Old Dominion Freight Line (ODFL) 10-K 22 Feb 23 2022 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 21, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Trading Symbol	ODFL
Entity Registrant Name	OLD DOMINION FREIGHT LINE, INC.
Entity Central Index Key	0000878927
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		110,026,430
Entity Public Float			$ 23,446,631,519
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Well-known Seasoned Issuer	Yes
ICFR Auditor Attestation Flag	true
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock ($0.10 par value)
Security Exchange Name	NASDAQ
Entity File Number	0-19582
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	56-0751714
Entity Address, Address Line One	500 Old Dominion Way
Entity Address, City or Town	Thomasville
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27360
City Area Code	336
Local Phone Number	889-5000
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	Certain portions of the Company’s Proxy Statement for the 2023 Annual Meeting of Shareholders are incorporated by reference into Part III of this report.
Auditor Name	Ernst & Young LLP
Auditor Location	Raleigh, North Carolina
Auditor Firm ID	42

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 186,312	$ 462,564
Short-term investments	49,355	254,433
Customer receivables, less allowances of $10,689 and $9,855, respectively	578,648	567,474
Income taxes receivable	12,738	19,218
Other receivables	13,743	12,410
Prepaid expenses and other current assets	92,944	67,688
Total current assets	933,740	1,383,787
Property and equipment:
Revenue equipment	2,501,995	2,146,205
Land and structures	2,750,100	2,463,949
Other fixed assets	550,442	512,340
Leasehold improvements	13,516	13,131
Total property and equipment	5,816,053	5,135,625
Less: Accumulated depreciation	(2,128,985)	(1,919,939)
Net property and equipment	3,687,068	3,215,686
Other assets	217,802	222,071
Total assets	4,838,610	4,821,544
Current liabilities:
Accounts payable	106,275	82,519
Compensation and benefits	288,278	257,905
Claims and insurance accruals	63,307	61,822
Other accrued liabilities	51,933	61,988
Current maturities of long-term debt	20,000
Total current liabilities	529,793	464,234
Long-term debt	79,963	99,947
Other non-current liabilities	265,422	328,838
Deferred income taxes	310,515	248,718
Total long-term liabilities	655,900	677,503
Total liabilities	1,185,693	1,141,737
Commitments and contingent liabilities
Shareholders’ equity
Common stock - $0.10 par value, 280,000,000 shares authorized, 110,222,819 and 115,011,172 shares outstanding at December 31, 2022 and December 31, 2021, respectively.	11,022	11,501
Capital in excess of par value	244,590	174,445
Retained earnings	3,397,305	3,493,861
Total shareholders’ equity	3,652,917	3,679,807
Total liabilities and shareholders’ equity	$ 4,838,610	$ 4,821,544

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Customer receivables, allowances	$ 10,689	$ 9,855
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	280,000,000	280,000,000
Common stock, shares outstanding	110,222,819	115,011,172

Statements of Operations

Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue from operations	$ 6,260,077	$ 5,256,328	$ 4,015,129
Operating expenses:
Salaries, wages and benefits	2,716,835	2,467,985	2,053,894
Operating supplies and expenses	852,955	567,615	373,431
General supplies and expenses	159,998	136,059	110,279
Operating taxes and licenses	141,239	133,452	116,943
Insurance and claims	58,301	53,549	42,364
Communications and utilities	40,584	34,149	31,542
Depreciation and amortization	276,050	259,883	261,259
Purchased transportation	158,111	185,785	97,947
Miscellaneous expenses, net	15,372	26,249	20,588
Total operating expenses	4,419,445	3,864,726	3,108,247
Operating income	1,840,632	1,391,602	906,882
Non-operating (income) expense:
Interest expense	1,563	1,727	2,782
Interest income	(4,884)	(786)	(1,830)
Other expense, net	2,604	2,238	4,566
Total non-operating (income) expense	(717)	3,179	5,518
Income before income taxes	1,841,349	1,388,423	901,364
Provision for income taxes	464,190	354,048	228,682
Net income	$ 1,377,159	$ 1,034,375	$ 672,682
Earnings per share:
Basic	$ 12.26	$ 8.94	$ 5.71
Diluted	$ 12.18	$ 8.89	$ 5.68
Weighted average shares outstanding:
Basic	112,340,791	115,651,411	117,737,180
Diluted	113,077,820	116,409,989	118,493,203
Dividends declared per share	$ 1.20	$ 0.80	$ 0.60

Statements of Changes in Shareh

Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Capital In Excess Of Par Value [Member]	Retained Earnings [Member]
Balance at Dec. 31, 2019	$ 3,080,717	$ 11,953	$ 218,462	$ 2,850,302
Balance, in shares at Dec. 31, 2019		119,533
Net income	672,682			672,682
Share repurchases	(364,057)	$ (250)		(363,807)
Share repurchases, shares		(2,508)
Cash dividends declared	(71,046)			(71,046)
Cash paid for fractional shares	(612)	$ (1)	(611)
Cash paid for fractional shares, shares		(5)
Share-based compensation and share issuances, net of forfeitures	11,337	$ 6	11,331
Share-based compensation and share issuances, net of forfeitures, shares		57
Taxes paid in exchange for shares withheld	(2,733)	$ (2)	(2,731)
Taxes paid in exchange for shares withheld, shares		(19)
Balance at Dec. 31, 2020	3,326,288	$ 11,706	226,451	3,088,131
Balance, in shares at Dec. 31, 2020		117,058
Net income	1,034,375			1,034,375
Share repurchases	(536,465)	$ (209)		(536,256)
Share repurchases, shares		(2,083)
Forward contract for accelerated share repurchases	(62,500)		(62,500)
Cash dividends declared	(92,389)			(92,389)
Share-based compensation and share issuances, net of forfeitures	15,039	$ 6	15,033
Share-based compensation and share issuances, net of forfeitures, shares		57
Taxes paid in exchange for shares withheld	(4,541)	$ (2)	(4,539)
Taxes paid in exchange for shares withheld, shares		(21)
Balance at Dec. 31, 2021	3,679,807	$ 11,501	174,445	3,493,861
Balance, in shares at Dec. 31, 2021		115,011
Net income	1,377,159			1,377,159
Share repurchases, including settlements under accelerated share repurchase programs	(1,277,219)	$ (482)		(1,276,737)
Share repurchases, including settlements under accelerated share repurchase programs, shares		(4,815)
Forward contract for accelerated share repurchases			62,500	(62,500)
Cash dividends declared	(134,478)			(134,478)
Share-based compensation and share issuances, net of forfeitures	15,893	$ 6	15,887
Share-based compensation and share issuances, net of forfeitures, shares		55
Taxes paid in exchange for shares withheld	(8,245)	$ (3)	(8,242)
Taxes paid in exchange for shares withheld, shares		(28)
Balance at Dec. 31, 2022	$ 3,652,917	$ 11,022	$ 244,590	$ 3,397,305
Balance, in shares at Dec. 31, 2022		110,223

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 1,377,159	$ 1,034,375	$ 672,682
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	276,066	259,899	261,267
Noncash lease expense	16,658	14,890	11,963
(Gain) Loss on disposal of property and equipment	(3,425)	(563)	736
Deferred income taxes	62,008	30,165	(41,011)
Share-based compensation	15,893	15,039	11,337
Changes in assets and liabilities:
Customer and other receivables, net	(13,009)	(125,562)	(49,045)
Prepaid expenses and other assets	(24,714)	(38,387)	(1,722)
Accounts payable	23,756	14,008	(1,743)
Compensation, benefits and other accrued liabilities	(11,202)	32,437	72,928
Claims and insurance accruals	5,464	10,963	(1,459)
Income taxes, net	6,480	(27,929)	8,750
Other liabilities	(39,552)	(6,729)	(11,659)
Net cash provided by operating activities	1,691,582	1,212,606	933,024
Cash flows from investing activities:
Purchase of property and equipment	(775,148)	(550,077)	(225,081)
Proceeds from sale of property and equipment	22,096	19,548	3,690
Purchase of short-term investments	(163,720)	(359,389)	(360,160)
Proceeds from maturities of short-term investments	369,300	435,130	29,988
Other investing activities, net		(500)	(100)
Net cash used in investing activities	(547,472)	(455,288)	(551,663)
Cash flows from financing activities:
Proceeds from issuance of long-term debt			99,923
Principal payments under debt agreements			(45,000)
Dividends paid	(134,484)	(92,366)	(71,023)
Payments for share repurchases	(1,277,219)	(536,465)	(364,057)
Forward contract for accelerated share repurchases		(62,500)
Other financing activities, net	(8,659)	(4,853)	(3,345)
Net cash used in financing activities	(1,420,362)	(696,184)	(383,502)
Decrease (increase) in cash and cash equivalents	(276,252)	61,134	(2,141)
Cash and cash equivalents at beginning of year	462,564	401,430	403,571
Cash and cash equivalents at end of year	186,312	462,564	401,430
Income taxes paid	396,510	352,826	266,506
Interest paid	3,953	4,232	5,686
Capitalized interest	$ 3,260	2,655	$ 2,473
Supplemental disclosure of noncash investing and financing activities:
Noncash purchases of property		$ 16,034

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Note 1. Significant Accounting Policies Business We are one of the largest North American less-than-truckload (“LTL”) motor carriers. We provide regional, inter-regional and national LTL services through a single integrated, union-free organization. Our service offerings, which include expedited transportation, are provided through an expansive network of service centers located throughout the continental United States. Through strategic alliances, we also provide LTL services throughout North America. In addition to our core LTL services, we offer a range of value-added services including container drayage, truckload brokerage and supply chain consulting. We have one operating segment and no single customer exceeds 6% of our revenue. The composition of our revenue is summarized below: Year Ended December 31, (In thousands) 2022 2021 2020 LTL services $ 6,177,055 $ 5,177,497 $ 3,961,054 Other services 83,022 78,831 54,075 Total revenue $ 6,260,077 $ 5,256,328 $ 4,015,129 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 and related services have been completed in accordance with the bill of lading (“BOL”) contract, our general tariff provisions and contractual agreements with our customers. Generally, our performance obligations begin when we receive a BOL from a customer and are satisfied when we complete the delivery of a shipment and related services. We recognize revenue for our performance obligations under our customer contracts over time, as our customers receive the benefits of our services in accordance with Accounting Standards Update (“ASU”) 2014-09. With respect to 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. Payment terms vary by customer and are short-term in nature. 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, including anticipated changes to future performance. 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 OLD DOMINION FREIGHT LINE, INC. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 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. Short-term Investments The Company’s investments in certificates of deposit and commercial paper with an original maturity of greater than three months have been classified and accounted for as trading securities, and are reported in “Short-term investments” on our Balance Sheets. These investments are measured at fair value each reporting period, with gains or losses recorded in “Non-operating (income) expense” on our Statements of Operations. 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 was $ 275.6 million, $ 259.5 million and $ 261.3 million for 2022, 2021 and 2020, respectively. Claims and Insurance Accruals We carry a significant amount of insurance with third-party insurance carriers that provides various levels of protection for our risk exposure, including protection in the areas of property, casualty, cyber, management, and group health, with coverage limits and retention and deductible levels that we believe are reasonable given historical claim activity and severity. We believe that our policy of maintaining self-insured retentions or deductibles under these various insurance programs for a portion of our risks, supported by our safety, claims management and loss prevention programs, is an effective means of managing insurance costs. We periodically review our risk exposure and insurance coverage applicable to those risks and believe that we maintain sufficient insurance coverage. OLD DOMINION FREIGHT LINE, INC. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) Claims and insurance accruals reflect the Company’s estimated cost of claims for cargo loss and damage, BIPD, workers’ compensation, group health and group dental. 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 cost for cargo loss and damage and BIPD is 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 $ 156.0 million and $ 150.6 million at December 31, 2022 and 2021, respectively. The long-term portions of those reserves were $ 92.7 million and $ 88.7 million for 2022 and 2021, respectively, which were included in “Other non-current liabilities” on our Balance Sheets. Share-Based Compensation We have various share-based compensation plans for our employees and non-employee directors. Our share-based compensation includes awards of phantom stock, restricted stock, and performance-based restricted stock units which are accounted for under ASC Topic 718, Compensation - Stock Compensation . All share-based compensation expense is presented in “Salaries, wages and benefits” for employees and “Miscellaneous expenses, net” for non-employee directors in the accompanying Statements of Operations. Total compensation expense recognized for all share-based compensation awards was $ 15.9 million, $ 15.0 million and $ 14.3 million during 2022, 2021, and 2020, respectively. The total tax benefit recognized related to these awards was $ 3.3 million, $ 2.9 million and $ 3.8 million during 2022, 2021, and 2020, respectively. Awards of restricted stock, modified phantom stock and performance-based restricted stock units are accounted for as equity under ASC Topic 718. We recognize compensation cost, net of estimated forfeitures, for restricted stock awards and modified phantom stock awards on a straight-line basis over the requisite service period of each award. Compensation cost for performance-based restricted stock unit awards is recognized using the accelerated attribution method over the requisite service period of each award. At the end of each reporting period, we reassess the probability of achieving performance targets and changes to our initial assessment are reflected in the reporting period in which the change in estimate occurs. 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 $ 29.0 million, $ 28.1 million and $ 19.0 million for 2022, 2021 and 2020, respectively. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The levels of inputs used to measure fair value are: • Level 1 — Quoted prices for identical instruments in active markets; • Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets; and • Level 3 — Valuations based on inputs that are unobservable, generally utilizing pricing models or other valuation techniques that reflect management’s judgment and estimates. Our short-term investments and our long-term debt, including current maturities, are measured at fair value on a recurring basis, and are further described in Note 9. Our other financial securities in current assets and current liabilities approximate their fair value due to the short-term maturities of these instruments. Stock Repurchase Program On May 1, 2020, we announced that our Board of Directors had approved a two-year stock repurchase program authorizing us to repurchase up to an aggregate of $ 700.0 million of our outstanding common stock (the “2020 Repurchase Program”). The 2020 OLD DOMINION FREIGHT LINE, INC. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) Repurchase Program became effective upon the termination of our $ 350.0 million repurchase program on May 29, 2020. On July 28, 2021, we announced that our Board of Directors had approved a new stock repurchase program authorizing us to repurchase up to an aggregate of $ 2.0 billion of our outstanding common stock (the “2021 Repurchase Program”). The 2021 Repurchase Program, which does not have an expiration date, began after the completion of the 2020 Repurchase Program in January 2022. Under our repurchase programs, 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 programs are canceled at the time of repurchase and are classified as authorized but unissued shares of our common stock. From time to time we have entered into accelerated share repurchase agreements with third-party financial institutions that are accounted for as a settled treasury stock purchase and a forward stock purchase contract. The par value of the initial shares received is recorded as a reduction to common stock, with the excess purchase price recorded as a reduction to retained earnings. The forward stock purchase contract is accounted for as a contract indexed to our own stock and is classified within capital in excess of par value on our Balance Sheets. The Company's accelerated share repurchase agreements are each settled with the final number of shares received based on the daily volume-weighted average share price of our common stock over the term of the agreement, less a negotiated discount. The table below summarizes our accelerated share repurchase activity for 2022 and 2021. Agreement Agreement Settlement Amount Initial Shares Shares Received Total Shares Date Date (In millions) Received at Settlement Received February 2021 August 2021 $ 275.0 960,330 140,716 1,101,046 August 2021 January 2022 $ 250.0 655,365 123,410 778,775 February 2022 April 2022 $ 400.0 1,018,157 372,809 1,390,966 At December 31, 2022, we had $ 679.1 million remaining authorized under the 2021 Repurchase 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.

Long-term Debt

Long-term Debt	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Long-term Debt	Note 2. Long-term Debt Long-term debt, net of unamortized debt issuance costs, consisted of the following: December 31, (In thousands) 2022 2021 Senior notes $ 99,963 $ 99,947 Revolving credit facility — — Total long-term debt 99,963 99,947 Less: Current maturities ( 20,000 ) — Total maturities due after one year $ 79,963 $ 99,947 Note Agreement We had an unsecured senior note agreement with a principal amount outstanding of $ 45.0 million at December 31, 2019 (the “Senior Note”). The agreement for the Senior Note called for a scheduled principal payment of $ 45.0 million, with an interest rate of 4.79 %, on January 3, 2021 , which was paid in the fourth quarter of 2020. On May 4, 2020, we entered into a Note Purchase and Private Shelf Agreement with PGIM, Inc. (“Prudential”) and certain affiliates and managed accounts of Prudential (the “Note Agreement”). The Note Agreement, which is uncommitted and subject to Prudential’s sole discretion, provides for the issuance of senior promissory notes with an aggregate principal amount of up to $ 350.0 million through May 4, 2023. Pursuant to the Note Agreement, we issued $ 100.0 million aggregate principal amount of senior OLD DOMINION FREIGHT LINE, INC. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) promissory notes (the “Series B Notes”) on May 4, 2020. Borrowing availability under the Note Agreement is reduced by the outstanding amount of the existing Series B Notes, and all other senior promissory notes issued pursuant to the Note Agreement. The Series B Notes bear interest at 3.10 % per annum and mature on May 4, 2027, unless prepaid. Principal payments are required annually beginning on May 4, 2023 in equal installments of $ 20.0 million through May 4, 2027 . The Series B Notes are senior unsecured obligations and rank pari passu with borrowings under our second amended and restated credit agreement with Wells Fargo Bank, National Association serving as administrative agent for the lenders, which we entered into on November 21, 2019 (the “Credit Agreement”) or other senior promissory notes issued pursuant to the Note Agreement. Credit Agreement The Credit Agreement provides for a five-year, $ 250.0 million senior unsecured revolving line of credit and a $ 150.0 million accordion feature, which if fully exercised and approved, would expand the total borrowing capacity up to an aggregate of $ 400.0 million. Of the $ 250.0 million line of credit commitments under the Credit Agreement, up to $ 100.0 million may be used for letters of credit. At our option, borrowings under the Credit Agreement bear interest at either: (i) LIBOR (including applicable successor provisions) plus an applicable margin (based on our ratio of net debt-to-total capitalization) that ranges from 1.000 % to 1.375 %; or (ii) a Base Rate, as defined in the Credit Agreement, plus an applicable margin (based on our ratio of net debt-to-total capitalization) that ranges from 0.000 % to 0.375 %. 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 0.100 % to 0.175 % (based upon the ratio of net debt-to-total capitalization) are charged quarterly in arrears on the aggregate unutilized portion of the Credit Agreement. For periods covered under the Credit Agreement, the applicable margin on LIBOR loans and letter of credit fees were 1.000 % and commitment fees were 0.100 %. There were $ 38.7 million and $ 39.2 million of outstanding letters of credit at December 31, 2022 and 2021, respectively. General Debt Provisions The Credit Agreement and Note 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. The Credit Agreement and Note Agreement also include 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 are ongoing (or would be caused by such restricted payment).

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	Note 3. Leases We lease certain assets under operating leases, which primarily consisted of real estate leases for certain service center locations and automotive leases for private passenger vehicles. 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. The right-of-use assets and corresponding lease liabilities on our Balance Sheets represent payments over the lease term, which includes renewal options for certain real estate leases that we are likely to exercise. These renewal options begin in 2023 and continue through 2033 , and range from one to ten years in length. Short-term leases, which have an initial term of 12 months or less, are not included in our right-of-use assets or corresponding lease liabilities. Of our total operating lease liabilities, $ 17.3 million and $ 14.0 million are classified as current and are presented within “ Other accrued liabilities ,” and $ 80.8 million and $ 88.8 million are classified as non-current and are presented within “ Other non-current liabilities ” on our Balance Sheets as of December 31, 2022 and 2021, respectively. Our right-of-use assets totaled $ 95.2 million and $ 100.3 million and are presented within “ Other assets ,” which is classified as long-term, on our Balance Sheets as of December 31, 2022 and 2021, respectively. OLD DOMINION FREIGHT LINE, INC. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) Future lease payments for assets under operating leases, as well as a reconciliation to our total lease liabilities as of December 31, 2022, are as follows: (In thousands) Lease Payments (a) 2023 $ 21,243 2024 15,970 2025 13,264 2026 12,888 2027 12,374 Thereafter 44,561 Total lease payments $ 120,300 Less: imputed interest ( 22,140 ) Total lease liabilities $ 98,160 (a) Lease payments include lease extensions that are reasonably certain to be exercised. The weighted average lease term for our operating leases was 8.1 years and 9.0 years at December 31, 2022 and 2021, respectively. The discount rate used in the calculation of our right-of-use assets and corresponding lease liabilities was determined based on the stated rate within each contract when available, or our collateralized borrowing rate from lending institutions. The weighted average discount rate for our operating leases was 3.8 % and 3.0 % as of December 31, 2022 and 2021, respectively. Cash paid for amounts included in the measurement of our operating leases was $ 18.6 million and $ 17.6 million for the years ended December 31, 2022 and 2021, respectively. Aggregate expense under operating leases was $ 20.0 million, $ 19.0 million and $ 16.0 million for 2022, 2021 and 2020, respectively. Certain operating leases include rent escalation provisions, which we recognize as expense on a straight-line basis. Lease expense is presented within “Operating supplies and expenses” or “General supplies and expenses,” depending on the nature of the use of the leased asset. During the years ended December 31, 2022 and 2021, we added $ 11.6 million and $ 12.2 million of right-of-use assets, respectively, in exchange for new operating lease liabilities.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
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) 2022 2021 2020 Current: Federal $ 318,571 $ 253,084 $ 216,469 State 83,611 70,799 53,224 402,182 323,883 269,693 Deferred: Federal 51,862 26,382 ( 35,372 ) State 10,146 3,783 ( 5,639 ) 62,008 30,165 ( 41,011 ) Total provision for income taxes $ 464,190 $ 354,048 $ 228,682 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 2022, 2021 and 2020: OLD DOMINION FREIGHT LINE, INC. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) Year Ended December 31, (In thousands) 2022 2021 2020 Tax provision at statutory rate $ 386,683 $ 291,569 $ 189,287 State income taxes, net of federal benefit 75,906 60,036 39,098 Other, net 1,601 2,443 297 Total provision for income taxes $ 464,190 $ 354,048 $ 228,682 Deferred tax assets and liabilities, which are included in “Other assets” and “Deferred income taxes” on our Balance Sheets, consist of the following: December 31, (In thousands) 2022 2021 Deferred tax assets: Claims and insurance reserves $ 31,736 $ 30,773 Accrued vacation 20,330 21,518 Deferred compensation 39,973 43,150 Other 11,767 21,349 Total deferred tax assets 103,806 116,790 Deferred tax liabilities: Depreciation and amortization ( 407,942 ) ( 359,738 ) Other ( 5,113 ) ( 4,293 ) Total deferred tax liabilities ( 413,055 ) ( 364,031 ) Net deferred tax liability $ ( 309,249 ) $ ( 247,241 ) 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 2019 through 2022 . We also remain open to examination by various state tax jurisdictions for tax years 2018 through 2022 . The Company’s liability for unrecognized tax benefits was immaterial as of December 31, 2022 and 2021. 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 Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note 5. Related Party Transactions In August 2022, we entered into an agreement with David S. Congdon, Executive Chairman of our Board of Directors, to terminate the employment agreement between the Company and Mr. Congdon. Following termination of the employment agreement, Mr. Congdon remained an executive officer of the Company and continued to serve as Executive Chairman of our Board of Directors. John R. Congdon, Jr., a member of our Board of Directors, is the cousin of David S. Congdon. We regularly disclose the amount of compensation that we pay to these individuals, as well as the compensation paid to any of their family members employed by us that from time to time may require disclosure, in the proxy statement for our Annual Meeting of Shareholders.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2022
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Plans	Note 6. Employee Benefit Plans Defined Contribution Plan Full-time employees meeting certain eligibility requirements are automatically enrolled in our 401(k) employee retirement plan, unless the employee elects not to defer any compensation. 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 OLD DOMINION FREIGHT LINE, INC. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) addition, we may also provide a discretionary matching contribution as specified in the plan. Our employer contributions, net of forfeitures, for 2022, 2021 and 2020 were $ 135.2 million, $ 102.0 million and $ 65.4 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 to reflect participant deferrals and the performance of their deemed investments. The amounts owed to the participants totaled $ 88.3 million and $ 95.2 million at December 31, 2022 and 2021, respectively, of which $ 83.2 million and $ 90.4 million were included in “Other non-current liabilities” on our Balance Sheets as of December 31, 2022 and 2021, respectively.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Note 7. Earnings Per Share Basic earnings per share is computed by dividing net income by the daily weighted average number of shares of our common stock outstanding for the period, excluding unvested restricted stock. Unvested restricted stock is included in common shares outstanding on our Balance Sheets. Diluted earnings per share is computed using the treasury stock method. The denominator used in calculating diluted earnings per share includes the impact of unvested restricted stock and other dilutive, non-participating securities under our equity award agreements. The denominator excludes contingently-issuable shares under performance-based award agreements when the performance target has not yet been deemed achieved. The following table provides a reconciliation of the number of shares of common stock used in computing basic and diluted earnings per share: Year Ended December 31, (In thousands) 2022 2021 2020 Weighted average shares outstanding - basic 112,340,791 115,651,411 117,737,180 Dilutive effect of share-based awards 737,029 758,578 756,023 Weighted average shares outstanding - diluted 113,077,820 116,409,989 118,493,203

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	Note 8. Share-Based Compensation Stock Incentive Plan On May 19, 2016, our shareholders approved the Old Dominion Freight Line, Inc. 2016 Stock Incentive Plan (the “Stock Incentive Plan”) previously approved by our Board of Directors. The Stock Incentive Plan, under which awards may be granted until May 18, 2026, or the Stock Incentive Plan’s earlier termination, serves as our primary equity incentive plan and provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted awards, performance awards, phantom stock awards and other stock-based awards or dividend equivalent awards to selected employees and non-employee directors. The maximum number of shares of common stock that we may issue or deliver pursuant to awards granted under the Stock Incentive Plan is 3,000,000 shares. Restricted Stock Awards During 2022, 2021 and 2020, we granted restricted stock awards to selected employees and non-employee directors under the Stock Incentive Plan. The employee restricted stock awards vest in three equal annual installments on each anniversary of the grant OLD DOMINION FREIGHT LINE, INC. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) date, and the non-employee director restricted stock awards generally vest in full on the first anniversary of the grant date. In both cases, the restricted stock awards are subject to accelerated vesting due to death, total disability, or change in control of the Company. Subject to the foregoing, unvested restricted stock awards are generally forfeited upon termination of employment. The restricted stock awards accrue dividends while the award is unvested and only carry rights to receive the accrued dividends once vested. Compensation cost for restricted stock awards is measured at the grant date based on the fair market value per share of our common stock. The following table summarizes our restricted stock award activity for employees and non-employee directors: Shares Weighted Average Unvested at January 1, 2022 115,576 $ 163.57 Granted 32,292 303.81 Vested ( 68,098 ) 149.03 Forfeited ( 2,045 ) 231.47 Unvested at December 31, 2022 77,725 $ 232.79 The weighted average grant date fair value per restricted stock award granted during fiscal years 2022, 2021 and 2020 was $ 303.81 , $ 213.55 and $ 149.38 , respectively. The total fair value of vested restricted stock awards for fiscal year 2022, 2021 and 2020 was $ 20.1 million, $ 15.6 million and $ 11.9 million, respectively. At December 31, 2022, the Company had $ 9.4 million of unrecognized stock-based compensation cost, net of estimated forfeitures, related to unvested restricted stock awards that are expected to be recognized over a weighted average period of 1.6 years. Performance-Based Restricted Stock Units During 2022, 2021 and 2020 we granted performance-based restricted stock units (“PBRSUs”) to selected employees under the Stock Incentive Plan. The PBRSUs are earned based on the achievement of stated Company performance metrics over a one-year performance period. One-third of the earned PBRSUs vest following the end of the one-year performance period if the performance metrics are satisfied, with an additional one-third of the PBRSUs vesting on each of the next two grant date anniversaries. Earned PBRSUs are subject to accelerated vesting due to death, total disability, or change in control of the Company. Subject to the foregoing, unvested PBRSUs are generally forfeited if minimum threshold performance targets are not achieved or upon termination of employment. The unvested PBRSUs do not include voting rights or dividend participation rights. Compensation cost for PBRSUs is measured at the grant date based on the fair market value per share of our common stock, with consideration given to the probability of achieving performance targets. At the end of each reporting period, we reassess the probability of achieving performance targets and changes to our initial assessment are reflected in the reporting period in which the change in estimate occurs. The following table summarizes our activity for PBRSUs for employees during 2022: Shares Weighted Average Unvested at January 1, 2022 58,007 $ 183.93 Granted (a) 19,314 310.21 Vested ( 22,785 ) 178.24 Forfeited — — Unvested at December 31, 2022 54,536 $ 231.03 OLD DOMINION FREIGHT LINE, INC. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) (a) PBRSUs earned may range from zero to 200 % of the target award. Actual PBRSUs earned for the 2022 performance period, as determined by the Compensation Committee, were equal to 200 % of the target amount. At December 31, 2022, the Company had $ 3.5 million of unrecognized stock-based compensation cost, net of estimated forfeitures, related to unvested PBRSUs that are expected to be recognized over a weighted average period of 1.8 years. Phantom Stock Awards A summary of the changes in the number of outstanding phantom stock awards during the year ended December 31, 2022 is provided below. There were no phantom stock awards granted or forfeited during 2022. Total Balance of shares outstanding at January 1, 2022 613,996 Settled ( 1,476 ) Balance of shares outstanding at December 31, 2022 612,520 Of these outstanding awards, 610,798 phantom shares were vested at December 31, 2022 with a weighted average grant date fair value per share of $ 120.42 . The remaining phantom shares are unvested and have a weighted average grant date fair value per share of $ 114.76 . The settled shares have a weighted average grant date fair value per share of $ 123.46 .

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 9. Fair Value Measurements Short-term investments A summary of the fair value of our short-term investments as of December 31, 2022 and December 31, 2021 is shown in the tables below. (In thousands) December 31, 2022 Level 1 Level 2 Level 3 Commercial paper $ 49,355 $ — $ 49,355 $ — Total $ 49,355 $ — $ 49,355 $ — (In thousands) December 31, 2021 Level 1 Level 2 Level 3 Commercial paper 214,419 — 214,419 — Certificates of deposit $ 40,014 $ — $ 40,014 $ — Total $ 254,433 $ — $ 254,433 $ — Our certificates of deposit are measured at carrying value including accrued interest, which approximates fair value due to their short-term nature. Our commercial paper is valued using broker quotes that utilize observable market inputs. Long-term debt The carrying value of our total long-term debt, including current maturities, was $ 100.0 million and $ 99.9 million at December 31, 2022 and 2021, respectively. The estimated fair value of our total long-term debt, including current maturities, was $ 92.6 million and $ 104.5 million at December 31, 2022 and 2021, respectively. The fair value measurement of our Series B 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.

Commitments And Contingencies

Commitments And Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments And Contingencies	Note 10. 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 collective and/or 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.

Schedule II - Valuation And Qua

Schedule II - Valuation And Qualifying Accounts	12 Months Ended
	Dec. 31, 2022
Valuation And Qualifying Accounts [Abstract]
Schedule II Valuation And Qualifying Accounts	The Schedule II – Valuation and Qualifying Accounts schedule of Old Dominion Freight Line, Inc. is included below: Schedule II Old Dominion Freight Line, Inc. Valuation and Qualifying Accounts (In thousands) Allowance for Uncollectible Accounts (1) Year Ended December 31, Balance at Charged to Deductions (2) Balance at 2020 $ 3,497 $ 3,248 $ 2,650 $ 4,095 2021 $ 4,095 $ 3,773 $ 1,829 $ 6,039 2022 $ 6,039 $ 2,128 $ 1,490 $ 6,677 (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. All other schedules for which provision is made in the applicable accounting regulations of the SEC are not required under the instructions thereto or are inapplicable and, therefore, have been omitted.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Business	Business We are one of the largest North American less-than-truckload (“LTL”) motor carriers. We provide regional, inter-regional and national LTL services through a single integrated, union-free organization. Our service offerings, which include expedited transportation, are provided through an expansive network of service centers located throughout the continental United States. Through strategic alliances, we also provide LTL services throughout North America. In addition to our core LTL services, we offer a range of value-added services including container drayage, truckload brokerage and supply chain consulting. We have one operating segment and no single customer exceeds 6% of our revenue. The composition of our revenue is summarized below: Year Ended December 31, (In thousands) 2022 2021 2020 LTL services $ 6,177,055 $ 5,177,497 $ 3,961,054 Other services 83,022 78,831 54,075 Total revenue $ 6,260,077 $ 5,256,328 $ 4,015,129
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 and related services have been completed in accordance with the bill of lading (“BOL”) contract, our general tariff provisions and contractual agreements with our customers. Generally, our performance obligations begin when we receive a BOL from a customer and are satisfied when we complete the delivery of a shipment and related services. We recognize revenue for our performance obligations under our customer contracts over time, as our customers receive the benefits of our services in accordance with Accounting Standards Update (“ASU”) 2014-09. With respect to 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. Payment terms vary by customer and are short-term in nature. 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, including anticipated changes to future performance. 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 OLD DOMINION FREIGHT LINE, INC. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 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.
Short-term Investments	Short-term Investments The Company’s investments in certificates of deposit and commercial paper with an original maturity of greater than three months have been classified and accounted for as trading securities, and are reported in “Short-term investments” on our Balance Sheets. These investments are measured at fair value each reporting period, with gains or losses recorded in “Non-operating (income) expense” on our Statements of Operations.
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 was $ 275.6 million, $ 259.5 million and $ 261.3 million for 2022, 2021 and 2020, respectively.
Claims and Insurance Accruals	Claims and Insurance Accruals We carry a significant amount of insurance with third-party insurance carriers that provides various levels of protection for our risk exposure, including protection in the areas of property, casualty, cyber, management, and group health, with coverage limits and retention and deductible levels that we believe are reasonable given historical claim activity and severity. We believe that our policy of maintaining self-insured retentions or deductibles under these various insurance programs for a portion of our risks, supported by our safety, claims management and loss prevention programs, is an effective means of managing insurance costs. We periodically review our risk exposure and insurance coverage applicable to those risks and believe that we maintain sufficient insurance coverage. OLD DOMINION FREIGHT LINE, INC. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) Claims and insurance accruals reflect the Company’s estimated cost of claims for cargo loss and damage, BIPD, workers’ compensation, group health and group dental. 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 cost for cargo loss and damage and BIPD is 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 $ 156.0 million and $ 150.6 million at December 31, 2022 and 2021, respectively. The long-term portions of those reserves were $ 92.7 million and $ 88.7 million for 2022 and 2021, respectively, which were included in “Other non-current liabilities” on our Balance Sheets.
Share-Based Compensation	Share-Based Compensation We have various share-based compensation plans for our employees and non-employee directors. Our share-based compensation includes awards of phantom stock, restricted stock, and performance-based restricted stock units which are accounted for under ASC Topic 718, Compensation - Stock Compensation . All share-based compensation expense is presented in “Salaries, wages and benefits” for employees and “Miscellaneous expenses, net” for non-employee directors in the accompanying Statements of Operations. Total compensation expense recognized for all share-based compensation awards was $ 15.9 million, $ 15.0 million and $ 14.3 million during 2022, 2021, and 2020, respectively. The total tax benefit recognized related to these awards was $ 3.3 million, $ 2.9 million and $ 3.8 million during 2022, 2021, and 2020, respectively. Awards of restricted stock, modified phantom stock and performance-based restricted stock units are accounted for as equity under ASC Topic 718. We recognize compensation cost, net of estimated forfeitures, for restricted stock awards and modified phantom stock awards on a straight-line basis over the requisite service period of each award. Compensation cost for performance-based restricted stock unit awards is recognized using the accelerated attribution method over the requisite service period of each award. At the end of each reporting period, we reassess the probability of achieving performance targets and changes to our initial assessment are reflected in the reporting period in which the change in estimate occurs.
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 $ 29.0 million, $ 28.1 million and $ 19.0 million for 2022, 2021 and 2020, respectively.
Fair Values of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The levels of inputs used to measure fair value are: • Level 1 — Quoted prices for identical instruments in active markets; • Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets; and • Level 3 — Valuations based on inputs that are unobservable, generally utilizing pricing models or other valuation techniques that reflect management’s judgment and estimates. Our short-term investments and our long-term debt, including current maturities, are measured at fair value on a recurring basis, and are further described in Note 9. Our other financial securities in current assets and current liabilities approximate their fair value due to the short-term maturities of these instruments.
Stock Repurchase Program	Stock Repurchase Program On May 1, 2020, we announced that our Board of Directors had approved a two-year stock repurchase program authorizing us to repurchase up to an aggregate of $ 700.0 million of our outstanding common stock (the “2020 Repurchase Program”). The 2020 OLD DOMINION FREIGHT LINE, INC. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) Repurchase Program became effective upon the termination of our $ 350.0 million repurchase program on May 29, 2020. On July 28, 2021, we announced that our Board of Directors had approved a new stock repurchase program authorizing us to repurchase up to an aggregate of $ 2.0 billion of our outstanding common stock (the “2021 Repurchase Program”). The 2021 Repurchase Program, which does not have an expiration date, began after the completion of the 2020 Repurchase Program in January 2022. Under our repurchase programs, 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 programs are canceled at the time of repurchase and are classified as authorized but unissued shares of our common stock. From time to time we have entered into accelerated share repurchase agreements with third-party financial institutions that are accounted for as a settled treasury stock purchase and a forward stock purchase contract. The par value of the initial shares received is recorded as a reduction to common stock, with the excess purchase price recorded as a reduction to retained earnings. The forward stock purchase contract is accounted for as a contract indexed to our own stock and is classified within capital in excess of par value on our Balance Sheets. The Company's accelerated share repurchase agreements are each settled with the final number of shares received based on the daily volume-weighted average share price of our common stock over the term of the agreement, less a negotiated discount. The table below summarizes our accelerated share repurchase activity for 2022 and 2021. Agreement Agreement Settlement Amount Initial Shares Shares Received Total Shares Date Date (In millions) Received at Settlement Received February 2021 August 2021 $ 275.0 960,330 140,716 1,101,046 August 2021 January 2022 $ 250.0 655,365 123,410 778,775 February 2022 April 2022 $ 400.0 1,018,157 372,809 1,390,966 At December 31, 2022, we had $ 679.1 million remaining authorized under the 2021 Repurchase Program.
Comprehensive Income	Comprehensive Income The Company has no components of other comprehensive income. Accordingly, net income equals comprehensive income for all periods presented in this report.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Disaggregated Revenue	The composition of our revenue is summarized below: Year Ended December 31, (In thousands) 2022 2021 2020 LTL services $ 6,177,055 $ 5,177,497 $ 3,961,054 Other services 83,022 78,831 54,075 Total revenue $ 6,260,077 $ 5,256,328 $ 4,015,129
Estimated Useful Lives of Property and Equipment	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
Summary of Accelerated Repurchase Activity	The table below summarizes our accelerated share repurchase activity for 2022 and 2021. Agreement Agreement Settlement Amount Initial Shares Shares Received Total Shares Date Date (In millions) Received at Settlement Received February 2021 August 2021 $ 275.0 960,330 140,716 1,101,046 August 2021 January 2022 $ 250.0 655,365 123,410 778,775 February 2022 April 2022 $ 400.0 1,018,157 372,809 1,390,966

Long-term Debt (Tables)

Long-term Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt, Net of Unamortized Debt Issuance Costs	Long-term debt, net of unamortized debt issuance costs, consisted of the following: December 31, (In thousands) 2022 2021 Senior notes $ 99,963 $ 99,947 Revolving credit facility — — Total long-term debt 99,963 99,947 Less: Current maturities ( 20,000 ) — Total maturities due after one year $ 79,963 $ 99,947

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Future Lease Payments for Assets under Operating Leases, as well as Reconciliation to Lease Liability	Future lease payments for assets under operating leases, as well as a reconciliation to our total lease liabilities as of December 31, 2022, are as follows: (In thousands) Lease Payments (a) 2023 $ 21,243 2024 15,970 2025 13,264 2026 12,888 2027 12,374 Thereafter 44,561 Total lease payments $ 120,300 Less: imputed interest ( 22,140 ) Total lease liabilities $ 98,160 (a) Lease payments include lease extensions that are reasonably certain to be exercised.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
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) 2022 2021 2020 Current: Federal $ 318,571 $ 253,084 $ 216,469 State 83,611 70,799 53,224 402,182 323,883 269,693 Deferred: Federal 51,862 26,382 ( 35,372 ) State 10,146 3,783 ( 5,639 ) 62,008 30,165 ( 41,011 ) Total provision for income taxes $ 464,190 $ 354,048 $ 228,682
Schedule of Effective Income Tax Reconciliation of the U.S. Statutory Federal Income Tax Rates	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 2022, 2021 and 2020: OLD DOMINION FREIGHT LINE, INC. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) Year Ended December 31, (In thousands) 2022 2021 2020 Tax provision at statutory rate $ 386,683 $ 291,569 $ 189,287 State income taxes, net of federal benefit 75,906 60,036 39,098 Other, net 1,601 2,443 297 Total provision for income taxes $ 464,190 $ 354,048 $ 228,682
Schedule of Deferred Tax Assets and Liabilities	Deferred tax assets and liabilities, which are included in “Other assets” and “Deferred income taxes” on our Balance Sheets, consist of the following: December 31, (In thousands) 2022 2021 Deferred tax assets: Claims and insurance reserves $ 31,736 $ 30,773 Accrued vacation 20,330 21,518 Deferred compensation 39,973 43,150 Other 11,767 21,349 Total deferred tax assets 103,806 116,790 Deferred tax liabilities: Depreciation and amortization ( 407,942 ) ( 359,738 ) Other ( 5,113 ) ( 4,293 ) Total deferred tax liabilities ( 413,055 ) ( 364,031 ) Net deferred tax liability $ ( 309,249 ) $ ( 247,241 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Reconciliation of Number of Common Stock used in Computing Basic and Diluted Earning Per Share	The following table provides a reconciliation of the number of shares of common stock used in computing basic and diluted earnings per share: Year Ended December 31, (In thousands) 2022 2021 2020 Weighted average shares outstanding - basic 112,340,791 115,651,411 117,737,180 Dilutive effect of share-based awards 737,029 758,578 756,023 Weighted average shares outstanding - diluted 113,077,820 116,409,989 118,493,203

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Restricted Stock Award Activity for Employees and Non-Employee Directors	The following table summarizes our restricted stock award activity for employees and non-employee directors: Shares Weighted Average Unvested at January 1, 2022 115,576 $ 163.57 Granted 32,292 303.81 Vested ( 68,098 ) 149.03 Forfeited ( 2,045 ) 231.47 Unvested at December 31, 2022 77,725 $ 232.79
Summary of Activity for PBRSUs for Employees	The following table summarizes our activity for PBRSUs for employees during 2022: Shares Weighted Average Unvested at January 1, 2022 58,007 $ 183.93 Granted (a) 19,314 310.21 Vested ( 22,785 ) 178.24 Forfeited — — Unvested at December 31, 2022 54,536 $ 231.03 OLD DOMINION FREIGHT LINE, INC. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) (a) PBRSUs earned may range from zero to 200 % of the target award. Actual PBRSUs earned for the 2022 performance period, as determined by the Compensation Committee, were equal to 200 % of the target amount.
Summary of the Changes in the Number of Outstanding Phantom Stock Shares	A summary of the changes in the number of outstanding phantom stock awards during the year ended December 31, 2022 is provided below. There were no phantom stock awards granted or forfeited during 2022. Total Balance of shares outstanding at January 1, 2022 613,996 Settled ( 1,476 ) Balance of shares outstanding at December 31, 2022 612,520

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Short-term Investments	A summary of the fair value of our short-term investments as of December 31, 2022 and December 31, 2021 is shown in the tables below. (In thousands) December 31, 2022 Level 1 Level 2 Level 3 Commercial paper $ 49,355 $ — $ 49,355 $ — Total $ 49,355 $ — $ 49,355 $ — (In thousands) December 31, 2021 Level 1 Level 2 Level 3 Commercial paper 214,419 — 214,419 — Certificates of deposit $ 40,014 $ — $ 40,014 $ — Total $ 254,433 $ — $ 254,433 $ —

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Details)			12 Months Ended
	Aug. 26, 2021 USD ($) shares	Feb. 25, 2021 USD ($) shares	Dec. 31, 2022 USD ($) Customer Segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jul. 28, 2021 USD ($)	May 29, 2020 USD ($)	May 01, 2020 USD ($)
Significant Accounting Policies [Line Items]
Number of operating segment | Segment			1
Number of customer exceeding 6% of revenue | Customer			0
Depreciation expenses			$ 275,600,000	$ 259,500,000	$ 261,300,000
Self-insurance reserve			156,000,000	150,600,000
Long-term portions of self insurance reserve			92,700,000	88,700,000
Allocated share-based compensation expense			15,900,000	15,000,000	14,300,000
Employee service share-based compensation, tax benefit from compensation expense			(3,300,000)	(2,900,000)	(3,800,000)
Advertising expense			29,000,000	28,100,000	19,000,000
Stock repurchased and retired during period, value			1,277,219,000
Payments for repurchase of common stock recieved under stock repurchase ASR agreement			1,277,219,000	$ 536,465,000	$ 364,057,000
2019 Share Repurchase Program [Member] | Maximum [Member]
Significant Accounting Policies [Line Items]
Stock repurchase program, authorized amount						$ 2,000,000,000	$ 350,000,000
2020 Share Repurchase Program [Member] | Maximum [Member]
Significant Accounting Policies [Line Items]
Stock repurchase program, authorized amount								$ 700,000,000
February 2021 ASR Agreement [Member]
Significant Accounting Policies [Line Items]
Stock repurchased and retired during period, shares | shares		1,101,046
Payments made to third party financial institution for share repurchase under the ASR agreement		$ 275,000,000
Number of shares received under stock repurchase ASR agreement | shares		960,330
August 2021 ASR Agreement [Member]
Significant Accounting Policies [Line Items]
Stock repurchased and retired during period, shares | shares	778,775
Payments made to third party financial institution for share repurchase under the ASR agreement	$ 250,000,000
Number of shares received under stock repurchase ASR agreement | shares	655,365
Share Repurchase Programs [Member]
Significant Accounting Policies [Line Items]
Stock repurchase program, remaining authorized repurchase amount			$ 679,100,000

Significant Accounting Polici_5

Significant Accounting Policies - Disaggregated Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue from operations	$ 6,260,077	$ 5,256,328	$ 4,015,129
LTL Service Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue from operations	6,177,055	5,177,497	3,961,054
Other Service Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue from operations	$ 83,022	$ 78,831	$ 54,075

Significant Accounting Polici_6

Significant Accounting Policies - Estimated Useful Lives Of Property And Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Estimated useful lives of asset	Lesser of economic life or life of lease
Minimum [Member] | Structures [Member]
Property Plant And Equipment [Line Items]
Estimated useful lives of asset, years	7 years
Minimum [Member] | Revenue Equipment [Member]
Property Plant And Equipment [Line Items]
Estimated useful lives of asset, years	4 years
Minimum [Member] | Other Equipment [Member]
Property Plant And Equipment [Line Items]
Estimated useful lives of asset, years	2 years
Maximum [Member] | Structures [Member]
Property Plant And Equipment [Line Items]
Estimated useful lives of asset, years	30 years
Maximum [Member] | Revenue Equipment [Member]
Property Plant And Equipment [Line Items]
Estimated useful lives of asset, years	15 years
Maximum [Member] | Other Equipment [Member]
Property Plant And Equipment [Line Items]
Estimated useful lives of asset, years	20 years

Significant Accounting Polici_7

Significant Accounting Policies - Summary of Accelerated Repurchase Activity (Details) - USD ($) $ in Millions				12 Months Ended
	Feb. 24, 2022	Aug. 26, 2021	Feb. 25, 2021	Dec. 31, 2022	Dec. 31, 2021
February 2021 ASR Agreement [Member]
Accelerated Share Repurchases [Line Items]
Agreement Date			2021-02
Settlement Date				2021-08	2021-08
Agreement Amount			$ 275
Initial shares delivered			960,330
Additional Shares Delivered			140,716
Total Shares Delivered			1,101,046
August 2021 ASR Agreement [Member]
Accelerated Share Repurchases [Line Items]
Agreement Date		2021-08
Settlement Date				2022-01	2022-01
Agreement Amount		$ 250
Initial shares delivered		655,365
Additional Shares Delivered		123,410
Total Shares Delivered		778,775
February 2022 ASR Agreement [Member]
Accelerated Share Repurchases [Line Items]
Agreement Date	2022-02
Settlement Date				2022-04	2022-04
Agreement Amount	$ 400
Initial shares delivered	1,018,157
Additional Shares Delivered	372,809
Total Shares Delivered	1,390,966

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-term Debt, Net of Unamortized Debt Issuance Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Senior notes	$ 99,963	$ 99,947
Revolving credit facility	0	0
Total long-term debt	99,963	99,947
Less: Current maturities	(20,000)	0
Total maturities due after one year	$ 79,963	$ 99,947

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($) $ in Thousands			12 Months Ended
	May 04, 2023	May 04, 2020	Dec. 31, 2022	Dec. 31, 2020	Dec. 31, 2021	Dec. 30, 2019
Debt Instrument [Line Items]
Senior note			$ 99,963		$ 99,947
Fixed interest rate			4.79%
Maturity date			Jan. 03, 2021
Proceeds from issuance of senior promissory notes				$ 99,923
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.10%
Letter of Credit Fee in Percentage			1%
Letters of Credit Outstanding, Amount			$ 38,700		$ 39,200
2019 Credit Agreement [Member]
Debt Instrument [Line Items]
Original borrowing capacity			250,000
Line of Credit Facility Accordion			150,000
Line of Credit Facility, Maximum Borrowing Capacity			400,000
Letter of Credit [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases			$ 100,000
Maximum [Member]
Debt Instrument [Line Items]
Interest Rate Spread added to Rate			0.375%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.175%
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate Spread added to Rate			1.375%
Minimum [Member]
Debt Instrument [Line Items]
Interest Rate Spread added to Rate			0%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.10%
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate Spread added to Rate			1%
Series B [Member] | Forecast [Member]
Debt Instrument [Line Items]
Scheduled principal payment	$ 20,000
Maturity date	May 04, 2027
Notes interest	3.10%
Maturity Date Description	The Series B Notes bear interest at 3.10% per annum and mature on May 4, 2027, unless prepaid.
P G I M I N C [Member] | Maximum [Member]
Debt Instrument [Line Items]
Aggregate amount on promissory notes issued		$ 350,000
P G I M I N C [Member] | Series B Notes [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior promissory notes		$ 100,000
Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Senior note						$ 45,000
Unsecured Senior Note Due January 3, 2021 [Member]
Debt Instrument [Line Items]
Scheduled principal payment				$ 45,000

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lessee Lease Description [Line Items]
Lessee, operating lease, option to renew, earliest year	2023
Lessee, operating lease, option to renew, latest year	2033
Operating lease, liability, current	$ 17.3	$ 14
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other accrued liabilities	Other accrued liabilities
Operating lease, liability, noncurrent	$ 80.8	$ 88.8
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other non-current liabilities	Other non-current liabilities
Operating lease, right-of-use asset	$ 95.2	$ 100.3
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Operating lease, weighted average remaining lease term	8 years 1 month 6 days	9 years
Operating lease, weighted average discount rate, percent	3.80%	3%
Cash paid for amounts included in the measurement of operating leases	$ 18.6	$ 17.6
Operating lease, expense	20	19	$ 16
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 11.6	$ 12.2
Minimum [Member]
Lessee Lease Description [Line Items]
Lessee, operating lease, renewal term	1 year
Maximum [Member]
Lessee Lease Description [Line Items]
Lessee, operating lease, renewal term	10 years

Leases - Future Lease Payments

Leases - Future Lease Payments for Assets under Operating Leases, as well as Reconciliation to Lease Liability (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 21,243
2024	15,970
2025	13,264
2026	12,888
2027	12,374
Thereafter	44,561
Total lease payments	120,300
Less: imputed interest	(22,140)
Total lease liabilities	$ 98,160

Income Taxes - Components of th

Income Taxes - Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ 318,571	$ 253,084	$ 216,469
State	83,611	70,799	53,224
Total current income tax expense (benefit)	402,182	323,883	269,693
Deferred:
Federal	51,862	26,382	(35,372)
State	10,146	3,783	(5,639)
Total deferred income tax expense (benefit)	62,008	30,165	(41,011)
Total provision for income taxes	$ 464,190	$ 354,048	$ 228,682

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Reconciliation of the U.S. Statutory Federal Income Tax Rates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Tax provision at statutory rate	$ 386,683	$ 291,569	$ 189,287
State income taxes, net of federal benefit	75,906	60,036	39,098
Other, net	1,601	2,443	297
Total provision for income taxes	$ 464,190	$ 354,048	$ 228,682

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Claims and insurance reserves	$ 31,736	$ 30,773
Accrued vacation	20,330	21,518
Deferred compensation	39,973	43,150
Other	11,767	21,349
Total deferred tax assets	103,806	116,790
Depreciation and amortization	(407,942)	(359,738)
Other	(5,113)	(4,293)
Total deferred tax liabilities	(413,055)	(364,031)
Net deferred tax liability	$ (309,249)	$ (247,241)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022
Minimum [Member] | State and Local Jurisdiction [Member]
Income Tax Examination [Line Items]
Income tax examinations year under examination	2018
Minimum [Member] | Internal Revenue Service (IRS) [Member]
Income Tax Examination [Line Items]
Income tax examinations year under examination	2019
Maximum [Member] | State and Local Jurisdiction [Member]
Income Tax Examination [Line Items]
Income tax examinations year under examination	2022
Maximum [Member] | Internal Revenue Service (IRS) [Member]
Income Tax Examination [Line Items]
Income tax examinations year under examination	2022

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Company contributions	$ 135.2	$ 102	$ 65.4
Deferred compensation plan amounts owed, non current	83.2	90.4
Deferred compensation plan amounts owed	$ 88.3	$ 95.2

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Number of Common Stock used in Computing Basic and Diluted Earning Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted Average Number Of Shares Outstanding [Abstract]
Weighted average shares outstanding - basic	112,340,791	115,651,411	117,737,180
Dilutive effect of share-based awards	737,029	758,578	756,023
Weighted average shares outstanding - diluted	113,077,820	116,409,989	118,493,203

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) Installment $ / shares shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($) $ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Settled, weighted average grant date fair value	$ 123.46
Modified Award [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Phantom shares vested | shares	610,798
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of annual installments | Installment	3
Weighted Average Grant Date Fair Value Per, Granted	$ 303.81	$ 213.55	$ 149.38
Weighted average grant date fair value per, vested | $	$ 20.1	$ 15.6	$ 11.9
Unrecognized stock-based compensation cost | $	$ 9.4
Unrecognized compensation costs, weighted-average recognition periods	1 year 7 months 6 days
Phantom shares vested | shares	68,098
Unvested Weighted Average grant date fair value	$ 232.79	$ 163.57
PBRSUs [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted Average Grant Date Fair Value Per, Granted	$ 310.21
Unrecognized stock-based compensation cost | $	$ 3.5
Unrecognized compensation costs, weighted-average recognition periods	1 year 9 months 18 days
Phantom shares vested | shares	22,785
Unvested Weighted Average grant date fair value	$ 231.03	$ 183.93
Vested Phantom Stock Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted Average Grant Date Fair Value Per, Granted	120.42
Phantom Share Units (PSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Weighted Average grant date fair value	$ 114.76
Stock Incentive Plan 2016 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares	3,000,000

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Restricted Stock Award Activity for Employees and Non-Employee Directors (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning Balance	115,576
Granted	32,292
Vested	(68,098)
Forfeited	(2,045)
Ending Balance	77,725	115,576
Weighted Average Grant Date Fair Value Per Share, Beginning Balance	$ 163.57
Weighted Average Grant Date Fair Value Per, Granted	303.81	$ 213.55	$ 149.38
Weighted Average Grant Date Fair Value Per , Vested	149.03
Weighted Average Grant Date Fair Value Per Share, Forfeited	231.47
Weighted Average Grant Date Fair Value Per Share, Ending Balance	$ 232.79	$ 163.57

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Activity for PBRSUs for Employees (Details) - PBRSUs [Member]	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning Balance | shares	58,007
Granted | shares	19,314
Vested | shares	(22,785)
Ending Balance | shares	54,536
Weighted Average Grant Date Fair Value Per Share, Beginning Balance | $ / shares	$ 183.93
Weighted Average Grant Date Fair Value Per, Granted | $ / shares	310.21
Weighted Average Grant Date Fair Value Per , Vested | $ / shares	178.24
Weighted Average Grant Date Fair Value Per Share, Ending Balance | $ / shares	$ 231.03

Share-Based Compensation - Su_3

Share-Based Compensation - Summary of Activity for PBRSUs for Employees (Parenthetical) (Details) - PBRSUs [Member]	12 Months Ended
	Dec. 31, 2022
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grants as percentage of target award	0%
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grants as percentage of target award	200%

Share-Based Compensation - Su_4

Share-Based Compensation - Summary of the Changes in the Number of Outstanding Phantom Stock Shares (Details)	12 Months Ended
	Dec. 31, 2022 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Balance of shares outstanding	613,996
Settled	(1,476)
Balance of shares outstanding	612,520

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Short-term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair value	$ 49,355	$ 254,433
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair value	49,355	254,433
Commercial paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair value	49,355	214,419
Commercial paper [Member] | Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair value	$ 49,355	214,419
Certificates of deposit [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair value		40,014
Certificates of deposit [Member] | Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair value		$ 40,014

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Debt and capital lease obligations	$ 99,963	$ 99,947
Long-term debt, fair value	$ 92,600	$ 104,500

Schedule II - Valuation And Q_2

Schedule II - Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Valuation And Qualifying Accounts [Abstract]
Balance at Beginning of Period	$ 6,039	$ 4,095	$ 3,497
Charged to Costs and Expenses	2,128	3,773	3,248
Deductions	1,490	1,829	2,650
Balance at End of Period	$ 6,677	$ 6,039	$ 4,095