Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 09, 2015 | Jun. 30, 2014 |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | QLTY | ||
Entity Registrant Name | QUALITY DISTRIBUTION INC | ||
Entity Central Index Key | 922863 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 28,060,384 | ||
Entity Public Float | $408.80 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
OPERATING REVENUES: | ||||
Transportation | $717,495 | $675,094 | $597,406 | |
Service revenue | 136,652 | 129,765 | 121,101 | |
Fuel surcharge | 137,611 | 124,951 | 123,611 | |
Total operating revenues | 991,758 | 929,810 | 842,118 | |
OPERATING EXPENSES: | ||||
Purchased transportation | 667,799 | 594,708 | 552,524 | |
Compensation | 92,435 | 98,681 | 82,143 | |
Fuel, supplies and maintenance | 99,985 | 105,917 | 82,033 | |
Depreciation and amortization | 21,617 | 26,121 | 21,090 | |
Selling and administrative | 32,795 | 31,534 | 33,882 | |
Insurance costs | 21,070 | 19,169 | 15,830 | |
Taxes and licenses | 3,536 | 3,758 | 2,825 | |
Communication and utilities | 3,872 | 3,840 | 3,636 | |
(Gain) loss on disposal of property and equipment | -2,581 | -2,450 | -988 | |
Impairment charges | 91,296 | [1] | ||
Total operating expenses | 940,528 | 972,574 | 792,975 | |
Operating income (loss) | 51,230 | -42,764 | 49,143 | |
Interest expense | 28,562 | 31,147 | 30,089 | |
Interest income | -496 | -855 | -831 | |
Gain on extinguishment of debt | -4,217 | |||
Write-off of debt issuance costs | 476 | 521 | 0 | |
Other income, net | -144 | -7,256 | -2,864 | |
Income (loss) before income taxes | 27,049 | -66,321 | 22,749 | |
Provision for (benefit from) income taxes | 6,409 | -24,283 | -27,327 | |
Net income (loss) | $20,640 | ($42,038) | $50,076 | |
Net income (loss) per common share | ||||
Basic | $0.75 | ($1.58) | $1.89 | |
Diluted | $0.74 | ($1.58) | $1.84 | |
Weighted-average number of shares | ||||
Basic | 27,539 | 26,560 | 26,502 | |
Diluted | 28,077 | 26,560 | 27,207 | |
[1] | Includes impairment charges of $72.8 million of goodwill and $18.5 million of intangible assets related to our energy logistics segment. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income (loss) | $2,624 | $3,574 | $11,369 | $3,073 | ($22,798) | $2,763 | ($31,147) | $9,144 | $20,640 | ($42,038) | $50,076 |
Other comprehensive income (loss): | |||||||||||
Adjustment to pension obligation, net of tax | -3,758 | 4,156 | -328 | ||||||||
Translation adjustment, net of tax | 230 | 119 | -43 | ||||||||
Total other comprehensive income (loss) | -3,528 | 4,275 | -371 | ||||||||
Comprehensive income (loss) | $17,112 | ($37,763) | $49,705 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Cash and cash equivalents | $1,358 | $1,957 | ||
Accounts receivable, net | 136,790 | 120,932 | ||
Prepaid expenses | 14,118 | 13,401 | ||
Deferred tax asset, net | 29,333 | 20,709 | ||
Other | 10,374 | 9,919 | ||
Total current assets | 191,973 | 166,918 | ||
Property and equipment, net | 156,249 | [1] | 170,114 | [1] |
Assets held-for-sale | 2,040 | 1,129 | ||
Goodwill | 34,896 | 32,955 | ||
Intangibles, net | 15,388 | 16,149 | ||
Non-current deferred tax asset, net | 18,942 | 31,401 | ||
Other assets | 8,295 | 8,583 | ||
Total assets | 427,783 | 427,249 | ||
Current liabilities: | ||||
Current maturities of indebtedness | 2,699 | 8,692 | ||
Current maturities of capital lease obligations | 334 | 1,888 | ||
Accounts payable | 12,955 | 10,248 | ||
Independent affiliates and independent owner-operators payable | 15,110 | 14,398 | ||
Accrued expenses | 32,617 | 30,580 | ||
Environmental liabilities | 4,389 | 3,818 | ||
Accrued loss and damage claims | 8,851 | 8,532 | ||
Total current liabilities | 76,955 | 78,156 | ||
Long-term indebtedness, less current maturities | 348,080 | 369,730 | ||
Capital lease obligations, less current maturities | 182 | 2,995 | ||
Environmental liabilities | 3,830 | 4,479 | ||
Accrued loss and damage claims | 10,493 | 10,747 | ||
Other non-current liabilities | 19,937 | 17,393 | ||
Total liabilities | 459,477 | 483,500 | ||
Commitments and contingencies-Note 20 | ||||
SHAREHOLDERS' DEFICIT | ||||
Common stock, no par value; 49,000 shares authorized; 29,725 issued and 28,027 outstanding at December 31, 2014 and 28,779 issued and 27,203 outstanding at December 31, 2013. | 450,625 | 441,877 | ||
Treasury stock, 1,698 shares at December 31, 2014 and 1,576 shares at December 31, 2013. | -11,860 | -10,557 | ||
Accumulated deficit | -249,865 | -270,505 | ||
Stock recapitalization | -189,589 | -189,589 | ||
Accumulated other comprehensive loss | -31,005 | -27,477 | ||
Total shareholders' deficit | -31,694 | -56,251 | ||
Total liabilities and shareholders' (deficit) equity | $427,783 | $427,249 | ||
[1] | Includes property and equipment. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Common stock, par value | $0 | $0 |
Common stock, shares authorized | 49,000,000 | 49,000,000 |
Common stock, shares issued | 29,725,000 | 28,779,000 |
Common stock, shares outstanding | 28,027,000 | 27,203,000 |
Treasury stock, shares | 1,698,000 | 1,576,000 |
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, except Share data | |||||||
Beginning Balance at Dec. 31, 2011 | ($106,185) | $393,859 | ($1,878) | ($278,543) | ($189,589) | ($31,381) | $1,347 |
Beginning Balance (in shares) at Dec. 31, 2011 | 24,207,000 | -267,000 | |||||
Net income (loss) | 50,076 | 50,076 | |||||
Issuance of restricted stock | 182,000 | ||||||
Forfeiture of restricted stock (shares) | -37,000 | ||||||
Forfeiture of restricted stock | -313 | -313 | |||||
Amortization of restricted stock | 1,497 | 1,497 | |||||
Amortization of stock options | 1,741 | 1,741 | |||||
Stock warrant exercise (shares) | 346,000 | ||||||
Stock warrant exercise | 1,322 | -1,322 | |||||
Stock option exercise (in shares) | 82,000 | ||||||
Stock option exercise | 360 | 360 | |||||
Proceeds from equity offering, net of transaction costs (in shares) | 2,500,000 | ||||||
Proceeds from equity offering, net of transaction costs | 30,493 | 30,493 | |||||
Issuance of stock for acquisitions (in shares) | 785,000 | ||||||
Issuance of stock for acquisitions | 7,920 | 7,920 | |||||
Purchases of treasury stock (shares) | -575,000 | ||||||
Purchases of treasury stock | -3,658 | -3,658 | |||||
Translation adjustment, net of tax | -43 | -43 | |||||
Adjustment to pension obligation, net of tax | -328 | -328 | |||||
Ending Balance at Dec. 31, 2012 | -18,440 | 437,192 | -5,849 | -228,467 | -189,589 | -31,752 | 25 |
Ending Balance (in shares) at Dec. 31, 2012 | 28,102,000 | -879,000 | |||||
Net income (loss) | -42,038 | -42,038 | |||||
Issuance of restricted stock | 257,000 | ||||||
Forfeiture of restricted stock (shares) | -80,000 | ||||||
Forfeiture of restricted stock | -254 | -254 | |||||
Amortization of restricted stock | 1,561 | 1,561 | |||||
Amortization of stock options | 1,533 | 1,533 | |||||
Stock warrant exercise (shares) | 4,000 | ||||||
Stock warrant exercise | 17 | -17 | |||||
Expiration of warrants | -8 | -8 | |||||
Stock option exercise (in shares) | 416,000 | ||||||
Stock option exercise | 1,574 | 1,574 | |||||
Purchases of treasury stock (shares) | -617,000 | ||||||
Purchases of treasury stock | -4,454 | -4,454 | |||||
Translation adjustment, net of tax | 119 | 119 | |||||
Adjustment to pension obligation, net of tax | 4,156 | 4,156 | |||||
Ending Balance at Dec. 31, 2013 | -56,251 | 441,877 | -10,557 | -270,505 | -189,589 | -27,477 | |
Ending Balance (in shares) at Dec. 31, 2013 | 28,779,000 | -1,576,000 | |||||
Net income (loss) | 20,640 | 20,640 | |||||
Issuance of restricted stock | 19,000 | ||||||
Forfeiture of restricted stock (shares) | -56,000 | ||||||
Forfeiture of restricted stock | -472 | -472 | |||||
Amortization of restricted stock | 2,816 | 2,816 | |||||
Amortization of stock options | 946 | 946 | |||||
Stock option exercise (in shares) | 927,000 | -29,000 | |||||
Stock option exercise | 4,572 | 4,986 | -414 | ||||
Purchases of treasury stock (shares) | -37,000 | ||||||
Purchases of treasury stock | -417 | -417 | |||||
Translation adjustment, net of tax | 230 | 230 | |||||
Adjustment to pension obligation, net of tax | -3,758 | -3,758 | |||||
Ending Balance at Dec. 31, 2014 | ($31,694) | $450,625 | ($11,860) | ($249,865) | ($189,589) | ($31,005) | |
Ending Balance (in shares) at Dec. 31, 2014 | 29,725,000 | -1,698,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income (loss) | $20,640 | ($42,038) | $50,076 | |
Adjustments to reconcile to net cash and cash equivalents provided by operating activities: | ||||
Provision for (benefit from) deferred income tax | 10,705 | -26,659 | 7,174 | |
Depreciation and amortization | 21,617 | 26,121 | 21,090 | |
Bad debt expense (recoveries) | 1,217 | -657 | 120 | |
(Gain) loss on disposal of property and equipment | -2,581 | -2,450 | -988 | |
Impairment charges | 91,296 | [1] | ||
Gain on extinguishment of long-term debt | -4,217 | |||
Write-off of deferred financing costs | 394 | 420 | ||
Write-off of bond discount | 82 | 101 | ||
Stock-based compensation | 3,762 | 3,085 | 3,238 | |
Amortization of deferred financing costs | 2,251 | 2,398 | 2,133 | |
Amortization of bond discount | 189 | 207 | 216 | |
Contingent consideration adjustment | -7,800 | -2,651 | ||
(Benefit from) provision for deferred tax asset valuation allowance | -4,504 | 246 | -35,282 | |
Changes in assets and liabilities: | ||||
Accounts and other receivables | -14,201 | -5,649 | -24,166 | |
Prepaid expenses | 4,175 | 4,379 | 727 | |
Other assets | -1,526 | 613 | -5,340 | |
Accounts payable | -362 | 570 | 1,964 | |
Independent affiliates and independent owner-operators payable | 712 | 155 | 4,448 | |
Accrued expenses | -1,184 | 425 | -508 | |
Environmental liabilities | -77 | -744 | -1,059 | |
Accrued loss and damage claims | 66 | 2,458 | -1,562 | |
Other liabilities | -3,055 | -657 | -1,669 | |
Current income taxes | 67 | 150 | -959 | |
Net cash provided by (used in) operating activities | 34,170 | 45,970 | 17,002 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Capital expenditures | -40,140 | -26,177 | -32,317 | |
Acquisition of business | -6,747 | -17,143 | ||
Onboarding payments to independent affiliates | -125 | -1,000 | ||
Proceeds from sales of property and equipment | 34,114 | 24,679 | 13,497 | |
Net cash used in investing activities | -12,898 | -3,355 | -131,683 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from issuance of long-term debt | 17,500 | |||
Principal payments on long-term debt | -40,923 | -29,235 | -4,754 | |
Principal payments on capital lease obligations | -723 | -1,826 | -3,786 | |
Proceeds from revolver | 356,522 | 236,600 | 236,800 | |
Payments on revolver | -341,522 | -261,800 | -141,100 | |
Payments on acquisition notes | -200 | -443 | -465 | |
Deferred financing costs | -2,613 | -990 | -989 | |
Change in bank overdraft | 3,019 | -288 | 431 | |
Purchases of treasury stock | -417 | -4,454 | -3,658 | |
Proceeds from equity offering, net of transaction costs | 30,493 | |||
Proceeds from exercise of stock options | 4,986 | 1,574 | 360 | |
Net cash (used in) provided by financing activities | -21,871 | -43,362 | 113,332 | |
Net decrease in cash and cash equivalents | -599 | -747 | -1,349 | |
Cash and cash equivalents, beginning of year | 1,957 | 2,704 | 4,053 | |
Cash and cash equivalents, end of year | 1,358 | 1,957 | 2,704 | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid during the year for: | ||||
Interest | 26,017 | 28,725 | 27,409 | |
Income taxes | 813 | 694 | 1,538 | |
SUPPLEMENTAL DISCLOSURES OF NON-CASH FLOW INFORMATION: | ||||
Minimum pension liability accrual, net of tax | -7,388 | 5,233 | 1,989 | |
Original and amended capital lease obligations and lease residual guarantees | 2,734 | 3,349 | 7,688 | |
Notes payable for purchase of business assets or acquisitions | 21,300 | |||
Notes payable-insurance fundings | 2,227 | 2,242 | 2,011 | |
Dunn's Tank Service and Nassau Disposal purchase price adjustment | 1,430 | |||
Earnouts related to acquisitions | 11,533 | |||
Stock issuance related to acquisitions | 7,920 | |||
Greensville | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchase price adjustment | -566 | |||
Trojan | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Acquisition of business | -8,657 | |||
Purchase price adjustment | -857 | |||
Bice | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Acquisition of business | -52,176 | |||
Dunns Tank Service And Nassau Disposal Inc | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Acquisition of business | -34,321 | |||
Affiliate Acquisition | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Acquisition of business | ($6,747) | ($17,143) | ||
[1] | Includes impairment charges of $72.8 million of goodwill and $18.5 million of intangible assets related to our energy logistics segment. |
BUSINESS_ORGANIZATION
BUSINESS ORGANIZATION | 12 Months Ended |
Dec. 31, 2014 | |
BUSINESS ORGANIZATION | 1. BUSINESS ORGANIZATION |
Quality Distribution, Inc. (the “Company”, “QDI”, or “we”) and its subsidiaries are engaged primarily in transportation of bulk chemicals in North America. We are the largest provider of intermodal ISO tank container and depot services in North America through our wholly-owned subsidiary, Boasso America Corporation (“Boasso”). In 2011, we entered the unconventional oil and gas (“UCO&G”) market, providing logistics and transportation services to this market, including the transportation of crude oil, fresh water and production fluids, through our wholly-owned subsidiaries, QC Energy Resources, Inc. and QC Environmental Services, Inc., collectively (“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 revenue 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. |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
SIGNIFICANT ACCOUNTING POLICIES | 2. SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
Basis of Presentation | |||||||||||||
These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States using U.S. dollars as the reporting currency as the majority of our business is in the U.S. The consolidated financial statements include the accounts of QDI and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
We consider all highly liquid investments with original maturities of three months or less to be cash equivalents. Bank overdrafts are included in accounts payable. | |||||||||||||
Reclassification | |||||||||||||
Certain prior-period amounts have been reclassified amongst operating expense line items to conform to the current-year presentation. | |||||||||||||
Allowance for Uncollectible Receivables | |||||||||||||
We have established a reserve for uncollectible receivables based on a combination of historical data, cash payment trends, specific customer issues, write-off trends, general economic conditions and other factors. We charge uncollectible amounts to our allowance based on various issues, including cash payment trends and specific customer issues. These factors are continuously monitored by our management to arrive at the estimate for the amount of accounts receivable that may ultimately be uncollectible. The receivables analyzed include trade receivables, as well as loans and advances made to independent affiliates and independent owner-operators. | |||||||||||||
Tires | |||||||||||||
We capitalize the cost of tires mounted on tractors and trailers that we acquire as a part of the total equipment cost and depreciate the cost over the useful life of the related equipment. Subsequent replacement tires are expensed at the time those tires are placed in service similar to other repairs and maintenance costs. | |||||||||||||
Property and equipment | |||||||||||||
Property and equipment expenditures, including tractor and trailer rebuilds that extend the useful lives of such equipment, are capitalized and recorded at cost. For financial statement purposes, these assets are depreciated using the straight-line method over the estimated useful lives of the assets to an estimated salvage value. | |||||||||||||
The asset lives used are presented in the following table: | |||||||||||||
Average Lives | |||||||||||||
(in years) | |||||||||||||
Buildings and improvements | 10 - 25 | ||||||||||||
Tractors and terminal equipment | 5 - 7 | ||||||||||||
Trailers and chassis | 15 - 20 | ||||||||||||
Energy logistics equipment | 4 - 15 | ||||||||||||
Disposal wells | 5 - 15 | ||||||||||||
Furniture and fixtures | 3 - 5 | ||||||||||||
Other equipment | 3 - 10 | ||||||||||||
Building improvements are recorded at the shorter of the lease term or useful life. Tractor and trailer rebuilds, which are recurring in nature and extend the lives of the related assets, are capitalized and depreciated over the period of extension, generally 3 to 10 years, based on the type and extent of these rebuilds. Maintenance and repairs are charged directly to expense as incurred. Management estimates the useful lives of these assets based on historical trends and the age of the assets when placed in service. Any changes in the actual lives could result in material changes in the net book value of these assets. Additionally, we estimate the salvage values of these assets based on historical sales or disposals, and any changes in the actual salvage values could also affect the net book value of these assets. | |||||||||||||
Furthermore, we evaluate the recoverability of our long-lived assets whenever adverse events or changes in the business climate indicate that the expected undiscounted future cash flows from the related asset may be less than previously anticipated. If the net book value of the related asset exceeds the undiscounted future cash flows of the asset, the carrying amount would be reduced to the present value of its expected future cash flows and an impairment loss would be recognized. This analysis requires us to make significant estimates and assumptions in projecting future cash flows, and changes in facts and circumstances could result in material changes in the amount of any write-offs for impairment. | |||||||||||||
Assets held-for-sale | |||||||||||||
We review our fleet requirements to determine if any of our revenue generating equipment should be classified as held-for-sale when certain criteria are met. These criteria include, whether the asset is available for sale in its present condition, whether we are actively looking for a buyer at a price that approximates the asset’s fair value and evaluating whether a sale of the asset within one year is probable. Further, we suspend the depreciation for assets which are classified as held-for-sale. | |||||||||||||
Goodwill | |||||||||||||
Goodwill represents the excess of the purchase price over the net amount of identifiable assets acquired and liabilities assumed in a business combination measured at fair value. We evaluate goodwill and indefinite-lived intangible assets for impairment at least annually during the second quarter with a measurement date of June 30, and more frequently if indicators of impairment, often referred to as “triggering events,” arise, in accordance with Financial Accounting Standards Board (“FASB”) guidance. Impairment of goodwill is tested at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment (referred to as a ‘component’). We have determined that our reporting units for which goodwill has been allocated are equivalent to our operating segments, as all of the components of each segment meet the criteria for aggregation. | |||||||||||||
When testing goodwill for impairment, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If we elect to perform a qualitative assessment and determine that an impairment is more likely than not, we are then required to perform the two-step quantitative impairment test, otherwise, no further analysis is required. Under the qualitative assessment, 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 also may elect not to perform the qualitative assessment and, instead, proceed directly to the two-step quantitative impairment test. In the first step of the quantitative impairment test, the fair value of a reporting unit is compared to its carrying value, including goodwill. If the carrying value of a reporting unit, including goodwill, exceeds its fair value, the second step of the impairment test is performed for purposes of measuring the impairment. In the second step, the fair value of the reporting unit is allocated to all of the assets and liabilities of the reporting unit to determine an implied goodwill value. This allocation is similar to a purchase price allocation. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of goodwill, an impairment loss will be recognized in an amount equal to that excess. | |||||||||||||
We estimate the fair value for each reporting unit considering three basic valuation approaches (i) the cost approach, based on the cost to reproduce assets; (ii) the market approach, which considers market exchange for comparable assets; and (iii) the income approach, which relies on capitalization of potential future income. | |||||||||||||
The cost approach is a valuation methodology that develops value estimates of the underlying assets and liabilities of a business enterprise (values are based on a range, from orderly liquidation to forced liquidation, depending on how quickly a company’s assets and liabilities could be liquidated). The liabilities are subtracted from the assets to derive a value for the business enterprise. | |||||||||||||
The market approach is a valuation methodology in which the market value of the enterprise is estimated based on public market prices and actual transactions. The methodology consists of undertaking a detailed market analysis of publicly traded companies within our industry (guideline company method) and/or acquisitions of companies/assets in our industry (guideline transactions method) that provides a reasonable basis for comparison to the relevant investment characteristics of the respective reporting units. Valuation ratios and multiples derived from the guideline company and guideline transactions methods are then selected and applied to the reporting unit after consideration of adjustments for dissimilarities in financial position, growth, markets, profitability, risk and other factors. | |||||||||||||
We derive a market value of invested capital or business enterprise value for each comparable company by multiplying the current price per share of common stock of the publicly traded companies by their total common shares outstanding and adding each company’s current level of debt. We calculate a business enterprise valuation multiple based on revenue and earnings from each company, then apply those multiples to each of our reporting unit’s revenue and earnings to conclude a reporting unit’s business enterprise value. Assumptions regarding the selection of comparable companies are made based on, among other factors, capital structure, operating environment and industry. As the comparable companies are typically larger and more diversified than our reporting units, multiples are adjusted prior to application to our reporting units’ revenues and earnings to reflect differences in margins, long-term growth prospects and market capitalization. | |||||||||||||
The income approach is based on the present value of expected future cash flows over a 5-year period utilizing a discount rate generally equivalent to the estimated market-based weighted average cost of capital (“WACC”) determined separately for each reporting unit. To estimate the present value of the estimated cash flows that extend beyond the final year of the discounted cash flow model, we employ a terminal value technique, whereby we use estimated operating cash flows minus capital expenditures and adjust for changes in working capital requirements in the final year of the model, then discount this amount by the WACC to establish the terminal value. The determination of fair value using the income approach requires judgment and involves the use of significant estimates and assumptions about expected future cash flows derived from internal forecasts and the impact of market conditions on those assumptions. Critical assumptions primarily include economic growth, industry expansion, future operations which drive our revenue and margin assumptions and the discount rate. | |||||||||||||
The use of more than one approach is desirable because it provides a balanced valuation. In some cases, all three approaches are applicable. However, normally one or two approaches are utilized. Weights given to each approach vary directly with the amount of information available and the relative quality of that information. Available information and business fundamentals dictate which approach or approaches are employed to value a reporting unit. Refer to Critical Accounting Policies and Estimates under Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations for further detail. | |||||||||||||
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 for the indefinite-lived intangible assets related to a tradename in the intermodal reporting unit. 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 its 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 their carrying values. The indefinite-lived tradename was tested for impairment by using the income approach, specifically the relief-from-royalty method. This approach is based on the assumption that in lieu of ownership, a company would be willing to pay a royalty in order to utilize the related benefits of this intangible asset. | |||||||||||||
The Company tests intangible assets for impairment when certain triggering events or circumstances indicate that their carrying value may be impaired. Triggering events are assessed on an intangible by intangible basis and, if identified, the specific asset or assets are valued and compared to their carrying value. If the carrying value exceeds the projected discounted cash flows attributed to the indefinite-lived intangible asset, the carrying value is no longer considered recoverable and the Company will record an impairment charge. The customer relationships are valued using the income approach, specifically the excess earnings method. The excess earnings analysis consists of discounting to present value the projected cash flows attributable to the customer relationships, with consideration given to cost savings, customer attrition, the importance, or lack thereof, of existing customer relationships to our business plan, income taxes and required growth rates. | |||||||||||||
Other Assets—Deferred Loan Costs | |||||||||||||
Costs incurred to issue debt are deferred and amortized as a component of interest expense over the estimated term of the related debt using the straight-line method, which approximates the effective interest method. | |||||||||||||
Taxation | |||||||||||||
We use the asset and liability method of accounting for income taxes. If, on the basis of available evidence, it is more likely than not that all or a portion of the deferred tax asset will not be realized, the asset must be reduced by a valuation allowance. Any change in the actual future results of operations could impact the valuation of the net deferred tax asset. | |||||||||||||
During 2012, we recorded a deferred tax benefit of $28.1 million of which $35.3 related to a prior-year valuation allowance release. These releases of the valuation allowance are a result of our consistent cumulative income position, improved operating results, and recent expansion of our energy business through acquisition. Our assessment of the recoverability of the deferred tax assets primarily relied on the positive evidence related to our cumulative income position. We have determined that it is more likely than not that expected future taxable income will be sufficient to utilize substantially all of our U.S. federal and state net deferred tax assets. | |||||||||||||
We account for uncertain tax positions using a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step requires us to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as we have to determine the probability of various possible outcomes. We re-evaluate these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit, and new audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. | |||||||||||||
Environmental liabilities | |||||||||||||
We have reserved for potential environmental liabilities based on the best estimates of potential clean-up and remediation for known environmental sites. We employ a staff of environmental professionals to administer all phases of our environmental programs and use outside experts where needed. These professionals develop estimates of potential liabilities at these sites based on projected and known remediation costs. These cost projections are determined through previous experiences with other sites and through bids from third-party contractors. Management believes current reserves are reasonable based on current information, but estimates of environmental reserves and exposures may be affected by information subsequently received. | |||||||||||||
Accrued Loss and Damage Claims | |||||||||||||
Our insurance program includes a self-insured deductible of $2.0 million per incident for bodily injury and property damage and a $1.0 million deductible for workers’ compensation. In addition, we currently maintain insurance policies with a total limit of $65.0 million, of which $60.0 million is provided under umbrella and excess liability policies and $5.0 million is provided under a primary liability policy. The $2.0 million deductible per incident could adversely affect our profitability, particularly in the event of an increase in the frequency or severity of incidents. Additionally, we are self-insured for damage to the equipment that we own and lease, as well as for cargo losses, and such self-insurance is not subject to any maximum limitation. We extend insurance coverage to our independent affiliates and independent owner-operators for (i) motor vehicle related bodily injury, (ii) motor vehicle related property damage, and (iii) cargo loss and damage. Under this extended coverage, independent affiliates and independent owner-operators are responsible for only a small portion of the applicable deductibles. In addition, even where we have insurance, our insurance policies may not provide coverage for certain claims against us or may not be sufficient to cover all possible liabilities. As of December 31, 2014, we had $19.0 million in an outstanding letter of credit to our insurance company to guarantee the self-insurance portion of our liability. If we fail to meet certain terms of our agreement, the insurance company may draw down the letter of credit. In developing liability reserves, we rely on insurance company estimates, the judgment of our own licensed claims adjusters, and independent professional actuaries and attorneys. The most significant assumptions used in the estimation process include determining the trends in loss costs, the expected consistency in the frequency and severity of claims incurred but not yet reported to prior-year claims, and expected costs to settle unpaid claims. Management believes reserves are reasonable given known information, but as each case develops, estimates may change to reflect the effect of new information. | |||||||||||||
Foreign Currency Translation | |||||||||||||
The translation from Canadian dollars to U.S. dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted-average exchange rate in effect during the period. The gains or losses, net of income taxes, resulting from such translation are included in our Consolidated Statements of Shareholders’ Deficit as a component of accumulated other comprehensive loss. Gains or losses from foreign currency transactions are included in our Consolidated Statements of Operations as a component of other expense. | |||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||
The components of accumulated other comprehensive loss are as follows as of December 31 (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Unrecognized loss and prior service costs | $ | 30,174 | $ | 26,416 | |||||||||
Foreign currency translation adjustment | 831 | 1,061 | |||||||||||
$ | 31,005 | $ | 27,477 | ||||||||||
Revenue Recognition | |||||||||||||
Transportation revenue, including fuel surcharges and related costs, is recognized on the date freight is delivered. Service revenue consists primarily of rental revenues (primarily tractor and trailer rental), intermodal and depot revenues, disposal well services revenues and insurance-related administrative services revenues. Rental revenues from independent affiliates, independent owner-operators and third parties are recognized ratably over the lease period. Intermodal and depot revenues, consisting primarily of repair and storage services, are recognized when the services are rendered. Disposal well services revenues are recognized when the services are rendered. Insurance-related administrative services revenues are recorded ratably over the service period. We recognize all revenues on a gross basis as the principal and primary obligor with risk of loss in relation to our responsibility for completion of services as contracted with our customers. | |||||||||||||
Service Revenue | |||||||||||||
The components of service revenue are as follows for the year ended December 31 (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Rental revenue | $ | 59,891 | $ | 56,249 | $ | 53,044 | |||||||
Intermodal and depot revenues | 54,846 | 50,489 | 45,008 | ||||||||||
Other revenue | 21,915 | 23,027 | 23,049 | ||||||||||
$ | 136,652 | $ | 129,765 | $ | 121,101 | ||||||||
Share-Based Compensation | |||||||||||||
Under FASB guidance, we apply the Black-Scholes valuation model in determining the fair value of share-based payments to employees and directors. The resulting compensation expense is recognized over the requisite service period, which is generally the option vesting term of two to four years. Please refer to Note 19 for further discussion regarding stock-based compensation. | |||||||||||||
Leased Assets | |||||||||||||
We have both capital and operating leases. The initial leases for most of our tractors and trailers have terms that range from four to six years. Some leases require us to pay the lessor a minimum residual amount at the end of the lease. For operating leases, we accrue this residual by recording a prepaid rent amount and amortizing a monthly amount as rental expense and also record a liability that is increased every year by recognizing interest expense. This residual amount is recorded in the balance sheet category “Other non-current liabilities.” For capital leases, the residual is included as part of the cost of the capitalized leased asset. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Net Income (Loss) Per Common Share | |||||||||||||
Basic net income (loss) per common share is calculated based on the weighted-average common shares outstanding during each period. Diluted income (loss) per common share includes the dilutive effect, if any, of common equivalent shares outstanding during each period. | |||||||||||||
New Accounting Pronouncements | |||||||||||||
In February 2015, the Financial Accounting Standards Board (“FASB”) issued guidance to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). 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 January 2015, the FASB issued an update to authoritative guidance to remove the concept of extraordinary items from U.S. GAAP. Therefore, events or transactions that are of an unusual nature and occur infrequently will no longer be allowed to be separately disclosed, net of tax, in the income statement after income from continuing operations. The standard is effective for the company beginning January 1, 2016. The company does not expect a significant impact from the adoption of this guidance. | |||||||||||||
In August 2014, the FASB issued an update to authoritative guidance related to disclosure of uncertainties about an entity’s ability to continue as a going concern. The amendments in this update require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The guidance is effective for annual periods ending December 31, 2016 and early adoption is permitted. The Company does not expect this guidance to have a material impact on our consolidated financial statements. | |||||||||||||
In June 2014, the 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 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. |
VARIABLE_INTEREST_ENTITIES
VARIABLE INTEREST ENTITIES | 12 Months Ended |
Dec. 31, 2014 | |
VARIABLE INTEREST ENTITIES | 3. VARIABLE INTEREST ENTITIES |
At December 31, 2014 and 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 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 $3.9 million and $3.2 million at December 31, 2014 and 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 | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | 4. 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 December 31, 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”) | $ | 180,000 | $ | 189,000 | |||||
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. | |||||||||
We used a third-party appraisal for the fair value of our intangible assets. Refer to Note 12 — Goodwill and Intangible Assets. |
INCOME_LOSS_PER_COMMON_SHARE
INCOME (LOSS) PER COMMON SHARE | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
INCOME (LOSS) PER COMMON SHARE | 5. INCOME (LOSS) PER COMMON 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): | |||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||||
Net income | Shares | Per- | Net loss | Shares | Per- | Net income | Shares | Per- | |||||||||||||||||||||||||||||
(numerator) | (denominator) | share | (numerator) | (denominator) | share | (numerator) | (denominator) | share | |||||||||||||||||||||||||||||
amount | amount | amount | |||||||||||||||||||||||||||||||||||
Basic income (loss) available to common shareholders: | $ | 20,640 | 27,539 | $ | 0.75 | $ | (42,038 | ) | 26,560 | $ | (1.58 | ) | $ | 50,076 | 26,502 | $ | 1.89 | ||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||||||||||||||
Stock options | — | 371 | — | — | — | 566 | |||||||||||||||||||||||||||||||
Unvested restricted stock | — | 123 | — | — | — | 126 | |||||||||||||||||||||||||||||||
Unvested restricted stock units | — | 44 | — | — | — | — | |||||||||||||||||||||||||||||||
Stock warrants | — | — | — | — | — | 13 | |||||||||||||||||||||||||||||||
Diluted income (loss) available to common shareholders: | $ | 20,640 | 28,077 | $ | 0.74 | $ | (42,038 | ) | 26,560 | $ | (1.58 | ) | $ | 50,076 | 27,207 | $ | 1.84 | ||||||||||||||||||||
The effect of our stock options, restricted stock, restricted stock units and stock warrants which represent the shares shown in the table above are included in the computation of diluted earnings per share for each year. There is no effect of our stock options, restricted stock and stock warrants in the computation of diluted earnings per share for the year ended December 31, 2013 due to a net loss in the period. | |||||||||||||||||||||||||||||||||||||
The following securities were not included in the calculation of diluted income (loss) per share because such inclusion would be anti-dilutive (in thousands): | |||||||||||||||||||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Stock options | 690 | 1,625 | 1,686 | ||||||||||||||||||||||||||||||||||
Restricted stock units | 521 | — | — | ||||||||||||||||||||||||||||||||||
Restricted stock | 71 | 245 | 119 | ||||||||||||||||||||||||||||||||||
Warrants | — | 1 | 1 |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2014 | |
ACQUISITIONS | 6. ACQUISITIONS |
On November 7, 2014, we acquired certain portions of the business of and certain operating assets of one of our independent affiliates for a purchase price of $6.5 million. Of the total $6.5 million, we allocated $4.9 million to property and equipment and $1.6 million to goodwill. This purchase price allocation is preliminary and subject to change. The business acquired from this independent affiliate consisted of four terminals operating within the energy logistics segment. Concurrent with the purchase, these four terminals were transitioned to other existing independent affiliates. | |
During 2013, we did not complete any acquisitions or dispositions of businesses or independent affiliates. |
SELECTED_QUARTERLY_FINANCIAL_D
SELECTED QUARTERLY FINANCIAL DATA | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA | 7. SELECTED QUARTERLY FINANCIAL DATA (Unaudited) (In thousands, except per share data) | ||||||||||||||||
Quarter Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
2014 | |||||||||||||||||
Operating revenues | $ | 234,487 | $ | 255,599 | $ | 258,490 | $ | 243,182 | |||||||||
Operating income | 12,102 | 14,872 | 13,490 | 10,766 | |||||||||||||
Net income | 3,073 | 11,369 | 3,574 | 2,624 | |||||||||||||
Net income per share—basic | 0.11 | 0.41 | 0.13 | 0.09 | |||||||||||||
Net income per share—diluted | 0.11 | 0.41 | 0.13 | 0.09 | |||||||||||||
2013 | |||||||||||||||||
Operating revenues | $ | 229,422 | $ | 239,296 | $ | 235,671 | $ | 225,421 | |||||||||
Operating income (loss) | 15,444 | (41,683 | ) | 11,617 | (28,142 | ) | |||||||||||
Net income(loss) | 9,144 | (31,147 | ) | 2,763 | (22,798 | ) | |||||||||||
Net income (loss) per share—basic | 0.34 | (1.18 | ) | 0.1 | (0.85 | ) | |||||||||||
Net income (loss) per share—diluted | 0.34 | (1.18 | ) | 0.1 | (0.85 | ) | |||||||||||
In 2014, we incurred $1.2 million of costs related to the partial redemption of our 2018 Notes, $0.3 million of severance, $0.2 million of costs associated with the termination of an independent affiliate, $9.8 million of energy reorganization costs, offset by a gain of $4.2 million on the extinguishment of debt. | |||||||||||||||||
In 2013, we recorded $91.3 million of impairment charges related to goodwill and intangibles in our energy logistics segment of which $55.7 million was recorded in the second quarter of 2013 and $35.6 million was recorded in the fourth quarter of 2013. In 2013, we also incurred $1.2 million of costs related to the partial redemption of our 2018 Notes, $0.7 million of severance, $1.4 million of excess claims settlement expenses, $0.4 million of costs associated with the termination of an independent affiliate, $9.3 million of energy reorganization costs, $0.5 million of equity offering costs, offset by an acquisition earnout benefit of $6.8 million and net gain on the disposition of property of $2.5 million. |
SEGMENT_REPORTING
SEGMENT REPORTING | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
SEGMENT REPORTING | 8. 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 with 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, safety, accounting, tax, stock-based compensation, pension, environmental and other corporate headquarters costs. Segment results for the 2013 and 2012 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 28 independent affiliates, and equipment rental income; | ||||||||||||||||||||
• | Energy Logistics, which consists primarily of the transportation of crude oil, disposal water and fresh water for the unconventional oil and gas (“UCO&G”) market, through our network that includes one company-operated terminal 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 for the years ended December 31 follow (in thousands): | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Chemical | Energy | Intermodal | Shared Services | Total | |||||||||||||||||
Logistics | Logistics | ||||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Transportation | $ | 483,272 | $ | 154,282 | $ | 79,941 | $ | — | $ | 717,495 | |||||||||||
Service revenue | 71,803 | 8,867 | 54,846 | 1,136 | 136,652 | ||||||||||||||||
Fuel surcharge | 113,348 | 4,333 | 19,930 | — | 137,611 | ||||||||||||||||
Total operating revenues | 668,423 | 167,482 | 154,717 | 1,136 | 991,758 | ||||||||||||||||
Segment operating income (loss) | 79,905 | 9,044 | 25,785 | (44,468 | ) | 70,266 | |||||||||||||||
Depreciation and amortization | 9,654 | 8,351 | 3,349 | 263 | 21,617 | ||||||||||||||||
(Gain) loss on disposal of property and equipment | (4,791 | ) | 3,035 | (35 | ) | (790 | ) | (2,581 | ) | ||||||||||||
Operating income (loss) | 75,042 | (2,342 | ) | 22,471 | (43,941 | ) | 51,230 | ||||||||||||||
Interest expense | 8,313 | 14,160 | 6,051 | 38 | 28,562 | ||||||||||||||||
Interest income | (474 | ) | (22 | ) | — | — | (496 | ) | |||||||||||||
Other (income) expense | (1,354 | ) | — | 1,210 | (3,741 | ) | (3,885 | ) | |||||||||||||
Income (loss) before income taxes | $ | 68,557 | $ | (16,480 | ) | $ | 15,210 | $ | (40,238 | ) | $ | 27,049 | |||||||||
31-Dec-13 | |||||||||||||||||||||
Chemical | Energy | Intermodal | Shared | Total | |||||||||||||||||
Logistics | Logistics | Services | |||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Transportation | $ | 442,164 | $ | 160,614 | $ | 72,316 | $ | — | $ | 675,094 | |||||||||||
Service revenue | 68,029 | 10,617 | 50,489 | 630 | 129,765 | ||||||||||||||||
Fuel surcharge | 106,845 | 273 | 17,833 | — | 124,951 | ||||||||||||||||
Total operating revenues | 617,038 | 171,504 | 140,638 | 630 | 929,810 | ||||||||||||||||
Segment operating income (loss) | 80,146 | 10,634 | 23,174 | (41,751 | ) | 72,203 | |||||||||||||||
Depreciation and amortization | 11,147 | 11,173 | 3,322 | 479 | 26,121 | ||||||||||||||||
Impairment charges (1) | — | 91,296 | — | — | 91,296 | ||||||||||||||||
(Gain) loss on disposal of property and equipment | (4,234 | ) | 4,809 | (161 | ) | (2,864 | ) | (2,450 | ) | ||||||||||||
Operating income (loss) | 73,233 | (96,644 | ) | 20,013 | (39,366 | ) | (42,764 | ) | |||||||||||||
Interest expense | 9,060 | 15,960 | 6,043 | 84 | 31,147 | ||||||||||||||||
Interest income | (846 | ) | (9 | ) | — | — | (855 | ) | |||||||||||||
Other expense (income) | 65 | (6,800 | ) | — | — | (6,735 | ) | ||||||||||||||
Income (loss) before income taxes | $ | 64,954 | $ | (105,795 | ) | $ | 13,970 | $ | (39,450 | ) | $ | (66,321 | ) | ||||||||
31-Dec-12 | |||||||||||||||||||||
Chemical | Energy | Intermodal | Shared | Total | |||||||||||||||||
Logistics | Logistics | Services | |||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Transportation | $ | 423,077 | $ | 105,679 | $ | 68,650 | $ | — | $ | 597,406 | |||||||||||
Service revenue | 67,097 | 8,461 | 45,008 | 535 | 121,101 | ||||||||||||||||
Fuel surcharge | 105,767 | 926 | 16,918 | — | 123,611 | ||||||||||||||||
Total operating revenues | 595,941 | 115,066 | 130,576 | 535 | 842,118 | ||||||||||||||||
Segment operating income (loss) | 83,069 | 12,177 | 19,259 | (45,260 | ) | 69,245 | |||||||||||||||
Depreciation and amortization | 10,803 | 6,310 | 3,487 | 490 | 21,090 | ||||||||||||||||
(Gain) loss on disposal of property and equipment | (1,327 | ) | 391 | (52 | ) | — | (988 | ) | |||||||||||||
Operating income (loss) | 73,593 | 5,476 | 15,824 | (45,750 | ) | 49,143 | |||||||||||||||
Interest expense | 16,322 | 7,731 | 6,036 | — | 30,089 | ||||||||||||||||
Interest income | (831 | ) | — | — | — | (831 | ) | ||||||||||||||
Other (income) expense | (1,248 | ) | (2,733 | ) | 1,117 | — | (2,864 | ) | |||||||||||||
Income (loss) before income taxes | $ | 59,350 | $ | 478 | $ | 8,671 | $ | (45,750 | ) | $ | 22,749 | ||||||||||
-1 | Includes impairment charges of $72.8 million of goodwill and $18.5 million of intangible assets related to our energy logistics segment. |
GEOGRAPHIC_INFORMATION
GEOGRAPHIC INFORMATION | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
GEOGRAPHIC INFORMATION | 9. GEOGRAPHIC INFORMATION | ||||||||||||
Our operations are located primarily in the United States, Canada, and Mexico. Inter-area sales are not significant to the total revenue of any geographic area. Information about our operations in different geographic areas for the years ended December 31 is as follows (in thousands): | |||||||||||||
2014 | |||||||||||||
U.S. | International | Consolidated | |||||||||||
Total operating revenues | $ | 951,555 | $ | 40,203 | $ | 991,758 | |||||||
Operating income | 45,208 | 6,022 | 51,230 | ||||||||||
Long-term identifiable assets (1) | 152,716 | 3,533 | 156,249 | ||||||||||
2013 | |||||||||||||
U.S. | International | Consolidated | |||||||||||
Total operating revenues | $ | 891,589 | $ | 38,221 | $ | 929,810 | |||||||
Operating (loss) income | (49,730 | ) | 6,966 | (42,764 | ) | ||||||||
Long-term identifiable assets (1) | 166,394 | 3,720 | 170,114 | ||||||||||
2012 | |||||||||||||
U.S. | International | Consolidated | |||||||||||
Total operating revenues | $ | 802,715 | $ | 39,403 | $ | 842,118 | |||||||
Operating income | 42,346 | 6,797 | 49,143 | ||||||||||
Long-term identifiable assets (1) | 184,510 | 5,832 | 190,342 | ||||||||||
-1 | Includes property and equipment. |
ACCOUNTS_RECEIVABLE_NET
ACCOUNTS RECEIVABLE, NET | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
ACCOUNTS RECEIVABLE, NET | 10. ACCOUNTS RECEIVABLE, NET | ||||||||||||
Accounts receivable, net consisted of the following at December 31 (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Trade accounts receivable | $ | 125,906 | $ | 111,609 | |||||||||
Independent affiliate and independent owner-operator receivables | 8,929 | 7,483 | |||||||||||
Other receivables | 4,417 | 2,592 | |||||||||||
139,252 | 121,684 | ||||||||||||
Less allowance for doubtful accounts | (2,462 | ) | (752 | ) | |||||||||
$ | 136,790 | $ | 120,932 | ||||||||||
The activity in the allowance for doubtful accounts for the years ended December 31 is as follows (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance, beginning of period | $ | (752 | ) | $ | (706 | ) | $ | (674 | ) | ||||
Adjustment to bad debt expense | (1,217 | ) | 657 | (120 | ) | ||||||||
Write-offs, net of recoveries | (493 | ) | (703 | ) | 88 | ||||||||
Balance, end of period | $ | (2,462 | ) | $ | (752 | ) | $ | (706 | ) | ||||
PROPERTY_AND_EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
PROPERTY AND EQUIPMENT | 11. PROPERTY AND EQUIPMENT | ||||||||
Property and equipment consisted of the following at December 31 (in thousands): | |||||||||
2014 | 2013 | ||||||||
Land and improvements | $ | 13,492 | $ | 14,077 | |||||
Buildings and improvements | 29,160 | 28,875 | |||||||
Revenue equipment | 216,297 | 224,319 | |||||||
Other equipment and disposal wells | 36,284 | 42,435 | |||||||
Total property and equipment | 295,233 | 309,706 | |||||||
Accumulated depreciation | (138,984 | ) | (139,592 | ) | |||||
Property and equipment, net | $ | 156,249 | $ | 170,114 | |||||
Depreciation expense was $20.2 million, $22.1 million and $17.8 million for the years ending December 31, 2014, 2013 and 2012, respectively. At December 31, 2014 and 2013, we had $1.4 million and $7.5 million of capitalized cost, respectively, and $0.7 million and $1.2 million of accumulated depreciation of equipment under capital leases, respectively, included in revenue equipment in the above schedule. |
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | 12. GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
In 2014, we performed our annual impairment test in the second quarter for the intermodal and chemical logistics reporting units. For our intermodal and chemical logistics reporting units, we qualitatively assessed whether it was more likely than not that the respective fair value of these reporting units was less than the carrying amount. We determined that an impairment in either of our intermodal or chemical logistics reporting units was not likely; thus, we did not perform quantitative analyses. | |||||||||||||||||||||||||
In 2013, we performed our annual impairment test in the second quarter for all reporting units. For our chemical logistics reporting unit, 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, including goodwill. We determined that an impairment in our chemical logistics reporting unit was not likely and did not perform a quantitative analysis. For the intermodal and energy logistics reporting units, we proceeded directly to the two-step quantitative impairment test. The intermodal reporting unit had goodwill of approximately $31.4 million as of June 30, 2013, and the energy logistics reporting unit had goodwill of approximately $71.3 million as of June 30, 2013. Based on the second step of the quantitative impairment test, we concluded that the implied fair value of goodwill for the intermodal reporting unit substantially exceeded its carrying value and there was no impairment. For the energy logistics reporting unit, we concluded that the implied fair value of goodwill was less than its carrying amount, resulting in an impairment of goodwill of approximately $55.2 million recorded for the three-month period ending June 30, 2013. The remaining goodwill of the energy logistics reporting unit after the second quarter impairment was approximately $17.6 million. | |||||||||||||||||||||||||
In the fourth quarter of fiscal 2013, we identified triggering events in our energy logistics reporting unit, which were the combination of the continued challenging market conditions, the recent financial performance, and decreases in the projected results as compared to prior periods, requiring an interim impairment test of goodwill. The decrease in financial performance and projected results was mainly due to poor performance and increased reorganizational costs. Based on the second step of the impairment test, we concluded that the implied fair value of goodwill for the energy logistics reporting unit was less than its carrying amount, resulting in an impairment of goodwill of approximately $17.6 million for the three-month period ending December 31, 2013. There was no remaining goodwill for the energy logistics reporting unit at December 31, 2013, after the fourth quarter of 2013 impairment charge. | |||||||||||||||||||||||||
Goodwill within our reporting units and the related changes for the year ended December 31, 2014 were as follows (in thousands): | |||||||||||||||||||||||||
December 31, | Additions (1) | December 31, | |||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||
Intermodal | $ | 31,410 | $ | — | $ | 31,410 | |||||||||||||||||||
Chemical Logistics | 1,545 | — | 1,545 | ||||||||||||||||||||||
Energy Logistics | — | 1,941 | 1,941 | ||||||||||||||||||||||
Total | $ | 32,955 | $ | 1,941 | $ | 34,896 | |||||||||||||||||||
-1 | Additions due to business assets acquired from an independent affiliate. | ||||||||||||||||||||||||
Goodwill within our reporting units and the related changes for the year ended December 31, 2013 were as follows (in thousands): | |||||||||||||||||||||||||
December 31, | Purchase Price | Impairment | December 31, | ||||||||||||||||||||||
2012 | Adjustment | 2013 | |||||||||||||||||||||||
Energy Logistics (1) | $ | 71,339 | $ | 1,430 | $ | (72,769 | ) | $ | — | ||||||||||||||||
Intermodal | 31,410 | — | — | 31,410 | |||||||||||||||||||||
Chemical Logistics | 1,545 | — | — | 1,545 | |||||||||||||||||||||
Total | $ | 104,294 | $ | 1,430 | $ | (72,769 | ) | $ | 32,955 | ||||||||||||||||
-1 | Measurement period adjustment for the Dunn’s acquisition as the Company finalized its valuation which reduced fixed assets and increased goodwill. | ||||||||||||||||||||||||
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 with a measurement date of June 30 for the indefinite-lived intangible assets related to a tradename in the intermodal reporting unit. We conducted our analysis under the revised intangibles – goodwill and other impairment rules. 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 December 31, 2014. | |||||||||||||||||||||||||
The Company tests intangible assets for impairment when certain triggering events or circumstances indicate that their carrying value may be impaired. Triggering events are assessed on an intangible by intangible basis and, if identified, the specific asset or assets are valued and compared to their carrying value. If the carrying value exceeds the projected discounted cash flows attributed to the indefinite-lived intangible assets, the carrying value is no longer considered recoverable and the Company will record an impairment charge. The non-compete agreements are continually monitored to ensure they remain in full force and effect. The customer relationships are valued using the income approach, specifically the excess earnings method. There were no indicators that a triggering event had occurred as of the quarter ending December 31, 2014. | |||||||||||||||||||||||||
Intangible assets at December 31, 2014 are as follows (in thousands): | |||||||||||||||||||||||||
Gross Book | 2014 | Accumulated | Net Book | Average | |||||||||||||||||||||
Value | Additions (1) | Amortization | Value | Lives | |||||||||||||||||||||
(in years) | |||||||||||||||||||||||||
Tradename—Intermodal | $ | 7,400 | $ | — | $ | — | $ | 7,400 | Indefinite | ||||||||||||||||
Customer relationships—Intermodal, Energy Logistics and Chemical Logistics | 14,260 | 668 | (7,573 | ) | 7,355 | 12-Oct | |||||||||||||||||||
Non-compete agreements—Intermodal and Energy Logistics | 1,620 | — | (987 | ) | 633 | 6-Mar | |||||||||||||||||||
$ | 23,280 | $ | 668 | $ | (8,560 | ) | $ | 15,388 | |||||||||||||||||
-1 | Additions relate to the onboarding of two new independent affiliates. | ||||||||||||||||||||||||
Of the net book value of intangibles of approximately $15.4 million at December 31, 2014, $14.1 million was allocated to our intermodal reporting unit, $0.7 million was allocated to our energy logistics reporting unit and $0.6 million was allocated to our chemical 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 | |||||||||||||||||||||
(in years) | |||||||||||||||||||||||||
Tradename—Intermodal | $ | 7,400 | $ | — | $ | — | $ | — | $ | 7,400 | Indefinite | ||||||||||||||
Tradename—Energy Logistics | 1,100 | — | (521 | ) | (579 | ) | — | — | |||||||||||||||||
Customer relationships | 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 relate to the onboarding 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 years ended December 31, 2014, 2013, and 2012 was $1.4 million, $4.0 million and $3.3 million, respectively. Estimated amortization expense for intangible assets is as follows (in thousands): | |||||||||||||||||||||||||
2015 | $ | 1,485 | |||||||||||||||||||||||
2016 | 1,480 | ||||||||||||||||||||||||
2017 | 1,404 | ||||||||||||||||||||||||
2018 | 1,285 | ||||||||||||||||||||||||
2019 | 1,337 | ||||||||||||||||||||||||
Thereafter | 997 | ||||||||||||||||||||||||
Total | $ | 7,988 | |||||||||||||||||||||||
ACCOUNTS_PAYABLE_AND_ACCRUED_E
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 13. ACCOUNTS PAYABLE AND ACCRUED EXPENSES | ||||||||
Accrued expenses include the following at December 31 (in thousands): | |||||||||
2014 | 2013 | ||||||||
Lease residual guarantees | $ | 11,250 | $ | 8,183 | |||||
Salaries, wages and benefits | 7,389 | 5,440 | |||||||
Interest | 3,512 | 3,892 | |||||||
Claims and deposits | 3,862 | 2,396 | |||||||
Taxes | 1,071 | 1,286 | |||||||
Other | 5,533 | 9,383 | |||||||
$ | 32,617 | $ | 30,580 | ||||||
Accounts payable includes $4.7 million and $1.7 million of bank overdrafts at December 31, 2014 and 2013, respectively. |
LONGTERM_INDEBTEDNESS
LONG-TERM INDEBTEDNESS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
LONG-TERM INDEBTEDNESS | 14. LONG-TERM INDEBTEDNESS | ||||||||||||||||||||||||
Long-term debt consisted of the following at December 31 (in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Capital lease obligations | $ | 516 | $ | 4,883 | |||||||||||||||||||||
ABL Facility | 151,000 | 136,000 | |||||||||||||||||||||||
Term Loan | 17,500 | 17,500 | |||||||||||||||||||||||
9.875% Second-Priority Senior Secured Notes, due 2018 | 180,000 | 202,500 | |||||||||||||||||||||||
5% Subordinated Acquisition Notes | — | 19,170 | |||||||||||||||||||||||
Other notes | 2,966 | 4,209 | |||||||||||||||||||||||
Long-term debt, including current maturities | 351,982 | 384,262 | |||||||||||||||||||||||
Discount on notes | (687 | ) | (957 | ) | |||||||||||||||||||||
Total indebtedness (including capital lease obligations) | 351,295 | 383,305 | |||||||||||||||||||||||
Less current maturities of long-term debt (including capital lease obligations) | (3,033 | ) | (10,580 | ) | |||||||||||||||||||||
Long-term debt, less current maturities (including capital lease obligations) | $ | 348,262 | $ | 372,725 | |||||||||||||||||||||
Amended and Restated ABL Facility and Term Loan | |||||||||||||||||||||||||
On November 3, 2014, the ABL Facility and the Term Loan were amended and restated. Total borrowing capacity under the ABL Facility and the Term Loan remain at $350.0 million and $17.5 million, respectively. Obligations under the Term Loan will mature on the earlier of November 2017 and the maturity of obligations under the ABL Facility. Obligations under the ABL Facility mature on the earlier of November 2019 and the date that is 91 days prior to the maturity of the Company’s 2018 Notes or replacement notes if the amount of the debt is above a certain threshold. Borrowing availability under the ABL Facility was expanded to include additional eligible accounts receivable, and the credit spreads under both the ABL Facility and the Term Loan were reduced. | |||||||||||||||||||||||||
Accounting Treatment for Amended and Restated ABL Facility and Term Loan | |||||||||||||||||||||||||
The amendment and restatement of the ABL Facility was treated as a debt modification in accordance with FASB guidance. Under applicable FASB guidance, we compared the product of the remaining term multiplied by the maximum borrowing capacity of our previous ABL Facility to the maximum borrowing capacity of the new arrangement on a creditor-by-creditor basis to determine the accounting treatment. For each creditor, if the borrowing capacity of the new arrangement is greater than or equal to the maximum borrowing capacity of the old arrangement, then the exchange of arrangements is classified as a modification, and, if not, the exchange is classified as an extinguishment in proportion to the percentage of the decrease. If the exchange is classified as a modification, then any unamortized debt issuance costs relating to our previous ABL Facility are allocated to the amended and restated ABL Facility and amortized over the term of the amended and restated ABL Facility using the effective interest method. Furthermore, if the exchange is classified as an extinguishment, then any unamortized debt issuance costs relating to our previous ABL Facility would be written off in proportion to the decrease in maximum borrowing capacity of the amended and restated ABL Facility. Upon the amendment and restatement of the ABL Facility, the remaining unamortized debt issuance costs and new debt issuance costs of $1.9 million will be amortized over the term of the amended and restated ABL Facility. | |||||||||||||||||||||||||
Revolving Credit Facility | |||||||||||||||||||||||||
Our ABL Facility provides for a revolving credit facility that had a maturity of August 2018 as of December 31, 2014. The ABL Facility includes borrowing capacity of up to $150.0 million for letters of credit and up to $30.0 million for swingline borrowings on same-day notice. The ABL Facility is available for working capital needs and general corporate purposes, including permitted acquisitions. At December 31, 2014, we had $62.0 million of borrowing availability under the ABL Facility. | |||||||||||||||||||||||||
Borrowings under the revolving credit facility bear interest at a rate equal to an applicable margin plus, at our option, either a base rate or LIBOR. The applicable margin at December 31, 2014 was 1.00% for base rate borrowings and 2.00% for LIBOR borrowings. The applicable margin for borrowings will be reduced or increased based on aggregate borrowing base availability under the ABL Facility and may be further reduced in the event that our aggregate borrowing base availability and our fixed charge coverage ratio as calculated under the ABL Facility exceed a target level. The base rate is equal to the highest of the prime rate, the federal funds overnight rate plus 0.50% and 30-day LIBOR plus 1.00%. In addition to paying interest on outstanding principal under the ABL Facility, we are required to pay an unutilized commitment fee to the lenders quarterly at a rate ranging from 0.25% to 0.375%, depending on the average utilization of the ABL Facility. We also pay customary letter of credit fees quarterly. We may voluntarily repay outstanding borrowings under the revolving credit facility of the ABL Facility at any time without premium or penalty, other than customary “breakage” costs with respect to LIBOR loans. The interest rate on borrowings under the revolving credit facility at December 31, 2014 and December 31, 2013 was 2.2% in both periods. | |||||||||||||||||||||||||
The borrowing base for the ABL Facility consists of eligible accounts receivable, inventory, tractor and trailer equipment, real property and certain other equipment. | |||||||||||||||||||||||||
We recorded $6.9 million in debt issuance costs relating to the ABL Facility. We are amortizing the debt issuance costs over the remaining term of the ABL Facility. The September 2012 amendment to our ABL Facility was treated as a modification under FASB guidance. | |||||||||||||||||||||||||
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 which was fully funded on July 15, 2013. Borrowings under the Term Loan bear interest at a rate equal to an applicable margin plus, at our option, either a base rate or LIBOR. The applicable margin at December 31, 2014 was 2.00% for base rate borrowings and 3.00% for LIBOR borrowings, with a potential step-down of 0.25% after 3 months from inception if a senior secured leverage ratio is met. As of December 31, 2014, obligations under the Term Loan mature November 2017. Following the amendment and restatement of our Term Loan in November 2014, we are subject to mandatory repayment of the principal amount of the Term Loan in equal quarterly payments beginning no earlier than the 12-month anniversary of the amendment and restatement and no later than the 24-month anniversary of the amendment and restatement. As of December 31, 2014, we estimated that repayments would begin in the second quarter of 2016. 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 December 31, 2014, the balance of the Term Loan was $17.5 million. The interest rate on borrowings under the Term Loan at December 31, 2014 and December 31, 2013, was 3.2% and 3.7%, respectively. | |||||||||||||||||||||||||
We recorded $0.6 million in debt issuance costs relating to the Term Loan, and we are amortizing the debt issuance costs over the term of the Term Loan. | |||||||||||||||||||||||||
9.875% Second-Priority Senior Secured Notes Due 2018 | |||||||||||||||||||||||||
On November 3, 2010, we issued $225.0 million aggregate principal amount of the 2018 Notes. With the proceeds of the issuance of the 2018 Notes, we repaid and redeemed certain of our previously outstanding notes and paid down a portion of our outstanding borrowings under the previous ABL Facility. We recorded $6.0 million in debt issuance costs relating to the 2018 Notes, of which $5.8 million was related to the new issuance and $0.2 million of unamortized debt issuance costs related to our 10% Senior Notes due 2013 which are no longer outstanding. We are amortizing these costs over the term of the 2018 Notes. | |||||||||||||||||||||||||
Interest on the 2018 Notes is payable at a rate of 9.875% per annum, semiannually on May 1 and November 1 of each year. The payment obligations of Quality Distribution, LLC (“QD LLC”) and QD Capital Corporation (“QD Capital”) under the 2018 Notes are guaranteed by QDI and by all of its 100%-owned domestic subsidiaries other than immaterial subsidiaries. The 2018 Notes are senior obligations of QD LLC and QD Capital and are secured by a second-priority lien on certain assets. 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. | |||||||||||||||||||||||||
The 2018 Notes mature on November 1, 2018. Since November 1, 2014, we may redeem the 2018 Notes, in whole or in part, at the following prices (expressed as a percentage of principal amount), plus accrued and unpaid interest to the redemption date, if redeemed during the 12-month period commencing on November 1 of the years set forth below: | |||||||||||||||||||||||||
Period | Redemption | ||||||||||||||||||||||||
Price | |||||||||||||||||||||||||
2014 | 104.938 | % | |||||||||||||||||||||||
2015 | 102.469 | % | |||||||||||||||||||||||
2016 and thereafter | 100 | % | |||||||||||||||||||||||
Prior to November 1, 2014, redemption of the 2018 Notes was permitted, in whole or in part, at a price equal to 100% of the principal amount of the 2018 Notes redeemed, plus accrued and unpaid interest to the redemption date, plus an additional “make-whole premium” intended to capture the value of holding the 2018 Notes through November 1, 2014, but not less than 1%. During any twelve-month period prior to November 1, 2014, redemption was permitted up to 10% of the original aggregate principal amount of the 2018 Notes at a redemption price of 103%, plus accrued and unpaid interest to the redemption date. | |||||||||||||||||||||||||
On July 15, 2013, we redeemed a portion of our 2018 Notes in the aggregate principal amount of $22.5 million for a redemption price equal to 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. On July 16, 2014, we redeemed another portion of the 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. In the third quarters of 2014 and 2013, $0.4 million and $0.5 million, respectively, of unamortized debt issuance costs related to these redemptions were written off. | |||||||||||||||||||||||||
On January 15, 2015, we redeemed another portion of the 2018 Notes in the aggregate principal amount of $10.0 million. The redemption price for these 2018 Notes equaled 100% of the aggregate principal amount of $10.0 million, plus accrued but unpaid interest up to the redemption date, plus a 4.9% premium of $0.5 million. In the first quarter of 2015, $0.2 million of unamortized debt issuance costs related to this redemption will be written off. | |||||||||||||||||||||||||
5% Subordinated Acquisition Notes | |||||||||||||||||||||||||
As part of the consideration we paid for a 2012 acquisition, we issued 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, had a maturity date of June 1, 2017 and were unsecured and subordinated. 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 a cash payment of $15.0 million. As a result of this transaction, we recognized a gain on extinguishment of debt of $4.2 million for 2014. The cash payment on the Acquisition Notes was funded with proceeds from borrowings under our ABL Facility and cash on hand. | |||||||||||||||||||||||||
Collateral, Guarantees and Covenants | |||||||||||||||||||||||||
The ABL Facility contains a fixed charge coverage ratio which only needs to be met if borrowing availability is less than the greater of $20.0 million and 10% of our borrowing base. The ABL Facility contains a number of covenants that, among other things, restrict, subject to certain exceptions: (i) our ability to sell assets; (ii) incur additional indebtedness; (iii) prepay other indebtedness, including the 2018 Notes; (iv) pay dividends and distributions or repurchase QDI’s capital stock; (v) create liens on assets; (vi) make investments; (vii) make certain acquisitions; (viii) engage in mergers or consolidations; (ix) engage in certain transactions with affiliates; (x) amend certain charter documents and material agreements governing subordinated indebtedness, including the 2018 Notes; (xi) change our business; and (xii) enter into agreements that restrict dividends from QD LLC’s subsidiaries. The ABL Facility also contains certain customary affirmative covenants and events of default. | |||||||||||||||||||||||||
The indenture governing the 2018 Notes contains covenants that restrict, subject to certain exceptions, our ability to, among other things: (i) incur additional debt or issue certain preferred shares; (ii) pay dividends on or make other distributions in respect of QDI’s common stock or make other restricted payments; (iii) make certain investments; (iv) sell certain assets; (v) create or permit to exist dividend and/or payment restrictions affecting restricted subsidiaries; (vi) create liens on certain assets to secure debt; (vii) consolidate, merge, sell or otherwise dispose of all or substantially all assets; (viii) enter into certain transactions with affiliates; and (ix) designate subsidiaries as unrestricted subsidiaries. The indenture also provides certain customary events of default, which, if any of them occurs, may result in the principal, interest and any other monetary obligations on the then outstanding 2018 Notes becoming payable immediately. | |||||||||||||||||||||||||
The payment obligations under the ABL Facility, including the Term Loan, are senior secured obligations of QD LLC and QD Capital and are secured by a first-priority lien on certain assets and guaranteed by QDI and by all of its domestic restricted subsidiaries other than immaterial subsidiaries. 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. The 2018 Notes, and the guarantees thereof, are senior obligations of QD LLC and QD Capital and are secured by a second-priority lien on certain assets. 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. We were in compliance with the covenants under the ABL Facility, including the Term Loan and the 2018 Notes, at December 31, 2014. | |||||||||||||||||||||||||
Debt Retirement | |||||||||||||||||||||||||
The following is a schedule of our total indebtedness outstanding at December 31, 2014 over the periods we are required to pay such indebtedness (in thousands): | |||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Total | ||||||||||||||||||||
Capital lease obligations | $ | 334 | $ | 106 | $ | 76 | $ | — | $ | — | $ | 516 | |||||||||||||
ABL Facility | — | — | — | 151,000 | — | 151,000 | |||||||||||||||||||
Term Loan (1) | — | 10,500 | 7,000 | — | — | 17,500 | |||||||||||||||||||
9.875% Second–Priority Senior Notes, due 2018 (2) | — | — | — | 180,000 | — | 180,000 | |||||||||||||||||||
Other Notes | 2,700 | 266 | — | — | — | 2,966 | |||||||||||||||||||
Total | $ | 3,034 | $ | 10,872 | $ | 7,076 | 331,000 | $ | — | $ | 351,982 | ||||||||||||||
-1 | Assumes repayment of the principal amount of the Term Loan in equal quarterly amounts beginning in the second quarter of 2016. | ||||||||||||||||||||||||
-2 | Amounts do not include the remaining unamortized original issue discount of $0.7 million related to the 2018 Notes. | ||||||||||||||||||||||||
The following is a schedule of our debt issuance costs included in “Other assets” in the Consolidated Balance Sheet (in thousands) for the year ended: | |||||||||||||||||||||||||
December 31, | Write-off | Additional | 2014 | December 31, | |||||||||||||||||||||
2013 | of | Debt | Amortization | 2014 | |||||||||||||||||||||
Issuance | Issuance | Expense | |||||||||||||||||||||||
Costs | Costs | ||||||||||||||||||||||||
ABL Facility | $ | 3,745 | $ | (54 | ) | $ | 4 | $ | (1,323 | ) | $ | 2,372 | |||||||||||||
Term Loan | 490 | — | — | (189 | ) | 301 | |||||||||||||||||||
Amendment and Restatement of ABL Facility | — | — | 1,957 | (62 | ) | 1,895 | |||||||||||||||||||
9.875% Second–Priority Senior Notes, due 2018 | 3,447 | (340 | ) | 652 | (677 | ) | 3,082 | ||||||||||||||||||
Total | $ | 7,682 | (394 | ) | $ | 2,613 | $ | (2,251 | ) | $ | 7,650 | ||||||||||||||
Amortization expense of debt issuance costs was approximately $2.3 million, $2.4 million and $2.1 million for the years ending December 31, 2014, 2013, and 2012, respectively, and is included in interest expense. Write-offs of debt issuance costs in connection with debt retirement are reported separately as “Write-off of debt issuance costs” and were $0.4 million and $0.5 million for the years ending December 31, 2014 and 2013, respectively. There was no write-off of debt issuance costs in 2012. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
INCOME TAXES | 15. INCOME TAXES | ||||||||||||
For financial reporting purposes, income (loss) before income taxes includes the following components for years ended December 31 (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Domestic | $ | 27,153 | $ | (67,437 | ) | $ | 21,853 | ||||||
Mexico | 153 | 1,281 | 851 | ||||||||||
Canada | (257 | ) | (165 | ) | 45 | ||||||||
Income (loss) before income taxes | $ | 27,049 | $ | (66,321 | ) | $ | 22,749 | ||||||
The components of the provision for (benefit from) income tax for the years ended December 31 are as follows (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current taxes: | |||||||||||||
Federal | $ | — | $ | (38 | ) | $ | (337 | ) | |||||
State | 215 | 1,216 | 516 | ||||||||||
Mexico | (86 | ) | 388 | 166 | |||||||||
Canada | 79 | 564 | 436 | ||||||||||
208 | 2,130 | 781 | |||||||||||
Deferred taxes: | |||||||||||||
Federal | 9,960 | (24,011 | ) | 7,038 | |||||||||
State | 745 | (2,648 | ) | 136 | |||||||||
10,705 | (26,659 | ) | 7,174 | ||||||||||
Valuation Allowance | |||||||||||||
Federal | (4,504 | ) | 246 | (32,586 | ) | ||||||||
State | — | — | (2,696 | ) | |||||||||
(4,504 | ) | 246 | (35,282 | ) | |||||||||
Provision for (benefit from) income taxes | $ | 6,409 | $ | (24,283 | ) | $ | (27,327 | ) | |||||
The net deferred tax asset (liability) consisted of the following at December 31 (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Environmental reserve | $ | 7,891 | $ | 7,936 | |||||||||
Tax credit carryforwards | 7,924 | 8,692 | |||||||||||
Self-insurance reserves | 7,536 | 7,527 | |||||||||||
Pension | 6,569 | 5,081 | |||||||||||
Net operating loss carryforwards | 19,245 | 27,381 | |||||||||||
Stock compensation | 2,285 | 2,762 | |||||||||||
Intangible basis differences | 24,232 | 26,965 | |||||||||||
Other | 5,488 | 4,909 | |||||||||||
81,170 | 91,253 | ||||||||||||
Less valuation allowance | — | (4,504 | ) | ||||||||||
$ | 81,170 | $ | 86,749 | ||||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment basis differences | (28,018 | ) | (29,628 | ) | |||||||||
Accrued interest and original issue discount | (2,208 | ) | (2,698 | ) | |||||||||
Depreciation of environmental costs | (2,669 | ) | (2,313 | ) | |||||||||
Net deferred tax asset | $ | 48,275 | $ | 52,110 | |||||||||
Comprised of: | |||||||||||||
Current deferred tax asset | $ | 29,333 | $ | 20,709 | |||||||||
Long-term deferred tax asset | 51,851 | 66,040 | |||||||||||
Long-term deferred tax liability | (32,909 | ) | (34,639 | ) | |||||||||
Net deferred tax asset | $ | 48,275 | $ | 52,110 | |||||||||
Our effective tax rate differs from the federal statutory rate. The reasons for those differences are as follows for the years ended December 31 (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Tax expense (benefit) at the statutory rate | $ | 9,467 | $ | (23,212 | ) | $ | 7,962 | ||||||
State income taxes, net of federal benefit | 1,120 | (2,054 | ) | 679 | |||||||||
Uncertain tax position adjustments | (474 | ) | 928 | 49 | |||||||||
Valuation allowance | (4,504 | ) | 246 | (35,282 | ) | ||||||||
Foreign tax credit | 521 | (975 | ) | (525 | ) | ||||||||
Federal provision to return and deferred tax adjustment | 234 | (123 | ) | (608 | ) | ||||||||
Other | 45 | 907 | 398 | ||||||||||
Provision for (benefit from) income taxes | $ | 6,409 | $ | (24,283 | ) | $ | (27,327 | ) | |||||
At December 31, 2014, we had an estimated $47.4 million in federal net operating loss carryforwards, an additional $8.8 million of unrecognized federal operating loss carryforwards related to excess stock compensation deductions and uncertain tax position deductions, $2.3 million in alternative minimum tax credit carryforwards and $5.4 million in foreign tax credit carryforwards. The net operating loss carryforwards will expire in the years 2020 through 2030 while the alternative minimum tax credits may be carried forward indefinitely and the foreign tax credits will expire in years 2015 through 2024. | |||||||||||||
Significant judgment is required in determining our provision for income taxes. In the ordinary course of an international business, there are many transactions for which the ultimate tax outcome is uncertain. We review our tax contingencies on a regular basis and make appropriate accruals as needed. As of December 31, 2014, U.S. taxes were not provided on income of our foreign subsidiaries, as we have invested or expect to invest the undistributed earnings indefinitely. | |||||||||||||
Rollforward of valuation allowance (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning balance | $ | (4,504 | ) | $ | (4,258 | ) | $ | (39,540 | ) | ||||
Change in assessments about the realization of deferred income tax assets | 4,504 | (246 | ) | 35,282 | |||||||||
Ending balance | $ | — | $ | (4,504 | ) | $ | (4,258 | ) | |||||
At December 31, 2014 and 2013, we had approximately $2.0 million and $2.5 million, respectively, of total gross unrecognized tax benefits. Of the total gross unrecognized tax benefits at December 31, 2014, $0.8 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 gross unrecognized tax benefits at December 31, 2014, is less than $0.1 million 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. A reconciliation of the total amount of unrecognized tax benefits as of December 31 follows (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Total unrecognized tax benefits as of January 1, | $ | 2,453 | $ | 1,652 | $ | 1,628 | |||||||
Increases in tax positions taken during prior period | — | — | 359 | ||||||||||
Decreases in tax positions taken during prior period | — | (88 | ) | (75 | ) | ||||||||
Increases in tax positions taken in the current period | 124 | 893 | 85 | ||||||||||
Decreases in tax positions taken in the current period | — | — | (20 | ) | |||||||||
Settlements with taxing authorities | — | — | (85 | ) | |||||||||
Decrease due to lapse of applicable statute of limitations | (594 | ) | (4 | ) | (240 | ) | |||||||
Total unrecognized tax benefits as of December 31, | $ | 1,983 | $ | 2,453 | $ | 1,652 | |||||||
Our continuing practice is to recognize interest and/or penalties related to income tax matters in income tax expense. For the year ended December 31, 2014, we recognized tax benefit of $0.2 million of interest and penalties in the provision for income taxes. As of December 31, 2013, we had accrued interest of $0.5 million (net of federal benefit) and $0.2 million accrued for penalties. At December 31, 2014, we had accrued interest of $0.3 million (net of federal benefit) and $0.2 million accrued for penalties. | |||||||||||||
We are subject to the income tax jurisdiction of the U.S., Canada, and Mexico, as well as multiple state jurisdictions. We believe we are no longer subject to U.S. federal income tax examinations for the years before 2011, to international examinations for years before 2009 and, with few exceptions, to state examinations before 2010. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | 16. 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 31 measurement date for both of our plans. | |||||||||||||||||||||||||||||||||||||||||
We follow the recognition and disclosure requirements under FASB guidance that require us to recognize the funded status of our postretirement benefit plans in the Consolidated Balance Sheet at December 31, 2014, with a corresponding adjustment to accumulated other comprehensive loss. The funded status is the difference between the fair value of plan assets and the benefit obligation. The adjustment to accumulated other comprehensive loss represents the net unrecognized actuarial gains or losses and unrecognized prior service costs. Future actuarial gains or losses that are not recognized as net periodic cost in the same periods will be recognized as a component of other comprehensive loss (in thousands): | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Items not yet recognized as a component of net periodic cost: | |||||||||||||||||||||||||||||||||||||||||
Unrecognized net actuarial loss | $ | 34,150 | $ | 27,932 | |||||||||||||||||||||||||||||||||||||
Unamortized prior service cost | 135 | 229 | |||||||||||||||||||||||||||||||||||||||
Unrecognized loss and prior service costs recorded as a component of accumulated other comprehensive loss | $ | 34,285 | $ | 28,161 | |||||||||||||||||||||||||||||||||||||
Items to be recognized in 2015/2014 as a component of net periodic cost: | |||||||||||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 1,413 | $ | 1,347 | |||||||||||||||||||||||||||||||||||||
Prior service cost | 94 | 94 | |||||||||||||||||||||||||||||||||||||||
Net periodic cost to be recorded in 2015/2014 from accumulated other comprehensive loss | $ | 1,507 | $ | 1,441 | |||||||||||||||||||||||||||||||||||||
Obligations and Funded Status | |||||||||||||||||||||||||||||||||||||||||
The following table sets forth the change in the projected benefit obligation, change in plan assets and unfunded status of the two plans at 2014 and 2013 (in thousands): | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Change in Projected Benefit Obligation | |||||||||||||||||||||||||||||||||||||||||
Benefit obligation at January 1, | $ | 47,207 | $ | 52,637 | |||||||||||||||||||||||||||||||||||||
Service cost | 165 | 165 | |||||||||||||||||||||||||||||||||||||||
Interest cost | 2,013 | 1,853 | |||||||||||||||||||||||||||||||||||||||
Actuarial loss (gain) | 5,769 | (4,170 | ) | ||||||||||||||||||||||||||||||||||||||
Benefits and expenses paid | (3,274 | ) | (3,278 | ) | |||||||||||||||||||||||||||||||||||||
Benefit obligation at December 31, | $ | 51,880 | $ | 47,207 | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at January 1, | $ | 34,609 | $ | 31,560 | |||||||||||||||||||||||||||||||||||||
Actual return on plan assets | 949 | 3,400 | |||||||||||||||||||||||||||||||||||||||
Contributions by Company | 3,181 | 2,927 | |||||||||||||||||||||||||||||||||||||||
Benefits and expenses paid | (3,274 | ) | (3,278 | ) | |||||||||||||||||||||||||||||||||||||
Fair value of plan assets at December 31, | $ | 35,465 | $ | 34,609 | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Unfunded Status of Plans | |||||||||||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | (51,880 | ) | $ | (47,207 | ) | |||||||||||||||||||||||||||||||||||
Fair value of plan assets | 35,465 | 34,609 | |||||||||||||||||||||||||||||||||||||||
Unfunded status as of December 31, | $ | (16,415 | ) | $ | (12,598 | ) | |||||||||||||||||||||||||||||||||||
The accumulated benefit obligation for both defined benefit pension plans equaled the projected benefit obligations of $51.9 million and $47.2 million at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||||||||||
We had the following net pension equity (charges) credits, net of tax, that were recorded as part of other comprehensive income and accumulated other comprehensive income: | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Net actuarial (loss) income, net of tax | $ | (3,852 | ) | $ | 4,062 | $ | (422 | ) | |||||||||||||||||||||||||||||||||
Prior service cost | 94 | 94 | 94 | ||||||||||||||||||||||||||||||||||||||
Adjustment to pension benefit obligation | $ | (3,758 | ) | $ | 4,156 | $ | (328 | ) | |||||||||||||||||||||||||||||||||
Periodic Pension Costs | |||||||||||||||||||||||||||||||||||||||||
The components of net periodic pension cost are as follows for the years ended December 31 (in thousands): | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Service cost | $ | 165 | $ | 165 | $ | 166 | |||||||||||||||||||||||||||||||||||
Interest cost | 2,013 | 1,853 | 2,102 | ||||||||||||||||||||||||||||||||||||||
Amortization of loss | 1,170 | 1,451 | 1,352 | ||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | 94 | 94 | 94 | ||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (2,568 | ) | (2,334 | ) | (2,219 | ) | |||||||||||||||||||||||||||||||||||
Net periodic pension cost | $ | 874 | $ | 1,229 | $ | 1,495 | |||||||||||||||||||||||||||||||||||
Assumptions | |||||||||||||||||||||||||||||||||||||||||
Weighted average assumptions used to determine benefit obligations at December 31: | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Discount rate | 3.55 | % | 4.3 | % | 3.48 | % | |||||||||||||||||||||||||||||||||||
Weighted average assumptions used to determine net periodic benefit cost at December 31: | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
TTWU Plan | |||||||||||||||||||||||||||||||||||||||||
Discount rate | 4.1 | % | 3.2 | % | 3.9 | % | |||||||||||||||||||||||||||||||||||
Expected long-term rate of return on plan assets | 7 | % | 7 | % | 7 | % | |||||||||||||||||||||||||||||||||||
CLC Plan | |||||||||||||||||||||||||||||||||||||||||
Discount rate | 4.5 | % | 3.75 | % | 4.5 | % | |||||||||||||||||||||||||||||||||||
Expected long-term rate of return on plan assets | 7.5 | % | 7.5 | % | 8 | % | |||||||||||||||||||||||||||||||||||
The discount rate is based on a model portfolio of AA-rated bonds with a maturity matched to the estimated payouts of future pension benefits. The TTWU Plan’s expected return on plan assets is based on our expectation of the long-term average rate of return on assets in the pension funds, which is based on the allocation of assets. The CLC Plan’s expected return on plan assets is based on historical and future returns of the multiple asset classes from which a weighted average was developed based on the asset allocation of the Plan. | |||||||||||||||||||||||||||||||||||||||||
Asset Mix | |||||||||||||||||||||||||||||||||||||||||
Our pension plan weighted-average asset allocations by asset category at December 31 are as follows: | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
TTWU Plan | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 4.3 | % | 5 | % | |||||||||||||||||||||||||||||||||||||
Equity securities and mutual funds | 80.5 | % | 78.7 | % | |||||||||||||||||||||||||||||||||||||
Debt securities | 15.2 | % | 16.3 | % | |||||||||||||||||||||||||||||||||||||
100 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||
CLC Plan | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 4.3 | % | 4.9 | % | |||||||||||||||||||||||||||||||||||||
Equity securities and mutual funds | 81.5 | % | 79.9 | % | |||||||||||||||||||||||||||||||||||||
Debt securities | 14.2 | % | 15.2 | % | |||||||||||||||||||||||||||||||||||||
100 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||||||||||||||||||
Our investment policy is that plan assets will be managed utilizing an investment philosophy and approach characterized by all of the following, but listed in priority order: (1) emphasis on total return, (2) emphasis on high-quality securities, (3) sufficient income and stability of income, (4) safety of principal with limited volatility of capital through proper diversification and (5) sufficient liquidity. None of our equity or debt securities are included in plan assets. | |||||||||||||||||||||||||||||||||||||||||
Our retirement plans’ assets were accounted for at fair value and are classified in their entirety based on the lowest level of any input that is significant to the fair value measurement. For a description of the fair value hierarchy, see Note 4. | |||||||||||||||||||||||||||||||||||||||||
Our actual retirement plans’ asset allocations by level within the fair value hierarchy at December 31, 2014, are presented in the table below (in thousands): | |||||||||||||||||||||||||||||||||||||||||
TTWU Plan | CLC Plan | ||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | % Total | Level 1 | Level 2 | Level 3 | Total | % Total | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 321 | $ | — | $ | — | $ | 321 | 4.3 | % | $ | 1,217 | $ | — | $ | — | $ | 1,217 | 4.3 | % | |||||||||||||||||||||
Mutual funds | 5,425 | 572 | — | 5,997 | 80.5 | % | 18,597 | 4,229 | — | 22,826 | 81.5 | % | |||||||||||||||||||||||||||||
Corporate bonds | — | 553 | — | 553 | 7.4 | % | — | 1,794 | — | 1,794 | 6.4 | % | |||||||||||||||||||||||||||||
Asset-backed securities | — | 581 | — | 581 | 7.8 | % | — | 2,176 | — | 2,176 | 7.8 | % | |||||||||||||||||||||||||||||
Total assets | $ | 5,746 | $ | 1,706 | $ | — | $ | 7,452 | 100 | % | $ | 19,814 | $ | 8,199 | $ | — | $ | 28,013 | 100 | % | |||||||||||||||||||||
Our actual retirement plans’ asset allocations by level within the fair value hierarchy at December 31, 2013, are presented in the table below (in thousands): | |||||||||||||||||||||||||||||||||||||||||
TTWU Plan | CLC Plan | ||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | % Total | Level 1 | Level 2 | Level 3 | Total | % Total | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 365 | $ | — | $ | — | $ | 365 | 5 | % | $ | 1,341 | $ | — | $ | — | $ | 1,341 | 4.9 | % | |||||||||||||||||||||
Mutual funds | 5,256 | 553 | — | 5,809 | 78.7 | % | 17,880 | 3,886 | — | 21,766 | 79.9 | % | |||||||||||||||||||||||||||||
Corporate bonds | — | 588 | — | 588 | 8 | % | — | 1,984 | — | 1,984 | 7.3 | % | |||||||||||||||||||||||||||||
Asset-backed securities | — | 616 | — | 616 | 8.3 | % | — | 2,140 | — | 2,140 | 7.9 | % | |||||||||||||||||||||||||||||
Total assets | $ | 5,621 | $ | 1,757 | $ | — | $ | 7,378 | 100 | % | $ | 19,221 | $ | 8,010 | $ | — | $ | 27,231 | 100 | % | |||||||||||||||||||||
Level 1 includes cash and cash equivalents, equity securities and mutual funds. Fair values for these investments are measured using unadjusted quoted prices in active markets. | |||||||||||||||||||||||||||||||||||||||||
Level 2 includes investments in mutual funds, corporate bonds and asset-backed securities that are measured based on quoted prices for similar assets in active markets; quoted prices for identical or similar assets in inactive markets; inputs other than quoted prices that are observable for the asset; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. The fair values for Level 2 assets are generally obtained from third-party broker quotes, independent pricing services and exchanges. | |||||||||||||||||||||||||||||||||||||||||
Cash Flows | |||||||||||||||||||||||||||||||||||||||||
We expect to contribute $0.6 million to the TTWU pension plan and $2.5 million to the CLC pension plan during the year ending December 31, 2015. | |||||||||||||||||||||||||||||||||||||||||
The following benefit payments are expected to be paid (in thousands): | |||||||||||||||||||||||||||||||||||||||||
2015 | $ | 3,378 | |||||||||||||||||||||||||||||||||||||||
2016 | 3,374 | ||||||||||||||||||||||||||||||||||||||||
2017 | 3,381 | ||||||||||||||||||||||||||||||||||||||||
2018 | 3,384 | ||||||||||||||||||||||||||||||||||||||||
2019 | 3,345 | ||||||||||||||||||||||||||||||||||||||||
2020 – 2024 | 16,023 | ||||||||||||||||||||||||||||||||||||||||
Substantially all of our U.S. employees are entitled to participate in our profit sharing plan established under Section 401(k) of the U.S. Internal Revenue Code. Employees are eligible to contribute voluntarily to the plan after 90 days of employment. At our discretion, we may also contribute to the plan. Employees are always vested in their contributed balance and become fully vested in our contributions after four years of service. The expenses related to contributions to the plan for the years ended December 31, 2014, 2013 and 2012 were approximately $0.3 million in each year. | |||||||||||||||||||||||||||||||||||||||||
Multi-employer pension plans | |||||||||||||||||||||||||||||||||||||||||
We contribute to multi-employer pension plans under the terms of collective bargaining agreements that cover union-represented employees. The risk of participating in these multi-employer pension plans is different from a single-employer pension plan in the following aspects: (a) assets contributed to a multi-employer pension plan by one employer may be used to provide benefits to employees of other participating employers; (b) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; and (c) if an employer chooses to stop participating in a plan, it may be required to pay those plans an amount based on the unfunded status of the plan, referred to as a withdrawal liability. | |||||||||||||||||||||||||||||||||||||||||
At December 31, 2014, we contributed to three separate multi-employer pension plans for employees under collective bargaining agreements. These agreements cover approximately 3.4% 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. | |||||||||||||||||||||||||||||||||||||||||
Our participation in these plans is outlined in the table below (contributions in thousands): | |||||||||||||||||||||||||||||||||||||||||
Pension Plan | EIN/Pension | Pension Protection | FIP/RP Status | Contributions | Expiration | ||||||||||||||||||||||||||||||||||||
Plan Number (1) | Act Zone Status (2) | Pending/ | Date of | ||||||||||||||||||||||||||||||||||||||
Implemented (3) | Collective- | ||||||||||||||||||||||||||||||||||||||||
Bargaining | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | Agreement | ||||||||||||||||||||||||||||||||||||
Employer-Teamsters Local Nos. 175 & 505 Pension Trust Fund | 55-6021850 | Red | Red | RP Adopted | $ | 45 | $ | 40 | $ | 41 | 2/8/16 | ||||||||||||||||||||||||||||||
New York State Teamsters Conference Pension and Retirement Fund | 16-6063585 | Red | Red | RP Adopted | 228 | 197 | 140 | 7/14/17 | |||||||||||||||||||||||||||||||||
Central States Southeast and Southwest Areas Pension Fund | 36-6044243 | Red | Red | RP Adopted | 2,855 | 2,819 | 2,647 | 2/28/15 | |||||||||||||||||||||||||||||||||
to | |||||||||||||||||||||||||||||||||||||||||
4/30/17 | |||||||||||||||||||||||||||||||||||||||||
$ | 3,128 | $ | 3,056 | $ | 2,828 | ||||||||||||||||||||||||||||||||||||
-1 | The “EIN/Pension Plan Number” column provides the Employee Identification Number (EIN) and the three-digit plan number, if applicable. | ||||||||||||||||||||||||||||||||||||||||
-2 | Unless otherwise noted, the most recent Pension Protection Act zone status available in 2014 and 2013 is for the plan’s year-end at December 31, 2013 and December 31, 2012, respectively. The zone status is based on information that we received from the plan. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. | ||||||||||||||||||||||||||||||||||||||||
-3 | The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. No surcharge has been imposed for any of these plans. | ||||||||||||||||||||||||||||||||||||||||
We do not currently intend to withdraw from the three multi-employer pension plans or take any actions 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 $90.9 million, of which $85.1 million relates to the Central States Southeast and Southwest Areas Pension Plan. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | 17. ACCUMULATED OTHER COMPREHENSIVE LOSS | ||||||||||||
The components and changes to accumulated other comprehensive loss as of December 31 are as follows (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Foreign currency translation | |||||||||||||
Beginning balance | $ | (1,061 | ) | $ | (1,180 | ) | $ | (1,137 | ) | ||||
Net gain on foreign currency translation, net of tax | 230 | 119 | (43 | ) | |||||||||
Ending balance | $ | (831 | ) | $ | (1,061 | ) | $ | (1,180 | ) | ||||
Pension benefits | |||||||||||||
Beginning balance | $ | (26,416 | ) | $ | (30,572 | ) | $ | (30,244 | ) | ||||
Amortization of prior service cost (1) | 94 | 94 | 94 | ||||||||||
Amortization of loss (1) | (3,852 | ) | 4,062 | (422 | ) | ||||||||
Ending balance | $ | (30,174 | ) | $ | (26,416 | ) | $ | (30,572 | ) | ||||
Total Accumulated Other Comprehensive Loss ending balance | $ | (31,005 | ) | $ | (27,477 | ) | $ | (31,752 | ) | ||||
-1 | Prior service cost and actuarial loss are included as part of the Company’s net periodic benefit cost. Refer to Note 16. | ||||||||||||
Reclasses out of Accumulated Other Comprehensive Loss were nominal. |
CAPITAL_STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 31, 2014 | |
CAPITAL STOCK | 18. CAPITAL STOCK |
Authorized Capital Stock | |
In accordance with our Amended and Restated Articles of Incorporation dated November 4, 2003, the Company is authorized to issue 50 million shares of capital stock, which includes 49 million shares of no par value common stock and 1 million shares of no par value preferred stock. | |
Our ABL Facility, including the Term Loan, and indenture governing the 2018 Notes contain restrictions on QDI’s ability to pay dividends on its common stock. | |
Preferred Stock | |
Of the 1 million shares of preferred stock authorized, 600,000 shares were designated as convertible preferred stock, of which 510,000 were issued and outstanding prior to the initial public offering of shares of our common stock, when they were converted into shares of common stock pursuant to our Amended and Restated Articles of Incorporation. The remaining shares of preferred stock may be issued from time to time in one or more classes or series, with such relative rights, preferences, qualifications, and limitations as our Board of Directors may adopt by resolution. | |
August 2013 Secondary Offering | |
On August 14, 2013, former shareholders including funds affiliated with Apollo Global Management, LLC (“Apollo”), sold 4.7 million shares of our common stock in an underwritten public offering, at a gross price of $8.60 per share. We did not receive any proceeds from the sale of the shares by the selling shareholders in this offering. However, we incurred and paid approximately $0.5 million in underwriting fees and expenses associated with this offering. Apollo no longer owns any of our common stock. | |
Treasury Stock | |
As of December 31, 2014 and 2013, we had approximately 1.7 million and 1.6 million treasury shares, respectively, carried at a cost of approximately $11.9 million and $10.6 million, respectively. These shares were acquired pursuant to our initial public offering, our publicly announced share repurchase program, the return of shares under limited recourse secured loans to shareholders, forfeitures and share withholdings. | |
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 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 December 31, 2013, we had repurchased approximately 1.2 million shares valued at $8.1 million under the Repurchase Program. As of December 31, 2014, we have repurchased approximately 1.2 million shares valued at $8.5 million under the Repurchase Program, with authority to repurchase an additional $6.5 million of shares. |
STOCK_COMPENSATION_PLANS
STOCK COMPENSATION PLANS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
STOCK COMPENSATION PLANS | 19. STOCK COMPENSATION PLANS | ||||||||||||||||
We account for our equity compensation plans and expense related to all stock option awards granted under FASB guidance. We apply the Black-Scholes valuation model in determining the fair value of share-based payments to employees and directors. The resulting compensation expense is recognized over the requisite service period, which is generally the vesting term of two to four years. | |||||||||||||||||
Active Performance Incentive Plan | |||||||||||||||||
As of December 31, 2014, we maintain one active stock-based incentive plan, the Quality Distribution, Inc. 2012 Equity Incentive Plan (the “2012 Equity Incentive Plan”), under which stock options, restricted shares, restricted share units and other types of equity and cash incentive awards may be granted to employees, non-employee directors and service providers. The 2012 Equity Incentive Plan became effective May 30, 2012 upon receipt of shareholder approval and expires May 30, 2022. There are 2,000,000 shares of common stock reserved for issuance under the 2012 Equity Incentive Plan. | |||||||||||||||||
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 which 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. | |||||||||||||||||
The 2012 Equity Incentive Plan activity for the years ended December 31, 2014 and 2013 is as follows (in thousands, except per share data): | |||||||||||||||||
2012 Equity Incentive Plan — Stock Options | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Outstanding | Exercise | Remaining | Value | ||||||||||||||
Price Per | contractual | (in thousands) (a) | |||||||||||||||
Share | Term | ||||||||||||||||
(in years) | |||||||||||||||||
Options outstanding at December 31, 2012 | 48 | $ | 10.54 | ||||||||||||||
2013 option activity: | |||||||||||||||||
Granted | 335 | $ | 6.56 | ||||||||||||||
Exercised | — | $ | — | ||||||||||||||
Canceled | (33 | ) | $ | 6.48 | |||||||||||||
Options outstanding at December 31, 2013 | 350 | $ | 7.11 | ||||||||||||||
2014 option activity: | |||||||||||||||||
Granted | — | $ | — | ||||||||||||||
Exercised | (37 | ) | $ | 7.93 | |||||||||||||
Canceled | (32 | ) | $ | 7.33 | |||||||||||||
Options outstanding at December 31, 2014 | 281 | $ | 6.98 | ||||||||||||||
Options exercisable and expected to vest at December 31, 2014 | 269 | $ | 6.98 | 7.9 | $ | 985 | |||||||||||
(a) | The intrinsic value of a stock option is the amount by which the market value of the underlying stock as of December 31, 2014 exceeds the exercise price of the option multiplied by the number of shares represented by such option. | ||||||||||||||||
During the year ended December 31, 2014 and 2013 (in thousands, except per share data): | |||||||||||||||||
• | the weighted-average grant date fair value per share of stock-based compensation granted to employees was $4.94 and $4.10, respectively; | ||||||||||||||||
• | there were approximately 37,000 stock options exercised for the year ended December 31, 2014 and none exercised for the year ended December 31, 2013; and | ||||||||||||||||
• | the total fair value of stock options that vested during the two periods above was $380 and $77, respectively. During the years ended December 31, 2014 and 2013, cash was not used to settle any equity instruments previously granted. | ||||||||||||||||
2012 Equity Incentive Plan — Restricted Stock and Restricted Stock Units | |||||||||||||||||
Number of | Weighted Average | Aggregate | |||||||||||||||
Shares | Grant Date Fair | Intrinsic | |||||||||||||||
Outstanding | Value Per Share | Value | |||||||||||||||
Restricted stock and restricted stock units unvested at December 31, 2012 | 26 | $ | 10.39 | ||||||||||||||
2013 activity: | |||||||||||||||||
Granted | 257 | $ | 6.68 | ||||||||||||||
Vested | (19 | ) | $ | 7.69 | |||||||||||||
Canceled | (41 | ) | $ | 7.3 | |||||||||||||
Restricted stock and restricted stock units unvested at December 31, 2013 | 223 | $ | 6.91 | $ | 2,866 | ||||||||||||
2014 activity: | |||||||||||||||||
Granted | 598 | $ | 13.56 | ||||||||||||||
Vested | (67 | ) | $ | 6.97 | |||||||||||||
Canceled | (28 | ) | $ | 10.15 | |||||||||||||
Restricted stock and restricted stock units unvested at December 31, 2014 | 726 | $ | 12.26 | $ | 7,729 | ||||||||||||
Frozen Performance Incentive Plans | |||||||||||||||||
We maintain two other stock-based incentive plans, the 2003 Stock Option Plan and the 2003 Restricted Stock Incentive Plan, under which stock options and restricted shares have been granted to employees, non-employee directors, consultants and advisors but under which no additional awards may be made after May 30, 2012 because we agreed to “freeze” them from further issuances in connection with the approval of the 2012 Equity Incentive Plan. | |||||||||||||||||
2003 Stock Option Plan | |||||||||||||||||
On November 5, 2003, our Board of Directors approved the 2003 Stock Option Plan in connection with our IPO. Nonqualified stock options that were granted under the 2003 Stock Option Plan become exercisable, with limited exceptions, in 25% increments on each of the first four anniversaries of the date upon which the options are granted or vest 50% in the third and 50% in the fourth year after issuance of the grant. The contractual term of each grant is ten years. | |||||||||||||||||
The 2003 Stock Option Plan activity for the years ended December 31, 2014 and 2013 is as follows (in thousands, except per share data): | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Outstanding | Exercise | Remaining | Value | ||||||||||||||
Price Per | contractual | (in thousands) (a) | |||||||||||||||
Share | Term | ||||||||||||||||
(in years) | |||||||||||||||||
Options outstanding at December 31, 2012 | 2,204 | $ | 5.99 | ||||||||||||||
2013 option activity: | |||||||||||||||||
Granted | — | $ | — | ||||||||||||||
Exercised (b)(c) | (416 | ) | $ | 3.78 | |||||||||||||
Canceled | (25 | ) | $ | 11.25 | |||||||||||||
Expired | (56 | ) | $ | 17 | |||||||||||||
Options outstanding at December 31, 2013 | 1,707 | $ | 6.09 | ||||||||||||||
2014 option activity: | |||||||||||||||||
Granted | — | $ | — | ||||||||||||||
Exercised (b)(c) | (919 | ) | $ | 5.54 | |||||||||||||
Canceled | (8 | ) | $ | 11.74 | |||||||||||||
Expired | — | $ | — | ||||||||||||||
Options outstanding at December 31, 2014 | 780 | $ | 6.67 | ||||||||||||||
Options exercisable and expected to vest at December 31, 2014 | 778 | $ | 6.65 | 5.14 | $ | 3,432 | |||||||||||
(a) | The intrinsic value of a stock option is the amount by which the market value of the underlying stock as of December 31, 2014 exceeds the exercise price of the option multiplied by the number of shares represented by such option. | ||||||||||||||||
(b) | Shares issued upon the exercise of stock options were treated as newly issued shares. | ||||||||||||||||
(c) | There was no tax benefit recognized in 2014, 2013 and 2012 related to stock-based compensation. | ||||||||||||||||
During the years ended December 31, 2014, 2013 and 2012 (in thousands, except per share data): | |||||||||||||||||
• | the weighted-average grant date fair value per share of stock-based compensation granted to employees during the year ended December 31, 2012 was $8.09. There were no grants in 2013 and 2014. | ||||||||||||||||
• | the total intrinsic value of stock options exercised in 2014, 2013 and 2012 was $7.7 million, $2.6 million and $0.5 million, respectively; and | ||||||||||||||||
• | the total fair value of stock options that vested during the three periods above was $798, $1,308 and $1,223, respectively. | ||||||||||||||||
During the year ended December 31, 2014, cash was not used to settle any equity instruments previously granted. | |||||||||||||||||
2003 Restricted Stock Incentive Plan | |||||||||||||||||
On November 5, 2003, our Board of Directors approved the 2003 Restricted Stock Incentive Plan, in connection with our IPO. The vesting periods for grant recipients were at the discretion of the Compensation Committee of the Board of Directors. | |||||||||||||||||
The 2003 Restricted Stock Incentive Plan activity for the years ended December 31, 2014 and 2013 is as follows (in thousands, except per share data): | |||||||||||||||||
Number of | Weighted Average | Aggregate | |||||||||||||||
Shares | Grant Date Fair | Intrinsic | |||||||||||||||
Outstanding | Value Per Share | Value | |||||||||||||||
Restricted stock unvested at December 31, 2012 | 219 | $ | 9.19 | ||||||||||||||
2013 activity: | |||||||||||||||||
Granted | — | $ | — | ||||||||||||||
Vested | (89 | ) | $ | 4.43 | |||||||||||||
Canceled | (9 | ) | $ | 12.62 | |||||||||||||
Restricted stock unvested at December 31, 2013 | 121 | $ | 12.4 | $ | 1,553 | ||||||||||||
2014 activity: | |||||||||||||||||
Granted | — | $ | — | ||||||||||||||
Vested | (80 | ) | $ | 12.58 | |||||||||||||
Canceled | (8 | ) | $ | 10.18 | |||||||||||||
Restricted stock unvested at December 31, 2014 | 33 | $ | 12.5 | $ | 347 | ||||||||||||
Accounting for Stock-Based Compensation | |||||||||||||||||
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. | |||||||||||||||||
Compensation expense is recognized only for those options expected to vest, with forfeitures estimated based on our historical experience and future expectations. | |||||||||||||||||
There were no options granted during 2014. The fair value of options granted during 2013 and 2012 was based upon the Black-Scholes option-pricing model. The expected term of the options represents the estimated period of time until exercise giving consideration to the contractual terms, vesting schedules and expectations of future employee behavior. Expected stock price volatility is based on the historical volatility of our common stock, which began trading on November 13, 2003. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant with an equivalent remaining term. The Company has not paid dividends in the past and does not currently plan to pay any dividends in the foreseeable future. The Black-Scholes model was used with the following weighted-average assumptions: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Risk free rate | 0.8 | % | 0.8 | % | |||||||||||||
Expected life | 5 years | 5 years | |||||||||||||||
Volatility | 78.2 | % | 77.6 | % | |||||||||||||
Expected dividend | — | — | |||||||||||||||
Stock-based compensation expense recognized during the years ended December 31, 2014, 2013 and 2012 for each of the types of stock-based awards was (in thousands): | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Restricted stock and restricted stock units | $ | 2,816 | $ | 1,551 | $ | 1,497 | |||||||||||
Stock options | 946 | 1,534 | 1,741 | ||||||||||||||
Total stock-based compensation expense | $ | 3,762 | $ | 3,085 | $ | 3,238 | |||||||||||
All stock-based compensation expense is classified within “Compensation” on the Consolidated Statements of Operations. None of the stock-based compensation was capitalized during 2014, 2013 and 2012. | |||||||||||||||||
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 December 31, 2014 (in thousands): | |||||||||||||||||
Remaining | |||||||||||||||||
years | |||||||||||||||||
Restricted stock and restricted stock units | $ | 5,890 | 2 | ||||||||||||||
Stock options | 912 | 1.6 | |||||||||||||||
$ | 6,802 | ||||||||||||||||
These amounts do not include the cost of any additional awards that may be granted in future periods nor any changes in our forfeiture rate. These amounts do not include the cost of any additional restricted stock units or stock options or restricted stock that may be granted in future periods or any changes in the Company’s forfeiture rate. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
COMMITMENTS AND CONTINGENCIES | 20. COMMITMENTS AND CONTINGENCIES | ||||||||||||||||
Operating Leases | |||||||||||||||||
We are obligated under various noncancelable operating leases for our office facilities, office equipment, revenue equipment and vehicles. Future noncancelable lease commitments (excluding any sublease income) as of December 31, 2014, are as follows (in thousands): | |||||||||||||||||
2015 | $ | 26,276 | |||||||||||||||
2016 | 26,273 | ||||||||||||||||
2017 | 23,276 | ||||||||||||||||
2018 | 12,437 | ||||||||||||||||
2019 | 5,623 | ||||||||||||||||
Thereafter | 3,939 | ||||||||||||||||
Total | $ | 97,824 | |||||||||||||||
We expect that some of our operating lease commitments for tractors and trailers will be partially offset by rental revenue from subleasing the tractors to independent affiliates and independent owner-operators and subleasing trailers to independent affiliates. Rent expense under operating leases was $32.2 million, $30.3 million and $23.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||
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 and accidents involving 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 December 31, 2014 and December 31, 2013, we had reserves in the amount of approximately $8.2 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) | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Multi-party sites | 17 | 17 | $ | 1.7 | $ | 2.1 | |||||||||||
Sole party major sites: | |||||||||||||||||
Bridgeport, New Jersey | 1 | 1 | 4.4 | 3.6 | |||||||||||||
William Dick, Pennsylvania | 1 | 1 | 0.3 | 0.7 | |||||||||||||
Other Properties | 7 | 7 | 1.8 | 1.9 | |||||||||||||
Total | 26 | 26 | $ | 8.2 | $ | 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 26 sites at December 31, 2014. | |||||||||||||||||
Multi-Party Sites | |||||||||||||||||
At 17 of the 26 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 17 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 17 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 10 of the 17 sites, 2 are 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 1 of the 17 sites, we are one of approximately 70 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 expected to be submitted to the USEPA by the end of the second quarter of 2015. 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 USEPA’s preferred plan in the FFS would involve dredging the river bank to bank and installing an engineered cap. The USEPA accepted public comments on the FFS through August 20, 2014, and the comment period closed. 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, if any, of the final costs for this matter at this time. We have found no evidence that the Company’s operations at this location contributed any contaminants of concern to the river, and 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 70 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 17 multi-party environmental matters to be in the range of $1.7 million to $3.8 million. As of December 31, 2014, we have reserved $1.7 million. | |||||||||||||||||
Sole Party Major Sites | |||||||||||||||||
At 9 of the 26 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 the 6 CLC sites is discussed in more detail below. We have estimated future expenditures for these 9 properties to be in the range of $6.5 million to $16.7 million. As of December 31, 2014, we have reserved $6.5 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 was not completely delineated at the site and a limited number of additional monitoring wells were installed during 2014. The additional monitoring results appeared to indicate that the groundwater contamination at the site has now been completely delineated and no further monitoring wells are expected to be required. 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 also 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. A Design Addendum has been submitted to address the additional limited groundwater extraction and treatment needed. The project is now entering the construction site activity phase for the thermal remediation, which starts with the installation of the thermal wells needed to perform the work. We have estimated aggregate expenditures for the Bridgeport location to be in the range of $4.4 million to $8.5 million. As of December 31, 2014, we have reserved $4.4 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 an interim remedy that consisted of a groundwater treatment facility with local discharge in 2007 and the treatment facility began full-time operations in 2010. In order to negotiate a final long-term groundwater remedy with USEPA, a feasibility study workplan was submitted to the Agency. Although the planned soil treatment work was completed in 2007, test results indicated that soil clean-up objectives were not fully achieved in certain areas of both the shallow and deep soil subzones. Soil piles generated from isolated discrete removal actions were subsequently treated on-site and used as backfill at the site. The fieldwork for the additional limited soil remediation consisting of targeted in-situ chemical treatment of the shallow and deep soil subzones at the site was completed in 2014. USEPA issued a letter on September 30, 2014 stating that the construction phase of the remedy is complete and the remedy is operating as intended. This concludes the remedial action work for the soils operable unit in accordance with the approved remedial design. We have estimated aggregate expenditures for the William Dick location to be in the range of $0.3 million to $3.4 million. As of December 31, 2014, we have reserved $0.3 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 quarter of 2015. | |||||||||||||||||
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 which, for 2015 only, will include groundwater monitoring. | |||||||||||||||||
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 was necessary. WVDEP concurred and approved the Site Assessment Report in July 2014. A Risk Assessment Report was then prepared, as requested, and submitted to WVDEP for review and approval on September 30, 2014. | |||||||||||||||||
East Rutherford, New Jersey: 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 was deemed necessary to close the site under the technical requirements of the State’s licensed site remediation professional program. Soil sampling results indicate further sampling is necessary to delineate the extent of soil contamination in one area at the property that may require limited remediation. Soil delineation work is expected to be completed during 2015. | |||||||||||||||||
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 December 31, 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 | 12 Months Ended |
Dec. 31, 2014 | |
GUARANTEES | 21. 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 2021 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 $37.9 million and $13.5 million as of December 31, 2014 and 2013, respectively, 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 or independent affiliate 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 $37.9 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 years ended December 31, 2014 and 2013. |
TRANSACTIONS_WITH_RELATED_PART
TRANSACTIONS WITH RELATED PARTIES | 12 Months Ended |
Dec. 31, 2014 | |
TRANSACTIONS WITH RELATED PARTIES | 22. TRANSACTIONS WITH RELATED PARTIES |
On August 14, 2013, Apollo and its affiliated funds sold all of its QDI common stock in an underwritten public offering. As a result, Apollo can no longer influence matters requiring shareholder approval. | |
As of August 13, 2013, prior to the sale of all of Apollo’s QDI common stock, two of our customers (Momentive Specialty Chemicals and Taminco) were controlled by Apollo. Revenues from these customers were $14.3 million in 2013. In 2012, three of our customers (Momentive Specialty Chemicals, Taminco and Lyondell Chemical) were controlled by Apollo. Revenues from these customers were $14.1 million in 2012. All pricing with the companies controlled by Apollo was based on market rates, including such factors as total expected revenue to be generated by the customer, number of loads to be hauled and the number of miles to be driven. |
GUARANTOR_SUBSIDIARIES
GUARANTOR SUBSIDIARIES | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
GUARANTOR SUBSIDIARIES | 23. GUARANTOR SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||||||||||||
At and during the year ended December 31, 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 December 31, 2014 and December 31, 2013 and condensed consolidating statements of operations for the years ended December 31, 2014 and 2013, and the condensed consolidating statements of cash flows for each of the years ended December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||
• | Elimination entries necessary to consolidate the parent company and all its subsidiaries. | ||||||||||||||||||||||||||||||||||||||||||||||||
In 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 2018 Notes, the ABL Facility and the 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 | Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||||||||
Reported | Reported | Reported | Reported | Reported | 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 Statement of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC & QD | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | $ | — | $ | — | $ | 717,495 | $ | — | $ | — | $ | 717,495 | |||||||||||||||||||||||||||||||||||||
Service revenue | — | — | 136,599 | 53 | — | 136,652 | |||||||||||||||||||||||||||||||||||||||||||
Fuel surcharge | — | — | 137,611 | — | — | 137,611 | |||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | — | — | 991,705 | 53 | — | 991,758 | |||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchased transportation | — | — | 667,795 | 4 | — | 667,799 | |||||||||||||||||||||||||||||||||||||||||||
Compensation | — | — | 92,435 | — | — | 92,435 | |||||||||||||||||||||||||||||||||||||||||||
Fuel, supplies and maintenance | — | — | 99,992 | (7 | ) | — | 99,985 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | 21,617 | — | — | 21,617 | |||||||||||||||||||||||||||||||||||||||||||
Selling and administrative | — | 123 | 32,617 | 55 | — | 32,795 | |||||||||||||||||||||||||||||||||||||||||||
Insurance costs | — | — | 21,040 | 30 | — | 21,070 | |||||||||||||||||||||||||||||||||||||||||||
Taxes and licenses | — | — | 3,529 | 7 | — | 3,536 | |||||||||||||||||||||||||||||||||||||||||||
Communication and utilities | — | — | 3,872 | — | — | 3,872 | |||||||||||||||||||||||||||||||||||||||||||
Gain on disposal of property and equipment | — | — | (2,581 | ) | — | — | (2,581 | ) | |||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | — | (123 | ) | 51,389 | (36 | ) | — | 51,230 | |||||||||||||||||||||||||||||||||||||||||
Interest expense, non-related party, net | — | 27,448 | 618 | — | — | 28,066 | |||||||||||||||||||||||||||||||||||||||||||
Interest (income) expense, related party, net | — | (27,448 | ) | 27,616 | (168 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||
Gain on extinguishment of debt | — | — | (4,217 | ) | — | — | (4,217 | ) | |||||||||||||||||||||||||||||||||||||||||
Write-off of debt issuance costs | — | 476 | — | — | — | 476 | |||||||||||||||||||||||||||||||||||||||||||
Other expense (income) | 2 | — | (403 | ) | 257 | — | (144 | ) | |||||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | (2 | ) | (599 | ) | 27,775 | (125 | ) | — | 27,049 | ||||||||||||||||||||||||||||||||||||||||
(Benefit from) provision for income taxes | (537 | ) | — | 7,032 | (86 | ) | — | 6,409 | |||||||||||||||||||||||||||||||||||||||||
Equity in income of subsidiaries | 20,105 | 20,704 | — | — | (40,809 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 20,640 | $ | 20,105 | $ | 20,743 | $ | (39 | ) | $ | (40,809 | ) | $ | 20,640 | |||||||||||||||||||||||||||||||||||
Total other comprehensive (loss) income | (3,528 | ) | (3,528 | ) | (3,758 | ) | 230 | 7,056 | (3,528 | ) | |||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 17,112 | $ | 16,577 | $ | 16,985 | $ | 191 | $ | (33,753 | ) | $ | 17,112 | ||||||||||||||||||||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC & QD | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | $ | — | $ | — | $ | 675,094 | $ | — | $ | — | $ | 675,094 | |||||||||||||||||||||||||||||||||||||
Service revenue | — | — | 129,612 | 153 | — | 129,765 | |||||||||||||||||||||||||||||||||||||||||||
Fuel surcharge | — | — | 124,951 | — | — | 124,951 | |||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | — | — | 929,657 | 153 | — | 929,810 | |||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchased transportation | — | — | 594,708 | — | — | 594,708 | |||||||||||||||||||||||||||||||||||||||||||
Compensation | — | — | 98,681 | — | — | 98,681 | |||||||||||||||||||||||||||||||||||||||||||
Fuel, supplies and maintenance | — | — | 105,910 | 7 | — | 105,917 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | 26,121 | — | — | 26,121 | |||||||||||||||||||||||||||||||||||||||||||
Selling and administrative | — | 160 | 31,321 | 53 | — | 31,534 | |||||||||||||||||||||||||||||||||||||||||||
Insurance costs | — | — | 19,137 | 32 | — | 19,169 | |||||||||||||||||||||||||||||||||||||||||||
Taxes and licenses | — | — | 3,758 | — | — | 3,758 | |||||||||||||||||||||||||||||||||||||||||||
Communication and utilities | — | — | 3,840 | — | — | 3,840 | |||||||||||||||||||||||||||||||||||||||||||
Gain on disposal of property and equipment | — | — | (1,579 | ) | (871 | ) | — | (2,450 | ) | ||||||||||||||||||||||||||||||||||||||||
Impairment charges | — | — | 91,296 | — | — | 91,296 | |||||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | — | (160 | ) | (43,536 | ) | 932 | — | (42,764 | ) | ||||||||||||||||||||||||||||||||||||||||
Interest expense (income), non-related party, net | — | 29,427 | 868 | (3 | ) | — | 30,292 | ||||||||||||||||||||||||||||||||||||||||||
Interest (income) expense, related party, net | — | (29,427 | ) | 29,758 | (331 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||
Write-off of debt issuance costs | — | 521 | — | — | — | 521 | |||||||||||||||||||||||||||||||||||||||||||
Other expense (income) | 398 | — | (7,803 | ) | 149 | — | (7,256 | ) | |||||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | (398 | ) | (681 | ) | (66,359 | ) | 1,117 | — | (66,321 | ) | |||||||||||||||||||||||||||||||||||||||
(Benefit from) provision for income taxes | (61 | ) | — | (24,610 | ) | 388 | — | (24,283 | ) | ||||||||||||||||||||||||||||||||||||||||
Equity in loss of subsidiaries | (41,701 | ) | (41,020 | ) | — | — | 82,721 | — | |||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (42,038 | ) | $ | (41,701 | ) | $ | (41,749 | ) | $ | 729 | $ | 82,721 | $ | (42,038 | ) | |||||||||||||||||||||||||||||||||
Total other comprehensive income | 4,275 | 4,275 | 4,156 | 119 | (8,550 | ) | 4,275 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss) income | $ | (37,763 | ) | $ | (37,426 | ) | $ | (37,593 | ) | $ | 848 | $ | 74,171 | $ | (37,763 | ) | |||||||||||||||||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC & QD | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | $ | — | $ | — | $ | 597,406 | $ | — | $ | — | $ | 597,406 | |||||||||||||||||||||||||||||||||||||
Service revenue | — | — | 120,698 | 403 | — | 121,101 | |||||||||||||||||||||||||||||||||||||||||||
Fuel surcharge | — | — | 123,611 | — | — | 123,611 | |||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | — | — | 841,715 | 403 | — | 842,118 | |||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchased transportation | — | — | 552,524 | — | — | 552,524 | |||||||||||||||||||||||||||||||||||||||||||
Compensation | — | — | 82,143 | — | — | 82,143 | |||||||||||||||||||||||||||||||||||||||||||
Fuel, supplies and maintenance | — | — | 82,033 | — | — | 82,033 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | 21,090 | — | — | 21,090 | |||||||||||||||||||||||||||||||||||||||||||
Selling and administrative | — | 39 | 33,758 | 85 | — | 33,882 | |||||||||||||||||||||||||||||||||||||||||||
Insurance costs | — | — | 15,821 | 9 | — | 15,830 | |||||||||||||||||||||||||||||||||||||||||||
Taxes and licenses | — | — | 2,825 | — | — | 2,825 | |||||||||||||||||||||||||||||||||||||||||||
Communication and utilities | — | — | 3,636 | — | — | 3,636 | |||||||||||||||||||||||||||||||||||||||||||
Gain on disposal of property and equipment | — | — | (846 | ) | (142 | ) | — | (988 | ) | ||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | — | (39 | ) | 48,731 | 451 | — | 49,143 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense (income), non-related party, net | — | 28,490 | 782 | (14 | ) | — | 29,258 | ||||||||||||||||||||||||||||||||||||||||||
Interest (income) expense, related party, net | — | (28,490 | ) | 28,905 | (415 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||
Other expense | — | — | (2,849 | ) | (15 | ) | — | (2,864 | ) | ||||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | — | (39 | ) | 21,893 | 895 | — | 22,749 | ||||||||||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 3,306 | — | (30,799 | ) | 166 | — | (27,327 | ) | |||||||||||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 53,382 | 53,421 | — | — | (106,803 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 50,076 | $ | 53,382 | $ | 52,692 | $ | 729 | $ | (106,803 | ) | $ | 50,076 | ||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | (371 | ) | (371 | ) | (328 | ) | (43 | ) | 742 | (371 | ) | ||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 49,705 | $ | 53,011 | $ | 52,364 | $ | 686 | $ | (106,061 | ) | $ | 49,705 | ||||||||||||||||||||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Balance Sheet, December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC and | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
QD Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 1,221 | $ | 137 | $ | — | $ | 1,358 | |||||||||||||||||||||||||||||||||||||
Accounts receivable, net | — | — | 136,786 | 4 | — | 136,790 | |||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses | — | 58 | 14,013 | 47 | — | 14,118 | |||||||||||||||||||||||||||||||||||||||||||
Deferred tax asset, net | — | — | 29,333 | — | — | 29,333 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany | — | — | 457,540 | 96 | (457,636 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Other | 34 | — | 10,346 | (6 | ) | — | 10,374 | ||||||||||||||||||||||||||||||||||||||||||
Total current assets | 34 | 58 | 649,239 | 278 | (457,636 | ) | 191,973 | ||||||||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | — | 156,249 | — | — | 156,249 | |||||||||||||||||||||||||||||||||||||||||||
Assets-held-for-sale | — | — | 2,040 | — | — | 2,040 | |||||||||||||||||||||||||||||||||||||||||||
Goodwill | — | — | 34,896 | — | — | 34,896 | |||||||||||||||||||||||||||||||||||||||||||
Intangibles, net | — | — | 15,388 | — | — | 15,388 | |||||||||||||||||||||||||||||||||||||||||||
Non-current deferred tax asset, net | (1,702 | ) | — | 20,644 | — | — | 18,942 | ||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | (107,213 | ) | 339,715 | — | — | (232,502 | ) | — | |||||||||||||||||||||||||||||||||||||||||
Intercompany | 158,130 | 250,160 | 221,885 | 6,633 | (636,808 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Other assets | — | 7,649 | 646 | — | — | 8,295 | |||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 49,249 | $ | 597,582 | $ | 1,100,987 | $ | 6,911 | $ | (1,326,946 | ) | $ | 427,783 | ||||||||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Current maturities of indebtedness | $ | — | $ | — | $ | 2,699 | $ | — | $ | — | $ | 2,699 | |||||||||||||||||||||||||||||||||||||
Current maturities of capital lease obligations | — | — | 334 | — | — | 334 | |||||||||||||||||||||||||||||||||||||||||||
Accounts payable | — | — | 12,955 | — | — | 12,955 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany | 80,943 | — | 376,693 | — | (457,636 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Independent affiliates and independent owner-operators payable | — | — | 15,110 | — | — | 15,110 | |||||||||||||||||||||||||||||||||||||||||||
Accrued expenses | — | 3,512 | 29,061 | 44 | — | 32,617 | |||||||||||||||||||||||||||||||||||||||||||
Environmental liabilities | — | — | 4,389 | — | — | 4,389 | |||||||||||||||||||||||||||||||||||||||||||
Accrued loss and damage claims | — | — | 8,851 | — | — | 8,851 | |||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 80,943 | 3,512 | 450,092 | 44 | (457,636 | ) | 76,955 | ||||||||||||||||||||||||||||||||||||||||||
Long-term indebtedness, less current maturities | — | 347,814 | 266 | — | — | 348,080 | |||||||||||||||||||||||||||||||||||||||||||
Capital lease obligations, less current maturities | — | — | 182 | — | — | 182 | |||||||||||||||||||||||||||||||||||||||||||
Environmental liabilities | — | — | 3,830 | — | — | 3,830 | |||||||||||||||||||||||||||||||||||||||||||
Accrued loss and damage claims | — | — | 10,493 | — | — | 10,493 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany | — | 353,469 | 283,056 | 283 | (636,808 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Other non-current liabilities | — | — | 19,937 | — | — | 19,937 | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 80,943 | 704,795 | 767,856 | 327 | (1,094,444 | ) | 459,477 | ||||||||||||||||||||||||||||||||||||||||||
Shareholders’ (deficit) equity: | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | 450,625 | 354,963 | 390,760 | 3,597 | (749,320 | ) | 450,625 | ||||||||||||||||||||||||||||||||||||||||||
Treasury stock | (11,860 | ) | — | — | — | — | (11,860 | ) | |||||||||||||||||||||||||||||||||||||||||
Accumulated (deficit) retained earnings | (249,865 | ) | (242,054 | ) | (27,824 | ) | 3,770 | 266,108 | (249,865 | ) | |||||||||||||||||||||||||||||||||||||||
Stock recapitalization | (189,589 | ) | (189,589 | ) | — | (55 | ) | 189,644 | (189,589 | ) | |||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (31,005 | ) | (30,533 | ) | (29,805 | ) | (728 | ) | 61,066 | (31,005 | ) | ||||||||||||||||||||||||||||||||||||||
Total shareholders’ (deficit) equity | (31,694 | ) | (107,213 | ) | 333,131 | 6,584 | (232,502 | ) | (31,694 | ) | |||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | 49,249 | $ | 597,582 | $ | 1,100,987 | $ | 6,911 | $ | (1,326,946 | ) | $ | 427,783 | ||||||||||||||||||||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Balance Sheet, December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
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 Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC and | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
QD Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 20,640 | $ | 20,105 | $ | 20,743 | $ | (39 | ) | $ | (40,809 | ) | $ | 20,640 | |||||||||||||||||||||||||||||||||||
Adjustments for non-cash charges | (16,880 | ) | (45,236 | ) | 50,390 | (168 | ) | 40,809 | 28,915 | ||||||||||||||||||||||||||||||||||||||||
Net changes in assets and liabilities | 469 | (348 | ) | (15,479 | ) | (27 | ) | — | (15,385 | ) | |||||||||||||||||||||||||||||||||||||||
Intercompany activity | (4,229 | ) | 25,479 | (21,540 | ) | 290 | — | — | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | — | — | 34,114 | 56 | — | 34,170 | |||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | (40,140 | ) | — | — | (40,140 | ) | |||||||||||||||||||||||||||||||||||||||||
Acquisition of an independent affiliate’s assets | — | — | (6,747 | ) | — | — | (6,747 | ) | |||||||||||||||||||||||||||||||||||||||||
Onboarding payment to independent affiliate | — | — | (125 | ) | — | — | (125 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of property and equipment | — | — | 34,114 | — | — | 34,114 | |||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | — | — | (12,898 | ) | — | — | (12,898 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Principal payments on long-term debt and capital lease obligations | — | (22,500 | ) | (19,146 | ) | — | — | (41,646 | ) | ||||||||||||||||||||||||||||||||||||||||
Proceeds from revolver | — | 356,522 | — | — | — | 356,522 | |||||||||||||||||||||||||||||||||||||||||||
Payments on revolver | — | (341,522 | ) | — | — | — | (341,522 | ) | |||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | — | (2,613 | ) | — | — | — | (2,613 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 4,986 | — | — | — | — | 4,986 | |||||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | (417 | ) | — | — | — | — | (417 | ) | |||||||||||||||||||||||||||||||||||||||||
Other | — | — | 2,819 | — | — | 2,819 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany activity | (4,569 | ) | 10,113 | (5,544 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net cash used in financing activities | — | — | (21,871 | ) | — | — | (21,871 | ) | |||||||||||||||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | (655 | ) | 56 | — | (599 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of year | — | — | 1,876 | 81 | — | 1,957 | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of year | $ | — | $ | — | $ | 1,221 | $ | 137 | $ | — | $ | 1,358 | |||||||||||||||||||||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC and | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
QD Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (42,038 | ) | $ | (41,701 | ) | $ | (41,749 | ) | $ | 729 | $ | 82,721 | $ | (42,038 | ) | |||||||||||||||||||||||||||||||||
Adjustments for non-cash charges | 44,811 | 14,719 | 110,701 | (1,202 | ) | (82,721 | ) | 86,308 | |||||||||||||||||||||||||||||||||||||||||
Net changes in assets and liabilities | 138 | 1,350 | 88 | 124 | — | 1,700 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany activity | (2,911 | ) | 25,632 | (23,027 | ) | 306 | — | — | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | — | — | 46,013 | (43 | ) | — | 45,970 | ||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | (26,177 | ) | — | — | (26,177 | ) | |||||||||||||||||||||||||||||||||||||||||
Trojan purchase price adjustment | — | — | (857 | ) | — | — | (857 | ) | |||||||||||||||||||||||||||||||||||||||||
Onboarding payment to independent affiliate | — | — | (1,000 | ) | — | — | (1,000 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of property and equipment | — | — | 24,679 | — | — | 24,679 | |||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | — | — | (3,355 | ) | — | — | (3,355 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of long-term debt | — | 17,500 | — | — | — | 17,500 | |||||||||||||||||||||||||||||||||||||||||||
Principal payments on long-term debt and capital lease obligations | — | (22,500 | ) | (8,561 | ) | — | — | (31,061 | ) | ||||||||||||||||||||||||||||||||||||||||
Proceeds from revolver | — | 236,600 | — | — | — | 236,600 | |||||||||||||||||||||||||||||||||||||||||||
Payments on revolver | — | (261,800 | ) | — | — | — | (261,800 | ) | |||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | — | (990 | ) | — | — | — | (990 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 1,574 | — | — | — | — | 1,574 | |||||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | (4,454 | ) | — | — | — | — | (4,454 | ) | |||||||||||||||||||||||||||||||||||||||||
Other | — | — | (731 | ) | — | — | (731 | ) | |||||||||||||||||||||||||||||||||||||||||
Intercompany activity | 2,880 | 31,190 | (34,070 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Net cash used in financing activities | — | — | (43,362 | ) | — | — | (43,362 | ) | |||||||||||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | — | — | (704 | ) | (43 | ) | — | (747 | ) | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of year | — | — | 2,580 | 124 | — | 2,704 | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of year | $ | — | $ | — | $ | 1,876 | $ | 81 | $ | — | $ | 1,957 | |||||||||||||||||||||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC and | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
QD Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 50,076 | $ | 53,382 | $ | 52,692 | $ | 729 | $ | (106,803 | ) | $ | 50,076 | ||||||||||||||||||||||||||||||||||||
Adjustments for non-cash charges | (46,838 | ) | (79,562 | ) | 15,204 | (557 | ) | 106,803 | (4,950 | ) | |||||||||||||||||||||||||||||||||||||||
Net changes in assets and liabilities | (2,908 | ) | 1,305 | (26,519 | ) | (2 | ) | — | (28,124 | ) | |||||||||||||||||||||||||||||||||||||||
Intercompany activity | (330 | ) | 24,875 | (23,986 | ) | (559 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | — | — | 17,391 | (389 | ) | — | 17,002 | ||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | (32,317 | ) | — | — | (32,317 | ) | |||||||||||||||||||||||||||||||||||||||||
Greensville purchase price adjustment | — | — | (566 | ) | — | — | (566 | ) | |||||||||||||||||||||||||||||||||||||||||
Acquisition of Trojan | — | — | (8,657 | ) | — | — | (8,657 | ) | |||||||||||||||||||||||||||||||||||||||||
Acquisition of Bice | — | — | (52,176 | ) | — | — | (52,176 | ) | |||||||||||||||||||||||||||||||||||||||||
Acquisition of Dunn’s | — | — | (34,321 | ) | — | — | (34,321 | ) | |||||||||||||||||||||||||||||||||||||||||
Acquisition of independent affiliate’s assets | — | — | (17,143 | ) | — | — | (17,143 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of property and equipment | — | — | 13,497 | — | — | 13,497 | |||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | — | — | (131,683 | ) | — | — | (131,683 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Principal payments on long-term debt and capital lease obligations | — | — | (8,540 | ) | — | — | (8,540 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from revolver | — | 236,800 | — | — | — | 236,800 | |||||||||||||||||||||||||||||||||||||||||||
Payments on revolver | — | (141,100 | ) | — | — | — | (141,100 | ) | |||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | — | (989 | ) | — | — | — | (989 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from equity offering, net of transaction costs | 30,493 | — | — | — | — | 30,493 | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 360 | — | — | — | — | 360 | |||||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | (3,658 | ) | — | — | — | — | (3,658 | ) | |||||||||||||||||||||||||||||||||||||||||
Other | — | — | (34 | ) | — | — | (34 | ) | |||||||||||||||||||||||||||||||||||||||||
Intercompany activity | (27,195 | ) | (94,711 | ) | 121,906 | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by financing activities | — | — | 113,332 | — | — | 113,332 | |||||||||||||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | — | — | (960 | ) | (389 | ) | — | (1,349 | ) | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of year | — | — | 3,540 | 513 | — | 4,053 | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of year | $ | — | $ | — | $ | 2,580 | $ | 124 | $ | — | $ | 2,704 | |||||||||||||||||||||||||||||||||||||
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2014 | |
SUBSEQUENT EVENT | 24. Subsequent Event |
On January 15, 2015, we redeemed a portion of our 2018 Notes in the aggregate principal amount of $10.0 million. The redemption price for these 2018 Notes equaled 100% of the aggregate principal amount of $10.0 million, plus accrued but unpaid interest up to the redemption date, plus a 4.9% premium of $0.5 million. The redemption was funded with borrowings under our ABL Facility and cash on hand. In the first quarter of 2015, $0.2 million of unamortized debt issuance costs related to this redemption will be written off. |
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Basis of Presentation | Basis of Presentation | ||||||||||||
These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States using U.S. dollars as the reporting currency as the majority of our business is in the U.S. The consolidated financial statements include the accounts of QDI and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||||||||
We consider all highly liquid investments with original maturities of three months or less to be cash equivalents. Bank overdrafts are included in accounts payable. | |||||||||||||
Reclassification | Reclassification | ||||||||||||
Certain prior-period amounts have been reclassified amongst operating expense line items to conform to the current-year presentation. | |||||||||||||
Allowance for Uncollectible Receivables | Allowance for Uncollectible Receivables | ||||||||||||
We have established a reserve for uncollectible receivables based on a combination of historical data, cash payment trends, specific customer issues, write-off trends, general economic conditions and other factors. We charge uncollectible amounts to our allowance based on various issues, including cash payment trends and specific customer issues. These factors are continuously monitored by our management to arrive at the estimate for the amount of accounts receivable that may ultimately be uncollectible. The receivables analyzed include trade receivables, as well as loans and advances made to independent affiliates and independent owner-operators. | |||||||||||||
Tires | Tires | ||||||||||||
We capitalize the cost of tires mounted on tractors and trailers that we acquire as a part of the total equipment cost and depreciate the cost over the useful life of the related equipment. Subsequent replacement tires are expensed at the time those tires are placed in service similar to other repairs and maintenance costs. | |||||||||||||
Property and equipment | Property and equipment | ||||||||||||
Property and equipment expenditures, including tractor and trailer rebuilds that extend the useful lives of such equipment, are capitalized and recorded at cost. For financial statement purposes, these assets are depreciated using the straight-line method over the estimated useful lives of the assets to an estimated salvage value. | |||||||||||||
The asset lives used are presented in the following table: | |||||||||||||
Average Lives | |||||||||||||
(in years) | |||||||||||||
Buildings and improvements | 10 - 25 | ||||||||||||
Tractors and terminal equipment | 5 - 7 | ||||||||||||
Trailers and chassis | 15 - 20 | ||||||||||||
Energy logistics equipment | 4 - 15 | ||||||||||||
Disposal wells | 5 - 15 | ||||||||||||
Furniture and fixtures | 3 - 5 | ||||||||||||
Other equipment | 3 - 10 | ||||||||||||
Building improvements are recorded at the shorter of the lease term or useful life. Tractor and trailer rebuilds, which are recurring in nature and extend the lives of the related assets, are capitalized and depreciated over the period of extension, generally 3 to 10 years, based on the type and extent of these rebuilds. Maintenance and repairs are charged directly to expense as incurred. Management estimates the useful lives of these assets based on historical trends and the age of the assets when placed in service. Any changes in the actual lives could result in material changes in the net book value of these assets. Additionally, we estimate the salvage values of these assets based on historical sales or disposals, and any changes in the actual salvage values could also affect the net book value of these assets. | |||||||||||||
Furthermore, we evaluate the recoverability of our long-lived assets whenever adverse events or changes in the business climate indicate that the expected undiscounted future cash flows from the related asset may be less than previously anticipated. If the net book value of the related asset exceeds the undiscounted future cash flows of the asset, the carrying amount would be reduced to the present value of its expected future cash flows and an impairment loss would be recognized. This analysis requires us to make significant estimates and assumptions in projecting future cash flows, and changes in facts and circumstances could result in material changes in the amount of any write-offs for impairment. | |||||||||||||
Assets held-for-sale | Assets held-for-sale | ||||||||||||
We review our fleet requirements to determine if any of our revenue generating equipment should be classified as held-for-sale when certain criteria are met. These criteria include, whether the asset is available for sale in its present condition, whether we are actively looking for a buyer at a price that approximates the asset’s fair value and evaluating whether a sale of the asset within one year is probable. Further, we suspend the depreciation for assets which are classified as held-for-sale. | |||||||||||||
Goodwill | Goodwill | ||||||||||||
Goodwill represents the excess of the purchase price over the net amount of identifiable assets acquired and liabilities assumed in a business combination measured at fair value. We evaluate goodwill and indefinite-lived intangible assets for impairment at least annually during the second quarter with a measurement date of June 30, and more frequently if indicators of impairment, often referred to as “triggering events,” arise, in accordance with Financial Accounting Standards Board (“FASB”) guidance. Impairment of goodwill is tested at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment (referred to as a ‘component’). We have determined that our reporting units for which goodwill has been allocated are equivalent to our operating segments, as all of the components of each segment meet the criteria for aggregation. | |||||||||||||
When testing goodwill for impairment, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If we elect to perform a qualitative assessment and determine that an impairment is more likely than not, we are then required to perform the two-step quantitative impairment test, otherwise, no further analysis is required. Under the qualitative assessment, 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 also may elect not to perform the qualitative assessment and, instead, proceed directly to the two-step quantitative impairment test. In the first step of the quantitative impairment test, the fair value of a reporting unit is compared to its carrying value, including goodwill. If the carrying value of a reporting unit, including goodwill, exceeds its fair value, the second step of the impairment test is performed for purposes of measuring the impairment. In the second step, the fair value of the reporting unit is allocated to all of the assets and liabilities of the reporting unit to determine an implied goodwill value. This allocation is similar to a purchase price allocation. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of goodwill, an impairment loss will be recognized in an amount equal to that excess. | |||||||||||||
We estimate the fair value for each reporting unit considering three basic valuation approaches (i) the cost approach, based on the cost to reproduce assets; (ii) the market approach, which considers market exchange for comparable assets; and (iii) the income approach, which relies on capitalization of potential future income. | |||||||||||||
The cost approach is a valuation methodology that develops value estimates of the underlying assets and liabilities of a business enterprise (values are based on a range, from orderly liquidation to forced liquidation, depending on how quickly a company’s assets and liabilities could be liquidated). The liabilities are subtracted from the assets to derive a value for the business enterprise. | |||||||||||||
The market approach is a valuation methodology in which the market value of the enterprise is estimated based on public market prices and actual transactions. The methodology consists of undertaking a detailed market analysis of publicly traded companies within our industry (guideline company method) and/or acquisitions of companies/assets in our industry (guideline transactions method) that provides a reasonable basis for comparison to the relevant investment characteristics of the respective reporting units. Valuation ratios and multiples derived from the guideline company and guideline transactions methods are then selected and applied to the reporting unit after consideration of adjustments for dissimilarities in financial position, growth, markets, profitability, risk and other factors. | |||||||||||||
We derive a market value of invested capital or business enterprise value for each comparable company by multiplying the current price per share of common stock of the publicly traded companies by their total common shares outstanding and adding each company’s current level of debt. We calculate a business enterprise valuation multiple based on revenue and earnings from each company, then apply those multiples to each of our reporting unit’s revenue and earnings to conclude a reporting unit’s business enterprise value. Assumptions regarding the selection of comparable companies are made based on, among other factors, capital structure, operating environment and industry. As the comparable companies are typically larger and more diversified than our reporting units, multiples are adjusted prior to application to our reporting units’ revenues and earnings to reflect differences in margins, long-term growth prospects and market capitalization. | |||||||||||||
The income approach is based on the present value of expected future cash flows over a 5-year period utilizing a discount rate generally equivalent to the estimated market-based weighted average cost of capital (“WACC”) determined separately for each reporting unit. To estimate the present value of the estimated cash flows that extend beyond the final year of the discounted cash flow model, we employ a terminal value technique, whereby we use estimated operating cash flows minus capital expenditures and adjust for changes in working capital requirements in the final year of the model, then discount this amount by the WACC to establish the terminal value. The determination of fair value using the income approach requires judgment and involves the use of significant estimates and assumptions about expected future cash flows derived from internal forecasts and the impact of market conditions on those assumptions. Critical assumptions primarily include economic growth, industry expansion, future operations which drive our revenue and margin assumptions and the discount rate. | |||||||||||||
The use of more than one approach is desirable because it provides a balanced valuation. In some cases, all three approaches are applicable. However, normally one or two approaches are utilized. Weights given to each approach vary directly with the amount of information available and the relative quality of that information. Available information and business fundamentals dictate which approach or approaches are employed to value a reporting unit. Refer to Critical Accounting Policies and Estimates under Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations for further detail. | |||||||||||||
Intangible assets | 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 for the indefinite-lived intangible assets related to a tradename in the intermodal reporting unit. 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 its 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 their carrying values. The indefinite-lived tradename was tested for impairment by using the income approach, specifically the relief-from-royalty method. This approach is based on the assumption that in lieu of ownership, a company would be willing to pay a royalty in order to utilize the related benefits of this intangible asset. | |||||||||||||
The Company tests intangible assets for impairment when certain triggering events or circumstances indicate that their carrying value may be impaired. Triggering events are assessed on an intangible by intangible basis and, if identified, the specific asset or assets are valued and compared to their carrying value. If the carrying value exceeds the projected discounted cash flows attributed to the indefinite-lived intangible asset, the carrying value is no longer considered recoverable and the Company will record an impairment charge. The customer relationships are valued using the income approach, specifically the excess earnings method. The excess earnings analysis consists of discounting to present value the projected cash flows attributable to the customer relationships, with consideration given to cost savings, customer attrition, the importance, or lack thereof, of existing customer relationships to our business plan, income taxes and required growth rates. | |||||||||||||
Other Assets-Deferred Loan Costs | Other Assets—Deferred Loan Costs | ||||||||||||
Costs incurred to issue debt are deferred and amortized as a component of interest expense over the estimated term of the related debt using the straight-line method, which approximates the effective interest method. | |||||||||||||
Taxation | Taxation | ||||||||||||
We use the asset and liability method of accounting for income taxes. If, on the basis of available evidence, it is more likely than not that all or a portion of the deferred tax asset will not be realized, the asset must be reduced by a valuation allowance. Any change in the actual future results of operations could impact the valuation of the net deferred tax asset. | |||||||||||||
During 2012, we recorded a deferred tax benefit of $28.1 million of which $35.3 related to a prior-year valuation allowance release. These releases of the valuation allowance are a result of our consistent cumulative income position, improved operating results, and recent expansion of our energy business through acquisition. Our assessment of the recoverability of the deferred tax assets primarily relied on the positive evidence related to our cumulative income position. We have determined that it is more likely than not that expected future taxable income will be sufficient to utilize substantially all of our U.S. federal and state net deferred tax assets. | |||||||||||||
We account for uncertain tax positions using a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step requires us to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as we have to determine the probability of various possible outcomes. We re-evaluate these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit, and new audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. | |||||||||||||
Environmental liabilities | Environmental liabilities | ||||||||||||
We have reserved for potential environmental liabilities based on the best estimates of potential clean-up and remediation for known environmental sites. We employ a staff of environmental professionals to administer all phases of our environmental programs and use outside experts where needed. These professionals develop estimates of potential liabilities at these sites based on projected and known remediation costs. These cost projections are determined through previous experiences with other sites and through bids from third-party contractors. Management believes current reserves are reasonable based on current information, but estimates of environmental reserves and exposures may be affected by information subsequently received. | |||||||||||||
Accrued Loss and Damage Claims | Accrued Loss and Damage Claims | ||||||||||||
Our insurance program includes a self-insured deductible of $2.0 million per incident for bodily injury and property damage and a $1.0 million deductible for workers’ compensation. In addition, we currently maintain insurance policies with a total limit of $65.0 million, of which $60.0 million is provided under umbrella and excess liability policies and $5.0 million is provided under a primary liability policy. The $2.0 million deductible per incident could adversely affect our profitability, particularly in the event of an increase in the frequency or severity of incidents. Additionally, we are self-insured for damage to the equipment that we own and lease, as well as for cargo losses, and such self-insurance is not subject to any maximum limitation. We extend insurance coverage to our independent affiliates and independent owner-operators for (i) motor vehicle related bodily injury, (ii) motor vehicle related property damage, and (iii) cargo loss and damage. Under this extended coverage, independent affiliates and independent owner-operators are responsible for only a small portion of the applicable deductibles. In addition, even where we have insurance, our insurance policies may not provide coverage for certain claims against us or may not be sufficient to cover all possible liabilities. As of December 31, 2014, we had $19.0 million in an outstanding letter of credit to our insurance company to guarantee the self-insurance portion of our liability. If we fail to meet certain terms of our agreement, the insurance company may draw down the letter of credit. In developing liability reserves, we rely on insurance company estimates, the judgment of our own licensed claims adjusters, and independent professional actuaries and attorneys. The most significant assumptions used in the estimation process include determining the trends in loss costs, the expected consistency in the frequency and severity of claims incurred but not yet reported to prior-year claims, and expected costs to settle unpaid claims. Management believes reserves are reasonable given known information, but as each case develops, estimates may change to reflect the effect of new information. | |||||||||||||
Foreign Currency Translation | Foreign Currency Translation | ||||||||||||
The translation from Canadian dollars to U.S. dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted-average exchange rate in effect during the period. The gains or losses, net of income taxes, resulting from such translation are included in our Consolidated Statements of Shareholders’ Deficit as a component of accumulated other comprehensive loss. Gains or losses from foreign currency transactions are included in our Consolidated Statements of Operations as a component of other expense. | |||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss | ||||||||||||
The components of accumulated other comprehensive loss are as follows as of December 31 (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Unrecognized loss and prior service costs | $ | 30,174 | $ | 26,416 | |||||||||
Foreign currency translation adjustment | 831 | 1,061 | |||||||||||
$ | 31,005 | $ | 27,477 | ||||||||||
Revenue Recognition | Revenue Recognition | ||||||||||||
Transportation revenue, including fuel surcharges and related costs, is recognized on the date freight is delivered. Service revenue consists primarily of rental revenues (primarily tractor and trailer rental), intermodal and depot revenues, disposal well services revenues and insurance-related administrative services revenues. Rental revenues from independent affiliates, independent owner-operators and third parties are recognized ratably over the lease period. Intermodal and depot revenues, consisting primarily of repair and storage services, are recognized when the services are rendered. Disposal well services revenues are recognized when the services are rendered. Insurance-related administrative services revenues are recorded ratably over the service period. We recognize all revenues on a gross basis as the principal and primary obligor with risk of loss in relation to our responsibility for completion of services as contracted with our customers. | |||||||||||||
Service Revenue | Service Revenue | ||||||||||||
The components of service revenue are as follows for the year ended December 31 (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Rental revenue | $ | 59,891 | $ | 56,249 | $ | 53,044 | |||||||
Intermodal and depot revenues | 54,846 | 50,489 | 45,008 | ||||||||||
Other revenue | 21,915 | 23,027 | 23,049 | ||||||||||
$ | 136,652 | $ | 129,765 | $ | 121,101 | ||||||||
Share-Based Compensation | Share-Based Compensation | ||||||||||||
Under FASB guidance, we apply the Black-Scholes valuation model in determining the fair value of share-based payments to employees and directors. The resulting compensation expense is recognized over the requisite service period, which is generally the option vesting term of two to four years. Please refer to Note 19 for further discussion regarding stock-based compensation. | |||||||||||||
Leased Assets | Leased Assets | ||||||||||||
We have both capital and operating leases. The initial leases for most of our tractors and trailers have terms that range from four to six years. Some leases require us to pay the lessor a minimum residual amount at the end of the lease. For operating leases, we accrue this residual by recording a prepaid rent amount and amortizing a monthly amount as rental expense and also record a liability that is increased every year by recognizing interest expense. This residual amount is recorded in the balance sheet category “Other non-current liabilities.” For capital leases, the residual is included as part of the cost of the capitalized leased asset. | |||||||||||||
Use of Estimates | Use of Estimates | ||||||||||||
The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share | ||||||||||||
Basic net income (loss) per common share is calculated based on the weighted-average common shares outstanding during each period. Diluted income (loss) per common share includes the dilutive effect, if any, of common equivalent shares outstanding during each period. | |||||||||||||
New Accounting Pronouncements | New Accounting Pronouncements | ||||||||||||
In February 2015, the Financial Accounting Standards Board (“FASB”) issued guidance to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). 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 January 2015, the FASB issued an update to authoritative guidance to remove the concept of extraordinary items from U.S. GAAP. Therefore, events or transactions that are of an unusual nature and occur infrequently will no longer be allowed to be separately disclosed, net of tax, in the income statement after income from continuing operations. The standard is effective for the company beginning January 1, 2016. The company does not expect a significant impact from the adoption of this guidance. | |||||||||||||
In August 2014, the FASB issued an update to authoritative guidance related to disclosure of uncertainties about an entity’s ability to continue as a going concern. The amendments in this update require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The guidance is effective for annual periods ending December 31, 2016 and early adoption is permitted. The Company does not expect this guidance to have a material impact on our consolidated financial statements. | |||||||||||||
In June 2014, the 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 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. |
SIGNIFICANT_ACCOUNTING_POLICIE2
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Useful Lives of Assets | The asset lives used are presented in the following table: | ||||||||||||
Average Lives | |||||||||||||
(in years) | |||||||||||||
Buildings and improvements | 10 - 25 | ||||||||||||
Tractors and terminal equipment | 5 - 7 | ||||||||||||
Trailers and chassis | 15 - 20 | ||||||||||||
Energy logistics equipment | 4 - 15 | ||||||||||||
Disposal wells | 5 - 15 | ||||||||||||
Furniture and fixtures | 3 - 5 | ||||||||||||
Other equipment | 3 - 10 | ||||||||||||
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss are as follows as of December 31 (in thousands): | ||||||||||||
2014 | 2013 | ||||||||||||
Unrecognized loss and prior service costs | $ | 30,174 | $ | 26,416 | |||||||||
Foreign currency translation adjustment | 831 | 1,061 | |||||||||||
$ | 31,005 | $ | 27,477 | ||||||||||
Components of Service Revenue | The components of service revenue are as follows for the year ended December 31 (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Rental revenue | $ | 59,891 | $ | 56,249 | $ | 53,044 | |||||||
Intermodal and depot revenues | 54,846 | 50,489 | 45,008 | ||||||||||
Other revenue | 21,915 | 23,027 | 23,049 | ||||||||||
$ | 136,652 | $ | 129,765 | $ | 121,101 | ||||||||
FAIR_VALUE_OF_FINANCIAL_INSTRU1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Carrying Value and Fair Value of Long-Term Indebtedness | As of December 31, 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”) | $ | 180,000 | $ | 189,000 | |||||
INCOME_LOSS_PER_COMMON_SHARE_T
INCOME (LOSS) PER COMMON SHARE (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 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): | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||||
Net income | Shares | Per- | Net loss | Shares | Per- | Net income | Shares | Per- | |||||||||||||||||||||||||||||
(numerator) | (denominator) | share | (numerator) | (denominator) | share | (numerator) | (denominator) | share | |||||||||||||||||||||||||||||
amount | amount | amount | |||||||||||||||||||||||||||||||||||
Basic income (loss) available to common shareholders: | $ | 20,640 | 27,539 | $ | 0.75 | $ | (42,038 | ) | 26,560 | $ | (1.58 | ) | $ | 50,076 | 26,502 | $ | 1.89 | ||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||||||||||||||
Stock options | — | 371 | — | — | — | 566 | |||||||||||||||||||||||||||||||
Unvested restricted stock | — | 123 | — | — | — | 126 | |||||||||||||||||||||||||||||||
Unvested restricted stock units | — | 44 | — | — | — | — | |||||||||||||||||||||||||||||||
Stock warrants | — | — | — | — | — | 13 | |||||||||||||||||||||||||||||||
Diluted income (loss) available to common shareholders: | $ | 20,640 | 28,077 | $ | 0.74 | $ | (42,038 | ) | 26,560 | $ | (1.58 | ) | $ | 50,076 | 27,207 | $ | 1.84 | ||||||||||||||||||||
Summary of Antidilutive Securities Not Included in Calculation of Diluted Income (Loss) Per Share | The following securities were not included in the calculation of diluted income (loss) per share because such inclusion would be anti-dilutive (in thousands): | ||||||||||||||||||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Stock options | 690 | 1,625 | 1,686 | ||||||||||||||||||||||||||||||||||
Restricted stock units | 521 | — | — | ||||||||||||||||||||||||||||||||||
Restricted stock | 71 | 245 | 119 | ||||||||||||||||||||||||||||||||||
Warrants | — | 1 | 1 |
SELECTED_QUARTERLY_FINANCIAL_D1
SELECTED QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA | SELECTED QUARTERLY FINANCIAL DATA (Unaudited) (In thousands, except per share data) | ||||||||||||||||
Quarter Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
2014 | |||||||||||||||||
Operating revenues | $ | 234,487 | $ | 255,599 | $ | 258,490 | $ | 243,182 | |||||||||
Operating income | 12,102 | 14,872 | 13,490 | 10,766 | |||||||||||||
Net income | 3,073 | 11,369 | 3,574 | 2,624 | |||||||||||||
Net income per share—basic | 0.11 | 0.41 | 0.13 | 0.09 | |||||||||||||
Net income per share—diluted | 0.11 | 0.41 | 0.13 | 0.09 | |||||||||||||
2013 | |||||||||||||||||
Operating revenues | $ | 229,422 | $ | 239,296 | $ | 235,671 | $ | 225,421 | |||||||||
Operating income (loss) | 15,444 | (41,683 | ) | 11,617 | (28,142 | ) | |||||||||||
Net income(loss) | 9,144 | (31,147 | ) | 2,763 | (22,798 | ) | |||||||||||
Net income (loss) per share—basic | 0.34 | (1.18 | ) | 0.1 | (0.85 | ) | |||||||||||
Net income (loss) per share—diluted | 0.34 | (1.18 | ) | 0.1 | (0.85 | ) |
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Summarized Segment Data and Reconciliation to Income before Income Taxes | Summarized segment data and a reconciliation to income before income taxes for the years ended December 31 follow (in thousands): | ||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Chemical | Energy | Intermodal | Shared Services | Total | |||||||||||||||||
Logistics | Logistics | ||||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Transportation | $ | 483,272 | $ | 154,282 | $ | 79,941 | $ | — | $ | 717,495 | |||||||||||
Service revenue | 71,803 | 8,867 | 54,846 | 1,136 | 136,652 | ||||||||||||||||
Fuel surcharge | 113,348 | 4,333 | 19,930 | — | 137,611 | ||||||||||||||||
Total operating revenues | 668,423 | 167,482 | 154,717 | 1,136 | 991,758 | ||||||||||||||||
Segment operating income (loss) | 79,905 | 9,044 | 25,785 | (44,468 | ) | 70,266 | |||||||||||||||
Depreciation and amortization | 9,654 | 8,351 | 3,349 | 263 | 21,617 | ||||||||||||||||
(Gain) loss on disposal of property and equipment | (4,791 | ) | 3,035 | (35 | ) | (790 | ) | (2,581 | ) | ||||||||||||
Operating income (loss) | 75,042 | (2,342 | ) | 22,471 | (43,941 | ) | 51,230 | ||||||||||||||
Interest expense | 8,313 | 14,160 | 6,051 | 38 | 28,562 | ||||||||||||||||
Interest income | (474 | ) | (22 | ) | — | — | (496 | ) | |||||||||||||
Other (income) expense | (1,354 | ) | — | 1,210 | (3,741 | ) | (3,885 | ) | |||||||||||||
Income (loss) before income taxes | $ | 68,557 | $ | (16,480 | ) | $ | 15,210 | $ | (40,238 | ) | $ | 27,049 | |||||||||
31-Dec-13 | |||||||||||||||||||||
Chemical | Energy | Intermodal | Shared | Total | |||||||||||||||||
Logistics | Logistics | Services | |||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Transportation | $ | 442,164 | $ | 160,614 | $ | 72,316 | $ | — | $ | 675,094 | |||||||||||
Service revenue | 68,029 | 10,617 | 50,489 | 630 | 129,765 | ||||||||||||||||
Fuel surcharge | 106,845 | 273 | 17,833 | — | 124,951 | ||||||||||||||||
Total operating revenues | 617,038 | 171,504 | 140,638 | 630 | 929,810 | ||||||||||||||||
Segment operating income (loss) | 80,146 | 10,634 | 23,174 | (41,751 | ) | 72,203 | |||||||||||||||
Depreciation and amortization | 11,147 | 11,173 | 3,322 | 479 | 26,121 | ||||||||||||||||
Impairment charges (1) | — | 91,296 | — | — | 91,296 | ||||||||||||||||
(Gain) loss on disposal of property and equipment | (4,234 | ) | 4,809 | (161 | ) | (2,864 | ) | (2,450 | ) | ||||||||||||
Operating income (loss) | 73,233 | (96,644 | ) | 20,013 | (39,366 | ) | (42,764 | ) | |||||||||||||
Interest expense | 9,060 | 15,960 | 6,043 | 84 | 31,147 | ||||||||||||||||
Interest income | (846 | ) | (9 | ) | — | — | (855 | ) | |||||||||||||
Other expense (income) | 65 | (6,800 | ) | — | — | (6,735 | ) | ||||||||||||||
Income (loss) before income taxes | $ | 64,954 | $ | (105,795 | ) | $ | 13,970 | $ | (39,450 | ) | $ | (66,321 | ) | ||||||||
31-Dec-12 | |||||||||||||||||||||
Chemical | Energy | Intermodal | Shared | Total | |||||||||||||||||
Logistics | Logistics | Services | |||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Transportation | $ | 423,077 | $ | 105,679 | $ | 68,650 | $ | — | $ | 597,406 | |||||||||||
Service revenue | 67,097 | 8,461 | 45,008 | 535 | 121,101 | ||||||||||||||||
Fuel surcharge | 105,767 | 926 | 16,918 | — | 123,611 | ||||||||||||||||
Total operating revenues | 595,941 | 115,066 | 130,576 | 535 | 842,118 | ||||||||||||||||
Segment operating income (loss) | 83,069 | 12,177 | 19,259 | (45,260 | ) | 69,245 | |||||||||||||||
Depreciation and amortization | 10,803 | 6,310 | 3,487 | 490 | 21,090 | ||||||||||||||||
(Gain) loss on disposal of property and equipment | (1,327 | ) | 391 | (52 | ) | — | (988 | ) | |||||||||||||
Operating income (loss) | 73,593 | 5,476 | 15,824 | (45,750 | ) | 49,143 | |||||||||||||||
Interest expense | 16,322 | 7,731 | 6,036 | — | 30,089 | ||||||||||||||||
Interest income | (831 | ) | — | — | — | (831 | ) | ||||||||||||||
Other (income) expense | (1,248 | ) | (2,733 | ) | 1,117 | — | (2,864 | ) | |||||||||||||
Income (loss) before income taxes | $ | 59,350 | $ | 478 | $ | 8,671 | $ | (45,750 | ) | $ | 22,749 | ||||||||||
-1 | Includes impairment charges of $72.8 million of goodwill and $18.5 million of intangible assets related to our energy logistics segment. |
GEOGRAPHIC_INFORMATION_Tables
GEOGRAPHIC INFORMATION (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Operations Different Geographic Area | Information about our operations in different geographic areas for the years ended December 31 is as follows (in thousands): | ||||||||||||
2014 | |||||||||||||
U.S. | International | Consolidated | |||||||||||
Total operating revenues | $ | 951,555 | $ | 40,203 | $ | 991,758 | |||||||
Operating income | 45,208 | 6,022 | 51,230 | ||||||||||
Long-term identifiable assets (1) | 152,716 | 3,533 | 156,249 | ||||||||||
2013 | |||||||||||||
U.S. | International | Consolidated | |||||||||||
Total operating revenues | $ | 891,589 | $ | 38,221 | $ | 929,810 | |||||||
Operating (loss) income | (49,730 | ) | 6,966 | (42,764 | ) | ||||||||
Long-term identifiable assets (1) | 166,394 | 3,720 | 170,114 | ||||||||||
2012 | |||||||||||||
U.S. | International | Consolidated | |||||||||||
Total operating revenues | $ | 802,715 | $ | 39,403 | $ | 842,118 | |||||||
Operating income | 42,346 | 6,797 | 49,143 | ||||||||||
Long-term identifiable assets (1) | 184,510 | 5,832 | 190,342 | ||||||||||
-1 | Includes property and equipment. |
ACCOUNTS_RECEIVABLE_NET_Tables
ACCOUNTS RECEIVABLE, NET (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounts Receivable, Net | Accounts receivable, net consisted of the following at December 31 (in thousands): | ||||||||||||
2014 | 2013 | ||||||||||||
Trade accounts receivable | $ | 125,906 | $ | 111,609 | |||||||||
Independent affiliate and independent owner-operator receivables | 8,929 | 7,483 | |||||||||||
Other receivables | 4,417 | 2,592 | |||||||||||
139,252 | 121,684 | ||||||||||||
Less allowance for doubtful accounts | (2,462 | ) | (752 | ) | |||||||||
$ | 136,790 | $ | 120,932 | ||||||||||
Activity in Allowance for Doubtful Accounts | The activity in the allowance for doubtful accounts for the years ended December 31 is as follows (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance, beginning of period | $ | (752 | ) | $ | (706 | ) | $ | (674 | ) | ||||
Adjustment to bad debt expense | (1,217 | ) | 657 | (120 | ) | ||||||||
Write-offs, net of recoveries | (493 | ) | (703 | ) | 88 | ||||||||
Balance, end of period | $ | (2,462 | ) | $ | (752 | ) | $ | (706 | ) | ||||
PROPERTY_AND_EQUIPMENT_Tables
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property Plant and Equipment Disclosure | Property and equipment consisted of the following at December 31 (in thousands): | ||||||||
2014 | 2013 | ||||||||
Land and improvements | $ | 13,492 | $ | 14,077 | |||||
Buildings and improvements | 29,160 | 28,875 | |||||||
Revenue equipment | 216,297 | 224,319 | |||||||
Other equipment and disposal wells | 36,284 | 42,435 | |||||||
Total property and equipment | 295,233 | 309,706 | |||||||
Accumulated depreciation | (138,984 | ) | (139,592 | ) | |||||
Property and equipment, net | $ | 156,249 | $ | 170,114 | |||||
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Goodwill within Reporting Units | Goodwill within our reporting units and the related changes for the year ended December 31, 2014 were as follows (in thousands): | ||||||||||||||||||||||||
December 31, | Additions (1) | December 31, | |||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||
Intermodal | $ | 31,410 | $ | — | $ | 31,410 | |||||||||||||||||||
Chemical Logistics | 1,545 | — | 1,545 | ||||||||||||||||||||||
Energy Logistics | — | 1,941 | 1,941 | ||||||||||||||||||||||
Total | $ | 32,955 | $ | 1,941 | $ | 34,896 | |||||||||||||||||||
-1 | Additions due to business assets acquired from an independent affiliate. | ||||||||||||||||||||||||
Goodwill within our reporting units and the related changes for the year ended December 31, 2013 were as follows (in thousands): | |||||||||||||||||||||||||
December 31, | Purchase Price | Impairment | December 31, | ||||||||||||||||||||||
2012 | Adjustment | 2013 | |||||||||||||||||||||||
Energy Logistics (1) | $ | 71,339 | $ | 1,430 | $ | (72,769 | ) | $ | — | ||||||||||||||||
Intermodal | 31,410 | — | — | 31,410 | |||||||||||||||||||||
Chemical Logistics | 1,545 | — | — | 1,545 | |||||||||||||||||||||
Total | $ | 104,294 | $ | 1,430 | $ | (72,769 | ) | $ | 32,955 | ||||||||||||||||
-1 | Measurement period adjustment for the Dunn’s acquisition as the Company finalized its valuation which reduced fixed assets and increased goodwill. | ||||||||||||||||||||||||
Indefinite and Finite Lived Intangible Assets | Intangible assets at December 31, 2014 are as follows (in thousands): | ||||||||||||||||||||||||
Gross Book | 2014 | Accumulated | Net Book | Average | |||||||||||||||||||||
Value | Additions (1) | Amortization | Value | Lives | |||||||||||||||||||||
(in years) | |||||||||||||||||||||||||
Tradename—Intermodal | $ | 7,400 | $ | — | $ | — | $ | 7,400 | Indefinite | ||||||||||||||||
Customer relationships—Intermodal, Energy Logistics and Chemical Logistics | 14,260 | 668 | (7,573 | ) | 7,355 | 12-Oct | |||||||||||||||||||
Non-compete agreements—Intermodal and Energy Logistics | 1,620 | — | (987 | ) | 633 | 6-Mar | |||||||||||||||||||
$ | 23,280 | $ | 668 | $ | (8,560 | ) | $ | 15,388 | |||||||||||||||||
-1 | Additions relate to the onboarding of two new independent affiliates. | ||||||||||||||||||||||||
Of the net book value of intangibles of approximately $15.4 million at December 31, 2014, $14.1 million was allocated to our intermodal reporting unit, $0.7 million was allocated to our energy logistics reporting unit and $0.6 million was allocated to our chemical 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 | |||||||||||||||||||||
(in years) | |||||||||||||||||||||||||
Tradename—Intermodal | $ | 7,400 | $ | — | $ | — | $ | — | $ | 7,400 | Indefinite | ||||||||||||||
Tradename—Energy Logistics | 1,100 | — | (521 | ) | (579 | ) | — | — | |||||||||||||||||
Customer relationships | 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 relate to the onboarding of a new independent affiliate. | ||||||||||||||||||||||||
Estimated Amortization Expense for Intangible Assets | Estimated amortization expense for intangible assets is as follows (in thousands): | ||||||||||||||||||||||||
2015 | $ | 1,485 | |||||||||||||||||||||||
2016 | 1,480 | ||||||||||||||||||||||||
2017 | 1,404 | ||||||||||||||||||||||||
2018 | 1,285 | ||||||||||||||||||||||||
2019 | 1,337 | ||||||||||||||||||||||||
Thereafter | 997 | ||||||||||||||||||||||||
Total | $ | 7,988 | |||||||||||||||||||||||
ACCOUNTS_PAYABLE_AND_ACCRUED_E1
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accrued Expenses | Accrued expenses include the following at December 31 (in thousands): | ||||||||
2014 | 2013 | ||||||||
Lease residual guarantees | $ | 11,250 | $ | 8,183 | |||||
Salaries, wages and benefits | 7,389 | 5,440 | |||||||
Interest | 3,512 | 3,892 | |||||||
Claims and deposits | 3,862 | 2,396 | |||||||
Taxes | 1,071 | 1,286 | |||||||
Other | 5,533 | 9,383 | |||||||
$ | 32,617 | $ | 30,580 | ||||||
LONGTERM_INDEBTEDNESS_Tables
LONG-TERM INDEBTEDNESS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Long-term debt | Long-term debt consisted of the following at December 31 (in thousands): | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Capital lease obligations | $ | 516 | $ | 4,883 | |||||||||||||||||||||
ABL Facility | 151,000 | 136,000 | |||||||||||||||||||||||
Term Loan | 17,500 | 17,500 | |||||||||||||||||||||||
9.875% Second-Priority Senior Secured Notes, due 2018 | 180,000 | 202,500 | |||||||||||||||||||||||
5% Subordinated Acquisition Notes | — | 19,170 | |||||||||||||||||||||||
Other notes | 2,966 | 4,209 | |||||||||||||||||||||||
Long-term debt, including current maturities | 351,982 | 384,262 | |||||||||||||||||||||||
Discount on notes | (687 | ) | (957 | ) | |||||||||||||||||||||
Total indebtedness (including capital lease obligations) | 351,295 | 383,305 | |||||||||||||||||||||||
Less current maturities of long-term debt (including capital lease obligations) | (3,033 | ) | (10,580 | ) | |||||||||||||||||||||
Long-term debt, less current maturities (including capital lease obligations) | $ | 348,262 | $ | 372,725 | |||||||||||||||||||||
Redemption Prices of 2018 Notes | Since November 1, 2014, we may redeem the 2018 Notes, in whole or in part, at the following prices (expressed as a percentage of principal amount), plus accrued and unpaid interest to the redemption date, if redeemed during the 12-month period commencing on November 1 of the years set forth below: | ||||||||||||||||||||||||
Period | Redemption | ||||||||||||||||||||||||
Price | |||||||||||||||||||||||||
2014 | 104.938 | % | |||||||||||||||||||||||
2015 | 102.469 | % | |||||||||||||||||||||||
2016 and thereafter | 100 | % | |||||||||||||||||||||||
Payment of Debts | The following is a schedule of our total indebtedness outstanding at December 31, 2014 over the periods we are required to pay such indebtedness (in thousands): | ||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Total | ||||||||||||||||||||
Capital lease obligations | $ | 334 | $ | 106 | $ | 76 | $ | — | $ | — | $ | 516 | |||||||||||||
ABL Facility | — | — | — | 151,000 | — | 151,000 | |||||||||||||||||||
Term Loan (1) | — | 10,500 | 7,000 | — | — | 17,500 | |||||||||||||||||||
9.875% Second–Priority Senior Notes, due 2018 (2) | — | — | — | 180,000 | — | 180,000 | |||||||||||||||||||
Other Notes | 2,700 | 266 | — | — | — | 2,966 | |||||||||||||||||||
Total | $ | 3,034 | $ | 10,872 | $ | 7,076 | 331,000 | $ | — | $ | 351,982 | ||||||||||||||
-1 | Assumes repayment of the principal amount of the Term Loan in equal quarterly amounts beginning in the second quarter of 2016. | ||||||||||||||||||||||||
-2 | Amounts do not include the remaining unamortized original issue discount of $0.7 million related to the 2018 Notes. | ||||||||||||||||||||||||
Schedule of Debt Issuance Cost | The following is a schedule of our debt issuance costs included in “Other assets” in the Consolidated Balance Sheet (in thousands) for the year ended: | ||||||||||||||||||||||||
December 31, | Write-off | Additional | 2014 | December 31, | |||||||||||||||||||||
2013 | of | Debt | Amortization | 2014 | |||||||||||||||||||||
Issuance | Issuance | Expense | |||||||||||||||||||||||
Costs | Costs | ||||||||||||||||||||||||
ABL Facility | $ | 3,745 | $ | (54 | ) | $ | 4 | $ | (1,323 | ) | $ | 2,372 | |||||||||||||
Term Loan | 490 | — | — | (189 | ) | 301 | |||||||||||||||||||
Amendment and Restatement of ABL Facility | — | — | 1,957 | (62 | ) | 1,895 | |||||||||||||||||||
9.875% Second–Priority Senior Notes, due 2018 | 3,447 | (340 | ) | 652 | (677 | ) | 3,082 | ||||||||||||||||||
Total | $ | 7,682 | (394 | ) | $ | 2,613 | $ | (2,251 | ) | $ | 7,650 | ||||||||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income (Loss) before Income Taxes | For financial reporting purposes, income (loss) before income taxes includes the following components for years ended December 31 (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Domestic | $ | 27,153 | $ | (67,437 | ) | $ | 21,853 | ||||||
Mexico | 153 | 1,281 | 851 | ||||||||||
Canada | (257 | ) | (165 | ) | 45 | ||||||||
Income (loss) before income taxes | $ | 27,049 | $ | (66,321 | ) | $ | 22,749 | ||||||
Components of Provision for (Benefit) from Income Tax | The components of the provision for (benefit from) income tax for the years ended December 31 are as follows (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current taxes: | |||||||||||||
Federal | $ | — | $ | (38 | ) | $ | (337 | ) | |||||
State | 215 | 1,216 | 516 | ||||||||||
Mexico | (86 | ) | 388 | 166 | |||||||||
Canada | 79 | 564 | 436 | ||||||||||
208 | 2,130 | 781 | |||||||||||
Deferred taxes: | |||||||||||||
Federal | 9,960 | (24,011 | ) | 7,038 | |||||||||
State | 745 | (2,648 | ) | 136 | |||||||||
10,705 | (26,659 | ) | 7,174 | ||||||||||
Valuation Allowance | |||||||||||||
Federal | (4,504 | ) | 246 | (32,586 | ) | ||||||||
State | — | — | (2,696 | ) | |||||||||
(4,504 | ) | 246 | (35,282 | ) | |||||||||
Provision for (benefit from) income taxes | $ | 6,409 | $ | (24,283 | ) | $ | (27,327 | ) | |||||
Net Deferred Tax Asset (Liability) | The net deferred tax asset (liability) consisted of the following at December 31 (in thousands): | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Environmental reserve | $ | 7,891 | $ | 7,936 | |||||||||
Tax credit carryforwards | 7,924 | 8,692 | |||||||||||
Self-insurance reserves | 7,536 | 7,527 | |||||||||||
Pension | 6,569 | 5,081 | |||||||||||
Net operating loss carryforwards | 19,245 | 27,381 | |||||||||||
Stock compensation | 2,285 | 2,762 | |||||||||||
Intangible basis differences | 24,232 | 26,965 | |||||||||||
Other | 5,488 | 4,909 | |||||||||||
81,170 | 91,253 | ||||||||||||
Less valuation allowance | — | (4,504 | ) | ||||||||||
$ | 81,170 | $ | 86,749 | ||||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment basis differences | (28,018 | ) | (29,628 | ) | |||||||||
Accrued interest and original issue discount | (2,208 | ) | (2,698 | ) | |||||||||
Depreciation of environmental costs | (2,669 | ) | (2,313 | ) | |||||||||
Net deferred tax asset | $ | 48,275 | $ | 52,110 | |||||||||
Comprised of: | |||||||||||||
Current deferred tax asset | $ | 29,333 | $ | 20,709 | |||||||||
Long-term deferred tax asset | 51,851 | 66,040 | |||||||||||
Long-term deferred tax liability | (32,909 | ) | (34,639 | ) | |||||||||
Net deferred tax asset | $ | 48,275 | $ | 52,110 | |||||||||
Reconciliation of Effective Tax Rate and Federal Statutory Rate | Our effective tax rate differs from the federal statutory rate. The reasons for those differences are as follows for the years ended December 31 (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Tax expense (benefit) at the statutory rate | $ | 9,467 | $ | (23,212 | ) | $ | 7,962 | ||||||
State income taxes, net of federal benefit | 1,120 | (2,054 | ) | 679 | |||||||||
Uncertain tax position adjustments | (474 | ) | 928 | 49 | |||||||||
Valuation allowance | (4,504 | ) | 246 | (35,282 | ) | ||||||||
Foreign tax credit | 521 | (975 | ) | (525 | ) | ||||||||
Federal provision to return and deferred tax adjustment | 234 | (123 | ) | (608 | ) | ||||||||
Other | 45 | 907 | 398 | ||||||||||
Provision for (benefit from) income taxes | $ | 6,409 | $ | (24,283 | ) | $ | (27,327 | ) | |||||
Rollforward of Valuation Allowance | Rollforward of valuation allowance (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning balance | $ | (4,504 | ) | $ | (4,258 | ) | $ | (39,540 | ) | ||||
Change in assessments about the realization of deferred income tax assets | 4,504 | (246 | ) | 35,282 | |||||||||
Ending balance | $ | — | $ | (4,504 | ) | $ | (4,258 | ) | |||||
Reconciliation of Total Amount of Unrecognized Tax Benefits | A reconciliation of the total amount of unrecognized tax benefits as of December 31 follows (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Total unrecognized tax benefits as of January 1, | $ | 2,453 | $ | 1,652 | $ | 1,628 | |||||||
Increases in tax positions taken during prior period | — | — | 359 | ||||||||||
Decreases in tax positions taken during prior period | — | (88 | ) | (75 | ) | ||||||||
Increases in tax positions taken in the current period | 124 | 893 | 85 | ||||||||||
Decreases in tax positions taken in the current period | — | — | (20 | ) | |||||||||
Settlements with taxing authorities | — | — | (85 | ) | |||||||||
Decrease due to lapse of applicable statute of limitations | (594 | ) | (4 | ) | (240 | ) | |||||||
Total unrecognized tax benefits as of December 31, | $ | 1,983 | $ | 2,453 | $ | 1,652 | |||||||
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Future Actuarial Gains or Losses | Future actuarial gains or losses that are not recognized as net periodic cost in the same periods will be recognized as a component of other comprehensive loss (in thousands): | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Items not yet recognized as a component of net periodic cost: | |||||||||||||||||||||||||||||||||||||||||
Unrecognized net actuarial loss | $ | 34,150 | $ | 27,932 | |||||||||||||||||||||||||||||||||||||
Unamortized prior service cost | 135 | 229 | |||||||||||||||||||||||||||||||||||||||
Unrecognized loss and prior service costs recorded as a component of accumulated other comprehensive loss | $ | 34,285 | $ | 28,161 | |||||||||||||||||||||||||||||||||||||
Items to be recognized in 2015/2014 as a component of net periodic cost: | |||||||||||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 1,413 | $ | 1,347 | |||||||||||||||||||||||||||||||||||||
Prior service cost | 94 | 94 | |||||||||||||||||||||||||||||||||||||||
Net periodic cost to be recorded in 2015/2014 from accumulated other comprehensive loss | $ | 1,507 | $ | 1,441 | |||||||||||||||||||||||||||||||||||||
Change in Projected Benefit Obligation and Plan Assets and Unfunded Status of 2014 and 2013 Plans | The following table sets forth the change in the projected benefit obligation, change in plan assets and unfunded status of the two plans at 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Change in Projected Benefit Obligation | |||||||||||||||||||||||||||||||||||||||||
Benefit obligation at January 1, | $ | 47,207 | $ | 52,637 | |||||||||||||||||||||||||||||||||||||
Service cost | 165 | 165 | |||||||||||||||||||||||||||||||||||||||
Interest cost | 2,013 | 1,853 | |||||||||||||||||||||||||||||||||||||||
Actuarial loss (gain) | 5,769 | (4,170 | ) | ||||||||||||||||||||||||||||||||||||||
Benefits and expenses paid | (3,274 | ) | (3,278 | ) | |||||||||||||||||||||||||||||||||||||
Benefit obligation at December 31, | $ | 51,880 | $ | 47,207 | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at January 1, | $ | 34,609 | $ | 31,560 | |||||||||||||||||||||||||||||||||||||
Actual return on plan assets | 949 | 3,400 | |||||||||||||||||||||||||||||||||||||||
Contributions by Company | 3,181 | 2,927 | |||||||||||||||||||||||||||||||||||||||
Benefits and expenses paid | (3,274 | ) | (3,278 | ) | |||||||||||||||||||||||||||||||||||||
Fair value of plan assets at December 31, | $ | 35,465 | $ | 34,609 | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Unfunded Status of Plans | |||||||||||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | (51,880 | ) | $ | (47,207 | ) | |||||||||||||||||||||||||||||||||||
Fair value of plan assets | 35,465 | 34,609 | |||||||||||||||||||||||||||||||||||||||
Unfunded status as of December 31, | $ | (16,415 | ) | $ | (12,598 | ) | |||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | We had the following net pension equity (charges) credits, net of tax, that were recorded as part of other comprehensive income and accumulated other comprehensive income: | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Net actuarial (loss) income, net of tax | $ | (3,852 | ) | $ | 4,062 | $ | (422 | ) | |||||||||||||||||||||||||||||||||
Prior service cost | 94 | 94 | 94 | ||||||||||||||||||||||||||||||||||||||
Adjustment to pension benefit obligation | $ | (3,758 | ) | $ | 4,156 | $ | (328 | ) | |||||||||||||||||||||||||||||||||
Components of Net Periodic Pension Cost | The components of net periodic pension cost are as follows for the years ended December 31 (in thousands): | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Service cost | $ | 165 | $ | 165 | $ | 166 | |||||||||||||||||||||||||||||||||||
Interest cost | 2,013 | 1,853 | 2,102 | ||||||||||||||||||||||||||||||||||||||
Amortization of loss | 1,170 | 1,451 | 1,352 | ||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | 94 | 94 | 94 | ||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (2,568 | ) | (2,334 | ) | (2,219 | ) | |||||||||||||||||||||||||||||||||||
Net periodic pension cost | $ | 874 | $ | 1,229 | $ | 1,495 | |||||||||||||||||||||||||||||||||||
Weighted Average Assumptions Used to Determine Benefit Obligations | Weighted average assumptions used to determine benefit obligations at December 31: | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Discount rate | 3.55 | % | 4.3 | % | 3.48 | % | |||||||||||||||||||||||||||||||||||
Weighted average assumptions used to determine net periodic benefit cost at December 31: | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
TTWU Plan | |||||||||||||||||||||||||||||||||||||||||
Discount rate | 4.1 | % | 3.2 | % | 3.9 | % | |||||||||||||||||||||||||||||||||||
Expected long-term rate of return on plan assets | 7 | % | 7 | % | 7 | % | |||||||||||||||||||||||||||||||||||
CLC Plan | |||||||||||||||||||||||||||||||||||||||||
Discount rate | 4.5 | % | 3.75 | % | 4.5 | % | |||||||||||||||||||||||||||||||||||
Expected long-term rate of return on plan assets | 7.5 | % | 7.5 | % | 8 | % | |||||||||||||||||||||||||||||||||||
Pension Plan Weighted-Average Asset Allocations by Asset Category | Our pension plan weighted-average asset allocations by asset category at December 31 are as follows: | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
TTWU Plan | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 4.3 | % | 5 | % | |||||||||||||||||||||||||||||||||||||
Equity securities and mutual funds | 80.5 | % | 78.7 | % | |||||||||||||||||||||||||||||||||||||
Debt securities | 15.2 | % | 16.3 | % | |||||||||||||||||||||||||||||||||||||
100 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||
CLC Plan | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 4.3 | % | 4.9 | % | |||||||||||||||||||||||||||||||||||||
Equity securities and mutual funds | 81.5 | % | 79.9 | % | |||||||||||||||||||||||||||||||||||||
Debt securities | 14.2 | % | 15.2 | % | |||||||||||||||||||||||||||||||||||||
100 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||
Actual Retirement Plans' Asset Allocation by Level within Fair Value Hierarchy | Our actual retirement plans’ asset allocations by level within the fair value hierarchy at December 31, 2014, are presented in the table below (in thousands): | ||||||||||||||||||||||||||||||||||||||||
TTWU Plan | CLC Plan | ||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | % Total | Level 1 | Level 2 | Level 3 | Total | % Total | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 321 | $ | — | $ | — | $ | 321 | 4.3 | % | $ | 1,217 | $ | — | $ | — | $ | 1,217 | 4.3 | % | |||||||||||||||||||||
Mutual funds | 5,425 | 572 | — | 5,997 | 80.5 | % | 18,597 | 4,229 | — | 22,826 | 81.5 | % | |||||||||||||||||||||||||||||
Corporate bonds | — | 553 | — | 553 | 7.4 | % | — | 1,794 | — | 1,794 | 6.4 | % | |||||||||||||||||||||||||||||
Asset-backed securities | — | 581 | — | 581 | 7.8 | % | — | 2,176 | — | 2,176 | 7.8 | % | |||||||||||||||||||||||||||||
Total assets | $ | 5,746 | $ | 1,706 | $ | — | $ | 7,452 | 100 | % | $ | 19,814 | $ | 8,199 | $ | — | $ | 28,013 | 100 | % | |||||||||||||||||||||
Our actual retirement plans’ asset allocations by level within the fair value hierarchy at December 31, 2013, are presented in the table below (in thousands): | |||||||||||||||||||||||||||||||||||||||||
TTWU Plan | CLC Plan | ||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | % Total | Level 1 | Level 2 | Level 3 | Total | % Total | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 365 | $ | — | $ | — | $ | 365 | 5 | % | $ | 1,341 | $ | — | $ | — | $ | 1,341 | 4.9 | % | |||||||||||||||||||||
Mutual funds | 5,256 | 553 | — | 5,809 | 78.7 | % | 17,880 | 3,886 | — | 21,766 | 79.9 | % | |||||||||||||||||||||||||||||
Corporate bonds | — | 588 | — | 588 | 8 | % | — | 1,984 | — | 1,984 | 7.3 | % | |||||||||||||||||||||||||||||
Asset-backed securities | — | 616 | — | 616 | 8.3 | % | — | 2,140 | — | 2,140 | 7.9 | % | |||||||||||||||||||||||||||||
Total assets | $ | 5,621 | $ | 1,757 | $ | — | $ | 7,378 | 100 | % | $ | 19,221 | $ | 8,010 | $ | — | $ | 27,231 | 100 | % | |||||||||||||||||||||
Expected Benefit Payments | The following benefit payments are expected to be paid (in thousands): | ||||||||||||||||||||||||||||||||||||||||
2015 | $ | 3,378 | |||||||||||||||||||||||||||||||||||||||
2016 | 3,374 | ||||||||||||||||||||||||||||||||||||||||
2017 | 3,381 | ||||||||||||||||||||||||||||||||||||||||
2018 | 3,384 | ||||||||||||||||||||||||||||||||||||||||
2019 | 3,345 | ||||||||||||||||||||||||||||||||||||||||
2020 – 2024 | 16,023 | ||||||||||||||||||||||||||||||||||||||||
Multi Employer Pension Plans | Our participation in these plans is outlined in the table below (contributions in thousands): | ||||||||||||||||||||||||||||||||||||||||
Pension Plan | EIN/Pension | Pension Protection | FIP/RP Status | Contributions | Expiration | ||||||||||||||||||||||||||||||||||||
Plan Number (1) | Act Zone Status (2) | Pending/ | Date of | ||||||||||||||||||||||||||||||||||||||
Implemented (3) | Collective- | ||||||||||||||||||||||||||||||||||||||||
Bargaining | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | Agreement | ||||||||||||||||||||||||||||||||||||
Employer-Teamsters Local Nos. 175 & 505 Pension Trust Fund | 55-6021850 | Red | Red | RP Adopted | $ | 45 | $ | 40 | $ | 41 | 2/8/16 | ||||||||||||||||||||||||||||||
New York State Teamsters Conference Pension and Retirement Fund | 16-6063585 | Red | Red | RP Adopted | 228 | 197 | 140 | 7/14/17 | |||||||||||||||||||||||||||||||||
Central States Southeast and Southwest Areas Pension Fund | 36-6044243 | Red | Red | RP Adopted | 2,855 | 2,819 | 2,647 | 2/28/15 | |||||||||||||||||||||||||||||||||
to | |||||||||||||||||||||||||||||||||||||||||
4/30/17 | |||||||||||||||||||||||||||||||||||||||||
$ | 3,128 | $ | 3,056 | $ | 2,828 | ||||||||||||||||||||||||||||||||||||
-1 | The “EIN/Pension Plan Number” column provides the Employee Identification Number (EIN) and the three-digit plan number, if applicable. | ||||||||||||||||||||||||||||||||||||||||
-2 | Unless otherwise noted, the most recent Pension Protection Act zone status available in 2014 and 2013 is for the plan’s year-end at December 31, 2013 and December 31, 2012, respectively. The zone status is based on information that we received from the plan. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. | ||||||||||||||||||||||||||||||||||||||||
-3 | The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. No surcharge has been imposed for any of these plans. |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Components and Changes to Accumulated Other Comprehensive Loss | The components and changes to accumulated other comprehensive loss as of December 31 are as follows (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Foreign currency translation | |||||||||||||
Beginning balance | $ | (1,061 | ) | $ | (1,180 | ) | $ | (1,137 | ) | ||||
Net gain on foreign currency translation, net of tax | 230 | 119 | (43 | ) | |||||||||
Ending balance | $ | (831 | ) | $ | (1,061 | ) | $ | (1,180 | ) | ||||
Pension benefits | |||||||||||||
Beginning balance | $ | (26,416 | ) | $ | (30,572 | ) | $ | (30,244 | ) | ||||
Amortization of prior service cost (1) | 94 | 94 | 94 | ||||||||||
Amortization of loss (1) | (3,852 | ) | 4,062 | (422 | ) | ||||||||
Ending balance | $ | (30,174 | ) | $ | (26,416 | ) | $ | (30,572 | ) | ||||
Total Accumulated Other Comprehensive Loss ending balance | $ | (31,005 | ) | $ | (27,477 | ) | $ | (31,752 | ) | ||||
-1 | Prior service cost and actuarial loss are included as part of the Company’s net periodic benefit cost. Refer to Note 16. |
STOCK_COMPENSATION_PLANS_Table
STOCK COMPENSATION PLANS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Weighted-Average Assumptions Based on Black-Scholes Model | The Black-Scholes model was used with the following weighted-average assumptions: | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Risk free rate | 0.8 | % | 0.8 | % | |||||||||||||
Expected life | 5 years | 5 years | |||||||||||||||
Volatility | 78.2 | % | 77.6 | % | |||||||||||||
Expected dividend | — | — | |||||||||||||||
Stock-Based Compensation Expense Recognized Each of Stock Based Awards | Stock-based compensation expense recognized during the years ended December 31, 2014, 2013 and 2012 for each of the types of stock-based awards was (in thousands): | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Restricted stock and restricted stock units | $ | 2,816 | $ | 1,551 | $ | 1,497 | |||||||||||
Stock options | 946 | 1,534 | 1,741 | ||||||||||||||
Total stock-based compensation expense | $ | 3,762 | $ | 3,085 | $ | 3,238 | |||||||||||
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 December 31, 2014 (in thousands): | ||||||||||||||||
Remaining | |||||||||||||||||
years | |||||||||||||||||
Restricted stock and restricted stock units | $ | 5,890 | 2 | ||||||||||||||
Stock options | 912 | 1.6 | |||||||||||||||
$ | 6,802 | ||||||||||||||||
Two Thousand Three Stock Option Plan | |||||||||||||||||
Stock Option Plan Activity | The 2003 Stock Option Plan activity for the years ended December 31, 2014 and 2013 is as follows (in thousands, except per share data): | ||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Outstanding | Exercise | Remaining | Value | ||||||||||||||
Price Per | contractual | (in thousands) (a) | |||||||||||||||
Share | Term | ||||||||||||||||
(in years) | |||||||||||||||||
Options outstanding at December 31, 2012 | 2,204 | $ | 5.99 | ||||||||||||||
2013 option activity: | |||||||||||||||||
Granted | — | $ | — | ||||||||||||||
Exercised (b)(c) | (416 | ) | $ | 3.78 | |||||||||||||
Canceled | (25 | ) | $ | 11.25 | |||||||||||||
Expired | (56 | ) | $ | 17 | |||||||||||||
Options outstanding at December 31, 2013 | 1,707 | $ | 6.09 | ||||||||||||||
2014 option activity: | |||||||||||||||||
Granted | — | $ | — | ||||||||||||||
Exercised (b)(c) | (919 | ) | $ | 5.54 | |||||||||||||
Canceled | (8 | ) | $ | 11.74 | |||||||||||||
Expired | — | $ | — | ||||||||||||||
Options outstanding at December 31, 2014 | 780 | $ | 6.67 | ||||||||||||||
Options exercisable and expected to vest at December 31, 2014 | 778 | $ | 6.65 | 5.14 | $ | 3,432 | |||||||||||
(a) | The intrinsic value of a stock option is the amount by which the market value of the underlying stock as of December 31, 2014 exceeds the exercise price of the option multiplied by the number of shares represented by such option. | ||||||||||||||||
(b) | Shares issued upon the exercise of stock options were treated as newly issued shares. | ||||||||||||||||
(c) | There was no tax benefit recognized in 2014, 2013 and 2012 related to stock-based compensation. | ||||||||||||||||
Restricted Stock Incentive Plan Activity | The 2003 Restricted Stock Incentive Plan activity for the years ended December 31, 2014 and 2013 is as follows (in thousands, except per share data): | ||||||||||||||||
Number of | Weighted Average | Aggregate | |||||||||||||||
Shares | Grant Date Fair | Intrinsic | |||||||||||||||
Outstanding | Value Per Share | Value | |||||||||||||||
Restricted stock unvested at December 31, 2012 | 219 | $ | 9.19 | ||||||||||||||
2013 activity: | |||||||||||||||||
Granted | — | $ | — | ||||||||||||||
Vested | (89 | ) | $ | 4.43 | |||||||||||||
Canceled | (9 | ) | $ | 12.62 | |||||||||||||
Restricted stock unvested at December 31, 2013 | 121 | $ | 12.4 | $ | 1,553 | ||||||||||||
2014 activity: | |||||||||||||||||
Granted | — | $ | — | ||||||||||||||
Vested | (80 | ) | $ | 12.58 | |||||||||||||
Canceled | (8 | ) | $ | 10.18 | |||||||||||||
Restricted stock unvested at December 31, 2014 | 33 | $ | 12.5 | $ | 347 | ||||||||||||
Two Thousand Twelve Equity Incentive Plan | |||||||||||||||||
Stock Option Plan Activity | The 2012 Equity Incentive Plan activity for the years ended December 31, 2014 and 2013 is as follows (in thousands, except per share data): | ||||||||||||||||
2012 Equity Incentive Plan — Stock Options | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Outstanding | Exercise | Remaining | Value | ||||||||||||||
Price Per | contractual | (in thousands) (a) | |||||||||||||||
Share | Term | ||||||||||||||||
(in years) | |||||||||||||||||
Options outstanding at December 31, 2012 | 48 | $ | 10.54 | ||||||||||||||
2013 option activity: | |||||||||||||||||
Granted | 335 | $ | 6.56 | ||||||||||||||
Exercised | — | $ | — | ||||||||||||||
Canceled | (33 | ) | $ | 6.48 | |||||||||||||
Options outstanding at December 31, 2013 | 350 | $ | 7.11 | ||||||||||||||
2014 option activity: | |||||||||||||||||
Granted | — | $ | — | ||||||||||||||
Exercised | (37 | ) | $ | 7.93 | |||||||||||||
Canceled | (32 | ) | $ | 7.33 | |||||||||||||
Options outstanding at December 31, 2014 | 281 | $ | 6.98 | ||||||||||||||
Options exercisable and expected to vest at December 31, 2014 | 269 | $ | 6.98 | 7.9 | $ | 985 | |||||||||||
(a) | The intrinsic value of a stock option is the amount by which the market value of the underlying stock as of December 31, 2014 exceeds the exercise price of the option multiplied by the number of shares represented by such option. | ||||||||||||||||
Restricted Stock Incentive Plan Activity | • | During the years ended December 31, 2014 and 2013, cash was not used to settle any equity instruments previously granted. | |||||||||||||||
2012 Equity Incentive Plan — Restricted Stock and Restricted Stock Units | |||||||||||||||||
Number of | Weighted Average | Aggregate | |||||||||||||||
Shares | Grant Date Fair | Intrinsic | |||||||||||||||
Outstanding | Value Per Share | Value | |||||||||||||||
Restricted stock and restricted stock units unvested at December 31, 2012 | 26 | $ | 10.39 | ||||||||||||||
2013 activity: | |||||||||||||||||
Granted | 257 | $ | 6.68 | ||||||||||||||
Vested | (19 | ) | $ | 7.69 | |||||||||||||
Canceled | (41 | ) | $ | 7.3 | |||||||||||||
Restricted stock and restricted stock units unvested at December 31, 2013 | 223 | $ | 6.91 | $ | 2,866 | ||||||||||||
2014 activity: | |||||||||||||||||
Granted | 598 | $ | 13.56 | ||||||||||||||
Vested | (67 | ) | $ | 6.97 | |||||||||||||
Canceled | (28 | ) | $ | 10.15 | |||||||||||||
Restricted stock and restricted stock units unvested at December 31, 2014 | 726 | $ | 12.26 | $ | 7,729 | ||||||||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Future Noncancelable Lease Commitments | Future noncancelable lease commitments (excluding any sublease income) as of December 31, 2014, are as follows (in thousands): | ||||||||||||||||
2015 | $ | 26,276 | |||||||||||||||
2016 | 26,273 | ||||||||||||||||
2017 | 23,276 | ||||||||||||||||
2018 | 12,437 | ||||||||||||||||
2019 | 5,623 | ||||||||||||||||
Thereafter | 3,939 | ||||||||||||||||
Total | $ | 97,824 | |||||||||||||||
Commitment and Contingencies | As of December 31, 2014 and December 31, 2013, we had reserves in the amount of approximately $8.2 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) | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Multi-party sites | 17 | 17 | $ | 1.7 | $ | 2.1 | |||||||||||
Sole party major sites: | |||||||||||||||||
Bridgeport, New Jersey | 1 | 1 | 4.4 | 3.6 | |||||||||||||
William Dick, Pennsylvania | 1 | 1 | 0.3 | 0.7 | |||||||||||||
Other Properties | 7 | 7 | 1.8 | 1.9 | |||||||||||||
Total | 26 | 26 | $ | 8.2 | $ | 8.3 | |||||||||||
GUARANTOR_SUBSIDIARIES_Tables
GUARANTOR SUBSIDIARIES (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 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 | Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||||||||
Reported | Reported | Reported | Reported | Reported | 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 Statement of Operations | QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC & QD | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | $ | — | $ | — | $ | 717,495 | $ | — | $ | — | $ | 717,495 | |||||||||||||||||||||||||||||||||||||
Service revenue | — | — | 136,599 | 53 | — | 136,652 | |||||||||||||||||||||||||||||||||||||||||||
Fuel surcharge | — | — | 137,611 | — | — | 137,611 | |||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | — | — | 991,705 | 53 | — | 991,758 | |||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchased transportation | — | — | 667,795 | 4 | — | 667,799 | |||||||||||||||||||||||||||||||||||||||||||
Compensation | — | — | 92,435 | — | — | 92,435 | |||||||||||||||||||||||||||||||||||||||||||
Fuel, supplies and maintenance | — | — | 99,992 | (7 | ) | — | 99,985 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | 21,617 | — | — | 21,617 | |||||||||||||||||||||||||||||||||||||||||||
Selling and administrative | — | 123 | 32,617 | 55 | — | 32,795 | |||||||||||||||||||||||||||||||||||||||||||
Insurance costs | — | — | 21,040 | 30 | — | 21,070 | |||||||||||||||||||||||||||||||||||||||||||
Taxes and licenses | — | — | 3,529 | 7 | — | 3,536 | |||||||||||||||||||||||||||||||||||||||||||
Communication and utilities | — | — | 3,872 | — | — | 3,872 | |||||||||||||||||||||||||||||||||||||||||||
Gain on disposal of property and equipment | — | — | (2,581 | ) | — | — | (2,581 | ) | |||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | — | (123 | ) | 51,389 | (36 | ) | — | 51,230 | |||||||||||||||||||||||||||||||||||||||||
Interest expense, non-related party, net | — | 27,448 | 618 | — | — | 28,066 | |||||||||||||||||||||||||||||||||||||||||||
Interest (income) expense, related party, net | — | (27,448 | ) | 27,616 | (168 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||
Gain on extinguishment of debt | — | — | (4,217 | ) | — | — | (4,217 | ) | |||||||||||||||||||||||||||||||||||||||||
Write-off of debt issuance costs | — | 476 | — | — | — | 476 | |||||||||||||||||||||||||||||||||||||||||||
Other expense (income) | 2 | — | (403 | ) | 257 | — | (144 | ) | |||||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | (2 | ) | (599 | ) | 27,775 | (125 | ) | — | 27,049 | ||||||||||||||||||||||||||||||||||||||||
(Benefit from) provision for income taxes | (537 | ) | — | 7,032 | (86 | ) | — | 6,409 | |||||||||||||||||||||||||||||||||||||||||
Equity in income of subsidiaries | 20,105 | 20,704 | — | — | (40,809 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 20,640 | $ | 20,105 | $ | 20,743 | $ | (39 | ) | $ | (40,809 | ) | $ | 20,640 | |||||||||||||||||||||||||||||||||||
Total other comprehensive (loss) income | (3,528 | ) | (3,528 | ) | (3,758 | ) | 230 | 7,056 | (3,528 | ) | |||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 17,112 | $ | 16,577 | $ | 16,985 | $ | 191 | $ | (33,753 | ) | $ | 17,112 | ||||||||||||||||||||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC & QD | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | $ | — | $ | — | $ | 675,094 | $ | — | $ | — | $ | 675,094 | |||||||||||||||||||||||||||||||||||||
Service revenue | — | — | 129,612 | 153 | — | 129,765 | |||||||||||||||||||||||||||||||||||||||||||
Fuel surcharge | — | — | 124,951 | — | — | 124,951 | |||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | — | — | 929,657 | 153 | — | 929,810 | |||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchased transportation | — | — | 594,708 | — | — | 594,708 | |||||||||||||||||||||||||||||||||||||||||||
Compensation | — | — | 98,681 | — | — | 98,681 | |||||||||||||||||||||||||||||||||||||||||||
Fuel, supplies and maintenance | — | — | 105,910 | 7 | — | 105,917 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | 26,121 | — | — | 26,121 | |||||||||||||||||||||||||||||||||||||||||||
Selling and administrative | — | 160 | 31,321 | 53 | — | 31,534 | |||||||||||||||||||||||||||||||||||||||||||
Insurance costs | — | — | 19,137 | 32 | — | 19,169 | |||||||||||||||||||||||||||||||||||||||||||
Taxes and licenses | — | — | 3,758 | — | — | 3,758 | |||||||||||||||||||||||||||||||||||||||||||
Communication and utilities | — | — | 3,840 | — | — | 3,840 | |||||||||||||||||||||||||||||||||||||||||||
Gain on disposal of property and equipment | — | — | (1,579 | ) | (871 | ) | — | (2,450 | ) | ||||||||||||||||||||||||||||||||||||||||
Impairment charges | — | — | 91,296 | — | — | 91,296 | |||||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | — | (160 | ) | (43,536 | ) | 932 | — | (42,764 | ) | ||||||||||||||||||||||||||||||||||||||||
Interest expense (income), non-related party, net | — | 29,427 | 868 | (3 | ) | — | 30,292 | ||||||||||||||||||||||||||||||||||||||||||
Interest (income) expense, related party, net | — | (29,427 | ) | 29,758 | (331 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||
Write-off of debt issuance costs | — | 521 | — | — | — | 521 | |||||||||||||||||||||||||||||||||||||||||||
Other expense (income) | 398 | — | (7,803 | ) | 149 | — | (7,256 | ) | |||||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | (398 | ) | (681 | ) | (66,359 | ) | 1,117 | — | (66,321 | ) | |||||||||||||||||||||||||||||||||||||||
(Benefit from) provision for income taxes | (61 | ) | — | (24,610 | ) | 388 | — | (24,283 | ) | ||||||||||||||||||||||||||||||||||||||||
Equity in loss of subsidiaries | (41,701 | ) | (41,020 | ) | — | — | 82,721 | — | |||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (42,038 | ) | $ | (41,701 | ) | $ | (41,749 | ) | $ | 729 | $ | 82,721 | $ | (42,038 | ) | |||||||||||||||||||||||||||||||||
Total other comprehensive income | 4,275 | 4,275 | 4,156 | 119 | (8,550 | ) | 4,275 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss) income | $ | (37,763 | ) | $ | (37,426 | ) | $ | (37,593 | ) | $ | 848 | $ | 74,171 | $ | (37,763 | ) | |||||||||||||||||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC & QD | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | $ | — | $ | — | $ | 597,406 | $ | — | $ | — | $ | 597,406 | |||||||||||||||||||||||||||||||||||||
Service revenue | — | — | 120,698 | 403 | — | 121,101 | |||||||||||||||||||||||||||||||||||||||||||
Fuel surcharge | — | — | 123,611 | — | — | 123,611 | |||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | — | — | 841,715 | 403 | — | 842,118 | |||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchased transportation | — | — | 552,524 | — | — | 552,524 | |||||||||||||||||||||||||||||||||||||||||||
Compensation | — | — | 82,143 | — | — | 82,143 | |||||||||||||||||||||||||||||||||||||||||||
Fuel, supplies and maintenance | — | — | 82,033 | — | — | 82,033 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | 21,090 | — | — | 21,090 | |||||||||||||||||||||||||||||||||||||||||||
Selling and administrative | — | 39 | 33,758 | 85 | — | 33,882 | |||||||||||||||||||||||||||||||||||||||||||
Insurance costs | — | — | 15,821 | 9 | — | 15,830 | |||||||||||||||||||||||||||||||||||||||||||
Taxes and licenses | — | — | 2,825 | — | — | 2,825 | |||||||||||||||||||||||||||||||||||||||||||
Communication and utilities | — | — | 3,636 | — | — | 3,636 | |||||||||||||||||||||||||||||||||||||||||||
Gain on disposal of property and equipment | — | — | (846 | ) | (142 | ) | — | (988 | ) | ||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | — | (39 | ) | 48,731 | 451 | — | 49,143 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense (income), non-related party, net | — | 28,490 | 782 | (14 | ) | — | 29,258 | ||||||||||||||||||||||||||||||||||||||||||
Interest (income) expense, related party, net | — | (28,490 | ) | 28,905 | (415 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||
Other expense | — | — | (2,849 | ) | (15 | ) | — | (2,864 | ) | ||||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | — | (39 | ) | 21,893 | 895 | — | 22,749 | ||||||||||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 3,306 | — | (30,799 | ) | 166 | — | (27,327 | ) | |||||||||||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 53,382 | 53,421 | — | — | (106,803 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 50,076 | $ | 53,382 | $ | 52,692 | $ | 729 | $ | (106,803 | ) | $ | 50,076 | ||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | (371 | ) | (371 | ) | (328 | ) | (43 | ) | 742 | (371 | ) | ||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 49,705 | $ | 53,011 | $ | 52,364 | $ | 686 | $ | (106,061 | ) | $ | 49,705 | ||||||||||||||||||||||||||||||||||||
Consolidating Balance Sheet | QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Balance Sheet, December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC and | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
QD Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 1,221 | $ | 137 | $ | — | $ | 1,358 | |||||||||||||||||||||||||||||||||||||
Accounts receivable, net | — | — | 136,786 | 4 | — | 136,790 | |||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses | — | 58 | 14,013 | 47 | — | 14,118 | |||||||||||||||||||||||||||||||||||||||||||
Deferred tax asset, net | — | — | 29,333 | — | — | 29,333 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany | — | — | 457,540 | 96 | (457,636 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Other | 34 | — | 10,346 | (6 | ) | — | 10,374 | ||||||||||||||||||||||||||||||||||||||||||
Total current assets | 34 | 58 | 649,239 | 278 | (457,636 | ) | 191,973 | ||||||||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | — | 156,249 | — | — | 156,249 | |||||||||||||||||||||||||||||||||||||||||||
Assets-held-for-sale | — | — | 2,040 | — | — | 2,040 | |||||||||||||||||||||||||||||||||||||||||||
Goodwill | — | — | 34,896 | — | — | 34,896 | |||||||||||||||||||||||||||||||||||||||||||
Intangibles, net | — | — | 15,388 | — | — | 15,388 | |||||||||||||||||||||||||||||||||||||||||||
Non-current deferred tax asset, net | (1,702 | ) | — | 20,644 | — | — | 18,942 | ||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | (107,213 | ) | 339,715 | — | — | (232,502 | ) | — | |||||||||||||||||||||||||||||||||||||||||
Intercompany | 158,130 | 250,160 | 221,885 | 6,633 | (636,808 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Other assets | — | 7,649 | 646 | — | — | 8,295 | |||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 49,249 | $ | 597,582 | $ | 1,100,987 | $ | 6,911 | $ | (1,326,946 | ) | $ | 427,783 | ||||||||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Current maturities of indebtedness | $ | — | $ | — | $ | 2,699 | $ | — | $ | — | $ | 2,699 | |||||||||||||||||||||||||||||||||||||
Current maturities of capital lease obligations | — | — | 334 | — | — | 334 | |||||||||||||||||||||||||||||||||||||||||||
Accounts payable | — | — | 12,955 | — | — | 12,955 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany | 80,943 | — | 376,693 | — | (457,636 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Independent affiliates and independent owner-operators payable | — | — | 15,110 | — | — | 15,110 | |||||||||||||||||||||||||||||||||||||||||||
Accrued expenses | — | 3,512 | 29,061 | 44 | — | 32,617 | |||||||||||||||||||||||||||||||||||||||||||
Environmental liabilities | — | — | 4,389 | — | — | 4,389 | |||||||||||||||||||||||||||||||||||||||||||
Accrued loss and damage claims | — | — | 8,851 | — | — | 8,851 | |||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 80,943 | 3,512 | 450,092 | 44 | (457,636 | ) | 76,955 | ||||||||||||||||||||||||||||||||||||||||||
Long-term indebtedness, less current maturities | — | 347,814 | 266 | — | — | 348,080 | |||||||||||||||||||||||||||||||||||||||||||
Capital lease obligations, less current maturities | — | — | 182 | — | — | 182 | |||||||||||||||||||||||||||||||||||||||||||
Environmental liabilities | — | — | 3,830 | — | — | 3,830 | |||||||||||||||||||||||||||||||||||||||||||
Accrued loss and damage claims | — | — | 10,493 | — | — | 10,493 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany | — | 353,469 | 283,056 | 283 | (636,808 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Other non-current liabilities | — | — | 19,937 | — | — | 19,937 | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 80,943 | 704,795 | 767,856 | 327 | (1,094,444 | ) | 459,477 | ||||||||||||||||||||||||||||||||||||||||||
Shareholders’ (deficit) equity: | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | 450,625 | 354,963 | 390,760 | 3,597 | (749,320 | ) | 450,625 | ||||||||||||||||||||||||||||||||||||||||||
Treasury stock | (11,860 | ) | — | — | — | — | (11,860 | ) | |||||||||||||||||||||||||||||||||||||||||
Accumulated (deficit) retained earnings | (249,865 | ) | (242,054 | ) | (27,824 | ) | 3,770 | 266,108 | (249,865 | ) | |||||||||||||||||||||||||||||||||||||||
Stock recapitalization | (189,589 | ) | (189,589 | ) | — | (55 | ) | 189,644 | (189,589 | ) | |||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (31,005 | ) | (30,533 | ) | (29,805 | ) | (728 | ) | 61,066 | (31,005 | ) | ||||||||||||||||||||||||||||||||||||||
Total shareholders’ (deficit) equity | (31,694 | ) | (107,213 | ) | 333,131 | 6,584 | (232,502 | ) | (31,694 | ) | |||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | 49,249 | $ | 597,582 | $ | 1,100,987 | $ | 6,911 | $ | (1,326,946 | ) | $ | 427,783 | ||||||||||||||||||||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Balance Sheet, December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
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 Statement of Cash Flows | QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC and | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
QD Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 20,640 | $ | 20,105 | $ | 20,743 | $ | (39 | ) | $ | (40,809 | ) | $ | 20,640 | |||||||||||||||||||||||||||||||||||
Adjustments for non-cash charges | (16,880 | ) | (45,236 | ) | 50,390 | (168 | ) | 40,809 | 28,915 | ||||||||||||||||||||||||||||||||||||||||
Net changes in assets and liabilities | 469 | (348 | ) | (15,479 | ) | (27 | ) | — | (15,385 | ) | |||||||||||||||||||||||||||||||||||||||
Intercompany activity | (4,229 | ) | 25,479 | (21,540 | ) | 290 | — | — | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | — | — | 34,114 | 56 | — | 34,170 | |||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | (40,140 | ) | — | — | (40,140 | ) | |||||||||||||||||||||||||||||||||||||||||
Acquisition of an independent affiliate’s assets | — | — | (6,747 | ) | — | — | (6,747 | ) | |||||||||||||||||||||||||||||||||||||||||
Onboarding payment to independent affiliate | — | — | (125 | ) | — | — | (125 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of property and equipment | — | — | 34,114 | — | — | 34,114 | |||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | — | — | (12,898 | ) | — | — | (12,898 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Principal payments on long-term debt and capital lease obligations | — | (22,500 | ) | (19,146 | ) | — | — | (41,646 | ) | ||||||||||||||||||||||||||||||||||||||||
Proceeds from revolver | — | 356,522 | — | — | — | 356,522 | |||||||||||||||||||||||||||||||||||||||||||
Payments on revolver | — | (341,522 | ) | — | — | — | (341,522 | ) | |||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | — | (2,613 | ) | — | — | — | (2,613 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 4,986 | — | — | — | — | 4,986 | |||||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | (417 | ) | — | — | — | — | (417 | ) | |||||||||||||||||||||||||||||||||||||||||
Other | — | — | 2,819 | — | — | 2,819 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany activity | (4,569 | ) | 10,113 | (5,544 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net cash used in financing activities | — | — | (21,871 | ) | — | — | (21,871 | ) | |||||||||||||||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | (655 | ) | 56 | — | (599 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of year | — | — | 1,876 | 81 | — | 1,957 | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of year | $ | — | $ | — | $ | 1,221 | $ | 137 | $ | — | $ | 1,358 | |||||||||||||||||||||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC and | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
QD Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (42,038 | ) | $ | (41,701 | ) | $ | (41,749 | ) | $ | 729 | $ | 82,721 | $ | (42,038 | ) | |||||||||||||||||||||||||||||||||
Adjustments for non-cash charges | 44,811 | 14,719 | 110,701 | (1,202 | ) | (82,721 | ) | 86,308 | |||||||||||||||||||||||||||||||||||||||||
Net changes in assets and liabilities | 138 | 1,350 | 88 | 124 | — | 1,700 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany activity | (2,911 | ) | 25,632 | (23,027 | ) | 306 | — | — | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | — | — | 46,013 | (43 | ) | — | 45,970 | ||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | (26,177 | ) | — | — | (26,177 | ) | |||||||||||||||||||||||||||||||||||||||||
Trojan purchase price adjustment | — | — | (857 | ) | — | — | (857 | ) | |||||||||||||||||||||||||||||||||||||||||
Onboarding payment to independent affiliate | — | — | (1,000 | ) | — | — | (1,000 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of property and equipment | — | — | 24,679 | — | — | 24,679 | |||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | — | — | (3,355 | ) | — | — | (3,355 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of long-term debt | — | 17,500 | — | — | — | 17,500 | |||||||||||||||||||||||||||||||||||||||||||
Principal payments on long-term debt and capital lease obligations | — | (22,500 | ) | (8,561 | ) | — | — | (31,061 | ) | ||||||||||||||||||||||||||||||||||||||||
Proceeds from revolver | — | 236,600 | — | — | — | 236,600 | |||||||||||||||||||||||||||||||||||||||||||
Payments on revolver | — | (261,800 | ) | — | — | — | (261,800 | ) | |||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | — | (990 | ) | — | — | — | (990 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 1,574 | — | — | — | — | 1,574 | |||||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | (4,454 | ) | — | — | — | — | (4,454 | ) | |||||||||||||||||||||||||||||||||||||||||
Other | — | — | (731 | ) | — | — | (731 | ) | |||||||||||||||||||||||||||||||||||||||||
Intercompany activity | 2,880 | 31,190 | (34,070 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Net cash used in financing activities | — | — | (43,362 | ) | — | — | (43,362 | ) | |||||||||||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | — | — | (704 | ) | (43 | ) | — | (747 | ) | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of year | — | — | 2,580 | 124 | — | 2,704 | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of year | $ | — | $ | — | $ | 1,876 | $ | 81 | $ | — | $ | 1,957 | |||||||||||||||||||||||||||||||||||||
QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
QDI | QD LLC and | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
QD Capital | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 50,076 | $ | 53,382 | $ | 52,692 | $ | 729 | $ | (106,803 | ) | $ | 50,076 | ||||||||||||||||||||||||||||||||||||
Adjustments for non-cash charges | (46,838 | ) | (79,562 | ) | 15,204 | (557 | ) | 106,803 | (4,950 | ) | |||||||||||||||||||||||||||||||||||||||
Net changes in assets and liabilities | (2,908 | ) | 1,305 | (26,519 | ) | (2 | ) | — | (28,124 | ) | |||||||||||||||||||||||||||||||||||||||
Intercompany activity | (330 | ) | 24,875 | (23,986 | ) | (559 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | — | — | 17,391 | (389 | ) | — | 17,002 | ||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | (32,317 | ) | — | — | (32,317 | ) | |||||||||||||||||||||||||||||||||||||||||
Greensville purchase price adjustment | — | — | (566 | ) | — | — | (566 | ) | |||||||||||||||||||||||||||||||||||||||||
Acquisition of Trojan | — | — | (8,657 | ) | — | — | (8,657 | ) | |||||||||||||||||||||||||||||||||||||||||
Acquisition of Bice | — | — | (52,176 | ) | — | — | (52,176 | ) | |||||||||||||||||||||||||||||||||||||||||
Acquisition of Dunn’s | — | — | (34,321 | ) | — | — | (34,321 | ) | |||||||||||||||||||||||||||||||||||||||||
Acquisition of independent affiliate’s assets | — | — | (17,143 | ) | — | — | (17,143 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of property and equipment | — | — | 13,497 | — | — | 13,497 | |||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | — | — | (131,683 | ) | — | — | (131,683 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Principal payments on long-term debt and capital lease obligations | — | — | (8,540 | ) | — | — | (8,540 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from revolver | — | 236,800 | — | — | — | 236,800 | |||||||||||||||||||||||||||||||||||||||||||
Payments on revolver | — | (141,100 | ) | — | — | — | (141,100 | ) | |||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | — | (989 | ) | — | — | — | (989 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from equity offering, net of transaction costs | 30,493 | — | — | — | — | 30,493 | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 360 | — | — | — | — | 360 | |||||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | (3,658 | ) | — | — | — | — | (3,658 | ) | |||||||||||||||||||||||||||||||||||||||||
Other | — | — | (34 | ) | — | — | (34 | ) | |||||||||||||||||||||||||||||||||||||||||
Intercompany activity | (27,195 | ) | (94,711 | ) | 121,906 | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by financing activities | — | — | 113,332 | — | — | 113,332 | |||||||||||||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | — | — | (960 | ) | (389 | ) | — | (1,349 | ) | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of year | — | — | 3,540 | 513 | — | 4,053 | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of year | $ | — | $ | — | $ | 2,580 | $ | 124 | $ | — | $ | 2,704 | |||||||||||||||||||||||||||||||||||||
Estimated_Useful_Lives_of_Asse
Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum | Building and improvements | |
Property, Plant and Equipment [Line Items] | |
Average Lives (in years) | 10 years |
Minimum | Tractors and terminal equipment | |
Property, Plant and Equipment [Line Items] | |
Average Lives (in years) | 5 years |
Minimum | Trailers and Chassis | |
Property, Plant and Equipment [Line Items] | |
Average Lives (in years) | 15 years |
Minimum | Energy market equipment | |
Property, Plant and Equipment [Line Items] | |
Average Lives (in years) | 4 years |
Minimum | Disposal wells | |
Property, Plant and Equipment [Line Items] | |
Average Lives (in years) | 5 years |
Minimum | Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Average Lives (in years) | 3 years |
Minimum | Other equipment | |
Property, Plant and Equipment [Line Items] | |
Average Lives (in years) | 3 years |
Maximum | Building and improvements | |
Property, Plant and Equipment [Line Items] | |
Average Lives (in years) | 25 years |
Maximum | Tractors and terminal equipment | |
Property, Plant and Equipment [Line Items] | |
Average Lives (in years) | 7 years |
Maximum | Trailers and Chassis | |
Property, Plant and Equipment [Line Items] | |
Average Lives (in years) | 20 years |
Maximum | Energy market equipment | |
Property, Plant and Equipment [Line Items] | |
Average Lives (in years) | 15 years |
Maximum | Disposal wells | |
Property, Plant and Equipment [Line Items] | |
Average Lives (in years) | 15 years |
Maximum | Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Average Lives (in years) | 5 years |
Maximum | Other equipment | |
Property, Plant and Equipment [Line Items] | |
Average Lives (in years) | 10 years |
Recovered_Sheet1
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Significant Accounting Policies [Line Items] | |||
Deferred tax benefit including valuation allowance | ($28,100,000) | ||
Deferred tax benefit prior year valuation allowance release | 4,504,000 | -246,000 | 35,282,000 |
Insurance deductible for workers compensation | 1,000,000 | ||
Outstanding letter of credit | 19,000,000 | ||
Insurance deductible for bodily injury and property damages | 2,000,000 | ||
Total insurance policies limit | 65,000,000 | ||
Umbrella And Excess Liability Policies | |||
Significant Accounting Policies [Line Items] | |||
Total insurance policies limit | 60,000,000 | ||
Primary Liability Policy | |||
Significant Accounting Policies [Line Items] | |||
Total insurance policies limit | $5,000,000 | ||
Minimum | |||
Significant Accounting Policies [Line Items] | |||
Vesting term | 2 years | ||
Initial leases period | 4 years | ||
Maximum | |||
Significant Accounting Policies [Line Items] | |||
Vesting term | 4 years | ||
Initial leases period | 6 years | ||
Stock Options | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Vesting term | 2 years | ||
Stock Options | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Vesting term | 4 years | ||
Tractor and Trailer Rebuilds | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Useful life | 3 years | ||
Tractor and Trailer Rebuilds | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Useful life | 10 years |
Components_of_Accumulated_othe
Components of Accumulated other Comprehensive Loss (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Unrecognized loss and prior service costs | $30,174 | $26,416 | |
Foreign currency translation adjustment | 831 | 1,061 | |
Accumulated other comprehensive loss | $31,005 | $27,477 | $31,752 |
Components_of_Service_Revenue_
Components of Service Revenue (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Significant Accounting Policies [Line Items] | |||
Rental revenue | $59,891 | $56,249 | $53,044 |
Intermodal and depot revenues | 54,846 | 50,489 | 45,008 |
Other revenue | 21,915 | 23,027 | 23,049 |
Service revenue | $136,652 | $129,765 | $121,101 |
Variable_Interest_Entities_Add
Variable Interest Entities - Additional Information (Detail) (USD $) | Dec. 31, 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 | 3.9 | 3.2 |
Carrying_Value_and_Fair_Value_
Carrying Value and Fair Value of Long-Term Indebtedness (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-term debt | $180,000 |
Senior Secured Notes | $189,000 |
Carrying_Value_and_Fair_Value_1
Carrying Value and Fair Value of Long-Term Indebtedness (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Senior Secured Notes, due date | 2018 |
Senior Secured Notes, Interest rate | 9.88% |
Reconciliation_of_Numerators_a
Reconciliation of Numerators and Denominators of Basic and Diluted Income Per Share Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income (loss) (numerator) | $2,624 | $3,574 | $11,369 | $3,073 | ($22,798) | $2,763 | ($31,147) | $9,144 | $20,640 | ($42,038) | $50,076 |
Net income (loss) (numerator), diluted | $20,640 | ($42,038) | $50,076 | ||||||||
Weighted Average Shares, Basic | 27,539 | 26,560 | 26,502 | ||||||||
Weighted Average Shares, Diluted | 28,077 | 26,560 | 27,207 | ||||||||
Basic income (loss) available to common shareholders, Per-share amount | $0.09 | $0.13 | $0.41 | $0.11 | ($0.85) | $0.10 | ($1.18) | $0.34 | $0.75 | ($1.58) | $1.89 |
Diluted income (loss) available to common shareholders, Per-share amount | $0.09 | $0.13 | $0.41 | $0.11 | ($0.85) | $0.10 | ($1.18) | $0.34 | $0.74 | ($1.58) | $1.84 |
Stock Option | |||||||||||
Shares (denominator) | 371 | 566 | |||||||||
Unvested restricted stock | |||||||||||
Shares (denominator) | 123 | 126 | |||||||||
Unvested restricted stock units | |||||||||||
Shares (denominator) | 44 | ||||||||||
Stock warrants | |||||||||||
Shares (denominator) | 13 |
Summary_of_Antidilutive_Securi
Summary of Antidilutive Securities Not Included in Calculation of Diluted Income Per Share (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Option | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 690 | 1,625 | 1,686 |
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 | 521 | ||
Unvested restricted stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 71 | 245 | 119 |
Stock warrants | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 1 | 1 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 0 Months Ended | |||
Nov. 07, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Business Acquisition [Line Items] | ||||
Purchase price allocated to goodwill | $34,896,000 | $32,955,000 | $104,294,000 | |
Affiliated Entity | ||||
Business Acquisition [Line Items] | ||||
Cash paid for acquisition | 6,500,000 | |||
Purchase price allocated to property plant and equipment | 4,900,000 | |||
Purchase price allocated to goodwill | $1,600,000 | |||
Affiliated Entity | Transit Segment | ||||
Business Acquisition [Line Items] | ||||
Number of terminals | 4 | |||
Affiliated Entity | Energy Logistics | ||||
Business Acquisition [Line Items] | ||||
Number of terminals | 4 |
Recovered_Sheet2
Selected Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information [Line Items] | |||||||||||
Operating revenues | $243,182 | $258,490 | $255,599 | $234,487 | $225,421 | $235,671 | $239,296 | $229,422 | $991,758 | $929,810 | $842,118 |
Operating income (loss) | 10,766 | 13,490 | 14,872 | 12,102 | -28,142 | 11,617 | -41,683 | 15,444 | 51,230 | -42,764 | 49,143 |
Net income (loss) | $2,624 | $3,574 | $11,369 | $3,073 | ($22,798) | $2,763 | ($31,147) | $9,144 | $20,640 | ($42,038) | $50,076 |
Net income (loss) per share-basic | $0.09 | $0.13 | $0.41 | $0.11 | ($0.85) | $0.10 | ($1.18) | $0.34 | $0.75 | ($1.58) | $1.89 |
Net income (loss) per share-diluted | $0.09 | $0.13 | $0.41 | $0.11 | ($0.85) | $0.10 | ($1.18) | $0.34 | $0.74 | ($1.58) | $1.84 |
Recovered_Sheet3
Selected Quarterly Financial Data - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Quarterly Financial Information [Line Items] | ||||||
Costs related to the partial redemption | $1,200,000 | $1,200,000 | ||||
Severance cost | 300,000 | 700,000 | ||||
Termination expense | 200,000 | 400,000 | ||||
Energy reorganization cost | 9,800,000 | 9,300,000 | ||||
Gain on early extinguishment of debt | 4,217,000 | |||||
Impairment charges related to goodwill and intangible assets | 35,600,000 | 55,700,000 | 91,296,000 | [1] | ||
Excess claims settlement expense | 1,400,000 | |||||
Equity offering cost | 500,000 | |||||
Acquisition earnout benefit | 6,800,000 | 6,800,000 | ||||
Net gain on disposition of property | $2,581,000 | $2,450,000 | $988,000 | |||
[1] | Includes impairment charges of $72.8 million of goodwill and $18.5 million of intangible assets related to our energy logistics segment. |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Entity | |
Segment | |
Chemical Logistics | |
Segment Reporting Information [Line Items] | |
Number of reportable business segments | 3 |
Independent affiliates | 28 |
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 | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
OPERATING REVENUES: | ||||||||||||
Transportation | $717,495 | $675,094 | $597,406 | |||||||||
Service revenue | 136,652 | 129,765 | 121,101 | |||||||||
Fuel surcharge | 137,611 | 124,951 | 123,611 | |||||||||
Total operating revenues | 243,182 | 258,490 | 255,599 | 234,487 | 225,421 | 235,671 | 239,296 | 229,422 | 991,758 | 929,810 | 842,118 | |
Depreciation and amortization | 21,617 | 26,121 | 21,090 | |||||||||
Impairment charges | 35,600 | 55,700 | 91,296 | [1] | ||||||||
(Gain) loss on disposal of property and equipment | -2,581 | -2,450 | -988 | |||||||||
Operating income (loss) | 10,766 | 13,490 | 14,872 | 12,102 | -28,142 | 11,617 | -41,683 | 15,444 | 51,230 | -42,764 | 49,143 | |
Interest expense | 28,562 | 31,147 | 30,089 | |||||||||
Interest income | -496 | -855 | -831 | |||||||||
Other (income) expense | -3,885 | -6,735 | -2,864 | |||||||||
Income (loss) before income taxes | 27,049 | -66,321 | 22,749 | |||||||||
Operating Segments | ||||||||||||
OPERATING REVENUES: | ||||||||||||
Operating income (loss) | 70,266 | 72,203 | 69,245 | |||||||||
Chemical Logistics | ||||||||||||
OPERATING REVENUES: | ||||||||||||
Transportation | 483,272 | 442,164 | 423,077 | |||||||||
Service revenue | 71,803 | 68,029 | 67,097 | |||||||||
Fuel surcharge | 113,348 | 106,845 | 105,767 | |||||||||
Total operating revenues | 668,423 | 617,038 | 595,941 | |||||||||
Depreciation and amortization | 9,654 | 11,147 | 10,803 | |||||||||
(Gain) loss on disposal of property and equipment | -4,791 | -4,234 | -1,327 | |||||||||
Operating income (loss) | 75,042 | 73,233 | 73,593 | |||||||||
Interest expense | 8,313 | 9,060 | 16,322 | |||||||||
Interest income | -474 | -846 | -831 | |||||||||
Other (income) expense | -1,354 | 65 | -1,248 | |||||||||
Income (loss) before income taxes | 68,557 | 64,954 | 59,350 | |||||||||
Chemical Logistics | Operating Segments | ||||||||||||
OPERATING REVENUES: | ||||||||||||
Operating income (loss) | 79,905 | 80,146 | 83,069 | |||||||||
Energy Logistics | ||||||||||||
OPERATING REVENUES: | ||||||||||||
Transportation | 154,282 | 160,614 | 105,679 | |||||||||
Service revenue | 8,867 | 10,617 | 8,461 | |||||||||
Fuel surcharge | 4,333 | 273 | 926 | |||||||||
Total operating revenues | 167,482 | 171,504 | 115,066 | |||||||||
Depreciation and amortization | 8,351 | 11,173 | 6,310 | |||||||||
Impairment charges | 91,296 | [1] | ||||||||||
(Gain) loss on disposal of property and equipment | 3,035 | 4,809 | 391 | |||||||||
Operating income (loss) | -2,342 | -96,644 | 5,476 | |||||||||
Interest expense | 14,160 | 15,960 | 7,731 | |||||||||
Interest income | -22 | -9 | ||||||||||
Other (income) expense | -6,800 | -2,733 | ||||||||||
Income (loss) before income taxes | -16,480 | -105,795 | 478 | |||||||||
Energy Logistics | Operating Segments | ||||||||||||
OPERATING REVENUES: | ||||||||||||
Operating income (loss) | 9,044 | 10,634 | 12,177 | |||||||||
Intermodal | ||||||||||||
OPERATING REVENUES: | ||||||||||||
Transportation | 79,941 | 72,316 | 68,650 | |||||||||
Service revenue | 54,846 | 50,489 | 45,008 | |||||||||
Fuel surcharge | 19,930 | 17,833 | 16,918 | |||||||||
Total operating revenues | 154,717 | 140,638 | 130,576 | |||||||||
Depreciation and amortization | 3,349 | 3,322 | 3,487 | |||||||||
(Gain) loss on disposal of property and equipment | -35 | -161 | -52 | |||||||||
Operating income (loss) | 22,471 | 20,013 | 15,824 | |||||||||
Interest expense | 6,051 | 6,043 | 6,036 | |||||||||
Other (income) expense | 1,210 | 1,117 | ||||||||||
Income (loss) before income taxes | 15,210 | 13,970 | 8,671 | |||||||||
Intermodal | Operating Segments | ||||||||||||
OPERATING REVENUES: | ||||||||||||
Operating income (loss) | 25,785 | 23,174 | 19,259 | |||||||||
Shared Services | ||||||||||||
OPERATING REVENUES: | ||||||||||||
Service revenue | 1,136 | 630 | 535 | |||||||||
Total operating revenues | 1,136 | 630 | 535 | |||||||||
Depreciation and amortization | 263 | 479 | 490 | |||||||||
(Gain) loss on disposal of property and equipment | -790 | -2,864 | ||||||||||
Operating income (loss) | -43,941 | -39,366 | -45,750 | |||||||||
Interest expense | 38 | 84 | ||||||||||
Other (income) expense | -3,741 | |||||||||||
Income (loss) before income taxes | -40,238 | -39,450 | -45,750 | |||||||||
Shared Services | Operating Segments | ||||||||||||
OPERATING REVENUES: | ||||||||||||
Operating income (loss) | ($44,468) | ($41,751) | ($45,260) | |||||||||
[1] | Includes impairment charges of $72.8 million of goodwill and $18.5 million of intangible assets related to our energy logistics segment. |
Summarized_Segment_Data_and_Re1
Summarized Segment Data and Reconciliation to Income before Income Taxes (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | ||||
Goodwill impairment charge | $72,769 | |||
Impairment of intangible assets | 18,528 | |||
Energy Logistics | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill impairment charge | 17,600 | 55,200 | 72,769 | [1] |
Impairment of intangible assets | $18,500 | |||
[1] | Measurement period adjustment for the Dunn's acquisition as the Company finalized its valuation which reduced fixed assets and increased goodwill. |
Operations_Different_Geographi
Operations Different Geographic Area (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||
Geographic Reporting Disclosure [Line Items] | ||||||||||||||||
Total operating revenues | $243,182 | $258,490 | $255,599 | $234,487 | $225,421 | $235,671 | $239,296 | $229,422 | $991,758 | $929,810 | $842,118 | |||||
Operating income (loss) | 10,766 | 13,490 | 14,872 | 12,102 | -28,142 | 11,617 | -41,683 | 15,444 | 51,230 | -42,764 | 49,143 | |||||
Long-term identifiable assets | 156,249 | [1] | 170,114 | [1] | 156,249 | [1] | 170,114 | [1] | 190,342 | [1] | ||||||
UNITED STATES | ||||||||||||||||
Geographic Reporting Disclosure [Line Items] | ||||||||||||||||
Total operating revenues | 951,555 | 891,589 | 802,715 | |||||||||||||
Operating income (loss) | 45,208 | -49,730 | 42,346 | |||||||||||||
Long-term identifiable assets | 152,716 | [1] | 166,394 | [1] | 152,716 | [1] | 166,394 | [1] | 184,510 | [1] | ||||||
International | ||||||||||||||||
Geographic Reporting Disclosure [Line Items] | ||||||||||||||||
Total operating revenues | 40,203 | 38,221 | 39,403 | |||||||||||||
Operating income (loss) | 6,022 | 6,966 | 6,797 | |||||||||||||
Long-term identifiable assets | $3,533 | [1] | $3,720 | [1] | $3,533 | [1] | $3,720 | [1] | $5,832 | [1] | ||||||
[1] | Includes property and equipment. |
Accounts_Receivable_Detail
Accounts Receivable (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade accounts receivable | $125,906 | $111,609 |
Independent affiliate and independent owner-operator receivables | 8,929 | 7,483 |
Other receivables | 4,417 | 2,592 |
Accounts Receivable, Gross, Current, Total | 139,252 | 121,684 |
Less allowance for doubtful accounts | -2,462 | -752 |
Accounts Receivable, Net, Total | $136,790 | $120,932 |
Activity_in_Allowance_for_Doub
Activity in Allowance for Doubtful Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance, beginning of period | ($752) | ($706) | ($674) |
Adjustment to bad debt expense | -1,217 | 657 | -120 |
Write-offs, net of recoveries | -493 | -703 | 88 |
Balance, end of period | ($2,462) | ($752) | ($706) |
Property_and_Equipment_Detail
Property and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
In Thousands, unless otherwise specified | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property plant and equipment | $295,233 | $309,706 | ||||
Accumulated depreciation | -138,984 | -139,592 | ||||
Property and equipment, net | 156,249 | [1] | 170,114 | [1] | 190,342 | [1] |
Land and improvements | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property plant and equipment | 13,492 | 14,077 | ||||
Buildings and improvements | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property plant and equipment | 29,160 | 28,875 | ||||
Revenue equipment | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property plant and equipment | 216,297 | 224,319 | ||||
Accumulated depreciation | -700 | -1,200 | ||||
Other equipment and disposal wells | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property plant and equipment | $36,284 | $42,435 | ||||
[1] | Includes property and equipment. |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $20,200,000 | $22,100,000 | $17,800,000 |
Accumulated depreciation equipment under capital lease | 138,984,000 | 139,592,000 | |
Revenue equipment | |||
Property, Plant and Equipment [Line Items] | |||
Capitalized cost | 1,400,000 | 7,500,000 | |
Accumulated depreciation equipment under capital lease | $700,000 | $1,200,000 |
Recovered_Sheet4
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2013 | |||
Intangible Assets Goodwill And Other Assets [Line Items] | |||||||
Good will impairment charges | $72,769,000 | ||||||
Goodwill | 34,896,000 | 32,955,000 | 104,294,000 | 32,955,000 | |||
Intangibles, net | 15,388,000 | 16,149,000 | 16,149,000 | ||||
Amortization expense | 1,400,000 | 4,000,000 | 3,300,000 | ||||
Intermodal | |||||||
Intangible Assets Goodwill And Other Assets [Line Items] | |||||||
Good will impairment charges | 0 | ||||||
Goodwill | 31,410,000 | 31,410,000 | 31,410,000 | 31,400,000 | 31,410,000 | ||
Intangibles, net | 14,100,000 | 15,300,000 | 15,300,000 | ||||
Energy Logistics | |||||||
Intangible Assets Goodwill And Other Assets [Line Items] | |||||||
Good will impairment charges | 72,769,000 | [1] | 55,200,000 | 17,600,000 | |||
Goodwill | 1,941,000 | 71,339,000 | [1] | 71,300,000 | |||
Intangibles, net | 700,000 | 800,000 | 800,000 | ||||
Chemical Logistics | |||||||
Intangible Assets Goodwill And Other Assets [Line Items] | |||||||
Goodwill | 1,545,000 | 1,545,000 | 1,545,000 | 1,545,000 | |||
Intangibles, net | $600,000 | ||||||
[1] | Measurement period adjustment for the Dunn's acquisition as the Company finalized its valuation which reduced fixed assets and increased goodwill. |
Goodwill_within_Reporting_Unit
Goodwill within Reporting Units (Detail) (USD $) | 12 Months Ended | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Goodwill [Line Items] | |||||||
Goodwill | $32,955 | $104,294 | |||||
Purchase price adjustment | 1,430 | ||||||
Additions | 1,941 | [1] | |||||
Impairment | -72,769 | ||||||
Goodwill | 34,896 | 32,955 | 32,955 | ||||
Intermodal | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 31,410 | ||||||
Impairment | 0 | ||||||
Goodwill | 31,410 | 31,410 | 31,400 | 31,410 | 31,410 | ||
Chemical Logistics | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 1,545 | ||||||
Goodwill | 1,545 | 1,545 | 1,545 | 1,545 | |||
Energy Logistics | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 71,339 | [2] | |||||
Purchase price adjustment | 1,430 | [2] | |||||
Additions | 1,941 | [1] | |||||
Impairment | -72,769 | [2] | -55,200 | -17,600 | |||
Goodwill | $1,941 | $71,300 | |||||
[1] | Additions due to business assets acquired from an independent affiliate. | ||||||
[2] | Measurement period adjustment for the Dunn's acquisition as the Company finalized its valuation which reduced fixed assets and increased goodwill. |
Intangible_Assets_Detail
Intangible Assets (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Book Value | $23,280 | $47,341 | ||
Additions | 668 | 1,000 | [1] | |
Impairment | -18,528 | |||
Accumulated Amortization | -8,560 | -13,664 | ||
Net Book Value | 7,988 | |||
Net Book Value | 15,388 | 16,149 | ||
Intermodal | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Net Book Value | 14,100 | 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 | -18,500 | |||
Net Book Value | 700 | 800 | ||
Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Book Value | 14,260 | 33,410 | ||
Additions | 668 | [2] | 1,000 | [1] |
Impairment | -17,065 | |||
Accumulated Amortization | -7,573 | -9,462 | ||
Net Book Value | 7,355 | 7,883 | ||
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 | -987 | -3,445 | ||
Net Book Value | 633 | 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 relate to the onboarding of a new independent affiliate. | |||
[2] | Additions relate to the onboarding of two new independent affiliates. |
Estimated_Amortization_Expense
Estimated Amortization Expense for Intangible Assets (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Intangible Assets Goodwill And Other Assets [Line Items] | |
2015 | $1,485 |
2016 | 1,480 |
2017 | 1,404 |
2018 | 1,285 |
2019 | 1,337 |
Thereafter | 997 |
Total | $7,988 |
Accrued_Expenses_Detail
Accrued Expenses (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses [Line Items] | ||
Lease residual guarantees | $11,250 | $8,183 |
Salaries, wages and benefits | 7,389 | 5,440 |
Interest | 3,512 | 3,892 |
Claims and deposits | 3,862 | 2,396 |
Taxes | 1,071 | 1,286 |
Other | 5,533 | 9,383 |
Accrued expenses | $32,617 | $30,580 |
Recovered_Sheet5
Accounts Payable and Accrued Expenses - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accrued Expenses [Line Items] | ||
Bank overdrafts included in accounts payable | $4.70 | $1.70 |
Long_Term_Debt_Detail
Long Term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
Debt instrument carrying amount | $351,982 | $384,262 | |
Discount on notes | -687 | -957 | |
Total indebtedness (including capital lease obligations) | 351,295 | 383,305 | |
Less current maturities of long-term debt (including capital lease obligations) | -3,033 | -10,580 | |
Long-term debt, less current maturities (including capital lease obligations) | 348,262 | 372,725 | |
Total indebtedness (including capital lease obligations) | 351,295 | 383,305 | |
Capital lease | |||
Debt Instrument [Line Items] | |||
Debt instrument carrying amount | 516 | 4,883 | |
Abl Facility | |||
Debt Instrument [Line Items] | |||
Debt instrument carrying amount | 151,000 | 136,000 | |
Term Loans | |||
Debt Instrument [Line Items] | |||
Debt instrument carrying amount | 17,500 | 17,500 | |
Nine Point Eight Seven Five Percent Second Priority Senior Secured Notes Due Twenty Eighteen | |||
Debt Instrument [Line Items] | |||
Debt instrument carrying amount | 180,000 | [1] | 202,500 |
Five Percent Subordinated Acquisition Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument carrying amount | 19,170 | ||
Other Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument carrying amount | $2,966 | $4,209 | |
[1] | Amounts do not include the remaining unamortized original issue discount of $0.7 million related to the 2018 Notes. |
Long_Term_Debt_Parenthetical_D
Long Term Debt (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | |||
Interest rate | 9.88% | ||
Nine Point Eight Seven Five Percent Second Priority Senior Secured Notes Due Twenty Eighteen | |||
Debt Instrument [Line Items] | |||
Interest rate | 9.88% | 9.88% | |
Maturity Year | 2018 | 2018 | |
Five Percent Subordinated Acquisition Notes | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.00% | 5.00% |
LongTerm_Indebtedness_Addition
Long-Term Indebtedness - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 16, 2014 | Jul. 15, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 15, 2015 | Nov. 03, 2014 | Jun. 14, 2013 | Jun. 12, 2014 | Nov. 03, 2010 | Nov. 12, 2013 | |
Debt Instrument [Line Items] | |||||||||||||
Long term debt | $180,000,000 | ||||||||||||
Interest rate | 9.88% | ||||||||||||
Write off debt issuance cost | 476,000 | 521,000 | 0 | ||||||||||
Gain on early extinguishment of debt | 4,217,000 | ||||||||||||
Amortization of deferred issuance costs | 2,251,000 | 2,398,000 | 2,133,000 | ||||||||||
Nine Point Eight Seven Five Percent Second Priority Senior Secured Notes Due Twenty Eighteen | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt issuance costs | 6,000,000 | ||||||||||||
Aggregate principal amount | 22,500,000 | 22,500,000 | 225,000,000 | ||||||||||
Interest rate | 9.88% | 9.88% | |||||||||||
Maturity Year | 2018 | 2018 | |||||||||||
Maturity date | 1-Nov-18 | ||||||||||||
Debt instrument, redemption price | 100.00% | 100.00% | |||||||||||
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. | 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 percentage of premium | 3.00% | 3.00% | |||||||||||
Debt instrument premium | 700,000 | 700,000 | |||||||||||
Write off debt issuance cost | 400,000 | 500,000 | |||||||||||
Amortization of deferred issuance costs | 677,000 | ||||||||||||
Nine Point Eight Seven Five Percent Second Priority Senior Secured Notes Due Twenty Eighteen | Prior to November 1, 2014 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, redemption price | 100.00% | ||||||||||||
Nine Point Eight Seven Five Percent Second Priority Senior Secured Notes Due Twenty Eighteen | Through November 1, 2014 | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, redemption price | 1.00% | ||||||||||||
Nine Point Eight Seven Five Percent Second Priority Senior Secured Notes Due Twenty Eighteen | During any twelve-month period prior to November 1, 2014 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, redemption price | 103.00% | ||||||||||||
Debt instrument redemption price principal percentage | 10.00% | ||||||||||||
Nine Point Eight Seven Five Percent Second Priority Senior Secured Notes Due Twenty Eighteen | Semi Annual Payment, First Payment | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate payment day and month | 4 | ||||||||||||
Nine Point Eight Seven Five Percent Second Priority Senior Secured Notes Due Twenty Eighteen | Semi Annual Payment, Second Payment | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate payment day and month | 10 | ||||||||||||
Nine Point Eight Seven Five Percent Second Priority Senior Secured Notes Due Twenty Eighteen | Subsequent Event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Aggregate principal amount | 10,000,000 | ||||||||||||
Debt instrument, redemption price | 100.00% | ||||||||||||
Debt instrument, redemption description | The redemption price for these 2018 Notes equaled 100% of the aggregate principal amount of $10.0 million, plus accrued but unpaid interest up to the redemption date, plus a 4.9% premium of $0.5 million. | ||||||||||||
Debt instrument redemption percentage of premium | 4.90% | ||||||||||||
Debt instrument premium | 500,000 | ||||||||||||
Write off debt issuance cost | 200,000 | ||||||||||||
Nine Point Eight Seven Five Percent Second Priority Senior Secured Notes Due Twenty Eighteen | Subsequent Event | Third Quarter Of Two Thousand And Fourteen | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Write off debt issuance cost | 200,000 | ||||||||||||
New Issued Nine Point Eight Seven Five Percent Second Priority Senior Secured Notes Due Twenty Eighteen | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt issuance costs | 5,800,000 | ||||||||||||
Senior Notes 10 Percent Due 2013 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt issuance costs | 200,000 | ||||||||||||
Abl Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | 350,000,000 | ||||||||||||
Debt instrument, maturity date | 2019-11 | ||||||||||||
Debt issuance costs | 6,900,000 | ||||||||||||
Debt instrument, maturity date | 31-Aug-18 | ||||||||||||
Borrowing capacity available | 62,000,000 | ||||||||||||
Debt instrument, interest rate | 2.20% | 2.20% | |||||||||||
Amortization of deferred issuance costs | 1,323,000 | ||||||||||||
Abl Facility | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Borrowing capacity available | 20,000,000 | ||||||||||||
Unutilized commitment fee percentage | 0.25% | ||||||||||||
Abl Facility | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Unutilized commitment fee percentage | 0.38% | ||||||||||||
Borrowing base | 10.00% | ||||||||||||
Abl Facility | Base Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Applicable margin rate | 1.00% | ||||||||||||
Debt instrument, basis spread on variable rate | 0.50% | ||||||||||||
Abl Facility | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Applicable margin rate | 2.00% | ||||||||||||
Debt instrument, basis spread on variable rate | 1.00% | ||||||||||||
Abl Facility | Letter of Credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | 150,000,000 | ||||||||||||
Abl Facility | Swingline Borrowings | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | 30,000,000 | ||||||||||||
Term Loan Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | 17,500,000 | 17,500,000 | |||||||||||
Debt instrument, maturity date | 2017-11 | ||||||||||||
Debt issuance costs | 600,000 | ||||||||||||
Debt instrument, maturity date | 3-Nov-17 | ||||||||||||
Debt instrument, interest rate | 3.20% | 3.70% | |||||||||||
Debt instrument, interest rate | Borrowings under the Term Loan bear interest at a rate equal to an applicable margin plus, at our option, either a base rate or LIBOR. The applicable margin at December 31, 2014 was 2.00% for base rate borrowings and 3.00% for LIBOR borrowings, with a potential step-down of 0.25% after 3 months from inception if a senior secured leverage ratio is met. | ||||||||||||
Debt instrument, basis spread on variable rate potential increase (decrease) | -0.25% | ||||||||||||
Long term debt | 17,500,000 | ||||||||||||
Amortization of deferred issuance costs | 189,000 | ||||||||||||
Term Loan Facility | Base Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, basis spread on variable rate | 2.00% | ||||||||||||
Term Loan Facility | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, basis spread on variable rate | 3.00% | ||||||||||||
Amended And Restated Abl Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt issuance costs | 1,900,000 | ||||||||||||
Amortization of deferred issuance costs | 62,000 | ||||||||||||
Five Percent Subordinated Acquisition Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Aggregate principal amount | 21,300,000 | ||||||||||||
Interest rate | 5.00% | 5.00% | |||||||||||
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 | $4,200,000 |
Redemption_Prices_of_2018_Note
Redemption Prices of 2018 Notes (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
2014 | |
Debt Instrument, Redemption [Line Items] | |
2014 | 104.94% |
2015 | |
Debt Instrument, Redemption [Line Items] | |
2014 | 102.47% |
2016 and thereafter | |
Debt Instrument, Redemption [Line Items] | |
2014 | 100.00% |
Schedule_of_Indebtedness_Requi
Schedule of Indebtedness Required to Pay (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
2015 | $3,034 | ||
2016 | 10,872 | ||
2017 | 7,076 | ||
2018 | 331,000 | ||
Total | 351,982 | 384,262 | |
Capital lease | |||
Debt Instrument [Line Items] | |||
2015 | 334 | ||
2016 | 106 | ||
2017 | 76 | ||
Total | 516 | 4,883 | |
Abl Facility | |||
Debt Instrument [Line Items] | |||
2018 | 151,000 | ||
Total | 151,000 | 136,000 | |
Term Loan Facility | |||
Debt Instrument [Line Items] | |||
2016 | 10,500 | [1] | |
2017 | 7,000 | [1] | |
Total | 17,500 | [1] | |
Nine Point Eight Seven Five Percent Second Priority Senior Secured Notes Due Twenty Eighteen | |||
Debt Instrument [Line Items] | |||
2018 | 180,000 | [2] | |
Total | 180,000 | [2] | 202,500 |
Other Notes | |||
Debt Instrument [Line Items] | |||
2015 | 2,700 | ||
2016 | 266 | ||
Total | $2,966 | $4,209 | |
[1] | Assumes repayment of the principal amount of the Term Loan in equal quarterly amounts beginning in the second quarter of 2016. | ||
[2] | Amounts do not include the remaining unamortized original issue discount of $0.7 million related to the 2018 Notes. |
Schedule_of_Indebtedness_Requi1
Schedule of Indebtedness Required to Pay (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Discount on Notes | $687 | $957 |
Schedule_of_Debt_Issuance_Cost
Schedule of Debt Issuance Cost (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | |||
Beginning balance | $7,682 | ||
Write-off of Issuance Costs | -394 | ||
Additional Debt Issuance Costs | 2,613 | ||
Amortization Expense | -2,251 | -2,398 | -2,133 |
Ending balance | 7,650 | 7,682 | |
Abl Facility | |||
Debt Instrument [Line Items] | |||
Beginning balance | 3,745 | ||
Write-off of Issuance Costs | -54 | ||
Additional Debt Issuance Costs | 4 | ||
Amortization Expense | -1,323 | ||
Ending balance | 2,372 | ||
Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Beginning balance | 490 | ||
Amortization Expense | -189 | ||
Ending balance | 301 | ||
Amended And Restated Abl Facility | |||
Debt Instrument [Line Items] | |||
Additional Debt Issuance Costs | 1,957 | ||
Amortization Expense | -62 | ||
Ending balance | 1,895 | ||
Nine Point Eight Seven Five Percent Second Priority Senior Secured Notes Due Twenty Eighteen | |||
Debt Instrument [Line Items] | |||
Beginning balance | 3,447 | ||
Write-off of Issuance Costs | -340 | ||
Additional Debt Issuance Costs | 652 | ||
Amortization Expense | -677 | ||
Ending balance | $3,082 |
Components_of_Income_Loss_befo
Components of Income (Loss) before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | |||
Domestic | $27,153 | ($67,437) | $21,853 |
Income (loss) before income taxes | 27,049 | -66,321 | 22,749 |
MEXICO | |||
Income Taxes [Line Items] | |||
Foreign | 153 | 1,281 | 851 |
CANADA | |||
Income Taxes [Line Items] | |||
Foreign | ($257) | ($165) | $45 |
Components_of_Provision_for_Be
Components of Provision for (Benefit) from Income Tax (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current taxes: | |||
Current taxes | $208 | $2,130 | $781 |
Deferred taxes: | |||
Deferred taxes | 10,705 | -26,659 | 7,174 |
Valuation Allowance | |||
Valuation allowance | -4,504 | 246 | -35,282 |
(Benefit from) provision for income taxes | 6,409 | -24,283 | -27,327 |
Internal Revenue Service (IRS) | |||
Current taxes: | |||
Current taxes | -38 | -337 | |
Deferred taxes: | |||
Deferred taxes | 9,960 | -24,011 | 7,038 |
Valuation Allowance | |||
Valuation allowance | -4,504 | 246 | -32,586 |
State and Local Jurisdiction | |||
Current taxes: | |||
Current taxes | 215 | 1,216 | 516 |
Deferred taxes: | |||
Deferred taxes | 745 | -2,648 | 136 |
Valuation Allowance | |||
Valuation allowance | -2,696 | ||
MEXICO | |||
Current taxes: | |||
Current taxes | -86 | 388 | 166 |
CANADA | |||
Current taxes: | |||
Current taxes | $79 | $564 | $436 |
Net_Deferred_Tax_Asset_Liabili
Net Deferred Tax Asset (Liability) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Deferred tax assets: | ||||
Environmental reserve | $7,891 | $7,936 | ||
Tax credit carryforwards | 7,924 | 8,692 | ||
Self-insurance reserves | 7,536 | 7,527 | ||
Pension | 6,569 | 5,081 | ||
Net operating loss carryforwards | 19,245 | 27,381 | ||
Stock compensation | 2,285 | 2,762 | ||
Intangible basis differences | 24,232 | 26,965 | ||
Other | 5,488 | 4,909 | ||
Deferred Tax Assets, Gross, Total | 81,170 | 91,253 | ||
Less valuation allowance | -4,504 | -4,258 | -39,540 | |
Deferred Tax Assets, Net of Valuation Allowance, Total | 81,170 | 86,749 | ||
Deferred tax liabilities: | ||||
Property and equipment basis differences | -28,018 | -29,628 | ||
Accrued interest and original issue discount | -2,208 | -2,698 | ||
Depreciation of environmental costs | -2,669 | -2,313 | ||
Net deferred tax asset | 48,275 | 52,110 | ||
Current deferred tax asset | 29,333 | 20,709 | ||
Long-term deferred tax asset | 51,851 | 66,040 | ||
Long-term deferred tax liability | -32,909 | -34,639 | ||
Net deferred tax asset | $48,275 | $52,110 |
Reconciliation_of_Effective_Ta
Reconciliation of Effective Tax Rate and Federal Statutory Rate (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | |||
Tax expense (benefit) at the statutory rate | $9,467 | ($23,212) | $7,962 |
State income taxes, net of federal benefit | 1,120 | -2,054 | 679 |
Uncertain tax position adjustments | -474 | 928 | 49 |
Valuation allowance | -4,504 | 246 | -35,282 |
Foreign tax credit | 521 | -975 | -525 |
Federal provision to return and deferred tax adjustment | 234 | -123 | -608 |
Other | 45 | 907 | 398 |
(Benefit from) provision for income taxes | $6,409 | ($24,283) | ($27,327) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Line Items] | ||||
Unrecognized tax benefit | $1,983,000 | $2,453,000 | $1,652,000 | $1,628,000 |
Unrecognized tax benefit that, if recognized, would favorably affect the effective income tax rate in any future periods | 800,000 | |||
Recognized additional expense of interest and penalties in provision for income taxes | 200,000 | |||
Net of federal tax benefit accrued for interest | 300,000 | 500,000 | ||
Accrued for penalties | 200,000 | 200,000 | ||
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 | 100,000 | |||
Internal Revenue Service (IRS) | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforwards | 47,400,000 | |||
Unrecognized federal net operating loss carryforwards | 8,800,000 | |||
Alternative minimum tax credit carryforwards | 2,300,000 | |||
Foreign tax credit carryforwards | $5,400,000 | |||
Internal Revenue Service (IRS) | Minimum | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforwards expiration year | 2020 | |||
Internal Revenue Service (IRS) | Maximum | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforwards expiration year | 2030 | |||
IRS foreign tax credit | Minimum | ||||
Income Taxes [Line Items] | ||||
Tax credit carryforwards expiration year | 2015 | |||
IRS foreign tax credit | Maximum | ||||
Income Taxes [Line Items] | ||||
Tax credit carryforwards expiration year | 2024 |
Rollforward_of_Valuation_Allow
Rollforward of Valuation Allowance (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | |||
Beginning balance | ($4,504) | ($4,258) | ($39,540) |
Change in assessments about the realization of deferred income tax assets | 4,504 | -246 | 35,282 |
Ending balance | ($4,504) | ($4,258) |
Reconciliation_of_Total_Amount
Reconciliation of Total Amount of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | |||
Total unrecognized tax benefits as of January 1, | $2,453 | $1,652 | $1,628 |
Increases in tax positions taken during prior period | 359 | ||
Decreases in tax positions taken during prior period | -88 | -75 | |
Increases in tax positions taken in the current period | 124 | 893 | 85 |
Decreases in tax positions taken in the current period | -20 | ||
Settlements with taxing authorities | -85 | ||
Decrease due to lapse of applicable statute of limitations | -594 | -4 | -240 |
Total unrecognized tax benefits as of December 31, | $1,983 | $2,453 | $1,652 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
CompensationPlan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of noncontributory defined benefit plans | 2 | ||
Projected benefit obligation | $51,880,000 | $47,207,000 | $52,637,000 |
Employers contribution vesting period | 4 years | ||
Expenses related to contributions to the plan | 300,000 | 300,000 | 300,000 |
Number of employer pension plans | 3 | ||
Multi-employer pension employee percentage | 3.40% | ||
Contingent liability | 90,900,000 | ||
Ttwu Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected contribution during the year ending December 31, 2013 | 600,000 | ||
Clc Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected contribution during the year ending December 31, 2013 | 2,500,000 | ||
Central States Southeast And Southwest Areas Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contingent liability | $85,100,000 |
Future_Actuarial_Gains_or_Loss
Future Actuarial Gains or Losses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Items not yet recognized as a component of net periodic cost: | |||
Unrecognized net actuarial loss | $34,150 | $27,932 | |
Unamortized prior service cost | 135 | 229 | |
Unrecognized loss and prior service costs recorded as a component of accumulated other comprehensive loss | 34,285 | 28,161 | |
Items to be recognized in 2015/2014 as a component of net periodic cost: | |||
Net actuarial loss | 1,413 | 1,347 | |
Prior service cost | 94 | 94 | 94 |
Net periodic cost to be recorded in 2015/2014 from accumulated other comprehensive loss | $1,507 | $1,441 |
Change_in_Projected_Benefit_Ob
Change in Projected Benefit Obligation, Change in Plan Assets and Unfunded Status (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in Projected Benefit Obligation | |||
Projected benefit obligation | $47,207 | $52,637 | |
Service cost | 165 | 165 | 166 |
Interest cost | 2,013 | 1,853 | 2,102 |
Actuarial loss (gain) | 5,769 | -4,170 | |
Benefits and expenses paid | -3,274 | -3,278 | |
Projected benefit obligation | 51,880 | 47,207 | 52,637 |
Change in Plan Assets | |||
Fair value of plan assets | 34,609 | 31,560 | |
Actual return on plan assets | 949 | 3,400 | |
Contributions by Company | 3,181 | 2,927 | |
Benefits and expenses paid | -3,274 | -3,278 | |
Fair value of plan assets at December 31, | 35,465 | 34,609 | 31,560 |
Unfunded Status of Plans | |||
Projected benefit obligation | -51,880 | -47,207 | -52,637 |
Fair value of plan assets | 35,465 | 34,609 | 31,560 |
Unfunded status as of December 31, | ($16,415) | ($12,598) |
Recovered_Sheet6
Accumulated Other Comprehensive Loss (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial (loss) income, net of tax | ($3,852) | $4,062 | ($422) |
Prior service cost | 94 | 94 | 94 |
Adjustment to pension benefit obligation | ($3,758) | $4,156 | ($328) |
Components_of_Net_Periodic_Pen
Components of Net Periodic Pension Cost (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $165 | $165 | $166 |
Interest cost | 2,013 | 1,853 | 2,102 |
Amortization of loss | 1,170 | 1,451 | 1,352 |
Amortization of prior service cost | 94 | 94 | 94 |
Expected return on plan assets | -2,568 | -2,334 | -2,219 |
Net periodic pension cost | $874 | $1,229 | $1,495 |
Assumptions_Detail
Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.55% | 4.30% | 3.48% |
Ttwu Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.10% | 3.20% | 3.90% |
Expected long-term rate of return on plan assets | 7.00% | 7.00% | 7.00% |
Clc Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.50% | 3.75% | 4.50% |
Expected long-term rate of return on plan assets | 7.50% | 7.50% | 8.00% |
Pension_Plan_Weighted_Average_
Pension Plan Weighted Average Asset Allocations by Asset Category (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
Ttwu Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 100.00% | 100.00% |
Ttwu Plan | Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 4.30% | 5.00% |
Ttwu Plan | Equity Securities and Mutual Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 80.50% | 78.70% |
Ttwu Plan | Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 15.20% | 16.30% |
Clc Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 100.00% | 100.00% |
Clc Plan | Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 4.30% | 4.90% |
Clc Plan | Equity Securities and Mutual Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 81.50% | 79.90% |
Clc Plan | Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 14.20% | 15.20% |
Actual_Retirement_Plans_Asset_
Actual Retirement Plans' Asset Allocation by Level within Fair Value Hierarchy (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Define benefit plan | $35,465 | $34,609 | $31,560 |
Ttwu Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Define benefit plan | 7,452 | 7,378 | |
Define benefit plan | 100.00% | 100.00% | |
Ttwu Plan | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Define benefit plan | 5,746 | 5,621 | |
Ttwu Plan | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Define benefit plan | 1,706 | 1,757 | |
Ttwu Plan | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Define benefit plan | 321 | 365 | |
Define benefit plan | 4.30% | 5.00% | |
Ttwu Plan | Cash and Cash Equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Define benefit plan | 321 | 365 | |
Ttwu Plan | Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Define benefit plan | 5,997 | 5,809 | |
Define benefit plan | 80.50% | 78.70% | |
Ttwu Plan | Mutual Funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Define benefit plan | 5,425 | 5,256 | |
Ttwu Plan | Mutual Funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Define benefit plan | 572 | 553 | |
Ttwu Plan | Corporate Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Define benefit plan | 553 | 588 | |
Define benefit plan | 7.40% | 8.00% | |
Ttwu Plan | Corporate Debt Securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Define benefit plan | 553 | 588 | |
Ttwu Plan | Asset-backed Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Define benefit plan | 581 | 616 | |
Define benefit plan | 7.80% | 8.30% | |
Ttwu Plan | Asset-backed Securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Define benefit plan | 581 | 616 | |
Clc Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Define benefit plan | 28,013 | 27,231 | |
Define benefit plan | 100.00% | 100.00% | |
Clc Plan | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Define benefit plan | 19,814 | 19,221 | |
Clc Plan | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Define benefit plan | 8,199 | 8,010 | |
Clc Plan | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Define benefit plan | 1,217 | 1,341 | |
Define benefit plan | 4.30% | 4.90% | |
Clc Plan | Cash and Cash Equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Define benefit plan | 1,217 | 1,341 | |
Clc Plan | Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Define benefit plan | 22,826 | 21,766 | |
Define benefit plan | 81.50% | 79.90% | |
Clc Plan | Mutual Funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Define benefit plan | 18,597 | 17,880 | |
Clc Plan | Mutual Funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Define benefit plan | 4,229 | 3,886 | |
Clc Plan | Corporate Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Define benefit plan | 1,794 | 1,984 | |
Define benefit plan | 6.40% | 7.30% | |
Clc Plan | Corporate Debt Securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Define benefit plan | 1,794 | 1,984 | |
Clc Plan | Asset-backed Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Define benefit plan | 2,176 | 2,140 | |
Define benefit plan | 7.80% | 7.90% | |
Clc Plan | Asset-backed Securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Define benefit plan | $2,176 | $2,140 |
Expected_Benefit_Payments_Deta
Expected Benefit Payments (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $3,378 |
2016 | 3,374 |
2017 | 3,381 |
2018 | 3,384 |
2019 | 3,345 |
2020 - 2024 | $16,023 |
MultiEmployer_Pension_Plans_De
Multi-Employer Pension Plans (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Multiemployer Plans [Line Items] | |||||
Contributions by us | $3,128 | $3,056 | $2,828 | ||
Employer Teamsters Local Numbers One Hundred Seventy Five and Five Hundred Five Pension Trust Fund | |||||
Multiemployer Plans [Line Items] | |||||
EIN/Pension Plan Number | 55-6021850 | [1] | |||
Pension Act Zone Status | Red | [2] | Red | [2] | |
FIP/RP Status Pending/ Implemented | Implemented | [3] | |||
Contributions by us | 45 | 40 | 41 | ||
Expiration Date of Collective-Bargaining Agreement | 8-Feb-16 | ||||
New York State Teamsters Conference Pension and Retirement Fund | |||||
Multiemployer Plans [Line Items] | |||||
EIN/Pension Plan Number | 16-6063585 | [1] | |||
Pension Act Zone Status | Red | [2] | Red | [2] | |
FIP/RP Status Pending/ Implemented | Implemented | [3] | |||
Contributions by us | 228 | 197 | 140 | ||
Expiration Date of Collective-Bargaining Agreement | 14-Jul-17 | ||||
Central States Southeast and Southwest Areas Pension Fund | |||||
Multiemployer Plans [Line Items] | |||||
EIN/Pension Plan Number | 36-6044243 | [1] | |||
Pension Act Zone Status | Red | [2] | Red | [2] | |
FIP/RP Status Pending/ Implemented | Implemented | [3] | |||
Contributions by us | $2,855 | $2,819 | $2,647 | ||
Maximum | Central States Southeast and Southwest Areas Pension Fund | |||||
Multiemployer Plans [Line Items] | |||||
Expiration Date of Collective-Bargaining Agreement | 30-Apr-17 | ||||
Minimum | Central States Southeast and Southwest Areas Pension Fund | |||||
Multiemployer Plans [Line Items] | |||||
Expiration Date of Collective-Bargaining Agreement | 28-Feb-15 | ||||
[1] | The "EIN/Pension Plan Number" column provides the Employee Identification Number (EIN) and the three-digit plan number, if applicable. | ||||
[2] | Unless otherwise noted, the most recent Pension Protection Act zone status available in 2014 and 2013 is for the plan's year-end at December 31, 2013 and December 31, 2012, respectively. The zone status is based on information that we received from the plan. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. | ||||
[3] | The "FIP/RP Status Pending/Implemented" column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. No surcharge has been imposed for any of these plans. |
Components_and_Changes_to_Accu
Components and Changes to Accumulated other Comprehensive Loss (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | ($27,477) | ($31,752) | ||||
Net gain on foreign currency translation, net of tax | 230 | 119 | -43 | |||
Ending balance | -31,005 | -27,477 | -31,752 | |||
Foreign currency translation | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | -1,061 | -1,180 | -1,137 | |||
Net gain on foreign currency translation, net of tax | 230 | 119 | -43 | |||
Ending balance | -831 | -1,061 | -1,180 | |||
Pension benefits | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | -26,416 | -30,572 | -30,244 | |||
Amortization of prior service cost | 94 | [1] | 94 | [1] | 94 | [1] |
Amortization of loss | -3,852 | [1] | 4,062 | [1] | -422 | [1] |
Ending balance | ($30,174) | ($26,416) | ($30,572) | |||
[1] | Prior service cost and actuarial loss are included as part of the Company's net periodic benefit cost. Refer to Note 16. |
Capital_Stock_Additional_Infor
Capital Stock - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||||
Aug. 14, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 04, 2003 | Nov. 20, 2012 | |
Stockholders Equity Note [Line Items] | ||||||
Capital stock authorized | 50,000,000 | |||||
Common stock, shares authorized | 49,000,000 | 49,000,000 | 49,000,000 | |||
Common stock, par value | $0 | $0 | $0 | |||
Preferred stock, shares authorized | 1,000,000 | |||||
Preferred stock, par value | $0 | |||||
Common stock sold in an underwritten public offering | 4,700,000 | |||||
Gross price per share | $8.60 | |||||
Underwriting fees and expenses | $500,000 | |||||
Treasury stock, shares | 1,698,000 | 1,576,000 | ||||
Treasury stock value | 11,860,000 | 10,557,000 | ||||
Repurchase of common stock value | 417,000 | 4,454,000 | 3,658,000 | |||
Share Repurchase Program | ||||||
Stockholders Equity Note [Line Items] | ||||||
Repurchase of common stock value | 15,000,000 | |||||
Repurchase of common stock shares | 1,200,000 | 1,200,000 | ||||
Repurchase of common stock value | 8,500,000 | 8,100,000 | ||||
Stock repurchase program, remaining amount | $6,500,000 | |||||
Convertible Preferred Stock | ||||||
Stockholders Equity Note [Line Items] | ||||||
Preferred stock, shares authorized | 600,000 | |||||
Preferred stock, shares issued | 510,000 | |||||
Preferred stock, shares outstanding | 510,000 |
Stock_Compensation_Plans_Addit
Stock Compensation Plans - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||
Nov. 05, 2003 | Dec. 31, 2014 | Mar. 07, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Increase in grant of nonqualified stock options exercisable with limited exceptions | 25.00% | ||||||
Vesting percentage in third year after issuance of the grant | 50.00% | ||||||
Vesting percentage in fourth year after issuance of the grant | 50.00% | ||||||
Expire date of stock option plan approved | 10 | ||||||
Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity incentive plan stock units vesting period | 2 years | ||||||
Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity incentive plan stock units vesting period | 4 years | ||||||
Two Thousand Twelve Equity Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity incentive plan expiry of plan | 30-May-22 | ||||||
Common stock reserved for issuance | 2,000,000 | ||||||
Shares, granted | 598,000 | 566,168 | 257,000 | ||||
Weighted-average grant date fair value per share of stock-based compensation granted to employees | 4.94 | $4.10 | |||||
Stock options exercised | 37,000 | 0 | |||||
Total fair value of stock options vested | 380,000 | $77,000 | |||||
Two Thousand Twelve Equity Incentive Plan | Performance based RSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares, granted | 375,584 | ||||||
Two Thousand Twelve Equity Incentive Plan | Time-based RSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity incentive plan stock units vesting period | 3 years | ||||||
Equity incentive plan expiry of plan | 7-Mar-17 | ||||||
Shares, granted | 190,584 | ||||||
Two Thousand Three Stock Option Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted-average grant date fair value per share of stock-based compensation granted to employees | 0 | $0 | $8.09 | ||||
Stock options exercised | 919,000 | [1],[2] | 416,000 | [1],[2] | |||
Total fair value of stock options vested | 798,000 | 1,308,000 | 1,223,000 | ||||
Total intrinsic value of stock options exercised | 7,700,000 | $2,600,000 | $500,000 | ||||
[1] | Shares issued upon the exercise of stock options were treated as newly issued shares. | ||||||
[2] | There was no tax benefit recognized in 2014, 2013 and 2012 related to stock-based compensation. |
Equity_Incentive_Plan_Activity
Equity Incentive Plan Activity (Detail) (Two Thousand Twelve Equity Incentive Plan, USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | |
Two Thousand Twelve Equity Incentive Plan | |||
Number of Shares Outstanding | |||
Beginning Balance | 350,000 | 48,000 | |
Granted | 335,000 | ||
Exercised | -37,000 | 0 | |
Canceled | -32,000 | -33,000 | |
Ending Balance | 281,000 | 350,000 | |
Options exercisable and expected to vest at December 31, 2014 | 269,000 | ||
Weighted Average Exercise Price Per Share | |||
Beginning balance | $7.11 | $10.54 | |
Granted | $6.56 | ||
Exercised | $7.93 | ||
Canceled | $7.33 | $6.48 | |
Ending Balance | $6.98 | $7.11 | |
Options exercisable and expected to vest at December 31, 2014 | $6.98 | ||
Weighted Average Remaining contractual Term (in years) | |||
Options exercisable and expected to vest at December 31, 2013 | 7 years 10 months 24 days | ||
Aggregate Intrinsic Value | |||
Options exercisable and expected to vest at December 31, 2013 | $985 | [1] | |
[1] | The intrinsic value of a stock option is the amount by which the market value of the underlying stock as of December 31, 2014 exceeds the exercise price of the option multiplied by the number of shares represented by such option. |
Equity_Instruments_Previously_
Equity Instruments Previously Granted (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 07, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Aggregate Intrinsic Value | |||
Restricted stock and restricted stock units unvested at December 31, 2014 and 2013 | $7,729 | $2,866 | |
Two Thousand Twelve Equity Incentive Plan | |||
Number of Shares Outstanding | |||
Beginning Balance | 223,000 | 26,000 | |
Granted | 566,168 | 598,000 | 257,000 |
Vested | -67,000 | -19,000 | |
Canceled | -28,000 | -41,000 | |
Ending Balance | 726,000 | 223,000 | |
Weighted Average Grant Date Fair Value Per Share | |||
Beginning Balance | $6.91 | $10.39 | |
Granted | $13.56 | $6.68 | |
Vested | $6.97 | $7.69 | |
Canceled | $10.15 | $7.30 | |
Ending Balance | $12.26 | $6.91 |
Two_Thousand_Three_Stock_Optio
Two Thousand Three Stock Option Plan activity (Detail) (Two Thousand Three Stock Option Plan, USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Two Thousand Three Stock Option Plan | ||||
Number of Shares Outstanding | ||||
Beginning Balance | 1,707,000 | 2,204,000 | ||
Granted | 0 | 0 | ||
Exercised | -919,000 | [1],[2] | -416,000 | [1],[2] |
Canceled | -8,000 | -25,000 | ||
Expired | -56,000 | |||
Ending Balance | 780,000 | 1,707,000 | ||
Options exercisable and expected to vest at December 31, 2014 | 778,000 | |||
Weighted Average Grant Date Fair Value Per Share | ||||
Beginning balance | $6.09 | $5.99 | ||
Granted | $0 | $0 | ||
Exercised | $5.54 | [1],[2] | $3.78 | [1],[2] |
Canceled | $11.74 | $11.25 | ||
Expired | $17 | |||
Ending Balance | $6.67 | $6.09 | ||
Options exercisable and expected to vest at December 31, 2014 | $6.65 | |||
Weighted Average Remaining contractual Term (in years) | ||||
Options exercisable and expected to vest at December 31, 2013 | 5 years 1 month 21 days | |||
Aggregate Intrinsic Value | ||||
Options exercisable and expected to vest at December 31, 2014 | $3,432 | [3] | ||
[1] | Shares issued upon the exercise of stock options were treated as newly issued shares. | |||
[2] | There was no tax benefit recognized in 2014, 2013 and 2012 related to stock-based compensation. | |||
[3] | The intrinsic value of a stock option is the amount by which the market value of the underlying stock as of December 31, 2014 exceeds the exercise price of the option multiplied by the number of shares represented by such option. |
Two_Thousand_Three_Restricted_
Two Thousand Three Restricted Stock Incentive Plan Activity (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Aggregate Intrinsic Value | ||
Restricted stock unvested at December 31, 2014 and 2013 | $7,729 | $2,866 |
Two Thousand Three Restricted Stock Incentive Plan | ||
Number of Shares Outstanding | ||
Beginning Balance | 121,000 | 219,000 |
Granted | 0 | 0 |
Vested | -80,000 | -89,000 |
Canceled | -8,000 | -9,000 |
Ending Balance | 33,000 | 121,000 |
Weighted Average Grant Date Fair Value Per Share | ||
Beginning Balance | $12.40 | $9.19 |
Granted | $0 | $0 |
Vested | $12.58 | $4.43 |
Canceled | $10.18 | $12.62 |
Ending Balance | $12.50 | $12.40 |
Aggregate Intrinsic Value | ||
Restricted stock unvested at December 31, 2014 and 2013 | $347 | $1,553 |
BlackScholes_Model_WeightedAve
Black-Scholes Model Weighted-Average Assumptions (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free rate | 0.80% | 0.80% |
Expected life | 5 years | 5 years |
Volatility | 78.20% | 77.60% |
Expected dividend | 0.00% | 0.00% |
StockBased_Compensation_Expens
Stock-Based Compensation Expense Recognized for Each Types of Stock-Based Award (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $3,762 | $3,085 | $3,238 |
Restricted Stock and Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 2,816 | 1,551 | 1,497 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $946 | $1,534 | $1,741 |
Unrecognized_StockBased_Compen
Unrecognized Stock-Based Compensation and Weighted Average Period over Which Such Stock-Based Compensation is Expected to be Recognized (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock and restricted stock units | 5,890 |
Unrecognized stock-based compensation, Stock options | 912 |
Total unrecognized stock based compensation | 6,802 |
Restricted Stock and Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock and restricted stock units | 2 years |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock and restricted stock units | 1 year 7 months 6 days |
Future_Noncancelable_Lease_Com
Future Noncancelable Lease Commitments (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | |
2015 | $26,276 |
2016 | 26,273 |
2017 | 23,276 |
2018 | 12,437 |
2019 | 5,623 |
Thereafter | 3,939 |
Total | $97,824 |
Recovered_Sheet7
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Location | Location | ||
Commitments and Contingencies [Line Items] | |||
Rent expense under operating leases | $32.20 | $30.30 | $23.20 |
Reserves | 8.2 | 8.3 | |
Number of Sites | 26 | 26 | |
Environmental Matters | |||
Commitments and Contingencies [Line Items] | |||
Reserves | 8.2 | 8.3 | |
Multi-party sites | |||
Commitments and Contingencies [Line Items] | |||
Reserves | 1.7 | 2.1 | |
Number of Sites | 17 | 17 | |
Number of sites, explicitly denied any liability | 2 | ||
Number of sites, received a notice about potential liability | 4 | ||
Explicitly Denied liabilities | 17 | ||
Number of sites, in settlement discussion phase | 2 | ||
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 | 17 | ||
Participating party in the initial study | 1 | ||
Multi-party sites | Minimum | |||
Commitments and Contingencies [Line Items] | |||
Estimated future expenditure | 1.7 | ||
Multi-party sites | Maximum | |||
Commitments and Contingencies [Line Items] | |||
Operations and maintenance cost for environment | 0.1 | ||
Estimated future expenditure | 3.8 | ||
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 | ||
Sole party sites | |||
Commitments and Contingencies [Line Items] | |||
Reserves | 6.5 | ||
Responsible Party for the process of conducting investigation | 9 | ||
Sole party sites | Minimum | |||
Commitments and Contingencies [Line Items] | |||
Estimated future expenditure | 6.5 | ||
Sole party sites | Maximum | |||
Commitments and Contingencies [Line Items] | |||
Estimated future expenditure | 16.7 | ||
Bridgeport, New Jersey | |||
Commitments and Contingencies [Line Items] | |||
Reserves | 4.4 | ||
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 | 4.4 | ||
Bridgeport, New Jersey | Maximum | |||
Commitments and Contingencies [Line Items] | |||
Estimated future expenditure | 8.5 | ||
William Dick, Pennsylvania | |||
Commitments and Contingencies [Line Items] | |||
Reserves | 0.3 | ||
William Dick, Pennsylvania | Minimum | |||
Commitments and Contingencies [Line Items] | |||
Estimated future expenditure | 0.3 | ||
William Dick, Pennsylvania | Maximum | |||
Commitments and Contingencies [Line Items] | |||
Estimated future expenditure | $3.40 |
Commitment_and_Contingencies_D
Commitment and Contingencies (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Location | Location |
Commitment And Contingencies [Line Items] | ||
Number of Sites | 26 | 26 |
Reserves | $8.20 | $8.30 |
Multi-party sites | ||
Commitment And Contingencies [Line Items] | ||
Number of Sites | 17 | 17 |
Reserves | 1.7 | 2.1 |
Sole party sites | ||
Commitment And Contingencies [Line Items] | ||
Reserves | 6.5 | |
Sole party sites | Bridgeport, New Jersey | ||
Commitment And Contingencies [Line Items] | ||
Number of Sites | 1 | 1 |
Reserves | 4.4 | 3.6 |
Sole party sites | William Dick, Pennsylvania | ||
Commitment And Contingencies [Line Items] | ||
Number of Sites | 1 | 1 |
Reserves | 0.3 | 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 $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Guarantor Obligations [Line Items] | ||
Aggregate maximum exposure under lease guarantees | 0.1 | |
Aggregate maximum exposure under lease guarantees | 37.9 | $13.50 |
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 | 2021 |
Recovered_Sheet8
Transactions with Related Parties - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | ||
Revenue from customers | $14.30 | $14.10 |
Guarantor_Subsidiaries_Additio
Guarantor Subsidiaries - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |
Second-Priority Senior Secured Notes, maturity 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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Condensed Financial Statements, Captions [Line Items] | ||
Accumulated (deficit) retained earnings | ($249,865) | ($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 | -107,213 | -123,790 |
Intercompany-long-term | 158,130 | 144,057 |
Total | 20,267 | |
Accumulated (deficit) retained earnings | -249,865 | -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 | 339,715 | 322,433 |
Intercompany-long-term | 250,160 | 260,017 |
Total | 582,450 | |
Intercompany-long-term | 353,469 | 355,044 |
Accumulated (deficit) retained earnings | -242,054 | -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 | 221,885 | 223,304 |
Total | 223,304 | |
Intercompany-long-term | 283,056 | 278,581 |
Accumulated (deficit) retained earnings | -27,824 | -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 | 6,633 | 6,375 |
Total | 6,375 | |
Intercompany-long-term | 283 | 128 |
Accumulated (deficit) retained earnings | 3,770 | 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 | -232,502 | -198,643 |
Intercompany-long-term | -636,808 | -633,753 |
Total | -832,396 | |
Intercompany-long-term | -636,808 | -633,753 |
Accumulated (deficit) retained earnings | 266,108 | 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 Statement of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
OPERATING REVENUES: | ||||||||||||
Transportation | $717,495 | $675,094 | $597,406 | |||||||||
Service revenue | 136,652 | 129,765 | 121,101 | |||||||||
Fuel surcharge | 137,611 | 124,951 | 123,611 | |||||||||
Total operating revenues | 243,182 | 258,490 | 255,599 | 234,487 | 225,421 | 235,671 | 239,296 | 229,422 | 991,758 | 929,810 | 842,118 | |
OPERATING EXPENSES: | ||||||||||||
Purchased transportation | 667,799 | 594,708 | 552,524 | |||||||||
Compensation | 92,435 | 98,681 | 82,143 | |||||||||
Fuel, supplies and maintenance | 99,985 | 105,917 | 82,033 | |||||||||
Depreciation and amortization | 21,617 | 26,121 | 21,090 | |||||||||
Selling and administrative | 32,795 | 31,534 | 33,882 | |||||||||
Insurance costs | 21,070 | 19,169 | 15,830 | |||||||||
Taxes and licenses | 3,536 | 3,758 | 2,825 | |||||||||
Communication and utilities | 3,872 | 3,840 | 3,636 | |||||||||
Gain on disposal of property and equipment | -2,581 | -2,450 | -988 | |||||||||
Impairment charges | 35,600 | 55,700 | 91,296 | [1] | ||||||||
Operating income (loss) | 10,766 | 13,490 | 14,872 | 12,102 | -28,142 | 11,617 | -41,683 | 15,444 | 51,230 | -42,764 | 49,143 | |
Interest expense (income), non-related party, net | 28,066 | 30,292 | 29,258 | |||||||||
Gain on extinguishment of debt | -4,217 | |||||||||||
Write off of debt issuance costs | 476 | 521 | 0 | |||||||||
Other expense | -144 | -7,256 | -2,864 | |||||||||
Income (loss) before income taxes | 27,049 | -66,321 | 22,749 | |||||||||
(Benefit from) provision for income taxes | 6,409 | -24,283 | -27,327 | |||||||||
Net income (loss) | 2,624 | 3,574 | 11,369 | 3,073 | -22,798 | 2,763 | -31,147 | 9,144 | 20,640 | -42,038 | 50,076 | |
Total other comprehensive (loss) income | -3,528 | 4,275 | -371 | |||||||||
Comprehensive (loss) income | 17,112 | -37,763 | 49,705 | |||||||||
Eliminations | ||||||||||||
OPERATING EXPENSES: | ||||||||||||
Equity in earnings (loss) of subsidiaries | -40,809 | 82,721 | -106,803 | |||||||||
Net income (loss) | -40,809 | 82,721 | -106,803 | |||||||||
Total other comprehensive (loss) income | 7,056 | -8,550 | 742 | |||||||||
Comprehensive (loss) income | -33,753 | 74,171 | -106,061 | |||||||||
QDI | ||||||||||||
OPERATING EXPENSES: | ||||||||||||
Other expense | 2 | 398 | ||||||||||
Income (loss) before income taxes | -2 | -398 | ||||||||||
(Benefit from) provision for income taxes | -537 | -61 | 3,306 | |||||||||
Equity in earnings (loss) of subsidiaries | 20,105 | -41,701 | 53,382 | |||||||||
Net income (loss) | 20,640 | -42,038 | 50,076 | |||||||||
Total other comprehensive (loss) income | -3,528 | 4,275 | -371 | |||||||||
Comprehensive (loss) income | 17,112 | -37,763 | 49,705 | |||||||||
QD LLC and QD Capital | ||||||||||||
OPERATING EXPENSES: | ||||||||||||
Selling and administrative | 123 | 160 | 39 | |||||||||
Operating income (loss) | -123 | -160 | -39 | |||||||||
Interest expense (income), non-related party, net | 27,448 | 29,427 | 28,490 | |||||||||
Interest (income) expense, related party, net | -27,448 | -29,427 | -28,490 | |||||||||
Write off of debt issuance costs | 476 | 521 | ||||||||||
Income (loss) before income taxes | -599 | -681 | -39 | |||||||||
Equity in earnings (loss) of subsidiaries | 20,704 | -41,020 | 53,421 | |||||||||
Net income (loss) | 20,105 | -41,701 | 53,382 | |||||||||
Total other comprehensive (loss) income | -3,528 | 4,275 | -371 | |||||||||
Comprehensive (loss) income | 16,577 | -37,426 | 53,011 | |||||||||
Guarantor Subsidiaries | ||||||||||||
OPERATING REVENUES: | ||||||||||||
Transportation | 717,495 | 675,094 | 597,406 | |||||||||
Service revenue | 136,599 | 129,612 | 120,698 | |||||||||
Fuel surcharge | 137,611 | 124,951 | 123,611 | |||||||||
Total operating revenues | 991,705 | 929,657 | 841,715 | |||||||||
OPERATING EXPENSES: | ||||||||||||
Purchased transportation | 667,795 | 594,708 | 552,524 | |||||||||
Compensation | 92,435 | 98,681 | 82,143 | |||||||||
Fuel, supplies and maintenance | 99,992 | 105,910 | 82,033 | |||||||||
Depreciation and amortization | 21,617 | 26,121 | 21,090 | |||||||||
Selling and administrative | 32,617 | 31,321 | 33,758 | |||||||||
Insurance costs | 21,040 | 19,137 | 15,821 | |||||||||
Taxes and licenses | 3,529 | 3,758 | 2,825 | |||||||||
Communication and utilities | 3,872 | 3,840 | 3,636 | |||||||||
Gain on disposal of property and equipment | -2,581 | -1,579 | -846 | |||||||||
Impairment charges | 91,296 | |||||||||||
Operating income (loss) | 51,389 | -43,536 | 48,731 | |||||||||
Interest expense (income), non-related party, net | 618 | 868 | 782 | |||||||||
Interest (income) expense, related party, net | 27,616 | 29,758 | 28,905 | |||||||||
Gain on extinguishment of debt | -4,217 | |||||||||||
Other expense | -403 | -7,803 | -2,849 | |||||||||
Income (loss) before income taxes | 27,775 | -66,359 | 21,893 | |||||||||
(Benefit from) provision for income taxes | 7,032 | -24,610 | -30,799 | |||||||||
Net income (loss) | 20,743 | -41,749 | 52,692 | |||||||||
Total other comprehensive (loss) income | -3,758 | 4,156 | -328 | |||||||||
Comprehensive (loss) income | 16,985 | -37,593 | 52,364 | |||||||||
Non-Guarantor Subsidiaries | ||||||||||||
OPERATING REVENUES: | ||||||||||||
Service revenue | 53 | 153 | 403 | |||||||||
Total operating revenues | 53 | 153 | 403 | |||||||||
OPERATING EXPENSES: | ||||||||||||
Purchased transportation | 4 | |||||||||||
Fuel, supplies and maintenance | -7 | 7 | ||||||||||
Selling and administrative | 55 | 53 | 85 | |||||||||
Insurance costs | 30 | 32 | 9 | |||||||||
Taxes and licenses | 7 | |||||||||||
Gain on disposal of property and equipment | -871 | -142 | ||||||||||
Operating income (loss) | -36 | 932 | 451 | |||||||||
Interest expense (income), non-related party, net | -3 | -14 | ||||||||||
Interest (income) expense, related party, net | -168 | -331 | -415 | |||||||||
Other expense | 257 | 149 | -15 | |||||||||
Income (loss) before income taxes | -125 | 1,117 | 895 | |||||||||
(Benefit from) provision for income taxes | -86 | 388 | 166 | |||||||||
Net income (loss) | -39 | 729 | 729 | |||||||||
Total other comprehensive (loss) income | 230 | 119 | -43 | |||||||||
Comprehensive (loss) income | $191 | $848 | $686 | |||||||||
[1] | Includes impairment charges of $72.8 million of goodwill and $18.5 million of intangible assets related to our energy logistics segment. |
Condensed_Consolidating_Balanc1
Condensed Consolidating Balance Sheet (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Thousands, unless otherwise specified | |||||||
Current assets: | |||||||
Cash and cash equivalents | $1,358 | $1,957 | $2,704 | $4,053 | |||
Accounts receivable, net | 136,790 | 120,932 | |||||
Prepaid expenses | 14,118 | 13,401 | |||||
Deferred tax asset, net | 29,333 | 20,709 | |||||
Other | 10,374 | 9,919 | |||||
Total current assets | 191,973 | 166,918 | |||||
Property and equipment, net | 156,249 | [1] | 170,114 | [1] | 190,342 | [1] | |
Assets held-for-sale | 2,040 | 1,129 | |||||
Goodwill | 34,896 | 32,955 | 104,294 | ||||
Intangibles, net | 15,388 | 16,149 | |||||
Non-current deferred tax asset, net | 18,942 | 31,401 | |||||
Other assets | 8,295 | 8,583 | |||||
Total assets | 427,783 | 427,249 | |||||
Current liabilities: | |||||||
Current maturities of indebtedness | 2,699 | 8,692 | |||||
Current maturities of capital lease obligations | 334 | 1,888 | |||||
Accounts payable | 12,955 | 10,248 | |||||
Independent affiliates and independent owner-operators payable | 15,110 | 14,398 | |||||
Accrued expenses | 32,617 | 30,580 | |||||
Environmental liabilities | 4,389 | 3,818 | |||||
Accrued loss and damage claims | 8,851 | 8,532 | |||||
Total current liabilities | 76,955 | 78,156 | |||||
Long-term indebtedness, less current maturities | 348,080 | 369,730 | |||||
Capital lease obligations, less current maturities | 182 | 2,995 | |||||
Environmental liabilities | 3,830 | 4,479 | |||||
Accrued loss and damage claims | 10,493 | 10,747 | |||||
Other non-current liabilities | 19,937 | 17,393 | |||||
Total liabilities | 459,477 | 483,500 | |||||
Shareholders' (deficit) equity: | |||||||
Common stock | 450,625 | 441,877 | |||||
Treasury stock | -11,860 | -10,557 | |||||
Accumulated (deficit) retained earnings | -249,865 | -270,505 | |||||
Stock recapitalization | -189,589 | -189,589 | |||||
Accumulated other comprehensive loss | -31,005 | -27,477 | -31,752 | ||||
Total shareholders' (deficit) equity | -31,694 | -56,251 | -18,440 | -106,185 | |||
Total liabilities and shareholders' (deficit) equity | 427,783 | 427,249 | |||||
QDI | |||||||
Current assets: | |||||||
Other | 34 | -18 | |||||
Total current assets | 34 | -18 | |||||
Non-current deferred tax asset, net | -1,702 | -2,239 | |||||
Investment in subsidiaries | -107,213 | -123,790 | |||||
Intercompany | 158,130 | 144,057 | |||||
Total assets | 49,249 | 18,010 | |||||
Current liabilities: | |||||||
Intercompany | 80,943 | 74,246 | |||||
Accrued expenses | 15 | ||||||
Total current liabilities | 80,943 | 74,261 | |||||
Total liabilities | 80,943 | 74,261 | |||||
Shareholders' (deficit) equity: | |||||||
Common stock | 450,625 | 441,877 | |||||
Treasury stock | -11,860 | -10,557 | |||||
Accumulated (deficit) retained earnings | -249,865 | -270,505 | |||||
Stock recapitalization | -189,589 | -189,589 | |||||
Accumulated other comprehensive loss | -31,005 | -27,477 | |||||
Total shareholders' (deficit) equity | -31,694 | -56,251 | |||||
Total liabilities and shareholders' (deficit) equity | 49,249 | 18,010 | |||||
QD LLC and QD Capital | |||||||
Current assets: | |||||||
Prepaid expenses | 58 | 58 | |||||
Total current assets | 58 | 58 | |||||
Investment in subsidiaries | 339,715 | 322,433 | |||||
Intercompany | 250,160 | 260,017 | |||||
Other assets | 7,649 | 7,681 | |||||
Total assets | 597,582 | 590,189 | |||||
Current liabilities: | |||||||
Current maturities of indebtedness | 5,833 | ||||||
Accrued expenses | 3,512 | 3,892 | |||||
Total current liabilities | 3,512 | 9,725 | |||||
Long-term indebtedness, less current maturities | 347,814 | 349,210 | |||||
Intercompany | 353,469 | 355,044 | |||||
Total liabilities | 704,795 | 713,979 | |||||
Shareholders' (deficit) equity: | |||||||
Common stock | 354,963 | 354,963 | |||||
Accumulated (deficit) retained earnings | -242,054 | -262,159 | |||||
Stock recapitalization | -189,589 | -189,589 | |||||
Accumulated other comprehensive loss | -30,533 | -27,005 | |||||
Total shareholders' (deficit) equity | -107,213 | -123,790 | |||||
Total liabilities and shareholders' (deficit) equity | 597,582 | 590,189 | |||||
Guarantor Subsidiaries | |||||||
Current assets: | |||||||
Cash and cash equivalents | 1,221 | 1,876 | 2,580 | 3,540 | |||
Accounts receivable, net | 136,786 | 120,916 | |||||
Prepaid expenses | 14,013 | 13,321 | |||||
Deferred tax asset, net | 29,333 | 20,709 | |||||
Intercompany | 457,540 | 410,521 | |||||
Other | 10,346 | 10,084 | |||||
Total current assets | 649,239 | 577,427 | |||||
Property and equipment, net | 156,249 | 170,114 | |||||
Assets held-for-sale | 2,040 | 1,129 | |||||
Goodwill | 34,896 | 32,955 | |||||
Intangibles, net | 15,388 | 16,149 | |||||
Non-current deferred tax asset, net | 20,644 | 33,640 | |||||
Intercompany | 221,885 | 223,304 | |||||
Other assets | 646 | 902 | |||||
Total assets | 1,100,987 | 1,055,620 | |||||
Current liabilities: | |||||||
Current maturities of indebtedness | 2,699 | 2,859 | |||||
Current maturities of capital lease obligations | 334 | 1,888 | |||||
Accounts payable | 12,955 | 10,248 | |||||
Intercompany | 376,693 | 336,384 | |||||
Independent affiliates and independent owner-operators payable | 15,110 | 14,398 | |||||
Accrued expenses | 29,061 | 26,672 | |||||
Environmental liabilities | 4,389 | 3,818 | |||||
Accrued loss and damage claims | 8,851 | 8,532 | |||||
Total current liabilities | 450,092 | 404,799 | |||||
Long-term indebtedness, less current maturities | 266 | 20,520 | |||||
Capital lease obligations, less current maturities | 182 | 2,995 | |||||
Environmental liabilities | 3,830 | 4,479 | |||||
Accrued loss and damage claims | 10,493 | 10,747 | |||||
Intercompany | 283,056 | 278,581 | |||||
Other non-current liabilities | 19,937 | 17,353 | |||||
Total liabilities | 767,856 | 739,474 | |||||
Shareholders' (deficit) equity: | |||||||
Common stock | 390,760 | 390,760 | |||||
Accumulated (deficit) retained earnings | -27,824 | -48,567 | |||||
Accumulated other comprehensive loss | -29,805 | -26,047 | |||||
Total shareholders' (deficit) equity | 333,131 | 316,146 | |||||
Total liabilities and shareholders' (deficit) equity | 1,100,987 | 1,055,620 | |||||
Non-Guarantor Subsidiaries | |||||||
Current assets: | |||||||
Cash and cash equivalents | 137 | 81 | 124 | 513 | |||
Accounts receivable, net | 4 | 16 | |||||
Prepaid expenses | 47 | 22 | |||||
Intercompany | 96 | 109 | |||||
Other | -6 | -147 | |||||
Total current assets | 278 | 81 | |||||
Intercompany | 6,633 | 6,375 | |||||
Total assets | 6,911 | 6,456 | |||||
Current liabilities: | |||||||
Accrued expenses | 44 | 1 | |||||
Total current liabilities | 44 | 1 | |||||
Intercompany | 283 | 128 | |||||
Other non-current liabilities | 40 | ||||||
Total liabilities | 327 | 169 | |||||
Shareholders' (deficit) equity: | |||||||
Common stock | 3,597 | 3,491 | |||||
Accumulated (deficit) retained earnings | 3,770 | 3,809 | |||||
Stock recapitalization | -55 | -55 | |||||
Accumulated other comprehensive loss | -728 | -958 | |||||
Total shareholders' (deficit) equity | 6,584 | 6,287 | |||||
Total liabilities and shareholders' (deficit) equity | 6,911 | 6,456 | |||||
Eliminations | |||||||
Current assets: | |||||||
Intercompany | -457,636 | -410,630 | |||||
Total current assets | -457,636 | -410,630 | |||||
Investment in subsidiaries | -232,502 | -198,643 | |||||
Intercompany | -636,808 | -633,753 | |||||
Total assets | -1,326,946 | -1,243,026 | |||||
Current liabilities: | |||||||
Intercompany | -457,636 | -410,630 | |||||
Total current liabilities | -457,636 | -410,630 | |||||
Intercompany | -636,808 | -633,753 | |||||
Total liabilities | -1,094,444 | -1,044,383 | |||||
Shareholders' (deficit) equity: | |||||||
Common stock | -749,320 | -749,214 | |||||
Accumulated (deficit) retained earnings | 266,108 | 306,917 | |||||
Stock recapitalization | 189,644 | 189,644 | |||||
Accumulated other comprehensive loss | 61,066 | 54,010 | |||||
Total shareholders' (deficit) equity | -232,502 | -198,643 | |||||
Total liabilities and shareholders' (deficit) equity | ($1,326,946) | ($1,243,026) | |||||
[1] | Includes property and equipment. |
Condensed_Consolidating_Statem1
Condensed Consolidating Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $20,640 | ($42,038) | $50,076 |
Adjustments for non-cash charges | 28,915 | 86,308 | -4,950 |
Net changes in assets and liabilities | -15,385 | 1,700 | -28,124 |
Net cash provided by (used in) operating activities | 34,170 | 45,970 | 17,002 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | -40,140 | -26,177 | -32,317 |
Acquisition of an independent affiliate's assets | -6,747 | -17,143 | |
Onboarding payment to independent affiliate | -125 | -1,000 | |
Proceeds from sales of property and equipment | 34,114 | 24,679 | 13,497 |
Net cash used in investing activities | -12,898 | -3,355 | -131,683 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of long-term debt | 17,500 | ||
Principal payments on long-term debt and capital lease obligations | -41,646 | -31,061 | -8,540 |
Proceeds from revolver | 356,522 | 236,600 | 236,800 |
Payments on revolver | -341,522 | -261,800 | -141,100 |
Deferred financing costs | -2,613 | -990 | -989 |
Proceeds from equity offering, net of transaction costs | 30,493 | ||
Proceeds from exercise of stock options | 4,986 | 1,574 | 360 |
Purchases of treasury stock | -417 | -4,454 | -3,658 |
Other | 2,819 | -731 | -34 |
Net cash (used in) provided by financing activities | -21,871 | -43,362 | 113,332 |
Net (decrease) increase in cash and cash equivalents | -599 | -747 | -1,349 |
Cash and cash equivalents, beginning of year | 1,957 | 2,704 | 4,053 |
Cash and cash equivalents, end of year | 1,358 | 1,957 | 2,704 |
Trojan | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisition of an independent affiliate's assets | -8,657 | ||
Purchase price adjustment | -857 | ||
Greensville | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase price adjustment | -566 | ||
Bice | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisition of an independent affiliate's assets | -52,176 | ||
Dunn's | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisition of an independent affiliate's assets | -34,321 | ||
Eliminations | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | -40,809 | 82,721 | -106,803 |
Adjustments for non-cash charges | 40,809 | -82,721 | 106,803 |
QDI | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | 20,640 | -42,038 | 50,076 |
Adjustments for non-cash charges | -16,880 | 44,811 | -46,838 |
Net changes in assets and liabilities | 469 | 138 | -2,908 |
Intercompany activity | -4,229 | -2,911 | -330 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from equity offering, net of transaction costs | 30,493 | ||
Proceeds from exercise of stock options | 4,986 | 1,574 | 360 |
Purchases of treasury stock | -417 | -4,454 | -3,658 |
Intercompany activity | -4,569 | 2,880 | -27,195 |
QD LLC and QD Capital | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | 20,105 | -41,701 | 53,382 |
Adjustments for non-cash charges | -45,236 | 14,719 | -79,562 |
Net changes in assets and liabilities | -348 | 1,350 | 1,305 |
Intercompany activity | 25,479 | 25,632 | 24,875 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of long-term debt | 17,500 | ||
Principal payments on long-term debt and capital lease obligations | -22,500 | -22,500 | |
Proceeds from revolver | 356,522 | 236,600 | 236,800 |
Payments on revolver | -341,522 | -261,800 | -141,100 |
Deferred financing costs | -2,613 | -990 | -989 |
Intercompany activity | 10,113 | 31,190 | -94,711 |
Guarantor Subsidiaries | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | 20,743 | -41,749 | 52,692 |
Adjustments for non-cash charges | 50,390 | 110,701 | 15,204 |
Net changes in assets and liabilities | -15,479 | 88 | -26,519 |
Intercompany activity | -21,540 | -23,027 | -23,986 |
Net cash provided by (used in) operating activities | 34,114 | 46,013 | 17,391 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | -40,140 | -26,177 | -32,317 |
Acquisition of an independent affiliate's assets | -6,747 | -17,143 | |
Onboarding payment to independent affiliate | -125 | -1,000 | |
Proceeds from sales of property and equipment | 34,114 | 24,679 | 13,497 |
Net cash used in investing activities | -12,898 | -3,355 | -131,683 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Principal payments on long-term debt and capital lease obligations | -19,146 | -8,561 | -8,540 |
Other | 2,819 | -731 | -34 |
Intercompany activity | -5,544 | -34,070 | 121,906 |
Net cash (used in) provided by financing activities | -21,871 | -43,362 | 113,332 |
Net (decrease) increase in cash and cash equivalents | -655 | -704 | -960 |
Cash and cash equivalents, beginning of year | 1,876 | 2,580 | 3,540 |
Cash and cash equivalents, end of year | 1,221 | 1,876 | 2,580 |
Guarantor Subsidiaries | Trojan | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisition of an independent affiliate's assets | -8,657 | ||
Purchase price adjustment | -857 | ||
Guarantor Subsidiaries | Greensville | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase price adjustment | -566 | ||
Guarantor Subsidiaries | Bice | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisition of an independent affiliate's assets | -52,176 | ||
Guarantor Subsidiaries | Dunn's | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisition of an independent affiliate's assets | -34,321 | ||
Non-Guarantor Subsidiaries | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | -39 | 729 | 729 |
Adjustments for non-cash charges | -168 | -1,202 | -557 |
Net changes in assets and liabilities | -27 | 124 | -2 |
Intercompany activity | 290 | 306 | -559 |
Net cash provided by (used in) operating activities | 56 | -43 | -389 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net (decrease) increase in cash and cash equivalents | 56 | -43 | -389 |
Cash and cash equivalents, beginning of year | 81 | 124 | 513 |
Cash and cash equivalents, end of year | $137 | $81 | $124 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 16, 2014 | Jul. 15, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 15, 2015 | Nov. 03, 2010 | |
Subsequent Event [Line Items] | |||||||||
Write-off of debt issuance costs | $476,000 | $521,000 | $0 | ||||||
Nine Point Eight Seven Five Percent Second Priority Senior Secured Notes Due Twenty Eighteen | |||||||||
Subsequent Event [Line Items] | |||||||||
Aggregate principal amount | 22,500,000 | 22,500,000 | 225,000,000 | ||||||
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. | 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% | 100.00% | |||||||
Debt instrument redemption percentage of premium | 3.00% | 3.00% | |||||||
Debt instrument premium | 700,000 | 700,000 | |||||||
Write-off of debt issuance costs | 400,000 | 500,000 | |||||||
Subsequent Event | Nine Point Eight Seven Five Percent Second Priority Senior Secured Notes Due Twenty Eighteen | |||||||||
Subsequent Event [Line Items] | |||||||||
Aggregate principal amount | 10,000,000 | ||||||||
Debt instrument, redemption description | The redemption price for these 2018 Notes equaled 100% of the aggregate principal amount of $10.0 million, plus accrued but unpaid interest up to the redemption date, plus a 4.9% premium of $0.5 million. | ||||||||
Debt instrument, redemption price | 100.00% | ||||||||
Debt instrument redemption percentage of premium | 4.90% | ||||||||
Debt instrument premium | 500,000 | ||||||||
Write-off of debt issuance costs | $200,000 |