Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 26, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ODFL | ||
Entity Registrant Name | OLD DOMINION FREIGHT LINE INC/VA | ||
Entity Central Index Key | 878,927 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 83,818,609 | ||
Entity Public Float | $ 4,365,601,240 | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | Yes |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets, Current [Abstract] | ||
Cash and cash equivalents | $ 11,472 | $ 34,787 |
Customer receivables, less allowances of $8,976 and $9,069, respectively | 310,501 | 303,170 |
Other receivables | 34,547 | 44,730 |
Prepaid expenses and other current assets | 25,210 | 21,085 |
Total current assets | 381,730 | 403,772 |
Property and equipment | ||
Revenue equipment | 1,358,317 | 1,158,108 |
Land and structures | 1,221,250 | 1,088,372 |
Other fixed assets | 365,673 | 321,310 |
Leasehold improvements | 7,585 | 6,982 |
Total property and equipment | 2,952,825 | 2,574,772 |
Less: Accumulated depreciation | (929,377) | (831,527) |
Net property and equipment | 2,023,448 | 1,743,245 |
Goodwill | 19,463 | 19,463 |
Other assets | 41,863 | 40,386 |
Total assets | 2,466,504 | 2,206,866 |
Liabilities, Current [Abstract] | ||
Accounts Payable, Current | 66,774 | 45,314 |
Compensation and benefits | 124,589 | 106,200 |
Claims and insurance accruals | 44,917 | 42,271 |
Other accrued liabilities | 22,634 | 26,139 |
Current maturities of long-term debt | 26,488 | 35,714 |
Total current liabilities | 285,402 | 255,638 |
Long-term debt | 107,317 | 120,000 |
Other non-current liabilities | 154,094 | 145,752 |
Deferred income taxes | 235,054 | 191,412 |
Total long-term liabilities | 496,465 | 457,164 |
Total liabilities | 781,867 | 712,802 |
Shareholders equity | ||
Common stock - $0.10 par value, 140,000,000 shares authorized, 84,411,878 and 86,094,297 shares outstanding at December 31, 2015 and 2014, respectively | 8,441 | 8,609 |
Capital in excess of par value | 134,401 | 134,401 |
Retained earnings | 1,541,795 | 1,351,054 |
Total shareholders' equity | 1,684,637 | 1,494,064 |
Total liabilities and shareholders' equity | $ 2,466,504 | $ 2,206,866 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Customer receivables, allowances | $ 8,976 | $ 9,069 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 140,000,000 | 140,000,000 |
Common stock, shares outstanding | 84,411,878 | 86,094,297 |
Statements Of Operations
Statements Of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Revenue from operations | $ 2,972,442 | $ 2,787,897 | $ 2,337,648 |
Operating expenses | |||
Salaries, wages and benefits | 1,569,791 | 1,381,277 | 1,170,773 |
Operating supplies and expenses | 353,889 | 432,675 | 385,201 |
General supplies and expenses | 89,308 | 83,165 | 69,765 |
Operating taxes and licenses | 93,292 | 83,417 | 71,599 |
Insurance and claims | 37,368 | 36,145 | 30,910 |
Communications and utilities | 26,913 | 25,507 | 23,142 |
Depreciation and amortization | 165,343 | 146,466 | 127,072 |
Purchased transportation | 116,300 | 129,312 | 106,435 |
Building and office equipment rents | 9,620 | 10,679 | 11,920 |
Miscellaneous expenses, net | 12,378 | 17,947 | 2,393 |
Total operating expenses | 2,474,202 | 2,346,590 | 1,999,210 |
Operating income | 498,240 | 441,307 | 338,438 |
Non-operating expense (income) | |||
Interest expense | 5,210 | 6,610 | 9,620 |
Interest income | (209) | (108) | (147) |
Other expense, net | 3,222 | 2,291 | 279 |
Total non-operating expense | 8,223 | 8,793 | 9,752 |
Income before income taxes | 490,017 | 432,514 | 328,686 |
Provision for income taxes | 185,327 | 165,000 | 122,573 |
Net income | $ 304,690 | $ 267,514 | $ 206,113 |
Earnings per share | |||
Basic | $ 3.57 | $ 3.10 | $ 2.39 |
Diluted | $ 3.57 | $ 3.10 | $ 2.39 |
Weighted average shares outstanding | |||
Basic | 85,378,480 | 86,162,137 | 86,164,917 |
Diluted | 85,378,480 | 86,162,137 | 86,164,917 |
Statements Of Changes In Shareh
Statements Of Changes In Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Retained Earnings [Member] | Capital In Excess Of Par Value [Member] |
Balance, in shares at Dec. 31, 2012 | 86,165 | |||
Balance at Dec. 31, 2012 | $ 1,025,969 | $ 8,616 | $ 882,952 | $ 134,401 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 206,113 | 206,113 | ||
Balance, in shares at Dec. 31, 2013 | 86,165 | |||
Balance at Dec. 31, 2013 | 1,232,082 | $ 8,616 | 1,089,065 | 134,401 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 267,514 | 267,514 | ||
Stock Repurchased During Period, Shares | (71) | |||
Stock Repurchased and Retired During Period, Value | (5,532) | $ (7) | (5,525) | |
Balance, in shares at Dec. 31, 2014 | 86,094 | |||
Balance at Dec. 31, 2014 | 1,494,064 | $ 8,609 | 1,351,054 | 134,401 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 304,690 | 304,690 | ||
Stock Repurchased During Period, Shares | (1,682) | |||
Stock Repurchased and Retired During Period, Value | (114,117) | $ (168) | (113,949) | |
Balance, in shares at Dec. 31, 2015 | 84,412 | |||
Balance at Dec. 31, 2015 | $ 1,684,637 | $ 8,441 | $ 1,541,795 | $ 134,401 |
Statements Of Cash Flows
Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 304,690 | $ 267,514 | $ 206,113 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 165,343 | 146,466 | 127,072 |
(Gain) loss on sale of property and equipment | (3,592) | (716) | (5,743) |
Deferred income taxes | 43,642 | 25,544 | 32,736 |
Changes in assets and liabilities | |||
Customer and other receivables, net | (8,672) | (54,443) | (30,063) |
Prepaid expenses and other assets | (6,097) | (4,316) | 1,910 |
Accounts payable | 21,460 | 8,526 | (8,103) |
Compensation, benefits and other accrued liabilities | 14,699 | 13,672 | 17,714 |
Claims and insurance accruals | 11,549 | 7,225 | 6,952 |
Income taxes, net | 11,511 | (36,758) | (12,027) |
Other liabilities | (653) | 18,960 | 14,105 |
Net cash provided by operating activities | 553,880 | 391,674 | 350,666 |
Cash flows from investing activities: | |||
Purchase of property and equipment | (462,059) | (367,680) | (295,606) |
Proceeds from sale of property and equipment | 24,442 | 21,866 | 11,235 |
Net cash used in investing activities | (437,617) | (345,814) | (284,371) |
Cash flows from financing activities: | |||
Principal payments under long-term debt agreements | (37,778) | (35,715) | (38,978) |
Net (payments) proceeds on revolving line of credit | 12,317 | 0 | (10,000) |
Payments for Repurchase of Common Stock | (114,117) | (5,532) | 0 |
Net cash (used in) provided by financing activities | (139,578) | (41,247) | (48,978) |
(Decrease) increase in cash and cash equivalents | (23,315) | 4,613 | 17,317 |
Cash and cash equivalents at beginning of year | 34,787 | 30,174 | 12,857 |
Cash and cash equivalents at end of year | 11,472 | 34,787 | 30,174 |
Income taxes paid | 130,058 | 176,221 | 102,448 |
Interest paid | 8,414 | 9,710 | 11,585 |
Capitalized interest | $ 2,526 | $ 2,884 | $ 1,731 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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 services, which include ground and air expedited transportation and consumer household pickup and delivery, through a single integrated organization. More than 97% of our revenue is derived from these services. In addition to our core LTL services, we offer a broad range of value-added services including container drayage, truckload brokerage, supply chain consulting and warehousing. 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. 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. 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. 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 $164.8 million , $145.8 million and $126.4 million for 2015 , 2014 and 2013 , respectively. Goodwill Intangible assets have been acquired in connection with business combinations and are comprised of goodwill. Goodwill is calculated as the excess cost over the fair value of assets acquired and is not subject to amortization. We review goodwill annually for impairment as a single reporting unit, unless circumstances dictate more frequent assessments, 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 Accounting Standards Codification ("ASC") Topic 350. We performed the qualitative assessment of goodwill on our annual measurement date of October 1, 2015 and determined that 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. Claims and Insurance Accruals As of December 31, 2015 , 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 $500,000 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, 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" on our Statements of Operations, while the related costs for workers' compensation, group health and group dental are charged to "Salaries, wages and benefits" on our Statements of Operations. Our liability for claims and insurance totaled $119.2 million and $107.7 million at December 31, 2015 and 2014 , respectively. The long-term portions of those reserves were $74.3 million and $65.4 million for 2015 and 2014 , 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 $22.9 million , $19.3 million and $16.7 million for 2015 , 2014 and 2013 , respectively. Fair Values of Financial Instruments The carrying values of financial instruments in current assets and current liabilities approximate their fair value due to the short maturities of these instruments. The carrying value of our total long-term debt, including current maturities, and capital lease obligations was $133.8 million and $155.7 million at December 31, 2015 and 2014 , respectively. The estimated fair value of our total long-term debt and capital lease obligations was $139.1 million and $165.5 million at December 31, 2015 and 2014 , respectively. The fair value measurement of our senior notes was determined using a discounted cash flow analysis that factors in current market yields for comparable borrowing arrangements under our credit profile. Since this methodology is based upon market yields for comparable arrangements, the measurement is categorized as Level 2 under the three-level fair value hierarchy as established by the Financial Accounting Standards Board (the “FASB”). Stock Repurchase Program On November 10, 2014, we announced that our Board of Directors had approved a stock repurchase program authorizing us to repurchase up to an aggregate of $200.0 million of our outstanding common stock. We may repurchase shares from time-to-time in open market purchases or through privately negotiated transactions. The program expires on November 6, 2016. Shares of our common stock repurchased by us under the repurchase program are canceled at the time of repurchase and are authorized but unissued shares of our common stock. As of December 31, 2015 , we had repurchased 1,753,039 shares for $119.6 million , and $80.4 million remained authorized under the program. 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) 2015 2014 2013 Acquisition of property and equipment by capital lease $ 3,552 $ — $ — In addition, during 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 In May 2014, the FASB issued ASU 2014-09, " Revenue from Contracts with Customers " (Topic 606). This ASU supersedes the previous revenue recognition requirements in ASC Topic 605—Revenue Recognition and most industry-specific guidance throughout the ASC. The core principle within this ASU is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration expected to be received for those goods or services. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers", which deferred the effective date for ASU 2014-09 by one year to fiscal years beginning after December 15, 2017, while providing the option to early adopt for fiscal years beginning after December 15, 2016. Transition methods under ASU 2014-09 must be through either (i) retrospective application to each prior reporting periods presented, or (ii) retrospective application with a cumulative effect adjustment at the date of initial application. We continue to assess the method of application and impact, if any, of the adoption of ASU 2014-09 on our financial position, results of operations or cash flows. In April 2015, the FASB issued ASU 2015-05, " Customer's Accounting for Fees Paid in a Cloud Computing Arrangement " (Topic 350). This ASU provides additional guidance to customers about whether a cloud computing arrangement includes a software license. Under ASU 2015-05, if a cloud computing arrangement contains a software license, customers should account for the license element of the arrangement in a manner consistent with the acquisition of other software licenses. If the arrangement does not contain a software license, customers should account for the arrangement as a service contract. The Company will adopt the provisions of ASU 2015-05 in the first quarter of fiscal 2016, and is currently evaluating the impact on our financial position, results of operations or cash flows. In April 2015, the FASB issued ASU 2015-03, " Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs " (Topic 835-30). This ASU requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the related debt's carrying value, which is consistent with the presentation of debt discounts. This ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015. The Company does not believe the adoption of ASU 2015-03 will have a material impact on its financial position, results of operations or cash flows. In November 2015, the FASB issued ASU 2015-17, " Balance Sheet Classification of Deferred Taxes " (Topic 740). This ASU requires that deferred tax assets and liabilities be classified as noncurrent on the balance sheet rather than being separated into current and noncurrent. The ASU is effective for annual and interim periods beginning after December 15, 2016, and early adoption is permitted. We early adopted this ASU on a retrospective basis during the fourth quarter of 2015. Accordingly, deferred income tax assets in the amount of $29.4 million that were formerly classified as current assets at December 31, 2014, have been reclassified to non-current deferred income tax liabilities in our balance sheet. In February 2016, the FASB issued ASU 2016-02, “ Leases ” (Topic 842). This ASU requires a lessee to recognize a right-of-use asset and a lease liability under most operating leases in its balance sheet. The ASU is effective for annual and interim periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the effects that the adoption of ASU 2016-02 will have on our financial position, results of operations or cash flows. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 2. Long-term Debt Long-term debt consisted of the following: December 31, (In thousands) 2015 2014 Senior notes $ 120,000 $ 155,714 Revolving credit facility 12,317 — Capitalized lease obligations 1,488 — Total long-term debt 133,805 155,714 Less: Current maturities (26,488 ) (35,714 ) Total maturities due after one year $ 107,317 $ 120,000 We had two outstanding unsecured senior note agreements with an aggregate amount outstanding of $120.0 million at December 31, 2015 . At December 31, 2014 , we had three outstanding unsecured senior note agreements with an aggregate amount outstanding of $155.7 million . These notes include scheduled principal payments with maturities that range from 2016 to 2021, of which $25.0 million is due in the next twelve months. Interest rates on these notes are fixed and range from 4.00% to 5.85% . The effective average interest rate on our outstanding senior note agreements was 4.68% and 4.87% at December 31, 2015 and 2014 , respectively. On December 15, 2015, we entered into an amended and restated credit agreement with Wells Fargo Bank, National Association ("Wells Fargo") serving as administrative agent for the lenders (the "2015 Credit Agreement"). The 2015 Credit Agreement provides for a five-year, $250.0 million senior unsecured revolving line of credit. We may also request an increase in the line of credit commitments up to an aggregate of $350.0 million , which may include Term Loan Commitments, in minimum increments of $25.0 million . Of the $250.0 million line of credit commitments, up to $100.0 million may be used for letters of credit and $30.0 million may be used for borrowings under the Wells Fargo Sweep Plus Loan Program (the "Sweep Program"). We utilize the Sweep Program to manage our daily cash needs, as it automatically initiates borrowings to cover overnight cash requirements primarily for working capital needs. At our option, borrowings under the 2015 Credit Agreement bear interest at either: (i) LIBOR plus an applicable margin (based on our ratio of debt-to-total capitalization) that ranges from 1.0% to 1.50% ; or (ii) a Base Rate plus an applicable margin (based on our ratio of debt-to-total capitalization) that ranges from 0.0% to 0.5% . Loans under the Sweep Program bear interest at the LIBOR plus applicable margin rate. Letter of credit fees equal to the applicable margin for LIBOR and Base Rate loans are charged quarterly in arrears on the daily average aggregate stated amount of all letters of credit outstanding during the quarter. Commitment fees ranging from 0.125% to 0.2% (based upon the ratio of debt-to-total capitalization) are charged quarterly in arrears on the aggregate unutilized portion of the 2015 Credit Agreement. Wells Fargo, as administrative agent, also receives an annual fee for providing administrative services. For the periods covered under the 2015 Credit Agreement, the applicable margin and letter of credit fees were 1.0% and commitment fees were 0.125% . The 2015 Credit Agreement superseded and replaced our previous five-year, $200.0 million senior unsecured revolving credit facility dated August 10, 2011, as amended on November 7, 2014 (the "2011 Credit Agreement"). For periods in 2015 and 2014 under the 2011 Credit Agreement, the applicable margin and letter of credit fees were 1.0% , and commitment fees were 0.175% . There were $67.7 million and $63.2 million of outstanding letters of credit at December 31, 2015 and 2014 , respectively. The 2015 Credit Agreement includes a provision limiting our ability to make restricted payments, including dividends and payments for share repurchases, unless, among other conditions, no defaults or events of default under the 2015 Credit Agreement are ongoing (or would be caused by such restricted payment). We did not declare or pay a cash dividend on our common stock in 2015 or 2014, and we have no plans to declare or pay a cash dividend in 2016. Our share repurchases are described above in “ Stock Repurchase Program .” Our two outstanding senior note agreements and 2015 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 material domestic subsidiaries of the Company would be required to guarantee payment of all of our obligations under these agreements. We were in compliance with all covenants in our outstanding debt instruments for the period ended December 31, 2015. As of December 31, 2015 , aggregate maturities of long-term debt are as follows: (In thousands) 2016 $ 26,488 2017 — 2018 50,000 2019 — 2020 12,317 Thereafter 45,000 $ 133,805 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases, Operating [Abstract] | |
Leases | Note 3. Leases We lease certain assets under operating leases, which primarily consist of real estate leases for 45 of our 225 service center locations at December 31, 2015 . 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, 2015 are as follows: (In thousands) Total 2016 $ 13,761 2017 10,239 2018 6,937 2019 4,424 2020 3,677 Thereafter 26,868 $ 65,906 Aggregate expense under operating leases was $15.2 million , $16.5 million and $17.9 million for 2015 , 2014 and 2013 , respectively. Certain operating leases include rent escalation provisions, which we recognize as expense on a straight-line basis. At December 31, 2015 , we leased certain information systems under capital leases with a gross carrying value of $3.6 million and accumulated amortization of $0.4 million . We did not have any assets under capital leases at December 31, 2014 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 4. Income Taxes The components of the provision for income taxes are as follows: Year Ended December 31, (In thousands) 2015 2014 2013 Current: Federal $ 120,437 $ 123,598 $ 74,202 State 21,248 15,858 15,635 141,685 139,456 89,837 Deferred: Federal 38,549 21,542 28,593 State 5,093 4,002 4,143 43,642 25,544 32,736 Total provision for income taxes $ 185,327 $ 165,000 $ 122,573 The following is a reconciliation of income tax expense calculated using the U.S. statutory federal income tax rate with our income tax expense for 2015 , 2014 and 2013 : Year Ended December 31, (In thousands) 2015 2014 2013 Tax provision at statutory rate $ 171,506 $ 151,380 $ 115,040 State income taxes, net of federal benefit 17,097 14,120 12,083 Meals and entertainment disallowance 1,035 959 872 Tax credits (3,036 ) (1,307 ) (5,422 ) Other, net (1,275 ) (152 ) — Total provision for income taxes $ 185,327 $ 165,000 $ 122,573 Deferred tax assets and liabilities consist of the following: December 31, (In thousands) 2015 2014 Deferred tax assets: Claims and insurance reserves $ 41,576 $ 36,690 Allowance for doubtful accounts 1,730 2,161 Accrued vacation 22,174 19,291 Deferred compensation 33,382 28,648 Other 12,008 12,924 Total deferred tax assets 110,870 99,714 Valuation allowance — (559 ) Net deferred tax assets 110,870 99,155 Deferred tax liabilities: Depreciation and amortization (334,379 ) (279,324 ) Unrecognized revenue (10,062 ) (9,506 ) Other (1,483 ) (1,737 ) Total deferred tax liabilities (345,924 ) (290,567 ) Net deferred tax liability $ (235,054 ) $ (191,412 ) As of December 31, 2015 , the Company had various state tax credit carryforwards of approximately $4.2 million that are scheduled to expire in one to fifteen years. 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 2012 through 2015 . We remain open to examination by various state tax jurisdictions for tax years 2011 through 2015 . The Company's liability for unrecognized tax benefits was immaterial as of December 31, 2015 and 2014 . Interest and penalties related to uncertain tax positions, which are immaterial, are recorded in our Provision for Income Taxes on our Statements of Operations. 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. |
Related Person Transactions
Related Person Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Person Transactions | Note 5. Related Party 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 2015 . Our employment agreements with Earl E. Congdon and David S. Congdon 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. 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, Jr. serves as Chairman of the Board of Directors of Leasing. Earl E. Congdon and David S. Congdon currently serve as members of Leasing’s Board of Directors. We have historically collaborated with Leasing for the purchase of certain equipment and fuel. Our collaboration with Leasing for the purchase of fuel ended in the fourth quarter of 2015. We do not believe these arrangements with Leasing had a material impact on our financial results. We purchased $313,000 , $298,000 and $299,000 of maintenance and other services from Leasing in 2015 , 2014 and 2013 , respectively. We intend to continue to purchase maintenance and other services from Leasing, provided that Leasing’s prices continue to be favorable to us. In addition, we received $12,000 , $17,500 and $18,000 from Leasing for the rental of property in 2015 , 2014 and 2013 , respectively. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Note 6. 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 the employee’s compensation, as defined in the plan. We match a percentage of our employees’ contributions up to certain maximum limits. In addition, we may also provide a discretionary matching contribution as specified in the plan. Our employer contributions, net of forfeitures, for 2015 , 2014 and 2013 were $30.3 million , $26.4 million and $20.6 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 $48.7 million and $42.7 million at December 31, 2015 and 2014 , respectively, of which $44.5 million and $41.2 million were included in "Other non-current liabilities" on our Balance Sheets as of December 31, 2015 and 2014 , respectively. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Note 7. 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, as amended on January 29, 2015 (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 forfeited upon termination of employment, although our Board of Directors has authority to modify and/or accelerate the vesting of awards. 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, May 17, 2011 and January 29, 2015 (the “2005 Phantom Stock Plan” and together with the 2012 Phantom Stock Plan, the “Employee Phantom Plans”). The 2005 Phantom Stock Plan expired in May 2012; however, grants under the 2005 Phantom Stock Plan remain outstanding. Each share of phantom stock awarded to eligible employees under the 2005 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 2005 Phantom Stock Plan, as the awards are settled in cash after the required vesting period has been satisfied and upon termination of employment. Awards under the 2005 Phantom Stock Plan 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 2005 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) 2015 2014 2013 Cash payments for settled shares $ 1,682 $ 2,401 $ 1,404 Compensation (benefit) expense (1,612 ) 11,249 7,639 Unrecognized compensation cost for all unvested shares under the Employee Phantom Plans as of December 31, 2015 was $10.1 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, February 20, 2014, August 7, 2014 and February 25, 2016 (the “Director Phantom Stock Plan” and together with the Employee Phantom Plans, the “Phantom Plans”). Under the Director Phantom Stock Plan, each eligible non-employee director shall be granted an annual award of phantom shares. Each eligible non-employee director received shares equal to $80,000 on each of the 2015 and 2014 grant dates and shares equal to $50,000 on the 2013 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 to be made 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) 2015 2014 2013 Cash payments for settled shares $ — $ — $ — Compensation (benefit) expense (916 ) 2,193 1,214 Unrecognized compensation cost for all unvested shares under the Director Phantom Stock Plan as of December 31, 2015 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, 2015 for the Phantom Plans is provided below. Of these awards, 294,184 and 325,921 phantom shares were vested at December 31, 2015 and 2014 , respectively. Employee Phantom Plans Director Phantom Stock Plan Total Balance of shares outstanding at December 31, 2014 551,396 75,737 627,133 Granted 54,924 6,516 61,440 Settled (86,969 ) — (86,969 ) Forfeited — — — Balance of shares outstanding at December 31, 2015 519,351 82,253 601,604 The liability for unsettled phantom stock awards under the Phantom Plans consists of the following: December 31, (In thousands) 2015 2014 Employee Phantom Plans $ 20,566 $ 29,058 Director Phantom Stock Plan 4,698 5,614 Total $ 25,264 $ 34,672 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Note 8. Commitments and Contingencies We are involved in various legal proceedings and claims that have arisen in the ordinary course of our business and have not been fully adjudicated, some of which are covered in whole or in part by insurance. Certain of these claims include class-action allegations. We do not believe that the resolution of any of these legal proceedings or claims will have a material adverse effect upon our financial position, results of operations or cash flows. |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quarterly Financial Information [Abstract] | |
Quarterly Financial Information | Note 9. Quarterly Financial Information (Unaudited) A summary of our unaudited quarterly financial information for 2015 and 2014 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 2015 Revenue $ 696,245 $ 762,151 $ 779,474 $ 734,572 $ 2,972,442 Operating income 103,565 140,899 139,854 113,922 498,240 Net income 62,524 85,574 84,368 72,224 304,690 Earnings per share: Basic and diluted 0.73 1.00 0.99 0.85 3.57 2014 Revenue $ 620,276 $ 702,987 $ 743,586 $ 721,048 $ 2,787,897 Operating income 80,052 122,695 126,262 112,298 441,307 Net income 45,887 73,849 77,909 69,869 267,514 Earnings per share: Basic and diluted 0.53 0.86 0.90 0.81 3.10 |
Schedule II - Valuation And Qua
Schedule II - Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
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 Beginning of Period Charged to Expense Deductions (2) Balance at End of Period 2013 $ 7,282 $ 1,074 $ 2,046 $ 6,310 2014 $ 6,310 $ 1,741 $ 2,487 $ 5,564 2015 $ 5,564 $ 1,511 $ 2,622 $ 4,453 (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 Polici17
Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
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. |
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. 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. 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 $164.8 million , $145.8 million and $126.4 million for 2015 , 2014 and 2013 , respectively. |
Goodwill | Goodwill Intangible assets have been acquired in connection with business combinations and are comprised of goodwill. Goodwill is calculated as the excess cost over the fair value of assets acquired and is not subject to amortization. We review goodwill annually for impairment as a single reporting unit, unless circumstances dictate more frequent assessments, 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 Accounting Standards Codification ("ASC") Topic 350. We performed the qualitative assessment of goodwill on our annual measurement date of October 1, 2015 and determined that 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. |
Claims And Insurance Accruals | Claims and Insurance Accruals As of December 31, 2015 , 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 $500,000 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, 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" on our Statements of Operations, while the related costs for workers' compensation, group health and group dental are charged to "Salaries, wages and benefits" on our Statements of Operations. Our liability for claims and insurance totaled $119.2 million and $107.7 million at December 31, 2015 and 2014 , respectively. The long-term portions of those reserves were $74.3 million and $65.4 million for 2015 and 2014 , 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 $22.9 million , $19.3 million and $16.7 million for 2015 , 2014 and 2013 , respectively. |
Fair Values Of Financial Instruments | Fair Values of Financial Instruments The carrying values of financial instruments in current assets and current liabilities approximate their fair value due to the short maturities of these instruments. The carrying value of our total long-term debt, including current maturities, and capital lease obligations was $133.8 million and $155.7 million at December 31, 2015 and 2014 , respectively. The estimated fair value of our total long-term debt and capital lease obligations was $139.1 million and $165.5 million at December 31, 2015 and 2014 , respectively. |
Shareholder Equity | Comprehensive Income The Company has no components of other comprehensive income. Accordingly, net income equals comprehensive income for all periods presented in this report. Stock Repurchase Program On November 10, 2014, we announced that our Board of Directors had approved a stock repurchase program authorizing us to repurchase up to an aggregate of $200.0 million of our outstanding common stock. We may repurchase shares from time-to-time in open market purchases or through privately negotiated transactions. The program expires on November 6, 2016. Shares of our common stock repurchased by us under the repurchase program are canceled at the time of repurchase and are authorized but unissued shares of our common stock. As of December 31, 2015 , we had repurchased 1,753,039 shares for $119.6 million , and $80.4 million |
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. |
Cash Flow, Supplemental Disclosures [Text Block] | 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) 2015 2014 2013 Acquisition of property and equipment by capital lease $ 3,552 $ — $ — In addition, during 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. |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, " Revenue from Contracts with Customers " (Topic 606). This ASU supersedes the previous revenue recognition requirements in ASC Topic 605—Revenue Recognition and most industry-specific guidance throughout the ASC. The core principle within this ASU is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration expected to be received for those goods or services. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers", which deferred the effective date for ASU 2014-09 by one year to fiscal years beginning after December 15, 2017, while providing the option to early adopt for fiscal years beginning after December 15, 2016. Transition methods under ASU 2014-09 must be through either (i) retrospective application to each prior reporting periods presented, or (ii) retrospective application with a cumulative effect adjustment at the date of initial application. We continue to assess the method of application and impact, if any, of the adoption of ASU 2014-09 on our financial position, results of operations or cash flows. In April 2015, the FASB issued ASU 2015-05, " Customer's Accounting for Fees Paid in a Cloud Computing Arrangement " (Topic 350). This ASU provides additional guidance to customers about whether a cloud computing arrangement includes a software license. Under ASU 2015-05, if a cloud computing arrangement contains a software license, customers should account for the license element of the arrangement in a manner consistent with the acquisition of other software licenses. If the arrangement does not contain a software license, customers should account for the arrangement as a service contract. The Company will adopt the provisions of ASU 2015-05 in the first quarter of fiscal 2016, and is currently evaluating the impact on our financial position, results of operations or cash flows. In April 2015, the FASB issued ASU 2015-03, " Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs " (Topic 835-30). This ASU requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the related debt's carrying value, which is consistent with the presentation of debt discounts. This ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015. The Company does not believe the adoption of ASU 2015-03 will have a material impact on its financial position, results of operations or cash flows. In November 2015, the FASB issued ASU 2015-17, " Balance Sheet Classification of Deferred Taxes " (Topic 740). This ASU requires that deferred tax assets and liabilities be classified as noncurrent on the balance sheet rather than being separated into current and noncurrent. The ASU is effective for annual and interim periods beginning after December 15, 2016, and early adoption is permitted. We early adopted this ASU on a retrospective basis during the fourth quarter of 2015. Accordingly, deferred income tax assets in the amount of $29.4 million that were formerly classified as current assets at December 31, 2014, have been reclassified to non-current deferred income tax liabilities in our balance sheet. In February 2016, the FASB issued ASU 2016-02, “ Leases ” (Topic 842). This ASU requires a lessee to recognize a right-of-use asset and a lease liability under most operating leases in its balance sheet. The ASU is effective for annual and interim periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the effects that the adoption of ASU 2016-02 will have on our financial position, results of operations or cash flows. |
Significant Accounting Polici18
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Year Ended December 31, (In thousands) 2015 2014 2013 Acquisition of property and equipment by capital lease $ 3,552 $ — $ — |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | Long-term debt consisted of the following: December 31, (In thousands) 2015 2014 Senior notes $ 120,000 $ 155,714 Revolving credit facility 12,317 — Capitalized lease obligations 1,488 — Total long-term debt 133,805 155,714 Less: Current maturities (26,488 ) (35,714 ) Total maturities due after one year $ 107,317 $ 120,000 |
Aggregate Maturities Of Long-Term Debt | As of December 31, 2015 , aggregate maturities of long-term debt are as follows: (In thousands) 2016 $ 26,488 2017 — 2018 50,000 2019 — 2020 12,317 Thereafter 45,000 $ 133,805 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases, Operating [Abstract] | |
Future Minimum Annual Lease Payments | Future minimum annual lease payments for assets under operating leases as of December 31, 2015 are as follows: (In thousands) Total 2016 $ 13,761 2017 10,239 2018 6,937 2019 4,424 2020 3,677 Thereafter 26,868 $ 65,906 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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) 2015 2014 2013 Current: Federal $ 120,437 $ 123,598 $ 74,202 State 21,248 15,858 15,635 141,685 139,456 89,837 Deferred: Federal 38,549 21,542 28,593 State 5,093 4,002 4,143 43,642 25,544 32,736 Total provision for income taxes $ 185,327 $ 165,000 $ 122,573 |
Schedule Of Effective Income Tax Reconciliation Of The U.S. Statutory Federal Income Tax Rates | 2015 , 2014 and 2013 : Year Ended December 31, (In thousands) 2015 2014 2013 Tax provision at statutory rate $ 171,506 $ 151,380 $ 115,040 State income taxes, net of federal benefit 17,097 14,120 12,083 Meals and entertainment disallowance 1,035 959 872 Tax credits (3,036 ) (1,307 ) (5,422 ) Other, net (1,275 ) (152 ) — Total provision for income taxes $ 185,327 $ 165,000 $ 122,573 |
Schedule Of Deferred Tax Assets And Liabilities | Deferred tax assets and liabilities consist of the following: December 31, (In thousands) 2015 2014 Deferred tax assets: Claims and insurance reserves $ 41,576 $ 36,690 Allowance for doubtful accounts 1,730 2,161 Accrued vacation 22,174 19,291 Deferred compensation 33,382 28,648 Other 12,008 12,924 Total deferred tax assets 110,870 99,714 Valuation allowance — (559 ) Net deferred tax assets 110,870 99,155 Deferred tax liabilities: Depreciation and amortization (334,379 ) (279,324 ) Unrecognized revenue (10,062 ) (9,506 ) Other (1,483 ) (1,737 ) Total deferred tax liabilities (345,924 ) (290,567 ) Net deferred tax liability $ (235,054 ) $ (191,412 ) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 Phantom Stock Plan Total Balance of shares outstanding at December 31, 2014 551,396 75,737 627,133 Granted 54,924 6,516 61,440 Settled (86,969 ) — (86,969 ) Forfeited — — — Balance of shares outstanding at December 31, 2015 519,351 82,253 601,604 |
Schedule of cash payments and compensation costs | Year Ended December 31, (In thousands) 2015 2014 2013 Cash payments for settled shares $ — $ — $ — Compensation (benefit) expense (916 ) 2,193 1,214 Year Ended December 31, (In thousands) 2015 2014 2013 Cash payments for settled shares $ 1,682 $ 2,401 $ 1,404 Compensation (benefit) expense (1,612 ) 11,249 7,639 |
Schedule of Phantom Stock Liability | December 31, (In thousands) 2015 2014 Employee Phantom Plans $ 20,566 $ 29,058 Director Phantom Stock Plan 4,698 5,614 Total $ 25,264 $ 34,672 |
Quarterly Financial Informati23
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule Of Quarterly Financial Information | Quarter (In thousands, except per share data) First Second Third Fourth Total 2015 Revenue $ 696,245 $ 762,151 $ 779,474 $ 734,572 $ 2,972,442 Operating income 103,565 140,899 139,854 113,922 498,240 Net income 62,524 85,574 84,368 72,224 304,690 Earnings per share: Basic and diluted 0.73 1.00 0.99 0.85 3.57 2014 Revenue $ 620,276 $ 702,987 $ 743,586 $ 721,048 $ 2,787,897 Operating income 80,052 122,695 126,262 112,298 441,307 Net income 45,887 73,849 77,909 69,869 267,514 Earnings per share: Basic and diluted 0.53 0.86 0.90 0.81 3.10 |
Significant Accounting Polici24
Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Significant Accounting Policies [Line Items] | |||
DeferredTaxAssetsReclassification | $ 29,400,000 | ||
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | 3,552,000 | $ 0 | $ 0 |
Stock Repurchase Program, Authorized Amount | 200,000,000 | ||
Debt and Capital Lease Obligations | 133,805,000 | 155,714,000 | |
Depreciation expenses including capital leases | 164,800,000 | 145,800,000 | 126,400,000 |
Self-insurance reserve | 119,200,000 | 107,700,000 | |
Long-term portions of self insurance reserve | 74,300,000 | 65,400,000 | |
Advertising expense | 22,900,000 | 19,300,000 | $ 16,700,000 |
Long-term Debt, Fair Value | $ 139,100,000 | $ 165,500,000 | |
Total Stock Repurchased And Retired Shares | 1,753,039 | ||
Total Stock Repurchased And Retired Value | $ 119,600,000 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 80,400,000 | ||
Group Health Claims [Member] | |||
Significant Accounting Policies [Line Items] | |||
Insurance maximum, per occurrence | 500,000 | ||
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 Polici25
Significant Accounting Policies (Estimated Useful Lives Of Property And Equipment) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Leasehold Improvements [Member] | |
Significant Accounting Policies [Line Items] | |
Estimated useful lives of assets | Lesser of economic life or life of 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 Polici26
Significant Accounting Policies Significant Accounting Policies (Supplemental Cash Flow Information) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2013USD ($) | |
Supplemental Cash Flow Elements [Abstract] | |
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | $ 6.6 |
Other Noncash Income | $ 3.4 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Senior Notes | $ 120,000 | $ 120,000 | $ 155,714 |
Long-term Line of Credit | 12,317 | 12,317 | 0 |
Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Line of Credit | $ 67,700 | 67,700 | $ 63,200 |
Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Periodic principal payments | $ 25,000 | ||
Fixed interest rate, minimum | 4.00% | ||
Fixed interest rate, maximum | 5.85% | ||
Effective average interest rate | 4.68% | 4.68% | 4.87% |
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate Spread added to variable rate | 0.00% | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.125% | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate Spread added to variable rate | 0.50% | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | ||
Sweep Program [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | $ 30,000 | $ 30,000 | |
2015 Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | 350,000 | 350,000 | |
Current borrowing capacity | $ 250,000 | 250,000 | |
Minimum increments under the additional borrowings | 25,000 | ||
Interest Rate Spread added to variable rate | 1.00% | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.125% | ||
Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | $ 100,000 | $ 100,000 | |
2011 Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Current borrowing capacity | $ 200,000 | ||
Interest Rate Spread added to variable rate | 1.00% | 1.00% | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.175% | 0.175% | |
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate Spread added to variable rate | 1.00% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate Spread added to variable rate | 1.50% |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Senior Notes | $ 120,000 | $ 155,714 |
Revolving credit facility | 12,317 | 0 |
Capitalized lease and other obligations | 1,488 | 0 |
Total long-term debt | 133,805 | 155,714 |
Less: Current maturities | (26,488) | (35,714) |
Total maturities due after one year | $ 107,317 | $ 120,000 |
Long-Term Debt (Aggregate Matur
Long-Term Debt (Aggregate Maturities Of Long-Term Debt) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |
2,016 | $ 26,488 |
2,017 | 0 |
2,018 | 50,000 |
2,019 | 0 |
2,020 | 12,317 |
Thereafter | 45,000 |
Total | $ 133,805 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Operating Leased Assets [Line Items] | |||
Capital Leased Assets, Gross | $ 3.6 | ||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | $ 0.4 | ||
Number of real estate leases | 45 | ||
Number Of Service Center Locations | 225 | ||
Aggregate expense under operating leases | $ 15.2 | $ 16.5 | $ 17.9 |
Leases (Future Minimum Annual L
Leases (Future Minimum Annual Lease Payments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Leases, Operating [Abstract] | |
2,016 | $ 13,761 |
2,017 | 10,239 |
2,018 | 6,937 |
2,019 | 4,424 |
2,020 | 3,677 |
Thereafter | 26,868 |
Total minimum operating lease payments | $ 65,906 |
Income Taxes (Components Of The
Income Taxes (Components Of The Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal | $ 120,437 | $ 123,598 | $ 74,202 |
State | 21,248 | 15,858 | 15,635 |
Total current income tax expense (benefit) | 141,685 | 139,456 | 89,837 |
Federal | 38,549 | 21,542 | 28,593 |
State | 5,093 | 4,002 | 4,143 |
Total deferred income tax expense (benefit) | 43,642 | 25,544 | 32,736 |
Total provision for income taxes | $ 185,327 | $ 165,000 | $ 122,573 |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Reconciliation Of The U.S. Statutory Federal Income Tax Rates) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Tax provision at statutory rate on income before income taxes | $ 171,506 | $ 151,380 | $ 115,040 |
State income taxes, net of federal benefit | 17,097 | 14,120 | 12,083 |
Meals and entertainment disallowance | 1,035 | 959 | 872 |
Tax credits | (3,036) | (1,307) | (5,422) |
Other, net | (1,275) | (152) | 0 |
Total provision for income taxes | $ 185,327 | $ 165,000 | $ 122,573 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Claims and insurance reserves | $ 41,576,000 | $ 36,690,000 |
Allowance for doubtful accounts | 1,730,000 | 2,161,000 |
Accrued vacation | 22,174,000 | 19,291,000 |
Deferred compensation | 33,382,000 | 28,648,000 |
Other | 12,008,000 | 12,924,000 |
Total deferred tax assets | 110,870,000 | 99,714,000 |
Valuation allowance | 0 | (559,000) |
Net deferred tax assets | 110,870,000 | 99,155,000 |
Depreciation | (334,379,000) | (279,324,000) |
Unrecognized revenue | (10,062,000) | (9,506,000) |
Other | (1,483,000) | (1,737,000) |
Deferred Tax Liabilities, Gross | 345,924,000 | 290,567,000 |
Total deferred tax liabilities | $ (235,054,000) | $ (191,412,000) |
Income Taxes Income Taxes (Narr
Income Taxes Income Taxes (Narrative) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Income Tax Disclosure [Abstract] | |
Deferred Tax Assets, Tax Credit Carryforwards | $ 4.2 |
Tax Credit Carryforward, Expiration Date Minimum | 1 |
Tax Credit Carryforward, Expiration Date Maximum | 15 |
Related Person Transactions (De
Related Person Transactions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Rental service charge | $ 12,000 | $ 17,500 | $ 18,000 |
Purchase of maintenance and other services | $ 313,000 | $ 298,000 | $ 299,000 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Company contributions | $ 30.3 | $ 26.4 | $ 20.6 |
Deferred Compensation Liability, Current and Noncurrent | 48.7 | 42.7 | |
Deferred compensation plan amounts owed | $ 44.5 | $ 41.2 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Phantom shares vested | 294,184 | 325,921 | |
Total liability for share awards | $ 25,264,000 | $ 34,672,000 | |
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, Share-based Liabilities Paid | 0 | 0 | $ 0 |
Phantom shares annual award | 80,000 | 80,000 | 50,000 |
Total liability for share awards | 4,698,000 | 5,614,000 | |
Compensation costs | (916,000) | (2,193,000) | (1,214,000) |
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, Share-based Liabilities Paid | 1,682,000 | 2,401,000 | 1,404,000 |
Total liability for share awards | 20,566,000 | 29,058,000 | |
Compensation costs | (1,612,000) | $ (11,249,000) | $ (7,639,000) |
Unrecognized compensation cost | $ 10,100,000 | ||
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 |
Share-Based Compensation (Summa
Share-Based Compensation (Summary Of The Changes In The Number Of Outstanding Phantom Stock Shares) (Details) [Axis] | 12 Months Ended |
Dec. 31, 2015shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Balance of shares outstanding at December 31, 2014 | 627,133 |
Granted | 61,440 |
Settled | (86,969) |
Forfeited | 0 |
Balance of shares outstanding at December 31, 2015 | 601,604 |
Employee Phantom Stock Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Balance of shares outstanding at December 31, 2014 | 551,396 |
Granted | 54,924 |
Settled | (86,969) |
Forfeited | 0 |
Balance of shares outstanding at December 31, 2015 | 519,351 |
Director Phantom Stock Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Balance of shares outstanding at December 31, 2014 | 75,737 |
Granted | 6,516 |
Settled | 0 |
Forfeited | 0 |
Balance of shares outstanding at December 31, 2015 | 82,253 |
Quarterly Financial Informati40
Quarterly Financial Information (Summary Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Revenue | $ 734,572 | $ 779,474 | $ 762,151 | $ 696,245 | $ 721,048 | $ 743,586 | $ 702,987 | $ 620,276 | $ 2,972,442 | $ 2,787,897 | $ 2,337,648 |
Operating income | 113,922 | 139,854 | 140,899 | 103,565 | 112,298 | 126,262 | 122,695 | 80,052 | 498,240 | 441,307 | 338,438 |
Net income | $ 72,224 | $ 84,368 | $ 85,574 | $ 62,524 | $ 69,869 | $ 77,909 | $ 73,849 | $ 45,887 | $ 304,690 | $ 267,514 | $ 206,113 |
Basic and diluted | $ 0.85 | $ 0.99 | $ 1 | $ 0.73 | $ 0.81 | $ 0.90 | $ 0.86 | $ 0.53 | $ 3.57 | $ 3.10 |
Schedule II - Valuation And Q41
Schedule II - Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation and Qualifying Accounts [Abstract] | |||
Balance at Beginning of Period | $ 5,564 | $ 6,310 | $ 7,282 |
Charged to Costs and Expenses | 1,511 | 1,741 | 1,074 |
Deductions | 2,622 | 2,487 | 2,046 |
Balance at End of Period | $ 4,453 | $ 5,564 | $ 6,310 |