehold improvements | 6,172 | 6,128 |
Total property and equipment | 2,223,721 | 2,028,224 |
Accumulated depreciation | -715,104 | -648,919 |
Net property and equipment | 1,508,617 | 1,379,305 |
Goodwill | 19,463 | 19,463 |
Other assets | 43,323 | 38,718 |
Total assets | 1,904,679 | 1,712,514 |
Current liabilities: | ' | ' |
Accounts payable | 54,512 | 44,891 |
Compensation and benefits | 97,369 | 80,047 |
Claims and insurance accruals | 36,307 | 33,990 |
Other accrued liabilities | 21,995 | 20,906 |
Income taxes payable | 225 | 6,327 |
Current maturities of long-term debt | 38,403 | 38,978 |
Total current liabilities | 248,811 | 225,139 |
Long-term liabilities: | ' | ' |
Long-term debt | 167,710 | 201,429 |
Other non-current liabilities | 117,824 | 106,791 |
Deferred income taxes | 185,408 | 153,186 |
Total long-term liabilities | 470,942 | 461,406 |
Total liabilities | 719,753 | 686,545 |
Commitments and Contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Common stock - $0.10 par value, 140,000,000 shares authorized, 86,164,917 shares outstanding at September 30, 2013 and December 31, 2012 | 8,616 | 8,616 |
Capital in excess of par value | 134,401 | 134,401 |
Retained earnings | 1,041,909 | 882,952 |
Total shareholders' equity | 1,184,926 | 1,025,969 |
Total liabilities and shareholders' equity | $1,904,679 | $1,712,514 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Customer receivables, allowances | $8,712 | $8,561 |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 140,000,000 | 140,000,000 |
Common stock, shares outstanding | 86,164,917 | 86,164,917 |
Condensed_Statements_Of_Operat
Condensed Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue from operations | $616,458 | $550,511 | $1,745,178 | $1,600,782 |
Operating expenses: | ' | ' | ' | ' |
Salaries, wages and benefits | 303,853 | 270,907 | 862,614 | 797,398 |
Operating supplies and expenses | 96,792 | 94,732 | 287,610 | 282,639 |
General supplies and expenses | 18,311 | 14,507 | 53,711 | 44,596 |
Operating taxes and licenses | 18,155 | 17,182 | 53,406 | 50,683 |
Insurance and claims | 8,395 | 8,336 | 23,267 | 23,671 |
Communications and utilities | 5,726 | 5,003 | 17,215 | 14,556 |
Depreciation and amortization | 32,914 | 28,727 | 93,265 | 80,795 |
Purchased transportation | 28,500 | 24,252 | 78,860 | 70,754 |
Building and office equipment rents | 2,849 | 3,393 | 9,136 | 10,118 |
Miscellaneous expenses, net | 2,887 | 2,540 | 4,501 | 7,834 |
Total operating expenses | 518,382 | 469,579 | 1,483,585 | 1,383,044 |
Operating income | 98,076 | 80,932 | 261,593 | 217,738 |
Non-operating expense (income): | ' | ' | ' | ' |
Interest expense | 2,479 | 2,882 | 7,282 | 8,786 |
Interest income | -45 | -22 | -101 | -107 |
Other expense (income), net | 389 | -289 | 797 | 240 |
Total non-operating expense | 2,823 | 2,571 | 7,978 | 8,919 |
Income before income taxes | 95,253 | 78,361 | 253,615 | 208,819 |
Provision for income taxes | 35,104 | 27,317 | 94,658 | 78,848 |
Net income | $60,149 | $51,044 | $158,957 | $129,971 |
Earnings per share: | ' | ' | ' | ' |
Basic | $0.70 | $0.59 | $1.84 | $1.51 |
Diluted | $0.70 | $0.59 | $1.84 | $1.51 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic | 86,164,917 | 86,164,968 | 86,164,917 | 86,164,980 |
Diluted | 86,164,917 | 86,164,968 | 86,164,917 | 86,164,980 |
Condensed_Statements_Of_Cash_F
Condensed Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $158,957 | $129,971 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 93,265 | 80,795 |
(Gain) loss on sale of property and equipment | -2,194 | 789 |
Deferred income taxes | 30,301 | 11,875 |
Other operating activities, net | -26,943 | -692 |
Net cash provided by operating activities | 253,386 | 222,738 |
Cash flows from investing activities: | ' | ' |
Purchase of property and equipment | -229,199 | -309,661 |
Proceeds from sale of property and equipment | 9,354 | 5,445 |
Net cash used in investing activities | -219,845 | -304,216 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of long-term debt | 0 | 412 |
Principal payments under long-term debt agreements | -36,290 | -37,260 |
Net proceeds (payments) from revolving line of credit | 1,996 | 49,380 |
Net Change Other Financing Activities | 0 | -2 |
Net cash provided by (used in) financing activities | -34,294 | 12,530 |
(Decrease) increase in cash and cash equivalents | -753 | -68,948 |
Cash and cash equivalents at beginning of period | 12,857 | 75,850 |
Cash and cash equivalents at end of period | 12,104 | 6,902 |
Supplemental disclosure of noncash investing activities: | ' | ' |
Acquisition of property and equipment by capital lease | $0 | $1,094 |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
Note 1. Significant Accounting Policies | |
Basis of Presentation | |
The accompanying unaudited, interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and, in management’s opinion, contain all adjustments (consisting of normal recurring items) necessary for a fair presentation, in all material respects, of the financial position and results of operations for the periods presented. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. | |
The preparation of condensed financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Our operating results are subject to seasonal trends; therefore, the results of operations for the interim period ended September 30, 2013 are not necessarily indicative of the results that may be expected for subsequent quarterly periods or the year ending December 31, 2013. | |
The condensed financial statements should be read in conjunction with the financial statements and related notes, which appear in our Annual Report on Form 10-K for the year ended December 31, 2012. | |
There have been no significant changes in the accounting principles and policies, long-term contracts or estimates inherent in the preparation of the condensed financial statements of Old Dominion Freight Line, Inc. as previously described in our Annual Report on Form 10-K for the year ended December 31, 2012. | |
Unless the context requires otherwise, references in these Notes to “Old Dominion,” the “Company,” “we,” “us” and “our” refer to Old Dominion Freight Line, Inc. | |
Prior Period Adjustments | |
During the second quarter of 2013, we determined that the costs of purchased transportation for certain truckload brokerage and international freight forwarding services, which were previously netted against revenue, met the criteria to be presented separately in operating expenses in accordance with Accounting Standards Codification ("ASC") Topic 605, Revenue Recognition. As a result, the accompanying Condensed Statements of Operations for the three and nine months ended September 30, 2012 were corrected to increase both revenue and purchased transportation expense in the amounts of $6.0 million and $17.6 million, respectively. There was no effect on retained earnings, operating income, net income or earnings per share for any period presented. | |
The Company will also record correcting adjustments to increase both revenue and purchased transportation for the fourth quarter of 2012 of $6.5 million. | |
Common Stock Split | |
On August 13, 2012, we announced a three-for-two common stock split for shareholders of record as of the close of business on the record date, August 24, 2012. On September 7, 2012 those shareholders received one additional share of common stock for every two shares owned. In lieu of fractional shares, shareholders received a cash payment based on the average of the high and low sales prices of our common stock on the record date. | |
All references in this report to shares outstanding, weighted average shares outstanding and earnings per share amounts have been restated retroactively for this stock split. | |
Fair Values of Financial Instruments | |
The carrying values of financial instruments included in current assets and liabilities, such as cash and cash equivalents, customer and other receivables, trade payables and current maturities of long-term debt, approximate their fair value due to the short maturities of these instruments. The carrying value of our total long-term debt, including current maturities, was $206.1 million and $240.4 million at September 30, 2013 and December 31, 2012, respectively. The estimated fair value of our total long-term debt was $213.7 million and $247.9 million at September 30, 2013 and December 31, 2012, respectively. Our long-term debt primarily consists of our senior notes for which fair value is estimated using market interest rates for similar issuances of private debt. Since this methodology is based upon indicative market interest rates, the measurement is categorized as Level 2 under the three-level fair value hierarchy as established by the Financial Accounting Standards Board (the “FASB”). | |
Earnings Per Share | |
Earnings per share is computed using the weighted average number of common shares outstanding during the period. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Note 2. Long-Term Debt | ||||||||
Long-term debt consisted of the following: | ||||||||
(In thousands) | September 30, | December 31, | ||||||
2013 | 2012 | |||||||
Senior notes | $ | 191,429 | $ | 227,143 | ||||
Revolving credit facility | 11,996 | 10,000 | ||||||
Capitalized leases and other obligations | 2,688 | 3,264 | ||||||
Total long-term debt | 206,113 | 240,407 | ||||||
Less: Current maturities | (38,403 | ) | (38,978 | ) | ||||
Total maturities due after one year | $ | 167,710 | $ | 201,429 | ||||
We have three outstanding unsecured senior note agreements with an aggregate amount outstanding of $191.4 million and $227.1 million at September 30, 2013 and December 31, 2012, respectively. These notes call for periodic principal payments with maturities that range from 2015 to 2021, of which $35.7 million is due in the next twelve months. Interest rates on these notes are fixed and range from 4.00% to 5.85%. The weighted average interest rate on our outstanding senior note agreements was 4.99% and 5.07% at September 30, 2013 and December 31, 2012, respectively. | ||||||||
We have a five-year, $200.0 million senior unsecured revolving credit facility pursuant to the terms of a second amended and restated credit agreement dated August 10, 2011 (the “Credit Agreement”), with Wells Fargo Bank, National Association (“Wells Fargo”) serving as administrative agent for the lenders. Of the $200.0 million line of credit commitments, $150.0 million may be used for letters of credit and $20.0 million may be used for borrowings under the Wells Fargo Sweep Plus Loan Program. We utilize the sweep program to manage our daily cash needs, as the sweep program automatically initiates borrowings to cover overnight cash requirements up to an aggregate of $20.0 million. In addition, we have the right to request an increase in the line of credit commitments up to a total of $300.0 million in minimum increments of $25.0 million. At our option, revolving loans under the facility bear interest at either: (a) the Applicable Margin Percentage for Base Rate Loans plus the higher of Wells Fargo’s prime rate, the federal funds rate plus 0.5% per annum, or the one month LIBOR Rate plus 1.0% per annum; (b) the LIBOR Rate plus the Applicable Margin Percentage for LIBOR Loans; or (c) the LIBOR Market Index Rate (“LIBOR Index Rate”) plus the Applicable Margin Percentage for LIBOR Market Index Loans. The Applicable Margin Percentage is determined by a pricing grid in the Credit Agreement and ranges from 1.0% to 1.875% based upon the ratio of Debt to Total Capitalization. The Applicable Margin Percentage was 1.0% and 1.125% at September 30, 2013 and December 31, 2012, respectively, and ranged from 1.0% to 1.125% during the nine months ended September 30, 2013. Revolving loans under the sweep program bear interest at the LIBOR Index Rate. | ||||||||
There were $12.0 million and $10.0 million of borrowings outstanding at September 30, 2013 and December 31, 2012, respectively, under the revolving credit facility. There were $57.8 million and $52.4 million of outstanding letters of credit at September 30, 2013 and December 31, 2012, respectively. |
Income_Taxes_Income_Taxes
Income Taxes Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Note 3. Income Taxes | |
Our effective tax rate generally exceeds the federal statutory rate of 35% due to the impact of state taxes, and, to a lesser extent, certain other non-deductible items. For the three and nine months ended September 30, 2013, our effective tax rate was 36.9% and 37.3%, respectively, as compared to 34.9% and 37.8%, respectively, for the comparable periods of 2012. | |
Our effective tax rate can also be affected by the utilization of tax credits and discrete tax adjustments. Our third quarter and year-to-date effective tax rates in 2013 included favorable discrete tax adjustments of $1.6 million and $3.2 million, respectively. These adjustments were the result of tax credits provided by the American Taxpayer Relief Act of 2012 for the use of alternative fuel in our operations and the utilization of other additional federal and state tax credits. Our third quarter and year-to-date effective tax rates in 2012 included favorable discrete tax adjustments of $2.7 million, all of which were recorded in the third quarter of 2012, primarily due to the utilization of certain state tax credits. |
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies | ' |
Note 4. Commitments and Contingencies | |
We are involved in various legal proceedings and claims that have arisen in the ordinary course of our business that have not been fully adjudicated, and some of these are covered in whole or in part by insurance. Our management does not believe that these actions, when finally concluded and determined, will have a material adverse effect upon our financial position, results of operations or cash flows. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 5. Subsequent Events | |
Management evaluated all subsequent events and transactions through the issuance date of these financial statements, and concluded that no subsequent events or transactions have occurred that require recognition or disclosure in our financial statements. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis Of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited, interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and, in management’s opinion, contain all adjustments (consisting of normal recurring items) necessary for a fair presentation, in all material respects, of the financial position and results of operations for the periods presented. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. | |
The preparation of condensed financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Our operating results are subject to seasonal trends; therefore, the results of operations for the interim period ended September 30, 2013 are not necessarily indicative of the results that may be expected for subsequent quarterly periods or the year ending December 31, 2013. | |
The condensed financial statements should be read in conjunction with the financial statements and related notes, which appear in our Annual Report on Form 10-K for the year ended December 31, 2012. | |
There have been no significant changes in the accounting principles and policies, long-term contracts or estimates inherent in the preparation of the condensed financial statements of Old Dominion Freight Line, Inc. as previously described in our Annual Report on Form 10-K for the year ended December 31, 2012. | |
Unless the context requires otherwise, references in these Notes to “Old Dominion,” the “Company,” “we,” “us” and “our” refer to Old Dominion Freight Line, Inc. | |
Accounting Changes and Error Corrections [Text Block] | ' |
Prior Period Adjustments | |
During the second quarter of 2013, we determined that the costs of purchased transportation for certain truckload brokerage and international freight forwarding services, which were previously netted against revenue, met the criteria to be presented separately in operating expenses in accordance with Accounting Standards Codification ("ASC") Topic 605, Revenue Recognition. As a result, the accompanying Condensed Statements of Operations for the three and nine months ended September 30, 2012 were corrected to increase both revenue and purchased transportation expense in the amounts of $6.0 million and $17.6 million, respectively. There was no effect on retained earnings, operating income, net income or earnings per share for any period presented. | |
The Company will also record correcting adjustments to increase both revenue and purchased transportation for the fourth quarter of 2012 of $6.5 million. | |
Common Stock Split | ' |
Common Stock Split | |
On August 13, 2012, we announced a three-for-two common stock split for shareholders of record as of the close of business on the record date, August 24, 2012. On September 7, 2012 those shareholders received one additional share of common stock for every two shares owned. In lieu of fractional shares, shareholders received a cash payment based on the average of the high and low sales prices of our common stock on the record date. | |
All references in this report to shares outstanding, weighted average shares outstanding and earnings per share amounts have been restated retroactively for this stock split. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' |
Fair Values of Financial Instruments | |
The carrying values of financial instruments included in current assets and liabilities, such as cash and cash equivalents, customer and other receivables, trade payables and current maturities of long-term debt, approximate their fair value due to the short maturities of these instruments. The carrying value of our total long-term debt, including current maturities, was $206.1 million and $240.4 million at September 30, 2013 and December 31, 2012, respectively. The estimated fair value of our total long-term debt was $213.7 million and $247.9 million at September 30, 2013 and December 31, 2012, respectively. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Earnings Per Share | |
Earnings per share is computed using the weighted average number of common shares outstanding during the period. |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule Of Long-Term Debt | ' | |||||||
Long-term debt consisted of the following: | ||||||||
(In thousands) | September 30, | December 31, | ||||||
2013 | 2012 | |||||||
Senior notes | $ | 191,429 | $ | 227,143 | ||||
Revolving credit facility | 11,996 | 10,000 | ||||||
Capitalized leases and other obligations | 2,688 | 3,264 | ||||||
Total long-term debt | 206,113 | 240,407 | ||||||
Less: Current maturities | (38,403 | ) | (38,978 | ) | ||||
Total maturities due after one year | $ | 167,710 | $ | 201,429 | ||||
Significant_Accounting_Policie2
Significant Accounting Policies (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 07, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' | ' | ' | ' | ' |
Prior Period Adjustment | ' | $6,500,000 | $6,000,000 | $17,600,000 | ' |
Debt and Capital Lease Obligations | ' | 240,407,000 | ' | ' | 206,113,000 |
Long-term Debt, Fair Value | ' | $247,900,000 | ' | ' | $213,700,000 |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 1.5 | ' | ' | ' | ' |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | $191,429,000 | 227,143,000 |
Applicable margin interest on credit facility, low end | 1.00% | ' |
Applicable margin interest on credit facility, high end | 1.88% | ' |
Interest Rate Spread added to LIBOR Rate | 1.00% | ' |
Applicable Margin Percentage, Interest Rate added to federal funds rate | 0.50% | ' |
Line of Credit Facility, Amount Outstanding | 11,996,000 | 10,000,000 |
Letter Of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maximum borrowing capacity | 150,000,000 | ' |
Line of Credit Facility, Amount Outstanding | 57,800,000 | 52,400,000 |
Sweep Program [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maximum borrowing capacity | 20,000,000 | ' |
Five Year Senior Unsecured Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Current borrowing capacity | 200,000,000 | ' |
Maximum borrowing capacity | 300,000,000 | ' |
Minimum increments under the additional borrowings | 25,000,000 | ' |
Interest Rate Spread added to LIBOR Rate | 1.00% | 1.13% |
Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Periodic principal payments | $35,700,000 | ' |
Fixed interest rate, minimum | 4.00% | ' |
Fixed interest rate, maximum | 5.85% | ' |
Effective average interest rate | 4.99% | 5.07% |
Maximum [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate Spread added to LIBOR Rate | 1.13% | ' |
Minimum [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate Spread added to LIBOR Rate | 1.00% | ' |
LongTerm_Debt_Schedule_Of_Long
Long-Term Debt (Schedule Of Long-Term Debt) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Senior notes | $191,429 | $227,143 |
Revolving credit facility | 11,996 | 10,000 |
Capitalized lease and other obligations | 2,688 | 3,264 |
Total long-term debt | 206,113 | 240,407 |
Less: Current maturities | -38,403 | -38,978 |
Total maturities due after one year | $167,710 | $201,429 |
Income_Taxes_Income_Taxes_Deta
Income Taxes Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% | 35.00% |
Effective tax rate | 36.90% | 34.90% | 37.30% | 37.80% |
Discrete Tax Adjustments | $1,600,000 | $2,700,000 | $3,200,000 | $2,700,000 |