Old Dominion Freight Line (ODFL) 10-Q 6 May 14 2014 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2014	5-May-14
Document And Entity Information [Abstract]	'	'
Entity Registrant Name	'OLD DOMINION FREIGHT LINE INC/VA	'
Entity Central Index Key	'0000878927	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Trading Symbol	'ODFL	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	86,164,917

Condensed_Balance_Sheets

Condensed Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$41,244	$30,174
Customer receivables, less allowances of $8,355 and $8,067, respectively	285,249	248,069
Other receivables	3,323	10,225
Prepaid expenses	33,432	21,262
Deferred income taxes	25,726	23,249
Total current assets	388,974	332,979
Property and equipment:	'	'
Revenue equipment	1,043,633	1,009,936
Land and structures	1,012,028	990,256
Other fixed assets	285,052	266,563
Leasehold improvements	6,437	6,378
Total property and equipment	2,347,150	2,273,133
Accumulated depreciation	-761,074	-730,074
Net property and equipment	1,586,076	1,543,059
Goodwill	19,463	19,463
Other assets	37,255	36,588
Total assets	2,031,768	1,932,089
Current liabilities:	'	'
Accounts payable	71,764	36,788
Compensation and benefits	97,731	97,187
Claims and insurance accruals	39,525	38,784
Other accrued liabilities	22,756	21,480
Income taxes payable	26,015	2,168
Current maturities of long-term debt	35,714	35,715
Total current liabilities	293,505	232,122
Long-term liabilities:	'	'
Long-term debt	145,000	155,714
Other non-current liabilities	125,402	123,054
Deferred income taxes	189,892	189,117
Total long-term liabilities	460,294	467,885
Total liabilities	753,799	700,007
Commitments and Contingencies	'	'
Shareholders' equity:	'	'
Common stock - $0.10 par value, 140,000,000 shares authorized, 86,164,917 shares outstanding at March 31, 2014 and December 31, 2013	8,616	8,616
Capital in excess of par value	134,401	134,401
Retained earnings	1,134,952	1,089,065
Total shareholders' equity	1,277,969	1,232,082
Total liabilities and shareholders' equity	$2,031,768	$1,932,089

Condensed_Balance_Sheets_Paren

Condensed Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Statement of Financial Position [Abstract]	'	'
Customer receivables, allowances	$8,355	$8,067
Common stock, par value	$0.10	$0.10
Common stock, shares authorized	140,000,000	140,000,000
Common stock, shares outstanding	86,164,917	86,164,917

Condensed_Statements_Of_Operat

Condensed Statements Of Operations (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Income Statement [Abstract]	'	'
Revenue from operations	$620,276	$538,416
Operating expenses:	'	'
Salaries, wages and benefits	311,181	270,800
Operating supplies and expenses	106,294	95,703
General supplies and expenses	19,135	17,761
Operating taxes and licenses	19,050	17,269
Insurance and claims	7,973	7,270
Communications and utilities	6,734	5,721
Depreciation and amortization	34,092	29,834
Purchased transportation	29,136	23,339
Building and office equipment rents	2,506	3,178
Miscellaneous expenses, net	4,123	1,597
Total operating expenses	540,224	472,472
Operating income	80,052	65,944
Non-operating expense (income):	'	'
Interest expense	2,076	2,400
Interest income	-33	-14
Other expense (income), net	775	74
Total non-operating expense	2,818	2,460
Income before income taxes	77,234	63,484
Provision for income taxes	31,347	22,931
Net income	$45,887	$40,553
Earnings per share:	'	'
Basic	$0.53	$0.47
Diluted	$0.53	$0.47
Weighted average shares outstanding:	'	'
Basic	86,164,917	86,164,917
Diluted	86,164,917	86,164,917

Condensed_Statements_Of_Cash_F

Condensed Statements Of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net income	$45,887	$40,553
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	34,092	29,834
(Gain) loss on sale of property and equipment	848	47
Deferred income taxes	-1,702	-3,736
Other operating activities, net	20,443	-3,164
Net cash provided by operating activities	99,568	63,534
Cash flows from investing activities:	'	'
Purchase of property and equipment	-79,818	-26,949
Proceeds from sale of property and equipment	2,035	815
Net cash used in investing activities	-77,783	-26,134
Cash flows from financing activities:	'	'
Principal payments under long-term debt agreements	-10,715	-11,074
Net proceeds (payments) from revolving line of credit	0	-10,000
Net cash provided by (used in) financing activities	-10,715	-21,074
(Decrease) increase in cash and cash equivalents	11,070	16,326
Cash and cash equivalents at beginning of period	30,174	12,857
Cash and cash equivalents at end of period	$41,244	$29,183

Significant_Accounting_Policie

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Significant Accounting Policies	'
	Note 1. Significant Accounting Policies
	Basis of Presentation
	The accompanying unaudited, interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and, in management’s opinion, contain all adjustments (consisting of normal recurring items) necessary for a fair presentation, in all material respects, of the financial position and results of operations for the periods presented. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements.
	The preparation of condensed financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Our operating results are subject to seasonal trends; therefore, the results of operations for the interim period ended March 31, 2014 are not necessarily indicative of the results that may be expected for subsequent quarterly periods or the year ending December 31, 2014.
	The condensed financial statements should be read in conjunction with the financial statements and related notes, which appear in our Annual Report on Form 10-K for the year ended December 31, 2013.
	There have been no significant changes in the accounting principles and policies, long-term contracts or estimates inherent in the preparation of the condensed financial statements of Old Dominion Freight Line, Inc. as previously described in our Annual Report on Form 10-K for the year ended December 31, 2013.
	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.
	Fair Values of Financial Instruments
	The carrying values of financial instruments included in current assets and liabilities, such as cash and cash equivalents, customer and other receivables, trade payables and current maturities of long-term debt, approximate their fair value due to the short maturities of these instruments.  The carrying value of our total long-term debt, including current maturities, was $180.7 million and $191.4 million at March 31, 2014 and December 31, 2013, respectively. The estimated fair value of our total long-term debt was $186.0 million and $196.5 million at March 31, 2014 and December 31, 2013, respectively. Our long-term debt primarily consists of our senior notes for which fair value is estimated using market interest rates for similar issuances of private debt.  Since this methodology is based upon indicative market interest rates, the measurement is categorized as Level 2 under the three-level fair value hierarchy as established by the Financial Accounting Standards Board (the “FASB”).
	Earnings Per Share
	Earnings per share is computed using the weighted average number of common shares outstanding during the period.

LongTerm_Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Long-Term Debt	'
	Note 2. Long-Term Debt
	Long-term debt consisted of the following:
	(In thousands)	March 31,			December 31,
		2014			2013
	Senior notes	$	180,714		$	191,429
	Less: Current maturities	(35,714		)	(35,715		)
	Total maturities due after one year	$	145,000		$	155,714
	We have three outstanding unsecured senior note agreements with an aggregate amount outstanding of $180.7 million and $191.4 million at March 31, 2014 and December 31, 2013, respectively. These notes call for periodic principal payments with maturities that range from 2015 to 2021, of which $35.7 million is due in the next twelve months. Interest rates on these notes are fixed and range from 4.00% to 5.85%. The weighted average interest rate on our outstanding senior note agreements was 5.00% and 4.99% at March 31, 2014 and December 31, 2013, 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% at March 31, 2014 and December 31, 2013, respectively. Revolving loans under the sweep program bear interest at the LIBOR Index Rate.
	There were no borrowings outstanding at March 31, 2014 and December 31, 2013 under the revolving credit facility. There were $59.7 million and $57.7 million of outstanding letters of credit at March 31, 2014 and December 31, 2013, respectively.

Income_Taxes_Income_Taxes

Income Taxes Income Taxes	3 Months Ended
	Mar. 31, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	Note 3. Income Taxes
	Our effective tax rate generally exceeds the federal statutory rate of 35% due to the impact of state taxes, and, to a lesser extent, certain other non-deductible items.  For the three months ended March 31, 2014, our effective tax rate was 40.6% as compared to 36.1% for the same period in 2013. The increase in our effective tax rate was due to the expiration of favorable tax credits for the use of alternative fuels provided by the American Taxpayer Relief Act of 2012 enacted in the first quarter of 2013 and other discrete tax adjustments for the three months ended March 31, 2014.

Commitments_And_Contingencies

Commitments And Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments And Contingencies	'
	Note 4. Commitments and Contingencies
	We are involved in various legal proceedings and claims that have arisen in the ordinary course of our business that have not been fully adjudicated, and some of these are covered in whole or in part by insurance. Our management does not believe that these actions, when finally concluded and determined, will have a material adverse effect upon our financial position, results of operations or cash flows.

Significant_Accounting_Policie1

Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Basis Of Presentation	'
	Basis of Presentation
	The accompanying unaudited, interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and, in management’s opinion, contain all adjustments (consisting of normal recurring items) necessary for a fair presentation, in all material respects, of the financial position and results of operations for the periods presented. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements.
	The preparation of condensed financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Our operating results are subject to seasonal trends; therefore, the results of operations for the interim period ended March 31, 2014 are not necessarily indicative of the results that may be expected for subsequent quarterly periods or the year ending December 31, 2014.
	The condensed financial statements should be read in conjunction with the financial statements and related notes, which appear in our Annual Report on Form 10-K for the year ended December 31, 2013.
	There have been no significant changes in the accounting principles and policies, long-term contracts or estimates inherent in the preparation of the condensed financial statements of Old Dominion Freight Line, Inc. as previously described in our Annual Report on Form 10-K for the year ended December 31, 2013.
	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.
Fair Value of Financial Instruments, Policy [Policy Text Block]	'
	Fair Values of Financial Instruments
	The carrying values of financial instruments included in current assets and liabilities, such as cash and cash equivalents, customer and other receivables, trade payables and current maturities of long-term debt, approximate their fair value due to the short maturities of these instruments.  The carrying value of our total long-term debt, including current maturities, was $180.7 million and $191.4 million at March 31, 2014 and December 31, 2013, respectively. The estimated fair value of our total long-term debt was $186.0 million and $196.5 million at March 31, 2014 and December 31, 2013, respectively. Our long-term debt primarily consists of our senior notes for which fair value is estimated using market interest rates for similar issuances of private debt.  Since this methodology is based upon indicative market interest rates, the measurement is categorized as Level 2 under the three-level fair value hierarchy as established by the Financial Accounting Standards Board (the “FASB”).
Earnings Per Share, Policy [Policy Text Block]	'
	Earnings Per Share
	Earnings per share is computed using the weighted average number of common shares outstanding during the period.

LongTerm_Debt_Tables

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Schedule Of Long-Term Debt	'
	Long-term debt consisted of the following:
	(In thousands)	March 31,			December 31,
		2014			2013
	Senior notes	$	180,714		$	191,429
	Less: Current maturities	(35,714		)	(35,715		)
	Total maturities due after one year	$	145,000		$	155,714

Significant_Accounting_Policie2

Significant Accounting Policies (Narrative) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Accounting Policies [Abstract]	'	'
Debt and Capital Lease Obligations	$180,714,000	$191,429,000
Long-term Debt, Fair Value	$186,000,000	$196,500,000

LongTerm_Debt_Narrative_Detail

Long-Term Debt (Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]	'	'
Senior Notes	$180,714,000	$191,429,000
Interest Rate Spread added to LIBOR Rate	1.00%	'
Applicable Margin Percentage, Interest Rate added to federal funds rate	0.50%	'
Line of Credit Facility, Amount Outstanding	0	0
Letter Of Credit [Member]	'	'
Debt Instrument [Line Items]	'	'
Maximum borrowing capacity	150,000,000	'
Line of Credit Facility, Amount Outstanding	59,700,000	57,700,000
Sweep Program [Member]	'	'
Debt Instrument [Line Items]	'	'
Maximum borrowing capacity	20,000,000	'
Five Year Senior Unsecured Revolving Credit Facility [Member]	'	'
Debt Instrument [Line Items]	'	'
Current borrowing capacity	200,000,000	'
Maximum borrowing capacity	300,000,000	'
Minimum increments under the additional borrowings	25,000,000	'
Interest Rate Spread added to LIBOR Rate	1.00%	'
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	5.00%	4.99%
Maximum [Member]	'	'
Debt Instrument [Line Items]	'	'
Interest Rate Spread added to LIBOR Rate	1.88%	'
Minimum [Member]	'	'
Debt Instrument [Line Items]	'	'
Interest Rate Spread added to LIBOR Rate	1.00%	'

LongTerm_Debt_Schedule_Of_Long

Long-Term Debt (Schedule Of Long-Term Debt) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Debt Disclosure [Abstract]	'	'
Senior notes	$180,714	$191,429
Revolving credit facility	0	0
Total long-term debt	180,714	191,429
Less: Current maturities	-35,714	-35,715
Total maturities due after one year	$145,000	$155,714

Income_Taxes_Income_Taxes_Deta

Income Taxes Income Taxes (Details)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Income Tax Disclosure [Abstract]	'	'
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%	35.00%
Effective tax rate	40.60%	36.10%