Old Dominion Freight Line (ODFL) 10-Q 7 Nov 17 2017 Q3 Quarterly report Financial data

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