Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 27, 2014 | Jun. 28, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'ODFL | ' | ' |
Entity Registrant Name | 'OLD DOMINION FREIGHT LINE INC/VA | ' | ' |
Entity Central Index Key | '0000878927 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 86,164,917 | ' |
Entity Public Float | ' | ' | $2,626,693,513 |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Balance_Sheets
Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets, Current [Abstract] | ' | ' |
Cash and cash equivalents | $30,174 | $12,857 |
Customer receivables, less allowances of $8,067 and $8,561, respectively | 248,069 | 219,039 |
Other receivables | 10,225 | 1,324 |
Prepaid expenses and other current assets | 21,262 | 21,754 |
Deferred income taxes | 23,249 | 20,054 |
Total current assets | 332,979 | 275,028 |
Property and equipment | ' | ' |
Revenue equipment | 1,009,936 | 922,030 |
Land and structures | 990,256 | 874,768 |
Other fixed assets | 266,563 | 225,298 |
Leasehold improvements | 6,378 | 6,128 |
Total property and equipment | 2,273,133 | 2,028,224 |
Less: Accumulated depreciation | -730,074 | -648,919 |
Net property and equipment | 1,543,059 | 1,379,305 |
Goodwill | 19,463 | 19,463 |
Other assets | 36,588 | 38,718 |
Total assets | 1,932,089 | 1,712,514 |
Liabilities, Current [Abstract] | ' | ' |
Accounts Payable, Current | 36,788 | 44,891 |
Compensation and benefits | 97,187 | 80,047 |
Claims and insurance accruals | 38,784 | 33,990 |
Other accrued liabilities | 21,480 | 20,906 |
Income taxes payable | 2,168 | 6,327 |
Current maturities of long-term debt | 35,715 | 38,978 |
Total current liabilities | 232,122 | 225,139 |
Long-term debt | 155,714 | 201,429 |
Other non-current liabilities | 123,054 | 106,791 |
Deferred income taxes | 189,117 | 153,186 |
Total long-term liabilities | 467,885 | 461,406 |
Total liabilities | 700,007 | 686,545 |
Commitments and contingent liabilities | ' | ' |
Shareholders equity | ' | ' |
Common stock - $0.10 par value, 140,000,000 shares authorized, 86,164,917 shares outstanding at December 31, 2013 and 2012 | 8,616 | 8,616 |
Capital in excess of par value | 134,401 | 134,401 |
Retained earnings | 1,089,065 | 882,952 |
Total shareholders' equity | 1,232,082 | 1,025,969 |
Total liabilities and shareholders' equity | $1,932,089 | $1,712,514 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Customer receivables, allowances | $8,067 | $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 |
Statements_Of_Operations
Statements Of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Revenue from operations | $2,337,648 | $2,134,579 | $1,903,800 |
Operating expenses | ' | ' | ' |
Salaries, wages and benefits | 1,170,773 | 1,066,551 | 956,079 |
Operating supplies and expenses | 385,201 | 378,534 | 355,186 |
General supplies and expenses | 69,765 | 58,908 | 49,900 |
Operating taxes and licenses | 71,599 | 67,526 | 63,284 |
Insurance and claims | 30,910 | 29,681 | 27,693 |
Communications and utilities | 23,142 | 19,980 | 18,104 |
Depreciation and amortization | 127,072 | 110,743 | 90,820 |
Purchased transportation | 106,435 | 94,522 | 84,516 |
Building and office equipment rents | 11,920 | 13,514 | 13,689 |
Miscellaneous expenses, net | 2,393 | 9,366 | 10,457 |
Total operating expenses | 1,999,210 | 1,849,325 | 1,669,728 |
Operating income | 338,438 | 285,254 | 234,072 |
Non-operating expense (income) | ' | ' | ' |
Interest expense | 9,620 | 11,541 | 14,067 |
Interest income | -147 | -113 | -180 |
Other expense, net | 279 | 728 | 101 |
Total non-operating expense | 9,752 | 12,156 | 13,988 |
Income before income taxes | 328,686 | 273,098 | 220,084 |
Provision for income taxes | 122,573 | 103,646 | 80,614 |
Net income | $206,113 | $169,452 | $139,470 |
Earnings per share | ' | ' | ' |
Basic | $2.39 | $1.97 | $1.63 |
Diluted | $2.39 | $1.97 | $1.63 |
Weighted average shares outstanding | ' | ' | ' |
Basic | 86,164,917 | 86,164,964 | 85,719,728 |
Diluted | 86,164,917 | 86,164,964 | 85,719,728 |
Statements_Of_Changes_In_Share
Statements Of Changes In Shareholders' Equity (USD $) | Total | Common Stock [Member] | Retained Earnings [Member] | Capital In Excess Of Par Value [Member] |
In Thousands | ||||
Balance at Dec. 31, 2010 | $668,649 | $8,389 | $574,030 | $86,230 |
Balance, in shares at Dec. 31, 2010 | ' | 83,891 | ' | ' |
Net income | 139,470 | ' | 139,470 | ' |
Issuance and sale of common stock, shares | ' | 2,274 | ' | ' |
Stock Issued During Period, Value, New Issues | 48,400 | 227 | ' | 48,173 |
Balance at Dec. 31, 2011 | 856,519 | 8,616 | 713,500 | 134,403 |
Balance, in shares at Dec. 31, 2011 | ' | 86,165 | ' | ' |
Net income | 169,452 | ' | 169,452 | ' |
Adjustments to Additional Paid in Capital, Other | -2 | ' | ' | -2 |
Balance at Dec. 31, 2012 | 1,025,969 | 8,616 | 882,952 | 134,401 |
Balance, in shares at Dec. 31, 2012 | ' | 86,165 | ' | ' |
Net income | 206,113 | ' | 206,113 | ' |
Balance at Dec. 31, 2013 | $1,232,082 | $8,616 | $1,089,065 | $134,401 |
Statements_Of_Cash_Flows
Statements Of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash flows from operating activities: | ' | ' | ' |
Net income | $206,113,000 | $169,452,000 | $139,470,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 127,072,000 | 110,743,000 | 90,820,000 |
(Gain) loss on sale of property and equipment | -5,743,000 | 78,000 | 1,263,000 |
Deferred income taxes | 32,736,000 | 17,682,000 | 43,348,000 |
Changes in assets and liabilities | ' | ' | ' |
Customer and other receivables, net | -30,063,000 | -5,410,000 | -40,414,000 |
Prepaid expenses and other assets | 1,910,000 | -7,956,000 | -2,952,000 |
Accounts payable | -8,103,000 | 2,795,000 | 12,875,000 |
Compensation, benefits and other accrued liabilities | 17,714,000 | 13,559,000 | 17,626,000 |
Claims and insurance accruals | 6,952,000 | 7,458,000 | 6,696,000 |
Income taxes, net | -12,027,000 | 9,264,000 | 3,224,000 |
Other liabilities | 14,105,000 | 10,391,000 | 5,978,000 |
Net cash provided by operating activities | 350,666,000 | 328,056,000 | 277,934,000 |
Cash flows from investing activities: | ' | ' | ' |
Purchase of property and equipment | -295,606,000 | -373,193,000 | -250,768,000 |
Proceeds from sale of property and equipment | 11,235,000 | 12,018,000 | 5,436,000 |
Net cash used in investing activities | -284,371,000 | -361,175,000 | -245,332,000 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of long-term debt | 0 | 412,000 | 96,010,000 |
Principal payments under long-term debt agreements | -38,978,000 | -40,284,000 | -40,382,000 |
Net (payments) proceeds on revolving line of credit | -10,000,000 | 10,000,000 | -66,230,000 |
Proceeds from stock issuance, net of issuance costs | 0 | 0 | 48,400,000 |
Other financing activities, net | 0 | -2,000 | 0 |
Net cash (used in) provided by financing activities | -48,978,000 | -29,874,000 | 37,798,000 |
(Decrease) increase in cash and cash equivalents | 17,317,000 | -62,993,000 | 70,400,000 |
Cash and cash equivalents at beginning of year | 12,857,000 | 75,850,000 | 5,450,000 |
Cash and cash equivalents at end of year | 30,174,000 | 12,857,000 | 75,850,000 |
Income taxes paid | 102,448,000 | 74,932,000 | 34,579,000 |
Interest paid | 11,585,000 | 13,728,000 | 14,011,000 |
Capitalized interest | $1,731,000 | $1,963,000 | $895,000 |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Significant Accounting Policies | ' | ||||||||||||
Note 1. Significant Accounting Policies | |||||||||||||
Business | |||||||||||||
We are a leading, less-than-truckload (“LTL”), union-free motor carrier providing regional, inter-regional and national LTL service and other logistics services from a single integrated organization. In addition to our core LTL services, we offer a broad range of value-added services including international freight forwarding, ground and air expedited transportation, container delivery, truckload brokerage, supply chain consulting, warehousing and consumer household pickup and delivery. | |||||||||||||
We have one operating segment and no single customer exceeds 10% of our revenue. | |||||||||||||
Basis of Presentation | |||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||||||
Certain amounts in prior years have been reclassified to conform prior years’ financial statements to the current presentation. | |||||||||||||
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 Statements of Operations include correcting adjustments to increase both revenue and purchased transportation expense in the amounts of $24.1 million and $21.3 million for the years ended December 31, 2012 and 2011, respectively. There was no effect on retained earnings, operating income, net income, earnings per share or cash flows for any period presented. | |||||||||||||
Revenue and Expense Recognition | |||||||||||||
We recognize revenue based upon when our transportation services have been completed in accordance with the bill of lading contract, our general tariff provisions or contractual agreements with our customers. Generally, this occurs when we complete the delivery of a shipment. For transportation services not completed at the end of a reporting period, we use a percentage of completion method to allocate the appropriate revenue to each separate reporting period. Under this method, we develop a factor for each uncompleted shipment by dividing the actual number of days in transit at the end of a reporting period by that shipment’s standard delivery time schedule. This factor is applied to the total revenue for that shipment and revenue is allocated between reporting periods accordingly. | |||||||||||||
Expenses are recognized when incurred. | |||||||||||||
Allowances for Uncollectible Accounts and Revenue Adjustments | |||||||||||||
We maintain an allowance for uncollectible accounts for estimated losses resulting from the inability of our customers to make required payments. We estimate this allowance by analyzing the aging of our customer receivables, our historical loss experience and other trends and factors affecting the credit risk of our customers. Write-offs occur when we determine an account to be uncollectible and could differ from our allowance estimate as a result of factors such as changes in the overall economic environment or risks surrounding our customers. Additional allowances may be required if the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments. We periodically review the underlying assumptions in our estimate of the allowance for uncollectible accounts to ensure that the allowance reflects the most recent trends and factors. | |||||||||||||
We also maintain an allowance for estimated revenue adjustments resulting from future billing corrections, customer allowances, money-back service guarantees and other miscellaneous revenue adjustments. These revenue adjustments are recorded in our revenue from operations. We use historical experience, trends and current information to update and evaluate these estimates. | |||||||||||||
Credit Risk | |||||||||||||
Financial instruments that potentially subject us to concentrations of credit risk consist principally of customer receivables. We perform initial and ongoing credit evaluations of our customers to minimize credit risk. We generally do not require collateral but may require prepayment of our services under certain circumstances. Credit risk is generally diversified due to the large number of entities comprising our customer base and their dispersion across many different industries and geographic regions. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
We consider cash on hand and deposits in banks along with certificates of deposit and short-term marketable securities with original maturities of three months or less as cash and cash equivalents. | |||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are stated at cost. Major additions and improvements are capitalized, while maintenance and repairs that do not improve or extend the lives of the respective assets are charged to expense as incurred. We capitalize the cost of tires mounted on purchased revenue equipment as a part of the total equipment cost. Subsequent replacement tires are expensed at the time those tires are placed in service. | |||||||||||||
Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the related assets. The following table provides the estimated useful lives by asset type: | |||||||||||||
Structures | 7 to 30 years | ||||||||||||
Revenue equipment | 4 to 15 years | ||||||||||||
Other equipment | 2 to 20 years | ||||||||||||
Leasehold improvements | Lesser of economic life or life of lease | ||||||||||||
Depreciation expense, which includes the amortization of capital leases, was $126.4 million, $109.8 million and $89.9 million for 2013, 2012 and 2011, respectively. | |||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||
Intangible assets have been acquired in connection with business combinations and are comprised of goodwill and other intangible assets. Goodwill is calculated as the excess cost over the fair value of assets acquired and is not subject to amortization. We review our goodwill balance annually for impairment as a single reporting unit, unless circumstances dictate more frequent assessments, and in accordance with Accounting Standards Update (“ASU”) 2011-08, Testing Goodwill for Impairment. ASU 2011-08 permits an initial assessment, commonly referred to as "step zero", of qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount and also provides a basis for determining whether it is necessary to perform the two-step goodwill impairment test required by ASC Topic 350. | |||||||||||||
In the fourth quarter of 2013, we performed the qualitative assessment of goodwill and determined it was more likely than not that the fair value of our reporting unit would be greater than its carrying amount. Therefore, we determined it was not necessary to perform the two-step goodwill impairment test. Furthermore, there has been no historical impairment of our goodwill. | |||||||||||||
Other intangible assets include the value of acquired customer lists and related non-compete agreements and are amortized on a straight-line basis over their estimated useful lives, none of which exceeds ten years. The gross carrying amount of our other intangible assets totaled $8.1 million as of December 31, 2013 and 2012. Accumulated amortization for these assets was $6.4 million and $5.7 million as of December 31, 2013 and 2012, respectively. The net carrying amounts of our other intangible assets are included in “Other assets” on our Balance Sheets. Amortization expense was $0.7 million for 2013 and $0.9 million for 2012 and 2011, respectively. Annual amortization expense for the next five years for these intangible assets is estimated to be: | |||||||||||||
(In thousands) | |||||||||||||
2014 | $ | 695 | |||||||||||
2015 | $ | 495 | |||||||||||
2016 | $ | 315 | |||||||||||
2017 | $ | 210 | |||||||||||
2018 | $ | 8 | |||||||||||
Long-Lived Assets | |||||||||||||
We assess the realizable value of our long-lived assets and evaluate such assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. | |||||||||||||
Claims and Insurance Accruals | |||||||||||||
At December 31, 2013, we maintained a self-insured retention ("SIR") of $2.75 million per occurrence for bodily injury and property damage ("BIPD") claims; a deductible of $100,000 per claim for cargo loss and damage; and a deductible of $1.0 million per occurrence for workers' compensation claims. We also had an SIR of $400,000 per occurrence (with a $400,000 aggregate over our retention level) for group health claims. | |||||||||||||
Claims and insurance accruals reflect the estimated cost of claims for cargo loss and damage, BIPD, workers' compensation, long-term disability, group health and group dental not covered by insurance. These accruals include amounts for future claims development and claims incurred but not reported, which are primarily based on historical claims development experience. The related costs for cargo loss and damage and BIPD are charged to insurance and claims expense, while the related costs for workers' compensation, long-term disability, group health and dental are charged to employee benefits expense. | |||||||||||||
Our liability for claims and insurance totaled $100.4 million and $93.5 million at December 31, 2013 and 2012, respectively. The long-term portions of those reserves were $61.6 million and $59.5 million for 2013 and 2012, respectively, which were included in “Other non-current liabilities” on our Balance Sheets. | |||||||||||||
Share-Based Compensation | |||||||||||||
Awards of phantom stock to employees and directors are accounted for as a liability under ASC topic 718, Compensation - Stock Compensation. ASC topic 718 requires changes in the fair value of our liability to be recognized as compensation cost over the requisite service period for the percentage of requisite service rendered each period. Changes in the fair value of the liability that occur after the requisite service period are recognized as compensation cost during the period in which the changes occur. We remeasure the liability for the outstanding awards at the end of each reporting period based on the closing price of our common stock at that date, and the compensation cost is based on the change in fair value for each reporting period. | |||||||||||||
Advertising | |||||||||||||
The costs of advertising our services are expensed as incurred and are included in “General supplies and expenses” on our Statements of Operations. Advertising costs charged to expense totaled $16.7 million, $11.0 million and $8.3 million for 2013, 2012 and 2011, respectively. | |||||||||||||
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 to reflect this stock split. | |||||||||||||
Fair Values of Financial Instruments | |||||||||||||
The carrying values of financial instruments, such as cash and cash equivalents, customer and other receivables and trade payables, approximate their fair value due to the short maturities of these instruments. The carrying value of our long-term debt was $191.4 million and $240.4 million at December 31, 2013 and 2012, respectively. The estimated fair value of our long-term debt was $196.5 million and $247.9 million at December 31, 2013 and 2012, respectively. The fair value measurement of our senior notes was determined 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”). The fair value of our other long-term debt approximates carrying value. | |||||||||||||
Comprehensive Income | |||||||||||||
The Company has no components of other comprehensive income. Accordingly, net income equals comprehensive income for all periods presented in this report. | |||||||||||||
Earnings Per Share | |||||||||||||
Earnings per common share is computed using the weighted-average number of common shares outstanding during the period. There were no potentially dilutive shares outstanding at the end of each period presented in this report. | |||||||||||||
Supplemental Disclosure of Noncash Investing and Financing Activities | |||||||||||||
Investing and financing activities that are not reported in the Statements of Cash Flows due to their non-cash nature are summarized below: | |||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Acquisition of property and equipment by capital lease | $ | — | $ | 1,094 | $ | 8,570 | |||||||
In addition, during the fourth quarter of 2013, we completed a nonmonetary exchange of property. We acquired a service center with a fair value of $6.6 million, which resulted in a gain of $3.4 million. The resulting gain was recorded in "Miscellaneous expenses, net" on our Statements of Operations. | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||
The FASB has issued various new accounting standards and updates during 2013 that are effective for future periods. We have evaluated these new standards and believe the adoption will not materially impact our financial condition or results of operations. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
Note 2. Long-term Debt | |||||||||
Long-term debt consisted of the following: | |||||||||
December 31, | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Senior notes | $ | 191,429 | $ | 227,143 | |||||
Revolving credit facility | — | 10,000 | |||||||
Capitalized lease and other obligations | — | 3,264 | |||||||
Total long-term debt | 191,429 | 240,407 | |||||||
Less: Current maturities | (35,715 | ) | (38,978 | ) | |||||
Total maturities due after one year | $ | 155,714 | $ | 201,429 | |||||
We have three outstanding unsecured senior note agreements with an aggregate amount outstanding of $191.4 million at December 31, 2013. 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 December 31, 2013 and 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 December 31, 2013 and 2012, respectively, and ranged from 1.0% to 1.125% during 2013. Revolving loans under the sweep program bear interest at the LIBOR Index Rate. | |||||||||
There was no outstanding balance of borrowings on the line of credit facility at December 31, 2013 and there was $10.0 million outstanding at December 31, 2012. There were $57.7 million and $52.4 million of outstanding letters of credit at December 31, 2013 and 2012, respectively. | |||||||||
Commitment fees ranging from 0.175% to 0.30% are charged quarterly in arrears on the aggregate unutilized portion of the Credit Agreement based upon the ratio of debt to total capitalization. Letter of credit fees equal to the applicable margin for Adjusted LIBOR Rate loans are charged quarterly in arrears on the daily average aggregate stated amount of all letters of credit outstanding during the quarter. The commitment fees ranged from 0.175% to 0.20% and letter of credit fees ranged from 1.0% to 1.125% during 2013. In addition, the Company will pay to Wells Fargo as issuer of letters of credit (i) a facing fee with respect to each letter of credit in an amount equal to 0.125% of the daily average aggregate Stated Amount thereof, payable quarterly in arrears and calculated on an actual/360-day basis and (ii) such fees and charges customarily charged in connection with the issuance and administration of such letters of credit. Wells Fargo, as administrative agent, shall also receive an annual administrative fee for providing such services. | |||||||||
Our Credit Agreement limits the amount of dividends that could be paid to shareholders to the greater of (i) $20.0 million, (ii) the amount of dividends paid in the immediately preceding fiscal year, or (iii) an amount equal to 25% of net income from the immediately preceding fiscal year. We did not declare or pay a dividend on our common stock in 2013 or 2012, and we have no plans to declare or pay a dividend in 2014. | |||||||||
Our three outstanding senior note agreements and the Credit Agreement contain customary covenants, including financial covenants that require us to observe a maximum ratio of debt to total capital and a minimum fixed charge coverage ratio. Any future wholly-owned subsidiaries of the Company would be required to guarantee payment of all of our obligations under these agreements. | |||||||||
As of December 31, 2013, aggregate maturities of long-term debt are as follows: | |||||||||
(In thousands) | |||||||||
2014 | $ | 35,715 | |||||||
2015 | 35,714 | ||||||||
2016 | 25,000 | ||||||||
2017 | — | ||||||||
2018 | 50,000 | ||||||||
Thereafter | 45,000 | ||||||||
$ | 191,429 | ||||||||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
Shareholders' Equity | ' | |||||||||||||||
Note 3. Shareholders’ Equity | ||||||||||||||||
On February 2, 2011, we entered into an At-The-Market Equity Offering Sales Agreement with Stifel, Nicolaus & Company, Incorporated (“Stifel Nicolaus Weisel”) pursuant to which we had the ability to issue and sell, from time to time over a 12-month period through or to Stifel Nicolaus Weisel, shares of our common stock having an aggregate offering price of up to $100.0 million (the “ATM program”). The ATM program was conducted pursuant to the Company’s automatic shelf registration statement on Form S-3 (File No. 333-162709), filed by the Company on October 28, 2009 with the SEC, and a prospectus supplement, filed by the Company on February 2, 2011 with the SEC. Sales of the Company’s common stock in the offering were made by means of ordinary brokers’ transactions on the Nasdaq, in privately negotiated transactions, or otherwise at prevailing market prices at the time of sale. Set forth below is information regarding our ATM program. Shares and per share amounts have been adjusted for the three-for-two common stock split effected on September 7, 2012. | ||||||||||||||||
Period | Aggregate | Aggregate | Aggregate | Average Sales | ||||||||||||
Number of | Gross | Net Proceeds | Price Per Share | |||||||||||||
Shares Sold | Proceeds | |||||||||||||||
First quarter 2011 | 2,274,568 | $ | 49,575,000 | $ | 48,400,000 | $ | 21.79 | |||||||||
There were no subsequent issuances pursuant to the ATM program through February 2, 2012, which was the date on which the ATM program expired. The Company's automatic shelf registration statement expired in October 2012. |
Leases
Leases | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Leases, Operating [Abstract] | ' | |||||
Leases | ' | |||||
Note 4. Leases | ||||||
We lease certain assets under operating leases, which primarily consist of real estate leases for 63 of our 221 service center locations at December 31, 2013. Certain operating leases provide for renewal options, which can vary by lease and are typically offered at their fair rental value. We have not made any residual value guarantees related to our operating leases; therefore, we have no corresponding liability recorded on our Balance Sheets. | ||||||
Future minimum annual lease payments for assets under operating leases as of December 31, 2013 are as follows: | ||||||
(In thousands) | Total | |||||
2014 | $ | 15,931 | ||||
2015 | 10,833 | |||||
2016 | 7,508 | |||||
2017 | 5,684 | |||||
2018 | 4,623 | |||||
Thereafter | 14,210 | |||||
Total minimum lease payments | $ | 58,789 | ||||
Aggregate expense under operating leases was $17.9 million, $19.1 million and $19.5 million for 2013, 2012 and 2011, respectively. Certain operating leases include rent escalation provisions, which we recognize as expense on a straight-line basis. | ||||||
We did not have any assets under capital leases at December 31, 2013. At December 31, 2012, we leased certain information systems under capital leases with a gross carrying value of $9.9 million and accumulated amortization of $2.3 million. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Note 5. Income Taxes | |||||||||||||
The components of the provision for income taxes are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Current: | |||||||||||||
Federal | $ | 74,202 | $ | 74,074 | $ | 27,470 | |||||||
State | 15,635 | 11,890 | 9,796 | ||||||||||
89,837 | 85,964 | 37,266 | |||||||||||
Deferred: | |||||||||||||
Federal | 28,593 | 14,978 | 39,934 | ||||||||||
State | 4,143 | 2,704 | 3,414 | ||||||||||
32,736 | 17,682 | 43,348 | |||||||||||
Total provision for income taxes | $ | 122,573 | $ | 103,646 | $ | 80,614 | |||||||
The following is a reconciliation of the U.S. statutory federal income tax rates with our effective income tax rates for 2013, 2012 and 2011: | |||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Tax provision at statutory rate | $ | 115,040 | $ | 95,584 | $ | 77,029 | |||||||
State income taxes, net of federal benefit | 12,083 | 10,211 | 7,480 | ||||||||||
Meals and entertainment disallowance | 872 | 828 | 721 | ||||||||||
Tax credits | (5,422 | ) | (2,609 | ) | (4,453 | ) | |||||||
Other, net | — | (368 | ) | (163 | ) | ||||||||
Total provision for income taxes | $ | 122,573 | $ | 103,646 | $ | 80,614 | |||||||
Deferred tax assets and liabilities consist of the following: | |||||||||||||
December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Deferred tax assets: | |||||||||||||
Claims and insurance reserves | $ | 35,200 | $ | 32,499 | |||||||||
Allowance for doubtful accounts | 1,595 | 2,829 | |||||||||||
Accrued vacation | 14,873 | 12,399 | |||||||||||
Deferred compensation | 22,067 | 17,734 | |||||||||||
Other | 10,648 | 9,764 | |||||||||||
Total deferred tax assets | 84,383 | 75,225 | |||||||||||
Valuation allowance | (460 | ) | (559 | ) | |||||||||
Net deferred tax assets | 83,923 | 74,666 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation and amortization | (239,971 | ) | (197,875 | ) | |||||||||
Unrecognized revenue | (8,169 | ) | (8,171 | ) | |||||||||
Other | (1,651 | ) | (1,752 | ) | |||||||||
Total deferred tax liabilities | (249,791 | ) | (207,798 | ) | |||||||||
Net deferred tax liability | $ | (165,868 | ) | $ | (133,132 | ) | |||||||
Our net deferred tax liability consists of the following: | |||||||||||||
December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Current deferred tax asset | $ | 23,249 | $ | 20,054 | |||||||||
Noncurrent deferred tax liability | (189,117 | ) | (153,186 | ) | |||||||||
Net deferred tax liability | $ | (165,868 | ) | $ | (133,132 | ) | |||||||
As of December 31, 2013, the Company had various state tax credit carryforwards of approximately $3.8 million that are scheduled to expire in five to fifteen years. The Company recorded a valuation allowance in the amount of $460,000 and $559,000 as of December 31, 2013 and 2012, respectively, due to the uncertainty of realization of these tax credits. | |||||||||||||
We are subject to U.S. federal income tax, as well as income tax of multiple state tax jurisdictions. We remain open to examination by the Internal Revenue Service for tax years 2010 through 2013. We remain open to examination by various state tax jurisdictions for tax years 2009 through 2013. | |||||||||||||
Changes in our liability for unrecognized tax benefits could affect our effective tax rate, if recognized, but we do not expect any material changes within the next twelve months. The Company's liability for unrecognized tax benefits was immaterial as of December 31, 2013 and 2012. Interest and penalties related to uncertain tax positions, which are immaterial, are recorded in our Provision for Income Taxes on our Statements of Operations. |
Related_Person_Transactions
Related Person Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Person Transactions | ' |
Note 6. Related Person Transactions | |
Family Relationships | |
Each of Earl E. Congdon, David S. Congdon and John R. Congdon, Jr. are related to one another and served in various management positions and/or on our Board of Directors during 2013. We have employment agreements with Earl E. Congdon and David S. Congdon, which are incorporated by reference as exhibits to our Annual Report on Form 10-K. We regularly disclose the amount of compensation that we pay to these individuals, as well as any of their family members employed by us and whose compensation from time to time may require disclosure, in the proxy statement for our Annual Meeting of Shareholders. | |
During 2012, John R. Congdon, who was the brother of Earl E. Congdon, resigned from his position as Senior Vice President. At that time, the Board of Directors and John R. Congdon mutually agreed to terminate his amended and restated employment agreement. He continued to be employed by the Company in a management position and as a member of our Board of Directors until his death in October 2013. | |
Transactions with Old Dominion Truck Leasing, Inc. | |
Old Dominion Truck Leasing, Inc. (“Leasing”) is a North Carolina corporation whose voting stock is beneficially owned by members of the Congdon family. Leasing is primarily engaged in the business of leasing tractors, trailers and other vehicles as well as providing contract dedicated fleet services. John R. Congdon served as Chairman of the Board of Leasing until October 2013 and was succeeded in that position by John R. Congdon, Jr. Earl E. Congdon and David S. Congdon currently serve as members of Leasing’s Board of Directors. Since 1986, we have combined our requirements with Leasing for the purchase of tractors, trailers, equipment, parts, tires and fuel. We believe that the termination of this arrangement would not have a material adverse impact on our financial results. | |
We purchased $299,000, $239,000 and $278,000 of maintenance and other services from Leasing in 2013, 2012 and 2011, respectively. We intend to continue to purchase maintenance and other services from Leasing, provided that Leasing’s prices continue to be favorable to us. | |
We charged Leasing $18,000, $18,000 and $18,000 for the rental of property in 2013, 2012 and 2011, respectively. No other services were provided to Leasing for the years ended December 31, 2013, 2012 and 2011. | |
Split-Dollar Life Insurance Policies | |
We owned two split-dollar life insurance contracts insuring the life of John R. Congdon that were terminated upon Mr. Congdon's death in October 2013. The death benefits under these policies totaled an aggregate of $9.3 million, of which we received $7.3 million in December 2013 and Mr. Congdon’s beneficiaries received $2.0 million. At December 31, 2012, the net cash surrender value for these policies totaled $6.8 million and was included on our Balance Sheet under the caption “Other Assets.” |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee Benefit Plans | ' |
Note 7. Employee Benefit Plans | |
Defined Contribution Plan | |
Substantially all employees meeting certain service requirements are eligible to participate in our 401(k) employee retirement plan. Employee contributions are limited to a percentage of their compensation, as defined in the plan. We make contributions based upon the greater of a percentage of employee contributions or ten percent of net income. Company contributions for 2013, 2012 and 2011 were $20.6 million, $16.9 million and $13.9 million, respectively. | |
Deferred Compensation Plan | |
We maintain a nonqualified deferred compensation plan for the benefit of certain eligible employees, including those whose contributions to the 401(k) employee retirement plan are limited due to provisions of the Internal Revenue Code. Participating employees may elect to defer receipt of a percentage of their compensation, as defined in the plan, and the deferred amount is credited to each participant’s deferred compensation account. The plan is not funded and the Company does not make a matching contribution to this plan. Although the plan is not funded, participants are allowed to select investment options for which their deferrals and future earnings are deemed to be invested. Participant accounts are adjusted daily to reflect participant deferrals and the performance of their deemed investments. The amounts owed to the participants totaled $36.6 million and $30.0 million at December 31, 2013 and 2012, respectively. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Share-Based Compensation | ' | ||||||||||||
Note 8. Share-Based Compensation | |||||||||||||
On October 30, 2012, our Board of Directors approved and we adopted the Old Dominion Freight Line, Inc. 2012 Phantom Stock Plan (the "2012 Phantom Stock Plan"). Under the 2012 Phantom Stock Plan, 1,000,000 shares of phantom stock may be awarded, each of which represents a contractual right to receive an amount in cash equal to the fair market value of a share of our common stock on the settlement date, which is the earliest of the date of the participant's (i) termination of employment for any reason other than for cause, (ii) death or (iii) total disability. Each award vests in 20% increments on the anniversary of the grant date provided that the participant (i) has been continuously employed by us since the grant date, (ii) has been continuously employed by us for ten years and (iii) has reached the age of 65. Vesting also occurs on the earliest of (i) a change in control, (ii) death or (iii) total disability. No shares of common stock will be issued pursuant to the 2012 Phantom Stock Plan, as the awards are settled in cash after the required vesting period has been satisfied and upon termination of employment. Unvested shares are forefeited upon termination of employment, although our Board of Directors has authority to modify and/or accelerate the vesting of awards. Our Board of Directors approved the initial grants under the 2012 Phantom Stock Plan at its January 2013 meeting. | |||||||||||||
On May 16, 2005, our Board of Directors approved, and the Company adopted, the Old Dominion Freight Line, Inc. Phantom Stock Plan, as amended effective January 1, 2009, May 18, 2009 and May 17, 2011 (the “Phantom Stock Plan” and together with the 2012 Phantom Stock Plan, the “Employee Phantom Plans”). The Phantom Stock Plan expired in May 2012; however, grants under the Phantom Stock Plan remain outstanding. Each share of phantom stock awarded to eligible employees under the Phantom Stock Plan represents a contractual right to receive an amount in cash equal to the fair market value of a share of our common stock on the settlement date, which generally is the earlier of the eligible employee’s (i) termination from the Company after reaching 55 years of age, (ii) death or (iii) total disability. No shares of common stock will be issued pursuant to the Phantom Stock Plan, as the awards are settled in cash after the required vesting period has been satisfied and upon termination of employment. | |||||||||||||
Phantom Stock Plan awards vest upon the earlier to occur of the following: (i) the date of a change of control in our ownership; (ii) the fifth anniversary of the grant date of the award, provided the participant is employed by us on that date; (iii) the date of the participant’s death while employed by us; (iv) the date of the participant’s total disability; or (v) the date the participant attains the age of 65 while employed by us. Awards that are not vested upon termination of employment are forfeited. If termination occurs prior to attaining the age of 55, all vested and unvested awards are generally forfeited unless the termination results from death or total disability. The Phantom Stock Plan does, however, provide the Board of Directors with discretionary authority to modify and/or accelerate the vesting of awards. | |||||||||||||
A summary of cash payments for settled shares and compensation costs recognized in “Salaries, wages and benefits” on our Statements of Operations for the Employee Phantom Plans is provided below: | |||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Cash payments for settled shares | $ | 1,404 | $ | 1,077 | $ | 519 | |||||||
Compensation costs | 7,639 | 5,404 | 3,719 | ||||||||||
Unrecognized compensation cost for all unvested shares under the Employee Phantom Plans as of December 31, 2013 was $7.6 million based on the price of our common stock on that date. | |||||||||||||
On May 28, 2008, our Board of Directors approved, and the Company adopted, the Old Dominion Freight Line, Inc. Director Phantom Stock Plan, as amended on April 1, 2011 (the “Director Phantom Stock Plan” and together with the Employee Phantom Plans, the “Phantom Plans”). Under the Director Phantom Stock Plan, each non-employee eligible director shall be granted an annual award of phantom shares equal to $50,000 on the grant date. Prior to the 2011 grant, the annual award to each non-employee eligible director was equal to $30,000 on the grant date. For each vested share, participants are entitled to an amount in cash equal to the fair market value of a share of our common stock on the date that service as a director terminates for any reason. No shares of common stock will be issued pursuant to the Director Phantom Stock Plan, as the awards are settled in cash. Our Board of Directors approved the initial grant under this plan at its May 2008 meeting and have authorized grants annually thereafter. | |||||||||||||
Director Phantom Stock Plan awards vest upon the earlier to occur of the following: (i) the one-year anniversary of the grant date; (ii) the date of the first annual meeting of shareholders that occurs after the grant date provided the participant is still in service as a director; (iii) the date of a change of control in our ownership provided that the participant is still in service as a director; or (iv) the date of the participant’s death or total disability while still in service as a director. Awards that are not vested upon termination of service as a director are forfeited. | |||||||||||||
A summary of cash payments for settled shares and compensation costs recognized in “Miscellaneous expenses, net” on our Statements of Operations for the Director Phantom Stock Plan is provided below: | |||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Cash payments for settled shares | $ | — | $ | — | $ | 6 | |||||||
Compensation costs | 1,214 | 989 | 513 | ||||||||||
Unrecognized compensation cost for all unvested shares under the Director Phantom Stock Plan as of December 31, 2013 was $0.2 million based on the price of our common stock on that date. | |||||||||||||
A summary of the changes in the number of outstanding phantom stock awards during the year ended December 31, 2013 for the Phantom Plans is provided below. Of these awards, 266,740 and 277,701 phantom shares were vested at December 31, 2013 and 2012, respectively. | |||||||||||||
Employee Phantom Plans | Director | Total | |||||||||||
Phantom | |||||||||||||
Stock Plan | |||||||||||||
Balance of shares outstanding at December 31, 2012 | 467,627 | 60,356 | 527,983 | ||||||||||
Granted | 92,120 | 7,161 | 99,281 | ||||||||||
Settled | (70,090 | ) | — | (70,090 | ) | ||||||||
Forfeited | — | — | — | ||||||||||
Balance of shares outstanding at December 31, 2013 | 489,657 | 67,517 | 557,174 | ||||||||||
The liability for phantom stock awards under the Phantom Plans consists of the following: | |||||||||||||
December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Employee Phantom Plans | $ | 20,210 | $ | 13,976 | |||||||||
Director Phantom Stock Plan | 3,422 | 2,207 | |||||||||||
Total | $ | 23,632 | $ | 16,183 | |||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies | ' |
Note 9. 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, some of which are covered 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, liquidity or results of operations. |
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information | ' | ||||||||||||||||||||
Note 10. Quarterly Financial Information (Unaudited) | |||||||||||||||||||||
A summary of our unaudited quarterly financial information for 2013 and 2012 is provided below. Our tonnage levels and revenue mix are subject to seasonal trends common in the motor carrier industry. Financial results in the first quarter are normally lower due to reduced shipments during the winter months. Harsh winter weather can also adversely impact our performance by reducing demand and increasing operating expenses. | |||||||||||||||||||||
Quarter | |||||||||||||||||||||
(In thousands, except per share data) | First | Second | Third | Fourth | Total | ||||||||||||||||
2013 | |||||||||||||||||||||
Revenue (1) | $ | 538,416 | $ | 590,304 | $ | 616,458 | $ | 592,470 | $ | 2,337,648 | |||||||||||
Operating income | 65,944 | 97,573 | 98,076 | 76,845 | 338,438 | ||||||||||||||||
Net income | 40,553 | 58,255 | 60,149 | 47,156 | 206,113 | ||||||||||||||||
Net income per share: | |||||||||||||||||||||
Basic and diluted | 0.47 | 0.68 | 0.7 | 0.55 | 2.39 | ||||||||||||||||
2012 | |||||||||||||||||||||
Revenue (1) | $ | 502,819 | $ | 547,452 | $ | 550,511 | $ | 533,797 | $ | 2,134,579 | |||||||||||
Operating income | 54,218 | 82,588 | 80,932 | 67,516 | 285,254 | ||||||||||||||||
Net income | 31,095 | 47,832 | 51,044 | 39,481 | 169,452 | ||||||||||||||||
Net income per share: | |||||||||||||||||||||
Basic and diluted | 0.36 | 0.56 | 0.59 | 0.46 | 1.97 | ||||||||||||||||
-1 | Our 2012 and first quarter of 2013 revenue has been adjusted for an immaterial correction related to how we present the costs of purchased transportation for certain truckload brokerage and international freight forwarding services. For more information on these adjustments, see Note 1. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 11. 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. |
Schedule_II_Valuation_And_Qual
Schedule II - Valuation And Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Schedule II Valuation And Qualifying Accounts | ' | ||||||||||||||||
The Schedule II – Valuation and Qualifying Accounts schedule of Old Dominion Freight Line, Inc. is included below: | |||||||||||||||||
Schedule II | |||||||||||||||||
Old Dominion Freight Line, Inc. | |||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||
(In thousands) | Allowance for Uncollectible Accounts(1) | ||||||||||||||||
Year Ended December 31, | Balance at | Charged to | Deductions(2) | Balance at | |||||||||||||
Beginning | Expense | End of | |||||||||||||||
of Period | Period | ||||||||||||||||
2011 | $ | 6,800 | $ | 3,200 | $ | 2,723 | $ | 7,277 | |||||||||
2012 | $ | 7,277 | $ | 2,123 | $ | 2,118 | $ | 7,282 | |||||||||
2013 | $ | 7,282 | $ | 1,074 | $ | 2,046 | $ | 6,310 | |||||||||
-1 | This table does not include any allowances for revenue adjustments that result from billing corrections, customer allowances, money-back service guarantees and other miscellaneous revenue adjustments that are recorded in our revenue from operations. | ||||||||||||||||
-2 | Uncollectible accounts written off, net of recoveries. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policy) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Basis Of Presentation | ' | |||
Basis of Presentation | ||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | ||||
Certain amounts in prior years have been reclassified to conform prior years’ financial statements to the current presentation. | ||||
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 Statements of Operations include correcting adjustments to increase both revenue and purchased transportation expense in the amounts of $24.1 million and $21.3 million for the years ended December 31, 2012 and 2011, respectively. There was no effect on retained earnings, operating income, net income, earnings per share or cash flows for any period presented. | ||||
Revenue And Expense Recognition | ' | |||
Revenue and Expense Recognition | ||||
We recognize revenue based upon when our transportation services have been completed in accordance with the bill of lading contract, our general tariff provisions or contractual agreements with our customers. Generally, this occurs when we complete the delivery of a shipment. For transportation services not completed at the end of a reporting period, we use a percentage of completion method to allocate the appropriate revenue to each separate reporting period. Under this method, we develop a factor for each uncompleted shipment by dividing the actual number of days in transit at the end of a reporting period by that shipment’s standard delivery time schedule. This factor is applied to the total revenue for that shipment and revenue is allocated between reporting periods accordingly. | ||||
Expenses are recognized when incurred. | ||||
Allowances For Uncollectible Accounts And Revenue Adjustments | ' | |||
Allowances for Uncollectible Accounts and Revenue Adjustments | ||||
We maintain an allowance for uncollectible accounts for estimated losses resulting from the inability of our customers to make required payments. We estimate this allowance by analyzing the aging of our customer receivables, our historical loss experience and other trends and factors affecting the credit risk of our customers. Write-offs occur when we determine an account to be uncollectible and could differ from our allowance estimate as a result of factors such as changes in the overall economic environment or risks surrounding our customers. Additional allowances may be required if the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments. We periodically review the underlying assumptions in our estimate of the allowance for uncollectible accounts to ensure that the allowance reflects the most recent trends and factors. | ||||
We also maintain an allowance for estimated revenue adjustments resulting from future billing corrections, customer allowances, money-back service guarantees and other miscellaneous revenue adjustments. These revenue adjustments are recorded in our revenue from operations. We use historical experience, trends and current information to update and evaluate these estimates. | ||||
Credit Risk | ' | |||
Credit Risk | ||||
Financial instruments that potentially subject us to concentrations of credit risk consist principally of customer receivables. We perform initial and ongoing credit evaluations of our customers to minimize credit risk. We generally do not require collateral but may require prepayment of our services under certain circumstances. Credit risk is generally diversified due to the large number of entities comprising our customer base and their dispersion across many different industries and geographic regions. | ||||
Cash And Cash Equivalents | ' | |||
Cash and Cash Equivalents | ||||
We consider cash on hand and deposits in banks along with certificates of deposit and short-term marketable securities with original maturities of three months or less as cash and cash equivalents. | ||||
Property And Equipment | ' | |||
Property and Equipment | ||||
Property and equipment are stated at cost. Major additions and improvements are capitalized, while maintenance and repairs that do not improve or extend the lives of the respective assets are charged to expense as incurred. We capitalize the cost of tires mounted on purchased revenue equipment as a part of the total equipment cost. Subsequent replacement tires are expensed at the time those tires are placed in service. | ||||
Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the related assets. The following table provides the estimated useful lives by asset type: | ||||
Structures | 7 to 30 years | |||
Revenue equipment | 4 to 15 years | |||
Other equipment | 2 to 20 years | |||
Leasehold improvements | Lesser of economic life or life of lease | |||
Depreciation expense, which includes the amortization of capital leases, was $126.4 million, $109.8 million and $89.9 million for 2013, 2012 and 2011, respectively. | ||||
Goodwill And Other Intangible Assets | ' | |||
Goodwill and Other Intangible Assets | ||||
Intangible assets have been acquired in connection with business combinations and are comprised of goodwill and other intangible assets. Goodwill is calculated as the excess cost over the fair value of assets acquired and is not subject to amortization. We review our goodwill balance annually for impairment as a single reporting unit, unless circumstances dictate more frequent assessments, and in accordance with Accounting Standards Update (“ASU”) 2011-08, Testing Goodwill for Impairment. ASU 2011-08 permits an initial assessment, commonly referred to as "step zero", of qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount and also provides a basis for determining whether it is necessary to perform the two-step goodwill impairment test required by ASC Topic 350. | ||||
In the fourth quarter of 2013, we performed the qualitative assessment of goodwill and determined it was more likely than not that the fair value of our reporting unit would be greater than its carrying amount. Therefore, we determined it was not necessary to perform the two-step goodwill impairment test. Furthermore, there has been no historical impairment of our goodwill. | ||||
Other intangible assets include the value of acquired customer lists and related non-compete agreements and are amortized on a straight-line basis over their estimated useful lives, none of which exceeds ten years. The gross carrying amount of our other intangible assets totaled $8.1 million as of December 31, 2013 and 2012. Accumulated amortization for these assets was $6.4 million and $5.7 million as of December 31, 2013 and 2012, respectively. The net carrying amounts of our other intangible assets are included in “Other assets” on our Balance Sheets. Amortization expense was $0.7 million for 2013 and $0.9 million for 2012 and 2011, respectively. Annual amortization expense for the next five years for these intangible assets is estimated to be: | ||||
(In thousands) | ||||
2014 | $ | 695 | ||
2015 | $ | 495 | ||
2016 | $ | 315 | ||
2017 | $ | 210 | ||
2018 | $ | 8 | ||
Long-Lived Assets | ' | |||
Long-Lived Assets | ||||
We assess the realizable value of our long-lived assets and evaluate such assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. | ||||
Claims And Insurance Accruals | ' | |||
Claims and Insurance Accruals | ||||
At December 31, 2013, we maintained a self-insured retention ("SIR") of $2.75 million per occurrence for bodily injury and property damage ("BIPD") claims; a deductible of $100,000 per claim for cargo loss and damage; and a deductible of $1.0 million per occurrence for workers' compensation claims. We also had an SIR of $400,000 per occurrence (with a $400,000 aggregate over our retention level) for group health claims. | ||||
Claims and insurance accruals reflect the estimated cost of claims for cargo loss and damage, BIPD, workers' compensation, long-term disability, group health and group dental not covered by insurance. These accruals include amounts for future claims development and claims incurred but not reported, which are primarily based on historical claims development experience. The related costs for cargo loss and damage and BIPD are charged to insurance and claims expense, while the related costs for workers' compensation, long-term disability, group health and dental are charged to employee benefits expense. | ||||
Our liability for claims and insurance totaled $100.4 million and $93.5 million at December 31, 2013 and 2012, respectively. The long-term portions of those reserves were $61.6 million and $59.5 million for 2013 and 2012, respectively, which were included in “Other non-current liabilities” on our Balance Sheets. | ||||
Share Based Compensation | ' | |||
Share-Based Compensation | ||||
Awards of phantom stock to employees and directors are accounted for as a liability under ASC topic 718, Compensation - Stock Compensation. ASC topic 718 requires changes in the fair value of our liability to be recognized as compensation cost over the requisite service period for the percentage of requisite service rendered each period. Changes in the fair value of the liability that occur after the requisite service period are recognized as compensation cost during the period in which the changes occur. We remeasure the liability for the outstanding awards at the end of each reporting period based on the closing price of our common stock at that date, and the compensation cost is based on the change in fair value for each reporting period. | ||||
Advertising | ' | |||
Advertising | ||||
The costs of advertising our services are expensed as incurred and are included in “General supplies and expenses” on our Statements of Operations. Advertising costs charged to expense totaled $16.7 million, $11.0 million and $8.3 million for 2013, 2012 and 2011, respectively. | ||||
Common Stock Split | ' | |||
Comprehensive Income | ||||
The Company has no components of other comprehensive income. Accordingly, net income equals comprehensive income for all periods presented in this report. | ||||
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 to reflect this stock split. | ||||
Fair Values Of Financial Instruments | ' | |||
Fair Values of Financial Instruments | ||||
The carrying values of financial instruments, such as cash and cash equivalents, customer and other receivables and trade payables, approximate their fair value due to the short maturities of these instruments. The carrying value of our long-term debt was $191.4 million and $240.4 million at December 31, 2013 and 2012, respectively. The estimated fair value of our long-term debt was $196.5 million and $247.9 million at December 31, 2013 and 2012, respectively. The fair value measurement of our senior notes was determined 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”). The fair value of our other long-term debt approximates carrying value. | ||||
Earnings Per Share | ' | |||
Earnings Per Share | ||||
Earnings per common share is computed using the weighted-average number of common shares outstanding during the period. There were no potentially dilutive shares outstanding at the end of each period presented in this report. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Estimated Useful Lives Of Property And Equipment | ' | ||||||||||||
Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the related assets. The following table provides the estimated useful lives by asset type: | |||||||||||||
Structures | 7 to 30 years | ||||||||||||
Revenue equipment | 4 to 15 years | ||||||||||||
Other equipment | 2 to 20 years | ||||||||||||
Leasehold improvements | Lesser of economic life or life of lease | ||||||||||||
Expected Amortization Expenses For Intangible Assets | ' | ||||||||||||
Annual amortization expense for the next five years for these intangible assets is estimated to be: | |||||||||||||
(In thousands) | |||||||||||||
2014 | $ | 695 | |||||||||||
2015 | $ | 495 | |||||||||||
2016 | $ | 315 | |||||||||||
2017 | $ | 210 | |||||||||||
2018 | $ | 8 | |||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Acquisition of property and equipment by capital lease | $ | — | $ | 1,094 | $ | 8,570 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule Of Long-Term Debt | ' | ||||||||
Long-term debt consisted of the following: | |||||||||
December 31, | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Senior notes | $ | 191,429 | $ | 227,143 | |||||
Revolving credit facility | — | 10,000 | |||||||
Capitalized lease and other obligations | — | 3,264 | |||||||
Total long-term debt | 191,429 | 240,407 | |||||||
Less: Current maturities | (35,715 | ) | (38,978 | ) | |||||
Total maturities due after one year | $ | 155,714 | $ | 201,429 | |||||
Aggregate Maturities Of Long-Term Debt | ' | ||||||||
As of December 31, 2013, aggregate maturities of long-term debt are as follows: | |||||||||
(In thousands) | |||||||||
2014 | $ | 35,715 | |||||||
2015 | 35,714 | ||||||||
2016 | 25,000 | ||||||||
2017 | — | ||||||||
2018 | 50,000 | ||||||||
Thereafter | 45,000 | ||||||||
$ | 191,429 | ||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
Schedule Of ATM Program | ' | |||||||||||||||
Set forth below is information regarding our ATM program. Shares and per share amounts have been adjusted for the three-for-two common stock split effected on September 7, 2012. | ||||||||||||||||
Period | Aggregate | Aggregate | Aggregate | Average Sales | ||||||||||||
Number of | Gross | Net Proceeds | Price Per Share | |||||||||||||
Shares Sold | Proceeds | |||||||||||||||
First quarter 2011 | 2,274,568 | $ | 49,575,000 | $ | 48,400,000 | $ | 21.79 | |||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Leases, Operating [Abstract] | ' | |||||
Future Minimum Annual Lease Payments | ' | |||||
Future minimum annual lease payments for assets under operating leases as of December 31, 2013 are as follows: | ||||||
(In thousands) | Total | |||||
2014 | $ | 15,931 | ||||
2015 | 10,833 | |||||
2016 | 7,508 | |||||
2017 | 5,684 | |||||
2018 | 4,623 | |||||
Thereafter | 14,210 | |||||
Total minimum lease payments | $ | 58,789 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components Of The Provision For Income Taxes | ' | ||||||||||||
The components of the provision for income taxes are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Current: | |||||||||||||
Federal | $ | 74,202 | $ | 74,074 | $ | 27,470 | |||||||
State | 15,635 | 11,890 | 9,796 | ||||||||||
89,837 | 85,964 | 37,266 | |||||||||||
Deferred: | |||||||||||||
Federal | 28,593 | 14,978 | 39,934 | ||||||||||
State | 4,143 | 2,704 | 3,414 | ||||||||||
32,736 | 17,682 | 43,348 | |||||||||||
Total provision for income taxes | $ | 122,573 | $ | 103,646 | $ | 80,614 | |||||||
Schedule Of Effective Income Tax Reconciliation Of The U.S. Statutory Federal Income Tax Rates | ' | ||||||||||||
The following is a reconciliation of the U.S. statutory federal income tax rates with our effective income tax rates for 2013, 2012 and 2011: | |||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Tax provision at statutory rate | $ | 115,040 | $ | 95,584 | $ | 77,029 | |||||||
State income taxes, net of federal benefit | 12,083 | 10,211 | 7,480 | ||||||||||
Meals and entertainment disallowance | 872 | 828 | 721 | ||||||||||
Tax credits | (5,422 | ) | (2,609 | ) | (4,453 | ) | |||||||
Other, net | — | (368 | ) | (163 | ) | ||||||||
Total provision for income taxes | $ | 122,573 | $ | 103,646 | $ | 80,614 | |||||||
Schedule Of Deferred Tax Assets And Liabilities | ' | ||||||||||||
Deferred tax assets and liabilities consist of the following: | |||||||||||||
December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Deferred tax assets: | |||||||||||||
Claims and insurance reserves | $ | 35,200 | $ | 32,499 | |||||||||
Allowance for doubtful accounts | 1,595 | 2,829 | |||||||||||
Accrued vacation | 14,873 | 12,399 | |||||||||||
Deferred compensation | 22,067 | 17,734 | |||||||||||
Other | 10,648 | 9,764 | |||||||||||
Total deferred tax assets | 84,383 | 75,225 | |||||||||||
Valuation allowance | (460 | ) | (559 | ) | |||||||||
Net deferred tax assets | 83,923 | 74,666 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation and amortization | (239,971 | ) | (197,875 | ) | |||||||||
Unrecognized revenue | (8,169 | ) | (8,171 | ) | |||||||||
Other | (1,651 | ) | (1,752 | ) | |||||||||
Total deferred tax liabilities | (249,791 | ) | (207,798 | ) | |||||||||
Net deferred tax liability | $ | (165,868 | ) | $ | (133,132 | ) | |||||||
Schedule Of Net Deferred Tax Liability | ' | ||||||||||||
Our net deferred tax liability consists of the following: | |||||||||||||
December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Current deferred tax asset | $ | 23,249 | $ | 20,054 | |||||||||
Noncurrent deferred tax liability | (189,117 | ) | (153,186 | ) | |||||||||
Net deferred tax liability | $ | (165,868 | ) | $ | (133,132 | ) |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Summary Of The Changes In The Number Of Outstanding Phantom Stock Shares | ' | ||||||||||||
Employee Phantom Plans | Director | Total | |||||||||||
Phantom | |||||||||||||
Stock Plan | |||||||||||||
Balance of shares outstanding at December 31, 2012 | 467,627 | 60,356 | 527,983 | ||||||||||
Granted | 92,120 | 7,161 | 99,281 | ||||||||||
Settled | (70,090 | ) | — | (70,090 | ) | ||||||||
Forfeited | — | — | — | ||||||||||
Balance of shares outstanding at December 31, 2013 | 489,657 | 67,517 | 557,174 | ||||||||||
Schedule of cash payments and compensation costs | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Cash payments for settled shares | $ | — | $ | — | $ | 6 | |||||||
Compensation costs | 1,214 | 989 | 513 | ||||||||||
Year Ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Cash payments for settled shares | $ | 1,404 | $ | 1,077 | $ | 519 | |||||||
Compensation costs | 7,639 | 5,404 | 3,719 | ||||||||||
Schedule of Phantom Stock Liability | ' | ||||||||||||
December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Employee Phantom Plans | $ | 20,210 | $ | 13,976 | |||||||||
Director Phantom Stock Plan | 3,422 | 2,207 | |||||||||||
Total | $ | 23,632 | $ | 16,183 | |||||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ' | ||||||||||||||||||||
Schedule Of Quarterly Financial Information | ' | ||||||||||||||||||||
Quarter | |||||||||||||||||||||
(In thousands, except per share data) | First | Second | Third | Fourth | Total | ||||||||||||||||
2013 | |||||||||||||||||||||
Revenue (1) | $ | 538,416 | $ | 590,304 | $ | 616,458 | $ | 592,470 | $ | 2,337,648 | |||||||||||
Operating income | 65,944 | 97,573 | 98,076 | 76,845 | 338,438 | ||||||||||||||||
Net income | 40,553 | 58,255 | 60,149 | 47,156 | 206,113 | ||||||||||||||||
Net income per share: | |||||||||||||||||||||
Basic and diluted | 0.47 | 0.68 | 0.7 | 0.55 | 2.39 | ||||||||||||||||
2012 | |||||||||||||||||||||
Revenue (1) | $ | 502,819 | $ | 547,452 | $ | 550,511 | $ | 533,797 | $ | 2,134,579 | |||||||||||
Operating income | 54,218 | 82,588 | 80,932 | 67,516 | 285,254 | ||||||||||||||||
Net income | 31,095 | 47,832 | 51,044 | 39,481 | 169,452 | ||||||||||||||||
Net income per share: | |||||||||||||||||||||
Basic and diluted | 0.36 | 0.56 | 0.59 | 0.46 | 1.97 | ||||||||||||||||
Significant_Accounting_Policie3
Significant Accounting Policies (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Sep. 07, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
PriorPeriodAdjustment | ' | ' | $24,100,000 | $21,300,000 |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 1.5 | ' | ' | ' |
Debt and Capital Lease Obligations | ' | 191,429,000 | 240,407,000 | ' |
Depreciation expenses including capital leases | ' | 126,400,000 | 109,800,000 | 89,900,000 |
Other intangible assets | ' | 8,100,000 | 8,100,000 | ' |
Accumulated amortization of intangible assets | ' | 6,400,000 | 5,700,000 | ' |
Amortization expense | ' | 700,000 | 900,000 | 900,000 |
Self-insurance reserve | ' | 100,400,000 | 93,500,000 | ' |
Long-term portions of self insurance reserve | ' | 61,600,000 | 59,500,000 | ' |
Advertising expense | ' | 16,700,000 | 11,000,000 | 8,300,000 |
Company-owned life insurance contracts | ' | ' | 6,800,000 | ' |
Long-term Debt, Fair Value | ' | 196,500,000 | 247,900,000 | ' |
Group Health Claims [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Insurance maximum, per occurrence | ' | 400,000 | ' | ' |
Self insurance additional coverage | ' | 400,000 | ' | ' |
Workers Compensation Claims [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Insurance maximum, per occurrence | ' | 1,000,000 | ' | ' |
Cargo Loss And Damage Claims [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Insurance maximum, per occurrence | ' | 100,000 | ' | ' |
Bodily Injury And Property Damage [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Insurance maximum, per occurrence | ' | $2,750,000 | ' | ' |
Significant_Accounting_Policie4
Significant Accounting Policies (Estimated Useful Lives Of Property And Equipment) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Leasehold Improvements [Member] | ' |
Significant Accounting Policies [Line Items] | ' |
Estimated useful lives of assets | 'LesserB ofB economicB lifeB orB lifeB ofB lease |
Minimum [Member] | Structures [Member] | ' |
Significant Accounting Policies [Line Items] | ' |
Estimated useful lives of asset, years | '7 years |
Minimum [Member] | Revenue Equipment [Member] | ' |
Significant Accounting Policies [Line Items] | ' |
Estimated useful lives of asset, years | '4 years |
Minimum [Member] | Other Equipment [Member] | ' |
Significant Accounting Policies [Line Items] | ' |
Estimated useful lives of asset, years | '2 years |
Maximum [Member] | Structures [Member] | ' |
Significant Accounting Policies [Line Items] | ' |
Estimated useful lives of asset, years | '30 years |
Maximum [Member] | Revenue Equipment [Member] | ' |
Significant Accounting Policies [Line Items] | ' |
Estimated useful lives of asset, years | '15 years |
Maximum [Member] | Other Equipment [Member] | ' |
Significant Accounting Policies [Line Items] | ' |
Estimated useful lives of asset, years | '20 years |
Significant_Accounting_Policie5
Significant Accounting Policies (Expected Amortization Expenses For Intangible Assets) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Accounting Policies [Abstract] | ' |
2014 | $695 |
2015 | 495 |
2016 | 315 |
2017 | 210 |
2018 | $8 |
Significant_Accounting_Policie6
Significant Accounting Policies Significant Accounting Policies (Supplemental Cash Flow Information) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Supplemental Cash Flow Elements [Abstract] | ' | ' | ' |
Supplemental Assets Acquired Under Capital Leases | $0 | $1,094,000 | $8,570,000 |
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | 6,600,000 | ' | ' |
Other Noncash Income | $3,400,000 | ' | ' |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | $191,429,000 | 227,143,000 |
Maximum borrowing capacity | 300,000,000 | ' |
Minimum increments under the additional borrowings | 25,000,000 | ' |
Interest Rate Spread added to LIBOR Rate | 1.00% | ' |
Interest Rate Spread added to Federal Funds Rate | 0.50% | ' |
Line of credit, outstanding | 0 | 10,000,000 |
Facing fee on outstanding amount of letter of credit | 0.13% | ' |
Minimum amount of dividends payable to shareholder as per credit agreement | 20,000,000 | ' |
Percentage of preceding year net income payable as dividend | 25.00% | ' |
Letter Of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maximum borrowing capacity | 150,000,000 | ' |
Line of credit, outstanding | 57,700,000 | 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 | ' |
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% | 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% | ' |
Letter of credit fee | 1.13% | ' |
Commitment fee percentage | 0.20% | ' |
Line Of Credit Facility Commitment Stated Fee Percentage | 0.30% | ' |
Minimum [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate Spread added to LIBOR Rate | 1.00% | ' |
Letter of credit fee | 1.00% | ' |
Commitment fee percentage | 0.18% | ' |
Line Of Credit Facility Commitment Stated Fee Percentage | 0.18% | ' |
LongTerm_Debt_Schedule_Of_Long
Long-Term Debt (Schedule Of Long-Term Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Senior Notes | $191,429 | $227,143 |
Revolving credit facility | 0 | 10,000 |
Capitalized lease and other obligations | 0 | 3,264 |
Total long-term debt | 191,429 | 240,407 |
Less: Current maturities | -35,715 | -38,978 |
Total maturities due after one year | $155,714 | $201,429 |
LongTerm_Debt_Aggregate_Maturi
Long-Term Debt (Aggregate Maturities Of Long-Term Debt) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2013 | $35,715 |
2014 | 35,714 |
2015 | 25,000 |
2016 | 0 |
2017 | 50,000 |
Thereafter | 45,000 |
Total | $191,429 |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' |
Maximum offering price under ATM program | $100,000,000 | ' | ' | ' |
Aggregate Number of Shares Sold | 2,275 | ' | ' | ' |
Aggregate Gross Proceeds | 49,575,000 | ' | ' | ' |
Aggregate Net Proceeds | $48,400,000 | $0 | $0 | $48,400,000 |
Average Sales Price Per Share | $21.79 | ' | ' | ' |
Stock issuance program, expiry date | ' | ' | 'February 2, 2012 | ' |
Leases_Narrative_Details
Leases (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases, Operating [Abstract] | ' | ' | ' |
Number of real estate leases | 63 | ' | ' |
Number Of Service Center Locations | 221 | ' | ' |
Aggregate expense under operating leases | $17.90 | $19.10 | $19.50 |
Leases_Assets_Under_Capital_Le
Leases (Assets Under Capital Leases) (Details) (USD $) | Dec. 31, 2012 |
In Millions, unless otherwise specified | |
Leases, Operating [Abstract] | ' |
Information systems | $9.90 |
Less: Accumulated amortization | ($2.30) |
Leases_Future_Minimum_Annual_L
Leases (Future Minimum Annual Lease Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases, Operating [Abstract] | ' |
Operating Leases Payable, 2014 | $15,931 |
Operating Leases Payable, 2015 | 10,833 |
Operating Leases Payable, 2016 | 7,508 |
Operating Leases Payable, 2017 | 5,684 |
Operating Leases Payable, 2018 | 4,623 |
Operating Leases Payable, Thereafter | 14,210 |
Total minimum operating lease payments | $58,789 |
Income_Taxes_Components_Of_The
Income Taxes (Components Of The Provision For Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal | $74,202 | $74,074 | $27,470 |
State | 15,635 | 11,890 | 9,796 |
Total current income tax expense (benefit) | 89,837 | 85,964 | 37,266 |
Federal | 28,593 | 14,978 | 39,934 |
State | 4,143 | 2,704 | 3,414 |
Total deferred income tax expense (benefit) | 32,736 | 17,682 | 43,348 |
Total provision for income taxes | $122,573 | $103,646 | $80,614 |
Income_Taxes_Schedule_Of_Effec
Income Taxes (Schedule Of Effective Reconciliation Of The U.S. Statutory Federal Income Tax Rates) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Tax provision at statutory rate on income before income taxes | $115,040 | $95,584 | $77,029 |
State income taxes, net of federal benefit | 12,083 | 10,211 | 7,480 |
Meals and entertainment disallowance | 872 | 828 | 721 |
Tax credits | -5,422 | -2,609 | -4,453 |
Other, net | 0 | -368 | -163 |
Total provision for income taxes | $122,573 | $103,646 | $80,614 |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Claims and insurance reserves | $35,200 | $32,499 |
Allowance for doubtful accounts | 1,595 | 2,829 |
Accrued vacation | 14,873 | 12,399 |
Deferred compensation | 22,067 | 17,734 |
Other | 10,648 | 9,764 |
Total deferred tax assets | 84,383 | 75,225 |
Valuation allowance | -460 | -559 |
Net deferred tax assets | 83,923 | 74,666 |
Depreciation | -239,971 | -197,875 |
Unrecognized revenue | -8,169 | -8,171 |
Other | -1,651 | -1,752 |
Total deferred tax liabilities | -249,791 | -207,798 |
Net deferred tax liability | ($165,868) | ($133,132) |
Income_Taxes_Schedule_Of_Net_D
Income Taxes (Schedule Of Net Deferred Tax Liability) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Current deferred tax asset | $23,249 | $20,054 |
Noncurrent deferred tax liability | -189,117 | -153,186 |
Net deferred tax liability | ($165,868) | ($133,132) |
Income_Taxes_Income_Taxes_Narr
Income Taxes Income Taxes (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Deferred Tax Assets, Tax Credit Carryforwards | $3,800,000 | ' |
Tax Credit Carryforward, Expiration Date Minimum | 5 | ' |
Tax Credit Carryforward, Expiration Date Maximum | 15 | ' |
Deferred Tax Assets, Valuation Allowance | $460,000 | $559,000 |
Related_Person_Transactions_De
Related Person Transactions (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Rental service charge | ' | $18,000 | $18,000 | $18,000 |
Purchase of maintenance and other services | ' | 299,000 | 239,000 | 278,000 |
Cash surrender value | ' | ' | 6,800,000 | ' |
Cash Surrender Value Of Life Insurance | 9,300,000 | 9,300,000 | ' | ' |
Proceeds from Life Insurance Policies | 7,300,000 | ' | ' | ' |
Proceeds from Life Insurance Policies Designated to a Third Party | $2,000,000 | ' | ' | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Company contributions | $20.60 | $16.90 | $13.90 |
Deferred compensation plan amounts owed | $36.60 | $30 | ' |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 99,281 | ' | ' | ' |
Phantom shares annual award | ' | ' | $50,000 | $30,000 |
Phantom shares vested | 266,740 | 277,701 | ' | ' |
Total liability for share awards | 23,632,000 | 16,183,000 | ' | ' |
Director Phantom Stock Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 7,161 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Total Share-based Liabilities Paid | 0 | 0 | 6,000 | ' |
Total liability for share awards | 3,422,000 | 2,207,000 | ' | ' |
Compensation costs | 1,214,000 | 989,000 | 513,000 | ' |
Unrecognized compensation cost | 200,000 | ' | ' | ' |
Employee Phantom Stock Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 92,120 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Total Share-based Liabilities Paid | 1,404,000 | 1,077,000 | 519,000 | ' |
Total liability for share awards | 20,210,000 | 13,976,000 | ' | ' |
Compensation costs | 7,639,000 | 5,404,000 | 3,719,000 | ' |
Unrecognized compensation cost | $7,600,000 | ' | ' | ' |
2012 Phantom Stock Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Maximum number of shares of phantom stock available for awards | 1,000,000 | ' | ' | ' |
ShareBased_Compensation_Summar
Share-Based Compensation (Summary Of The Changes In The Number Of Outstanding Phantom Stock Shares) (Details) [Axis] | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Balance of shares outstanding at December 31, 2012 | 527,983 |
Granted | 99,281 |
Settled | -70,090 |
Forfeited | 0 |
Balance of shares outstanding at December 31, 2013 | 557,174 |
Employee Phantom Stock Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Balance of shares outstanding at December 31, 2012 | 467,627 |
Granted | 92,120 |
Settled | -70,090 |
Forfeited | 0 |
Balance of shares outstanding at December 31, 2013 | 489,657 |
Director Phantom Stock Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Balance of shares outstanding at December 31, 2012 | 60,356 |
Granted | 7,161 |
Settled | 0 |
Forfeited | 0 |
Balance of shares outstanding at December 31, 2013 | 67,517 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Summary Of Quarterly Financial Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $592,470 | $616,458 | $590,304 | $538,416 | $533,797 | $550,511 | $547,452 | $502,819 | $2,337,648 | $2,134,579 | $1,903,800 |
Operating income | 76,845 | 98,076 | 97,573 | 65,944 | 67,516 | 80,932 | 82,588 | 54,218 | 338,438 | 285,254 | 234,072 |
Net income | $47,156 | $60,149 | $58,255 | $40,553 | $39,481 | $51,044 | $47,832 | $31,095 | $206,113 | $169,452 | $139,470 |
Basic and diluted | $0.55 | $0.70 | $0.68 | $0.47 | $0.46 | $0.59 | $0.56 | $0.36 | $2.39 | $1.97 | ' |
Schedule_II_Valuation_And_Qual1
Schedule II - Valuation And Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Valuation and Qualifying Accounts [Abstract] | ' | ' | ' |
Balance at Beginning of Period | $7,282 | $7,277 | $6,800 |
Charged to Costs and Expenses | 1,074 | 2,123 | 3,200 |
Deductions | 2,046 | 2,118 | 2,723 |
Balance at End of Period | $6,310 | $7,282 | $7,277 |