Pay vs Performance Disclosure - USD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Pay vs Performance Disclosure | | | | | | |
Pay vs Performance Disclosure, Table | | | Pay Versus Performance As required by Section 953(a) of the Dodd-Frank Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive compensation actually paid and certain financial performance measures of the Company. You should refer to “Compensation Discussion and Analysis” for a complete description of how executive compensation relates to Company performance and how the Compensation Committee makes its decisions. Value of Initial Fixed $100 Investment Based On: Year Summary Compensation Table Total for Gantt ($) (1) Summary Compensation Table Total for Freeman (1) Compensation Actually Paid to Gantt ($) (2) Compensation Actually Paid to Freeman ($) (3) Average Summary Compensation Table Total for Non-PEO Named Executive Officers ($) (4) Average Compensation Actually Paid to Non-PEO Named Executive Officers ($) (5) Total Shareholder Return ($) (6) Peer Group Total Shareholder Return (7) Net Income (in thousands) ($) Pre-Tax (8) 2023 11,296,746 9,496,611 7,675,675 10,515,744 4,994,889 5,671,123 325 154 1,239,502 1,647,776 2022 12,828,375 10,494,358 6,184,287 4,864,545 227 128 1,377,159 1,841,349 2021 10,577,833 16,385,495 5,983,437 9,749,517 285 155 1,034,375 1,388,423 2020 7,987,957 9,878,641 5,260,421 6,660,167 155 131 672,682 901,364 | | | |
Company Selected Measure Name | | | Pre-Tax Income | | | |
Named Executive Officers, Footnote | | | (4) T he dollar amounts reported in this column represent the average of the amounts reported for the Company’s named executive officers as a group (excluding Mr. Gantt for 2020, 2021, 2022 and through June 30, 2023, and Mr. Freeman since July 1, 2023) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the named executive officers (excluding Mr. Gantt for 2020, 2021, 2022 and through June 30, 2023, and Mr. Freeman since July 1, 2023) included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2023, Messrs. Satterfield, Plemmons, Parr and Overbey; (ii) for 2022 and 2021, Mr. David S. Congdon and Messrs. Satterfield, Freeman and Plemmons; and ( iii) for 2020, Mr. Earl E. Congdon, Mr. David S. Congdon and Messrs. Satterfield and Freeman. | | | |
Peer Group Issuers, Footnote | | | (7) Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose was the Dow Jones Transportation Average ("DJTA") for 2023, 2022 and 2021, and the Nasdaq Industrial Transportation Index for 2020 (prior to the Company being added to the DJTA in December 2021). | | | |
Adjustment To PEO Compensation, Footnote | | | (2) The dollar amounts reported in this column represent the amount of “compensation actually paid” to Mr. Gantt, as computed in accordance with Item 402(v). The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Gantt during the applicable year. In accordance with the requirements of Item 402(v), the following adjustments were made to Mr. Gantt’s total compensation for each year to determine the compensation actually paid: Year Reported Reported (a) Equity (b) Compensation Actually Paid to Gantt ($) 2023 11,296,746 ( 5,927,559 ) 2,306,488 7,675,675 2022 12,828,375 ( 2,578,625 ) 244,608 10,494,358 2021 10,577,833 ( 1,975,247 ) 7,782,909 16,385,495 2020 7,987,957 ( 1,608,515 ) 3,499,199 9,878,641 (3) The dollar amounts reported in this column represent the amount of “compensation actually paid” to Mr. Freeman, as computed in accordance with Item 402(v) for his service as CEO during 2023. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Freeman during his service as CEO in 2023. In accordance with the requirements of Item 402(v), the following adjustments were made to Mr. Freeman’s total compensation for each year to determine the compensation actually paid: Year Reported Reported (a) Equity (b) Compensation Actually Paid to Freeman ($) 2023 9,496,611 ( 1,113,075 ) 2,132,208 10,515,744 | | | |
Non-PEO NEO Average Total Compensation Amount | | | $ 4,994,889 | $ 6,184,287 | $ 5,983,437 | $ 5,260,421 |
Non-PEO NEO Average Compensation Actually Paid Amount | | | $ 5,671,123 | 4,864,545 | 9,749,517 | 6,660,167 |
Adjustment to Non-PEO NEO Compensation Footnote | | | Year Average Reported Summary Compensation Table Total for Non-PEO NEOs ($) Average Average Equity (a) Average Compensation Actually Paid to Non-PEO NEOs ($) 2023 4,994,889 ( 789,283 ) 1,465,517 5,671,123 2022 6,184,287 ( 1,012,865 ) ( 306,877 ) 4,864,545 2021 5,983,437 ( 1,237,056 ) 5,003,136 9,749,517 2020 5,260,421 ( 1,181,548 ) 2,581,294 6,660,167 | | | |
Equity Valuation Assumption Difference, Footnote | | | The amounts deducted or added in calculating the equity award adjustments are as follows: Year Year End Fair Value of Equity Awards ($) Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards ($) Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year ($) Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($) Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year ($) Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation ($) Total 2023 181,993 (i) — 4,066,217 (ii) 708,783 ( 2,650,505 ) (iii) — 2,306,488 2022 2,344,590 ( 1,459,624 ) — ( 648,995 ) — 8,637 244,608 2021 4,121,370 3,520,877 — 134,605 — 6,057 7,782,909 2020 2,129,804 1,234,369 — 130,549 — 4,476 3,499,199 (i) The amount reflects a pro rata RSA grant of 898 shares, as adjusted for the two-for-one stock split, received by Mr. Gantt for his service as a non-employee director beginning July 1, 2023 (following his retirement as our President and Chief Executive Officer effective June 30, 2023). (ii) This amount reflects the accelerated vesting on June 23, 2023, of an aggregate of 24,898 shares, as adjusted for the two-for-one stock split, subject to Mr. Gantt’s outstanding unvested RSAs and outstanding earned and unvested PBRSUs in connection with his retirement from the Company as discussed above. (iii) This amount reflects 18,680 shares, as adjusted for the two-for-one stock split, of outstanding unvested RSAs and outstanding earned and unvested PBRSUs granted in 2021 and 2022 that were forfeited in 2023 due to the accelerated vesting of these shares on June 23, 2023, in connection with Mr. Gantt’s retirement from the Company as discussed above. (b) The amounts deducted or added in calculating the equity award adjustments are as follows: Year Year End Fair Value of Equity Awards ($) Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards ($) Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year ($) Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($) Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year ($) Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation ($) Total 2023 826,873 790,440 — 514,895 — — 2,132,208 | | | |
Compensation Actually Paid vs. Total Shareholder Return | | | | | | |
Compensation Actually Paid vs. Net Income | | | | | | |
Compensation Actually Paid vs. Company Selected Measure | | | | | | |
Total Shareholder Return Vs Peer Group | | | | | | |
Tabular List, Table | | | Financial Performance Measures As described in greater detail in “Compensation Discussion and Analysis,” our executive compensation program reflects a pay-for-performance philosophy. The metrics that the Company uses for both our long-term and short-term incentive awards are selected based on an objective of incentivizing our named executive officers to increase the value of our enterprise for our shareholders. The most important financial performance measures used by the Company to link executive compensation actually paid to the Company’s named executive officers, for the most recently completed fiscal year, to the Company’s performance are as follows: Most Important Financial Performance Measures Pre-Tax Income Annual Pre-Tax Income Growth Operating Ratio | | | |
Total Shareholder Return Amount | | | $ 325 | 227 | 285 | 155 |
Peer Group Total Shareholder Return Amount | | | 154 | 128 | 155 | 131 |
Net Income (Loss) | | | $ 1,239,502 | $ 1,377,159 | $ 1,034,375 | $ 672,682 |
Company Selected Measure Amount | | | 1,647,776 | 1,841,349 | 1,388,423 | 901,364 |
PEO Name | Mr. Freeman | Mr. Gantt | | Mr. Gantt | Mr. Gantt | Mr. Gantt |
Additional 402(v) Disclosure | | | (5) The dollar amounts reported in this column represent the average amount of “compensation actually paid” to the named executive officers as a group (excluding Mr. Gantt for 2020, 2021, 2022 and through June 30, 2023, and Mr. Freeman since July 1, 2023), as computed in accordance with Item 402(v). The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the named executive officers as a group (excluding Mr. Gantt for 2020, 2021, 2022 and through June 30, 2023, and Mr. Freeman since July 1, 2023) during the applicable year. The names of each of the named executive officers (excluding Mr. Gantt for 2020, 2021, 2022 and through June 30, 2023, and Mr. Freeman since July 1, 2023) included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2023, Messrs. Satterfield, Plemmons, Parr and Overbey; (ii) for 2022 and 2021, Mr. David S. Congdon and Messrs. Satterfield, Freeman and Plemmons; and (iii) for 2020, Mr. Earl E. Congdon, Mr. David S. Congdon and Messrs. Satterfield and Freeman. In accordance with the requirements of Item 402(v), the following adjustments were made to average total compensation for the named executive officers as a group (excluding Mr. Gantt for 2020, 2021, 2022 and through June 30, 2023, and Mr. Freeman since July 1, 2023) for each year to determine the compensation actually paid, using the same methodology described in footnote 2 above: | | | |
Measure:: 1 | | | | | | |
Pay vs Performance Disclosure | | | | | | |
Name | | | Pre-Tax Income | | | |
Measure:: 2 | | | | | | |
Pay vs Performance Disclosure | | | | | | |
Name | | | Annual Pre-Tax Income Growth | | | |
Measure:: 3 | | | | | | |
Pay vs Performance Disclosure | | | | | | |
Name | | | Operating Ratio | | | |
Gantt [Member] | | | | | | |
Pay vs Performance Disclosure | | | | | | |
PEO Total Compensation Amount | | | $ 11,296,746 | $ 12,828,375 | $ 10,577,833 | $ 7,987,957 |
PEO Actually Paid Compensation Amount | | | 7,675,675 | 10,494,358 | 16,385,495 | 9,878,641 |
Freeman [Member] | | | | | | |
Pay vs Performance Disclosure | | | | | | |
PEO Total Compensation Amount | | | 9,496,611 | | | |
PEO Actually Paid Compensation Amount | | | 10,515,744 | | | |
PEO | Gantt [Member] | | | | | | |
Pay vs Performance Disclosure | | | | | | |
Adjustment Value of Equity Awards | | | (5,927,559) | (2,578,625) | (1,975,247) | (1,608,515) |
Adjustment Equity Awards | | | 2,306,488 | 244,608 | 7,782,909 | 3,499,199 |
PEO | Gantt [Member] | Year End Fair Value of Equity Awards [Member] | | | | | | |
Pay vs Performance Disclosure | | | | | | |
Adjustment Equity Awards | | | 181,993 | 2,344,590 | 4,121,370 | 2,129,804 |
PEO | Gantt [Member] | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards [Member] | | | | | | |
Pay vs Performance Disclosure | | | | | | |
Adjustment Equity Awards | | | 0 | (1,459,624) | 3,520,877 | 1,234,369 |
PEO | Gantt [Member] | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year [Member] | | | | | | |
Pay vs Performance Disclosure | | | | | | |
Adjustment Equity Awards | | | 4,066,217 | 0 | 0 | 0 |
PEO | Gantt [Member] | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year [Member] | | | | | | |
Pay vs Performance Disclosure | | | | | | |
Adjustment Equity Awards | | | 708,783 | (648,995) | 134,605 | 130,549 |
PEO | Gantt [Member] | Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year [Member] | | | | | | |
Pay vs Performance Disclosure | | | | | | |
Adjustment Equity Awards | | | (2,650,505) | 0 | 0 | 0 |
PEO | Gantt [Member] | Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation [Member] | | | | | | |
Pay vs Performance Disclosure | | | | | | |
Adjustment Equity Awards | | | 0 | 8,637 | 6,057 | 4,476 |
PEO | Freeman [Member] | | | | | | |
Pay vs Performance Disclosure | | | | | | |
Adjustment Value of Equity Awards | | | (1,113,075) | | | |
Adjustment Equity Awards | | | 2,132,208 | | | |
PEO | Freeman [Member] | Year End Fair Value of Equity Awards [Member] | | | | | | |
Pay vs Performance Disclosure | | | | | | |
Adjustment Equity Awards | | | 826,873 | | | |
PEO | Freeman [Member] | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards [Member] | | | | | | |
Pay vs Performance Disclosure | | | | | | |
Adjustment Equity Awards | | | 790,440 | | | |
PEO | Freeman [Member] | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year [Member] | | | | | | |
Pay vs Performance Disclosure | | | | | | |
Adjustment Equity Awards | | | 0 | | | |
PEO | Freeman [Member] | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year [Member] | | | | | | |
Pay vs Performance Disclosure | | | | | | |
Adjustment Equity Awards | | | 514,895 | | | |
PEO | Freeman [Member] | Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year [Member] | | | | | | |
Pay vs Performance Disclosure | | | | | | |
Adjustment Equity Awards | | | 0 | | | |
PEO | Freeman [Member] | Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation [Member] | | | | | | |
Pay vs Performance Disclosure | | | | | | |
Adjustment Equity Awards | | | 0 | | | |
Non-PEO NEO | | | | | | |
Pay vs Performance Disclosure | | | | | | |
Adjustment Value of Equity Awards | | | (789,283) | (1,012,865) | (1,237,056) | (1,181,548) |
Adjustment Equity Awards | | | 1,465,517 | (306,877) | 5,003,136 | 2,581,294 |
Non-PEO NEO | Year End Fair Value of Equity Awards [Member] | | | | | | |
Pay vs Performance Disclosure | | | | | | |
Adjustment Equity Awards | | | 667,680 | 920,299 | 2,559,819 | 1,564,465 |
Non-PEO NEO | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards [Member] | | | | | | |
Pay vs Performance Disclosure | | | | | | |
Adjustment Equity Awards | | | 478,724 | (788,746) | 2,344,205 | 913,007 |
Non-PEO NEO | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year [Member] | | | | | | |
Pay vs Performance Disclosure | | | | | | |
Adjustment Equity Awards | | | 0 | 0 | 0 | 0 |
Non-PEO NEO | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year [Member] | | | | | | |
Pay vs Performance Disclosure | | | | | | |
Adjustment Equity Awards | | | 319,113 | (444,787) | 94,849 | 100,333 |
Non-PEO NEO | Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year [Member] | | | | | | |
Pay vs Performance Disclosure | | | | | | |
Adjustment Equity Awards | | | 0 | 0 | 0 | 0 |
Non-PEO NEO | Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation [Member] | | | | | | |
Pay vs Performance Disclosure | | | | | | |
Adjustment Equity Awards | | | $ 0 | $ 6,357 | $ 4,264 | $ 3,490 |