Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 04, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'QLTY | ' |
Entity Registrant Name | 'QUALITY DISTRIBUTION INC | ' |
Entity Central Index Key | '0000922863 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 27,960,815 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
OPERATING REVENUES: | ' | ' | ' | ' | ||
Transportation | $184,331 | $174,647 | $353,857 | $338,641 | ||
Service revenue | 34,113 | 32,705 | 66,300 | 66,159 | ||
Fuel surcharge | 37,155 | 31,944 | 69,929 | 63,918 | ||
Total operating revenues | 255,599 | 239,296 | 490,086 | 468,718 | ||
OPERATING EXPENSES: | ' | ' | ' | ' | ||
Purchased transportation | 173,685 | 150,380 | 331,304 | 293,252 | ||
Compensation | 22,955 | 25,501 | 44,210 | 51,971 | ||
Fuel, supplies and maintenance | 25,630 | 26,486 | 48,760 | 53,615 | ||
Depreciation and amortization | 5,403 | 6,729 | 10,898 | 13,422 | ||
Selling and administrative | 7,780 | 8,155 | 15,038 | 15,634 | ||
Insurance costs | 4,713 | 4,373 | 10,984 | 8,870 | ||
Taxes and licenses | 740 | 1,150 | 1,676 | 1,982 | ||
Communication and utilities | 1,023 | 922 | 1,955 | 2,017 | ||
(Gain) loss on disposal of property and equipment | -1,202 | 1,591 | -1,713 | -1,498 | ||
Impairment charges | ' | 55,692 | [1] | ' | 55,692 | [1] |
Total operating expenses | 240,727 | 280,979 | 463,112 | 494,957 | ||
Operating income (loss) | 14,872 | -41,683 | 26,974 | -26,239 | ||
Interest expense | 7,282 | 7,884 | 14,646 | 15,607 | ||
Interest income | -121 | -234 | -245 | -445 | ||
Gain on early extinguishment of debt | -4,217 | ' | -4,217 | ' | ||
Other (income) expense, net | -154 | -271 | 3 | -7,243 | ||
Income (loss) before income taxes | 12,082 | -49,062 | 16,787 | -34,158 | ||
Provision for (benefit from) income taxes | 713 | -17,915 | 2,345 | -12,155 | ||
Net income (loss) | $11,369 | ($31,147) | $14,442 | ($22,003) | ||
Net income (loss) per common share | ' | ' | ' | ' | ||
Basic | $0.41 | ($1.18) | $0.53 | ($0.83) | ||
Diluted | $0.41 | ($1.18) | $0.52 | ($0.83) | ||
Weighted-average number of shares | ' | ' | ' | ' | ||
Basic | 27,404 | 26,460 | 27,248 | 26,542 | ||
Diluted | 27,911 | 26,460 | 27,809 | 26,542 | ||
[1] | Includes an impairment charge of $55.2 million of goodwill and $0.5 million of intangible assets related to our energy logistics reporting unit. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income (loss) | $11,369 | ($31,147) | $14,442 | ($22,003) |
Other comprehensive income: | ' | ' | ' | ' |
Amortization of prior service costs and gains | 316 | 387 | 632 | 773 |
Foreign currency translation adjustment | -90 | 56 | -33 | 91 |
Total other comprehensive income | 226 | 443 | 599 | 864 |
Comprehensive income (loss) | $11,595 | ($30,704) | $15,041 | ($21,139) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $2,628 | $1,957 |
Accounts receivable, net | 147,394 | 120,932 |
Prepaid expenses | 12,056 | 13,401 |
Deferred tax asset, net | 24,257 | 20,709 |
Other current assets | 11,400 | 9,919 |
Total current assets | 197,735 | 166,918 |
Property and equipment, net | 162,428 | 170,114 |
Assets held-for-sale | 3,975 | 1,129 |
Goodwill | 32,955 | 32,955 |
Intangibles, net | 15,437 | 16,149 |
Non-current deferred tax asset, net | 25,692 | 31,401 |
Other assets | 7,423 | 8,583 |
Total assets | 445,645 | 427,249 |
Current Liabilities: | ' | ' |
Current maturities of indebtedness | 4,709 | 8,692 |
Current maturities of capital lease obligations | 455 | 1,888 |
Accounts payable | 11,907 | 10,248 |
Independent affiliates and independent owner-operators payable | 21,754 | 14,398 |
Accrued expenses | 30,677 | 30,580 |
Environmental liabilities | 4,446 | 3,818 |
Accrued loss and damage claims | 8,193 | 8,532 |
Total current liabilities | 82,141 | 78,156 |
Long-term indebtedness, less current maturities | 370,393 | 369,730 |
Capital lease obligations, less current maturities | 324 | 2,995 |
Environmental liabilities | 3,444 | 4,479 |
Accrued loss and damage claims | 9,832 | 10,747 |
Other non-current liabilities | 15,062 | 17,393 |
Total liabilities | 481,196 | 483,500 |
Commitments and contingencies-Note 14 | ' | ' |
SHAREHOLDERS' DEFICIT | ' | ' |
Common stock, no par value; 49,000 shares authorized; 29,583 issued and 27,959 outstanding at June 30, 2014 and 28,779 issued and 27,203 outstanding at December 31, 2013 | 447,985 | 441,877 |
Treasury stock, 1,624 shares at June 30, 2014 and 1,576 shares at December 31, 2013 | -11,006 | -10,557 |
Accumulated deficit | -256,063 | -270,505 |
Stock recapitalization | -189,589 | -189,589 |
Accumulated other comprehensive loss | -26,878 | -27,477 |
Total shareholders' deficit | -35,551 | -56,251 |
Total liabilities and shareholders' deficit | $445,645 | $427,249 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Common stock, par value | $0 | $0 |
Common stock, shares authorized | 49,000 | 49,000 |
Common stock, shares issued | 29,583 | 28,779 |
Common stock, shares outstanding | 27,959 | 27,203 |
Treasury stock, shares | 1,624 | 1,576 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Deficit (USD $) | Total | Common Stock | Treasury Stock | Accumulated Deficit | Stock Recapitalization | Accumulated Other Comprehensive Loss | Stock Purchase Warrants |
In Thousands | |||||||
Beginning Balance at Dec. 31, 2012 | ($18,440) | $437,192 | ($5,849) | ($228,467) | ($189,589) | ($31,752) | $25 |
Beginning Balance (in shares) at Dec. 31, 2012 | ' | 28,102 | -879 | ' | ' | ' | ' |
Net income (loss) | -22,003 | ' | ' | -22,003 | ' | ' | ' |
Issuance of restricted stock | ' | 247 | ' | ' | ' | ' | ' |
Forfeiture of restricted stock (shares) | ' | ' | -30 | ' | ' | ' | ' |
Forfeiture of restricted stock | -10 | ' | -10 | ' | ' | ' | ' |
Amortization of restricted stock | 910 | 910 | ' | ' | ' | ' | ' |
Amortization of stock options | 870 | 870 | ' | ' | ' | ' | ' |
Stock option exercises (in shares) | ' | 84 | ' | ' | ' | ' | ' |
Stock option exercises | 215 | 215 | ' | ' | ' | ' | ' |
Purchases of treasury stock (shares) | ' | ' | -617 | ' | ' | ' | ' |
Purchases of treasury stock | -4,454 | ' | -4,454 | ' | ' | ' | ' |
Amortization of prior service costs and losses (pension plans), net of tax | 773 | ' | ' | ' | ' | 773 | ' |
Foreign currency translation adjustments, net of tax | 91 | ' | ' | ' | ' | 91 | ' |
Ending Balance at Jun. 30, 2013 | -42,048 | 439,187 | -10,313 | -250,470 | -189,589 | -30,888 | 25 |
Ending Balance (in shares) at Jun. 30, 2013 | ' | 28,433 | -1,526 | ' | ' | ' | ' |
Beginning Balance at Dec. 31, 2013 | -56,251 | 441,877 | -10,557 | -270,505 | -189,589 | -27,477 | ' |
Beginning Balance (in shares) at Dec. 31, 2013 | ' | 28,779 | -1,576 | ' | ' | ' | ' |
Net income (loss) | 14,442 | ' | ' | 14,442 | ' | ' | ' |
Issuance of restricted stock | ' | 19 | ' | ' | ' | ' | ' |
Forfeiture of restricted stock (shares) | ' | ' | -48 | ' | ' | ' | ' |
Forfeiture of restricted stock | -449 | ' | -449 | ' | ' | ' | ' |
Amortization of restricted stock | 1,167 | 1,167 | ' | ' | ' | ' | ' |
Amortization of stock options | 535 | 535 | ' | ' | ' | ' | ' |
Stock option exercises (in shares) | ' | 785 | ' | ' | ' | ' | ' |
Stock option exercises | 4,406 | 4,406 | ' | ' | ' | ' | ' |
Amortization of prior service costs and losses (pension plans), net of tax | 632 | ' | ' | ' | ' | 632 | ' |
Foreign currency translation adjustments, net of tax | -33 | ' | ' | ' | ' | -33 | ' |
Ending Balance at Jun. 30, 2014 | ($35,551) | $447,985 | ($11,006) | ($256,063) | ($189,589) | ($26,878) | ' |
Ending Balance (in shares) at Jun. 30, 2014 | ' | 29,583 | -1,624 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | |
Net income (loss) | $14,442 | ($22,003) | |
Adjustments to reconcile to net cash and cash equivalents provided by operating activities: | ' | ' | |
Deferred income tax expense | 6,076 | -13,545 | |
Depreciation and amortization | 10,898 | 13,422 | |
Bad debt recoveries | -35 | -392 | |
Gain on disposal of property and equipment | -1,713 | -1,498 | |
Impairment charge | ' | 55,692 | [1] |
Gain on extinguishment of long-term debt | -4,217 | ' | |
Stock-based compensation | 1,702 | 1,780 | |
Amortization of deferred financing costs | 1,184 | 1,196 | |
Amortization of bond discount | 99 | 108 | |
Release of deferred tax asset valuation allowance | -3,915 | -720 | |
Contingent consideration adjustment | ' | -7,300 | |
Changes in assets and liabilities: | ' | ' | |
Accounts and other receivables | -26,835 | -15,261 | |
Prepaid expenses | 1,844 | 2,198 | |
Other assets | -1,756 | -50 | |
Accounts payable | 784 | 478 | |
Independent affiliates and independent owner-operators payable | 7,356 | 3,608 | |
Accrued expenses | -402 | -1,059 | |
Environmental liabilities | -407 | -566 | |
Accrued loss and damage claims | -1,252 | 1,549 | |
Other liabilities | -1,172 | -281 | |
Current income taxes | -193 | 1,092 | |
Net cash provided by (used in) operating activities | 2,488 | 18,448 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | |
Capital expenditures | -19,203 | -15,720 | |
Acquisition of customer list | ' | -1,000 | |
Proceeds from sales of property and equipment | 12,021 | 12,597 | |
Net cash used in investing activities | -7,182 | -4,980 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | |
Principal payments on long-term debt | -17,102 | -2,228 | |
Principal payments on capital lease obligations | -460 | -1,032 | |
Proceeds from revolver | 173,100 | 110,700 | |
Payments on revolver | -155,200 | -117,400 | |
Payments on acquisition notes | -200 | -438 | |
Deferred financing costs | -4 | -700 | |
Change in book overdraft | 825 | 1,607 | |
Purchases of treasury stock | ' | -4,454 | |
Proceeds from exercise of stock options | 4,406 | 215 | |
Net cash provided by (used in) financing activities | 5,365 | -13,730 | |
Net increase (decrease) in cash and cash equivalents | 671 | -262 | |
Cash and cash equivalents, beginning of period | 1,957 | 2,704 | |
Cash and cash equivalents, end of period | 2,628 | 2,442 | |
Supplemental Disclosure of Cash Flow Information Cash paid during the period for: | ' | ' | |
Interest | 13,114 | 14,411 | |
Income Taxes | 539 | 787 | |
Trojan | ' | ' | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | |
Trojan purchase price adjustment | ' | ($857) | |
[1] | Includes an impairment charge of $55.2 million of goodwill and $0.5 million of intangible assets related to our energy logistics reporting unit. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Summary of Significant Accounting Policies | ' |
1. Summary of Significant Accounting Policies | |
Basis of Presentation | |
In this quarterly report, unless the context otherwise indicates, (i) the terms the “Company,” “our Company,” “Quality Distribution,” “QDI,” “we,” “us” and “our” refer to Quality Distribution, Inc. and its consolidated subsidiaries and their predecessors, (ii) the terms “Quality Distribution, LLC” and “QD LLC” refer to our wholly-owned subsidiary, Quality Distribution, LLC, a Delaware limited liability company, and its consolidated subsidiaries and their predecessors, (iii) the term “QD Capital” refers to our wholly-owned subsidiary, QD Capital Corporation, a Delaware corporation, (iv) the term “QCI” refers to our wholly-owned subsidiary, Quality Carriers, Inc., an Illinois corporation, (v) the term “Boasso” refers to our wholly-owned subsidiary, Boasso America Corporation, a Louisiana corporation, (vi) the term “QCER” refers collectively to our wholly-owned subsidiary, QC Energy Resources, Inc., a Delaware corporation, and its wholly-owned subsidiaries, QC Energy Logistics, LLC, a Delaware limited liability company, QC Energy Resources, LLC, a Delaware limited liability company, QC Energy Resources Northwest, LLC, a Delaware limited liability company, and QC Energy Resources Texas, LLC, a Delaware limited liability company, as well as our wholly-owned subsidiary, QC Environmental Services, Inc., a North Dakota corporation, and (vii) the term “CLC” refers to our wholly-owned subsidiary, Chemical Leaman Corporation, a Pennsylvania corporation. | |
We operate the largest chemical bulk tank truck network in North America through QCI. We are the largest provider of intermodal ISO tank container and depot services in North America through Boasso. We provide logistics services to the unconventional oil and gas industry through QCER. We conduct a significant portion of our business through a network of independent affiliates and independent owner-operators. Independent affiliates are companies which enter into various term contracts with the Company. Independent affiliates are responsible for paying for their own power equipment (including debt service), fuel and other operating costs. Most of the independent affiliates lease trailers from us. Independent owner-operators are independent contractors who, through a contract with us, supply one or more tractors and drivers for our use. Contracts with independent owner-operators may be terminated by either party on short notice. We charge independent affiliates and third-parties for the use of tractors and trailers as necessary. In exchange for the services rendered, independent affiliates and independent owner-operators are normally paid a percentage of the revenues collected on each load hauled. | |
Our accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and do not include all of the information and notes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments and accruals) considered necessary for a fair statement of consolidated financial position, results of operations and cash flows have been included. The year ended December 31, 2013 consolidated balance sheet data was derived from our audited financial statements, but does not include all the disclosures required by GAAP. For further information, refer to our Annual Report on Form 10-K for the year ended December 31, 2013, including the consolidated financial statements and accompanying notes. | |
Operating results for the three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for any future period. | |
New Accounting Pronouncements | |
In June 2014, the Financial Accounting Standards Board (“FASB”) issued an update to authoritative guidance related to accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The guidance will be effective beginning January 1, 2016 and it is not expected to have a material impact on our consolidated financial statements. | |
In May 2014, the FASB issued an accounting pronouncement related to revenue recognition, which amends the prior guidance and provides a single, comprehensive revenue recognition model for all contracts with customers. Principles apply to the measurement of revenue and timing of its recognition. The new standard requires entities to recognize revenue to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration at which the entity expects to be entitled to in exchange for those goods or services. This pronouncement is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is not permitted. The Company is currently evaluating the impact of this pronouncement. | |
In April 2014, the FASB issued authoritative guidance, which specifies that only disposals representing a strategic shift in operations, such as a disposal of a major line of business, should be presented as discontinued operations. In addition, the new guidance requires expanded disclosures for discontinued operations, including disclosure of pre-tax profit or loss of an individually significant component of an entity that does not qualify for discontinued operations reporting. This guidance is effective for the Company prospectively in the first quarter of fiscal 2016. Principles of the new guidance are not applicable to a component that is classified as held for sale before the effective date even if disposed of after the effective date. As the accounting standard will only impact presentation, the new standard will not have an impact on the Company’s financial position, results of operations, or cash flows. | |
In July 2013, the FASB issued an accounting pronouncement related to income taxes. Under this standard, entities are required to recognize that an unrecognized tax benefit be presented in the consolidated financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward except as follows: To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the consolidated financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this pronouncement did not have a material effect on our consolidated financial statements. | |
Acquisitions and Dispositions | |
During 2013 and the first six months of 2014, we did not complete any acquisitions or dispositions of businesses or independent affiliates. |
Variable_Interest_Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2014 | |
Variable Interest Entities | ' |
2. Variable Interest Entities | |
At June 30, 2014 and December 31, 2013, we have a variable interest in one variable interest entity (“VIE”), for which we are not the primary beneficiary. We have concluded, based on our qualitative consideration of our contracts with the VIE, the operating structure of the VIE and our role with the VIE, that we do not have the power to direct the activities that most significantly impact their economic performance. Therefore, we are not required to consolidate the operations of this VIE. | |
This VIE is an independent affiliate that is directly engaged in the dry bulk and chemical transportation business through the management of trucking terminals in the North East region of the U.S. We are involved with this VIE as a non-controlling interest. Our maximum exposure to loss as a result of our involvement with this unconsolidated VIE is limited to our recorded loans receivable which aggregated approximately $3.6 million and $3.2 million at June 30, 2014 and December 31, 2013, respectively. These loans are secured by second-priority liens on certain assets of the VIE. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Fair Value of Financial Instruments | ' | ||||||||
3. Fair Value of Financial Instruments | |||||||||
The three-level valuation hierarchy for fair value measurements is based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. These two types of inputs create the following fair value hierarchy: | |||||||||
• | 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 whose significant inputs are observable; and | ||||||||
• | Level 3—Instruments whose significant inputs are unobservable. | ||||||||
Following is a description of the valuation methodologies we used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. | |||||||||
Fair Value Measurements on a Nonrecurring Basis | |||||||||
The fair value of our long-term indebtedness is based on Level 2 quoted market prices. As of June 30, 2014, the carrying value and fair value are as follows (in thousands): | |||||||||
Carrying | Fair Value | ||||||||
Value | |||||||||
9.875% Second-Priority Senior Secured Notes due 2018 (“2018 Notes”) | $ | 202,500 | $ | 216,422 | |||||
The fair value of the revolving credit facility and term loan under our asset-based loan facility (the “ABL Facility”), which is variable rate debt, is estimated using a coupon rate on borrowings with similar maturities, current remaining average life to maturity, borrower credit quality, and current market conditions and approximates fair value. The fair value of the 2018 Notes is estimated using various techniques including recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. | |||||||||
The carrying amounts reported in the accompanying Consolidated Balance Sheets for cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the immediate or short-term maturities of these financial instruments. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||||||||||||||
4. Goodwill and Intangible Assets | |||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
Under the FASB guidance, goodwill and intangible assets are subject to an annual impairment test as well as impairment assessments of certain triggering events. We evaluate goodwill for impairment by determining the fair value based on criteria in the FASB guidance for each reporting unit. Our chemical and intermodal reporting units contain goodwill and other identifiable intangible assets as a result of previous business acquisitions. Our energy logistics reporting unit contains no goodwill. Our annual impairment test is performed during the second quarter with a measurement date of June 30th. For our intermodal and chemical logistics reporting units, we conducted our analysis under the revised goodwill impairment rules in which we qualitatively assessed whether it was more likely than not that the respective fair value of this reporting unit was less than the carrying amount. We considered various qualitative factors, including macroeconomic conditions, relevant industry and market trends, cost factors, overall financial performance, other entity-specific events and events affecting the reporting unit that could indicate a potential change in the fair value of our reporting unit or the composition of its carrying values. We also considered the specific future outlook for the reporting unit based on our most recent forecasts. We determined that impairment in intermodal or chemical logistics reporting units was not likely and thus we were not required to perform a quantitative analysis. In addition, there were no indicators that a triggering event in our intermodal or chemical logistics reporting units had occurred as of the quarter ending June 30, 2014. | |||||||||||||||||||||||||
Goodwill within the intermodal and chemical logistics reporting units is as follows (in thousands): | |||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Intermodal | $ | 31,410 | $ | 31,410 | |||||||||||||||||||||
Chemical Logistics | 1,545 | 1,545 | |||||||||||||||||||||||
Total | $ | 32,955 | $ | 32,955 | |||||||||||||||||||||
Intangible Assets | |||||||||||||||||||||||||
In 2014, our intangible assets included a tradename, customer relationships and non-compete agreements. We performed our annual impairment test in the second quarter of fiscal 2014 for the indefinite-lived intangible assets related to a tradename of approximately $7.4 million in the intermodal reporting unit as of June 30, 2014. We conducted our analysis under the revised intangibles – goodwill and other impairment rules in which we qualitatively assessed whether it was more likely than not that the respective fair value of this indefinite-lived asset was less than the carrying amount. We considered various qualitative factors, including macroeconomic conditions, relevant industry and market trends, cost factors, overall financial performance, other entity-specific events and events that could indicate a potential change in the fair value of indefinite-lived assets or the composition of its carrying values. We determined that impairment of the indefinite-lived assets was not likely and thus we were not required to perform a quantitative analysis. In addition, there were no indicators that a triggering event in our intermodal reporting unit had occurred as of the quarter ending June 30, 2014. | |||||||||||||||||||||||||
Our long-lived assets including revenue earning equipment, operating property and equipment and intangible assets with finite lives, are tested for recoverability when events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. Based upon management’s review of the value of the finite-lived intangible assets in our intermodal and energy logistics reporting units, we determined that no indicators of impairment existed as of June 30, 2014. | |||||||||||||||||||||||||
There were no indicators that a triggering event in any of our intermodal or energy logistics reporting units had occurred as of the quarter ended June 30, 2014. | |||||||||||||||||||||||||
Intangible assets at June 30, 2014 are as follows (in thousands): | |||||||||||||||||||||||||
Gross Book | Accumulated | Net Book | Average | ||||||||||||||||||||||
Value | Amortization | Value | Lives | ||||||||||||||||||||||
(in years) | |||||||||||||||||||||||||
Tradename—Intermodal | $ | 7,400 | $ | — | $ | 7,400 | Indefinite | ||||||||||||||||||
Customer relationships—Intermodal | 14,260 | (6,970 | ) | 7,290 | 12-Oct | ||||||||||||||||||||
Non-compete agreements—Intermodal and Energy Logistics | 1,620 | (873 | ) | 747 | 6-Mar | ||||||||||||||||||||
$ | 23,280 | $ | (7,843 | ) | $ | 15,437 | |||||||||||||||||||
Of the net book value of intangibles of approximately $15.4 million at June 30, 2014, $14.7 million was allocated to our intermodal reporting unit and approximately $0.7 million was allocated to our energy logistics reporting unit. | |||||||||||||||||||||||||
Intangible assets at December 31, 2013 are as follows (in thousands): | |||||||||||||||||||||||||
Gross Book | 2013 | Impairment | Accumulated | Net Book | Average | ||||||||||||||||||||
Value | Additions(1) | Amortization | Value | Lives | |||||||||||||||||||||
January 1, | December 31, | (in years) | |||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||
Tradename—Intermodal | $ | 7,400 | $ | — | $ | — | $ | — | $ | 7,400 | Indefinite | ||||||||||||||
Tradename—Energy Logistics | 1,100 | — | (521 | ) | (579 | ) | — | — | |||||||||||||||||
Customer relationships (1) | 33,410 | 1,000 | (17,065 | ) | (9,462 | ) | 7,883 | 12-Oct | |||||||||||||||||
Non-compete agreements | 4,311 | — | — | (3,445 | ) | 866 | 6-Mar | ||||||||||||||||||
Service agreement | 1,120 | — | (942 | ) | (178 | ) | — | — | |||||||||||||||||
$ | 47,341 | $ | 1,000 | $ | (18,528 | ) | $ | (13,664 | ) | $ | 16,149 | ||||||||||||||
-1 | Additions related to the on-boarding of a new independent affiliate. | ||||||||||||||||||||||||
Of the net book value of intangibles of approximately $16.1 million at December 31, 2013, $15.3 million was allocated to our intermodal reporting unit and $0.8 million was allocated to our energy logistics reporting unit. | |||||||||||||||||||||||||
Amortization expense for the three months ended June 30, 2014 and 2013 was $0.3 million and $1.0 million, respectively. Amortization expense for the six months ended June 30, 2014 and 2013 was $0.7 million and $2.1 million, respectively. Estimated amortization expense for intangible assets is as follows (in thousands): | |||||||||||||||||||||||||
2014 remaining | $ | 709 | |||||||||||||||||||||||
2015 | 1,418 | ||||||||||||||||||||||||
2016 | 1,413 | ||||||||||||||||||||||||
2017 | 1,338 | ||||||||||||||||||||||||
2018 | 1,218 | ||||||||||||||||||||||||
2019 and thereafter | 1,941 | ||||||||||||||||||||||||
Total | $ | 8,037 | |||||||||||||||||||||||
Longterm_Indebtedness
Long-term Indebtedness | 6 Months Ended |
Jun. 30, 2014 | |
Long-term Indebtedness | ' |
5. Long-term Indebtedness | |
Term Loan Facility | |
On June 14, 2013, our ABL Facility was amended to provide for a new $17.5 million senior secured term loan facility (“Term Loan”) which was fully funded on July 15, 2013. Borrowings under the Term Loan bear interest at a margin equal to 2.50% for base rate borrowings and 3.50% for LIBOR borrowings, with a potential step-down of 0.25% after 18 months if a senior secured leverage ratio is met. Obligations under the Term Loan mature on the earlier of June 14, 2016 or the date on which the ABL Facility terminates. Beginning no earlier than the 12-month anniversary of the Term Loan and no later than the 24-month anniversary of the Term Loan, we will be subject to mandatory repayment of the principal amount of the Term Loan in equal quarterly payments for the remainder of the maturity period. We currently estimate that repayments will begin in the second quarter of 2015. Borrowing availability under our ABL Facility was expanded to include additional eligible accounts receivable and tractor and trailer equipment in conjunction with the new borrowing. We may voluntarily repay the outstanding amount under the Term Loan at any time without premium or penalty, other than customary “breakage” costs with respect to the LIBOR loans. As of June 30, 2014 and December 31, 2013, the balance of the Term Loan was $17.5 million. The interest rate on borrowings under the Term Loan at June 30, 2014 and December 31, 2013 was 3.7%. | |
We recorded $0.6 million in debt issuance costs related to the Term Loan and are amortizing these costs over the term of the Term Loan. | |
June 2014 5% Subordinated Notes | |
As part of the consideration we paid for a 2012 acquisition, we issued promissory notes in an aggregate principal amount of $21.3 million (the “Acquisition Notes”). The Acquisition Notes contained a fixed interest rate of 5.0% per annum and had a maturity date of June 1, 2017. On November 12, 2013, we made optional principal payments of $2.1 million. On June 12, 2014, we extinguished the remaining principal balance of the Acquisition Notes of $19.2 million at a discount for $15.0 million in cash. As a result of this transaction, we recognized a gain on early extinguishment of debt of $4.2 million for the three months ended June 30, 2014. The cash payment on the Acquisition Notes was funded with proceeds from borrowings under our ABL Facility and cash on hand. | |
July 2014 Notes Redemption | |
On July 16, 2014, we redeemed a portion of our 9.875% Second-Priority Senior Secured Notes due 2018 (“2018 Notes”) in the aggregate principal amount of $22.5 million. The redemption price for these 2018 Notes equaled 100% of the aggregate principal amount of $22.5 million, plus accrued but unpaid interest up to the redemption date, plus a 3.0% premium of $0.7 million. The redemption was funded with borrowings under our ABL Facility and cash on hand. In the third quarter of 2014, $0.4 million of unamortized debt issuance costs related to this redemption will be written off. Following this redemption, the outstanding principal amount of the 2018 Notes is $180.0 million. |
Income_Loss_Per_Share
Income (Loss) Per Share | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Income (Loss) Per Share | ' | ||||||||||||||||||||||||
6. Income (Loss) Per Share | |||||||||||||||||||||||||
A reconciliation of the numerators and denominators of the basic and diluted income (loss) per share computations follows (in thousands, except per share amounts): | |||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Net income | Shares | Per-share | Net loss | Shares | Per-share | ||||||||||||||||||||
(numerator) | (denominator) | amount | (numerator) | (denominator) | amount | ||||||||||||||||||||
Basic income (loss) available to common shareholders: | $ | 11,369 | 27,404 | $ | 0.41 | $ | (31,147 | ) | 26,460 | $ | (1.18 | ) | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||
Stock options | — | 396 | — | — | — | — | |||||||||||||||||||
Unvested restricted stock | — | 83 | — | — | — | — | |||||||||||||||||||
Unvested restricted stock units | — | 28 | — | — | — | — | |||||||||||||||||||
Diluted income (loss) available to common shareholders: | $ | 11,369 | 27,911 | $ | 0.41 | $ | (31,147 | ) | 26,460 | $ | (1.18 | ) | |||||||||||||
Six months ended | |||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Net income | Shares | Per-share | Net loss | Shares | Per-share | ||||||||||||||||||||
(numerator) | (denominator) | amount | (numerator) | (denominator) | amount | ||||||||||||||||||||
Basic income (loss) available to common shareholders: | $ | 14,442 | 27,248 | $ | 0.53 | $ | (22,003 | ) | 26,542 | $ | (0.83 | ) | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||
Stock options | — | 419 | — | — | — | — | |||||||||||||||||||
Unvested restricted stock | — | 121 | — | — | — | — | |||||||||||||||||||
Unvested restricted stock units | — | 21 | — | — | — | — | |||||||||||||||||||
Diluted income (loss) available to common shareholders: | $ | 14,442 | 27,809 | $ | 0.52 | $ | (22,003 | ) | 26,542 | $ | (0.83 | ) | |||||||||||||
The following securities were not included in the calculation of diluted income per share because such inclusion would be anti-dilutive (in thousands): | |||||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Stock options | 869 | 2,005 | 845 | 2,026 | |||||||||||||||||||||
Unvested restricted stock | 123 | 323 | 85 | 353 | |||||||||||||||||||||
Unvested restricted stock units | 537 | — | 545 | — |
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Stock-Based Compensation | ' | ||||||||
7. Stock-Based Compensation | |||||||||
On March 7, 2014, the Compensation Committee of the Board of Directors granted executives and certain employees 566,168 restricted stock units (“RSUs”) under our 2012 Equity Incentive Plan. Of these 566,168 RSUs, 375,584 RSUs are performance based and 190,584 RSUs are time-based. The performance RSUs are based on the achievement of multi-year financial objectives established by the Compensation Committee for a performance period from January 1, 2014 through December 31, 2016. The number of shares that may be earned from the performance RSUs is based upon a target number of shares, subject to minimum and maximum numbers of shares and certain performance criteria, with shares earned for performance between the minimum performance level and the maximum performance level calculated based on a linear interpolation. The time-based RSUs vest ratably on each anniversary of the grant date over a three-year period ending March 7, 2017. | |||||||||
Restricted stock and RSUs are measured at fair value at the time of issuance. Expense for restricted stock and time-based RSUs is recognized based on fair value on a straight-line basis over the vesting period. Expense for performance RSUs is recognized on a straight-line basis over the vesting period in an amount based upon our estimation of the probability that such fair value will be realized when performance criteria are satisfied. | |||||||||
We apply the Black-Scholes valuation model in determining the fair value of share-based payments to employees. The resulting compensation expense is recognized over the requisite service period, which is generally the vesting term of two to four years. Compensation expense is recognized only for those awards expected to vest, with forfeitures estimated based on our historical experience and future expectations. All stock-based compensation expense is classified within compensation in the Consolidated Statements of Operations. | |||||||||
The following table summarizes unrecognized stock-based compensation and the weighted average period over which such stock-based compensation is expected to be recognized as of June 30, 2014 (in thousands): | |||||||||
Remaining | |||||||||
years | |||||||||
Restricted stock units | $ | 6,057 | 2.7 | ||||||
Stock options | 1,417 | 2 | |||||||
Restricted stock | 1,306 | 2 | |||||||
$ | 8,780 | ||||||||
These amounts do not include the cost of any additional awards, options or RSUs that may be granted in future periods or any changes in our forfeiture rate. |
Employee_Benefit_Plans
Employee Benefit Plans | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||
8. Employee Benefit Plans | |||||||||||||||||
We maintain two noncontributory defined benefit plans resulting from a prior acquisition that cover certain vested salaried participants and retirees (“CLC Plan”) and certain other vested participants and retirees under an expired collective bargaining agreement (“TTWU Plan”). Retirement benefits for employees covered by the CLC Plan are based on years of service and compensation levels. The monthly benefit for employees under the TTWU Plan is based on years of service multiplied by a monthly benefit factor. Pension costs are funded in accordance with the provisions of the applicable law. Both pension plans have been frozen since prior to January 1, 1998. There are no new participants and no future accruals of benefits from the time the plans were frozen. | |||||||||||||||||
We use a December 31st measurement date for both of our plans. | |||||||||||||||||
The components of net periodic pension cost are estimated as follows (in thousands): | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 41 | $ | 42 | $ | 83 | $ | 83 | |||||||||
Interest cost | 503 | 464 | 1,006 | 927 | |||||||||||||
Amortization of prior service cost | 23 | 23 | 47 | 47 | |||||||||||||
Amortization of loss | 293 | 364 | 585 | 726 | |||||||||||||
Expected return on plan assets | (642 | ) | (586 | ) | (1,284 | ) | (1,169 | ) | |||||||||
Net periodic pension cost | $ | 218 | $ | 307 | $ | 437 | $ | 614 | |||||||||
We contributed $1.4 million to our pension plans during the six months ended June 30, 2014. We expect to contribute an additional $2.1 million during the remainder of 2014. | |||||||||||||||||
Multi-employer pension plans | |||||||||||||||||
At June 30, 2014, we contributed to three separate multi-employer pension plans for employees under collective bargaining agreements. These agreements cover approximately 2.9% of our total workforce, including our independent affiliates’ employees and independent owner-operators providing service to us. These multi-employer pension plans provide defined benefits to retired participants. We do not directly or indirectly manage any of these multi-employer pension plans. Trustees, half of whom are appointed by the International Brotherhood of Teamsters (the “Teamsters”) and half of whom various contributing employers appoint, manage the trusts covering these plans. Our collective bargaining agreements with the Teamsters determine the amounts of our ongoing contributions to these plans. | |||||||||||||||||
We do not currently intend to withdraw from the three multi-employer pension plans or take any actions that we are not entitled to take that would subject us to payment of contingent obligations upon withdrawal from such plans. Based on information provided to us from the trustees of these plans, we estimate our portion of the contingent liability in the case of a full withdrawal or termination from these plans to be approximately $85.6 million, of which $79.8 million relates to the Central States Southeast and Southwest Areas Pension Plan. | |||||||||||||||||
These defined benefit plans cover substantially all of our union employees not covered under the TTWU Plan. The actuarial present value of accumulated plan benefits and net assets available for benefits to employees under these multi-employer plans is not readily available. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
9. Accumulated Other Comprehensive Loss | |||||||||||||||||
The components and changes to accumulated other comprehensive loss are as follows (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Foreign currency translation | |||||||||||||||||
Beginning balance | $ | (1,004 | ) | $ | (1,145 | ) | $ | (1,061 | ) | $ | (1,180 | ) | |||||
Net (loss) gain on foreign currency translation, net of tax | (90 | ) | 56 | (33 | ) | 91 | |||||||||||
Ending balance | $ | (1,094 | ) | $ | (1,089 | ) | $ | (1,094 | ) | $ | (1,089 | ) | |||||
Pension benefits | |||||||||||||||||
Beginning balance | $ | (26,100 | ) | $ | (30,186 | ) | $ | (26,416 | ) | $ | (30,572 | ) | |||||
Amortization of prior service cost | 23 | 23 | 47 | 47 | |||||||||||||
Amortization of gain | 293 | 364 | 585 | 726 | |||||||||||||
Ending balance | $ | (25,784 | ) | $ | (29,799 | ) | $ | (25,784 | ) | $ | (29,799 | ) | |||||
Total AOCI ending balance | $ | (26,878 | ) | $ | (30,888 | ) | $ | (26,878 | ) | $ | (30,888 | ) | |||||
-1 | Prior service cost and actuarial gain are included as part of the Company’s net periodic benefit cost. Refer to Note 8. | ||||||||||||||||
Reclassifications out of accumulated other comprehensive loss were nominal. |
Restructuring
Restructuring | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Restructuring | ' | ||||||||||||
10. Restructuring | |||||||||||||
We account for restructuring costs associated with one-time termination benefits, costs associated with lease and contract terminations and other related exit activities in accordance with FASB’s guidance. We previously made estimates of the costs to be incurred as part of a restructuring plan developed during 2008 and concluded at the end of 2010. The restructuring plan consisted of various actions including termination of approximately 380 non-driver positions and the consolidation, closure or affiliation of underperforming company-operated terminals, our withdrawal from three multi-employer pension plans and costs associated with the consolidation of our corporate headquarters, and resulted in charges during 2008, 2009 and 2010, primarily related to our chemical logistics segment. As of June 30, 2014, we have approximately $1.2 million of restructuring charges included in accrued expenses on the Consolidated Balance Sheet which are expected to be paid through 2017. | |||||||||||||
In the six months ended June 30, 2014, we had the following activity in our restructuring accrual (in thousands): | |||||||||||||
Balance at | Payments | Balance at | |||||||||||
December 31, | June 30, | ||||||||||||
2013 | 2014 | ||||||||||||
Restructuring costs | $ | 1,582 | $ | (375 | ) | $ | 1,207 | ||||||
Segment_Reporting
Segment Reporting | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||
11. Segment Reporting | |||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||
The Company has three reportable business segments for financial reporting purposes that are distinguished primarily on the basis of services offered. Historically, the Company included certain shared services and corporate expenses within its Chemical Logistics segment. Beginning as of and for the three months ended March 31, 2014, the Company has allocated these items to “Shared Services.” The allocation represents a change in our segment measure as opposed to a change in operating or reportable segments. Shared Services consists of corporate and shared services overhead costs, including information technology, driver recruiting, accounting, stock-based compensation, pension, environmental and other corporate headquarters costs. Segment results for the 2013 quarterly periods were reclassified to conform to the current year presentation. Our segments are delineated as follows: | |||||||||||||||||||||
• | Chemical Logistics, which consists of the transportation of bulk chemicals primarily through our network that includes company-operated terminals and terminals operated by 26 independent affiliates, and equipment rental income; | ||||||||||||||||||||
• | Energy Logistics, which consists primarily of the transportation of fresh water, disposal water and crude oil for the unconventional oil and gas (“UCO&G”) market, through our network of company-operated terminals and terminals operated by 4 independent affiliates, and equipment rental income; and | ||||||||||||||||||||
• | Intermodal, which consists of Boasso’s intermodal ISO tank container transportation and depot services business primarily supporting the international movement of bulk liquids. | ||||||||||||||||||||
Segment operating income reported in our segment tables excludes amounts such as depreciation and amortization, gains and losses on disposal of property and equipment, restructuring costs and impairment charges. Although these amounts are excluded from the reportable business segment operating income results, they are included in our reported Consolidated Statements of Operations. We have not provided specific asset information by segment, as it is not regularly provided to our chief operating decision maker for review. | |||||||||||||||||||||
Summarized segment data and a reconciliation to income before income taxes follow (in thousands): | |||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||
Chemical | Energy | Intermodal | Shared Services | Total | |||||||||||||||||
Logistics | Logistics | ||||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Transportation | $ | 123,572 | $ | 40,378 | $ | 20,381 | $ | — | $ | 184,331 | |||||||||||
Service revenue | 17,812 | 2,127 | 13,801 | 373 | 34,113 | ||||||||||||||||
Fuel surcharge | 30,282 | 1,485 | 5,388 | — | 37,155 | ||||||||||||||||
Total operating revenues | 171,666 | 43,990 | 39,570 | 373 | 255,599 | ||||||||||||||||
Segment operating income (loss) | 20,736 | 2,710 | 6,600 | (10,973 | ) | 19,073 | |||||||||||||||
Depreciation and amortization | 2,425 | 2,052 | 836 | 90 | 5,403 | ||||||||||||||||
Other (income) expense | (1,069 | ) | (114 | ) | (19 | ) | — | (1,202 | ) | ||||||||||||
Operating income (loss) | 19,380 | 772 | 5,783 | (11,063 | ) | 14,872 | |||||||||||||||
Interest expense | 1,590 | 4,169 | 1,512 | 11 | 7,282 | ||||||||||||||||
Interest income | (116 | ) | (5 | ) | — | — | (121 | ) | |||||||||||||
Other income | (154 | ) | — | — | (4,217 | ) | (4,371 | ) | |||||||||||||
Income (loss) before income taxes | $ | 18,060 | $ | (3,392 | ) | $ | 4,271 | $ | (6,857 | ) | $ | 12,082 | |||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||
Chemical | Energy | Intermodal | Shared Services | Total | |||||||||||||||||
Logistics | Logistics | ||||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Transportation | $ | 113,206 | $ | 42,572 | $ | 18,869 | $ | — | $ | 174,647 | |||||||||||
Service revenue | 16,629 | 2,500 | 13,283 | 293 | 32,705 | ||||||||||||||||
Fuel surcharge | 27,189 | 40 | 4,715 | — | 31,944 | ||||||||||||||||
Total operating revenues | 157,024 | 45,112 | 36,867 | 293 | 239,296 | ||||||||||||||||
Segment operating income (loss) | 21,023 | 4,845 | 6,664 | (10,203 | ) | 22,329 | |||||||||||||||
Depreciation and amortization | 2,885 | 2,892 | 828 | 124 | 6,729 | ||||||||||||||||
Impairment charges (1) | — | 55,692 | — | — | 55,692 | ||||||||||||||||
Other expense | 88 | 1,376 | 74 | 53 | 1,591 | ||||||||||||||||
Operating income (loss) | 18,050 | (55,115 | ) | 5,762 | (10,380 | ) | (41,683 | ) | |||||||||||||
Interest expense | 2,491 | 3,860 | 1,508 | 25 | 7,884 | ||||||||||||||||
Interest income | (234 | ) | — | — | — | (234 | ) | ||||||||||||||
Other income | (271 | ) | — | — | — | (271 | ) | ||||||||||||||
Income (loss) before income taxes | $ | 16,064 | $ | (58,975 | ) | $ | 4,254 | $ | (10,405 | ) | $ | (49,062 | ) | ||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||
Chemical | Energy | Intermodal | Shared Services | Total | |||||||||||||||||
Logistics | Logistics | ||||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Transportation | $ | 238,195 | $ | 76,327 | $ | 39,335 | $ | — | $ | 353,857 | |||||||||||
Service revenue | 34,955 | 4,073 | 26,775 | 497 | 66,300 | ||||||||||||||||
Fuel surcharge | 57,334 | 2,515 | 10,080 | — | 69,929 | ||||||||||||||||
Total operating revenues | 330,484 | 82,915 | 76,190 | 497 | 490,086 | ||||||||||||||||
Segment operating income (loss) | 39,365 | 5,446 | 12,672 | (21,324 | ) | 36,159 | |||||||||||||||
Depreciation and amortization | 4,872 | 4,185 | 1,654 | 187 | 10,898 | ||||||||||||||||
Other (income) expense | (2,017 | ) | 323 | (19 | ) | — | (1,713 | ) | |||||||||||||
Operating income (loss) | 36,510 | 938 | 11,037 | (21,511 | ) | 26,974 | |||||||||||||||
Interest expense | 3,278 | 8,319 | 3,025 | 24 | 14,646 | ||||||||||||||||
Interest income | (234 | ) | (11 | ) | — | — | (245 | ) | |||||||||||||
Other expense (income) | 3 | — | — | (4,217 | ) | (4,214 | ) | ||||||||||||||
Income (loss) before income taxes | $ | 33,463 | $ | (7,370 | ) | $ | 8,012 | $ | (17,318 | ) | $ | 16,787 | |||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||
Chemical | Energy | Intermodal | Shared Services | Total | |||||||||||||||||
Logistics | Logistics | ||||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Transportation | $ | 222,274 | $ | 79,502 | $ | 36,865 | $ | — | $ | 338,641 | |||||||||||
Service revenue | 33,003 | 6,421 | 26,423 | 312 | 66,159 | ||||||||||||||||
Fuel surcharge | 54,451 | 273 | 9,194 | — | 63,918 | ||||||||||||||||
Total operating revenues | 309,728 | 86,196 | 72,482 | 312 | 468,718 | ||||||||||||||||
Segment operating income (loss) | 41,434 | 7,559 | 13,332 | (20,948 | ) | 41,377 | |||||||||||||||
Depreciation and amortization | 5,647 | 5,893 | 1,636 | 246 | 13,422 | ||||||||||||||||
Impairment charges (1) | — | 55,692 | — | — | 55,692 | ||||||||||||||||
Other (income) expense | (795 | ) | 1,596 | 74 | (2,373 | ) | (1,498 | ) | |||||||||||||
Operating income (loss) | 36,582 | (55,622 | ) | 11,622 | (18,821 | ) | (26,239 | ) | |||||||||||||
Interest expense | 4,771 | 7,772 | 3,015 | 49 | 15,607 | ||||||||||||||||
Interest income | (445 | ) | — | — | — | (445 | ) | ||||||||||||||
Other income | (443 | ) | (6,800 | ) | — | — | (7,243 | ) | |||||||||||||
Income (loss) before income taxes | $ | 32,699 | $ | (56,594 | ) | $ | 8,607 | $ | (18,870 | ) | $ | (34,158 | ) | ||||||||
-1 | Includes an impairment charge of $55.2 million of goodwill and $0.5 million of intangible assets related to our energy logistics reporting unit. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Taxes | ' |
12. Income Taxes | |
At December 31, 2013, we had approximately $2.5 million of total gross unrecognized tax benefits. Of this total, $1.3 million (net of federal benefit on state tax issues) represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in any future periods. | |
Included in the balance of total gross unrecognized tax benefits at December 31, 2013 was less than $0.1 million related to tax positions for which it was reasonably possible that the total amounts could significantly change during the next twelve months due to expiration of the applicable statute of limitations. | |
For the six months ended June 30, 2014, the net change to our total gross unrecognized tax benefit was a decrease of $0.1 million. Our total gross unrecognized tax benefit at June 30, 2014 was $2.4 million. This represents the total of our unrecognized tax benefits (not including interest and penalties). | |
Our continuing practice is to recognize interest and/or penalties related to income tax matters in income tax expense. We had $0.5 million (net of federal tax benefit) accrued for interest and $0.2 million accrued for penalties at December 31, 2013. The total amount accrued for interest and penalties at June 30, 2014 was $0.6 million. | |
We are subject to income tax in the U.S., Canada, and Mexico, as well as in multiple state jurisdictions. We believe we are no longer subject to U.S. federal income tax examinations for the years before 2007, to international examinations for years before 2008 and, with few exceptions, to state examinations before 2008. | |
The effective tax rates for the six months ended June 30, 2014 and 2013 were 14.0% and 35.6%, respectively. The effective tax rate for the six months ended June 30, 2014 differed from our statutory rate primarily due to the release of the foreign tax credit valuation allowance of $3.9 million and a favorable state tax adjustment. The effective tax rate for the six months ended June 30, 2013 differed from our statutory rate due to a partial release of the foreign tax credit valuation allowance and a favorable audit settlement. |
Share_Repurchase_Program
Share Repurchase Program | 6 Months Ended |
Jun. 30, 2014 | |
Share Repurchase Program | ' |
13. Share Repurchase Program | |
On November 20, 2012, we announced a share repurchase program pursuant to which our Board of Directors authorized the repurchase of up to $15.0 million in shares of our common stock in an open-ended repurchase program (the “Repurchase Program”). The Repurchase Program does not have an expiration date. Stock has been, and may in the future be, purchased pursuant to the Repurchase Program, from time to time, in the open market or through private transactions, subject to market conditions. Subject to applicable laws, repurchases under the Repurchase Program may be made at such times and in such amounts as we deem appropriate and may be made pursuant to Rule 10b5-1. We are not obligated to purchase any shares under the Repurchase Program and it can be discontinued at any time that we feel additional purchases are not warranted. As of June 30, 2014, we have repurchased approximately 1.2 million shares valued at $8.1 million under the Repurchase Program, with the authority to repurchase an additional $6.9 million of shares. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||
14. Commitments and Contingencies | |||||||||||||||||
Environmental Matters | |||||||||||||||||
It is our policy to comply with all applicable environmental, safety, and health laws. We also are committed to the principles of Responsible Care®, an international chemical industry initiative to enhance the industry’s responsible management of chemicals. We have obtained independent certification that our chemical logistics’ management system is in place and functions according to professional standards, and we continue to evaluate and continuously improve our Responsible Care® Management System performance. Our current activities involve the handling, transportation and storage of bulk chemicals, both liquid and dry, wastewater from oil and gas wells and crude oil, which in many cases are classified as hazardous materials or hazardous substances. The energy logistics business operates disposal wells for non-conventional oil drilling wastewater. In addition, our former tank wash business (which was sold in 2009) and the remaining limited tank wash activities we continue to conduct, involve the generation, storage, discharge and disposal of wastes that may contain hazardous substances. As such, we and others who operate in our industry are subject to environmental, health and safety laws and regulation by U.S. federal, state and local agencies as well as foreign governmental authorities. Environmental laws and regulations are complex, and address emissions to the air, discharge onto land or water, and the generation, handling, storage, transportation, treatment and disposal of waste materials. These laws change frequently and generally require us to obtain and maintain various licenses and permits. Environmental laws have tended to become more stringent over time, and most provide for substantial fines and potential criminal sanctions for violations. Some of these laws and regulations are subject to varying and conflicting interpretations. Under certain of these laws, we could also be subject to allegations of liability for the activities of our independent affiliates or independent owner-operators. | |||||||||||||||||
We are potentially subject to strict joint and several liability for investigating and rectifying the consequences of spills and other releases of such substances. From time to time, we have incurred remedial costs and regulatory penalties with respect to chemical or wastewater spills and releases at our facilities and on the road, and, notwithstanding the existence of our environmental management program, we cannot: (1) assure that such obligations will not be incurred in the future, (2) predict with certainty the extent of future liabilities and costs under environmental, health, and safety laws, or (3) assure that such liabilities will not result in a material adverse effect on our business, financial condition, operating results or cash flow. We have established reserves for remediation expenses at known contamination sites when it is probable that such efforts will be required of us and the related expenses can be reasonably estimated. We have also incurred in the past, and expect to incur in the future, expenditures related to environmental compliance; however, we do not anticipate that compliance with existing environmental laws will have a material adverse effect on our earnings or competitive position. | |||||||||||||||||
Reserves | |||||||||||||||||
Our policy is to accrue remediation expenses when it is probable that such efforts will be required and the related expenses can be reasonably estimated. Estimates of costs for future environmental compliance and remediation may be impacted by such factors as changes in environmental laws and regulatory requirements, the availability and application of technology, the identification of currently unknown potential remediation sites and the allocation of costs among the potentially responsible parties under the applicable statutes. Our reserves for environmental compliance and remediation are adjusted periodically as remediation efforts progress or as additional technical or legal information becomes available. It is difficult to quantify with certainty the potential financial impact of actions regarding expenditures for environmental matters, particularly remediation, and future capital expenditures for environmental control equipment. Nevertheless, based upon the information currently available, we believe that our ultimate liability arising from such environmental matters, taking into account the reserves described below, should not be material to our business or financial condition. As of June 30, 2014 and December 31, 2013, we had reserves in the amount of approximately $7.9 million and $8.3 million, respectively, for all environmental matters, of which the most significant are presented and discussed below. | |||||||||||||||||
Number of Sites | Reserves (in millions) | ||||||||||||||||
June 30, | December 31, | June 30, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Multi-party sites | 16 | 17 | $ | 1.5 | $ | 2.1 | |||||||||||
Sole party major sites: | |||||||||||||||||
Bridgeport, New Jersey | 1 | 1 | 3.8 | 3.6 | |||||||||||||
William Dick, Pennsylvania | 1 | 1 | 0.8 | 0.7 | |||||||||||||
Other Properties | 7 | 7 | 1.8 | 1.9 | |||||||||||||
Total | 25 | 26 | $ | 7.9 | $ | 8.3 | |||||||||||
The following descriptions of environmental matters include estimates for future expenditures that we believe are probable and are reasonably estimable. The estimate of the range of reasonably possible costs is less certain than the estimates upon which the reserves are based, and the estimated high ends of the ranges do not represent our maximum theoretical liability. | |||||||||||||||||
Changes to the environmental reserves are reflected in our Consolidated Statements of Operations within the “Selling and administrative” category. | |||||||||||||||||
Property Contamination Liabilities | |||||||||||||||||
We have been named as (or are alleged to be) a potentially responsible party under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (“CERCLA”) and similar state laws at approximately 25 sites at June 30, 2014. | |||||||||||||||||
Multi-Party Sites | |||||||||||||||||
At 16 of the 25 sites, we are one of many parties with alleged liability and are negotiating with Federal, State or private parties on the scope of our obligations, if any. At 2 of the 16 sites, we have explicitly denied any liability and since there has been no subsequent demand for payment, we have not established a reserve for these matters. At 4 of the 16 sites, we have received notices about our potential liability; however, we do not have enough information upon which to estimate our potential liability at this time, and as a result we have not established a reserve for these matters. At 9 of the 16 sites, 1 is in settlement discussions, 4 are in long-term operation and maintenance, and 4 are in various stages of remedial investigation or remedial action work. | |||||||||||||||||
At one of the sixteen sites, we are one of approximately seventy companies party to a May 2007 Administrative Order on Consent (“AOC”) with the U.S. Environmental Protection Agency (“USEPA”) to perform a Remedial Investigation/Feasibility Study (“RI/FS”) of the contaminants in the lower seventeen mile stretch of the Passaic River, known as the Lower Passaic River Study Area. The RI/FS is ongoing and has not been completed. Sampling results indicate that the primary contaminants of concern in the river are dioxin, mercury and PCBs. Separately, in April 2014, USEPA released its Focused Feasibility Study (the “FFS”) with its proposed plan for an interim remedy of the lower eight miles of the Lower Passaic River Study Area. The EPA’s preferred plan in the FFS would involve dredging the river bank to bank and installing an engineered cap. EPA is accepting public comments on the FFS through August 20, 2014, though this period may be extended. The AOC for the RI/FS does not obligate us to fund or perform any remedial action contemplated by the FFS or any permanent remedy that may be recommended in the RI/FS. There are many uncertainties associated with the final cost and allocation of potential liability for any remedial actions on the river and the Company cannot reliably estimate its portion of the final costs for this matter at this time. In addition, we have found no evidence that the Company’s operations at this location contributed any contaminants of concern to the river. The Company believes that the evidence developed so far indicates that companies other than ours are responsible for substantially all of the remediation that may be ultimately required. We have set reserves for only our share of the costs of the RI/FS and a small dredging and capping project at River Mile 10 performed by the seventy companies, that has now been completed, except for operations and maintenance of less than $0.1 million. The Company will vigorously defend itself in this matter. | |||||||||||||||||
We have estimated future expenditures for these 16 multi-party environmental matters to be in the range of $1.5 million to $3.8 million. As of June 30, 2014, we have reserved $1.5 million. | |||||||||||||||||
Sole Party Major Sites | |||||||||||||||||
At 9 of the 25 sites, we are alleged to be the only responsible party and are in the process of conducting investigations and/or remediation projects. Six of these projects relate to operations conducted by CLC and its subsidiaries prior to our acquisition of CLC in 1998. These six sites are: (1) Bridgeport, New Jersey; (2) William Dick, Pennsylvania; (3) Tonawanda, New York; (4) Scary Creek, West Virginia; (5) Charleston, West Virginia; and (6) East Rutherford, New Jersey. The remaining three sites relate to investigations and potential remediation that were triggered by the New Jersey Industrial Site Recovery Act (“ISRA”), which requires such investigations and remediation following the sale of industrial facilities. Each of these 6 CLC sites is discussed in more detail below. We have estimated future expenditures for these 9 properties to be in the range of $6.4 million to $16.7 million. As of June 30, 2014, we have reserved $6.4 million. | |||||||||||||||||
Bridgeport, New Jersey | |||||||||||||||||
QDI is required under the terms of three federal consent decrees to perform remediation work at this operating truck terminal and tank wash site. CLC entered into consent orders with USEPA in 1991 to treat groundwater, in 1998 to remove contamination in the wetlands, and in 2010 to assess and remediate contaminated soils at the site. | |||||||||||||||||
The groundwater treatment remedy negotiated with USEPA required us to construct a treatment facility for in-place treatment of groundwater contamination and a local discharge which was completed in early 2007. After various start-up issues, the treatment facility began long-term operations in July 2011 and is in the operations and maintenance phase. The plant appears to be performing in accordance with its design criteria and meeting permit requirements. Based on the second annual groundwater report, contamination does not appear to be completely delineated and a limited number of additional monitoring wells are expected to be installed. Wetlands contamination has been remediated with localized restoration completed. Monitoring of the restored wetlands is required by USEPA and is on-going. USEPA has requested additional monitoring through 2017. In regard to contaminated soils, USEPA finalized the feasibility study and issued a record of decision in 2009 for the limited areas that show contamination and warrant additional investigation or work. We entered into a consent order with USEPA in 2010 to perform the remediation work, which will consist primarily of in-place thermal treatment. In late 2012, USEPA concluded that our additional required site investigation work for delineation purposes was complete. We have finished the preliminary engineering design phase, the 95% design and the 100% design report for the thermal treatment of contaminated soils. The final design includes limited groundwater extraction with treatment through the existing plant. Comments from USEPA on the 100% thermal design report have been received and substantially addressed. The project is now entering the pre-construction site activity phase, which includes application for certain NJDEP permits to perform the work. We have estimated aggregate expenditures for the Bridgeport location to be in the range of $3.8 million to $8.5 million. As of June 30, 2014, we have reserved $3.8 million. | |||||||||||||||||
William Dick, Pennsylvania | |||||||||||||||||
CLC entered into a consent order with the Pennsylvania Department of Environmental Protection and USEPA in 1995 to provide a replacement water supply to area residents, treat contaminated groundwater, and perform remediation of contaminated soils at this former wastewater disposal site. The replacement water supply is complete. We completed construction of a groundwater treatment facility with local discharge in 2007 and the treatment facility began operations in 2010. Although initial soil treatment was completed in 2007, test results indicated that soil clean-up objectives were not fully achieved in both shallow and deep soil subzones. Soil piles generated from previous isolated discrete removal actions were subsequently treated on-site. During 2013, we received notification from USEPA that this work is now complete. The treated soil was used as backfill at the site. The fieldwork for further limited soil remediation consisting of targeted in-situ chemical treatment of the deep soil subzones at the site has been concluded, and no further remediation work in the deep soil subzones is expected. Limited soil sampling in the shallow soil subzone confirmed that targeted in-situ chemical treatment should complete the soils remediation work for this area and at the site. We have estimated aggregate expenditures for the William Dick location to be in the range of $0.8 million to $3.4 million. As of June 30, 2014, we have reserved $0.8 million. | |||||||||||||||||
Other Properties | |||||||||||||||||
Tonawanda, New York: CLC entered into a consent order with the New York Department of Environmental Conservation (“NYSDEC”) in 1999 obligating it to perform soil and groundwater remediation at this former truck terminal and tank wash site. The state issued a record of decision in 2006. The remedial design work plan has been approved by the NYSDEC, and the remedial action phase is expected to begin during the second half of 2014. | |||||||||||||||||
Scary Creek, West Virginia: CLC received a cleanup notice from the state environmental authority in 1994. The state and we have agreed that remediation can be conducted under the state’s voluntary clean-up program (instead of the state superfund enforcement program). We are currently completing the originally planned remedial investigation and the additional site investigation work. | |||||||||||||||||
Charleston, West Virginia: CLC completed its remediation plan for a former drum disposal area in 1995 at this truck terminal and tank wash site under the terms of a state hazardous waste permit. Supplemental groundwater monitoring was also required and completed. In 2012, we entered into the state’s voluntary clean-up program which requires us to perform additional sampling to close the site. The sampling work phase that was negotiated with the State of West Virginia has been completed at the site, and a report was submitted to the West Virginia Department of Environmental Protection (“WVDEP”) in which we requested confirmation from the WVDEP that no additional sampling work will be necessary. Comments have been received and a response has been submitted. | |||||||||||||||||
East Rutherford, NJ: This former truck terminal property was sold after CLC completed a plan of remediation relating to a diesel fuel release but New Jersey Department of Environmental Protection (“NJDEP”) did not grant closure. Additional soil sampling and groundwater monitoring work is necessary to close the site under the State’s licensed site remediation professional program. Soil sampling results indicate further sampling is necessary to delineate the extent of contamination that may require limited remediation. | |||||||||||||||||
ISRA New Jersey Facilities: We are obliged to conduct investigations and remediation at three current or former New Jersey tank wash and terminal sites pursuant to the state’s ISRA program, which requires such remediation following the sale of facilities after 1983. Two of the sites are in the process of remedial investigation with projections set in contemplation of limited soil remediation expense for contaminated areas. | |||||||||||||||||
One site has completed the investigation phase and a final report was submitted to NJDEP. In accordance with the report findings and with the concurrence of the NJDEP, remedial efforts included limited soil excavation at the site, deed recordation, placement of clean fill and the designation of a classification exception area for the groundwater. No further field remediation work is expected, and this site has entered a long-term monitoring phase. | |||||||||||||||||
We have estimated aggregate future expenditures for Tonawanda, Scary Creek, Charleston, East Rutherford and ISRA New Jersey to be in the range of $1.8 million to $4.8 million. As of June 30, 2014, we have reserved $1.8 million. | |||||||||||||||||
Other Legal Matters | |||||||||||||||||
We are from time to time involved in routine litigation incidental to the conduct of our business. We believe that no such routine litigation currently pending against us, if adversely determined, would have a material adverse effect on our consolidated financial position, results of operations or cash flows. |
Guarantees
Guarantees | 6 Months Ended |
Jun. 30, 2014 | |
Guarantees | ' |
15. Guarantees | |
In conjunction with certain third-party financing vendors, we have established a lease purchase program to enable certain independent owner-operators and independent affiliates to lease tractors from those third-party vendors. As part of this program, we have agreed with those third-party vendors to guarantee certain lease payment obligations of participating independent owner-operators and independent affiliates in certain circumstances. The guarantees expire at various dates beginning in 2015 through 2020 and are for an average outstanding loan amount per tractor of approximately $0.1 million. | |
Our estimated aggregate maximum exposure under these lease guarantees was approximately $32.4 million as of June 30, 2014, which represents the total amount of the remaining lease payments on all outstanding guaranteed leases as of that date. However, upon a default, we are likely to, and have contractual rights to, take actions to reduce or recoup our expenditures, including purchasing the tractor and reselling it to recover all or a portion of the amounts paid, or facilitating an arrangement between the third-party vendor and another independent owner-operator to assume the lease. In addition, up to 50% of any realized losses related to independent owner-operators managed by independent affiliates could be recouped from those independent affiliates pursuant to agreements with those independent affiliates. Therefore, we believe our potential exposure is substantially less than $32.4 million and would not have a material adverse effect on our consolidated financial position, results of operations or cash flows . We did not incur any material levels of default under these leases during the six months ended June 30, 2014. |
Guarantor_Subsidiaries
Guarantor Subsidiaries | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor Subsidiaries | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
16. Guarantor Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||
At and during the six months ended June 30, 2014, there were outstanding 2018 Notes that were issued by our subsidiaries, QD LLC and QD Capital. The payment obligations of QD LLC and QD Capital under the 2018 Notes are guaranteed by QDI and by all of its domestic subsidiaries other than immaterial subsidiaries as further described below. | |||||||||||||||||||||||||||||||||||||||||||||||||
The 2018 Notes are the senior obligations of our subsidiaries, QD LLC and QD Capital, and are secured by a subordinated, second-priority lien on assets that secure our ABL Facility through a collateral agreement that is separate from the indenture under which these notes were issued. Pursuant to an intercreditor agreement, the liens on the collateral securing the 2018 Notes rank junior in right of payment to the ABL Facility, including the Term Loan, and obligations under certain hedging agreements, cash management obligations and certain other first-lien obligations. Decisions regarding the maintenance and release of the collateral secured by the collateral agreement are made by the lenders under our ABL Facility, and neither the indenture trustee nor the holders of the 2018 Notes have control of decisions regarding the release of the collateral. | |||||||||||||||||||||||||||||||||||||||||||||||||
The 2018 Notes are also guaranteed on a second-priority senior secured basis, jointly and severally, by QDI, subsidiary guarantors, and certain of our future U.S. restricted subsidiaries. The guarantees of the subsidiary guarantors are full and unconditional subject to customary release provisions for sales of a subsidiary in compliance with other provisions of the indenture for the 2018 Notes (the “Notes Indenture”), foreclosures of a pledge of the equity interests of the subsidiary, the right to designate a subsidiary as unrestricted under the terms of the Notes Indenture, the discharge of the 2018 Notes or the defeasance of the Notes Indenture. The guarantee of QDI is full and unconditional. | |||||||||||||||||||||||||||||||||||||||||||||||||
The subsidiary guarantors of all of the 2018 Notes are all of our direct and indirect domestic subsidiaries other than immaterial subsidiaries. No non-domestic subsidiaries are guarantor subsidiaries. QD Capital has no material assets or operations. QD LLC, all of the subsidiary guarantors and QD Capital are 100% owned by QDI. The subsidiary guarantors are 100%-owned subsidiaries of QD LLC. QD LLC conducts substantially all of its business through and derives virtually all of its income from its subsidiaries. Therefore, its ability to make required principal and interest payments with respect to its indebtedness depends on the earnings of subsidiaries and its ability to receive funds from its subsidiaries through dividend and other payments. | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI has no significant restrictions on its ability to receive funds from its subsidiaries. The ABL Facility, including the Term Loan, and the Notes Indenture contain certain limitations on QD LLC’s ability to make distributions to QDI. We do not consider these restrictions to be significant, because QDI is a holding company with no significant operations or assets, other than ownership of 100% of QD LLC’s membership units. QD LLC’s direct and indirect wholly-owned subsidiaries are generally permitted to make distributions to QD LLC, which is the principal obligor under the ABL Facility, the Term Loan and the 2018 Notes. We do not believe that additional financial or narrative information about QDI, QD LLC, QD Capital or the subsidiary guarantors would be material to evaluating the guarantees. | |||||||||||||||||||||||||||||||||||||||||||||||||
The following condensed consolidating financial information for QDI, QD LLC and QD Capital, which has no material assets or operations, non-guarantor subsidiaries and combined guarantor subsidiaries presents: | |||||||||||||||||||||||||||||||||||||||||||||||||
• | Condensed consolidating balance sheets at June 30, 2014 and December 31, 2013 and condensed consolidating statements of operations for the three and six-month periods ended June 30, 2014 and 2013, respectively, and the condensed consolidating statements of cash flows for each of the six-month periods ended June 30, 2014 and 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||
• | Elimination entries necessary to consolidate the parent company and all its subsidiaries. | ||||||||||||||||||||||||||||||||||||||||||||||||
In the second quarter of 2014, the Company revised certain amounts within its guarantor subsidiaries condensed consolidating balance sheet. Specifically, the investment in subsidiary, intercompany, and retained earnings balances, have been adjusted resulting in revisions between QDI, QD LLC and QD Capital, and its guarantor subsidiaries. The impact of the revision, which impacted only the condensed consolidating balance sheet, is not material in the aggregate and had no impact or effect on our consolidated financial statements for any periods presented. Financial definitions and provisions under the Company’s 9.875% Second-Priority Senior Secured Notes Due 2018 (“2018 Notes”), the revolving credit facility (“ABL Facility”) and the senior secured term loan facility (“Term Loan”) are calculated solely on the basis of our consolidated financial statements, and the revision has no impact on our compliance with the provisions of our indebtedness. As prior period information is presented, the Company will similarly revise the condensed consolidating balance sheets in future filings. | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet - Revised | |||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC and | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
QD Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Previously | As Reported | Previously | As Reported | Previously | As Reported | Previously | As Reported | Previously | As Reported | Previously | As Reported | ||||||||||||||||||||||||||||||||||||||
Reported | Reported | Reported | Reported | Reported | Reported | ||||||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries - long-term | $ | (123,790 | ) | $ | (123,790 | ) | $ | 388,157 | $ | 322,433 | $ | — | $ | — | $ | — | $ | — | $ | (264,367 | ) | $ | (198,643 | ) | $ | — | $ | — | |||||||||||||||||||||
Intercompany - long-term | $ | 144,057 | $ | 144,057 | $ | 194,293 | $ | 260,017 | $ | 359,733 | $ | 223,304 | $ | 12,213 | $ | 6,375 | $ | (710,296 | ) | $ | (633,753 | ) | $ | — | $ | — | |||||||||||||||||||||||
Total | $ | 20,267 | $ | 20,267 | $ | 582,450 | $ | 582,450 | $ | 359,733 | $ | 223,304 | $ | 12,213 | $ | 6,375 | $ | (974,663 | ) | $ | (832,396 | ) | $ | — | $ | — | |||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany - long-term | $ | — | $ | — | $ | 355,044 | $ | 355,044 | $ | 350,562 | $ | 278,581 | $ | 4,690 | $ | 128 | $ | (710,296 | ) | $ | (633,753 | ) | $ | — | $ | — | |||||||||||||||||||||||
Accumulated (deficit) retained earnings | $ | (270,505 | ) | $ | (270,505 | ) | $ | (262,159 | ) | $ | (262,159 | ) | $ | 15,881 | $ | (48,567 | ) | $ | 5,085 | $ | 3,809 | $ | 241,193 | $ | 306,917 | $ | (270,505 | ) | $ | (270,505 | ) | ||||||||||||||||||
Total | $ | (270,505 | ) | $ | (270,505 | ) | $ | 92,885 | $ | 92,885 | $ | 366,443 | $ | 230,014 | $ | 9,775 | $ | 3,937 | $ | (469,103 | ) | $ | (326,836 | ) | $ | (270,505 | ) | $ | (270,505 | ) | |||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||
and Statements of Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited—(In 000’s) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC and | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
QD Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | $ | — | $ | — | $ | 184,331 | $ | — | $ | — | $ | 184,331 | |||||||||||||||||||||||||||||||||||||
Service revenue | — | — | 34,104 | 9 | — | 34,113 | |||||||||||||||||||||||||||||||||||||||||||
Fuel surcharge | — | — | 37,155 | — | — | 37,155 | |||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | — | — | 255,590 | 9 | — | 255,599 | |||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchased transportation | — | — | 173,685 | — | — | 173,685 | |||||||||||||||||||||||||||||||||||||||||||
Compensation | — | — | 22,955 | — | — | 22,955 | |||||||||||||||||||||||||||||||||||||||||||
Fuel, supplies and maintenance | — | — | 25,630 | — | — | 25,630 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | 5,403 | — | — | 5,403 | |||||||||||||||||||||||||||||||||||||||||||
Selling and administrative | — | 60 | 7,714 | 6 | — | 7,780 | |||||||||||||||||||||||||||||||||||||||||||
Insurance costs | — | — | 4,705 | 8 | — | 4,713 | |||||||||||||||||||||||||||||||||||||||||||
Taxes and licenses | — | — | 740 | — | — | 740 | |||||||||||||||||||||||||||||||||||||||||||
Communication and utilities | — | — | 1,023 | — | — | 1,023 | |||||||||||||||||||||||||||||||||||||||||||
Gain on disposal of property and equipment | — | — | (1,202 | ) | — | — | (1,202 | ) | |||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | — | (60 | ) | 14,937 | (5 | ) | — | 14,872 | |||||||||||||||||||||||||||||||||||||||||
Interest expense, non-related party, net | — | 6,957 | 204 | — | — | 7,161 | |||||||||||||||||||||||||||||||||||||||||||
Interest (income) expense, related party, net | — | (6,957 | ) | 7,046 | (89 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||
Gain on early extinguishment of debt | — | — | (4,217 | ) | — | — | (4,217 | ) | |||||||||||||||||||||||||||||||||||||||||
Other income | — | — | (92 | ) | (62 | ) | — | (154 | ) | ||||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | — | (60 | ) | 11,996 | 146 | — | 12,082 | ||||||||||||||||||||||||||||||||||||||||||
(Benefit from) provision for income taxes | (135 | ) | — | 846 | 2 | — | 713 | ||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 11,234 | 11,294 | — | — | (22,528 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 11,369 | $ | 11,234 | $ | 11,150 | $ | 144 | $ | (22,528 | ) | $ | 11,369 | ||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | 226 | 226 | 316 | (90 | ) | (452 | ) | 226 | |||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 11,595 | $ | 11,460 | $ | 11,466 | $ | 54 | $ | (22,980 | ) | $ | 11,595 | ||||||||||||||||||||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||
and Statements of Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited—(In 000’s) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC & | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
QD Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | $ | — | $ | — | $ | 174,647 | $ | — | $ | — | $ | 174,647 | |||||||||||||||||||||||||||||||||||||
Service revenue | — | — | 32,672 | 33 | — | 32,705 | |||||||||||||||||||||||||||||||||||||||||||
Fuel surcharge | — | — | 31,944 | — | — | 31,944 | |||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | — | — | 239,263 | 33 | — | 239,296 | |||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchased transportation | — | — | 150,380 | — | — | 150,380 | |||||||||||||||||||||||||||||||||||||||||||
Compensation | — | — | 25,501 | — | — | 25,501 | |||||||||||||||||||||||||||||||||||||||||||
Fuel, supplies and maintenance | — | — | 26,485 | 1 | — | 26,486 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | 6,729 | — | — | 6,729 | |||||||||||||||||||||||||||||||||||||||||||
Selling and administrative | — | 81 | 8,066 | 8 | — | 8,155 | |||||||||||||||||||||||||||||||||||||||||||
Insurance costs | — | — | 4,365 | 8 | — | 4,373 | |||||||||||||||||||||||||||||||||||||||||||
Taxes and licenses | — | — | 1,150 | — | — | 1,150 | |||||||||||||||||||||||||||||||||||||||||||
Communication and utilities | — | — | 922 | — | — | 922 | |||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on disposal of property and equipment | — | — | 1,641 | (50 | ) | — | 1,591 | ||||||||||||||||||||||||||||||||||||||||||
Impairment charges | — | — | 55,692 | — | — | 55,692 | |||||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | — | (81 | ) | (41,668 | ) | 66 | — | (41,683 | ) | ||||||||||||||||||||||||||||||||||||||||
Interest expense, non-related party, net | — | 7,412 | 238 | — | — | 7,650 | |||||||||||||||||||||||||||||||||||||||||||
Interest (income) expense, related party, net | — | (7,412 | ) | 7,477 | (65 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||
Other (income) expense | — | — | (318 | ) | 47 | — | (271 | ) | |||||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | — | (81 | ) | (49,065 | ) | 84 | — | (49,062 | ) | ||||||||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 20 | — | (17,962 | ) | 27 | — | (17,915 | ) | |||||||||||||||||||||||||||||||||||||||||
Equity in loss of subsidiaries | (31,127 | ) | (31,046 | ) | — | — | 62,173 | — | |||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (31,147 | ) | $ | (31,127 | ) | $ | (31,103 | ) | $ | 57 | $ | 62,173 | $ | (31,147 | ) | |||||||||||||||||||||||||||||||||
Total other comprehensive income, net of tax | 443 | 443 | 387 | 56 | (886 | ) | 443 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss) income | $ | (30,704 | ) | $ | (30,684 | ) | $ | (30,716 | ) | $ | 113 | $ | 61,287 | $ | (30,704 | ) | |||||||||||||||||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||
and Statements of Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited—(In 000’s) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC & | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
QD Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | $ | — | $ | — | $ | 353,857 | $ | — | $ | — | $ | 353,857 | |||||||||||||||||||||||||||||||||||||
Service revenue | — | — | 66,276 | 24 | — | 66,300 | |||||||||||||||||||||||||||||||||||||||||||
Fuel surcharge | — | — | 69,929 | — | — | 69,929 | |||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | — | — | 490,062 | 24 | — | 490,086 | |||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchased transportation | — | — | 331,300 | 4 | — | 331,304 | |||||||||||||||||||||||||||||||||||||||||||
Compensation | — | — | 44,210 | — | — | 44,210 | |||||||||||||||||||||||||||||||||||||||||||
Fuel, supplies and maintenance | — | — | 48,758 | 2 | — | 48,760 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | 10,898 | — | — | 10,898 | |||||||||||||||||||||||||||||||||||||||||||
Selling and administrative | — | 62 | 14,964 | 12 | — | 15,038 | |||||||||||||||||||||||||||||||||||||||||||
Insurance costs | — | — | 10,968 | 16 | — | 10,984 | |||||||||||||||||||||||||||||||||||||||||||
Taxes and licenses | — | — | 1,676 | — | — | 1,676 | |||||||||||||||||||||||||||||||||||||||||||
Communication and utilities | — | — | 1,955 | — | — | 1,955 | |||||||||||||||||||||||||||||||||||||||||||
Gain on disposal of property and equipment | — | — | (1,713 | ) | — | — | (1,713 | ) | |||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | — | (62 | ) | 27,046 | (10 | ) | — | 26,974 | |||||||||||||||||||||||||||||||||||||||||
Interest expense, non-related party, net | — | 13,850 | 551 | — | — | 14,401 | |||||||||||||||||||||||||||||||||||||||||||
Interest (income) expense, related party, net | — | (13,850 | ) | 14,018 | (168 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||
Gain on early extinguishment of debt | — | — | (4,217 | ) | — | — | (4,217 | ) | |||||||||||||||||||||||||||||||||||||||||
Other expense (income) | 2 | — | 3 | (2 | ) | — | 3 | ||||||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | (2 | ) | (62 | ) | 16,691 | 160 | — | 16,787 | |||||||||||||||||||||||||||||||||||||||||
(Benefit from) provision for income taxes | (253 | ) | — | 2,671 | (73 | ) | — | 2,345 | |||||||||||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 14,191 | 14,253 | — | — | (28,444 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 14,442 | $ | 14, 191 | $ | 14,020 | $ | 233 | $ | (28,444 | ) | $ | 14,442 | ||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | 599 | 599 | 632 | (33 | ) | (1,198 | ) | 599 | |||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 15,041 | $ | 14,790 | $ | 14,652 | $ | 200 | $ | (29,642 | ) | $ | 15,041 | ||||||||||||||||||||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||
and Statements of Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited—(In 000’s) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC & | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
QD Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | $ | — | $ | — | $ | 338,641 | $ | — | $ | — | $ | 338,641 | |||||||||||||||||||||||||||||||||||||
Service revenue | — | — | 66,033 | 126 | — | 66,159 | |||||||||||||||||||||||||||||||||||||||||||
Fuel surcharge | — | — | 63,918 | — | — | 63,918 | |||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | — | — | 468,592 | 126 | — | 468,718 | |||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchased transportation | — | — | 293,252 | — | — | 293,252 | |||||||||||||||||||||||||||||||||||||||||||
Compensation | — | — | 51,971 | — | — | 51,971 | |||||||||||||||||||||||||||||||||||||||||||
Fuel, supplies and maintenance | — | — | 53,607 | 8 | — | 53,615 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | 13,422 | — | — | 13,422 | |||||||||||||||||||||||||||||||||||||||||||
Selling and administrative | — | 132 | 15,476 | 26 | — | 15,634 | |||||||||||||||||||||||||||||||||||||||||||
Insurance costs | — | — | 8,854 | 16 | — | 8,870 | |||||||||||||||||||||||||||||||||||||||||||
Taxes and licenses | — | — | 1,982 | — | — | 1,982 | |||||||||||||||||||||||||||||||||||||||||||
Communication and utilities | — | — | 2,017 | — | — | 2,017 | |||||||||||||||||||||||||||||||||||||||||||
Gain on disposal of property and equipment | — | — | (1,448 | ) | (50 | ) | — | (1,498 | ) | ||||||||||||||||||||||||||||||||||||||||
Impairment charges | 55,692 | 55,692 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | — | (132 | ) | (26,233 | ) | 126 | — | (26,239 | ) | ||||||||||||||||||||||||||||||||||||||||
Interest expense, non-related party, net | — | 14,816 | 346 | — | — | 15,162 | |||||||||||||||||||||||||||||||||||||||||||
Interest (income) expense, related party, net | — | (14,816 | ) | 14,983 | (167 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||
Other (income) expense | — | — | (7,336 | ) | 93 | — | (7,243 | ) | |||||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | — | (132 | ) | (34,226 | ) | 200 | — | (34,158 | ) | ||||||||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 6 | — | (12,214 | ) | 53 | — | (12,155 | ) | |||||||||||||||||||||||||||||||||||||||||
Equity in loss of subsidiaries | (21,997 | ) | (21,865 | ) | — | — | 43,862 | — | |||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (22,003 | ) | $ | (21,997 | ) | $ | (22,012 | ) | $ | 147 | $ | 43,862 | $ | (22,003 | ) | |||||||||||||||||||||||||||||||||
Total other comprehensive income, net of tax | 864 | 864 | 773 | 91 | (1,728 | ) | 864 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss) income | $ | (21,139 | ) | $ | (21,133 | ) | $ | (21,239 | ) | $ | 238 | $ | 42,134 | $ | (21,139 | ) | |||||||||||||||||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited—(In 000’s) | |||||||||||||||||||||||||||||||||||||||||||||||||
(Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC and | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
QD Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 2,554 | $ | 74 | $ | — | $ | 2,628 | |||||||||||||||||||||||||||||||||||||
Accounts receivable, net | — | — | 147,392 | 2 | — | 147,394 | |||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses | — | 8 | 12,041 | 7 | — | 12,056 | |||||||||||||||||||||||||||||||||||||||||||
Deferred tax asset, net | — | — | 24,257 | — | — | 24,257 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany | — | — | 441,265 | 95 | (441,360 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Other current assets | (19 | ) | — | 11,444 | (25 | ) | — | 11,400 | |||||||||||||||||||||||||||||||||||||||||
Total current assets | (19 | ) | 8 | 638,953 | 153 | (441,360 | ) | 197,735 | |||||||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | — | 162,428 | — | — | 162,428 | |||||||||||||||||||||||||||||||||||||||||||
Assets held-for-sale | — | — | 3,975 | — | — | 3,975 | |||||||||||||||||||||||||||||||||||||||||||
Goodwill | — | — | 32,955 | — | — | 32,955 | |||||||||||||||||||||||||||||||||||||||||||
Intangibles, net | — | — | 15,437 | — | — | 15,437 | |||||||||||||||||||||||||||||||||||||||||||
Non-current deferred tax asset, net | (2,132 | ) | — | 27,824 | — | — | 25,692 | ||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | (109,000 | ) | 337,372 | — | — | (228,372 | ) | — | |||||||||||||||||||||||||||||||||||||||||
Intercompany | 155,401 | 297,123 | 241,475 | 6,719 | (700,718 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Other assets | — | 6,501 | 922 | — | — | 7,423 | |||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 44,250 | $ | 641,004 | $ | 1,123,969 | $ | 6,872 | $ | (1,370,450 | ) | $ | 445,645 | ||||||||||||||||||||||||||||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ (DEFICIT) EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Current maturities of indebtedness | $ | — | $ | 3,500 | $ | 1,209 | $ | — | $ | — | $ | 4,709 | |||||||||||||||||||||||||||||||||||||
Current maturities of capital lease obligations | — | — | 455 | — | — | 455 | |||||||||||||||||||||||||||||||||||||||||||
Accounts payable | — | — | 11,907 | — | — | 11,907 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany | 79,801 | — | 361,559 | — | (441,360 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Independent affiliates and independent owner-operators payable | — | — | 21,754 | — | — | 21,754 | |||||||||||||||||||||||||||||||||||||||||||
Accrued expenses | — | 3,920 | 26,759 | (2 | ) | — | 30,677 | ||||||||||||||||||||||||||||||||||||||||||
Environmental liabilities | — | — | 4,446 | — | — | 4,446 | |||||||||||||||||||||||||||||||||||||||||||
Accrued loss and damage claims | — | — | 8,193 | — | — | 8,193 | |||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 79,801 | 7,420 | 436,282 | (2 | ) | (441,360 | ) | 82,141 | |||||||||||||||||||||||||||||||||||||||||
Long-term indebtedness, less current maturities | — | 369,542 | 851 | — | — | 370,393 | |||||||||||||||||||||||||||||||||||||||||||
Capital lease obligations, less current maturities | — | — | 324 | — | — | 324 | |||||||||||||||||||||||||||||||||||||||||||
Environmental liabilities | — | — | 3,444 | — | — | 3,444 | |||||||||||||||||||||||||||||||||||||||||||
Accrued loss and damage claims | — | — | 9,832 | — | — | 9,832 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany | — | 373,042 | 327,376 | 300 | (700,718 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Other non-current liabilities | — | — | 15,062 | — | — | 15,062 | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 79,801 | 750,004 | 793,171 | 298 | (1,142,078 | ) | 481,196 | ||||||||||||||||||||||||||||||||||||||||||
Shareholders’ (deficit) equity: | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | 447,985 | 354,963 | 390,760 | 3,578 | (749,301 | ) | 447,985 | ||||||||||||||||||||||||||||||||||||||||||
Treasury stock | (11,006 | ) | — | — | — | — | (11,006 | ) | |||||||||||||||||||||||||||||||||||||||||
Accumulated (deficit) retained earnings | (256,063 | ) | (247,968 | ) | (34,547 | ) | 4,042 | 278,473 | (256,063 | ) | |||||||||||||||||||||||||||||||||||||||
Stock recapitalization | (189,589 | ) | (189,589 | ) | — | (55 | ) | 189,644 | (189,589 | ) | |||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (26,878 | ) | (26,406 | ) | (25,415 | ) | (991 | ) | 52,812 | (26,878 | ) | ||||||||||||||||||||||||||||||||||||||
Total shareholders’ (deficit) equity | (35,551 | ) | (109,000 | ) | 330,798 | 6,574 | (228,372 | ) | (35,551 | ) | |||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | 44,250 | $ | 641,004 | $ | 1,123,969 | $ | 6,872 | $ | (1,370,450 | ) | $ | 445,645 | ||||||||||||||||||||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited—(In 000’s) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC and | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
QD Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 1,876 | $ | 81 | $ | — | $ | 1,957 | |||||||||||||||||||||||||||||||||||||
Accounts receivable, net | — | — | 120,916 | 16 | — | 120,932 | |||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses | — | 58 | 13,321 | 22 | — | 13,401 | |||||||||||||||||||||||||||||||||||||||||||
Deferred tax asset, net | — | — | 20,709 | — | — | 20,709 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany | — | — | 410,521 | 109 | (410,630 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Other current assets | (18 | ) | — | 10,084 | (147 | ) | — | 9,919 | |||||||||||||||||||||||||||||||||||||||||
Total current assets | (18 | ) | 58 | 577,427 | 81 | (410,630 | ) | 166,918 | |||||||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | — | 170,114 | — | — | 170,114 | |||||||||||||||||||||||||||||||||||||||||||
Assets held-for-sale | — | — | 1,129 | — | — | 1,129 | |||||||||||||||||||||||||||||||||||||||||||
Goodwill | — | — | 32,955 | — | — | 32,955 | |||||||||||||||||||||||||||||||||||||||||||
Intangibles, net | — | — | 16,149 | — | — | 16,149 | |||||||||||||||||||||||||||||||||||||||||||
Non-current deferred tax asset, net | (2,239 | ) | — | 33,640 | — | — | 31,401 | ||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | (123,790 | ) | 322,433 | — | — | (198,643 | ) | — | |||||||||||||||||||||||||||||||||||||||||
Intercompany | 144,057 | 260,017 | 223,304 | 6,375 | (633,753 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Other assets | — | 7,681 | 902 | — | — | 8,583 | |||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 18,010 | $ | 590,189 | $ | 1,055,620 | $ | 6,456 | $ | (1,243,026 | ) | $ | 427,249 | ||||||||||||||||||||||||||||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ (DEFICIT) EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Current maturities of indebtedness | $ | — | $ | 5,833 | $ | 2,859 | $ | — | $ | — | $ | 8,692 | |||||||||||||||||||||||||||||||||||||
Current maturities of capital lease obligations | — | — | 1,888 | — | — | 1,888 | |||||||||||||||||||||||||||||||||||||||||||
Accounts payable | — | — | 10,248 | — | — | 10,248 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany | 74,246 | — | 336,384 | — | (410,630 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Independent affiliates and independent owner-operators payable | — | — | 14,398 | — | — | 14,398 | |||||||||||||||||||||||||||||||||||||||||||
Accrued expenses | 15 | 3,892 | 26,672 | 1 | — | 30,580 | |||||||||||||||||||||||||||||||||||||||||||
Environmental liabilities | — | — | 3,818 | — | — | 3,818 | |||||||||||||||||||||||||||||||||||||||||||
Accrued loss and damage claims | — | — | 8,532 | — | — | 8,532 | |||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 74,261 | 9,725 | 404,799 | 1 | (410,630 | ) | 78,156 | ||||||||||||||||||||||||||||||||||||||||||
Long-term indebtedness, less current maturities | — | 349,210 | 20,520 | — | — | 369,730 | |||||||||||||||||||||||||||||||||||||||||||
Capital lease obligations, less current maturities | — | — | 2,995 | — | — | 2,995 | |||||||||||||||||||||||||||||||||||||||||||
Environmental liabilities | — | — | 4,479 | — | — | 4,479 | |||||||||||||||||||||||||||||||||||||||||||
Accrued loss and damage claims | — | — | 10,747 | — | — | 10,747 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany | — | 355,044 | 278,581 | 128 | (633,753 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Other non-current liabilities | — | — | 17,353 | 40 | — | 17,393 | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 74,261 | 713,979 | 739,474 | 169 | (1,044,383 | ) | 483,500 | ||||||||||||||||||||||||||||||||||||||||||
Shareholders’ (deficit) equity: | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | 441,877 | 354,963 | 390,760 | 3,491 | (749,214 | ) | 441,877 | ||||||||||||||||||||||||||||||||||||||||||
Treasury stock | (10,557 | ) | — | — | — | — | (10,557 | ) | |||||||||||||||||||||||||||||||||||||||||
Accumulated (deficit) retained earnings | (270,505 | ) | (262,159 | ) | (48,567 | ) | 3,809 | 306,917 | (270,505 | ) | |||||||||||||||||||||||||||||||||||||||
Stock recapitalization | (189,589 | ) | (189,589 | ) | — | (55 | ) | 189,644 | (189,589 | ) | |||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (27,477 | ) | (27,005 | ) | (26,047 | ) | (958 | ) | 54,010 | (27,477 | ) | ||||||||||||||||||||||||||||||||||||||
Total shareholders’ (deficit) equity | (56,251 | ) | (123,790 | ) | 316,146 | 6,287 | (198,643 | ) | (56,251 | ) | |||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | 18,010 | $ | 590,189 | $ | 1,055,620 | $ | 6,456 | $ | (1,243,026 | ) | $ | 427,249 | ||||||||||||||||||||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited—(In 000’s) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC and | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
QD Capital | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 14,442 | $ | 14,191 | $ | 14,020 | $ | 233 | $ | (28,444 | ) | $ | 14,442 | ||||||||||||||||||||||||||||||||||||
Adjustments for non-cash charges | (12,236 | ) | (26,820 | ) | 20,859 | (168 | ) | 28,444 | 10,079 | ||||||||||||||||||||||||||||||||||||||||
Net changes in assets and liabilities | 92 | 1,258 | (23,371 | ) | (12 | ) | — | (22,033 | ) | ||||||||||||||||||||||||||||||||||||||||
Intercompany activity | (2,298 | ) | 11,371 | (9,013 | ) | (60 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | — | — | 2,495 | (7 | ) | — | 2,488 | ||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | (19,203 | ) | — | — | (19,203 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of property and equipment | — | — | 12,021 | — | — | 12,021 | |||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | — | — | (7,182 | ) | — | — | (7,182 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Principal payments on long-term debt and capital lease obligations | — | — | (17,562 | ) | — | — | (17,562 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from revolver | — | 173,100 | — | — | — | 173,100 | |||||||||||||||||||||||||||||||||||||||||||
Payments on revolver | — | (155,200 | ) | — | — | — | (155,200 | ) | |||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | — | (4 | ) | — | — | — | (4 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 4,406 | — | — | — | — | 4,406 | |||||||||||||||||||||||||||||||||||||||||||
Other | — | — | 625 | — | — | 625 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany activity | (4,406 | ) | (17,896 | ) | 22,302 | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by financing activities | — | — | 5,365 | — | — | 5,365 | |||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | 678 | (7 | ) | — | 671 | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | 1,876 | 81 | — | 1,957 | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | — | $ | 2,554 | $ | 74 | $ | — | $ | 2,628 | |||||||||||||||||||||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited—(In 000’s) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC and | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
QD Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (22,003 | ) | $ | (21,997 | ) | $ | (22,012 | ) | $ | 147 | $ | 43,862 | $ | (22,003 | ) | |||||||||||||||||||||||||||||||||
Adjustments for non-cash charges | 23,770 | 8,353 | 61,419 | (937 | ) | (43,862 | ) | 48,743 | |||||||||||||||||||||||||||||||||||||||||
Net changes in assets and liabilities | (13 | ) | 385 | (8,638 | ) | (26 | ) | — | (8,292 | ) | |||||||||||||||||||||||||||||||||||||||
Intercompany activity | (1,754 | ) | 13,259 | (12,340 | ) | 835 | — | — | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | — | — | 18,429 | 19 | — | 18,448 | |||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | (15,720 | ) | — | — | (15,720 | ) | |||||||||||||||||||||||||||||||||||||||||
Trojan purchase price adjustment | — | — | (857 | ) | — | — | (857 | ) | |||||||||||||||||||||||||||||||||||||||||
Acquisition of customer list | — | — | (1,000 | ) | — | — | (1,000 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of property and equipment | — | — | 12,597 | — | — | 12,597 | |||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | — | — | (4,980 | ) | — | — | (4,980 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Principal payments on long-term debt and capital lease obligations | — | — | (3,260 | ) | — | — | (3,260 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from revolver | — | 110,700 | — | — | — | 110,700 | |||||||||||||||||||||||||||||||||||||||||||
Payments on revolver | — | (117,400 | ) | — | — | — | (117,400 | ) | |||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | — | (700 | ) | — | — | — | (700 | ) | |||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | (4,454 | ) | (4,454 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 215 | — | — | — | — | 215 | |||||||||||||||||||||||||||||||||||||||||||
Other | — | 1,169 | — | — | 1,169 | ||||||||||||||||||||||||||||||||||||||||||||
Intercompany activity | 4,239 | 7,400 | (11,639 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Net cash used in financing activities | — | — | (13,730 | ) | — | — | (13,730 | ) | |||||||||||||||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | (281 | ) | 19 | — | (262 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | 2,580 | 124 | — | 2,704 | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | — | $ | 2,299 | $ | 143 | $ | — | $ | 2,442 | |||||||||||||||||||||||||||||||||||||
Subsequent_Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Event | ' |
17. Subsequent Event | |
On July 16, 2014, we redeemed a portion of our 2018 Notes in the aggregate principal amount of $22.5 million. The redemption price for these 2018 Notes equaled 100% of the aggregate principal amount of $22.5 million, plus accrued but unpaid interest up to the redemption date, plus a 3.0% premium of $0.7 million. The redemption was funded with borrowings under our ABL Facility and cash on hand. In the third quarter of 2014, $0.4 million of unamortized debt issuance costs related to this redemption will be written off. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Basis of Presentation | ' |
Basis of Presentation | |
In this quarterly report, unless the context otherwise indicates, (i) the terms the “Company,” “our Company,” “Quality Distribution,” “QDI,” “we,” “us” and “our” refer to Quality Distribution, Inc. and its consolidated subsidiaries and their predecessors, (ii) the terms “Quality Distribution, LLC” and “QD LLC” refer to our wholly-owned subsidiary, Quality Distribution, LLC, a Delaware limited liability company, and its consolidated subsidiaries and their predecessors, (iii) the term “QD Capital” refers to our wholly-owned subsidiary, QD Capital Corporation, a Delaware corporation, (iv) the term “QCI” refers to our wholly-owned subsidiary, Quality Carriers, Inc., an Illinois corporation, (v) the term “Boasso” refers to our wholly-owned subsidiary, Boasso America Corporation, a Louisiana corporation, (vi) the term “QCER” refers collectively to our wholly-owned subsidiary, QC Energy Resources, Inc., a Delaware corporation, and its wholly-owned subsidiaries, QC Energy Logistics, LLC, a Delaware limited liability company, QC Energy Resources, LLC, a Delaware limited liability company, QC Energy Resources Northwest, LLC, a Delaware limited liability company, and QC Energy Resources Texas, LLC, a Delaware limited liability company, as well as our wholly-owned subsidiary, QC Environmental Services, Inc., a North Dakota corporation, and (vii) the term “CLC” refers to our wholly-owned subsidiary, Chemical Leaman Corporation, a Pennsylvania corporation. | |
We operate the largest chemical bulk tank truck network in North America through QCI. We are the largest provider of intermodal ISO tank container and depot services in North America through Boasso. We provide logistics services to the unconventional oil and gas industry through QCER. We conduct a significant portion of our business through a network of independent affiliates and independent owner-operators. Independent affiliates are companies which enter into various term contracts with the Company. Independent affiliates are responsible for paying for their own power equipment (including debt service), fuel and other operating costs. Most of the independent affiliates lease trailers from us. Independent owner-operators are independent contractors who, through a contract with us, supply one or more tractors and drivers for our use. Contracts with independent owner-operators may be terminated by either party on short notice. We charge independent affiliates and third-parties for the use of tractors and trailers as necessary. In exchange for the services rendered, independent affiliates and independent owner-operators are normally paid a percentage of the revenues collected on each load hauled. | |
Our accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and do not include all of the information and notes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments and accruals) considered necessary for a fair statement of consolidated financial position, results of operations and cash flows have been included. The year ended December 31, 2013 consolidated balance sheet data was derived from our audited financial statements, but does not include all the disclosures required by GAAP. For further information, refer to our Annual Report on Form 10-K for the year ended December 31, 2013, including the consolidated financial statements and accompanying notes. | |
Operating results for the three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for any future period. | |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
In June 2014, the Financial Accounting Standards Board (“FASB”) issued an update to authoritative guidance related to accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The guidance will be effective beginning January 1, 2016 and it is not expected to have a material impact on our consolidated financial statements. | |
In May 2014, the FASB issued an accounting pronouncement related to revenue recognition, which amends the prior guidance and provides a single, comprehensive revenue recognition model for all contracts with customers. Principles apply to the measurement of revenue and timing of its recognition. The new standard requires entities to recognize revenue to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration at which the entity expects to be entitled to in exchange for those goods or services. This pronouncement is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is not permitted. The Company is currently evaluating the impact of this pronouncement. | |
In April 2014, the FASB issued authoritative guidance, which specifies that only disposals representing a strategic shift in operations, such as a disposal of a major line of business, should be presented as discontinued operations. In addition, the new guidance requires expanded disclosures for discontinued operations, including disclosure of pre-tax profit or loss of an individually significant component of an entity that does not qualify for discontinued operations reporting. This guidance is effective for the Company prospectively in the first quarter of fiscal 2016. Principles of the new guidance are not applicable to a component that is classified as held for sale before the effective date even if disposed of after the effective date. As the accounting standard will only impact presentation, the new standard will not have an impact on the Company’s financial position, results of operations, or cash flows. | |
In July 2013, the FASB issued an accounting pronouncement related to income taxes. Under this standard, entities are required to recognize that an unrecognized tax benefit be presented in the consolidated financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward except as follows: To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the consolidated financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this pronouncement did not have a material effect on our consolidated financial statements. | |
Acquisitions and Dispositions | ' |
Acquisitions and Dispositions | |
During 2013 and the first six months of 2014, we did not complete any acquisitions or dispositions of businesses or independent affiliates. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Carrying Value and Fair Value of Long-Term Indebtedness | ' | ||||||||
As of June 30, 2014, the carrying value and fair value are as follows (in thousands): | |||||||||
Carrying | Fair Value | ||||||||
Value | |||||||||
9.875% Second-Priority Senior Secured Notes due 2018 (“2018 Notes”) | $ | 202,500 | $ | 216,422 | |||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Goodwill within Reporting Units | ' | ||||||||||||||||||||||||
Goodwill within the intermodal and chemical logistics reporting units is as follows (in thousands): | |||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Intermodal | $ | 31,410 | $ | 31,410 | |||||||||||||||||||||
Chemical Logistics | 1,545 | 1,545 | |||||||||||||||||||||||
Total | $ | 32,955 | $ | 32,955 | |||||||||||||||||||||
Finite Lived Intangible Assets | ' | ||||||||||||||||||||||||
Intangible assets at June 30, 2014 are as follows (in thousands): | |||||||||||||||||||||||||
Gross Book | Accumulated | Net Book | Average | ||||||||||||||||||||||
Value | Amortization | Value | Lives | ||||||||||||||||||||||
(in years) | |||||||||||||||||||||||||
Tradename—Intermodal | $ | 7,400 | $ | — | $ | 7,400 | Indefinite | ||||||||||||||||||
Customer relationships—Intermodal | 14,260 | (6,970 | ) | 7,290 | 12-Oct | ||||||||||||||||||||
Non-compete agreements—Intermodal and Energy Logistics | 1,620 | (873 | ) | 747 | 6-Mar | ||||||||||||||||||||
$ | 23,280 | $ | (7,843 | ) | $ | 15,437 | |||||||||||||||||||
Of the net book value of intangibles of approximately $15.4 million at June 30, 2014, $14.7 million was allocated to our intermodal reporting units and approximately $0.7 million was allocated to our energy logistics reporting units. | |||||||||||||||||||||||||
Intangible assets at December 31, 2013 are as follows (in thousands): | |||||||||||||||||||||||||
Gross Book | 2013 | Impairment | Accumulated | Net Book | Average | ||||||||||||||||||||
Value | Additions(1) | Amortization | Value | Lives | |||||||||||||||||||||
January 1, | December 31, | (in years) | |||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||
Tradename—Intermodal | $ | 7,400 | $ | — | $ | — | $ | — | $ | 7,400 | Indefinite | ||||||||||||||
Tradename—Energy Logistics | 1,100 | — | (521 | ) | (579 | ) | — | — | |||||||||||||||||
Customer relationships (1) | 33,410 | 1,000 | (17,065 | ) | (9,462 | ) | 7,883 | 12-Oct | |||||||||||||||||
Non-compete agreements | 4,311 | — | — | (3,445 | ) | 866 | 6-Mar | ||||||||||||||||||
Service agreement | 1,120 | — | (942 | ) | (178 | ) | — | — | |||||||||||||||||
$ | 47,341 | $ | 1,000 | $ | (18,528 | ) | $ | (13,664 | ) | $ | 16,149 | ||||||||||||||
-1 | Additions related to the on-boarding of a new independent affiliate. | ||||||||||||||||||||||||
Indefinite Lived Intangible Assets | ' | ||||||||||||||||||||||||
Intangible assets at June 30, 2014 are as follows (in thousands): | |||||||||||||||||||||||||
Gross Book | Accumulated | Net Book | Average | ||||||||||||||||||||||
Value | Amortization | Value | Lives | ||||||||||||||||||||||
(in years) | |||||||||||||||||||||||||
Tradename—Intermodal | $ | 7,400 | $ | — | $ | 7,400 | Indefinite | ||||||||||||||||||
Customer relationships—Intermodal | 14,260 | (6,970 | ) | 7,290 | 12-Oct | ||||||||||||||||||||
Non-compete agreements—Intermodal and Energy Logistics | 1,620 | (873 | ) | 747 | 6-Mar | ||||||||||||||||||||
$ | 23,280 | $ | (7,843 | ) | $ | 15,437 | |||||||||||||||||||
Of the net book value of intangibles of approximately $15.4 million at June 30, 2014, $14.7 million was allocated to our intermodal reporting units and approximately $0.7 million was allocated to our energy logistics reporting units. | |||||||||||||||||||||||||
Intangible assets at December 31, 2013 are as follows (in thousands): | |||||||||||||||||||||||||
Gross Book | 2013 | Impairment | Accumulated | Net Book | Average | ||||||||||||||||||||
Value | Additions(1) | Amortization | Value | Lives | |||||||||||||||||||||
January 1, | December 31, | (in years) | |||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||
Tradename—Intermodal | $ | 7,400 | $ | — | $ | — | $ | — | $ | 7,400 | Indefinite | ||||||||||||||
Tradename—Energy Logistics | 1,100 | — | (521 | ) | (579 | ) | — | — | |||||||||||||||||
Customer relationships (1) | 33,410 | 1,000 | (17,065 | ) | (9,462 | ) | 7,883 | 12-Oct | |||||||||||||||||
Non-compete agreements | 4,311 | — | — | (3,445 | ) | 866 | 6-Mar | ||||||||||||||||||
Service agreement | 1,120 | — | (942 | ) | (178 | ) | — | — | |||||||||||||||||
$ | 47,341 | $ | 1,000 | $ | (18,528 | ) | $ | (13,664 | ) | $ | 16,149 | ||||||||||||||
-1 | Additions related to the on-boarding of a new independent affiliate. | ||||||||||||||||||||||||
Estimated Amortization Expense for Intangible Assets | ' | ||||||||||||||||||||||||
Estimated amortization expense for intangible assets is as follows (in thousands): | |||||||||||||||||||||||||
2014 remaining | $ | 709 | |||||||||||||||||||||||
2015 | 1,418 | ||||||||||||||||||||||||
2016 | 1,413 | ||||||||||||||||||||||||
2017 | 1,338 | ||||||||||||||||||||||||
2018 | 1,218 | ||||||||||||||||||||||||
2019 and thereafter | 1,941 | ||||||||||||||||||||||||
Total | $ | 8,037 | |||||||||||||||||||||||
Income_Loss_Per_Share_Tables
Income (Loss) Per Share (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Reconciliation of Numerators and Denominators of Basic and Diluted Income (Loss) Per Share | ' | ||||||||||||||||||||||||
A reconciliation of the numerators and denominators of the basic and diluted income (loss) per share computations follows (in thousands, except per share amounts): | |||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Net income | Shares | Per-share | Net loss | Shares | Per-share | ||||||||||||||||||||
(numerator) | (denominator) | amount | (numerator) | (denominator) | amount | ||||||||||||||||||||
Basic income (loss) available to common shareholders: | $ | 11,369 | 27,404 | $ | 0.41 | $ | (31,147 | ) | 26,460 | $ | (1.18 | ) | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||
Stock options | — | 396 | — | — | — | — | |||||||||||||||||||
Unvested restricted stock | — | 83 | — | — | — | — | |||||||||||||||||||
Unvested restricted stock units | — | 28 | — | — | — | — | |||||||||||||||||||
Diluted income (loss) available to common shareholders: | $ | 11,369 | 27,911 | $ | 0.41 | $ | (31,147 | ) | 26,460 | $ | (1.18 | ) | |||||||||||||
Six months ended | |||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Net income | Shares | Per-share | Net loss | Shares | Per-share | ||||||||||||||||||||
(numerator) | (denominator) | amount | (numerator) | (denominator) | amount | ||||||||||||||||||||
Basic income (loss) available to common shareholders: | $ | 14,442 | 27,248 | $ | 0.53 | $ | (22,003 | ) | 26,542 | $ | (0.83 | ) | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||
Stock options | — | 419 | — | — | — | — | |||||||||||||||||||
Unvested restricted stock | — | 121 | — | — | — | — | |||||||||||||||||||
Unvested restricted stock units | — | 21 | — | — | — | — | |||||||||||||||||||
Diluted income (loss) available to common shareholders: | $ | 14,442 | 27,809 | $ | 0.52 | $ | (22,003 | ) | 26,542 | $ | (0.83 | ) | |||||||||||||
Summary of Antidilutive Securities Not Included in Calculation of Diluted Income Per Share | ' | ||||||||||||||||||||||||
The following securities were not included in the calculation of diluted income per share because such inclusion would be anti-dilutive (in thousands): | |||||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Stock options | 869 | 2,005 | 845 | 2,026 | |||||||||||||||||||||
Unvested restricted stock | 123 | 323 | 85 | 353 | |||||||||||||||||||||
Unvested restricted stock units | 537 | — | 545 | — |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Unrecognized Stock-Based Compensation and Weighted Average Period | ' | ||||||||
The following table summarizes unrecognized stock-based compensation and the weighted average period over which such stock-based compensation is expected to be recognized as of June 30, 2014 (in thousands): | |||||||||
Remaining | |||||||||
years | |||||||||
Restricted stock units | $ | 6,057 | 2.7 | ||||||
Stock options | 1,417 | 2 | |||||||
Restricted stock | 1,306 | 2 | |||||||
$ | 8,780 | ||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Components of Estimated Net Periodic Pension Cost | ' | ||||||||||||||||
The components of net periodic pension cost are estimated as follows (in thousands): | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 41 | $ | 42 | $ | 83 | $ | 83 | |||||||||
Interest cost | 503 | 464 | 1,006 | 927 | |||||||||||||
Amortization of prior service cost | 23 | 23 | 47 | 47 | |||||||||||||
Amortization of loss | 293 | 364 | 585 | 726 | |||||||||||||
Expected return on plan assets | (642 | ) | (586 | ) | (1,284 | ) | (1,169 | ) | |||||||||
Net periodic pension cost | $ | 218 | $ | 307 | $ | 437 | $ | 614 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Components and Changes to Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
The components and changes to accumulated other comprehensive loss are as follows (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Foreign currency translation | |||||||||||||||||
Beginning balance | $ | (1,004 | ) | $ | (1,145 | ) | $ | (1,061 | ) | $ | (1,180 | ) | |||||
Net (loss) gain on foreign currency translation, net of tax | (90 | ) | 56 | (33 | ) | 91 | |||||||||||
Ending balance | $ | (1,094 | ) | $ | (1,089 | ) | $ | (1,094 | ) | $ | (1,089 | ) | |||||
Pension benefits | |||||||||||||||||
Beginning balance | $ | (26,100 | ) | $ | (30,186 | ) | $ | (26,416 | ) | $ | (30,572 | ) | |||||
Amortization of prior service cost | 23 | 23 | 47 | 47 | |||||||||||||
Amortization of gain | 293 | 364 | 585 | 726 | |||||||||||||
Ending balance | $ | (25,784 | ) | $ | (29,799 | ) | $ | (25,784 | ) | $ | (29,799 | ) | |||||
Total AOCI ending balance | $ | (26,878 | ) | $ | (30,888 | ) | $ | (26,878 | ) | $ | (30,888 | ) | |||||
-1 | Prior service cost and actuarial gain are included as part of the Company’s net periodic benefit cost. Refer to Note 8. |
Restructuring_Tables
Restructuring (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Restructuring Accrual Activity | ' | ||||||||||||
In the six months ended June 30, 2014, we had the following activity in our restructuring accrual (in thousands): | |||||||||||||
Balance at | Payments | Balance at | |||||||||||
December 31, | June 30, | ||||||||||||
2013 | 2014 | ||||||||||||
Restructuring costs | $ | 1,582 | $ | (375 | ) | $ | 1,207 | ||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Summarized Segment Data and Reconciliation to Income before Income Taxes | ' | ||||||||||||||||||||
Summarized segment data and a reconciliation to income before income taxes follow (in thousands): | |||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||
Chemical | Energy | Intermodal | Shared Services | Total | |||||||||||||||||
Logistics | Logistics | ||||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Transportation | $ | 123,572 | $ | 40,378 | $ | 20,381 | $ | — | $ | 184,331 | |||||||||||
Service revenue | 17,812 | 2,127 | 13,801 | 373 | 34,113 | ||||||||||||||||
Fuel surcharge | 30,282 | 1,485 | 5,388 | — | 37,155 | ||||||||||||||||
Total operating revenues | 171,666 | 43,990 | 39,570 | 373 | 255,599 | ||||||||||||||||
Segment operating income (loss) | 20,736 | 2,710 | 6,600 | (10,973 | ) | 19,073 | |||||||||||||||
Depreciation and amortization | 2,425 | 2,052 | 836 | 90 | 5,403 | ||||||||||||||||
Other (income) expense | (1,069 | ) | (114 | ) | (19 | ) | — | (1,202 | ) | ||||||||||||
Operating income (loss) | 19,380 | 772 | 5,783 | (11,063 | ) | 14,872 | |||||||||||||||
Interest expense | 1,590 | 4,169 | 1,512 | 11 | 7,282 | ||||||||||||||||
Interest income | (116 | ) | (5 | ) | — | — | (121 | ) | |||||||||||||
Other income | (154 | ) | — | — | (4,217 | ) | (4,371 | ) | |||||||||||||
Income (loss) before income taxes | $ | 18,060 | $ | (3,392 | ) | $ | 4,271 | $ | (6,857 | ) | $ | 12,082 | |||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||
Chemical | Energy | Intermodal | Shared Services | Total | |||||||||||||||||
Logistics | Logistics | ||||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Transportation | $ | 113,206 | $ | 42,572 | $ | 18,869 | $ | — | $ | 174,647 | |||||||||||
Service revenue | 16,629 | 2,500 | 13,283 | 293 | 32,705 | ||||||||||||||||
Fuel surcharge | 27,189 | 40 | 4,715 | — | 31,944 | ||||||||||||||||
Total operating revenues | 157,024 | 45,112 | 36,867 | 293 | 239,296 | ||||||||||||||||
Segment operating income (loss) | 21,023 | 4,845 | 6,664 | (10,203 | ) | 22,329 | |||||||||||||||
Depreciation and amortization | 2,885 | 2,892 | 828 | 124 | 6,729 | ||||||||||||||||
Impairment charges (1) | — | 55,692 | — | — | 55,692 | ||||||||||||||||
Other expense | 88 | 1,376 | 74 | 53 | 1,591 | ||||||||||||||||
Operating income (loss) | 18,050 | (55,115 | ) | 5,762 | (10,380 | ) | (41,683 | ) | |||||||||||||
Interest expense | 2,491 | 3,860 | 1,508 | 25 | 7,884 | ||||||||||||||||
Interest income | (234 | ) | — | — | — | (234 | ) | ||||||||||||||
Other income | (271 | ) | — | — | — | (271 | ) | ||||||||||||||
Income (loss) before income taxes | $ | 16,064 | $ | (58,975 | ) | $ | 4,254 | $ | (10,405 | ) | $ | (49,062 | ) | ||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||
Chemical | Energy | Intermodal | Shared Services | Total | |||||||||||||||||
Logistics | Logistics | ||||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Transportation | $ | 238,195 | $ | 76,327 | $ | 39,335 | $ | — | $ | 353,857 | |||||||||||
Service revenue | 34,955 | 4,073 | 26,775 | 497 | 66,300 | ||||||||||||||||
Fuel surcharge | 57,334 | 2,515 | 10,080 | — | 69,929 | ||||||||||||||||
Total operating revenues | 330,484 | 82,915 | 76,190 | 497 | 490,086 | ||||||||||||||||
Segment operating income (loss) | 39,365 | 5,446 | 12,672 | (21,324 | ) | 36,159 | |||||||||||||||
Depreciation and amortization | 4,872 | 4,185 | 1,654 | 187 | 10,898 | ||||||||||||||||
Other (income) expense | (2,017 | ) | 323 | (19 | ) | — | (1,713 | ) | |||||||||||||
Operating income (loss) | 36,510 | 938 | 11,037 | (21,511 | ) | 26,974 | |||||||||||||||
Interest expense | 3,278 | 8,319 | 3,025 | 24 | 14,646 | ||||||||||||||||
Interest income | (234 | ) | (11 | ) | — | — | (245 | ) | |||||||||||||
Other expense (income) | 3 | — | — | (4,217 | ) | (4,214 | ) | ||||||||||||||
Income (loss) before income taxes | $ | 33,463 | $ | (7,370 | ) | $ | 8,012 | $ | (17,318 | ) | $ | 16,787 | |||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||
Chemical | Energy | Intermodal | Shared Services | Total | |||||||||||||||||
Logistics | Logistics | ||||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Transportation | $ | 222,274 | $ | 79,502 | $ | 36,865 | $ | — | $ | 338,641 | |||||||||||
Service revenue | 33,003 | 6,421 | 26,423 | 312 | 66,159 | ||||||||||||||||
Fuel surcharge | 54,451 | 273 | 9,194 | — | 63,918 | ||||||||||||||||
Total operating revenues | 309,728 | 86,196 | 72,482 | 312 | 468,718 | ||||||||||||||||
Segment operating income (loss) | 41,434 | 7,559 | 13,332 | (20,948 | ) | 41,377 | |||||||||||||||
Depreciation and amortization | 5,647 | 5,893 | 1,636 | 246 | 13,422 | ||||||||||||||||
Impairment charges (1) | — | 55,692 | — | — | 55,692 | ||||||||||||||||
Other (income) expense | (795 | ) | 1,596 | 74 | (2,373 | ) | (1,498 | ) | |||||||||||||
Operating income (loss) | 36,582 | (55,622 | ) | 11,622 | (18,821 | ) | (26,239 | ) | |||||||||||||
Interest expense | 4,771 | 7,772 | 3,015 | 49 | 15,607 | ||||||||||||||||
Interest income | (445 | ) | — | — | — | (445 | ) | ||||||||||||||
Other income | (443 | ) | (6,800 | ) | — | — | (7,243 | ) | |||||||||||||
Income (loss) before income taxes | $ | 32,699 | $ | (56,594 | ) | $ | 8,607 | $ | (18,870 | ) | $ | (34,158 | ) | ||||||||
-1 | Includes an impairment charge of $55.2 million of goodwill and $0.5 million of intangible assets related to our energy logistics reporting unit. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Commitment and Contingencies | ' | ||||||||||||||||
As of June 30, 2014 and December 31, 2013, we had reserves in the amount of approximately $7.9 million and $8.3 million, respectively, for all environmental matters, of which the most significant are presented and discussed below. | |||||||||||||||||
Number of Sites | Reserves (in millions) | ||||||||||||||||
June 30, | December 31, | June 30, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Multi-party sites | 16 | 17 | $ | 1.5 | $ | 2.1 | |||||||||||
Sole party major sites: | |||||||||||||||||
Bridgeport, New Jersey | 1 | 1 | 3.8 | 3.6 | |||||||||||||
William Dick, Pennsylvania | 1 | 1 | 0.8 | 0.7 | |||||||||||||
Other Properties | 7 | 7 | 1.8 | 1.9 | |||||||||||||
Total | 25 | 26 | $ | 7.9 | $ | 8.3 | |||||||||||
Guarantor_Subsidiaries_Tables
Guarantor Subsidiaries (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet - Revised | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet - Revised | |||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC and | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
QD Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Previously | As Reported | Previously | As Reported | Previously | As Reported | Previously | As Reported | Previously | As Reported | Previously | As Reported | ||||||||||||||||||||||||||||||||||||||
Reported | Reported | Reported | Reported | Reported | Reported | ||||||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries - long-term | $ | (123,790 | ) | $ | (123,790 | ) | $ | 388,157 | $ | 322,433 | $ | — | $ | — | $ | — | $ | — | $ | (264,367 | ) | $ | (198,643 | ) | $ | — | $ | — | |||||||||||||||||||||
Intercompany - long-term | $ | 144,057 | $ | 144,057 | $ | 194,293 | $ | 260,017 | $ | 359,733 | $ | 223,304 | $ | 12,213 | $ | 6,375 | $ | (710,296 | ) | $ | (633,753 | ) | $ | — | $ | — | |||||||||||||||||||||||
Total | $ | 20,267 | $ | 20,267 | $ | 582,450 | $ | 582,450 | $ | 359,733 | $ | 223,304 | $ | 12,213 | $ | 6,375 | $ | (974,663 | ) | $ | (832,396 | ) | $ | — | $ | — | |||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany - long-term | $ | — | $ | — | $ | 355,044 | $ | 355,044 | $ | 350,562 | $ | 278,581 | $ | 4,690 | $ | 128 | $ | (710,296 | ) | $ | (633,753 | ) | $ | — | $ | — | |||||||||||||||||||||||
Accumulated (deficit) retained earnings | $ | (270,505 | ) | $ | (270,505 | ) | $ | (262,159 | ) | $ | (262,159 | ) | $ | 15,881 | $ | (48,567 | ) | $ | 5,085 | $ | 3,809 | $ | 241,193 | $ | 306,917 | $ | (270,505 | ) | $ | (270,505 | ) | ||||||||||||||||||
Total | $ | (270,505 | ) | $ | (270,505 | ) | $ | 92,885 | $ | 92,885 | $ | 366,443 | $ | 230,014 | $ | 9,775 | $ | 3,937 | $ | (469,103 | ) | $ | (326,836 | ) | $ | (270,505 | ) | $ | (270,505 | ) | |||||||||||||||||||
Condensed Consolidating Statements of Operations and Statements of Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||
and Statements of Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited—(In 000’s) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC and | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
QD Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | $ | — | $ | — | $ | 184,331 | $ | — | $ | — | $ | 184,331 | |||||||||||||||||||||||||||||||||||||
Service revenue | — | — | 34,104 | 9 | — | 34,113 | |||||||||||||||||||||||||||||||||||||||||||
Fuel surcharge | — | — | 37,155 | — | — | 37,155 | |||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | — | — | 255,590 | 9 | — | 255,599 | |||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchased transportation | — | — | 173,685 | — | — | 173,685 | |||||||||||||||||||||||||||||||||||||||||||
Compensation | — | — | 22,955 | — | — | 22,955 | |||||||||||||||||||||||||||||||||||||||||||
Fuel, supplies and maintenance | — | — | 25,630 | — | — | 25,630 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | 5,403 | — | — | 5,403 | |||||||||||||||||||||||||||||||||||||||||||
Selling and administrative | — | 60 | 7,714 | 6 | — | 7,780 | |||||||||||||||||||||||||||||||||||||||||||
Insurance costs | — | — | 4,705 | 8 | — | 4,713 | |||||||||||||||||||||||||||||||||||||||||||
Taxes and licenses | — | — | 740 | — | — | 740 | |||||||||||||||||||||||||||||||||||||||||||
Communication and utilities | — | — | 1,023 | — | — | 1,023 | |||||||||||||||||||||||||||||||||||||||||||
Gain on disposal of property and equipment | — | — | (1,202 | ) | — | — | (1,202 | ) | |||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | — | (60 | ) | 14,937 | (5 | ) | — | 14,872 | |||||||||||||||||||||||||||||||||||||||||
Interest expense, non-related party, net | — | 6,957 | 204 | — | — | 7,161 | |||||||||||||||||||||||||||||||||||||||||||
Interest (income) expense, related party, net | — | (6,957 | ) | 7,046 | (89 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||
Gain on early extinguishment of debt | — | — | (4,217 | ) | — | — | (4,217 | ) | |||||||||||||||||||||||||||||||||||||||||
Other income | — | — | (92 | ) | (62 | ) | — | (154 | ) | ||||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | — | (60 | ) | 11,996 | 146 | — | 12,082 | ||||||||||||||||||||||||||||||||||||||||||
(Benefit from) provision for income taxes | (135 | ) | — | 846 | 2 | — | 713 | ||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 11,234 | 11,294 | — | — | (22,528 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 11,369 | $ | 11,234 | $ | 11,150 | $ | 144 | $ | (22,528 | ) | $ | 11,369 | ||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | 226 | 226 | 316 | (90 | ) | (452 | ) | 226 | |||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 11,595 | $ | 11,460 | $ | 11,466 | $ | 54 | $ | (22,980 | ) | $ | 11,595 | ||||||||||||||||||||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||
and Statements of Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited—(In 000’s) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC & | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
QD Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | $ | — | $ | — | $ | 174,647 | $ | — | $ | — | $ | 174,647 | |||||||||||||||||||||||||||||||||||||
Service revenue | — | — | 32,672 | 33 | — | 32,705 | |||||||||||||||||||||||||||||||||||||||||||
Fuel surcharge | — | — | 31,944 | — | — | 31,944 | |||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | — | — | 239,263 | 33 | — | 239,296 | |||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchased transportation | — | — | 150,380 | — | — | 150,380 | |||||||||||||||||||||||||||||||||||||||||||
Compensation | — | — | 25,501 | — | — | 25,501 | |||||||||||||||||||||||||||||||||||||||||||
Fuel, supplies and maintenance | — | — | 26,485 | 1 | — | 26,486 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | 6,729 | — | — | 6,729 | |||||||||||||||||||||||||||||||||||||||||||
Selling and administrative | — | 81 | 8,066 | 8 | — | 8,155 | |||||||||||||||||||||||||||||||||||||||||||
Insurance costs | — | — | 4,365 | 8 | — | 4,373 | |||||||||||||||||||||||||||||||||||||||||||
Taxes and licenses | — | — | 1,150 | — | — | 1,150 | |||||||||||||||||||||||||||||||||||||||||||
Communication and utilities | — | — | 922 | — | — | 922 | |||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on disposal of property and equipment | — | — | 1,641 | (50 | ) | — | 1,591 | ||||||||||||||||||||||||||||||||||||||||||
Impairment charges | — | — | 55,692 | — | — | 55,692 | |||||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | — | (81 | ) | (41,668 | ) | 66 | — | (41,683 | ) | ||||||||||||||||||||||||||||||||||||||||
Interest expense, non-related party, net | — | 7,412 | 238 | — | — | 7,650 | |||||||||||||||||||||||||||||||||||||||||||
Interest (income) expense, related party, net | — | (7,412 | ) | 7,477 | (65 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||
Other (income) expense | — | — | (318 | ) | 47 | — | (271 | ) | |||||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | — | (81 | ) | (49,065 | ) | 84 | — | (49,062 | ) | ||||||||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 20 | — | (17,962 | ) | 27 | — | (17,915 | ) | |||||||||||||||||||||||||||||||||||||||||
Equity in loss of subsidiaries | (31,127 | ) | (31,046 | ) | — | — | 62,173 | — | |||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (31,147 | ) | $ | (31,127 | ) | $ | (31,103 | ) | $ | 57 | $ | 62,173 | $ | (31,147 | ) | |||||||||||||||||||||||||||||||||
Total other comprehensive income, net of tax | 443 | 443 | 387 | 56 | (886 | ) | 443 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss) income | $ | (30,704 | ) | $ | (30,684 | ) | $ | (30,716 | ) | $ | 113 | $ | 61,287 | $ | (30,704 | ) | |||||||||||||||||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||
and Statements of Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited—(In 000’s) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC & | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
QD Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | $ | — | $ | — | $ | 353,857 | $ | — | $ | — | $ | 353,857 | |||||||||||||||||||||||||||||||||||||
Service revenue | — | — | 66,276 | 24 | — | 66,300 | |||||||||||||||||||||||||||||||||||||||||||
Fuel surcharge | — | — | 69,929 | — | — | 69,929 | |||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | — | — | 490,062 | 24 | — | 490,086 | |||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchased transportation | — | — | 331,300 | 4 | — | 331,304 | |||||||||||||||||||||||||||||||||||||||||||
Compensation | — | — | 44,210 | — | — | 44,210 | |||||||||||||||||||||||||||||||||||||||||||
Fuel, supplies and maintenance | — | — | 48,758 | 2 | — | 48,760 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | 10,898 | — | — | 10,898 | |||||||||||||||||||||||||||||||||||||||||||
Selling and administrative | — | 62 | 14,964 | 12 | — | 15,038 | |||||||||||||||||||||||||||||||||||||||||||
Insurance costs | — | — | 10,968 | 16 | — | 10,984 | |||||||||||||||||||||||||||||||||||||||||||
Taxes and licenses | — | — | 1,676 | — | — | 1,676 | |||||||||||||||||||||||||||||||||||||||||||
Communication and utilities | — | — | 1,955 | — | — | 1,955 | |||||||||||||||||||||||||||||||||||||||||||
Gain on disposal of property and equipment | — | — | (1,713 | ) | — | — | (1,713 | ) | |||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | — | (62 | ) | 27,046 | (10 | ) | — | 26,974 | |||||||||||||||||||||||||||||||||||||||||
Interest expense, non-related party, net | — | 13,850 | 551 | — | — | 14,401 | |||||||||||||||||||||||||||||||||||||||||||
Interest (income) expense, related party, net | — | (13,850 | ) | 14,018 | (168 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||
Gain on early extinguishment of debt | — | — | (4,217 | ) | — | — | (4,217 | ) | |||||||||||||||||||||||||||||||||||||||||
Other expense (income) | 2 | — | 3 | (2 | ) | — | 3 | ||||||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | (2 | ) | (62 | ) | 16,691 | 160 | — | 16,787 | |||||||||||||||||||||||||||||||||||||||||
(Benefit from) provision for income taxes | (253 | ) | — | 2,671 | (73 | ) | — | 2,345 | |||||||||||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 14,191 | 14,253 | — | — | (28,444 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 14,442 | $ | 14, 191 | $ | 14,020 | $ | 233 | $ | (28,444 | ) | $ | 14,442 | ||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | 599 | 599 | 632 | (33 | ) | (1,198 | ) | 599 | |||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 15,041 | $ | 14,790 | $ | 14,652 | $ | 200 | $ | (29,642 | ) | $ | 15,041 | ||||||||||||||||||||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||
and Statements of Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited—(In 000’s) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC & | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
QD Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | $ | — | $ | — | $ | 338,641 | $ | — | $ | — | $ | 338,641 | |||||||||||||||||||||||||||||||||||||
Service revenue | — | — | 66,033 | 126 | — | 66,159 | |||||||||||||||||||||||||||||||||||||||||||
Fuel surcharge | — | — | 63,918 | — | — | 63,918 | |||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | — | — | 468,592 | 126 | — | 468,718 | |||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchased transportation | — | — | 293,252 | — | — | 293,252 | |||||||||||||||||||||||||||||||||||||||||||
Compensation | — | — | 51,971 | — | — | 51,971 | |||||||||||||||||||||||||||||||||||||||||||
Fuel, supplies and maintenance | — | — | 53,607 | 8 | — | 53,615 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | 13,422 | — | — | 13,422 | |||||||||||||||||||||||||||||||||||||||||||
Selling and administrative | — | 132 | 15,476 | 26 | — | 15,634 | |||||||||||||||||||||||||||||||||||||||||||
Insurance costs | — | — | 8,854 | 16 | — | 8,870 | |||||||||||||||||||||||||||||||||||||||||||
Taxes and licenses | — | — | 1,982 | — | — | 1,982 | |||||||||||||||||||||||||||||||||||||||||||
Communication and utilities | — | — | 2,017 | — | — | 2,017 | |||||||||||||||||||||||||||||||||||||||||||
Gain on disposal of property and equipment | — | — | (1,448 | ) | (50 | ) | — | (1,498 | ) | ||||||||||||||||||||||||||||||||||||||||
Impairment charges | 55,692 | 55,692 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | — | (132 | ) | (26,233 | ) | 126 | — | (26,239 | ) | ||||||||||||||||||||||||||||||||||||||||
Interest expense, non-related party, net | — | 14,816 | 346 | — | — | 15,162 | |||||||||||||||||||||||||||||||||||||||||||
Interest (income) expense, related party, net | — | (14,816 | ) | 14,983 | (167 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||
Other (income) expense | — | — | (7,336 | ) | 93 | — | (7,243 | ) | |||||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | — | (132 | ) | (34,226 | ) | 200 | — | (34,158 | ) | ||||||||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 6 | — | (12,214 | ) | 53 | — | (12,155 | ) | |||||||||||||||||||||||||||||||||||||||||
Equity in loss of subsidiaries | (21,997 | ) | (21,865 | ) | — | — | 43,862 | — | |||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (22,003 | ) | $ | (21,997 | ) | $ | (22,012 | ) | $ | 147 | $ | 43,862 | $ | (22,003 | ) | |||||||||||||||||||||||||||||||||
Total other comprehensive income, net of tax | 864 | 864 | 773 | 91 | (1,728 | ) | 864 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss) income | $ | (21,139 | ) | $ | (21,133 | ) | $ | (21,239 | ) | $ | 238 | $ | 42,134 | $ | (21,139 | ) | |||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited—(In 000’s) | |||||||||||||||||||||||||||||||||||||||||||||||||
(Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC and | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
QD Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 2,554 | $ | 74 | $ | — | $ | 2,628 | |||||||||||||||||||||||||||||||||||||
Accounts receivable, net | — | — | 147,392 | 2 | — | 147,394 | |||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses | — | 8 | 12,041 | 7 | — | 12,056 | |||||||||||||||||||||||||||||||||||||||||||
Deferred tax asset, net | — | — | 24,257 | — | — | 24,257 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany | — | — | 441,265 | 95 | (441,360 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Other current assets | (19 | ) | — | 11,444 | (25 | ) | — | 11,400 | |||||||||||||||||||||||||||||||||||||||||
Total current assets | (19 | ) | 8 | 638,953 | 153 | (441,360 | ) | 197,735 | |||||||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | — | 162,428 | — | — | 162,428 | |||||||||||||||||||||||||||||||||||||||||||
Assets held-for-sale | — | — | 3,975 | — | — | 3,975 | |||||||||||||||||||||||||||||||||||||||||||
Goodwill | — | — | 32,955 | — | — | 32,955 | |||||||||||||||||||||||||||||||||||||||||||
Intangibles, net | — | — | 15,437 | — | — | 15,437 | |||||||||||||||||||||||||||||||||||||||||||
Non-current deferred tax asset, net | (2,132 | ) | — | 27,824 | — | — | 25,692 | ||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | (109,000 | ) | 337,372 | — | — | (228,372 | ) | — | |||||||||||||||||||||||||||||||||||||||||
Intercompany | 155,401 | 297,123 | 241,475 | 6,719 | (700,718 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Other assets | — | 6,501 | 922 | — | — | 7,423 | |||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 44,250 | $ | 641,004 | $ | 1,123,969 | $ | 6,872 | $ | (1,370,450 | ) | $ | 445,645 | ||||||||||||||||||||||||||||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ (DEFICIT) EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Current maturities of indebtedness | $ | — | $ | 3,500 | $ | 1,209 | $ | — | $ | — | $ | 4,709 | |||||||||||||||||||||||||||||||||||||
Current maturities of capital lease obligations | — | — | 455 | — | — | 455 | |||||||||||||||||||||||||||||||||||||||||||
Accounts payable | — | — | 11,907 | — | — | 11,907 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany | 79,801 | — | 361,559 | — | (441,360 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Independent affiliates and independent owner-operators payable | — | — | 21,754 | — | — | 21,754 | |||||||||||||||||||||||||||||||||||||||||||
Accrued expenses | — | 3,920 | 26,759 | (2 | ) | — | 30,677 | ||||||||||||||||||||||||||||||||||||||||||
Environmental liabilities | — | — | 4,446 | — | — | 4,446 | |||||||||||||||||||||||||||||||||||||||||||
Accrued loss and damage claims | — | — | 8,193 | — | — | 8,193 | |||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 79,801 | 7,420 | 436,282 | (2 | ) | (441,360 | ) | 82,141 | |||||||||||||||||||||||||||||||||||||||||
Long-term indebtedness, less current maturities | — | 369,542 | 851 | — | — | 370,393 | |||||||||||||||||||||||||||||||||||||||||||
Capital lease obligations, less current maturities | — | — | 324 | — | — | 324 | |||||||||||||||||||||||||||||||||||||||||||
Environmental liabilities | — | — | 3,444 | — | — | 3,444 | |||||||||||||||||||||||||||||||||||||||||||
Accrued loss and damage claims | — | — | 9,832 | — | — | 9,832 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany | — | 373,042 | 327,376 | 300 | (700,718 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Other non-current liabilities | — | — | 15,062 | — | — | 15,062 | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 79,801 | 750,004 | 793,171 | 298 | (1,142,078 | ) | 481,196 | ||||||||||||||||||||||||||||||||||||||||||
Shareholders’ (deficit) equity: | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | 447,985 | 354,963 | 390,760 | 3,578 | (749,301 | ) | 447,985 | ||||||||||||||||||||||||||||||||||||||||||
Treasury stock | (11,006 | ) | — | — | — | — | (11,006 | ) | |||||||||||||||||||||||||||||||||||||||||
Accumulated (deficit) retained earnings | (256,063 | ) | (247,968 | ) | (34,547 | ) | 4,042 | 278,473 | (256,063 | ) | |||||||||||||||||||||||||||||||||||||||
Stock recapitalization | (189,589 | ) | (189,589 | ) | — | (55 | ) | 189,644 | (189,589 | ) | |||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (26,878 | ) | (26,406 | ) | (25,415 | ) | (991 | ) | 52,812 | (26,878 | ) | ||||||||||||||||||||||||||||||||||||||
Total shareholders’ (deficit) equity | (35,551 | ) | (109,000 | ) | 330,798 | 6,574 | (228,372 | ) | (35,551 | ) | |||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | 44,250 | $ | 641,004 | $ | 1,123,969 | $ | 6,872 | $ | (1,370,450 | ) | $ | 445,645 | ||||||||||||||||||||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited—(In 000’s) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC and | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
QD Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 1,876 | $ | 81 | $ | — | $ | 1,957 | |||||||||||||||||||||||||||||||||||||
Accounts receivable, net | — | — | 120,916 | 16 | — | 120,932 | |||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses | — | 58 | 13,321 | 22 | — | 13,401 | |||||||||||||||||||||||||||||||||||||||||||
Deferred tax asset, net | — | — | 20,709 | — | — | 20,709 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany | — | — | 410,521 | 109 | (410,630 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Other current assets | (18 | ) | — | 10,084 | (147 | ) | — | 9,919 | |||||||||||||||||||||||||||||||||||||||||
Total current assets | (18 | ) | 58 | 577,427 | 81 | (410,630 | ) | 166,918 | |||||||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | — | 170,114 | — | — | 170,114 | |||||||||||||||||||||||||||||||||||||||||||
Assets held-for-sale | — | — | 1,129 | — | — | 1,129 | |||||||||||||||||||||||||||||||||||||||||||
Goodwill | — | — | 32,955 | — | — | 32,955 | |||||||||||||||||||||||||||||||||||||||||||
Intangibles, net | — | — | 16,149 | — | — | 16,149 | |||||||||||||||||||||||||||||||||||||||||||
Non-current deferred tax asset, net | (2,239 | ) | — | 33,640 | — | — | 31,401 | ||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | (123,790 | ) | 322,433 | — | — | (198,643 | ) | — | |||||||||||||||||||||||||||||||||||||||||
Intercompany | 144,057 | 260,017 | 223,304 | 6,375 | (633,753 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Other assets | — | 7,681 | 902 | — | — | 8,583 | |||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 18,010 | $ | 590,189 | $ | 1,055,620 | $ | 6,456 | $ | (1,243,026 | ) | $ | 427,249 | ||||||||||||||||||||||||||||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ (DEFICIT) EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Current maturities of indebtedness | $ | — | $ | 5,833 | $ | 2,859 | $ | — | $ | — | $ | 8,692 | |||||||||||||||||||||||||||||||||||||
Current maturities of capital lease obligations | — | — | 1,888 | — | — | 1,888 | |||||||||||||||||||||||||||||||||||||||||||
Accounts payable | — | — | 10,248 | — | — | 10,248 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany | 74,246 | — | 336,384 | — | (410,630 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Independent affiliates and independent owner-operators payable | — | — | 14,398 | — | — | 14,398 | |||||||||||||||||||||||||||||||||||||||||||
Accrued expenses | 15 | 3,892 | 26,672 | 1 | — | 30,580 | |||||||||||||||||||||||||||||||||||||||||||
Environmental liabilities | — | — | 3,818 | — | — | 3,818 | |||||||||||||||||||||||||||||||||||||||||||
Accrued loss and damage claims | — | — | 8,532 | — | — | 8,532 | |||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 74,261 | 9,725 | 404,799 | 1 | (410,630 | ) | 78,156 | ||||||||||||||||||||||||||||||||||||||||||
Long-term indebtedness, less current maturities | — | 349,210 | 20,520 | — | — | 369,730 | |||||||||||||||||||||||||||||||||||||||||||
Capital lease obligations, less current maturities | — | — | 2,995 | — | — | 2,995 | |||||||||||||||||||||||||||||||||||||||||||
Environmental liabilities | — | — | 4,479 | — | — | 4,479 | |||||||||||||||||||||||||||||||||||||||||||
Accrued loss and damage claims | — | — | 10,747 | — | — | 10,747 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany | — | 355,044 | 278,581 | 128 | (633,753 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Other non-current liabilities | — | — | 17,353 | 40 | — | 17,393 | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 74,261 | 713,979 | 739,474 | 169 | (1,044,383 | ) | 483,500 | ||||||||||||||||||||||||||||||||||||||||||
Shareholders’ (deficit) equity: | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | 441,877 | 354,963 | 390,760 | 3,491 | (749,214 | ) | 441,877 | ||||||||||||||||||||||||||||||||||||||||||
Treasury stock | (10,557 | ) | — | — | — | — | (10,557 | ) | |||||||||||||||||||||||||||||||||||||||||
Accumulated (deficit) retained earnings | (270,505 | ) | (262,159 | ) | (48,567 | ) | 3,809 | 306,917 | (270,505 | ) | |||||||||||||||||||||||||||||||||||||||
Stock recapitalization | (189,589 | ) | (189,589 | ) | — | (55 | ) | 189,644 | (189,589 | ) | |||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (27,477 | ) | (27,005 | ) | (26,047 | ) | (958 | ) | 54,010 | (27,477 | ) | ||||||||||||||||||||||||||||||||||||||
Total shareholders’ (deficit) equity | (56,251 | ) | (123,790 | ) | 316,146 | 6,287 | (198,643 | ) | (56,251 | ) | |||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | 18,010 | $ | 590,189 | $ | 1,055,620 | $ | 6,456 | $ | (1,243,026 | ) | $ | 427,249 | ||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited—(In 000’s) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC and | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
QD Capital | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 14,442 | $ | 14,191 | $ | 14,020 | $ | 233 | $ | (28,444 | ) | $ | 14,442 | ||||||||||||||||||||||||||||||||||||
Adjustments for non-cash charges | (12,236 | ) | (26,820 | ) | 20,859 | (168 | ) | 28,444 | 10,079 | ||||||||||||||||||||||||||||||||||||||||
Net changes in assets and liabilities | 92 | 1,258 | (23,371 | ) | (12 | ) | — | (22,033 | ) | ||||||||||||||||||||||||||||||||||||||||
Intercompany activity | (2,298 | ) | 11,371 | (9,013 | ) | (60 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | — | — | 2,495 | (7 | ) | — | 2,488 | ||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | (19,203 | ) | — | — | (19,203 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of property and equipment | — | — | 12,021 | — | — | 12,021 | |||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | — | — | (7,182 | ) | — | — | (7,182 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Principal payments on long-term debt and capital lease obligations | — | — | (17,562 | ) | — | — | (17,562 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from revolver | — | 173,100 | — | — | — | 173,100 | |||||||||||||||||||||||||||||||||||||||||||
Payments on revolver | — | (155,200 | ) | — | — | — | (155,200 | ) | |||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | — | (4 | ) | — | — | — | (4 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 4,406 | — | — | — | — | 4,406 | |||||||||||||||||||||||||||||||||||||||||||
Other | — | — | 625 | — | — | 625 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany activity | (4,406 | ) | (17,896 | ) | 22,302 | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by financing activities | — | — | 5,365 | — | — | 5,365 | |||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | 678 | (7 | ) | — | 671 | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | 1,876 | 81 | — | 1,957 | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | — | $ | 2,554 | $ | 74 | $ | — | $ | 2,628 | |||||||||||||||||||||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited—(In 000’s) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC and | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
QD Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (22,003 | ) | $ | (21,997 | ) | $ | (22,012 | ) | $ | 147 | $ | 43,862 | $ | (22,003 | ) | |||||||||||||||||||||||||||||||||
Adjustments for non-cash charges | 23,770 | 8,353 | 61,419 | (937 | ) | (43,862 | ) | 48,743 | |||||||||||||||||||||||||||||||||||||||||
Net changes in assets and liabilities | (13 | ) | 385 | (8,638 | ) | (26 | ) | — | (8,292 | ) | |||||||||||||||||||||||||||||||||||||||
Intercompany activity | (1,754 | ) | 13,259 | (12,340 | ) | 835 | — | — | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | — | — | 18,429 | 19 | — | 18,448 | |||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | (15,720 | ) | — | — | (15,720 | ) | |||||||||||||||||||||||||||||||||||||||||
Trojan purchase price adjustment | — | — | (857 | ) | — | — | (857 | ) | |||||||||||||||||||||||||||||||||||||||||
Acquisition of customer list | — | — | (1,000 | ) | — | — | (1,000 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of property and equipment | — | — | 12,597 | — | — | 12,597 | |||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | — | — | (4,980 | ) | — | — | (4,980 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Principal payments on long-term debt and capital lease obligations | — | — | (3,260 | ) | — | — | (3,260 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from revolver | — | 110,700 | — | — | — | 110,700 | |||||||||||||||||||||||||||||||||||||||||||
Payments on revolver | — | (117,400 | ) | — | — | — | (117,400 | ) | |||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | — | (700 | ) | — | — | — | (700 | ) | |||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | (4,454 | ) | (4,454 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 215 | — | — | — | — | 215 | |||||||||||||||||||||||||||||||||||||||||||
Other | — | 1,169 | — | — | 1,169 | ||||||||||||||||||||||||||||||||||||||||||||
Intercompany activity | 4,239 | 7,400 | (11,639 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Net cash used in financing activities | — | — | (13,730 | ) | — | — | (13,730 | ) | |||||||||||||||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | (281 | ) | 19 | — | (262 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | 2,580 | 124 | — | 2,704 | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | — | $ | 2,299 | $ | 143 | $ | — | $ | 2,442 | |||||||||||||||||||||||||||||||||||||
Variable_Interest_Entities_Add
Variable Interest Entities - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Entity | Entity |
Variable Interest Entity [Line Items] | ' | ' |
Holding variable interest in number of VIEs | 1 | 1 |
VIE dry bulk business | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Aggregated loans receivable | 3.6 | 3.2 |
Carrying_Value_and_Fair_Value_
Carrying Value and Fair Value of Long-Term Indebtedness (Detail) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Carrying Value | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Senior Secured Notes | $202,500 |
Fair Value | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Senior Secured Notes | $216,422 |
Carrying_Value_and_Fair_Value_1
Carrying Value and Fair Value of Long-Term Indebtedness (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Senior Secured Notes, due date | '2018 |
Senior Secured Notes, Interest rate | 9.88% |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Intangible Assets Goodwill And Other Assets [Line Items] | ' | ' | ' | ' | ' |
Goodwill | $32,955,000 | ' | $32,955,000 | ' | $32,955,000 |
Intangibles, net | 15,437,000 | ' | 15,437,000 | ' | 16,149,000 |
Amortization expense | 300,000 | 1,000,000 | 700,000 | 2,100,000 | ' |
Energy Logistics | ' | ' | ' | ' | ' |
Intangible Assets Goodwill And Other Assets [Line Items] | ' | ' | ' | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' |
Intangibles, net | 700,000 | ' | 700,000 | ' | 800,000 |
Intermodal | ' | ' | ' | ' | ' |
Intangible Assets Goodwill And Other Assets [Line Items] | ' | ' | ' | ' | ' |
Goodwill | 31,410,000 | ' | 31,410,000 | ' | 31,410,000 |
Intangibles, net | 14,700,000 | ' | 14,700,000 | ' | 15,300,000 |
Intermodal | Tradename | ' | ' | ' | ' | ' |
Intangible Assets Goodwill And Other Assets [Line Items] | ' | ' | ' | ' | ' |
Indefinite-lived intangible assets | $7,400,000 | ' | $7,400,000 | ' | $7,400,000 |
Goodwill_within_Reporting_Unit
Goodwill within Reporting Units (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill [Line Items] | ' | ' |
Goodwill | $32,955 | $32,955 |
Intermodal | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 31,410 | 31,410 |
Chemical Logistics | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | $1,545 | $1,545 |
Intangible_Assets_Detail
Intangible Assets (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | |
Gross Book Value | $23,280 | $47,341 | |
Additions | ' | 1,000 | [1] |
Impairment | ' | -18,528 | |
Accumulated Amortization | -7,843 | -13,664 | |
Net Book Value | 8,037 | ' | |
Net Book Value | 15,437 | 16,149 | |
Intermodal | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | |
Net Book Value | 14,700 | 15,300 | |
Intermodal | Tradename | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | |
Gross Book Value | 7,400 | 7,400 | |
Net Book Value | 7,400 | 7,400 | |
Intangible assets useful life | 'Indefinite | 'Indefinite | |
Energy Logistics | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | |
Impairment | -500 | ' | |
Net Book Value | 700 | 800 | |
Customer relationships | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | |
Gross Book Value | 14,260 | 33,410 | [1] |
Additions | ' | 1,000 | [1] |
Impairment | ' | -17,065 | [1] |
Accumulated Amortization | -6,970 | -9,462 | [1] |
Net Book Value | 7,290 | 7,883 | [1] |
Customer relationships | Minimum | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | |
Intangible assets useful life | '10 years | '10 years | |
Customer relationships | Maximum | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | |
Intangible assets useful life | '12 years | '12 years | |
Non-compete agreements | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | |
Gross Book Value | 1,620 | 4,311 | |
Accumulated Amortization | -873 | -3,445 | |
Net Book Value | 747 | 866 | |
Non-compete agreements | Minimum | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | |
Intangible assets useful life | '3 years | '3 years | |
Non-compete agreements | Maximum | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | |
Intangible assets useful life | '6 years | '6 years | |
Tradename | Energy Logistics | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | |
Gross Book Value | ' | 1,100 | |
Impairment | ' | -521 | |
Accumulated Amortization | ' | -579 | |
Service Agreements | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | |
Gross Book Value | ' | 1,120 | |
Impairment | ' | -942 | |
Accumulated Amortization | ' | ($178) | |
[1] | Additions related to the on-boarding of a new independent affiliate. |
Estimated_Amortization_Expense
Estimated Amortization Expense for Intangible Assets (Detail) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Intangible Assets Goodwill And Other Assets [Line Items] | ' |
2014 remaining | $709 |
2015 | 1,418 |
2016 | 1,413 |
2017 | 1,338 |
2018 | 1,218 |
2019 and thereafter | 1,941 |
Total | $8,037 |
LongTerm_Indebtedness_Addition
Long-Term Indebtedness - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 6 Months Ended | 0 Months Ended | |||||||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 14, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 14, 2013 | Jun. 14, 2013 | Jun. 14, 2013 | Jun. 12, 2014 | Jun. 30, 2014 | Dec. 31, 2012 | Nov. 12, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 16, 2014 | Jul. 16, 2014 | |
Term Loan Facility | Term Loan Facility | Term Loan Facility | Term Loan Facility | Term Loan Facility | Term Loan Facility | Five Percent Subordinated Acquisition Notes | Five Percent Subordinated Acquisition Notes | Five Percent Subordinated Acquisition Notes | Five Percent Subordinated Acquisition Notes | Nine Point Eight Seven Five Percent Second Priority Senior Secured Notes Due Twenty Eighteen | Nine Point Eight Seven Five Percent Second Priority Senior Secured Notes Due Twenty Eighteen | Nine Point Eight Seven Five Percent Second Priority Senior Secured Notes Due Twenty Eighteen | Nine Point Eight Seven Five Percent Second Priority Senior Secured Notes Due Twenty Eighteen | |||
Base Rate | LIBOR | Third quarter of 2014 | Subsequent Event | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | $17,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate | ' | ' | 'Borrowings under the Term Loan bear interest at a margin equal to 2.50% for base rate borrowings and 3.50% for LIBOR borrowings, with a potential step-down of 0.25% after 18 months if a senior secured leverage ratio is met. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, basis spread on variable rate | ' | ' | ' | ' | ' | ' | 2.50% | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, basis spread on variable rate potential increase (decrease) | ' | ' | -0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, repayment start date | ' | ' | '2015-06 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date | ' | ' | 14-Jun-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long term debt | ' | ' | ' | 17,500,000 | 17,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | 180,000,000 | ' | ' |
Debt instrument, interest rate | ' | ' | ' | 3.70% | 3.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance costs | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,300,000 | ' | ' | ' | ' | 22,500,000 |
Interest rate | 9.88% | 9.88% | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | 9.88% | ' | ' | 9.88% |
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jun-17 | ' | ' | ' | ' | ' |
Principal payments on long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | ' | ' |
Extinguishment of debt amount | ' | ' | ' | ' | ' | ' | ' | ' | 19,200,000 | ' | ' | ' | ' | ' | ' | ' |
Repayment of subordinate debt in cash | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' |
Gain on early extinguishment of debt | 4,217,000 | 4,217,000 | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | ' | ' | ' | ' | ' | ' |
Maturity Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2018 | ' |
Debt instrument, redemption description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The redemption price for these 2018 Notes equaled 100% of the aggregate principal amount of $22.5 million, plus accrued but unpaid interest up to the redemption date, plus a 3.0% premium of $0.7 million. | ' |
Debt instrument, redemption price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' |
Debt instrument redemption percentage of premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' |
Debt instrument premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' |
Write-off of debt issuance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400,000 | ' | ' |
Reconciliation_of_Numerators_a
Reconciliation of Numerators and Denominators of Basic and Diluted Income Per Share Per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income (loss) (numerator) | $11,369 | ($31,147) | $14,442 | ($22,003) |
Net income (loss) (numerator), diluted | $11,369 | ($31,147) | $14,442 | ($22,003) |
Shares (denominator) | 27,404 | 26,460 | 27,248 | 26,542 |
Weighted Average Shares, Diluted | 27,911 | 26,460 | 27,809 | 26,542 |
Basic income (loss) available to common shareholders, Per-share amount | $0.41 | ($1.18) | $0.53 | ($0.83) |
Diluted income available to common shareholders, Per-share amount | $0.41 | ($1.18) | $0.52 | ($0.83) |
Stock Option | ' | ' | ' | ' |
Shares (denominator) | 396 | ' | 419 | ' |
Unvested restricted stock | ' | ' | ' | ' |
Shares (denominator) | 83 | ' | 121 | ' |
Unvested restricted stock units | ' | ' | ' | ' |
Shares (denominator) | 28 | ' | 21 | ' |
Summary_of_Antidilutive_Securi
Summary of Antidilutive Securities Not Included in Calculation of Diluted Income Per Share (Detail) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Stock Option | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount | 869 | 2,005 | 845 | 2,026 |
Unvested restricted stock | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount | 123 | 323 | 85 | 353 |
Unvested restricted stock units | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount | 537 | ' | 545 | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) | 0 Months Ended | 6 Months Ended | |||
Mar. 07, 2014 | Mar. 07, 2014 | Mar. 07, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Two Thousand Twelve Equity Incentive Plan | Two Thousand Twelve Equity Incentive Plan | Two Thousand Twelve Equity Incentive Plan | Minimum | Maximum | |
Performance based RSUs | Time-based RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Shares, granted | 566,168 | 375,584 | 190,584 | ' | ' |
Equity incentive plan stock units vesting period | ' | ' | '3 years | '2 years | '4 years |
Equity incentive plan expiry of plan | ' | ' | 7-Mar-17 | ' | ' |
Unrecognized_StockBased_Compen
Unrecognized Stock-Based Compensation and Weighted Average Period over Which Such Stock-Based Compensation is Expected to be Recognized (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized stock-based compensation, Stock options | $1,417 |
Total unrecognized stock based compensation | 8,780 |
Unvested restricted stock units | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized stock based compensation | 6,057 |
Weighted average period, Stock options and Restricted stock | '2 years 8 months 12 days |
Stock Options | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted average period, Stock options and Restricted stock | '2 years |
Unvested restricted stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized stock based compensation | $1,306 |
Weighted average period, Stock options and Restricted stock | '2 years |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
CompensationPlan | |
Defined Benefit Plan Disclosure [Line Items] | ' |
Number of noncontributory defined benefit plans | 2 |
Pension plan contribution by Company | $1.40 |
Expected contribution during the remainder of 2014 | 2.1 |
Number of employer pension plans | 3 |
Multi-employer pension employee percentage | 2.90% |
Contingent liability | 85.6 |
Central States Southeast And Southwest Areas Pension Plan | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Contingent liability | $79.80 |
Components_of_Estimated_Net_Pe
Components of Estimated Net Periodic Pension Cost (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $41 | $42 | $83 | $83 |
Interest cost | 503 | 464 | 1,006 | 927 |
Amortization of prior service cost | 23 | 23 | 47 | 47 |
Amortization of loss | 293 | 364 | 585 | 726 |
Expected return on plan assets | -642 | -586 | -1,284 | -1,169 |
Net periodic pension cost | $218 | $307 | $437 | $614 |
Components_and_Changes_to_Accu
Components and Changes to Accumulated other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | ($27,477) | ' |
Net (loss) gain on foreign currency translation, net of tax | -90 | 56 | -33 | 91 |
Ending balance | -26,878 | -30,888 | -26,878 | -30,888 |
Foreign currency translation | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | -1,004 | -1,145 | -1,061 | -1,180 |
Net (loss) gain on foreign currency translation, net of tax | -90 | 56 | -33 | 91 |
Ending balance | -1,094 | -1,089 | -1,094 | -1,089 |
Pension benefits | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | -26,100 | -30,186 | -26,416 | -30,572 |
Amortization of prior service cost | 23 | 23 | 47 | 47 |
Amortization of gain | 293 | 364 | 585 | 726 |
Ending balance | ($25,784) | ($29,799) | ($25,784) | ($29,799) |
Restructuring_Additional_Infor
Restructuring - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Facility | ||
Restructuring Cost and Reserve [Line Items] | ' | ' |
Termination of non-driver positions | 380 | ' |
Accrued restructuring charges | $1,207 | $1,582 |
Maximum | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Accrued related to restructuring charges, expected payment year | '2017 | ' |
Restructuring_Accrual_Activity
Restructuring Accrual Activity (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Restructuring Cost and Reserve [Line Items] | ' |
Balance | $1,582 |
Payments | -375 |
Balance | $1,207 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Entity | |
Segment | |
Chemical Logistics | ' |
Segment Reporting Information [Line Items] | ' |
Number of reportable business segments | 3 |
Independent affiliates | 26 |
Energy Logistics | ' |
Segment Reporting Information [Line Items] | ' |
Independent affiliates | 4 |
Summarized_Segment_Data_and_Re
Summarized Segment Data and Reconciliation to Income before Income Taxes (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
OPERATING REVENUES: | ' | ' | ' | ' | ||
Transportation | $184,331 | $174,647 | $353,857 | $338,641 | ||
Service revenue | 34,113 | 32,705 | 66,300 | 66,159 | ||
Fuel surcharge | 37,155 | 31,944 | 69,929 | 63,918 | ||
Total operating revenues | 255,599 | 239,296 | 490,086 | 468,718 | ||
Depreciation and amortization | 5,403 | 6,729 | 10,898 | 13,422 | ||
Impairment charges | ' | 55,692 | [1] | ' | 55,692 | [1] |
Other (income) expense | -1,202 | 1,591 | -1,713 | -1,498 | ||
Operating income (loss) | 14,872 | -41,683 | 26,974 | -26,239 | ||
Interest expense | 7,282 | 7,884 | 14,646 | 15,607 | ||
Interest income | -121 | -234 | -245 | -445 | ||
Other expense (income) | -4,371 | -271 | -4,214 | -7,243 | ||
Income (loss) before income taxes | 12,082 | -49,062 | 16,787 | -34,158 | ||
Chemical Logistics | ' | ' | ' | ' | ||
OPERATING REVENUES: | ' | ' | ' | ' | ||
Transportation | 123,572 | 113,206 | 238,195 | 222,274 | ||
Service revenue | 17,812 | 16,629 | 34,955 | 33,003 | ||
Fuel surcharge | 30,282 | 27,189 | 57,334 | 54,451 | ||
Total operating revenues | 171,666 | 157,024 | 330,484 | 309,728 | ||
Depreciation and amortization | 2,425 | 2,885 | 4,872 | 5,647 | ||
Other (income) expense | -1,069 | 88 | -2,017 | -795 | ||
Operating income (loss) | 19,380 | 18,050 | 36,510 | 36,582 | ||
Interest expense | 1,590 | 2,491 | 3,278 | 4,771 | ||
Interest income | -116 | -234 | -234 | -445 | ||
Other expense (income) | -154 | -271 | 3 | -443 | ||
Income (loss) before income taxes | 18,060 | 16,064 | 33,463 | 32,699 | ||
Energy Logistics | ' | ' | ' | ' | ||
OPERATING REVENUES: | ' | ' | ' | ' | ||
Transportation | 40,378 | 42,572 | 76,327 | 79,502 | ||
Service revenue | 2,127 | 2,500 | 4,073 | 6,421 | ||
Fuel surcharge | 1,485 | 40 | 2,515 | 273 | ||
Total operating revenues | 43,990 | 45,112 | 82,915 | 86,196 | ||
Depreciation and amortization | 2,052 | 2,892 | 4,185 | 5,893 | ||
Impairment charges | ' | 55,692 | [1] | ' | 55,692 | [1] |
Other (income) expense | -114 | 1,376 | 323 | 1,596 | ||
Operating income (loss) | 772 | -55,115 | 938 | -55,622 | ||
Interest expense | 4,169 | 3,860 | 8,319 | 7,772 | ||
Interest income | -5 | ' | -11 | ' | ||
Other expense (income) | ' | ' | ' | -6,800 | ||
Income (loss) before income taxes | -3,392 | -58,975 | -7,370 | -56,594 | ||
Intermodal | ' | ' | ' | ' | ||
OPERATING REVENUES: | ' | ' | ' | ' | ||
Transportation | 20,381 | 18,869 | 39,335 | 36,865 | ||
Service revenue | 13,801 | 13,283 | 26,775 | 26,423 | ||
Fuel surcharge | 5,388 | 4,715 | 10,080 | 9,194 | ||
Total operating revenues | 39,570 | 36,867 | 76,190 | 72,482 | ||
Depreciation and amortization | 836 | 828 | 1,654 | 1,636 | ||
Other (income) expense | -19 | 74 | -19 | 74 | ||
Operating income (loss) | 5,783 | 5,762 | 11,037 | 11,622 | ||
Interest expense | 1,512 | 1,508 | 3,025 | 3,015 | ||
Income (loss) before income taxes | 4,271 | 4,254 | 8,012 | 8,607 | ||
Shared Services | ' | ' | ' | ' | ||
OPERATING REVENUES: | ' | ' | ' | ' | ||
Service revenue | 373 | 293 | 497 | 312 | ||
Total operating revenues | 373 | 293 | 497 | 312 | ||
Depreciation and amortization | 90 | 124 | 187 | 246 | ||
Other (income) expense | ' | 53 | ' | -2,373 | ||
Operating income (loss) | -11,063 | -10,380 | -21,511 | -18,821 | ||
Interest expense | 11 | 25 | 24 | 49 | ||
Other expense (income) | -4,217 | ' | -4,217 | ' | ||
Income (loss) before income taxes | -6,857 | -10,405 | -17,318 | -18,870 | ||
Operating Segments | ' | ' | ' | ' | ||
OPERATING REVENUES: | ' | ' | ' | ' | ||
Operating income (loss) | 19,073 | 22,329 | 36,159 | 41,377 | ||
Operating Segments | Chemical Logistics | ' | ' | ' | ' | ||
OPERATING REVENUES: | ' | ' | ' | ' | ||
Operating income (loss) | 20,736 | 21,023 | 39,365 | 41,434 | ||
Operating Segments | Energy Logistics | ' | ' | ' | ' | ||
OPERATING REVENUES: | ' | ' | ' | ' | ||
Operating income (loss) | 2,710 | 4,845 | 5,446 | 7,559 | ||
Operating Segments | Intermodal | ' | ' | ' | ' | ||
OPERATING REVENUES: | ' | ' | ' | ' | ||
Operating income (loss) | 6,600 | 6,664 | 12,672 | 13,332 | ||
Operating Segments | Shared Services | ' | ' | ' | ' | ||
OPERATING REVENUES: | ' | ' | ' | ' | ||
Operating income (loss) | ($10,973) | ($10,203) | ($21,324) | ($20,948) | ||
[1] | Includes an impairment charge of $55.2 million of goodwill and $0.5 million of intangible assets related to our energy logistics reporting unit. |
Summarized_Segment_Data_and_Re1
Summarized Segment Data and Reconciliation to Income before Income Taxes (Parenthetical) (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | ' | ' |
Goodwill impairment charge | $55,200,000 | ' |
Impairment of intangible assets | ' | 18,528,000 |
Energy Logistics | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Impairment of intangible assets | $500,000 | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Income Taxes [Line Items] | ' | ' | ' |
Unrecognized tax benefit | $2.40 | ' | $2.50 |
Unrecognized tax benefit that, if recognized, would favorably affect the effective income tax rate in any future periods | ' | ' | 1.3 |
Net of federal tax benefit accrued for interest | ' | ' | 0.5 |
Accrued for penalties | ' | ' | 0.2 |
Accrued for interest and penalties | 0.6 | ' | ' |
Effective tax rate | 14.00% | 35.60% | ' |
Foreign tax credit valuation allowance | 3.9 | ' | ' |
Maximum | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Unrecognized tax benefits related to tax positions for which it is reasonably possible that the total amounts could significantly change during the next twelve months due to expiration of the applicable statute of limitations | ' | ' | 0.1 |
Net changes to gross unrecognized tax benefits | $0.10 | ' | ' |
Share_Repurchase_Program_Addit
Share Repurchase Program - Additional Information (Detail) (USD $) | 6 Months Ended | 0 Months Ended | 6 Months Ended |
Share data in Thousands, unless otherwise specified | Jun. 30, 2013 | Nov. 20, 2012 | Jun. 30, 2014 |
Share Repurchase Program | Share Repurchase Program | ||
Stockholders Equity [Line Items] | ' | ' | ' |
Repurchase of common stock value | ' | $15,000,000 | ' |
Repurchase of common stock shares | ' | ' | 1,200 |
Repurchase of common stock value | 4,454,000 | ' | 8,100,000 |
Share repurchase program, remaining authorized amount | ' | ' | $6,900,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Site | Location | |
Location | ||
Commitments and Contingencies [Line Items] | ' | ' |
Reserves | $7.90 | $8.30 |
Number of Sites | 25 | 26 |
Environmental Matters | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Reserves | 7.9 | 8.3 |
Sole party sites | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Reserves | 6.4 | ' |
Responsible Party for the process of conducting investigation | 9 | ' |
Sole party sites | Minimum | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Estimated future expenditure | 6.4 | ' |
Sole party sites | Maximum | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Estimated future expenditure | 16.7 | ' |
Bridgeport, New Jersey | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Reserves | 3.8 | ' |
Bridgeport, New Jersey | Design Report One | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Percentage of design stage of project entered | 95.00% | ' |
Bridgeport, New Jersey | Design Report Two | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Percentage of design stage of project entered | 100.00% | ' |
Bridgeport, New Jersey | Minimum | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Estimated future expenditure | 3.8 | ' |
Bridgeport, New Jersey | Maximum | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Estimated future expenditure | 8.5 | ' |
William Dick, Pennsylvania | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Reserves | 0.8 | ' |
William Dick, Pennsylvania | Minimum | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Estimated future expenditure | 0.8 | ' |
William Dick, Pennsylvania | Maximum | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Estimated future expenditure | 3.4 | ' |
ISRA New Jersey Facilities | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Reserves | 1.8 | ' |
ISRA New Jersey Facilities | Minimum | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Estimated future expenditure | 1.8 | ' |
ISRA New Jersey Facilities | Maximum | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Estimated future expenditure | 4.8 | ' |
Multi-party sites | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Reserves | 1.5 | 2.1 |
Number of Sites | 16 | 17 |
Number of sites, explicitly denied any liability | 2 | ' |
Number of sites, received a notice about potential liability | 4 | ' |
Explicitly Denied liabilities | 16 | ' |
Number of sites, in settlement discussion phase | 1 | ' |
Number of sites, in long term operation and maintenance | 4 | ' |
Number of sites, in various stages of remedial investigation | 4 | ' |
Number of Sites with alleged liability | 16 | ' |
Participating party in the initial study | 1 | ' |
Multi-party sites | Minimum | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Estimated future expenditure | 1.5 | ' |
Multi-party sites | Maximum | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Operations and maintenance cost for environment | 0.1 | ' |
Estimated future expenditure | $3.80 | ' |
Commitment_and_Contingencies_D
Commitment and Contingencies (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Location | Location |
Commitment And Contingencies [Line Items] | ' | ' |
Number of Sites | 25 | 26 |
Reserves | $7.90 | $8.30 |
Multi-party sites | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Number of Sites | 16 | 17 |
Reserves | 1.5 | 2.1 |
Sole party sites | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Reserves | 6.4 | ' |
Sole party sites | Bridgeport, New Jersey | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Number of Sites | 1 | 1 |
Reserves | 3.8 | 3.6 |
Sole party sites | William Dick, Pennsylvania | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Number of Sites | 1 | 1 |
Reserves | 0.8 | 0.7 |
Sole party sites | Other Properties | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Number of Sites | 7 | 7 |
Reserves | $1.80 | $1.90 |
Guarantees_Additional_Informat
Guarantees - Additional Information (Detail) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Guarantor Obligations [Line Items] | ' |
Aggregate maximum exposure under lease guarantees | 0.1 |
Aggregate maximum exposure under lease guarantees | 32.4 |
Percentage of remaining losses related to independent owner operators | 50.00% |
Minimum | ' |
Guarantor Obligations [Line Items] | ' |
Guarantees expiry year | '2015 |
Maximum | ' |
Guarantor Obligations [Line Items] | ' |
Guarantees expiry year | '2020 |
Guarantor_Subsidiaries_Additio
Guarantor Subsidiaries - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ' |
Second-Priority Senior Secured Notes, maturity date | '2018 |
Senior Secured Notes, Interest rate | 9.88% |
Senior Secured Notes, due date | '2018 |
Nine Point Eight Seven Five Percent Second Priority Senior Secured Notes Due Twenty Eighteen | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Senior Secured Notes, Interest rate | 9.88% |
Senior Secured Notes, due date | '2018 |
QD LLC and QD Capital | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Percentage of ownership by QDI | 100.00% |
Guarantor Subsidiaries | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Equity investment method, ownership interest | 100.00% |
Qd Llc | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Percentage of ownership by QDI | 100.00% |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheet - Revised (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Accumulated (deficit) retained earnings | ($256,063) | ($270,505) |
Total | ' | -270,505 |
Previously Reported | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Accumulated (deficit) retained earnings | ' | -270,505 |
Total | ' | -270,505 |
QDI | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Investment in subsidiaries - long-term | -109,000 | -123,790 |
Intercompany - long-term | 155,401 | 144,057 |
Total | ' | 20,267 |
Accumulated (deficit) retained earnings | -256,063 | -270,505 |
Total | ' | -270,505 |
QDI | Previously Reported | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Investment in subsidiaries - long-term | ' | -123,790 |
Intercompany - long-term | ' | 144,057 |
Total | ' | 20,267 |
Accumulated (deficit) retained earnings | ' | -270,505 |
Total | ' | -270,505 |
QD LLC and QD Capital | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Investment in subsidiaries - long-term | ' | 322,433 |
Intercompany - long-term | ' | 260,017 |
Total | ' | 582,450 |
Intercompany - long-term | ' | 355,044 |
Accumulated (deficit) retained earnings | ' | -262,159 |
Total | ' | 92,885 |
QD LLC and QD Capital | Previously Reported | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Investment in subsidiaries - long-term | ' | 388,157 |
Intercompany - long-term | ' | 194,293 |
Total | ' | 582,450 |
Intercompany - long-term | ' | 355,044 |
Accumulated (deficit) retained earnings | ' | -262,159 |
Total | ' | 92,885 |
Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Intercompany - long-term | 241,475 | 223,304 |
Total | ' | 223,304 |
Intercompany - long-term | 327,376 | 278,581 |
Accumulated (deficit) retained earnings | -34,547 | -48,567 |
Total | ' | 230,014 |
Guarantor Subsidiaries | Previously Reported | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Intercompany - long-term | ' | 359,733 |
Total | ' | 359,733 |
Intercompany - long-term | ' | 350,562 |
Accumulated (deficit) retained earnings | ' | 15,881 |
Total | ' | 366,443 |
Non-Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Intercompany - long-term | 6,719 | 6,375 |
Total | ' | 6,375 |
Intercompany - long-term | 300 | 128 |
Accumulated (deficit) retained earnings | 4,042 | 3,809 |
Total | ' | 3,937 |
Non-Guarantor Subsidiaries | Previously Reported | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Intercompany - long-term | ' | 12,213 |
Total | ' | 12,213 |
Intercompany - long-term | ' | 4,690 |
Accumulated (deficit) retained earnings | ' | 5,085 |
Total | ' | 9,775 |
Eliminations | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Investment in subsidiaries - long-term | -228,372 | -198,643 |
Intercompany - long-term | -700,718 | -633,753 |
Total | ' | -832,396 |
Intercompany - long-term | -700,718 | -633,753 |
Accumulated (deficit) retained earnings | 278,473 | 306,917 |
Total | ' | -326,836 |
Eliminations | Previously Reported | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Investment in subsidiaries - long-term | ' | -264,367 |
Intercompany - long-term | ' | -710,296 |
Total | ' | -974,663 |
Intercompany - long-term | ' | -710,296 |
Accumulated (deficit) retained earnings | ' | 241,193 |
Total | ' | ($469,103) |
Condensed_Consolidating_Statem
Condensed Consolidating Statements of Operations and Statements of Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
OPERATING REVENUES: | ' | ' | ' | ' | ||
Transportation | $184,331 | $174,647 | $353,857 | $338,641 | ||
Service revenue | 34,113 | 32,705 | 66,300 | 66,159 | ||
Fuel surcharge | 37,155 | 31,944 | 69,929 | 63,918 | ||
Total operating revenues | 255,599 | 239,296 | 490,086 | 468,718 | ||
OPERATING EXPENSES: | ' | ' | ' | ' | ||
Purchased transportation | 173,685 | 150,380 | 331,304 | 293,252 | ||
Compensation | 22,955 | 25,501 | 44,210 | 51,971 | ||
Fuel, supplies and maintenance | 25,630 | 26,486 | 48,760 | 53,615 | ||
Depreciation and amortization | 5,403 | 6,729 | 10,898 | 13,422 | ||
Selling and administrative | 7,780 | 8,155 | 15,038 | 15,634 | ||
Insurance costs | 4,713 | 4,373 | 10,984 | 8,870 | ||
Taxes and licenses | 740 | 1,150 | 1,676 | 1,982 | ||
Communication and utilities | 1,023 | 922 | 1,955 | 2,017 | ||
Gain on disposal of property and equipment | -1,202 | 1,591 | -1,713 | -1,498 | ||
Impairment charges | ' | 55,692 | [1] | ' | 55,692 | [1] |
Operating income (loss) | 14,872 | -41,683 | 26,974 | -26,239 | ||
Interest expense, non-related party, net | 7,161 | 7,650 | 14,401 | 15,162 | ||
Interest (income) expense, related party, net | -121 | -234 | -245 | -445 | ||
Gain on early extinguishment of debt | -4,217 | ' | -4,217 | ' | ||
Other (income) expense | -154 | -271 | 3 | -7,243 | ||
Income (loss) before income taxes | 12,082 | -49,062 | 16,787 | -34,158 | ||
Provision for (benefit from) income taxes | 713 | -17,915 | 2,345 | -12,155 | ||
Net income (loss) | 11,369 | -31,147 | 14,442 | -22,003 | ||
Total other comprehensive income (loss), net of tax | 226 | 443 | 599 | 864 | ||
Comprehensive (loss) income | 11,595 | -30,704 | 15,041 | -21,139 | ||
Eliminations | ' | ' | ' | ' | ||
OPERATING EXPENSES: | ' | ' | ' | ' | ||
Equity in earnings (loss) of subsidiaries | -22,528 | 62,173 | -28,444 | 43,862 | ||
Net income (loss) | -22,528 | 62,173 | -28,444 | 43,862 | ||
Total other comprehensive income (loss), net of tax | -452 | -886 | -1,198 | -1,728 | ||
Comprehensive (loss) income | -22,980 | 61,287 | -29,642 | 42,134 | ||
QDI | ' | ' | ' | ' | ||
OPERATING EXPENSES: | ' | ' | ' | ' | ||
Other (income) expense | ' | ' | 2 | ' | ||
Income (loss) before income taxes | ' | ' | -2 | ' | ||
Provision for (benefit from) income taxes | -135 | 20 | -253 | 6 | ||
Equity in earnings (loss) of subsidiaries | 11,234 | -31,127 | 14,191 | -21,997 | ||
Net income (loss) | 11,369 | -31,147 | 14,442 | -22,003 | ||
Total other comprehensive income (loss), net of tax | 226 | 443 | 599 | 864 | ||
Comprehensive (loss) income | 11,595 | -30,704 | 15,041 | -21,139 | ||
QD LLC and QD Capital | ' | ' | ' | ' | ||
OPERATING EXPENSES: | ' | ' | ' | ' | ||
Selling and administrative | 60 | 81 | 62 | 132 | ||
Operating income (loss) | -60 | -81 | -62 | -132 | ||
Interest expense, non-related party, net | 6,957 | 7,412 | 13,850 | 14,816 | ||
Interest (income) expense, related party, net | -6,957 | -7,412 | -13,850 | -14,816 | ||
Income (loss) before income taxes | -60 | -81 | -62 | -132 | ||
Equity in earnings (loss) of subsidiaries | 11,294 | -31,046 | 14,253 | -21,865 | ||
Net income (loss) | 11,234 | -31,127 | 14,191 | -21,997 | ||
Total other comprehensive income (loss), net of tax | 226 | 443 | 599 | 864 | ||
Comprehensive (loss) income | 11,460 | -30,684 | 14,790 | -21,133 | ||
Guarantor Subsidiaries | ' | ' | ' | ' | ||
OPERATING REVENUES: | ' | ' | ' | ' | ||
Transportation | 184,331 | 174,647 | 353,857 | 338,641 | ||
Service revenue | 34,104 | 32,672 | 66,276 | 66,033 | ||
Fuel surcharge | 37,155 | 31,944 | 69,929 | 63,918 | ||
Total operating revenues | 255,590 | 239,263 | 490,062 | 468,592 | ||
OPERATING EXPENSES: | ' | ' | ' | ' | ||
Purchased transportation | 173,685 | 150,380 | 331,300 | 293,252 | ||
Compensation | 22,955 | 25,501 | 44,210 | 51,971 | ||
Fuel, supplies and maintenance | 25,630 | 26,485 | 48,758 | 53,607 | ||
Depreciation and amortization | 5,403 | 6,729 | 10,898 | 13,422 | ||
Selling and administrative | 7,714 | 8,066 | 14,964 | 15,476 | ||
Insurance costs | 4,705 | 4,365 | 10,968 | 8,854 | ||
Taxes and licenses | 740 | 1,150 | 1,676 | 1,982 | ||
Communication and utilities | 1,023 | 922 | 1,955 | 2,017 | ||
Gain on disposal of property and equipment | -1,202 | 1,641 | -1,713 | -1,448 | ||
Impairment charges | ' | 55,692 | ' | 55,692 | ||
Operating income (loss) | 14,937 | -41,668 | 27,046 | -26,233 | ||
Interest expense, non-related party, net | 204 | 238 | 551 | 346 | ||
Interest (income) expense, related party, net | 7,046 | 7,477 | 14,018 | 14,983 | ||
Gain on early extinguishment of debt | -4,217 | ' | -4,217 | ' | ||
Other (income) expense | -92 | -318 | 3 | -7,336 | ||
Income (loss) before income taxes | 11,996 | -49,065 | 16,691 | -34,226 | ||
Provision for (benefit from) income taxes | 846 | -17,962 | 2,671 | -12,214 | ||
Net income (loss) | 11,150 | -31,103 | 14,020 | -22,012 | ||
Total other comprehensive income (loss), net of tax | 316 | 387 | 632 | 773 | ||
Comprehensive (loss) income | 11,466 | -30,716 | 14,652 | -21,239 | ||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ||
OPERATING REVENUES: | ' | ' | ' | ' | ||
Service revenue | 9 | 33 | 24 | 126 | ||
Total operating revenues | 9 | 33 | 24 | 126 | ||
OPERATING EXPENSES: | ' | ' | ' | ' | ||
Purchased transportation | ' | ' | 4 | ' | ||
Fuel, supplies and maintenance | ' | 1 | 2 | 8 | ||
Selling and administrative | 6 | 8 | 12 | 26 | ||
Insurance costs | 8 | 8 | 16 | 16 | ||
Gain on disposal of property and equipment | ' | -50 | ' | -50 | ||
Operating income (loss) | -5 | 66 | -10 | 126 | ||
Interest (income) expense, related party, net | -89 | -65 | -168 | -167 | ||
Other (income) expense | -62 | 47 | -2 | 93 | ||
Income (loss) before income taxes | 146 | 84 | 160 | 200 | ||
Provision for (benefit from) income taxes | 2 | 27 | -73 | 53 | ||
Net income (loss) | 144 | 57 | 233 | 147 | ||
Total other comprehensive income (loss), net of tax | -90 | 56 | -33 | 91 | ||
Comprehensive (loss) income | $54 | $113 | $200 | $238 | ||
[1] | Includes an impairment charge of $55.2 million of goodwill and $0.5 million of intangible assets related to our energy logistics reporting unit. |
Condensed_Consolidating_Balanc1
Condensed Consolidating Balance Sheet (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $2,628 | $1,957 | $2,442 | $2,704 |
Accounts receivable, net | 147,394 | 120,932 | ' | ' |
Prepaid expenses | 12,056 | 13,401 | ' | ' |
Deferred tax asset, net | 24,257 | 20,709 | ' | ' |
Other current assets | 11,400 | 9,919 | ' | ' |
Total current assets | 197,735 | 166,918 | ' | ' |
Property and equipment, net | 162,428 | 170,114 | ' | ' |
Assets held-for-sale | 3,975 | 1,129 | ' | ' |
Goodwill | 32,955 | 32,955 | ' | ' |
Intangibles, net | 15,437 | 16,149 | ' | ' |
Non-current deferred tax asset, net | 25,692 | 31,401 | ' | ' |
Other assets | 7,423 | 8,583 | ' | ' |
Total assets | 445,645 | 427,249 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Current maturities of indebtedness | 4,709 | 8,692 | ' | ' |
Current maturities of capital lease obligations | 455 | 1,888 | ' | ' |
Accounts payable | 11,907 | 10,248 | ' | ' |
Independent affiliates and independent owner-operators payable | 21,754 | 14,398 | ' | ' |
Accrued expenses | 30,677 | 30,580 | ' | ' |
Environmental liabilities | 4,446 | 3,818 | ' | ' |
Accrued loss and damage claims | 8,193 | 8,532 | ' | ' |
Total current liabilities | 82,141 | 78,156 | ' | ' |
Long-term indebtedness, less current maturities | 370,393 | 369,730 | ' | ' |
Capital lease obligations, less current maturities | 324 | 2,995 | ' | ' |
Environmental liabilities | 3,444 | 4,479 | ' | ' |
Accrued loss and damage claims | 9,832 | 10,747 | ' | ' |
Other non-current liabilities | 15,062 | 17,393 | ' | ' |
Total liabilities | 481,196 | 483,500 | ' | ' |
Shareholders' (deficit) equity: | ' | ' | ' | ' |
Common stock | 447,985 | 441,877 | ' | ' |
Treasury stock | -11,006 | -10,557 | ' | ' |
Accumulated (deficit) retained earnings | -256,063 | -270,505 | ' | ' |
Stock recapitalization | -189,589 | -189,589 | ' | ' |
Accumulated other comprehensive loss | -26,878 | -27,477 | -30,888 | ' |
Total shareholders' (deficit) equity | -35,551 | -56,251 | -42,048 | -18,440 |
Total liabilities and shareholders' (deficit) equity | 445,645 | 427,249 | ' | ' |
QDI | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Other current assets | -19 | -18 | ' | ' |
Total current assets | -19 | -18 | ' | ' |
Non-current deferred tax asset, net | -2,132 | -2,239 | ' | ' |
Investment in subsidiaries | -109,000 | -123,790 | ' | ' |
Intercompany | 155,401 | 144,057 | ' | ' |
Total assets | 44,250 | 18,010 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Intercompany | 79,801 | 74,246 | ' | ' |
Accrued expenses | ' | 15 | ' | ' |
Total current liabilities | 79,801 | 74,261 | ' | ' |
Total liabilities | 79,801 | 74,261 | ' | ' |
Shareholders' (deficit) equity: | ' | ' | ' | ' |
Common stock | 447,985 | 441,877 | ' | ' |
Treasury stock | -11,006 | -10,557 | ' | ' |
Accumulated (deficit) retained earnings | -256,063 | -270,505 | ' | ' |
Stock recapitalization | -189,589 | -189,589 | ' | ' |
Accumulated other comprehensive loss | -26,878 | -27,477 | ' | ' |
Total shareholders' (deficit) equity | -35,551 | -56,251 | ' | ' |
Total liabilities and shareholders' (deficit) equity | 44,250 | 18,010 | ' | ' |
QD LLC and QD Capital | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Prepaid expenses | 8 | 58 | ' | ' |
Total current assets | 8 | 58 | ' | ' |
Investment in subsidiaries | 337,372 | 322,433 | ' | ' |
Intercompany | 297,123 | 260,017 | ' | ' |
Other assets | 6,501 | 7,681 | ' | ' |
Total assets | 641,004 | 590,189 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Current maturities of indebtedness | 3,500 | 5,833 | ' | ' |
Accrued expenses | 3,920 | 3,892 | ' | ' |
Total current liabilities | 7,420 | 9,725 | ' | ' |
Long-term indebtedness, less current maturities | 369,542 | 349,210 | ' | ' |
Intercompany | 373,042 | 355,044 | ' | ' |
Total liabilities | 750,004 | 713,979 | ' | ' |
Shareholders' (deficit) equity: | ' | ' | ' | ' |
Common stock | 354,963 | 354,963 | ' | ' |
Accumulated (deficit) retained earnings | -247,968 | -262,159 | ' | ' |
Stock recapitalization | -189,589 | -189,589 | ' | ' |
Accumulated other comprehensive loss | -26,406 | -27,005 | ' | ' |
Total shareholders' (deficit) equity | -109,000 | -123,790 | ' | ' |
Total liabilities and shareholders' (deficit) equity | 641,004 | 590,189 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 2,554 | 1,876 | 2,299 | 2,580 |
Accounts receivable, net | 147,392 | 120,916 | ' | ' |
Prepaid expenses | 12,041 | 13,321 | ' | ' |
Deferred tax asset, net | 24,257 | 20,709 | ' | ' |
Intercompany | 441,265 | 410,521 | ' | ' |
Other current assets | 11,444 | 10,084 | ' | ' |
Total current assets | 638,953 | 577,427 | ' | ' |
Property and equipment, net | 162,428 | 170,114 | ' | ' |
Assets held-for-sale | 3,975 | 1,129 | ' | ' |
Goodwill | 32,955 | 32,955 | ' | ' |
Intangibles, net | 15,437 | 16,149 | ' | ' |
Non-current deferred tax asset, net | 27,824 | 33,640 | ' | ' |
Intercompany | 241,475 | 223,304 | ' | ' |
Other assets | 922 | 902 | ' | ' |
Total assets | 1,123,969 | 1,055,620 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Current maturities of indebtedness | 1,209 | 2,859 | ' | ' |
Current maturities of capital lease obligations | 455 | 1,888 | ' | ' |
Accounts payable | 11,907 | 10,248 | ' | ' |
Intercompany | 361,559 | 336,384 | ' | ' |
Independent affiliates and independent owner-operators payable | 21,754 | 14,398 | ' | ' |
Accrued expenses | 26,759 | 26,672 | ' | ' |
Environmental liabilities | 4,446 | 3,818 | ' | ' |
Accrued loss and damage claims | 8,193 | 8,532 | ' | ' |
Total current liabilities | 436,282 | 404,799 | ' | ' |
Long-term indebtedness, less current maturities | 851 | 20,520 | ' | ' |
Capital lease obligations, less current maturities | 324 | 2,995 | ' | ' |
Environmental liabilities | 3,444 | 4,479 | ' | ' |
Accrued loss and damage claims | 9,832 | 10,747 | ' | ' |
Intercompany | 327,376 | 278,581 | ' | ' |
Other non-current liabilities | 15,062 | 17,353 | ' | ' |
Total liabilities | 793,171 | 739,474 | ' | ' |
Shareholders' (deficit) equity: | ' | ' | ' | ' |
Common stock | 390,760 | 390,760 | ' | ' |
Accumulated (deficit) retained earnings | -34,547 | -48,567 | ' | ' |
Accumulated other comprehensive loss | -25,415 | -26,047 | ' | ' |
Total shareholders' (deficit) equity | 330,798 | 316,146 | ' | ' |
Total liabilities and shareholders' (deficit) equity | 1,123,969 | 1,055,620 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 74 | 81 | 143 | 124 |
Accounts receivable, net | 2 | 16 | ' | ' |
Prepaid expenses | 7 | 22 | ' | ' |
Intercompany | 95 | 109 | ' | ' |
Other current assets | -25 | -147 | ' | ' |
Total current assets | 153 | 81 | ' | ' |
Intercompany | 6,719 | 6,375 | ' | ' |
Total assets | 6,872 | 6,456 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accrued expenses | -2 | 1 | ' | ' |
Total current liabilities | -2 | 1 | ' | ' |
Intercompany | 300 | 128 | ' | ' |
Other non-current liabilities | ' | 40 | ' | ' |
Total liabilities | 298 | 169 | ' | ' |
Shareholders' (deficit) equity: | ' | ' | ' | ' |
Common stock | 3,578 | 3,491 | ' | ' |
Accumulated (deficit) retained earnings | 4,042 | 3,809 | ' | ' |
Stock recapitalization | -55 | -55 | ' | ' |
Accumulated other comprehensive loss | -991 | -958 | ' | ' |
Total shareholders' (deficit) equity | 6,574 | 6,287 | ' | ' |
Total liabilities and shareholders' (deficit) equity | 6,872 | 6,456 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Intercompany | -441,360 | -410,630 | ' | ' |
Total current assets | -441,360 | -410,630 | ' | ' |
Investment in subsidiaries | -228,372 | -198,643 | ' | ' |
Intercompany | -700,718 | -633,753 | ' | ' |
Total assets | -1,370,450 | -1,243,026 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Intercompany | -441,360 | -410,630 | ' | ' |
Total current liabilities | -441,360 | -410,630 | ' | ' |
Intercompany | -700,718 | -633,753 | ' | ' |
Total liabilities | -1,142,078 | -1,044,383 | ' | ' |
Shareholders' (deficit) equity: | ' | ' | ' | ' |
Common stock | -749,301 | -749,214 | ' | ' |
Accumulated (deficit) retained earnings | 278,473 | 306,917 | ' | ' |
Stock recapitalization | 189,644 | 189,644 | ' | ' |
Accumulated other comprehensive loss | 52,812 | 54,010 | ' | ' |
Total shareholders' (deficit) equity | -228,372 | -198,643 | ' | ' |
Total liabilities and shareholders' (deficit) equity | ($1,370,450) | ($1,243,026) | ' | ' |
Condensed_Consolidating_Statem1
Condensed Consolidating Statements of Cash Flows (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | $14,442 | ($22,003) |
Adjustments for non-cash charges | 10,079 | 48,743 |
Net changes in assets and liabilities | -22,033 | -8,292 |
Net cash provided by (used in) operating activities | 2,488 | 18,448 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -19,203 | -15,720 |
Acquisition of customer list | ' | -1,000 |
Proceeds from sales of property and equipment | 12,021 | 12,597 |
Net cash used in investing activities | -7,182 | -4,980 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Principal payments on long-term debt and capital lease obligations | -17,562 | -3,260 |
Proceeds from revolver | 173,100 | 110,700 |
Payments on revolver | -155,200 | -117,400 |
Deferred financing costs | -4 | -700 |
Purchases of treasury stock | ' | -4,454 |
Proceeds from exercise of stock options | 4,406 | 215 |
Other | 625 | 1,169 |
Net cash provided by (used in) financing activities | 5,365 | -13,730 |
Net increase (decrease) in cash and cash equivalents | 671 | -262 |
Cash and cash equivalents, beginning of period | 1,957 | 2,704 |
Cash and cash equivalents, end of period | 2,628 | 2,442 |
Trojan | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Trojan purchase price adjustment | ' | -857 |
Eliminations | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | -28,444 | 43,862 |
Adjustments for non-cash charges | 28,444 | -43,862 |
QDI | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | 14,442 | -22,003 |
Adjustments for non-cash charges | -12,236 | 23,770 |
Net changes in assets and liabilities | 92 | -13 |
Intercompany activity | -2,298 | -1,754 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Purchases of treasury stock | ' | -4,454 |
Proceeds from exercise of stock options | 4,406 | 215 |
Intercompany activity | -4,406 | 4,239 |
QD LLC and QD Capital | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | 14,191 | -21,997 |
Adjustments for non-cash charges | -26,820 | 8,353 |
Net changes in assets and liabilities | 1,258 | 385 |
Intercompany activity | 11,371 | 13,259 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from revolver | 173,100 | 110,700 |
Payments on revolver | -155,200 | -117,400 |
Deferred financing costs | -4 | -700 |
Intercompany activity | -17,896 | 7,400 |
Guarantor Subsidiaries | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | 14,020 | -22,012 |
Adjustments for non-cash charges | 20,859 | 61,419 |
Net changes in assets and liabilities | -23,371 | -8,638 |
Intercompany activity | -9,013 | -12,340 |
Net cash provided by (used in) operating activities | 2,495 | 18,429 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -19,203 | -15,720 |
Acquisition of customer list | ' | -1,000 |
Proceeds from sales of property and equipment | 12,021 | 12,597 |
Net cash used in investing activities | -7,182 | -4,980 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Principal payments on long-term debt and capital lease obligations | -17,562 | -3,260 |
Other | 625 | 1,169 |
Intercompany activity | 22,302 | -11,639 |
Net cash provided by (used in) financing activities | 5,365 | -13,730 |
Net increase (decrease) in cash and cash equivalents | 678 | -281 |
Cash and cash equivalents, beginning of period | 1,876 | 2,580 |
Cash and cash equivalents, end of period | 2,554 | 2,299 |
Guarantor Subsidiaries | Trojan | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Trojan purchase price adjustment | ' | -857 |
Non-Guarantor Subsidiaries | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | 233 | 147 |
Adjustments for non-cash charges | -168 | -937 |
Net changes in assets and liabilities | -12 | -26 |
Intercompany activity | -60 | 835 |
Net cash provided by (used in) operating activities | -7 | 19 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Net increase (decrease) in cash and cash equivalents | -7 | 19 |
Cash and cash equivalents, beginning of period | 81 | 124 |
Cash and cash equivalents, end of period | $74 | $143 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (Nine Point Eight Seven Five Percent Second Priority Senior Secured Notes Due Twenty Eighteen, USD $) | 6 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jul. 16, 2014 | Jul. 16, 2014 |
Third quarter of 2014 | Subsequent Event | Subsequent Event | |
Subsequent Event [Line Items] | ' | ' | ' |
Aggregate principal amount | ' | ' | $22.50 |
Maturity Year | ' | '2018 | ' |
Debt instrument, redemption description | ' | 'The redemption price for these 2018 Notes equaled 100% of the aggregate principal amount of $22.5 million, plus accrued but unpaid interest up to the redemption date, plus a 3.0% premium of $0.7 million. | ' |
Debt instrument, redemption price | ' | 100.00% | ' |
Debt instrument redemption percentage of premium | ' | 3.00% | ' |
Debt instrument premium | ' | 0.7 | ' |
Write-off of debt issuance Costs | $0.40 | ' | ' |