Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Jun. 30, 2013 | Feb. 11, 2014 | Feb. 11, 2014 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | |||
Document Information [Line Items] | ' | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Trading Symbol | 'HUBG | ' | ' | ' |
Entity Registrant Name | 'HUB GROUP INC | ' | ' | ' |
Entity Central Index Key | '0000940942 | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 36,809,540 | 662,296 |
Entity Public Float | ' | $1,283,165,902 | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $68,964 | $70,760 |
Accounts receivable trade, net | 371,528 | 346,917 |
Accounts receivable other | 26,569 | 25,945 |
Prepaid taxes | 409 | 139 |
Deferred taxes | 5,826 | 4,965 |
Prepaid expenses and other current assets | 12,738 | 10,619 |
TOTAL CURRENT ASSETS | 486,034 | 459,345 |
Restricted investments | 20,754 | 17,218 |
Property and equipment, net | 260,400 | 157,584 |
Other intangibles, net | 15,729 | 20,068 |
Goodwill, net | 263,032 | 263,251 |
Other assets | 1,994 | 2,387 |
TOTAL ASSETS | 1,047,943 | 919,853 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable trade | 232,350 | 206,497 |
Accounts payable other | 24,957 | 22,925 |
Accrued payroll | 17,000 | 17,210 |
Accrued other | 42,834 | 28,633 |
Current portion of capital lease | 2,413 | 2,120 |
Current portion of long term debt | 1,771 | ' |
TOTAL CURRENT LIABILITIES | 321,325 | 277,385 |
Long term debt | 6,475 | ' |
Non-current liabilities | 22,304 | 20,041 |
Non-current portion of capital lease | 18,477 | 21,099 |
Deferred taxes | 117,835 | 100,431 |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock, $.01 par value; 2,000,000 shares authorized; no shares issued or outstanding in 2013 and 2012 | ' | ' |
Additional paid-in capital | 167,357 | 167,765 |
Purchase price in excess of predecessor basis, net of tax benefit of $10,306 | -15,458 | -15,458 |
Retained earnings | 538,251 | 469,141 |
Accumulated other comprehensive income (loss) | -85 | 1 |
Treasury stock; at cost, 4,598,408 shares in 2013 and 4,457,307 shares in 2012 | -128,957 | -120,971 |
TOTAL STOCKHOLDERS' EQUITY | 561,527 | 500,897 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,047,943 | 919,853 |
Class A Common Stock [Member] | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Common stock | 412 | 412 |
Class B Common Stock [Member] | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Common stock | $7 | $7 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Purchase price in excess of predecessor basis, tax benefit | $10,306 | $10,306 |
Treasury stock, shares | 4,598,408 | 4,457,307 |
Class A Common Stock [Member] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 97,337,700 | 97,337,700 |
Common stock, shares issued | 41,224,792 | 41,224,792 |
Common stock, shares outstanding | 36,626,384 | 36,767,485 |
Class B Common Stock [Member] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 662,300 | 662,300 |
Common stock, shares issued | 662,296 | 662,296 |
Common stock, shares outstanding | 662,296 | 662,296 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Revenue | $3,373,898 | $3,124,108 | $2,751,534 |
Transportation costs | 3,002,875 | 2,768,042 | 2,438,986 |
Gross margin | 371,023 | 356,066 | 312,548 |
Costs and expenses: | ' | ' | ' |
Salaries and benefits | 135,341 | 129,143 | 121,044 |
Agent fees and commissions | 55,789 | 55,112 | 41,491 |
General and administrative | 56,772 | 52,832 | 49,951 |
Depreciation and amortization | 6,470 | 6,619 | 5,603 |
Impairment of trade name | 2,904 | ' | ' |
Total costs and expenses | 257,276 | 243,706 | 218,089 |
Operating income | 113,747 | 112,360 | 94,459 |
Other income (expense): | ' | ' | ' |
Interest expense | -1,246 | -1,207 | -638 |
Interest and dividend income | 82 | 134 | 148 |
Other, net | -28 | -30 | 328 |
Total expense | -1,192 | -1,103 | -162 |
Income before provision for income taxes | 112,555 | 111,257 | 94,297 |
Provision for income taxes | 43,445 | 43,304 | 36,119 |
Net income | 69,110 | 67,953 | 58,178 |
Other comprehensive income (loss): | ' | ' | ' |
Foreign currency translation adjustments | -86 | -3 | -2 |
Total comprehensive income | $69,024 | $67,950 | $58,176 |
Basic earnings per common share | $1.88 | $1.83 | $1.58 |
Diluted earnings per common share | $1.87 | $1.83 | $1.57 |
Basic weighted average number of shares outstanding | 36,829 | 37,053 | 36,913 |
Diluted weighted average number of shares outstanding | 36,982 | 37,185 | 37,063 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (USD $) | Total | Class A and B Common Stock [Member] | Additional Paid-in Capital [Member] | Purchase Price Of Excess Of Predecessor Basis, Net Of Tax [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] |
In Thousands, except Share data | |||||||
Beginning Balance at Dec. 31, 2010 | $376,300 | $419 | $169,722 | ($15,458) | $343,010 | $6 | ($121,399) |
Beginning Balance (in shares) at Dec. 31, 2010 | ' | 41,887,088 | ' | ' | ' | ' | -4,586,433 |
Stock tendered for payments of withholding taxes | -1,523 | ' | ' | ' | ' | ' | -1,523 |
Stock tendered for payments of withholding taxes (in shares) | ' | ' | ' | ' | ' | ' | -43,247 |
Issuance of restricted stock awards, net of forfeitures | ' | ' | -5,312 | ' | ' | ' | 5,312 |
Issuance of restricted stock awards, net of forfeitures (in shares) | ' | ' | ' | ' | ' | ' | 207,848 |
Share-based compensation expense | 4,792 | ' | 4,792 | ' | ' | ' | ' |
Exercise of non-qualified options | 86 | ' | -1,436 | ' | ' | ' | 1,522 |
Exercise of non-qualified options (in shares) | ' | ' | ' | ' | ' | ' | 57,300 |
Tax benefit of share-based compensation plans | 1,034 | ' | 1,034 | ' | ' | ' | ' |
Net income | 58,178 | ' | ' | ' | 58,178 | ' | ' |
Foreign currency translation adjustment | -2 | ' | ' | ' | ' | -2 | ' |
Ending Balance at Dec. 31, 2011 | 438,865 | 419 | 168,800 | -15,458 | 401,188 | 4 | -116,088 |
Ending Balance (in shares) at Dec. 31, 2011 | ' | 41,887,088 | ' | ' | ' | ' | -4,364,532 |
Purchase of treasury shares | -11,208 | ' | ' | ' | ' | ' | -11,208 |
Purchase of treasury shares (in shares) | ' | ' | ' | ' | ' | ' | -347,592 |
Stock tendered for payments of withholding taxes | -1,812 | ' | ' | ' | ' | ' | -1,812 |
Stock tendered for payments of withholding taxes (in shares) | ' | ' | ' | ' | ' | ' | -55,463 |
Issuance of restricted stock awards, net of forfeitures | ' | ' | -7,148 | ' | ' | ' | 7,148 |
Issuance of restricted stock awards, net of forfeitures (in shares) | ' | ' | ' | ' | ' | ' | 273,180 |
Share-based compensation expense | 6,539 | ' | 6,539 | ' | ' | ' | ' |
Exercise of non-qualified options | 69 | ' | -920 | ' | ' | ' | 989 |
Exercise of non-qualified options (in shares) | ' | ' | ' | ' | ' | ' | 37,100 |
Tax benefit of share-based compensation plans | 494 | ' | 494 | ' | ' | ' | ' |
Net income | 67,953 | ' | ' | ' | 67,953 | ' | ' |
Foreign currency translation adjustment | -3 | ' | ' | ' | ' | -3 | ' |
Ending Balance at Dec. 31, 2012 | 500,897 | 419 | 167,765 | -15,458 | 469,141 | 1 | -120,971 |
Ending Balance (in shares) at Dec. 31, 2012 | ' | 41,887,088 | ' | ' | ' | ' | -4,457,307 |
Purchase of treasury shares | -13,791 | ' | ' | ' | ' | ' | -13,791 |
Purchase of treasury shares (in shares) | -377,906 | ' | ' | ' | ' | ' | -377,906 |
Stock tendered for payments of withholding taxes | -2,634 | ' | ' | ' | ' | ' | -2,634 |
Stock tendered for payments of withholding taxes (in shares) | ' | ' | ' | ' | ' | ' | -75,995 |
Issuance of restricted stock awards, net of forfeitures | ' | ' | -7,990 | ' | ' | ' | 7,990 |
Issuance of restricted stock awards, net of forfeitures (in shares) | ' | ' | ' | ' | ' | ' | 296,300 |
Share-based compensation expense | 7,667 | ' | 7,667 | ' | ' | ' | ' |
Exercise of non-qualified options | 41 | ' | -408 | ' | ' | ' | 449 |
Exercise of non-qualified options (in shares) | 16,500 | ' | ' | ' | ' | ' | 16,500 |
Tax benefit of share-based compensation plans | 323 | ' | 323 | ' | ' | ' | ' |
Net income | 69,110 | ' | ' | ' | 69,110 | ' | ' |
Foreign currency translation adjustment | -86 | ' | ' | ' | ' | -86 | ' |
Ending Balance at Dec. 31, 2013 | $561,527 | $419 | $167,357 | ($15,458) | $538,251 | ($85) | ($128,957) |
Ending Balance (in shares) at Dec. 31, 2013 | ' | 41,887,088 | ' | ' | ' | ' | -4,598,408 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $69,110 | $67,953 | $58,178 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 21,302 | 21,575 | 16,340 |
Impairment of trade name | 2,904 | ' | ' |
Deferred taxes | 16,438 | 8,786 | 18,821 |
Compensation expense related to share-based compensation plans | 7,667 | 6,539 | 4,788 |
(Gain) loss on sale of assets | -167 | 108 | -17 |
Excess tax benefits from share based compensation | -13 | -29 | ' |
Changes in operating assets and liabilities, net of effects of acquisitions: | ' | ' | ' |
Restricted investments | -3,536 | -2,895 | -724 |
Accounts receivable, net | -25,420 | -22,429 | -45,047 |
Prepaid taxes | -308 | 2,253 | -2,097 |
Prepaid expenses and other current assets | -2,137 | -1,562 | -1,728 |
Other assets | -682 | 459 | -33 |
Accounts payable | 27,635 | 7,438 | 23,095 |
Accrued expenses | 1,736 | 2,779 | 2,989 |
Non-current liabilities | 2,888 | 1,942 | 301 |
Net cash provided by operating activities | 117,417 | 92,917 | 74,866 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from sale of equipment | 1,837 | 1,071 | 410 |
Purchases of property and equipment | -110,917 | -56,882 | -55,010 |
Cash used in acquisitions, net of cash acquired | ' | -550 | -85,182 |
Net cash used in investing activities | -109,080 | -56,361 | -139,782 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of debt | 9,120 | ' | ' |
Repayments of long term debt | -874 | ' | ' |
Proceeds from stock options exercised | 41 | 69 | 86 |
Stock tendered for payments of withholding taxes | -2,634 | -1,812 | -1,523 |
Purchase of treasury stock | -13,791 | -11,208 | ' |
Capital lease payments | -2,329 | -2,454 | -729 |
Excess tax benefits from share-based compensation | 336 | 523 | 1,034 |
Net cash used in financing activities | -10,131 | -14,882 | -1,132 |
Effect of exchange rate changes on cash and cash equivalents | -2 | -5 | -5 |
Net (decrease) increase in cash and cash equivalents | -1,796 | 21,669 | -66,053 |
Cash and cash equivalents beginning of the year | 70,760 | 49,091 | 115,144 |
Cash and cash equivalents end of the year | 68,964 | 70,760 | 49,091 |
Supplemental disclosures of cash paid for: | ' | ' | ' |
Interest | 1,201 | 1,200 | 541 |
Income taxes | $29,728 | $28,638 | $18,629 |
Description_of_Business_and_Su
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Description of Business and Summary of Significant Accounting Policies | ' |
NOTE 1. Description of Business and Summary of Significant Accounting Policies | |
Business: Hub Group, Inc. (“we”, “us” or “our”) provides intermodal transportation services utilizing primarily third party arrangements with railroads. Drayage can be provided by our subsidiary, Comtrak, or a third party company. We also arrange for transportation of freight by truck and perform logistics services. Transportation services are provided through our legacy business and our acquisition, Mode Transportation, LLC. We report two distinct business segments. The first segment is Mode, which includes the Mode business we acquired on April 1, 2011. The other segment is Hub, which is all business other than Mode. “Hub Group” includes both segments. | |
Principles of Consolidation: The consolidated financial statements include our accounts and all entities in which we have more than a 50% equity ownership or otherwise exercise unilateral control. All significant intercompany balances and transactions have been eliminated. | |
Cash and Cash Equivalents: We consider as cash equivalents all highly liquid instruments with an original maturity of three months or less. As of December 31, 2013 and 2012, our cash and temporary investments were with high quality financial institutions in DDAs (Demand Deposit Accounts). | |
Accounts Receivable and Allowance for Uncollectible Accounts: In the normal course of business, we extend credit to customers after a review of each customer’s credit history. An allowance for uncollectible trade accounts has been established through an analysis of the accounts receivable aging, an assessment of collectability based on historical trends and an evaluation based on current economic conditions. To be more specific, we reserve a portion of every account balance that has aged over one year, a portion of receivables for customers in bankruptcy and certain account balances specifically identified as uncollectible. On an annual basis, we perform a hindsight analysis on Hub and Mode separately to determine each segment’s experience in collecting account balances over one year old and account balances in bankruptcy. We then use this hindsight analysis to establish our reserves for receivables over one year and in bankruptcy. In establishing a reserve for certain account balances specifically identified as uncollectible, we consider the aging of the customer receivables, the specific details as to why the receivable has not been paid, the customer’s current and projected financial results, the customer’s ability to meet and sustain their financial commitments, the positive or negative effects of the current and projected industry outlook and the general economic conditions. The allowance for uncollectible accounts is reported on the balance sheet in net accounts receivable. Our reserve for uncollectible accounts was approximately $7.4 million and $6.7 million as of December 31, 2013 and 2012, respectively. Receivables are written off once collection efforts have been exhausted. Recoveries of receivables previously charged off are recorded when received. | |
Property and Equipment: Property and equipment are stated at cost. Depreciation of property and equipment is computed using the straight-line method at rates adequate to depreciate the cost of the applicable assets over their expected useful lives: building and improvements, up to 40 years; leasehold improvements, the shorter of useful life or lease term; computer equipment and software, up to 5 years; furniture and equipment, up to 10 years; and transportation equipment up to 15 years. Direct costs related to internally developed software projects are capitalized and amortized over their expected useful life on a straight-line basis not to exceed 5 years. Interest is capitalized on qualifying assets under development for internal use. Maintenance and repairs are charged to operations as incurred and major improvements are capitalized. The cost of assets retired or otherwise disposed of and the accumulated depreciation thereon are removed from the accounts with any gain or loss realized upon sale or disposal charged or credited to operations. We review long-lived assets for impairment when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. In the event that the undiscounted future cash flows resulting from the use of the asset group is less than the carrying amount, an impairment loss equal to the excess of the assets carrying amount over its fair value, less cost to dispose, is recorded. | |
Goodwill and Other Intangibles: Goodwill represents the excess of purchase price over the fair market value of net assets acquired in connection with our business combinations. Goodwill and intangible assets that have indefinite useful lives are not amortized but are subject to annual impairment tests. | |
We test goodwill for impairment annually in the fourth quarter or when events or changes in circumstances indicate the carrying value of this asset might exceed the current fair value. We test goodwill for impairment at the reporting unit level. We assess qualitative factors such as current company performance and overall economic factors to determine if it is more-likely-than-not that the goodwill might be impaired and whether it is necessary to perform the quantitative goodwill impairment test. In the quantitative goodwill test, a company compares the carrying value of a reporting unit to its fair value. If the carrying value of the reporting unit exceeds the estimated fair value, a second step is performed, which compares the implied fair value of goodwill to the carrying value, to determine the amount of impairment. In 2013, we performed the qualitative assessment on both the Hub and Mode reporting units. No impairment charge was recognized based on the results of the goodwill impairment tests. | |
We review other indefinite-lived intangibles for impairment annually in the fourth quarter or whenever events or changes in circumstances indicate the carrying amount of other indefinite-lived intangibles may not be recoverable. An indefinite lived intangible asset is impaired if its fair value is less than its carrying value. An impairment loss is measured as the difference between the implied fair value of the reporting unit’s indefinite-lived asset and the carrying amount of the asset. The fair value measurement is determined based on assumptions that a market participant would use including expectations regarding future operating performance (which are consistent with our internal projections and operating plans), discount rates, control premiums and other factors which are subjective in nature. As of December 31, 2013, reasonable variations in these assumptions do not have a significant impact on the results of the impairment test. Actual cash flows from operations could differ from management’s estimates due to changes in business conditions, operating performance and economic conditions. | |
On January 1, 2013, we adopted the FASB’s new accounting guidance which permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of the indefinite lived intangible asset is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative test discussed above. As a result of our impairment analysis, we recorded an impairment charge of $2.9 million in the fourth quarter of 2013, which is included in the Impairment of Trade Name line item in the Consolidated Statements of Income and Comprehensive Income. See Note 6 to the consolidated financial statements for information on this impairment charge. | |
We evaluate the potential impairment of finite-lived acquired intangible assets when impairment indicators exist. If the carrying value is no longer recoverable based upon the undiscounted future cash flows of the asset, the amount of the impairment is the difference between the carrying amount and the fair value of the asset. | |
Concentration of Credit Risk: Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. We place our cash and temporary investments with high quality financial institutions in DDAs (Demand Deposit Accounts). We primarily serve customers located throughout the United States with no significant concentration in any one region. No one customer accounted for more than 10% of revenue in 2013, 2012 or 2011. We review a customer’s credit history before extending credit. In addition, we routinely assess the financial strength of our customers and, as a consequence, believe that our trade accounts receivable risk is limited. | |
Revenue Recognition: Revenue is recognized at the time 1) persuasive evidence of an arrangement exists, 2) services have been rendered, 3) the sales price is fixed and determinable and 4) collectability is reasonably assured. Revenue and related transportation costs are recognized based on relative transit time. Further, in most cases, we report our revenue on a gross basis because we are the primary obligor as we are responsible for providing the service desired by the customer. Our customers view us as responsible for fulfillment including the acceptability of the service. Services requirements may include, for example, on-time delivery, handling freight loss and damage claims, setting up appointments for pick up and delivery and tracing shipments in transit. We have discretion in setting sales prices and as a result, the amount we earn varies. In addition, we have the discretion to select our vendors from multiple suppliers for the services ordered by our customers. Finally, we have credit risk for our receivables. These three factors, discretion in setting prices, discretion in selecting vendors and credit risk, further support reporting revenue on a gross basis for most of our revenue. | |
Provision for Income Taxes: Deferred income taxes are recognized for the future tax effects of temporary differences between financial and income tax reporting using tax rates in effect for the years in which the differences are expected to reverse. We believe that it is more likely than not that our deferred tax assets will be realized based on future taxable income projections with the exception of $0.1 million related to state tax net operating losses for which a valuation allowance has been established. In the event the probability of realizing the remaining deferred tax assets do not meet the more likely than not threshold in the future, a valuation allowance would be established for the deferred tax assets deemed unrecoverable. | |
Tax liabilities are recorded when, in management’s judgment, a tax position does not meet the more likely than not threshold for recognition as prescribed by the guidance. For tax positions that meet the more likely than not threshold, a tax liability may be recorded depending on management’s assessment of how the tax position will ultimately be settled. We recognize interest expense and penalties related to income tax liabilities in our provision for income taxes. | |
Earnings Per Common Share: Basic earnings per common share are based on the average quarterly weighted average number of Class A and Class B shares of common stock outstanding. Diluted earnings per common share are adjusted for the assumed exercise of dilutive stock options and for restricted stock which are both computed using the treasury stock method. | |
Stock Based Compensation: Share-based compensation includes the restricted stock awards expected to vest based on the grant date fair value. Compensation expense is amortized straight-line over the vesting period including an estimate of forfeitures and is included in salaries and benefits. We present excess tax benefits resulting from the exercise of share-based compensation as financing cash in-flows and as operating cash out-flows in the Consolidated Statements of Cash Flows. | |
New Pronouncements: In July 2012, the FASB issued an update to Topic 350 – Intangibles – Goodwill and Other of the Accounting Standards Codification. The objective of this update is to simplify how entities test indefinite lived intangibles for impairment. The amendments in the update permit an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of the indefinite lived intangible asset is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative test described in Topic 350. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. We adopted this guidance effective January 1, 2013 as required, and the adoption did not have a significant impact to our consolidated financial statements. | |
Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us 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 revenue and expense during the reporting period. Significant estimates include the allowance for doubtful accounts, revenue, the cost of transportation, commission expense, useful lives of equipment and repair liabilities. Actual results could differ from those estimates. | |
Reclassifications: Certain prior year immaterial amounts have been reclassified to conform with the current year presentation. |
Capital_Structure
Capital Structure | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Capital Structure | ' |
NOTE 2. Capital Structure | |
We have authorized common stock comprised of Class A Common Stock and Class B Common Stock. The rights of holders of Class A Common Stock and Class B Common Stock are identical, except each share of Class B Common Stock entitles its holder to approximately 80 votes, while each share of Class A Common Stock entitles its holder to one vote. We have authorized 2,000,000 shares of preferred stock. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
NOTE 3. Earnings Per Share | |||||||||||||
The following is a reconciliation of our earnings per share (in thousands, except for per share data): | |||||||||||||
Years Ended, December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income for basic and diluted earnings per share | $ | 69,110 | $ | 67,953 | $ | 58,178 | |||||||
Weighted average shares outstanding - basic | 36,829 | 37,053 | 36,913 | ||||||||||
Dilutive effect of stock options and restricted stock | 153 | 132 | 150 | ||||||||||
Weighted average shares outstanding - diluted | 36,982 | 37,185 | 37,063 | ||||||||||
Earnings per share - basic | $ | 1.88 | $ | 1.83 | $ | 1.58 | |||||||
Earnings per share - diluted | $ | 1.87 | $ | 1.83 | $ | 1.57 | |||||||
Acquisitions
Acquisitions | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisitions | ' | ||||
NOTE 4. Acquisitions | |||||
In April 2011, we acquired all of the capital stock of Exel Transportation Services, Inc. (“ETS”). ETS is now our wholly-owned subsidiary, operating independently and renamed Mode Transportation, LLC (“Mode”). Mode has approximately 230 agents, consisting of 90 sales/operating agents, known as Independent Business Owners (“IBOs”), who sell and operate the business throughout North America and 140 sales only agents. Mode also has a company managed operation and corporate offices in Dallas, TX, a temperature protected services division operated out of our Oak Brook, IL headquarters and corporate offices in Memphis, TN. | |||||
The following unaudited pro forma consolidated results of operations for 2011 assume that the acquisition of Mode was completed as of January 1, 2011 (in thousands, except for per share amounts) | |||||
Twelve Months | |||||
Ended, | |||||
December 31, | |||||
2011 | |||||
Revenue | $ | 2,929,813 | |||
Net Income | $ | 58,991 | |||
Earnings per share—basic | $ | 1.6 | |||
Earnings per share—diluted | $ | 1.59 | |||
The unaudited pro forma consolidated results for the year ended December 31, 2011 was prepared using the acquisition method of accounting and are based on the historical financial information of Hub and Mode. The historical financial information has been adjusted to give effect to the pro forma adjustments that are: (i) directly attributable to the acquisition, (ii) factually supportable and (iii) expected to have a continuing impact on the consolidated results. The unaudited pro forma consolidated results are not necessarily indicative of what our consolidated results of operations actually would have been had we completed the acquisition on January 1, 2011. | |||||
In June 2011, we purchased certain assets of Domestic Transport, Inc. (“Domestic Transport”). Domestic Transport was founded in 2005 with one truck hauling containers out of the Ports of Seattle and Tacoma. At the time of the acquisition, Domestic Transport had grown to a 22-driver operation that handled container deliveries in the state of Washington and throughout the Pacific Northwest. We did not have a drayage presence in this geographic market. The total purchase price was $0.7 million payable in installments of $0.6 million at closing and four equal installments of $0.025 million, paid quarterly starting September 3, 2011. The purchase price was allocated as follows: $0.1 million for the driver and customer relationships, $0.2 million for tractors and the remaining $0.4 million for goodwill. Quarterly payments totaling $0.05 million were made in 2011 and the remaining balance due amount of $0.05 million was paid in 2012. | |||||
In October 2011, we purchased certain assets of Challenge Transport, Inc. (“Challenge Transport”). Challenge Transport was founded in 1995 in South Kearny, New Jersey. At the time of the acquisition, Challenge Transport had a 41-driver operation that handled container deliveries throughout the northeast region. We did not have much of a drayage presence in this geographic market. The total purchase price was $2.5 million payable in installments of $2.0 million at closing and four equal installments of $0.125 million, paid quarterly starting January 3, 2012. The purchase price was allocated as follows: $1.3 million for the customer relationships, $0.3 million for the driver relationships and the remaining $0.9 million for goodwill. The final quarterly payments totaling $0.5 million were made in 2012. | |||||
All operations of these acquisitions are included in our consolidated financial statements since their date of acquisition. |
Business_Segments
Business Segments | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Business Segments | ' | ||||||||||||||||||||||||||||||||
NOTE 5. Business Segments | |||||||||||||||||||||||||||||||||
Due to the acquisition of Mode as discussed in Note 4, we now report two distinct business segments. The first segment is Mode, which includes the Mode business we acquired on April 1, 2011. The second segment is Hub, which is all business other than Mode. | |||||||||||||||||||||||||||||||||
Hub offers comprehensive intermodal, truck brokerage and logistics services. Our employees operate the freight through a network of operating centers located in the United States, Canada and Mexico. Each operating center is strategically located in a market with a significant concentration of shipping customers and one or more railheads. Hub has full time employees located throughout the United States, Canada and Mexico. | |||||||||||||||||||||||||||||||||
Mode markets and operates its freight transportation services, consisting of intermodal, truck brokerage and logistics, primarily through agents who enter into contractual arrangements with Mode. | |||||||||||||||||||||||||||||||||
The following is a summary of operating results, which includes the results of operations of the Mode segment for the entire years ended December 31, 2013 and 2012 and for the period April 1, 2011 to December 31, 2011, and certain other financial data for our business segments (in thousands): | |||||||||||||||||||||||||||||||||
Twelve Months | Twelve Months | ||||||||||||||||||||||||||||||||
Ended December 31, 2013 | Ended December 31, 2012 | ||||||||||||||||||||||||||||||||
Hub | Mode | Inter- | Hub Group | Hub | Mode | Inter- | Hub Group | ||||||||||||||||||||||||||
Segment | Total | Segment | Total | ||||||||||||||||||||||||||||||
Elims | Elims | ||||||||||||||||||||||||||||||||
Revenue | $ | 2,599,763 | $ | 823,159 | $ | (49,024 | ) | $ | 3,373,898 | $ | 2,392,289 | $ | 779,928 | $ | (48,109 | ) | $ | 3,124,108 | |||||||||||||||
Transportation costs | 2,325,512 | 726,387 | (49,024 | ) | 3,002,875 | 2,128,942 | 687,209 | (48,109 | ) | 2,768,042 | |||||||||||||||||||||||
Gross margin | 274,251 | 96,772 | — | 371,023 | 263,347 | 92,719 | — | 356,066 | |||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||
Salaries and benefits | 120,478 | 14,863 | — | 135,341 | 113,855 | 15,288 | — | 129,143 | |||||||||||||||||||||||||
Agent fees and commissions | 1,372 | 54,417 | — | 55,789 | 1,900 | 53,212 | — | 55,112 | |||||||||||||||||||||||||
General and administrative | 50,484 | 6,288 | — | 56,772 | 45,411 | 7,421 | — | 52,832 | |||||||||||||||||||||||||
Depreciation and amortization | 4,326 | 2,144 | — | 6,470 | 4,448 | 2,171 | — | 6,619 | |||||||||||||||||||||||||
Impairment of trade name | 2,904 | — | — | 2,904 | — | — | — | — | |||||||||||||||||||||||||
Total costs and expenses | 179,564 | 77,712 | — | 257,276 | 165,614 | 78,092 | — | 243,706 | |||||||||||||||||||||||||
Operating income | $ | 94,687 | $ | 19,060 | $ | — | $ | 113,747 | $ | 97,733 | $ | 14,627 | $ | — | $ | 112,360 | |||||||||||||||||
Capital expenditures | $ | 109,412 | $ | 1,505 | $ | — | $ | 110,917 | $ | 54,266 | $ | 2,616 | $ | — | $ | 56,882 | |||||||||||||||||
Twelve Months | |||||||||||||||||||||||||||||||||
Ended December 31, 2011 | |||||||||||||||||||||||||||||||||
Hub | Mode | Inter- | Hub Group | ||||||||||||||||||||||||||||||
Segment | Total | ||||||||||||||||||||||||||||||||
Elims | |||||||||||||||||||||||||||||||||
Revenue | $ | 2,183,914 | $ | 586,251 | $ | (18,631 | ) | $ | 2,751,534 | ||||||||||||||||||||||||
Transportation costs | 1,939,263 | 518,354 | (18,631 | ) | 2,438,986 | ||||||||||||||||||||||||||||
Gross margin | 244,651 | 67,897 | — | 312,548 | |||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||
Salaries and benefits | 107,378 | 13,666 | — | 121,044 | |||||||||||||||||||||||||||||
Agent fees and commissions | 2,771 | 38,720 | — | 41,491 | |||||||||||||||||||||||||||||
General and administrative | 42,523 | 7,428 | — | 49,951 | |||||||||||||||||||||||||||||
Depreciation and amortization | 3,975 | 1,628 | — | 5,603 | |||||||||||||||||||||||||||||
Total costs and expenses | 156,647 | 61,442 | — | 218,089 | |||||||||||||||||||||||||||||
Operating income | $ | 88,004 | $ | 6,455 | $ | — | $ | 94,459 | |||||||||||||||||||||||||
Capital expenditures | $ | 54,683 | $ | 327 | $ | — | $ | 55,010 | |||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||
Inter- | Hub | Inter- | Hub | ||||||||||||||||||||||||||||||
Segment | Group | Segment | Group | ||||||||||||||||||||||||||||||
Hub | Mode | Elims | Total | Hub | Mode | Elims | Total | ||||||||||||||||||||||||||
Total assets | $ | 887,848 | $ | 164,071 | $ | (3,976 | ) | $ | 1,047,943 | $ | 759,797 | $ | 163,719 | $ | (3,663 | ) | $ | 919,853 | |||||||||||||||
Goodwill | $ | 233,643 | $ | 29,389 | $ | — | $ | 263,032 | $ | 233,862 | $ | 29,389 | $ | — | $ | 263,251 | |||||||||||||||||
The following tables summarize our revenue by segment and business line (in thousands): | |||||||||||||||||||||||||||||||||
Twelve Months | Twelve Months | ||||||||||||||||||||||||||||||||
Ended December 31, 2013 | Ended December 31, 2012 | ||||||||||||||||||||||||||||||||
Inter- | Hub | Inter- | Hub | ||||||||||||||||||||||||||||||
Segment | Group | Segment | Group | ||||||||||||||||||||||||||||||
Hub | Mode | Elims | Total | Hub | Mode | Elims | Total | ||||||||||||||||||||||||||
Intermodal | $ | 1,808,001 | $ | 389,186 | $ | (46,401 | ) | $ | 2,150,786 | $ | 1,731,487 | $ | 354,662 | $ | (43,863 | ) | $ | 2,042,286 | |||||||||||||||
Truck brokerage | 343,641 | 311,930 | (1,453 | ) | 654,118 | 335,213 | 318,848 | (2,945 | ) | 651,116 | |||||||||||||||||||||||
Logistics | 448,121 | 122,043 | (1,170 | ) | 568,994 | 325,589 | 106,418 | (1,301 | ) | 430,706 | |||||||||||||||||||||||
Total revenue | $ | 2,599,763 | $ | 823,159 | $ | (49,024 | ) | $ | 3,373,898 | $ | 2,392,289 | $ | 779,928 | $ | (48,109 | ) | $ | 3,124,108 | |||||||||||||||
Twelve Months | |||||||||||||||||||||||||||||||||
Ended December 31, 2011 | |||||||||||||||||||||||||||||||||
Inter- | Hub | ||||||||||||||||||||||||||||||||
Segment | Group | ||||||||||||||||||||||||||||||||
Hub | Mode | Elims | Total | ||||||||||||||||||||||||||||||
Intermodal | $ | 1,553,594 | $ | 258,087 | $ | (16,392 | ) | $ | 1,795,289 | ||||||||||||||||||||||||
Truck brokerage | 339,444 | 238,418 | (1,033 | ) | 576,829 | ||||||||||||||||||||||||||||
Logistics | 290,876 | 89,746 | (1,206 | ) | 379,416 | ||||||||||||||||||||||||||||
Total revenue | $ | 2,183,914 | $ | 586,251 | $ | (18,631 | ) | $ | 2,751,534 | ||||||||||||||||||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||
NOTE 6. Goodwill and Other Intangible Assets | |||||||||||||||||||
In accordance with the FASB issued guidance in the Intangibles-Goodwill and Other Topic of the Codification, we completed the required annual impairment tests. We performed a qualitative assessment on both the Hub segment goodwill and the Mode segment goodwill. No impairment charges were recognized based on the results of the annual goodwill assessments and there were no accumulated impairment losses of goodwill at the beginning of the period. | |||||||||||||||||||
The following table presents the carrying amount of goodwill (in thousands): | |||||||||||||||||||
Hub | Mode | Hub Group | |||||||||||||||||
Total | |||||||||||||||||||
Balance at January 1, 2012 | $ | 234,081 | $ | 29,389 | $ | 263,470 | |||||||||||||
Other | (219 | ) | — | (219 | ) | ||||||||||||||
Balance at December 31, 2012 | $ | 233,862 | $ | 29,389 | $ | 263,251 | |||||||||||||
Other | (219 | ) | — | (219 | ) | ||||||||||||||
Balance at December 31, 2013 | $ | 233,643 | $ | 29,389 | $ | 263,032 | |||||||||||||
The changes noted as “other” in the table above for both 2013 and 2012 refer to the amortization of the income tax benefit of tax goodwill in excess of financial statement goodwill. | |||||||||||||||||||
In December 2013, we decided to change our branding strategy for Comtrak Logistics which will result in us retiring the Comtrak name. We decided to change the name of Comtrak to Hub Group Trucking, Inc. as we believe the name change will allow us to benefit from the valuable Hub Group name with customers, vendors and drivers. In conjunction with the strategy, the Comtrak name will no longer be used, resulting in no fair value and a write off of the asset. We recorded an impairment charge of $2.9 million in the fourth quarter of 2013, which is included in the Impairment of Trade Name line item in the Consolidated Statements of Income and Comprehensive Income. | |||||||||||||||||||
The components of the “Other intangible assets” are as follows (in thousands): | |||||||||||||||||||
As of December 31, | Gross | Accumulated | Accumulated | Net | Life | ||||||||||||||
Amount | Amortization | Impairment | Carrying | ||||||||||||||||
2013:00:00 | Loss | Value | |||||||||||||||||
Hub | |||||||||||||||||||
Customer relationships | $ | 5,181 | $ | (2,467 | ) | $ | — | $ | 2,714 | 7-15 years | |||||||||
Trade name | 2,904 | — | (2,904 | ) | — | Indefinite | |||||||||||||
Relationships with owner operators | 1,179 | (1,179 | ) | — | — | 2-6 years | |||||||||||||
Information technology | 500 | (500 | ) | — | — | 6 years | |||||||||||||
Backlog/open orders | 20 | (20 | ) | — | — | 1 month | |||||||||||||
Hub Total | $ | 9,784 | $ | (4,166 | ) | $ | (2,904 | ) | $ | 2,714 | |||||||||
Mode | |||||||||||||||||||
Agency/customer relationships | $ | 15,362 | $ | (2,347 | ) | $ | — | $ | 13,015 | 18 years | |||||||||
Hub Group Total | $ | 25,146 | $ | (6,513 | ) | $ | (2,904 | ) | $ | 15,729 | |||||||||
As of December 31, | Gross | Accumulated | Accumulated | Net | Life | ||||||||||||||
Amount | Amortization | Impairment | Carrying | ||||||||||||||||
2012:00:00 | Loss | Value | |||||||||||||||||
Hub | |||||||||||||||||||
Customer relationships | $ | 5,181 | $ | (2,015 | ) | $ | — | $ | 3,166 | 7-15 years | |||||||||
Trade name | 2,904 | — | — | 2,904 | Indefinite | ||||||||||||||
Relationships with owner operators | 1,179 | (1,050 | ) | — | 129 | 2-6 years | |||||||||||||
Information technology | 500 | (500 | ) | — | — | 6 years | |||||||||||||
Backlog/open orders | 20 | (20 | ) | — | — | 1 month | |||||||||||||
Hub Total | $ | 9,784 | $ | (3,585 | ) | $ | — | $ | 6,199 | ||||||||||
Mode | |||||||||||||||||||
Agency/customer relationships | $ | 15,362 | $ | (1,493 | ) | $ | — | $ | 13,869 | 18 years | |||||||||
Hub Group Total | $ | 25,146 | $ | (5,078 | ) | $ | — | $ | 20,068 | ||||||||||
The above intangible assets are amortized using the straight-line method. Amortization expense, excluding impairment, for each of the years ended December 31, 2013, 2012 and 2011 was $1.4 million, $1.6 million and $1.3 million, respectively. The remaining weighted average life of all definite lived intangible assets as of December 31, 2013 was 6.38 years and 15.25 years for Hub and Mode, respectively. Amortization expense for the next five years is as follows (in thousands): | |||||||||||||||||||
Hub | Mode | Hub Group | |||||||||||||||||
Total | |||||||||||||||||||
2014 | $ | 442 | $ | 853 | $ | 1,295 | |||||||||||||
2015 | 442 | 853 | 1,295 | ||||||||||||||||
2016 | 442 | 853 | 1,295 | ||||||||||||||||
2017 | 442 | 853 | 1,295 | ||||||||||||||||
2018 | 395 | 853 | 1,248 |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
NOTE 7. Income Taxes | |||||||||||||
The following is a reconciliation of our effective tax rate to the federal statutory tax rate: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal benefit | 3.2 | 2.9 | 3 | ||||||||||
State incentives | (0.6 | ) | — | — | |||||||||
State law changes | 0.1 | 0.3 | (0.2 | ) | |||||||||
Nondeductible expenses | 0.8 | 0.5 | 0.6 | ||||||||||
Provision for valuation allowance | — | — | (0.3 | ) | |||||||||
Other | 0.1 | 0.2 | 0.2 | ||||||||||
Net effective rate | 38.6 | % | 38.9 | % | 38.3 | % | |||||||
The following is a summary of our provision for income taxes (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | |||||||||||||
Federal | $ | 22,880 | $ | 30,375 | $ | 14,356 | |||||||
State and local | 3,817 | 4,331 | 3,230 | ||||||||||
Foreign | 205 | 47 | 32 | ||||||||||
26,902 | 34,753 | 17,618 | |||||||||||
Deferred | |||||||||||||
Federal | 15,920 | 7,865 | 18,146 | ||||||||||
State and local | 627 | 693 | 365 | ||||||||||
Foreign | (4 | ) | (7 | ) | (10 | ) | |||||||
16,543 | 8,551 | 18,501 | |||||||||||
Total provision | $ | 43,445 | $ | 43,304 | $ | 36,119 | |||||||
The following is a summary of our deferred tax assets and liabilities (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Reserve for uncollectible accounts receivable | $ | 2,398 | $ | 2,182 | |||||||||
Accrued compensation | 8,175 | 7,602 | |||||||||||
Other reserves | 2,356 | 2,517 | |||||||||||
Current deferred tax assets | 12,929 | 12,301 | |||||||||||
Accrued compensation | 5,919 | 5,411 | |||||||||||
Other reserves | 545 | 514 | |||||||||||
Operating loss carryforwards | 883 | 756 | |||||||||||
Less valuation allowance | (108 | ) | (122 | ) | |||||||||
Non-current deferred tax assets | 7,239 | 6,559 | |||||||||||
Total deferred tax assets | $ | 20,168 | $ | 18,860 | |||||||||
Prepaids | $ | (2,473 | ) | $ | (2,404 | ) | |||||||
Other receivables | (4,630 | ) | (4,932 | ) | |||||||||
Current deferred tax liabilities | (7,103 | ) | (7,336 | ) | |||||||||
Property and equipment | (45,185 | ) | (30,961 | ) | |||||||||
Goodwill | (79,889 | ) | (76,029 | ) | |||||||||
Non-current deferred tax liabilities | (125,074 | ) | (106,990 | ) | |||||||||
Total deferred tax liabilities | $ | (132,177 | ) | $ | (114,326 | ) | |||||||
Our state tax net operating losses of $0.9 million expire between December 31, 2014 and December 31, 2033. Management believes it is more likely than not that the deferred tax assets will be realized with the exception of $0.1 million related to state tax net operating losses for which a valuation allowance has been established. | |||||||||||||
As of December 31, 2013 and December 31, 2012, the amount of unrecognized tax benefits was $0.5 million and $0.8 million, respectively. Of these amounts, our income tax provision would decrease $0.5 million and $0.8 million respectively, if recognized. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | |||||||||||||
Balance at January 1, 2012 | $ | 756 | |||||||||||
Additions for tax positions taken in prior years | 27 | ||||||||||||
Balance at December 31, 2012 | $ | 783 | |||||||||||
Additions for tax positions taken in prior years | 17 | ||||||||||||
Reductions for tax positions taken in prior years | (184 | ) | |||||||||||
Reductions as a result of a lapse of the applicable statute of limitations | (157 | ) | |||||||||||
Balance at December 31, 2013 | $ | 459 | |||||||||||
We are subject to income taxation in the U.S., numerous state jurisdictions, Mexico and Canada (beginning in late 2013). Because income tax return formats vary among the states, we file both unitary and separate company state income tax returns. | |||||||||||||
In 2013, the IRS selected our 2011 and 2012 tax years for audit. Also in 2013, our 2009 through 2010 tax years and 2010 through 2012 tax years were selected for audit by Illinois and Massachusetts, respectively. In 2013, Texas audited refund claims that we submitted for tax years 2007 through 2009. We expect to receive approximately $0.3 million after our Texas claims are processed. Although no other significant examinations are currently in effect, tax years 2010 through 2012 generally remain open to examination by the major tax jurisdictions to which we are subject. | |||||||||||||
It is reasonably possible that events could occur during the next twelve months which would change the amount of our unrecognized tax benefits. Our reserve could move up or down pending developments with lawsuits that have been initiated by unrelated taxpayers against several state revenue departments. We estimate it is reasonably possible that our reserve could either increase or decrease by $0.2 million depending upon the outcome of these events. | |||||||||||||
We recognize interest expense and penalties related to income tax liabilities in our provision for income taxes. In our 2013 provision for income taxes we recognized approximately one thousand dollars of both net interest expense related to income tax liabilities and income tax penalties. | |||||||||||||
On September 13, 2013, the Internal Revenue Service issued final regulations which affect all taxpayers that repair, acquire, or improve tangible property. These rules will be effective for our taxable year ending December 31, 2014. We do not anticipate that these regulations will have a material impact on our financial position or results of operations. |
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Measurement | ' |
NOTE 8. Fair Value Measurement | |
The carrying value of cash and cash equivalents, accounts receivable, accounts payable and long term debt approximated fair value as of December 31, 2013 and 2012 due to their short-term nature. | |
We consider as cash equivalents all highly liquid instruments with an original maturity of three months or less. As of December 31, 2013 and 2012, our cash and temporary investments were with high quality financial institutions in Demand Deposit Accounts. | |
Restricted investments included $20.8 million and $17.2 million as of December 31, 2013 and 2012, respectively, of mutual funds which are reported at fair value. | |
The fair value measurement of these securities is based on quoted prices in active markets for identical assets which are defined as “Level 1” of the fair value hierarchy in the Fair Value Measurements and Disclosures Topic of the Codification. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
NOTE 9. Property and Equipment | |||||||||
Property and equipment consist of the following (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Land | $ | 9,855 | $ | 9,855 | |||||
Building and improvements | 35,212 | 72 | |||||||
Leasehold improvements | 4,245 | 4,621 | |||||||
Computer equipment and software | 74,751 | 65,515 | |||||||
Furniture and equipment | 12,729 | 9,001 | |||||||
Transportation equipment | 236,900 | 162,461 | |||||||
Construction in process | — | 6,142 | |||||||
373,692 | 257,667 | ||||||||
Less: Accumulated depreciation and amortization | (113,292 | ) | (100,083 | ) | |||||
Property and Equipment, net | $ | 260,400 | $ | 157,584 | |||||
The increase in building and improvements from $0.07 million in 2012 to $35.2 million in 2013 was due to the completion of our new corporate headquarters in Oak Brook, Illinois in December 2013. The $6.1 million balance of construction in progress from 2012 is now included in building and improvements as of December 31, 2013. | |||||||||
The increase in transportation equipment to $236.9 million in 2013 from $162.5 million in 2012 was due primarily to the purchase of tractors and containers. | |||||||||
Included in the transportation equipment is a capital lease obligation entered into for $26.4 million in 2011. The balances as of December 31, 2013 and 2012, net of accumulated amortization, were $20.0 million and $22.6 million, respectively. | |||||||||
Depreciation and amortization expense related to property and equipment was $20.2 million, $19.6 million and $14.8 million for 2013, 2012 and 2011, respectively, which includes $2.6 million, $2.6 million and $1.1 million of amortization expense associated with a capital lease for 2013, 2012 and 2011, respectively. This amortization expense is included in transportation costs. Transportation equipment depreciation is included in transportation costs. |
LongTerm_Debt_and_Financing_Ar
Long-Term Debt and Financing Arrangements | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt and Financing Arrangements | ' | ||||||||
NOTE 10. Long-Term Debt and Financing Arrangements | |||||||||
In December 2013, we amended our Credit Agreement to reduce the interest rate and commitment fees and extend the term until December 2018. The maximum unsecured borrowing capacity remained at $50.0 million. The interest rate under the Credit Agreement ranges from LIBOR plus 1.00% to 1.75% or Prime to Prime plus 0.75%. The commitment fees charged on the unused line of credit are between 0.10% and 0.25% per annum. The financial covenants require a total leverage ratio of not more than 3.0 to 1.0 and an interest coverage ratio of not less than 2.0 to 1.0. | |||||||||
We have standby letters of credit that expire in 2014. As of December 31, 2013, our letters of credit were $5.2 million. | |||||||||
Our unused and available borrowings under our bank revolving line of credit were $44.8 million as of December 31, 2013 and $46.3 million as of December 31, 2012. We were in compliance with our debt covenants as of December 31, 2013. | |||||||||
We entered into a Master Loan and Security Agreement in April 2013 containing various Equipment Notes (“Notes”). The Notes provided financing for eighty 2014 Peterbilt tractors. The Notes have terms that expire between May 14, 2018 and June 19, 2018 and bear interest at rates between 1.9% and 2.0%. The Notes require quarterly principal and interest payments of $0.5 million. | |||||||||
Our outstanding debt is as follows (in thousands): | |||||||||
Period Ended | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Equipment Notes due by June 19, 2018 with quarterly principal and interest payments of $480,000 commencing on August 14, 2013; interest is paid quarterly at a fixed rate between 1.9% and 2.0% | $ | 8,246 | $ | — | |||||
Less current portion | (1,771 | ) | — | ||||||
Total long-term debt | $ | 6,475 | $ | — | |||||
Aggregate principal payments, in thousands, due subsequent to December 31, 2013, are as follows: | |||||||||
2014 | $ | 1,771 | |||||||
2015 | 1,806 | ||||||||
2016 | 1,841 | ||||||||
2017 | 1,877 | ||||||||
2018 | 951 | ||||||||
$ | 8,246 | ||||||||
In 2011, we entered into a lease agreement for 3,126 chassis for a period of 10 years. We are accounting for this lease as a capital lease. Interest on this capital lease obligation is based on interest rates that approximate currently available interest rates; therefore, indebtedness under this capital lease obligation approximates fair value. | |||||||||
We paid interest of $0.9 million, $1.0 million and $0.3 million in 2013, 2012 and 2011, respectively, related to this capital lease. |
Leases_User_Charges_and_Commit
Leases, User Charges and Commitments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Leases, User Charges and Commitments | ' | ||||||||||||
NOTE 11. Leases, User Charges and Commitments | |||||||||||||
Minimum annual capital and operating lease payments, as of December 31, 2013, under non-cancelable leases, principally for containers, chassis, other equipment and real estate, as well as other commitments are payable as follows (in thousands): | |||||||||||||
Future Payments Due: | |||||||||||||
Operating | |||||||||||||
Leases and | |||||||||||||
Capital | Other | Total | |||||||||||
Lease | Commitments | ||||||||||||
2014 | $ | 3,186 | $ | 18,665 | $ | 21,851 | |||||||
2015 | 3,186 | 8,539 | 11,725 | ||||||||||
2016 | 3,194 | 6,525 | 9,719 | ||||||||||
2017 | 3,186 | 5,159 | 8,345 | ||||||||||
2018 | 3,186 | 3,687 | 6,873 | ||||||||||
2019 and thereafter | 8,228 | 7,206 | 15,434 | ||||||||||
$ | 24,166 | $ | 49,781 | $ | 73,947 | ||||||||
Less: Imputed interest | (3,276 | ) | |||||||||||
Net capital lease liability | $ | 20,890 | |||||||||||
Total rental expense included in general and administrative expense, which relates primarily to real estate, was approximately $10.1 million in 2013, $8.8 million in 2012 and $9.9 million in 2011. Many of the real estate leases contain renewal options and escalation clauses which require payments of additional rent to the extent of increases in the related operating costs. We straight-line rental expense in accordance with the FASB guidance in the Leases Topic of the Codification. | |||||||||||||
We incur rental expense for our leased containers, tractors and trailers that are included in transportation costs and totaled $10.2 million, $9.3 million, and $9.4 million for 2013, 2012 and 2011, respectively. | |||||||||||||
We incur user charges for use of a fleet of rail owned chassis, chassis under capital lease and dedicated rail owned containers on the Union Pacific and Norfolk Southern railroads which are included in transportation costs. Such charges were $69.1 million, $67.0 million and $64.0 million for 2013, 2012 and 2011, respectively. As of December 31, 2013, we have the ability to return the majority of the containers and pay for the rail owned chassis only when we are using them under these agreements. As a result, no minimum commitments related to these rail owned chassis and containers have been included in the table above. | |||||||||||||
In addition to the commitments above, in October 2013, we entered into an equipment purchase contract for the acquisition of 200 Freightliner tractors. The total purchase price of these tractors is approximately $25.4 million. As of December 31, 2013, we received 28 of these tractors. See Note 18 to the consolidated financial statements for information relating to this commitment. | |||||||||||||
During the fourth quarter of 2013 we exercised our purchase option on approximately 2,000 containers that are currently leased. The purchases totaling approximately $7.8 million will occur as the leases expire throughout 2014. |
Guarantees
Guarantees | 12 Months Ended |
Dec. 31, 2013 | |
Guarantees [Abstract] | ' |
Guarantees | ' |
NOTE 12. Guarantees | |
As a recruiting tool for our owner-operators, we are guaranteeing certain owner-operators’ lease payments for tractors. The guarantees expire at various dates through 2020. | |
The potential maximum exposure under these lease guarantees was approximately $39.0 million and $48.2 million as of December 31, 2013 and 2012, respectively. The potential maximum exposure represents the amount of the remaining lease payments on all outstanding guaranteed leases as of December 31, 2013 and 2012. However, upon default, we have the option to purchase the tractors. We could then sell the tractors and use the proceeds to recover all or a portion of the amounts paid under the guarantees. Alternatively, we can contract with another owner operator who would assume the lease. There were no material defaults during the years ended December 31, 2013 and 2012 and no potential material defaults. | |
We had a liability of approximately $0.7 million at December 31, 2013 and $1.0 million as of December 31, 2012, representing the fair value for estimated defaults of the guarantees, based on a discounted cash-flow analysis which is included in current and non-current liabilities in our Consolidated Balance Sheets. We are amortizing the amounts over the remaining lives of the respective guarantees. |
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation Plans | ' | ||||||||||||||||
NOTE 13. Stock-Based Compensation Plans | |||||||||||||||||
In 1996, we adopted a Long-Term Incentive Plan (the “1996 Incentive Plan”). The number of shares of Class A Common Stock reserved for issuance under the 1996 Incentive Plan was 1,800,000. In 1997, we adopted a second Long-Term Incentive Plan (the “1997 Incentive Plan”). The number of shares of Class A Common Stock reserved for issuance under the 1997 Incentive Plan was 600,000. In 1999 we adopted a third Long-Term Incentive Plan (the “1999 Incentive Plan”). The number of shares of Class A Common Stock reserved for issuance under the 1999 Incentive Plan was 2,400,000. In 2002, we adopted a fourth Long-Term Incentive Plan (the “2002 Incentive Plan”). The number of shares of Class A Common Stock reserved for issuance under the 2002 Incentive Plan was 2,400,000. In 2003, we amended our 2002 Incentive Plan to add an additional 2,000,000 shares of Class A Common Stock that are reserved for issuance. In 2007, we amended our 2002 Incentive Plan to add an additional 1,000,000 shares of Class A Common Stock that are reserved for issuance. Under the 1996, 1997, 1999 and 2002 Incentive Plans, stock options, stock appreciation rights, restricted stock, restricted stock units and performance units may be granted for the purpose of attracting and motivating our key employees and non-employee directors. We have not granted any stock options since 2003. Restricted stock vests over a three to five year period. As of December 31, 2013, 929,623 shares were available for future grant. When stock options are exercised, either new shares are issued or shares are issued out of treasury. | |||||||||||||||||
Share-based compensation expense for 2013, 2012 and 2011 was $7.6 million, $6.5 million and $4.8 million or $4.6 million, $4.0 million and $3.0 million, net of taxes, respectively. | |||||||||||||||||
The following table summarizes the stock option activity for the year ended December 31, 2013: | |||||||||||||||||
Stock Options | Shares | Weighted | Weighted | Aggregate | |||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life | |||||||||||||||||
Outstanding at January 1, 2013 | 16,500 | $ | 2.51 | 0.57 | $ | 513,004 | |||||||||||
Options exercised | (16,500 | ) | $ | 2.51 | |||||||||||||
Options forfeited | — | $ | — | ||||||||||||||
Outstanding at December 31, 2013 | — | $ | — | 0 | $ | — | |||||||||||
Exercisable at December 31, 2013 | — | $ | — | 0 | $ | — | |||||||||||
Intrinsic value for stock options is defined as the difference between the current market value and the grant price. The total intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 was $0.6 million, $1.2 million and $1.1 million, respectively. Cash received from stock options exercised during the years ended December 31, 2013, 2012 and 2011 was $0.04 million, $0.07 million and $0.1 million, respectively. The tax benefit realized for tax deductions from stock options exercised for the years ended December 31, 2013, 2012 and 2011 was $0.2 million, $0.5 million and $0.7 million, respectively. | |||||||||||||||||
The following table summarizes the non-vested restricted stock activity for the year ended December 31, 2013: | |||||||||||||||||
Non-vested restricted stock | Shares | Weighted | |||||||||||||||
Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Non-vested January 1, 2013 | 686,778 | $ | 31.5 | ||||||||||||||
Granted | 300,900 | $ | 34.64 | ||||||||||||||
Vested | (216,376 | ) | $ | 30.2 | |||||||||||||
Forfeited | (9,600 | ) | $ | 33.03 | |||||||||||||
Non-vested at December 31, 2013 | 761,702 | $ | 33.09 | ||||||||||||||
The following table summarizes the restricted stock granted during the respective years: | |||||||||||||||||
Restricted stock grants | 2013 | 2012 | 2011 | ||||||||||||||
Employees | 280,900 | 276,017 | 246,284 | ||||||||||||||
Outside directors | 20,000 | 20,000 | 12,000 | ||||||||||||||
Total | 300,900 | 296,017 | 258,284 | ||||||||||||||
Weighted average grant date fair value | $ | 34.64 | $ | 32.62 | $ | 35.27 | |||||||||||
Vesting period | 3-5 years | 3-5 years | 3-5years | ||||||||||||||
The fair value of non-vested restricted stock is equal to the market price of our stock at the date of grant. | |||||||||||||||||
The total fair value of restricted shares vested during the years ended December 31, 2013, 2012 and 2011 was $7.5 million, $5.4 million and $4.7 million, respectively. | |||||||||||||||||
As of December 31, 2013, there was $18.1 million of unrecognized compensation cost related to non-vested share-based compensation that is expected to be recognized over a weighted average period of 2.84 years. | |||||||||||||||||
During January 2014, we granted 249,773 shares of restricted stock to certain employees and 20,000 shares of restricted stock to outside directors with a weighted average grant date fair value of $39.36. The stock vests over a three to five year period. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Compensation And Retirement Disclosure [Abstract] | ' |
Employee Benefit Plans | ' |
NOTE 14. Employee Benefit Plans | |
We had one profit-sharing plan and trust as of December 31, 2013, 2012 and 2011, all under section 401(k) of the Internal Revenue Code. At our discretion, we partially match qualified contributions made by employees to the plan. We incurred expense of $1.8 million, $1.6 million and $1.5 million related to these plans in 2013, 2012, and 2011, respectively. | |
In January 2005, we established the Hub Group, Inc. Nonqualified Deferred Compensation Plan (the “Plan”) to provide added incentive for the retention of certain key employees. Under the Plan, participants can elect to defer certain compensation. Accounts will grow on a tax-deferred basis to the participant. Restricted investments included in the Consolidated Balance Sheets represent the fair value of the mutual funds and other security investments related to the Plan as of December 31, 2013 and 2012. Both realized and unrealized gains and losses are included in income and expense and offset the change in the deferred compensation liability. We provide a 50% match on the first 6% of employee compensation deferred under the Plan, with a maximum match equivalent to 3% of base salary. In addition, we have a legacy deferred compensation plan. There are no new contributions being made into this legacy plan. | |
We incurred expense of $0.4 million, $0.3 million and $0.4 million related to the employer match for these plans in 2013, 2012 and 2011, respectively. The liabilities related to these plans as of December 31, 2013 and 2012 were $21.5 million and $18.1 million, respectively. |
Legal_Matters
Legal Matters | 12 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Legal Matters | ' |
NOTE 15. Legal Matters | |
We are a party to litigation incident to our business, including claims for personal injury and/or property damage, bankruptcy preference claims, claims regarding freight lost or damaged in transit, improperly shipped or improperly billed. Some of the lawsuits to which we are party are covered by insurance and are being defended by our insurance carriers. Some of the lawsuits are not covered by insurance and we defend those ourselves. We do not believe that the outcome of this litigation will have a materially adverse effect on our financial position or results of operations. | |
On January 25, 2013, a complaint was filed in the U.S. District Court for the Eastern District of California (Sacramento Division) by Salvador Robles against our subsidiary, Comtrak Logistics, Inc. Mr. Robles drove a truck for Comtrak in California, first as an independent contractor and then as an employee. The action seeks class certification on behalf of a class comprised of present and former California-based truck drivers for Comtrak who were classified as independent contractors, from January 2009 to the present. The complaint alleges Comtrak has misclassified such drivers as independent contractors and that such drivers were employees. The complaint asserts various violations of the California Labor Code and claims that Comtrak has engaged in unfair competition practices. The complaint seeks, among other things, declaratory and injunctive relief, compensatory damages and attorney’s fees. In May 2013, the complaint was amended to add similar claims based on Mr. Robles’ status as an employed company driver. These additional claims are only on behalf of Mr. Robles and not a proposed class. In August 2013, the court stayed proceedings in the case pending decisions by the Court of Appeals for the 9th Circuit to decide whether two similar cases should be dismissed on federal preemption grounds. We cannot reasonably estimate at this time the possible loss or range of loss, if any, that may arise from this lawsuit. |
Stock_Buy_Back_Plans
Stock Buy Back Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Stock Buy Back Plans | ' | ||||||||||||||||
NOTE 16. Stock Buy Back Plans | |||||||||||||||||
In November 2012, our Board of Directors authorized the purchase of up to $25.0 million of our Class A Common Stock. This authorization expired December 31, 2013. We purchased 347,592 shares during the year ended December 31, 2012. We purchased 377,906 shares during the year ended December 31, 2013. We purchased 75,995 shares for $2.6 million and 55,463 shares for $1.8 million during the years ended December 31, 2013 and 2012, respectively, related to employee withholding upon vesting of restricted stock. | |||||||||||||||||
The following table displays the number of shares purchased during 2013 and the maximum value of shares that may yet be purchased under the plan: | |||||||||||||||||
Total | Average | Total Number of | Maximum Value of | ||||||||||||||
Number of | Price Paid | Shares Purchased as | Shares that May Yet | ||||||||||||||
Shares | Per Share | Part of Publicly | Be Purchased Under | ||||||||||||||
Purchased | Announced Plan | the Plan | |||||||||||||||
(in 000’s) | |||||||||||||||||
January 1 to March 31 | 26,593 | $ | 33.94 | 26,593 | $ | 12,888 | |||||||||||
April 1 to June 30 | — | $ | — | — | $ | 12,888 | |||||||||||
July 1 to September 30 | — | $ | — | — | $ | 12,888 | |||||||||||
October 1 to December 31 | 351,313 | $ | 36.69 | 351,313 | $ | — | |||||||||||
Total | 377,906 | $ | 36.49 | 377,906 | $ | — | |||||||||||
This table excludes 75,995 shares we purchased for $2.6 million during the year ended December 31, 2013 related to employee withholding upon vesting of restricted stock. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||
NOTE 17. Selected Quarterly Financial Data (Unaudited) | |||||||||||||||||
The following table sets forth the selected quarterly financial data for each of the quarters in 2013 (in thousands, except per share amounts): | |||||||||||||||||
Quarter Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
Year Ended December 31, 2013: | |||||||||||||||||
Revenue | $ | 768,980 | $ | 836,685 | $ | 882,981 | $ | 885,252 | |||||||||
Gross margin | 87,338 | 95,473 | 93,124 | 95,088 | |||||||||||||
Operating income | 24,737 | 30,464 | 31,295 | 27,251 | |||||||||||||
Net income | 15,364 | 18,610 | 18,600 | 16,536 | |||||||||||||
Basic earnings per share | $ | 0.42 | $ | 0.5 | $ | 0.5 | $ | 0.45 | |||||||||
Diluted earnings per share | $ | 0.42 | $ | 0.5 | $ | 0.5 | $ | 0.45 | |||||||||
The following table sets forth the selected quarterly financial data for each of the quarters in 2012 (in thousands, except per share amounts): | |||||||||||||||||
Quarter Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||
Year Ended December 31, 2012: | |||||||||||||||||
Revenue | $ | 739,885 | $ | 778,312 | $ | 804,888 | $ | 801,023 | |||||||||
Gross margin | 83,742 | 87,358 | 91,587 | 93,379 | |||||||||||||
Operating income | 22,511 | 27,850 | 30,351 | 31,648 | |||||||||||||
Net income | 13,662 | 16,952 | 18,495 | 18,844 | |||||||||||||
Basic earnings per share | $ | 0.37 | $ | 0.46 | $ | 0.5 | $ | 0.51 | |||||||||
Diluted earnings per share | $ | 0.37 | $ | 0.46 | $ | 0.5 | $ | 0.51 |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
NOTE 18. Subsequent Events | |
In October 2013, we entered into an equipment purchase contract for the acquisition of 200 Freightliner tractors. The total purchase price of these tractors is approximately $25.4 million. In January 2014 we entered into an agreement to finance the full purchase price of the tractors using secured debt with a five year term at an interest ranging from 1.87% to 1.93%. | |
VALUATION_AND_QUALIFYING_ACCOU
VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ' | ||||||||||||||||||||
SCHEDULE II | |||||||||||||||||||||
HUB GROUP, INC. | |||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | |||||||||||||||||||||
Allowance for uncollectible trade accounts | |||||||||||||||||||||
Year Ended | Balance at | Charged to | Charged to | Deductions (2) | Balance at | ||||||||||||||||
Beginning of | Costs & | Other | End of | ||||||||||||||||||
December 31: | Year | Expenses | Accounts (1) | Year | |||||||||||||||||
2013 | $ | 6,689,000 | $ | 662,000 | $ | 142,000 | $ | (47,000 | ) | $ | 7,446,000 | ||||||||||
2012 | $ | 7,730,000 | $ | 208,000 | $ | (623,000 | ) | $ | (626,000 | ) | $ | 6,689,000 | |||||||||
2011 | $ | 3,879,000 | $ | 5,314,000 | (3) | $ | (1,294,000 | ) | $ | (169,000 | ) | $ | 7,730,000 | ||||||||
Deferred tax valuation allowance | |||||||||||||||||||||
Year Ended | Balance at | Charged to | Balance at | ||||||||||||||||||
Beginning of | Costs & | End of | |||||||||||||||||||
December 31: | Year | Expenses | Year | ||||||||||||||||||
2013 | $ | 122,000 | $ | (14,000 | ) | $ | 108,000 | ||||||||||||||
2012 | $ | 108,000 | $ | 14,000 | $ | 122,000 | |||||||||||||||
2011 | $ | 379,000 | $ | (271,000 | ) | $ | 108,000 | ||||||||||||||
-1 | Expected customer account adjustments charged to revenue and write-offs, net of recoveries | ||||||||||||||||||||
-2 | Represents bad debt recoveries. | ||||||||||||||||||||
-3 | Includes an increase in the allowance due to the Mode Transportation, LLC business acquisition of $4.4 million. |
Description_of_Business_and_Su1
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Business | ' |
Business: Hub Group, Inc. (“we”, “us” or “our”) provides intermodal transportation services utilizing primarily third party arrangements with railroads. Drayage can be provided by our subsidiary, Comtrak, or a third party company. We also arrange for transportation of freight by truck and perform logistics services. Transportation services are provided through our legacy business and our acquisition, Mode Transportation, LLC. We report two distinct business segments. The first segment is Mode, which includes the Mode business we acquired on April 1, 2011. The other segment is Hub, which is all business other than Mode. “Hub Group” includes both segments. | |
Principles of Consolidation | ' |
Principles of Consolidation: The consolidated financial statements include our accounts and all entities in which we have more than a 50% equity ownership or otherwise exercise unilateral control. All significant intercompany balances and transactions have been eliminated. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents: We consider as cash equivalents all highly liquid instruments with an original maturity of three months or less. As of December 31, 2013 and 2012, our cash and temporary investments were with high quality financial institutions in DDAs (Demand Deposit Accounts). | |
Accounts Receivable and Allowance for Uncollectible Accounts | ' |
Accounts Receivable and Allowance for Uncollectible Accounts: In the normal course of business, we extend credit to customers after a review of each customer’s credit history. An allowance for uncollectible trade accounts has been established through an analysis of the accounts receivable aging, an assessment of collectability based on historical trends and an evaluation based on current economic conditions. To be more specific, we reserve a portion of every account balance that has aged over one year, a portion of receivables for customers in bankruptcy and certain account balances specifically identified as uncollectible. On an annual basis, we perform a hindsight analysis on Hub and Mode separately to determine each segment’s experience in collecting account balances over one year old and account balances in bankruptcy. We then use this hindsight analysis to establish our reserves for receivables over one year and in bankruptcy. In establishing a reserve for certain account balances specifically identified as uncollectible, we consider the aging of the customer receivables, the specific details as to why the receivable has not been paid, the customer’s current and projected financial results, the customer’s ability to meet and sustain their financial commitments, the positive or negative effects of the current and projected industry outlook and the general economic conditions. The allowance for uncollectible accounts is reported on the balance sheet in net accounts receivable. Our reserve for uncollectible accounts was approximately $7.4 million and $6.7 million as of December 31, 2013 and 2012, respectively. Receivables are written off once collection efforts have been exhausted. Recoveries of receivables previously charged off are recorded when received. | |
Property and Equipment | ' |
Property and Equipment: Property and equipment are stated at cost. Depreciation of property and equipment is computed using the straight-line method at rates adequate to depreciate the cost of the applicable assets over their expected useful lives: building and improvements, up to 40 years; leasehold improvements, the shorter of useful life or lease term; computer equipment and software, up to 5 years; furniture and equipment, up to 10 years; and transportation equipment up to 15 years. Direct costs related to internally developed software projects are capitalized and amortized over their expected useful life on a straight-line basis not to exceed 5 years. Interest is capitalized on qualifying assets under development for internal use. Maintenance and repairs are charged to operations as incurred and major improvements are capitalized. The cost of assets retired or otherwise disposed of and the accumulated depreciation thereon are removed from the accounts with any gain or loss realized upon sale or disposal charged or credited to operations. We review long-lived assets for impairment when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. In the event that the undiscounted future cash flows resulting from the use of the asset group is less than the carrying amount, an impairment loss equal to the excess of the assets carrying amount over its fair value, less cost to dispose, is recorded. | |
Goodwill and Other Intangibles | ' |
Goodwill and Other Intangibles: Goodwill represents the excess of purchase price over the fair market value of net assets acquired in connection with our business combinations. Goodwill and intangible assets that have indefinite useful lives are not amortized but are subject to annual impairment tests. | |
We test goodwill for impairment annually in the fourth quarter or when events or changes in circumstances indicate the carrying value of this asset might exceed the current fair value. We test goodwill for impairment at the reporting unit level. We assess qualitative factors such as current company performance and overall economic factors to determine if it is more-likely-than-not that the goodwill might be impaired and whether it is necessary to perform the quantitative goodwill impairment test. In the quantitative goodwill test, a company compares the carrying value of a reporting unit to its fair value. If the carrying value of the reporting unit exceeds the estimated fair value, a second step is performed, which compares the implied fair value of goodwill to the carrying value, to determine the amount of impairment. In 2013, we performed the qualitative assessment on both the Hub and Mode reporting units. No impairment charge was recognized based on the results of the goodwill impairment tests. | |
We review other indefinite-lived intangibles for impairment annually in the fourth quarter or whenever events or changes in circumstances indicate the carrying amount of other indefinite-lived intangibles may not be recoverable. An indefinite lived intangible asset is impaired if its fair value is less than its carrying value. An impairment loss is measured as the difference between the implied fair value of the reporting unit’s indefinite-lived asset and the carrying amount of the asset. The fair value measurement is determined based on assumptions that a market participant would use including expectations regarding future operating performance (which are consistent with our internal projections and operating plans), discount rates, control premiums and other factors which are subjective in nature. As of December 31, 2013, reasonable variations in these assumptions do not have a significant impact on the results of the impairment test. Actual cash flows from operations could differ from management’s estimates due to changes in business conditions, operating performance and economic conditions. | |
On January 1, 2013, we adopted the FASB’s new accounting guidance which permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of the indefinite lived intangible asset is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative test discussed above. As a result of our impairment analysis, we recorded an impairment charge of $2.9 million in the fourth quarter of 2013, which is included in the Impairment of Trade Name line item in the Consolidated Statements of Income and Comprehensive Income. See Note 6 to the consolidated financial statements for information on this impairment charge. | |
We evaluate the potential impairment of finite-lived acquired intangible assets when impairment indicators exist. If the carrying value is no longer recoverable based upon the undiscounted future cash flows of the asset, the amount of the impairment is the difference between the carrying amount and the fair value of the asset. | |
Concentration of Credit Risk | ' |
Concentration of Credit Risk: Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. We place our cash and temporary investments with high quality financial institutions in DDAs (Demand Deposit Accounts). We primarily serve customers located throughout the United States with no significant concentration in any one region. No one customer accounted for more than 10% of revenue in 2013, 2012 or 2011. We review a customer’s credit history before extending credit. In addition, we routinely assess the financial strength of our customers and, as a consequence, believe that our trade accounts receivable risk is limited. | |
Revenue Recognition | ' |
Revenue Recognition: Revenue is recognized at the time 1) persuasive evidence of an arrangement exists, 2) services have been rendered, 3) the sales price is fixed and determinable and 4) collectability is reasonably assured. Revenue and related transportation costs are recognized based on relative transit time. Further, in most cases, we report our revenue on a gross basis because we are the primary obligor as we are responsible for providing the service desired by the customer. Our customers view us as responsible for fulfillment including the acceptability of the service. Services requirements may include, for example, on-time delivery, handling freight loss and damage claims, setting up appointments for pick up and delivery and tracing shipments in transit. We have discretion in setting sales prices and as a result, the amount we earn varies. In addition, we have the discretion to select our vendors from multiple suppliers for the services ordered by our customers. Finally, we have credit risk for our receivables. These three factors, discretion in setting prices, discretion in selecting vendors and credit risk, further support reporting revenue on a gross basis for most of our revenue. | |
Provision for Income Taxes | ' |
Provision for Income Taxes: Deferred income taxes are recognized for the future tax effects of temporary differences between financial and income tax reporting using tax rates in effect for the years in which the differences are expected to reverse. We believe that it is more likely than not that our deferred tax assets will be realized based on future taxable income projections with the exception of $0.1 million related to state tax net operating losses for which a valuation allowance has been established. In the event the probability of realizing the remaining deferred tax assets do not meet the more likely than not threshold in the future, a valuation allowance would be established for the deferred tax assets deemed unrecoverable. | |
Tax liabilities are recorded when, in management’s judgment, a tax position does not meet the more likely than not threshold for recognition as prescribed by the guidance. For tax positions that meet the more likely than not threshold, a tax liability may be recorded depending on management’s assessment of how the tax position will ultimately be settled. We recognize interest expense and penalties related to income tax liabilities in our provision for income taxes. | |
Earnings Per Common Share | ' |
Earnings Per Common Share: Basic earnings per common share are based on the average quarterly weighted average number of Class A and Class B shares of common stock outstanding. Diluted earnings per common share are adjusted for the assumed exercise of dilutive stock options and for restricted stock which are both computed using the treasury stock method. | |
Stock Based Compensation | ' |
Stock Based Compensation: Share-based compensation includes the restricted stock awards expected to vest based on the grant date fair value. Compensation expense is amortized straight-line over the vesting period including an estimate of forfeitures and is included in salaries and benefits. We present excess tax benefits resulting from the exercise of share-based compensation as financing cash in-flows and as operating cash out-flows in the Consolidated Statements of Cash Flows. | |
New Pronouncements | ' |
New Pronouncements: In July 2012, the FASB issued an update to Topic 350 – Intangibles – Goodwill and Other of the Accounting Standards Codification. The objective of this update is to simplify how entities test indefinite lived intangibles for impairment. The amendments in the update permit an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of the indefinite lived intangible asset is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative test described in Topic 350. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. We adopted this guidance effective January 1, 2013 as required, and the adoption did not have a significant impact to our consolidated financial statements. | |
Use of Estimates | ' |
Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us 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 revenue and expense during the reporting period. Significant estimates include the allowance for doubtful accounts, revenue, the cost of transportation, commission expense, useful lives of equipment and repair liabilities. Actual results could differ from those estimates. | |
Reclassifications | ' |
Reclassifications: Certain prior year immaterial amounts have been reclassified to conform with the current year presentation. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Reconciliation of Earnings Per Share | ' | ||||||||||||
The following is a reconciliation of our earnings per share (in thousands, except for per share data): | |||||||||||||
Years Ended, December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income for basic and diluted earnings per share | $ | 69,110 | $ | 67,953 | $ | 58,178 | |||||||
Weighted average shares outstanding - basic | 36,829 | 37,053 | 36,913 | ||||||||||
Dilutive effect of stock options and restricted stock | 153 | 132 | 150 | ||||||||||
Weighted average shares outstanding - diluted | 36,982 | 37,185 | 37,063 | ||||||||||
Earnings per share - basic | $ | 1.88 | $ | 1.83 | $ | 1.58 | |||||||
Earnings per share - diluted | $ | 1.87 | $ | 1.83 | $ | 1.57 | |||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Unaudited Pro Forma Results of Operations | ' | ||||
The following unaudited pro forma consolidated results of operations for 2011 assume that the acquisition of Mode was completed as of January 1, 2011 (in thousands, except for per share amounts) | |||||
Twelve Months | |||||
Ended, | |||||
December 31, | |||||
2011 | |||||
Revenue | $ | 2,929,813 | |||
Net Income | $ | 58,991 | |||
Earnings per share—basic | $ | 1.6 | |||
Earnings per share—diluted | $ | 1.59 |
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Operating Results | ' | ||||||||||||||||||||||||||||||||
The following is a summary of operating results, which includes the results of operations of the Mode segment for the entire years ended December 31, 2013 and 2012 and for the period April 1, 2011 to December 31, 2011, and certain other financial data for our business segments (in thousands): | |||||||||||||||||||||||||||||||||
Twelve Months | Twelve Months | ||||||||||||||||||||||||||||||||
Ended December 31, 2013 | Ended December 31, 2012 | ||||||||||||||||||||||||||||||||
Hub | Mode | Inter- | Hub Group | Hub | Mode | Inter- | Hub Group | ||||||||||||||||||||||||||
Segment | Total | Segment | Total | ||||||||||||||||||||||||||||||
Elims | Elims | ||||||||||||||||||||||||||||||||
Revenue | $ | 2,599,763 | $ | 823,159 | $ | (49,024 | ) | $ | 3,373,898 | $ | 2,392,289 | $ | 779,928 | $ | (48,109 | ) | $ | 3,124,108 | |||||||||||||||
Transportation costs | 2,325,512 | 726,387 | (49,024 | ) | 3,002,875 | 2,128,942 | 687,209 | (48,109 | ) | 2,768,042 | |||||||||||||||||||||||
Gross margin | 274,251 | 96,772 | — | 371,023 | 263,347 | 92,719 | — | 356,066 | |||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||
Salaries and benefits | 120,478 | 14,863 | — | 135,341 | 113,855 | 15,288 | — | 129,143 | |||||||||||||||||||||||||
Agent fees and commissions | 1,372 | 54,417 | — | 55,789 | 1,900 | 53,212 | — | 55,112 | |||||||||||||||||||||||||
General and administrative | 50,484 | 6,288 | — | 56,772 | 45,411 | 7,421 | — | 52,832 | |||||||||||||||||||||||||
Depreciation and amortization | 4,326 | 2,144 | — | 6,470 | 4,448 | 2,171 | — | 6,619 | |||||||||||||||||||||||||
Impairment of trade name | 2,904 | — | — | 2,904 | — | — | — | — | |||||||||||||||||||||||||
Total costs and expenses | 179,564 | 77,712 | — | 257,276 | 165,614 | 78,092 | — | 243,706 | |||||||||||||||||||||||||
Operating income | $ | 94,687 | $ | 19,060 | $ | — | $ | 113,747 | $ | 97,733 | $ | 14,627 | $ | — | $ | 112,360 | |||||||||||||||||
Capital expenditures | $ | 109,412 | $ | 1,505 | $ | — | $ | 110,917 | $ | 54,266 | $ | 2,616 | $ | — | $ | 56,882 | |||||||||||||||||
Twelve Months | |||||||||||||||||||||||||||||||||
Ended December 31, 2011 | |||||||||||||||||||||||||||||||||
Hub | Mode | Inter- | Hub Group | ||||||||||||||||||||||||||||||
Segment | Total | ||||||||||||||||||||||||||||||||
Elims | |||||||||||||||||||||||||||||||||
Revenue | $ | 2,183,914 | $ | 586,251 | $ | (18,631 | ) | $ | 2,751,534 | ||||||||||||||||||||||||
Transportation costs | 1,939,263 | 518,354 | (18,631 | ) | 2,438,986 | ||||||||||||||||||||||||||||
Gross margin | 244,651 | 67,897 | — | 312,548 | |||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||
Salaries and benefits | 107,378 | 13,666 | — | 121,044 | |||||||||||||||||||||||||||||
Agent fees and commissions | 2,771 | 38,720 | — | 41,491 | |||||||||||||||||||||||||||||
General and administrative | 42,523 | 7,428 | — | 49,951 | |||||||||||||||||||||||||||||
Depreciation and amortization | 3,975 | 1,628 | — | 5,603 | |||||||||||||||||||||||||||||
Total costs and expenses | 156,647 | 61,442 | — | 218,089 | |||||||||||||||||||||||||||||
Operating income | $ | 88,004 | $ | 6,455 | $ | — | $ | 94,459 | |||||||||||||||||||||||||
Capital expenditures | $ | 54,683 | $ | 327 | $ | — | $ | 55,010 | |||||||||||||||||||||||||
Schedule of Assets | ' | ||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||
Inter- | Hub | Inter- | Hub | ||||||||||||||||||||||||||||||
Segment | Group | Segment | Group | ||||||||||||||||||||||||||||||
Hub | Mode | Elims | Total | Hub | Mode | Elims | Total | ||||||||||||||||||||||||||
Total assets | $ | 887,848 | $ | 164,071 | $ | (3,976 | ) | $ | 1,047,943 | $ | 759,797 | $ | 163,719 | $ | (3,663 | ) | $ | 919,853 | |||||||||||||||
Goodwill | $ | 233,643 | $ | 29,389 | $ | — | $ | 263,032 | $ | 233,862 | $ | 29,389 | $ | — | $ | 263,251 | |||||||||||||||||
Summary of Revenue by Segment and Business Line | ' | ||||||||||||||||||||||||||||||||
The following tables summarize our revenue by segment and business line (in thousands): | |||||||||||||||||||||||||||||||||
Twelve Months | Twelve Months | ||||||||||||||||||||||||||||||||
Ended December 31, 2013 | Ended December 31, 2012 | ||||||||||||||||||||||||||||||||
Inter- | Hub | Inter- | Hub | ||||||||||||||||||||||||||||||
Segment | Group | Segment | Group | ||||||||||||||||||||||||||||||
Hub | Mode | Elims | Total | Hub | Mode | Elims | Total | ||||||||||||||||||||||||||
Intermodal | $ | 1,808,001 | $ | 389,186 | $ | (46,401 | ) | $ | 2,150,786 | $ | 1,731,487 | $ | 354,662 | $ | (43,863 | ) | $ | 2,042,286 | |||||||||||||||
Truck brokerage | 343,641 | 311,930 | (1,453 | ) | 654,118 | 335,213 | 318,848 | (2,945 | ) | 651,116 | |||||||||||||||||||||||
Logistics | 448,121 | 122,043 | (1,170 | ) | 568,994 | 325,589 | 106,418 | (1,301 | ) | 430,706 | |||||||||||||||||||||||
Total revenue | $ | 2,599,763 | $ | 823,159 | $ | (49,024 | ) | $ | 3,373,898 | $ | 2,392,289 | $ | 779,928 | $ | (48,109 | ) | $ | 3,124,108 | |||||||||||||||
Twelve Months | |||||||||||||||||||||||||||||||||
Ended December 31, 2011 | |||||||||||||||||||||||||||||||||
Inter- | Hub | ||||||||||||||||||||||||||||||||
Segment | Group | ||||||||||||||||||||||||||||||||
Hub | Mode | Elims | Total | ||||||||||||||||||||||||||||||
Intermodal | $ | 1,553,594 | $ | 258,087 | $ | (16,392 | ) | $ | 1,795,289 | ||||||||||||||||||||||||
Truck brokerage | 339,444 | 238,418 | (1,033 | ) | 576,829 | ||||||||||||||||||||||||||||
Logistics | 290,876 | 89,746 | (1,206 | ) | 379,416 | ||||||||||||||||||||||||||||
Total revenue | $ | 2,183,914 | $ | 586,251 | $ | (18,631 | ) | $ | 2,751,534 | ||||||||||||||||||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||
Carrying Amount of Goodwill | ' | ||||||||||||||||||
The following table presents the carrying amount of goodwill (in thousands): | |||||||||||||||||||
Hub | Mode | Hub Group | |||||||||||||||||
Total | |||||||||||||||||||
Balance at January 1, 2012 | $ | 234,081 | $ | 29,389 | $ | 263,470 | |||||||||||||
Other | (219 | ) | — | (219 | ) | ||||||||||||||
Balance at December 31, 2012 | $ | 233,862 | $ | 29,389 | $ | 263,251 | |||||||||||||
Other | (219 | ) | — | (219 | ) | ||||||||||||||
Balance at December 31, 2013 | $ | 233,643 | $ | 29,389 | $ | 263,032 | |||||||||||||
Components of Other Intangible Assets | ' | ||||||||||||||||||
The components of the “Other intangible assets” are as follows (in thousands): | |||||||||||||||||||
As of December 31, 2013: | Gross | Accumulated | Accumulated | Net | Life | ||||||||||||||
Amount | Amortization | Impairment | Carrying | ||||||||||||||||
Loss | Value | ||||||||||||||||||
Hub | |||||||||||||||||||
Customer relationships | $ | 5,181 | $ | (2,467 | ) | $ | — | $ | 2,714 | 7-15 years | |||||||||
Trade name | 2,904 | — | (2,904 | ) | — | Indefinite | |||||||||||||
Relationships with owner operators | 1,179 | (1,179 | ) | — | — | 2-6 years | |||||||||||||
Information technology | 500 | (500 | ) | — | — | 6 years | |||||||||||||
Backlog/open orders | 20 | (20 | ) | — | — | 1 month | |||||||||||||
Hub Total | $ | 9,784 | $ | (4,166 | ) | $ | (2,904 | ) | $ | 2,714 | |||||||||
Mode | |||||||||||||||||||
Agency/customer relationships | $ | 15,362 | $ | (2,347 | ) | $ | — | $ | 13,015 | 18 years | |||||||||
Hub Group Total | $ | 25,146 | $ | (6,513 | ) | $ | (2,904 | ) | $ | 15,729 | |||||||||
As of December 31, 2012: | Gross | Accumulated | Accumulated | Net | Life | ||||||||||||||
Amount | Amortization | Impairment | Carrying | ||||||||||||||||
Loss | Value | ||||||||||||||||||
Hub | |||||||||||||||||||
Customer relationships | $ | 5,181 | $ | (2,015 | ) | $ | — | $ | 3,166 | 7-15 years | |||||||||
Trade name | 2,904 | — | — | 2,904 | Indefinite | ||||||||||||||
Relationships with owner operators | 1,179 | (1,050 | ) | — | 129 | 2-6 years | |||||||||||||
Information technology | 500 | (500 | ) | — | — | 6 years | |||||||||||||
Backlog/open orders | 20 | (20 | ) | — | — | 1 month | |||||||||||||
Hub Total | $ | 9,784 | $ | (3,585 | ) | $ | — | $ | 6,199 | ||||||||||
Mode | |||||||||||||||||||
Agency/customer relationships | $ | 15,362 | $ | (1,493 | ) | $ | — | $ | 13,869 | 18 years | |||||||||
Hub Group Total | $ | 25,146 | $ | (5,078 | ) | $ | — | $ | 20,068 | ||||||||||
Amortization Expense | ' | ||||||||||||||||||
Amortization expense for the next five years is as follows (in thousands): | |||||||||||||||||||
Hub | Mode | Hub Group | |||||||||||||||||
Total | |||||||||||||||||||
2014 | $ | 442 | $ | 853 | $ | 1,295 | |||||||||||||
2015 | 442 | 853 | 1,295 | ||||||||||||||||
2016 | 442 | 853 | 1,295 | ||||||||||||||||
2017 | 442 | 853 | 1,295 | ||||||||||||||||
2018 | 395 | 853 | 1,248 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Reconciliation of Effective Tax Rate to Federal Statutory Tax Rate | ' | ||||||||||||
The following is a reconciliation of our effective tax rate to the federal statutory tax rate: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal benefit | 3.2 | 2.9 | 3 | ||||||||||
State incentives | (0.6 | ) | — | — | |||||||||
State law changes | 0.1 | 0.3 | (0.2 | ) | |||||||||
Nondeductible expenses | 0.8 | 0.5 | 0.6 | ||||||||||
Provision for valuation allowance | — | — | (0.3 | ) | |||||||||
Other | 0.1 | 0.2 | 0.2 | ||||||||||
Net effective rate | 38.6 | % | 38.9 | % | 38.3 | % | |||||||
Summary of Provision for Income Taxes | ' | ||||||||||||
The following is a summary of our provision for income taxes (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | |||||||||||||
Federal | $ | 22,880 | $ | 30,375 | $ | 14,356 | |||||||
State and local | 3,817 | 4,331 | 3,230 | ||||||||||
Foreign | 205 | 47 | 32 | ||||||||||
26,902 | 34,753 | 17,618 | |||||||||||
Deferred | |||||||||||||
Federal | 15,920 | 7,865 | 18,146 | ||||||||||
State and local | 627 | 693 | 365 | ||||||||||
Foreign | (4 | ) | (7 | ) | (10 | ) | |||||||
16,543 | 8,551 | 18,501 | |||||||||||
Total provision | $ | 43,445 | $ | 43,304 | $ | 36,119 | |||||||
Summary of Deferred Tax Assets and Liabilities | ' | ||||||||||||
The following is a summary of our deferred tax assets and liabilities (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Reserve for uncollectible accounts receivable | $ | 2,398 | $ | 2,182 | |||||||||
Accrued compensation | 8,175 | 7,602 | |||||||||||
Other reserves | 2,356 | 2,517 | |||||||||||
Current deferred tax assets | 12,929 | 12,301 | |||||||||||
Accrued compensation | 5,919 | 5,411 | |||||||||||
Other reserves | 545 | 514 | |||||||||||
Operating loss carryforwards | 883 | 756 | |||||||||||
Less valuation allowance | (108 | ) | (122 | ) | |||||||||
Non-current deferred tax assets | 7,239 | 6,559 | |||||||||||
Total deferred tax assets | $ | 20,168 | $ | 18,860 | |||||||||
Prepaids | $ | (2,473 | ) | $ | (2,404 | ) | |||||||
Other receivables | (4,630 | ) | (4,932 | ) | |||||||||
Current deferred tax liabilities | (7,103 | ) | (7,336 | ) | |||||||||
Property and equipment | (45,185 | ) | (30,961 | ) | |||||||||
Goodwill | (79,889 | ) | (76,029 | ) | |||||||||
Non-current deferred tax liabilities | (125,074 | ) | (106,990 | ) | |||||||||
Total deferred tax liabilities | $ | (132,177 | ) | $ | (114,326 | ) | |||||||
Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | |||||||||||||
Balance at January 1, 2012 | $ | 756 | |||||||||||
Additions for tax positions taken in prior years | 27 | ||||||||||||
Balance at December 31, 2012 | $ | 783 | |||||||||||
Additions for tax positions taken in prior years | 17 | ||||||||||||
Reductions for tax positions taken in prior years | (184 | ) | |||||||||||
Reductions as a result of a lapse of the applicable statute of limitations | (157 | ) | |||||||||||
Balance at December 31, 2013 | $ | 459 | |||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
Property and equipment consist of the following (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Land | $ | 9,855 | $ | 9,855 | |||||
Building and improvements | 35,212 | 72 | |||||||
Leasehold improvements | 4,245 | 4,621 | |||||||
Computer equipment and software | 74,751 | 65,515 | |||||||
Furniture and equipment | 12,729 | 9,001 | |||||||
Transportation equipment | 236,900 | 162,461 | |||||||
Construction in process | — | 6,142 | |||||||
373,692 | 257,667 | ||||||||
Less: Accumulated depreciation and amortization | (113,292 | ) | (100,083 | ) | |||||
Property and Equipment, net | $ | 260,400 | $ | 157,584 | |||||
LongTerm_Debt_and_Financing_Ar1
Long-Term Debt and Financing Arrangements (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Outstanding Debt | ' | ||||||||
Our outstanding debt is as follows (in thousands): | |||||||||
Period Ended | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Equipment Notes due by June 19, 2018 with quarterly principal and interest payments of $480,000 commencing on August 14, 2013; interest is paid quarterly at a fixed rate between 1.9% and 2.0% | $ | 8,246 | $ | — | |||||
Less current portion | (1,771 | ) | — | ||||||
Total long-term debt | $ | 6,475 | $ | — | |||||
Summary of Aggregate Principal Payments | ' | ||||||||
Aggregate principal payments, in thousands, due subsequent to December 31, 2013, are as follows: | |||||||||
2014 | $ | 1,771 | |||||||
2015 | 1,806 | ||||||||
2016 | 1,841 | ||||||||
2017 | 1,877 | ||||||||
2018 | 951 | ||||||||
$ | 8,246 | ||||||||
Leases_User_Charges_and_Commit1
Leases, User Charges and Commitments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Future Payments Due | ' | ||||||||||||
Future Payments Due: | |||||||||||||
Operating | |||||||||||||
Leases and | |||||||||||||
Capital | Other | Total | |||||||||||
Lease | Commitments | ||||||||||||
2014 | $ | 3,186 | $ | 18,665 | $ | 21,851 | |||||||
2015 | 3,186 | 8,539 | 11,725 | ||||||||||
2016 | 3,194 | 6,525 | 9,719 | ||||||||||
2017 | 3,186 | 5,159 | 8,345 | ||||||||||
2018 | 3,186 | 3,687 | 6,873 | ||||||||||
2019 and thereafter | 8,228 | 7,206 | 15,434 | ||||||||||
$ | 24,166 | $ | 49,781 | $ | 73,947 | ||||||||
Less: Imputed interest | (3,276 | ) | |||||||||||
Net capital lease liability | $ | 20,890 | |||||||||||
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Schedule of Stock Option Activity | ' | ||||||||||||||||
The following table summarizes the stock option activity for the year ended December 31, 2013: | |||||||||||||||||
Stock Options | Shares | Weighted | Weighted | Aggregate | |||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life | |||||||||||||||||
Outstanding at January 1, 2013 | 16,500 | $ | 2.51 | 0.57 | $ | 513,004 | |||||||||||
Options exercised | (16,500 | ) | $ | 2.51 | |||||||||||||
Options forfeited | — | $ | — | ||||||||||||||
Outstanding at December 31, 2013 | — | $ | — | 0 | $ | — | |||||||||||
Exercisable at December 31, 2013 | — | $ | — | 0 | $ | — | |||||||||||
Schedule of Non-Vested Restricted Stock Activity | ' | ||||||||||||||||
The following table summarizes the non-vested restricted stock activity for the year ended December 31, 2013: | |||||||||||||||||
Non-vested restricted stock | Shares | Weighted | |||||||||||||||
Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Non-vested January 1, 2013 | 686,778 | $ | 31.5 | ||||||||||||||
Granted | 300,900 | $ | 34.64 | ||||||||||||||
Vested | (216,376 | ) | $ | 30.2 | |||||||||||||
Forfeited | (9,600 | ) | $ | 33.03 | |||||||||||||
Non-vested at December 31, 2013 | 761,702 | $ | 33.09 | ||||||||||||||
Schedule of Restricted Stock Granted | ' | ||||||||||||||||
The following table summarizes the restricted stock granted during the respective years: | |||||||||||||||||
Restricted stock grants | 2013 | 2012 | 2011 | ||||||||||||||
Employees | 280,900 | 276,017 | 246,284 | ||||||||||||||
Outside directors | 20,000 | 20,000 | 12,000 | ||||||||||||||
Total | 300,900 | 296,017 | 258,284 | ||||||||||||||
Weighted average grant date fair value | $ | 34.64 | $ | 32.62 | $ | 35.27 | |||||||||||
Vesting period | 3-5 years | 3-5 years | 3-5 years |
Stock_Buy_Back_Plans_Tables
Stock Buy Back Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Number of Shares Purchased and Maximum Value of Shares That yet be Purchased Under Plan | ' | ||||||||||||||||
The following table displays the number of shares purchased during 2013 and the maximum value of shares that may yet be purchased under the plan: | |||||||||||||||||
Total | Average | Total Number of | Maximum Value of | ||||||||||||||
Number of | Price Paid | Shares Purchased as | Shares that May Yet | ||||||||||||||
Shares | Per Share | Part of Publicly | Be Purchased Under | ||||||||||||||
Purchased | Announced Plan | the Plan | |||||||||||||||
(in 000’s) | |||||||||||||||||
January 1 to March 31 | 26,593 | $ | 33.94 | 26,593 | $ | 12,888 | |||||||||||
April 1 to June 30 | — | $ | — | — | $ | 12,888 | |||||||||||
July 1 to September 30 | — | $ | — | — | $ | 12,888 | |||||||||||
October 1 to December 31 | 351,313 | $ | 36.69 | 351,313 | $ | — | |||||||||||
Total | 377,906 | $ | 36.49 | 377,906 | $ | — | |||||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Selected Quarterly Financial Data | ' | ||||||||||||||||
The following table sets forth the selected quarterly financial data for each of the quarters in 2013 (in thousands, except per share amounts): | |||||||||||||||||
Quarter Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
Year Ended December 31, 2013: | |||||||||||||||||
Revenue | $ | 768,980 | $ | 836,685 | $ | 882,981 | $ | 885,252 | |||||||||
Gross margin | 87,338 | 95,473 | 93,124 | 95,088 | |||||||||||||
Operating income | 24,737 | 30,464 | 31,295 | 27,251 | |||||||||||||
Net income | 15,364 | 18,610 | 18,600 | 16,536 | |||||||||||||
Basic earnings per share | $ | 0.42 | $ | 0.5 | $ | 0.5 | $ | 0.45 | |||||||||
Diluted earnings per share | $ | 0.42 | $ | 0.5 | $ | 0.5 | $ | 0.45 | |||||||||
The following table sets forth the selected quarterly financial data for each of the quarters in 2012 (in thousands, except per share amounts): | |||||||||||||||||
Quarter Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||
Year Ended December 31, 2012: | |||||||||||||||||
Revenue | $ | 739,885 | $ | 778,312 | $ | 804,888 | $ | 801,023 | |||||||||
Gross margin | 83,742 | 87,358 | 91,587 | 93,379 | |||||||||||||
Operating income | 22,511 | 27,850 | 30,351 | 31,648 | |||||||||||||
Net income | 13,662 | 16,952 | 18,495 | 18,844 | |||||||||||||
Basic earnings per share | $ | 0.37 | $ | 0.46 | $ | 0.5 | $ | 0.51 | |||||||||
Diluted earnings per share | $ | 0.37 | $ | 0.46 | $ | 0.5 | $ | 0.51 |
Description_of_Business_and_Su2
Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment | ||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Reporting business segments | ' | 2 | ' | ' |
Ownership percentage | 50.00% | 50.00% | ' | ' |
Reserve for uncollectible accounts | $7,400,000 | $7,400,000 | $6,700,000 | ' |
Impairment of trade name | 2,904,000 | 2,904,000 | ' | ' |
Minimum percentage of revenue accounted for by one customer | ' | 10.00% | 10.00% | 10.00% |
State tax net operating losses, valuation allowance | $100,000 | $100,000 | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Percentage of likelihood of impairment test for indefinite lived intangibles | ' | 50.00% | ' | ' |
Building And Improvement [Member] | Maximum [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Property and equipment estimated life | ' | '40 years | ' | ' |
Computer Equipment and Software [Member] | Maximum [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Property and equipment estimated life | ' | '5 years | ' | ' |
Furniture and Equipment [Member] | Maximum [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Property and equipment estimated life | ' | '10 years | ' | ' |
Transportation Equipment and Automobiles [Member] | Maximum [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Property and equipment estimated life | ' | '15 years | ' | ' |
Software Development [Member] | Maximum [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Intangible assets estimated useful life | ' | '5 years | ' | ' |
Leasehold Improvements [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Property and equipment estimated life, description | ' | 'The shorter of useful life or lease term. | ' | ' |
Capital_Structure_Additional_I
Capital Structure - Additional Information (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Class B Common Stock [Member] | |||
Class of Stock [Line Items] | ' | ' | ' |
Common stock, rights to vote | ' | ' | '80 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 | ' |
Reconciliation_of_Earnings_Per
Reconciliation of Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income for basic and diluted earnings per share | $16,536 | $18,600 | $18,610 | $15,364 | $18,844 | $18,495 | $16,952 | $13,662 | $69,110 | $67,953 | $58,178 |
Weighted average shares outstanding - basic | ' | ' | ' | ' | ' | ' | ' | ' | 36,829 | 37,053 | 36,913 |
Dilutive effect of stock options and restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | 153 | 132 | 150 |
Weighted average shares outstanding - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 36,982 | 37,185 | 37,063 |
Earnings per share - basic | $0.45 | $0.50 | $0.50 | $0.42 | $0.51 | $0.50 | $0.46 | $0.37 | $1.88 | $1.83 | $1.58 |
Earnings per share - diluted | $0.45 | $0.50 | $0.50 | $0.42 | $0.51 | $0.50 | $0.46 | $0.37 | $1.87 | $1.83 | $1.57 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Jun. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2011 | Oct. 31, 2011 | Dec. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2011 | |
Exel Transportation Services, Inc. [Member] | Domestic Transport Inc. [Member] | Domestic Transport Inc. [Member] | Domestic Transport Inc. [Member] | Domestic Transport Inc. [Member] | Challenge Transport Inc [Member] | Challenge Transport Inc [Member] | Challenge Transport Inc [Member] | Challenge Transport Inc [Member] | |
Person | Installment | Driver and Customer Relationships [Member] | Installment | Customer Relationships [Member] | Driver Relationship [Member] | ||||
Person | Person | ||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of agents | 230 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of sales and operating agents | 90 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of sales agents | 140 | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price | ' | $700,000 | ' | ' | ' | $2,500,000 | ' | ' | ' |
Number of installment payments | ' | 4 | ' | ' | ' | 4 | ' | ' | ' |
Number of drivers | ' | 22 | ' | ' | ' | 41 | ' | ' | ' |
Initial installment payment | ' | 600,000 | ' | ' | ' | 2,000,000 | ' | ' | ' |
Subsequent quarterly installment payments | ' | 25,000 | 50,000 | 50,000 | ' | 125,000 | 500,000 | ' | ' |
Purchase price allocation | ' | ' | ' | ' | 100,000 | ' | ' | 1,300,000 | 300,000 |
Purchase price allocation, tractors | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' |
Purchase price allocation, goodwill | ' | $400,000 | ' | ' | ' | $900,000 | ' | ' | ' |
Unaudited_Pro_Forma_Consolidat
Unaudited Pro Forma Consolidated Results of Operations (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2011 |
Business Combinations [Abstract] | ' |
Revenue | $2,929,813 |
Net Income | $58,991 |
Earnings per share - basic | $1.60 |
Earnings per share - diluted | $1.59 |
Summary_of_Operating_Results_D
Summary of Operating Results (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $885,252 | $882,981 | $836,685 | $768,980 | $801,023 | $804,888 | $778,312 | $739,885 | $3,373,898 | $3,124,108 | $2,751,534 |
Transportation costs | ' | ' | ' | ' | ' | ' | ' | ' | 3,002,875 | 2,768,042 | 2,438,986 |
Gross margin | 95,088 | 93,124 | 95,473 | 87,338 | 93,379 | 91,587 | 87,358 | 83,742 | 371,023 | 356,066 | 312,548 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries and benefits | ' | ' | ' | ' | ' | ' | ' | ' | 135,341 | 129,143 | 121,044 |
Agent fees and commissions | ' | ' | ' | ' | ' | ' | ' | ' | 55,789 | 55,112 | 41,491 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 56,772 | 52,832 | 49,951 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 6,470 | 6,619 | 5,603 |
Impairment of trade name | 2,904 | ' | ' | ' | ' | ' | ' | ' | 2,904 | ' | ' |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 257,276 | 243,706 | 218,089 |
Operating income | 27,251 | 31,295 | 30,464 | 24,737 | 31,648 | 30,351 | 27,850 | 22,511 | 113,747 | 112,360 | 94,459 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 110,917 | 56,882 | 55,010 |
Operating Segments [Member] | Hub [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 2,599,763 | 2,392,289 | 2,183,914 |
Transportation costs | ' | ' | ' | ' | ' | ' | ' | ' | 2,325,512 | 2,128,942 | 1,939,263 |
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | 274,251 | 263,347 | 244,651 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries and benefits | ' | ' | ' | ' | ' | ' | ' | ' | 120,478 | 113,855 | 107,378 |
Agent fees and commissions | ' | ' | ' | ' | ' | ' | ' | ' | 1,372 | 1,900 | 2,771 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 50,484 | 45,411 | 42,523 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 4,326 | 4,448 | 3,975 |
Impairment of trade name | ' | ' | ' | ' | ' | ' | ' | ' | 2,904 | ' | ' |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 179,564 | 165,614 | 156,647 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 94,687 | 97,733 | 88,004 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 109,412 | 54,266 | 54,683 |
Operating Segments [Member] | Mode [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 823,159 | 779,928 | 586,251 |
Transportation costs | ' | ' | ' | ' | ' | ' | ' | ' | 726,387 | 687,209 | 518,354 |
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | 96,772 | 92,719 | 67,897 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries and benefits | ' | ' | ' | ' | ' | ' | ' | ' | 14,863 | 15,288 | 13,666 |
Agent fees and commissions | ' | ' | ' | ' | ' | ' | ' | ' | 54,417 | 53,212 | 38,720 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 6,288 | 7,421 | 7,428 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,144 | 2,171 | 1,628 |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 77,712 | 78,092 | 61,442 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 19,060 | 14,627 | 6,455 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1,505 | 2,616 | 327 |
Intersegment Elims [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | -49,024 | -48,109 | -18,631 |
Transportation costs | ' | ' | ' | ' | ' | ' | ' | ' | ($49,024) | ($48,109) | ($18,631) |
Schedule_of_Assets_Detail
Schedule of Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets | $1,047,943 | $919,853 | ' |
Goodwill | 263,032 | 263,251 | 263,470 |
Operating Segments [Member] | Hub [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets | 887,848 | 759,797 | ' |
Goodwill | 233,643 | 233,862 | ' |
Operating Segments [Member] | Mode [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets | 164,071 | 163,719 | ' |
Goodwill | 29,389 | 29,389 | ' |
Intersegment Elims [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets | ($3,976) | ($3,663) | ' |
Business_Segments_Summary_of_R
Business Segments - Summary of Revenue by Segment and Business Line (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $885,252 | $882,981 | $836,685 | $768,980 | $801,023 | $804,888 | $778,312 | $739,885 | $3,373,898 | $3,124,108 | $2,751,534 |
Intermodal [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 2,150,786 | 2,042,286 | 1,795,289 |
Truck brokerage [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 654,118 | 651,116 | 576,829 |
Logistics [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 568,994 | 430,706 | 379,416 |
Operating Segments [Member] | Hub [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 2,599,763 | 2,392,289 | 2,183,914 |
Operating Segments [Member] | Mode [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 823,159 | 779,928 | 586,251 |
Operating Segments [Member] | Intermodal [Member] | Hub [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,808,001 | 1,731,487 | 1,553,594 |
Operating Segments [Member] | Intermodal [Member] | Mode [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 389,186 | 354,662 | 258,087 |
Operating Segments [Member] | Truck brokerage [Member] | Hub [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 343,641 | 335,213 | 339,444 |
Operating Segments [Member] | Truck brokerage [Member] | Mode [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 311,930 | 318,848 | 238,418 |
Operating Segments [Member] | Logistics [Member] | Hub [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 448,121 | 325,589 | 290,876 |
Operating Segments [Member] | Logistics [Member] | Mode [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 122,043 | 106,418 | 89,746 |
Intersegment Elims [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | -49,024 | -48,109 | -18,631 |
Intersegment Elims [Member] | Intermodal [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | -46,401 | -43,863 | -16,392 |
Intersegment Elims [Member] | Truck brokerage [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | -1,453 | -2,945 | -1,033 |
Intersegment Elims [Member] | Logistics [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ($1,170) | ($1,301) | ($1,206) |
Carrying_Amount_of_Goodwill_De
Carrying Amount of Goodwill (Detail) (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Hub [Member] | Hub [Member] | Mode [Member] | Mode [Member] | Mode [Member] | |||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Beginning Balance | $263,251 | $263,470 | $233,862 | $234,081 | $29,389 | $29,389 | $29,389 |
Other | -219 | -219 | -219 | -219 | ' | ' | ' |
Goodwill, Ending Balance | $263,032 | $263,251 | $233,643 | $233,862 | $29,389 | $29,389 | $29,389 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Intangible Assets [Line Items] | ' | ' | ' | ' |
Impairment of trade name | $2,904,000 | $2,904,000 | ' | ' |
Intangible assets, Amortization expense | ' | $1,400,000 | $1,600,000 | $1,300,000 |
Hub [Member] | ' | ' | ' | ' |
Intangible Assets [Line Items] | ' | ' | ' | ' |
Weighted average life of definite lived intangible assets | ' | '6 years 4 months 17 days | ' | ' |
Mode [Member] | ' | ' | ' | ' |
Intangible Assets [Line Items] | ' | ' | ' | ' |
Weighted average life of definite lived intangible assets | ' | '15 years 3 months | ' | ' |
Components_of_Other_Intangible
Components of Other Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Other Intangible Assets [Line Items] | ' | ' |
Intangible Assets, Gross Amount | 25,146 | 25,146 |
Finite-lived intangible assets, Accumulated Amortization | -6,513 | -5,078 |
Finite-lived intangible assets, Accumulated Impairment Loss | -2,904 | ' |
Intangible Assets, Net Carrying Value | 15,729 | 20,068 |
Hub [Member] | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Intangible Assets, Gross Amount | 9,784 | 9,784 |
Finite-lived intangible assets, Accumulated Amortization | -4,166 | -3,585 |
Finite-lived intangible assets, Accumulated Impairment Loss | -2,904 | ' |
Intangible Assets, Net Carrying Value | 2,714 | 6,199 |
Hub [Member] | Customer Relationships [Member] | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Gross Amount | 5,181 | 5,181 |
Finite-lived intangible assets, Accumulated Amortization | -2,467 | -2,015 |
Finite-lived intangible assets, Accumulated Impairment Loss | ' | ' |
Finite-lived intangible assets, Net Carrying Value | 2,714 | 3,166 |
Hub [Member] | Customer Relationships [Member] | Minimum [Member] | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Intangible assets estimated useful life | '7 years | '7 years |
Hub [Member] | Customer Relationships [Member] | Maximum [Member] | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Intangible assets estimated useful life | '15 years | '15 years |
Hub [Member] | Relationships With Owner Operators [Member] | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Gross Amount | 1,179 | 1,179 |
Finite-lived intangible assets, Accumulated Amortization | -1,179 | -1,050 |
Finite-lived intangible assets, Accumulated Impairment Loss | ' | ' |
Finite-lived intangible assets, Net Carrying Value | ' | 129 |
Hub [Member] | Relationships With Owner Operators [Member] | Minimum [Member] | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Intangible assets estimated useful life | '2 years | '2 years |
Hub [Member] | Relationships With Owner Operators [Member] | Maximum [Member] | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Intangible assets estimated useful life | '6 years | '6 years |
Hub [Member] | Information Technology [Member] | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Gross Amount | 500 | 500 |
Finite-lived intangible assets, Accumulated Amortization | -500 | -500 |
Finite-lived intangible assets, Accumulated Impairment Loss | ' | ' |
Finite-lived intangible assets, Net Carrying Value | ' | ' |
Intangible assets estimated useful life | '6 years | '6 years |
Hub [Member] | Backlog/open orders [Member] | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Gross Amount | 20 | 20 |
Finite-lived intangible assets, Accumulated Amortization | -20 | -20 |
Finite-lived intangible assets, Accumulated Impairment Loss | ' | ' |
Finite-lived intangible assets, Net Carrying Value | ' | ' |
Intangible assets estimated useful life | '1 month | '1 month |
Hub [Member] | Trade Names [Member] | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Indefinite-lived intangible assets, Gross Amount | 2,904 | 2,904 |
Indefinite-lived intangible assets, Net Carrying Value | ' | 2,904 |
Mode [Member] | Agency/Customer Relationships [Member] | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Gross Amount | 15,362 | 15,362 |
Finite-lived intangible assets, Accumulated Amortization | -2,347 | -1,493 |
Finite-lived intangible assets, Accumulated Impairment Loss | ' | ' |
Finite-lived intangible assets, Net Carrying Value | 13,015 | 13,869 |
Intangible assets estimated useful life | '18 years | '18 years |
Amortization_Expense_Detail
Amortization Expense (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill [Line Items] | ' |
2014 | $1,295 |
2015 | 1,295 |
2016 | 1,295 |
2017 | 1,295 |
2018 | 1,248 |
Hub [Member] | ' |
Goodwill [Line Items] | ' |
2014 | 442 |
2015 | 442 |
2016 | 442 |
2017 | 442 |
2018 | 395 |
Mode [Member] | ' |
Goodwill [Line Items] | ' |
2014 | 853 |
2015 | 853 |
2016 | 853 |
2017 | 853 |
2018 | $853 |
Reconciliation_of_Effective_Ta
Reconciliation of Effective Tax Rate to Federal Statutory Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U.S. federal statutory rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 3.20% | 2.90% | 3.00% |
State incentives | -0.60% | ' | ' |
State law changes | 0.10% | 0.30% | -0.20% |
Nondeductible expenses | 0.80% | 0.50% | 0.60% |
Provision for valuation allowance | ' | ' | -0.30% |
Other | 0.10% | 0.20% | 0.20% |
Net effective rate | 38.60% | 38.90% | 38.30% |
Summary_of_Provision_for_Incom
Summary of Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current | ' | ' | ' |
Federal | $22,880 | $30,375 | $14,356 |
State and local | 3,817 | 4,331 | 3,230 |
Foreign | 205 | 47 | 32 |
Current income tax expense, total | 26,902 | 34,753 | 17,618 |
Deferred | ' | ' | ' |
Federal | 15,920 | 7,865 | 18,146 |
State and local | 627 | 693 | 365 |
Foreign | -4 | -7 | -10 |
Deferred income tax expense, total | 16,543 | 8,551 | 18,501 |
Total provision | $43,445 | $43,304 | $36,119 |
Summary_of_Deferred_Tax_Assets
Summary of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Reserve for uncollectible accounts receivable | $2,398 | $2,182 |
Accrued compensation | 8,175 | 7,602 |
Other reserves | 2,356 | 2,517 |
Current deferred tax assets | 12,929 | 12,301 |
Accrued compensation | 5,919 | 5,411 |
Other reserves | 545 | 514 |
Operating loss carryforwards | 883 | 756 |
Less valuation allowance | -108 | -122 |
Non-current deferred tax assets | 7,239 | 6,559 |
Total deferred tax assets | 20,168 | 18,860 |
Prepaids | -2,473 | -2,404 |
Other receivables | -4,630 | -4,932 |
Current deferred tax liabilities | -7,103 | -7,336 |
Property and equipment | -45,185 | -30,961 |
Goodwill | -79,889 | -76,029 |
Non-current deferred tax liabilities | -125,074 | -106,990 |
Total deferred tax liabilities | ($132,177) | ($114,326) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Line Items] | ' | ' | ' |
Operating loss carryforwards | $883,000 | $756,000 | ' |
Valuation allowance for state tax net operating losses | 108,000 | 122,000 | ' |
Unrecognized tax benefits | 459,000 | 783,000 | 756,000 |
Potential increase (decrease) in income tax provision | 500,000 | 800,000 | ' |
Audited refund claim for tax | 300,000 | ' | ' |
Possible reduction in unrecognized tax benefits resulting from audit settlements | 200,000 | ' | ' |
Possible increase in unrecognized tax benefits resulting from audit settlements | 200,000 | ' | ' |
Interest expense related to income tax liabilities | 1,000 | ' | ' |
Income tax penalties related to income tax liabilities | $1,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating loss carryforwards, expiration date | 31-Dec-14 | ' | ' |
Maximum [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating loss carryforwards, expiration date | 31-Dec-33 | ' | ' |
Unrecognized_Tax_Benefits_Deta
Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Beginning Balance | $783 | $756 |
Additions for tax positions taken in prior years | 17 | 27 |
Reductions for tax positions taken in prior years | -184 | ' |
Reductions as a result of a lapse of the applicable statute of limitations | -157 | ' |
Ending Balance | $459 | $783 |
Fair_Value_Measurement_Additio
Fair Value Measurement - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Cash And Cash Equivalents [Abstract] | ' | ' |
Restricted investments | $20.80 | $17.20 |
Property_and_Equipment_Detail
Property and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, gross | $373,692 | $257,667 |
Less: Accumulated depreciation and amortization | -113,292 | -100,083 |
Property and Equipment, net | 260,400 | 157,584 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, gross | 9,855 | 9,855 |
Building and improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, gross | 35,212 | 72 |
Leasehold improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, gross | 4,245 | 4,621 |
Computer equipment and software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, gross | 74,751 | 65,515 |
Furniture and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, gross | 12,729 | 9,001 |
Transportation equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, gross | 236,900 | 162,461 |
Construction in process [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, gross | ' | $6,142 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and Equipment, gross | $373,692,000 | $257,667,000 | ' |
Transportation equipment | 236,900,000 | 162,500,000 | ' |
Equipment, capital lease obligation | ' | ' | 26,400,000 |
Equipment, capital lease obligation, net | 20,000,000 | 22,600,000 | ' |
Depreciation and amortization expense related to property and equipment | 20,200,000 | 19,600,000 | 14,800,000 |
Amortization expense under capital lease obligation | 2,600,000 | 2,600,000 | 1,100,000 |
Building and improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and Equipment, gross | 35,212,000 | 72,000 | ' |
Construction in process [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and Equipment, gross | ' | $6,142,000 | ' |
LongTerm_Debt_and_Financing_Ar2
Long-Term Debt and Financing Arrangements - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Chassis | |||
Schedule Of Debt [Line Items] | ' | ' | ' |
Maximum unsecured borrowing capacity | $50 | ' | ' |
Line of credit, expiration date | 31-Dec-18 | ' | ' |
Number of chassis leased | ' | ' | 3,126 |
Chassis, lease agreement period (years) | ' | ' | '10 years |
Capital lease interest paid | 0.9 | 1 | 0.3 |
Minimum [Member] | ' | ' | ' |
Schedule Of Debt [Line Items] | ' | ' | ' |
Commitment fee charged on the unused line of credit | 0.10% | ' | ' |
Maximum [Member] | ' | ' | ' |
Schedule Of Debt [Line Items] | ' | ' | ' |
Commitment fee charged on the unused line of credit | 0.25% | ' | ' |
Total leverage ratio | 3.00% | ' | ' |
Interest coverage ratio | 1.00% | ' | ' |
Standby Letters of Credit [Member] | ' | ' | ' |
Schedule Of Debt [Line Items] | ' | ' | ' |
Outstanding letters of credit | 5.2 | ' | ' |
Letters of credit expiration, year | '2014 | ' | ' |
Revolving Line of Credit Facility [Member] | ' | ' | ' |
Schedule Of Debt [Line Items] | ' | ' | ' |
Unused and available borrowings under bank revolving line of credit | 44.8 | 46.3 | ' |
Equipment Note [Member] | ' | ' | ' |
Schedule Of Debt [Line Items] | ' | ' | ' |
Notes, expiration, start date | 14-May-18 | ' | ' |
Notes, expiration, end date | 19-Jun-18 | ' | ' |
Notes, fixed interest rate, minimum | 1.90% | ' | ' |
Notes, fixed interest rate, maximum | 2.00% | ' | ' |
Notes, quarterly principal and interest payments | $0.50 | ' | ' |
Notes, number of tractors financing | 80 | ' | ' |
LIBOR rate [Member] | Minimum [Member] | ' | ' | ' |
Schedule Of Debt [Line Items] | ' | ' | ' |
Interest rate under the Credit Agreement | 1.00% | ' | ' |
LIBOR rate [Member] | Maximum [Member] | ' | ' | ' |
Schedule Of Debt [Line Items] | ' | ' | ' |
Interest rate under the Credit Agreement | 1.75% | ' | ' |
Prime Rate [Member] | ' | ' | ' |
Schedule Of Debt [Line Items] | ' | ' | ' |
Interest rate under the Credit Agreement | 0.75% | ' | ' |
LongTerm_Debt_and_Financing_Ar3
Long-Term Debt and Financing Arrangements - Schedule of Outstanding Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Equipment Notes due by June 19, 2018 with quarterly principal and interest payments of $480,000 commencing on August 14, 2013; interest is paid quarterly at a fixed rate between 1.9% and 2.0% | $8,246 | ' |
Less current portion | -1,771 | ' |
Total long-term debt | $6,475 | ' |
LongTerm_Debt_and_Financing_Ar4
Long-Term Debt and Financing Arrangements - Summary of Aggregate Principal Payments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $1,771 |
2015 | 1,806 |
2016 | 1,841 |
2017 | 1,877 |
2018 | 951 |
Total Notes | $8,246 |
Leases_User_Charges_and_Commit2
Leases, User Charges and Commitments - Future Payments Due (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
Future Payments Due, Capital Lease, 2014 | $3,186 |
Future Payments Due, Capital Lease, 2015 | 3,186 |
Future Payments Due, Capital Lease, 2016 | 3,194 |
Future Payments Due, Capital Lease, 2017 | 3,186 |
Future Payments Due, Capital Lease, 2018 | 3,186 |
Future Payments Due, Capital Lease, 2019 and thereafter | 8,228 |
Future Payments Due, Capital Lease, Total | 24,166 |
Less: Imputed interest | -3,276 |
Net capital lease liability | 20,890 |
Future Payments Due, Operating Leases and Other Commitments, 2014 | 18,665 |
Future Payments Due, Operating Leases and Other Commitments, 2015 | 8,539 |
Future Payments Due, Operating Leases and Other Commitments, 2016 | 6,525 |
Future Payments Due, Operating Leases and Other Commitments, 2017 | 5,159 |
Future Payments Due, Operating Leases and Other Commitments, 2018 | 3,687 |
Future Payments Due, Operating Leases and Other Commitments, 2019 and thereafter | 7,206 |
Future Payments Due, Operating Leases and Other Commitments, Total | 49,781 |
Future Payments Due, Total Leases, 2014 | 21,851 |
Future Payments Due, Total Leases, 2015 | 11,725 |
Future Payments Due, Total Leases, 2016 | 9,719 |
Future Payments Due, Total Leases, 2017 | 8,345 |
Future Payments Due, Total Leases, 2018 | 6,873 |
Future Payments Due, Total Leases, 2019 and thereafter | 15,434 |
Future Payments Due, Leases, Total | $73,947 |
Leases_User_Charges_and_Commit3
Leases, User Charges and Commitments - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Containers | ||||
Lease and Rental Expense [Line Items] | ' | ' | ' | ' |
Rental expense | ' | $10.10 | $8.80 | $9.90 |
Rail transportation charges | ' | 69.1 | 67 | 64 |
Number of containers to be purchased at lease expiration date | 2,000 | ' | ' | ' |
Total price of containers to be purchased at lease expiration date | 7.8 | ' | ' | ' |
Leases expiry date | '2014 | ' | ' | ' |
Transportation Costs [Member] | ' | ' | ' | ' |
Lease and Rental Expense [Line Items] | ' | ' | ' | ' |
Rental expense | ' | $10.20 | $9.30 | $9.40 |
Guarantees_Additional_Informat
Guarantees - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Guarantees [Abstract] | ' | ' |
Expiration dates of guarantees | '2020 | ' |
Potential maximum exposure under these lease guarantees | $39 | $48.20 |
Liability for guarantees representing fair value based on discounted cash-flow analysis | $0.70 | $1 |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 1996 | Dec. 31, 1997 | Dec. 31, 1999 | Dec. 31, 2007 | Dec. 31, 2003 | Dec. 31, 2002 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Minimum [Member] | Maximum [Member] | 1996 Incentive Plan [Member] | 1997 Incentive Plan [Member] | 1999 Incentive Plan [Member] | Two Thousand Two Stock Incentive Plan [Member] | Two Thousand Two Stock Incentive Plan [Member] | Two Thousand Two Stock Incentive Plan [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | ||||
Employees [Member] | Outside Directors [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares reserved under long-term incentive plan | ' | ' | ' | ' | ' | 1,800,000 | 600,000 | 2,400,000 | 1,000,000 | 2,000,000 | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock vesting period | ' | ' | ' | '3 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | '3 years | '5 years | '5 years | '5 years |
Shares available for future grant | 929,623 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense related to share-based compensation plans | $7,667,000 | $6,539,000 | $4,788,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense related to share-based compensation plans, et tax | 4,600,000 | 4,000,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of options exercised | 600,000 | 1,200,000 | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from stock options exercised | 41,000 | 69,000 | 86,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit from stock options exercised | 200,000 | 500,000 | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of restricted shares vested | 7,500,000 | 5,400,000 | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to non-vested share-based compensation | $18,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost weighted average period recognized (years) | '2 years 10 months 2 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock grants | 300,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,900 | 296,017 | 258,284 | 249,773 | 20,000 | ' | ' | ' | ' | ' | ' |
Restricted stock grants, Weighted average grant date fair value | $34.64 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $34.64 | $32.62 | $35.27 | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Plans_2
Stock-Based Compensation Plans - Stock Option Activity (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Shares, Beginning Balance | 16,500 | ' |
Shares, Options exercised | -16,500 | ' |
Options forfeited | ' | ' |
Shares, Ending Balance | ' | 16,500 |
Shares, Exercisable | ' | ' |
Weighted Average Exercise Price, Beginning Balance | $2.51 | ' |
Weighted Average Exercise Price, Options exercised | $2.51 | ' |
Weighted Average Exercise Price, Options forfeited | ' | ' |
Weighted Average Exercise Price, Ending Balance | ' | $2.51 |
Weighted Average Exercise Price, Exercisable | ' | ' |
Weighted Average Remaining Contractual Life | '6 months 26 days | '0 years |
Weighted Average Remaining Contractual Life, Exercisable | '0 years | ' |
Aggregate Intrinsic Value, Beginning Balance | $513,004 | ' |
Aggregate Intrinsic Value, Ending Balance | ' | 513,004 |
Aggregate Intrinsic Value, Exercisable | ' | ' |
StockBased_Compensation_Plans_3
Stock-Based Compensation Plans - Schedule of Non-Vested Restricted Stock Activity (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Shares Non-vested, Beginning balance | 686,778 |
Shares, Granted | 300,900 |
Shares, Vested | -216,376 |
Shares, Forfeited | -9,600 |
Shares Non-vested, Ending balance | 761,702 |
Weighted average grant date fair value Non-vested, Beginning balance | $31.50 |
Weighted average grant date fair value, Granted | $34.64 |
Weighted average grant date fair value, Vested | $30.20 |
Weighted average grant date fair value, Forfeited | $33.03 |
Weighted average grant date fair value Non-vested, Ending balance | $33.09 |
StockBased_Compensation_Plans_4
Stock-Based Compensation Plans - Restricted Stock Granted (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Restricted Stock Unit [Line Items] | ' | ' | ' |
Restricted stock grants | 300,900 | ' | ' |
Restricted stock grants, Weighted average grant date fair value | $34.64 | ' | ' |
Minimum [Member] | ' | ' | ' |
Schedule of Restricted Stock Unit [Line Items] | ' | ' | ' |
Restricted stock vesting period, Years | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Schedule of Restricted Stock Unit [Line Items] | ' | ' | ' |
Restricted stock vesting period, Years | '5 years | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Schedule of Restricted Stock Unit [Line Items] | ' | ' | ' |
Restricted stock grants | 300,900 | 296,017 | 258,284 |
Restricted stock grants, Weighted average grant date fair value | $34.64 | $32.62 | $35.27 |
Restricted Stock [Member] | Minimum [Member] | ' | ' | ' |
Schedule of Restricted Stock Unit [Line Items] | ' | ' | ' |
Restricted stock vesting period, Years | '3 years | '3 years | '3 years |
Restricted Stock [Member] | Maximum [Member] | ' | ' | ' |
Schedule of Restricted Stock Unit [Line Items] | ' | ' | ' |
Restricted stock vesting period, Years | '5 years | '5 years | '5 years |
Restricted Stock [Member] | Employees [Member] | ' | ' | ' |
Schedule of Restricted Stock Unit [Line Items] | ' | ' | ' |
Restricted stock grants | 280,900 | 276,017 | 246,284 |
Restricted Stock [Member] | Outside Directors [Member] | ' | ' | ' |
Schedule of Restricted Stock Unit [Line Items] | ' | ' | ' |
Restricted stock grants | 20,000 | 20,000 | 12,000 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' | ' |
Expenses related to employer contributions | $1.80 | $1.60 | $1.50 |
Expenses related to deferred compensation plan | 0.4 | 0.3 | 0.4 |
Deferred compensation liability | $21.50 | $18.10 | ' |
Nonqualified Deferred Compensation Plan [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' | ' |
Percent match by employer on the first 6% of employee compensation | 50.00% | ' | ' |
Maximum percent of compensation employer will match | 3.00% | ' | ' |
Stock_Buy_Back_Plans_Additiona
Stock Buy Back Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Employee Restricted Stock Plan [Member] | Employee Restricted Stock Plan [Member] | |||||||
Class A Common Stock [Member] | Class A Common Stock [Member] | ||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase program, authorized amount | ' | ' | ' | ' | ' | ' | $25,000,000 | ' | ' | ' | ' |
Purchase of treasury shares (in shares) | 351,313 | ' | ' | 26,593 | 377,906 | ' | ' | 377,906 | 347,592 | 75,995 | 55,463 |
Purchase of treasury shares | ' | ' | ' | ' | $13,791,000 | $11,208,000 | ' | ' | ' | $2,600,000 | $1,800,000 |
Stock_Buy_Back_Plans_Number_of
Stock Buy Back Plans - Number of Shares Purchased and Maximum Value of Shares That yet be Purchased Under Plan (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 |
Equity [Abstract] | ' | ' | ' | ' | ' |
Total Number of Shares Purchased | 351,313 | ' | ' | 26,593 | 377,906 |
Average Price Paid Per Share | $36.69 | ' | ' | $33.94 | $36.49 |
Total Number of Shares Purchased as Part of Publicly Announced Plan | 351,313 | ' | ' | 26,593 | 377,906 |
Maximum Value of Shares that May Yet Be Purchased Under the Plan | ' | $12,888 | $12,888 | $12,888 | ' |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) - Summary of Selected Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $885,252 | $882,981 | $836,685 | $768,980 | $801,023 | $804,888 | $778,312 | $739,885 | $3,373,898 | $3,124,108 | $2,751,534 |
Gross margin | 95,088 | 93,124 | 95,473 | 87,338 | 93,379 | 91,587 | 87,358 | 83,742 | 371,023 | 356,066 | 312,548 |
Operating income | 27,251 | 31,295 | 30,464 | 24,737 | 31,648 | 30,351 | 27,850 | 22,511 | 113,747 | 112,360 | 94,459 |
Net income | $16,536 | $18,600 | $18,610 | $15,364 | $18,844 | $18,495 | $16,952 | $13,662 | $69,110 | $67,953 | $58,178 |
Basic earnings per share | $0.45 | $0.50 | $0.50 | $0.42 | $0.51 | $0.50 | $0.46 | $0.37 | $1.88 | $1.83 | $1.58 |
Diluted earnings per share | $0.45 | $0.50 | $0.50 | $0.42 | $0.51 | $0.50 | $0.46 | $0.37 | $1.87 | $1.83 | $1.57 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 1 Months Ended | |||
In Millions, unless otherwise specified | Oct. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 |
Tractor | Subsequent Event [Member] | Minimum [Member] | Maximum [Member] | |
Subsequent Event [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | ' | ' | ' | ' |
Purchase contract units, tractors | 200 | ' | ' | ' |
Total costs of purchasing tractors | $25.40 | ' | ' | ' |
Secured debt period | ' | '5 years | ' | ' |
Interest on secured debt | ' | ' | 1.87% | 1.93% |
Recovered_Sheet1
Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Allowance for Uncollectible Trade Accounts [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Year | $6,689,000 | $7,730,000 | $3,879,000 | |||
Charged to Costs & Expenses | 662,000 | 208,000 | 5,314,000 | [1] | ||
Charged to Other Accounts | 142,000 | [2] | -623,000 | [2] | -1,294,000 | [2] |
Deductions | -47,000 | [3] | -626,000 | [3] | -169,000 | [3] |
Balance at End of Year | 7,446,000 | 6,689,000 | 7,730,000 | |||
Deferred tax valuation allowance [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Year | 122,000 | 108,000 | 379,000 | |||
Charged to Costs & Expenses | -14,000 | 14,000 | -271,000 | |||
Balance at End of Year | $108,000 | $122,000 | $108,000 | |||
[1] | Includes an increase in the allowance due to the Mode Transportation, LLC business acquisition of $4.4 million. | |||||
[2] | Expected customer account adjustments charged to revenue and write-offs, net of recoveries | |||||
[3] | Represents bad debt recoveries. |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Valuation And Qualifying Accounts [Abstract] | ' |
Allowance increase | $4.40 |