Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 03, 2017 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | OLD DOMINION FREIGHT LINE INC/VA | |
Entity Central Index Key | 878,927 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | ODFL | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 82,375,945 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 78,091 | $ 10,171 |
Customer receivables, less allowances of $9,315 and $8,346, respectively | 391,858 | 320,087 |
Other receivables | 7,529 | 14,402 |
Prepaid expenses and other current assets | 35,617 | 37,962 |
Total current assets | 513,095 | 382,622 |
Property and equipment: | ||
Revenue equipment | 1,612,380 | 1,496,697 |
Land and structures | 1,481,738 | 1,377,106 |
Other fixed assets | 427,271 | 402,482 |
Leasehold improvements | 8,654 | 8,699 |
Total property and equipment | 3,530,043 | 3,284,984 |
Accumulated depreciation | (1,162,640) | (1,043,582) |
Net property and equipment | 2,367,403 | 2,241,402 |
Goodwill | 19,463 | 19,463 |
Other assets | 56,209 | 52,760 |
Total assets | 2,956,170 | 2,696,247 |
Current liabilities: | ||
Accounts payable | 59,702 | 89,216 |
Compensation and benefits | 151,406 | 129,170 |
Claims and insurance accruals | 48,089 | 47,417 |
Other accrued liabilities | 26,745 | 22,833 |
Income taxes payable | 19,707 | 0 |
Current maturities of long-term debt | 50,000 | 0 |
Total current liabilities | 355,649 | 288,636 |
Long-term liabilities: | ||
Long-term debt | 45,000 | 104,975 |
Other non-current liabilities | 194,091 | 178,879 |
Deferred income taxes | 274,414 | 272,599 |
Total long-term liabilities | 513,505 | 556,453 |
Total liabilities | 869,154 | 845,089 |
Commitments and Contingencies | ||
Shareholders' equity: | ||
Common stock - $0.10 par value, 140,000,000 shares authorized, 82,375,945 and 82,416,657 shares outstanding at September 30, 2017 and December 31, 2016, respectively | 8,238 | 8,242 |
Capital in excess of par value | 137,533 | 135,466 |
Retained earnings | 1,941,245 | 1,707,450 |
Total shareholders' equity | 2,087,016 | 1,851,158 |
Total liabilities and shareholders' equity | $ 2,956,170 | $ 2,696,247 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Customer receivables, allowances | $ 9,315 | $ 8,346 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 140,000,000 | 140,000,000 |
Common stock, shares outstanding | 82,375,945 | 82,416,657 |
Condensed Statements Of Operati
Condensed Statements Of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
Revenue from operations | $ 872,987,000 | $ 782,611,000 | $ 2,466,995,000 | $ 2,245,779,000 |
Operating expenses: | ||||
Salaries, wages and benefits | 461,799,000 | 425,076,000 | 1,320,207,000 | 1,234,369,000 |
Operating supplies and expenses | 95,543,000 | 83,197,000 | 275,110,000 | 238,904,000 |
General supplies and expenses | 28,785,000 | 22,010,000 | 79,940,000 | 65,930,000 |
Operating taxes and licenses | 24,547,000 | 22,714,000 | 73,530,000 | 69,368,000 |
Insurance and claims | 10,700,000 | 10,185,000 | 28,804,000 | 29,792,000 |
Communications and utilities | 6,490,000 | 7,025,000 | 20,945,000 | 21,357,000 |
Depreciation and amortization | 51,934,000 | 49,041,000 | 152,670,000 | 140,293,000 |
Purchased transportation | 22,739,000 | 18,907,000 | 61,596,000 | 55,579,000 |
Building and office equipment rents | 2,018,000 | 2,050,000 | 6,114,000 | 6,487,000 |
Miscellaneous expenses, net | 4,557,000 | 5,002,000 | 15,650,000 | 13,312,000 |
Total operating expenses | 709,112,000 | 645,207,000 | 2,034,566,000 | 1,875,391,000 |
Operating income | 163,875,000 | 137,404,000 | 432,429,000 | 370,388,000 |
Non-operating expense (income): | ||||
Interest expense | 555,000 | 1,131,000 | 1,792,000 | 3,378,000 |
Interest income | (228,000) | (10,000) | (332,000) | (38,000) |
Other expense (income), net | (977,000) | 6,000 | (999,000) | 782,000 |
Total non-operating expense | (650,000) | 1,127,000 | 461,000 | 4,122,000 |
Income before income taxes | 164,525,000 | 136,277,000 | 431,968,000 | 366,266,000 |
Provision for income taxes | 62,211,000 | 50,696,000 | 165,444,000 | 139,012,000 |
Net income | $ 102,314,000 | $ 85,581,000 | $ 266,524,000 | $ 227,254,000 |
Earnings per share: | ||||
Basic | $ 1.24 | $ 1.03 | $ 3.24 | $ 2.73 |
Diluted | 1.24 | 1.03 | 3.23 | 2.73 |
Dividends declared per share | $ 0.10 | $ 0 | $ 0.30 | $ 0 |
Weighted average shares outstanding: | ||||
Basic | 82,286,295 | 82,742,070 | 82,317,244 | 83,357,449 |
Diluted | 82,380,936 | 82,811,371 | 82,417,557 | 83,389,824 |
Condensed Statements Of Cash Fl
Condensed Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 266,524 | $ 227,254 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 152,670 | 140,293 |
(Gain) loss on sale of property and equipment | 705 | 542 |
Share-based compensation | 2,416 | 944 |
Other operating activities, net | (34,302) | 41,095 |
Net cash provided by operating activities | 388,013 | 410,128 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (288,840) | (351,121) |
Proceeds from sale of property and equipment | 9,637 | 4,571 |
Other investing, net | 2,139 | 0 |
Net cash used in investing activities | (277,064) | (346,550) |
Cash flows from financing activities: | ||
Principal payments under long-term debt agreements | 0 | (26,488) |
Proceeds From (Repayments Of) Line Of Credit | (9,975) | 85,812 |
Payments for share repurchases | (8,013) | (119,022) |
Dividends paid | (24,697) | 0 |
Other financing activities, net | (344) | (338) |
Net cash provided by (used in) financing activities | (43,029) | (60,036) |
(Decrease) increase in cash and cash equivalents | 67,920 | 3,542 |
Cash and cash equivalents at beginning of period | 10,171 | 11,472 |
Cash and cash equivalents at end of period | $ 78,091 | $ 15,014 |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
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. In addition to our core LTL services, we offer a range of value-added services including container drayage, truckload brokerage, supply chain consulting and warehousing. We have one operating segment and the composition of our revenue is summarized below: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2017 2016 2017 2016 LTL services $ 859,832 $ 769,854 $ 2,426,419 $ 2,206,642 Other services 13,155 12,757 40,576 39,137 Total revenue $ 872,987 $ 782,611 $ 2,466,995 $ 2,245,779 Basis of Presentation The accompanying unaudited, interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and, in management’s opinion, contain all adjustments (consisting of normal recurring items) necessary for a fair presentation, in all material respects, of the financial position and results of operations for the periods presented. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The preparation of condensed financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Our operating results are subject to seasonal trends; therefore, the results of operations for the interim period ended September 30, 2017 are not necessarily indicative of the results that may be expected for the subsequent quarterly period or the year ending December 31, 2017 . 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, 2016 . 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, 2016 , other than those disclosed in this Form 10-Q. 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. 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 revolving credit facility approximates fair value due to the variable interest rates of the facility that correlate with current market rates. The carrying value of our total long-term debt, including current maturities, was $95.0 million and $105.0 million at September 30, 2017 and December 31, 2016 , respectively. The estimated fair value of our total long-term debt, including current maturities, was $98.2 million and $108.3 million at September 30, 2017 and December 31, 2016 , 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”). Recent Accounting Pronouncements In August 2016, the FASB issued Accounting Standards Update ("ASU") 2016-15, "Classification of Certain Cash Receipts and Cash Payments" (Topic 230) to address how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This ASU is intended to reduce diversity in practice in the classification of certain transactions on the statement of cash flows. The ASU is effective for public companies for fiscal years beginning after December 15, 2017, and early adoption is permitted. We early adopted the provisions of ASU 2016-15 in the third quarter of 2017 with retrospective application beginning January 1, 2017. The adoption resulted in proceeds from company-owned life insurance policies being classified as cash flows from investing activities, rather than cash flows from operating activities on our Condensed Statements of Cash Flows. The adoption did not have a material impact on our financial position, results of operations or cash flows. 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. 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 and also provided for the option to early adopt for fiscal years beginning after December 15, 2016. Transition methods under ASU 2014-09 must be through (i) retrospective application to each prior reporting period presented, or (ii) modified retrospective application with a cumulative effect adjustment at the date of initial application. We are continuing to evaluate the impact of ASU 2014-09 on our financial reporting and disclosures, including but not limited to our accounting policies, internal controls and processes. We expect to complete our evaluation during the fourth quarter of 2017. We intend to adopt ASU 2014-09 beginning in 2018 using the modified retrospective transition method. Based on our current assessment, we do not anticipate ASU 2014-09 to have a material impact on our financial statements. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Policy | Note 2. Earnings Per Share Basic earnings per share of the Company is computed by dividing net income by the daily weighted average number of shares of common stock outstanding for the period, excluding unvested restricted stock. Unvested restricted stock is included in common shares outstanding in the balance sheets. Diluted earnings per share is computed using the treasury stock method and includes the impact of shares of unvested restricted stock. The following table provides a reconciliation of the number of common shares used in computing basic and diluted earnings per share: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Weighted average shares outstanding - basic 82,286,295 82,742,070 82,317,244 83,357,449 Dilutive effect of share-based awards 94,641 69,301 100,313 32,375 Weighted average shares outstanding - diluted 82,380,936 82,811,371 82,417,557 83,389,824 |
Shareholders' Equity Shareholde
Shareholders' Equity Shareholders' Equity | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure | Note 3. Shareholders' Equity Stock Repurchase Program During the second quarter of 2016, we completed our stock repurchase program, previously announced on November 10, 2014, to repurchase up to an aggregate of $200.0 million of our outstanding common stock. On May 23, 2016, we announced that our Board of Directors had approved a new two-year stock repurchase program authorizing us to repurchase up to an aggregate of $250.0 million of our outstanding common stock (the “2016 Repurchase Program”). Under the 2016 Repurchase Program, we may repurchase shares from time to time in open market purchases or through privately negotiated transactions. Shares of our common stock repurchased under our repurchase program are canceled at the time of repurchase and are classified as authorized but unissued shares of our common stock. We repurchased 9,305 shares of our common stock for $0.9 million and 91,921 shares of our common stock for $8.0 million during the three and nine months ended September 30, 2017 , respectively. As of September 30, 2017 , we had $192.0 million remaining authorized under the 2016 Repurchase Program. Dividends On February 2, 2017, we announced that our Board of Directors had declared a quarterly cash dividend of $0.10 per share, which was paid on March 20, 2017 to shareholders of record at the close of business on March 6, 2017. On May 17, 2017, we announced that our Board of Directors had declared a quarterly cash dividend of $0.10 per share, which was paid on June 20, 2017 to shareholders of record at the close of business on June 6, 2017. On July 31, 2017, we announced that our Board of Directors had declared a quarterly cash dividend of $0.10 per share, which was paid on September 20, 2017 to shareholders of record at the close of business on September 6, 2017. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 4. Long-Term Debt Long-term debt consisted of the following: (In thousands) September 30, December 31, Senior notes $ 95,000 $ 95,000 Revolving credit facility — 9,975 Total long-term debt 95,000 104,975 Less: Current maturities (50,000 ) — Total maturities due after one year $ 45,000 $ 104,975 We had one unsecured senior note agreement with an amount outstanding of $95.0 million at each of September 30, 2017 and December 31, 2016 . Our unsecured senior note agreement calls for two scheduled principal payments of $50.0 million and $45.0 million on January 3, 2018 and January 3, 2021, respectively. Interest rates on the January 3, 2018 and January 3, 2021 scheduled principal payments are 4.00% and 4.79% , respectively. The effective average interest rate on our outstanding senior note agreement was 4.37% at each of September 30, 2017 and December 31, 2016 . 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 "Credit Agreement"). The Credit Agreement originally provided for a five-year, $250.0 million senior unsecured revolving line of credit and a $100.0 million accordion feature, which if fully exercised and approved, would expand the total borrowing capacity up to an aggregate of $350.0 million . On September 9, 2016, we exercised a portion of the accordion feature and entered into an amendment to the Credit Agreement to increase the aggregate commitments from existing lenders by $50.0 million to an aggregate of $300.0 million . Of the $300.0 million line of credit commitments under the Credit Agreement, as amended, 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 Credit Agreement bear interest at either: (i) LIBOR plus an applicable margin (based on our ratio of net 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 net 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 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 net debt-to-total capitalization) are charged quarterly in arrears on the aggregate unutilized portion of the Credit Agreement. Wells Fargo, as administrative agent, also receives an annual fee for providing administrative services. For each of the three- and nine-month periods ended September 30, 2017 and 2016 , the applicable margin on LIBOR loans was 1.0% and commitment fees were 0.125% under the Credit Agreement. There were $71.4 million and $74.6 million of outstanding letters of credit at September 30, 2017 and December 31, 2016 , respectively. Letter of credit fees remained at 1.0% during each of the three- and nine-month periods ended September 30, 2017 and 2016 . |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Note 5. Commitments and Contingencies We are involved in or addressing various legal proceedings and claims, governmental inquiries, notices and investigations that have arisen in the ordinary course of our business and have not been fully adjudicated, some of which may be covered in whole or in part by insurance. Certain of these matters include class-action allegations. We do not believe that the resolution of any of these matters will have a material adverse effect upon our financial position, results of operations or cash flows. |
Significant Accounting Polici11
Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Business | 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. In addition to our core LTL services, we offer a range of value-added services including container drayage, truckload brokerage, supply chain consulting and warehousing. We have one operating segment and the composition of our revenue is summarized below: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2017 2016 2017 2016 LTL services $ 859,832 $ 769,854 $ 2,426,419 $ 2,206,642 Other services 13,155 12,757 40,576 39,137 Total revenue $ 872,987 $ 782,611 $ 2,466,995 $ 2,245,779 |
Basis of Presentation | Basis of Presentation The accompanying unaudited, interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and, in management’s opinion, contain all adjustments (consisting of normal recurring items) necessary for a fair presentation, in all material respects, of the financial position and results of operations for the periods presented. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The preparation of condensed financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Our operating results are subject to seasonal trends; therefore, the results of operations for the interim period ended September 30, 2017 are not necessarily indicative of the results that may be expected for the subsequent quarterly period or the year ending December 31, 2017 . 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, 2016 . 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, 2016 , other than those disclosed in this Form 10-Q. 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. |
Fair Value 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 revolving credit facility approximates fair value due to the variable interest rates of the facility that correlate with current market rates. The carrying value of our total long-term debt, including current maturities, was $95.0 million and $105.0 million at September 30, 2017 and December 31, 2016 , respectively. The estimated fair value of our total long-term debt, including current maturities, was $98.2 million and $108.3 million at September 30, 2017 and December 31, 2016 , 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”). |
Significant Accounting Polici12
Significant Accounting Policies Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Disaggregated Revenue | Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2017 2016 2017 2016 LTL services $ 859,832 $ 769,854 $ 2,426,419 $ 2,206,642 Other services 13,155 12,757 40,576 39,137 Total revenue $ 872,987 $ 782,611 $ 2,466,995 $ 2,245,779 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Weighted average shares outstanding - basic 82,286,295 82,742,070 82,317,244 83,357,449 Dilutive effect of share-based awards 94,641 69,301 100,313 32,375 Weighted average shares outstanding - diluted 82,380,936 82,811,371 82,417,557 83,389,824 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | Long-term debt consisted of the following: (In thousands) September 30, December 31, Senior notes $ 95,000 $ 95,000 Revolving credit facility — 9,975 Total long-term debt 95,000 104,975 Less: Current maturities (50,000 ) — Total maturities due after one year $ 45,000 $ 104,975 |
Significant Accounting Polici15
Significant Accounting Policies Significant Accounting Policies (Disaggregated Revenue) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Disaggregated Revenue [Line Items] | ||||
Revenue from operations | $ 872,987,000 | $ 782,611,000 | $ 2,466,995,000 | $ 2,245,779,000 |
LTL Service Revenue [Member] | ||||
Disaggregated Revenue [Line Items] | ||||
Revenue from operations | 859,832,000 | 769,854,000 | 2,426,419,000 | 2,206,642,000 |
Other Service Revenue [Member] | ||||
Disaggregated Revenue [Line Items] | ||||
Revenue from operations | $ 13,155,000 | $ 12,757,000 | $ 40,576,000 | $ 39,137,000 |
Significant Accounting Polici16
Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||
Debt and Capital Lease Obligations | $ 95,000 | $ 104,975 |
Long-term Debt, Fair Value | $ 98,200 | $ 108,300 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic | 82,286,295 | 82,742,070 | 82,317,244 | 83,357,449 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 94,641 | 69,301 | 100,313 | 32,375 |
Weighted Average Number of Shares Outstanding, Diluted | 82,380,936 | 82,811,371 | 82,417,557 | 83,389,824 |
Shareholders' Equity Sharehol18
Shareholders' Equity Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Stock Repurchased and Retired During Period, Shares | 9,305 | 91,921 | ||||
Stock Repurchased and Retired During Period, Value | $ 0.9 | $ 8 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 192 | $ 192 | ||||
Dividends [Abstract] | ||||||
Dividends declared per share | $ 0.10 | $ 0.10 | $ 0.10 | $ 0 | $ 0.30 | $ 0 |
2016 Share Repurchase Program [Member] | ||||||
Stock Repurchase Program, Authorized Amount | $ 250 | $ 250 | ||||
2014 Share Repurchase Program [Member] | ||||||
Stock Repurchase Program, Authorized Amount | $ 200 | $ 200 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||||
Senior Notes | $ 95,000 | $ 95,000 | $ 95,000 | ||
Interest Rate Spread added to Rate | 1.00% | 1.00% | 1.00% | 1.00% | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.125% | 0.125% | 0.125% | 0.125% | |
Letter Of Credit Fee In Percentage | 1.00% | 1.00% | 1.00% | 1.00% | |
Long-term Line of Credit | $ 0 | $ 0 | $ 9,975 | ||
Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective average interest rate | 4.37% | 4.37% | 4.37% | ||
Tranche A [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Periodic Payment, Principal | $ 50,000 | ||||
Fixed interest rate | 4.00% | 4.00% | |||
Tranche B [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Periodic Payment, Principal | $ 45,000 | ||||
Fixed interest rate | 4.79% | 4.79% | |||
Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate Spread added to Rate | 0.50% | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | ||||
Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate Spread added to Rate | 0.00% | ||||
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 | |||
Long-term Line of Credit | 71,400 | 71,400 | $ 74,600 | ||
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] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 350,000 | 350,000 | |||
Original borrowing capacity | 250,000 | 250,000 | |||
Line Of Credit Facility Accordion | 100,000 | 100,000 | |||
Accordion Feature Exercised | 50,000 | 50,000 | |||
Line of Credit Facility, Current Borrowing Capacity | $ 300,000 | $ 300,000 | |||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate Spread added to Rate | 1.50% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate Spread added to Rate | 1.00% |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Senior notes | $ 95,000 | $ 95,000 |
Revolving credit facility | 0 | 9,975 |
Total long-term debt | 95,000 | 104,975 |
Less: Current maturities | (50,000) | 0 |
Total maturities due after one year | $ 45,000 | $ 104,975 |