Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 26, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | HUBG | |
Entity Registrant Name | HUB GROUP INC | |
Entity Central Index Key | 940,942 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 35,698,057 | |
Class B Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 662,296 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 183,547 | $ 109,769 |
Accounts receivable trade, net | 411,849 | 401,803 |
Accounts receivable other | 9,206 | 24,886 |
Prepaid taxes | 1,358 | 14,937 |
Deferred taxes | 7,712 | 4,816 |
Prepaid expenses and other current assets | 15,797 | 14,355 |
TOTAL CURRENT ASSETS | 629,469 | 570,566 |
Restricted investments | 20,555 | 21,944 |
Property and equipment, net | 350,726 | 338,327 |
Other intangibles, net | 13,463 | 14,434 |
Goodwill, net | 262,649 | 262,813 |
Other assets | 4,099 | 4,043 |
TOTAL ASSETS | 1,280,961 | 1,212,127 |
CURRENT LIABILITIES: | ||
Accounts payable trade | 273,284 | 256,345 |
Accounts payable other | 25,726 | 21,333 |
Accrued payroll | 21,037 | 16,192 |
Accrued other | 45,920 | 43,523 |
Current portion of capital lease | 2,584 | 2,504 |
Current portion of long term debt | 25,929 | 19,619 |
TOTAL CURRENT LIABILITIES | 394,480 | 359,516 |
Long term debt | 80,690 | 72,460 |
Non-current liabilities | 19,562 | 22,929 |
Long term portion of capital lease | 13,974 | 15,937 |
Deferred taxes | $ 148,754 | $ 140,501 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock, $.01 par value; 2,000,000 shares authorized; no shares issued or outstanding in 2015 and 2014 | ||
Additional paid-in capital | $ 169,979 | $ 171,235 |
Purchase price in excess of predecessor basis, net of tax benefit of $10,306 | (15,458) | (15,458) |
Retained earnings | 638,384 | 589,809 |
Accumulated other comprehensive loss | (177) | (77) |
Treasury stock; at cost, 5,526,735 shares in 2015 and 4,977,468 shares in 2014 | (169,646) | (145,144) |
TOTAL STOCKHOLDERS' EQUITY | 623,501 | 600,784 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,280,961 | 1,212,127 |
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 ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
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 | |
Treasury stock, shares | 5,526,735 | 4,977,468 |
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 | 35,698,057 | 36,247,324 |
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 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
Revenue | $ 899,869 | $ 913,386 | $ 2,635,323 | $ 2,655,765 |
Transportation costs | 794,805 | 820,190 | 2,339,402 | 2,375,240 |
Gross margin | 105,064 | 93,196 | 295,921 | 280,525 |
Costs and expenses: | ||||
Salaries and benefits | 36,357 | 30,868 | 114,670 | 103,516 |
Agent fees and commissions | 17,862 | 16,592 | 49,374 | 45,802 |
General and administrative | 15,461 | 13,868 | 44,295 | 43,981 |
Depreciation and amortization | 1,966 | 1,967 | 5,893 | 5,902 |
Driver settlements and related costs | 10,343 | 10,343 | ||
Impairment of software | 11,881 | 11,881 | ||
Total costs and expenses | 71,646 | 85,519 | 214,232 | 221,425 |
Operating income | 33,418 | 7,677 | 81,689 | 59,100 |
Other income (expense): | ||||
Interest expense | (757) | (361) | (2,218) | (1,166) |
Interest and dividend income | 22 | (4) | 47 | 21 |
Other, net | (952) | 39 | (2,095) | (191) |
Total other expense | (1,687) | (326) | (4,266) | (1,336) |
Income before provision for income taxes | 31,731 | 7,351 | 77,423 | 57,764 |
Provision for income taxes | 11,899 | 2,860 | 28,848 | 22,562 |
Net income | 19,832 | 4,491 | 48,575 | 35,202 |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustments | (80) | 14 | (100) | 47 |
Total comprehensive income | $ 19,752 | $ 4,505 | $ 48,475 | $ 35,249 |
Basic earnings per common share | $ 0.55 | $ 0.12 | $ 1.35 | $ 0.96 |
Diluted earnings per common share | $ 0.55 | $ 0.12 | $ 1.35 | $ 0.96 |
Basic weighted average number of shares outstanding | 35,769 | 36,676 | 35,970 | 36,670 |
Diluted weighted average number of shares outstanding | 35,903 | 36,858 | 36,049 | 36,799 |
UNAUDITED CONSOLIDATED STATEME5
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net Income | $ 48,575 | $ 35,202 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 26,662 | 21,165 |
Impairment of software | 11,881 | |
Deferred taxes | 5,757 | 8,288 |
Compensation expense related to share-based compensation plans | 5,843 | 6,238 |
Gain on sale of assets | (116) | (20) |
Excess tax benefits from share based compensation | (40) | |
Changes in operating assets and liabilities: | ||
Restricted investments | 1,389 | (875) |
Accounts receivable, net | 6,540 | (49,102) |
Prepaid taxes | 13,579 | (5,794) |
Prepaid expenses and other current assets | (1,442) | (7,104) |
Other assets | (56) | (1,572) |
Accounts payable | 21,308 | 38,281 |
Accrued expenses | 8,337 | 2,581 |
Non-current liabilities | (3,505) | (534) |
Net cash provided by operating activities | 132,831 | 58,635 |
Cash flows from investing activities: | ||
Proceeds from sale of equipment | 922 | 420 |
Purchases of property and equipment | (40,951) | (75,881) |
Net cash used in investing activities | (40,029) | (75,461) |
Cash flows from financing activities: | ||
Proceeds from issuance of debt | 31,376 | 49,268 |
Repayments of long term debt | (16,836) | (4,198) |
Stock tendered for payments of withholding taxes | (2,902) | (3,184) |
Purchase of treasury stock | (28,823) | |
Capital lease payments | (1,883) | (1,632) |
Excess tax benefits from share-based compensation | 166 | 434 |
Net cash (used in) provided by financing activities | (18,902) | 40,688 |
Effect of exchange rate changes on cash and cash equivalents | (122) | 1 |
Net increase in cash and cash equivalents | 73,778 | 23,863 |
Cash and cash equivalents beginning of the year | 109,769 | 68,964 |
Cash and cash equivalents end of the year | 183,547 | 92,827 |
Supplemental disclosures of cash paid for: | ||
Interest | 2,227 | 1,036 |
Income taxes | $ 6,469 | $ 20,069 |
Interim Financial Statements
Interim Financial Statements | 9 Months Ended |
Sep. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Financial Statements | NOTE 1. Interim Financial Statements Our accompanying unaudited consolidated financial statements of Hub Group, Inc. (“we”, “us” or “our”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements have been omitted pursuant to those rules and regulations. However, we believe that the disclosures contained herein are adequate to make the information presented not misleading. The financial statements reflect, in our opinion, all material adjustments (which include only normal recurring adjustments) necessary to fairly present our financial position as of September 30, 2015 and results of operations for the three and nine month periods ended September 30, 2015 and 2014. These unaudited consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014. Results of operations in interim periods are not necessarily indicative of results to be expected for a full year due partially to seasonality. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Business Segments | NOTE 2. Business Segments We report two business segments, Hub and Mode, based on the way we manage, evaluate and internally report our business activities. 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 has independent business owners who sell and operate the business throughout North America, as well as sales only agents. Mode also has a company managed operation and corporate offices in Dallas, TX, a temperature protected services division, Temstar, located in Oak Brook, IL and corporate offices in Memphis, TN. 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 and certain other financial data for our business segments (in thousands): Three Months Three Months Ended September 30, 2015 Ended September 30, 2014 Inter- Hub Inter- Hub Segment Group Segment Group Hub Mode Elims Total Hub Mode Elims Total Revenue $ 680,559 $ 239,375 $ (20,065 ) $ 899,869 $ 691,835 $ 245,421 $ (23,870 ) $ 913,386 Transportation costs 606,081 208,789 (20,065 ) 794,805 627,752 216,308 (23,870 ) 820,190 Gross margin 74,478 30,586 - 105,064 64,083 29,113 - 93,196 Costs and expenses: Salaries and benefits 32,917 3,440 - 36,357 27,428 3,440 - 30,868 Agent fees and commissions 14 17,848 - 17,862 15 16,577 - 16,592 General and administrative 13,659 1,802 - 15,461 12,144 1,724 - 13,868 Depreciation and amortization 1,647 319 - 1,966 1,627 340 - 1,967 Driver settlement and related costs - - - - 10,343 - - 10,343 Impairment of software - - - - 11,881 - - 11,881 Total costs and expenses 48,237 23,409 - 71,646 63,438 22,081 - 85,519 Operating income $ 26,241 $ 7,177 $ - $ 33,418 $ 645 $ 7,032 $ - $ 7,677 Capital Expenditures $ 15,817 $ 1,418 $ - $ 17,235 $ 29,287 $ 151 $ - $ 29,438 The following table summarizes our revenue by segment and business line (in thousands) for the quarter ended September 30: Three Months Three Months Ended September 30, 2015 Ended September 30, 2014 Inter- Hub Inter- Hub Segment Group Segment Group Hub Mode Elims Total Hub Mode Elims Total Intermodal $ 459,921 $ 124,009 $ (18,699 ) $ 565,231 $ 460,935 $ 123,438 $ (22,626 ) $ 561,747 Truck brokerage 83,828 80,612 (696 ) 163,744 84,208 87,420 (181 ) 171,447 Logistics 136,810 34,754 (670 ) 170,894 146,692 34,563 (1,063 ) 180,192 Total revenue $ 680,559 $ 239,375 $ (20,065 ) $ 899,869 $ 691,835 $ 245,421 $ (23,870 ) $ 913,386 The Nine Months Nine Months Ended September 30, 2015 Ended September 30, 2014 Inter- Hub Inter- Hub Segment Group Segment Group Hub Mode Elims Total Hub Mode Elims Total Revenue $ 2,010,453 $ 686,744 $ (61,874 ) $ 2,635,323 $ 2,027,293 $ 685,865 $ (57,393 ) $ 2,655,765 Transportation costs 1,800,628 600,648 (61,874 ) 2,339,402 1,828,014 604,619 (57,393 ) 2,375,240 Gross margin 209,825 86,096 - 295,921 199,279 81,246 - 280,525 Costs and expenses: Salaries and benefits 103,865 10,805 - 114,670 92,812 10,704 - 103,516 Agent fees and commissions 43 49,331 - 49,374 31 45,771 - 45,802 General and administrative 39,051 5,244 - 44,295 38,701 5,280 - 43,981 Depreciation and amortization 4,912 981 - 5,893 4,682 1,220 - 5,902 Driver settlement and related costs - - - - 10,343 - - 10,343 Impairment of software - - - - 11,881 - - 11,881 Total costs and expenses 147,871 66,361 - 214,232 158,450 62,975 - 221,425 Operating income $ 61,954 $ 19,735 $ - $ 81,689 $ 40,829 $ 18,271 $ - $ 59,100 Capital Expenditures $ 39,365 $ 1,586 $ - $ 40,951 $ 75,390 $ 491 $ - $ 75,881 As of September 30, 2015 As of December 31, 2014 Inter- Hub Inter- Hub Segment Group Segment Group Hub Mode Elims Total Hub Mode Elims Total Total assets $ 1,108,594 $ 178,457 $ (6,090 ) $ 1,280,961 $ 1,030,722 $ 189,787 $ (8,382 ) $ 1,212,127 Goodwill 233,260 29,389 - 262,649 233,424 29,389 - 262,813 The following table summarizes our revenue by segment and business line (in thousands) for the nine months ended September 30: Nine Months Nine Months Ended September 30, 2015 Ended September 30, 2014 Inter- Hub Inter- Hub Segment Group Segment Group Hub Mode Elims Total Hub Mode Elims Total Intermodal $ 1,345,776 $ 352,822 $ (59,066 ) $ 1,639,532 $ 1,352,130 $ 337,618 $ (54,865 ) $ 1,634,883 Truck brokerage 266,187 237,655 (1,278 ) 502,564 254,582 252,480 (717 ) 506,345 Logistics 398,490 96,267 (1,530 ) 493,227 420,581 95,767 (1,811 ) 514,537 Total revenue $ 2,010,453 $ 686,744 $ (61,874 ) $ 2,635,323 $ 2,027,293 $ 685,865 $ (57,393 ) $ 2,655,765 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
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): Three Months Ended, September 30, Nine Months Ended, September 30, 2015 2014 2015 2014 Net income for basic and diluted earnings per share $ 19,832 $ 4,491 $ 48,575 $ 35,202 Weighted average shares outstanding - basic 35,769 36,676 35,970 36,670 Dilutive effect of stock options and restricted stock 134 182 79 129 Weighted average shares outstanding - diluted 35,903 36,858 36,049 36,799 Earnings per share - basic $ 0.55 $ 0.12 $ 1.35 $ 0.96 Earnings per share - diluted $ 0.55 $ 0.12 $ 1.35 $ 0.96 |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | NOTE 4. Fair Value Measurement The carrying value of cash and cash equivalents, accounts receivable and accounts payable and long term debt approximated fair value as of September 30, 2015 and December 31, 2014. We consider as cash equivalents all highly liquid instruments with an original maturity of three months or less. As of September 30, 2015 and December 31, 2014, our cash and temporary investments were with high quality financial institutions in Demand Deposit Accounts and Savings Accounts. Restricted investments, as of September 30, 2015 of $20.6 million and December 31, 2014 of $21.9 million, included mutual funds which are reported at fair value. Our assets and liabilities measured at fair value are based on valuation techniques which consider prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. These valuation methods are based on either quoted market prices (Level 1) or inputs, other than quoted prices in active markets, that are observable either directly or indirectly (Level 2). Cash and cash equivalents, accounts receivable and accounts payable are defined as “Level 1”, while long term debt is defined as “Level 2” of the fair value hierarchy in the Fair Value Measurements and Disclosures Topic of the Codification. . |
Long-Term Debt and Financing Ar
Long-Term Debt and Financing Arrangements | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Financing Arrangements | NOTE 5. Long-Term Debt and Financing Arrangements We have standby letters of credit that expire at various dates in 2016. As of September 30, 2015, our letters of credit were $7.1 million. Our unused and available borrowings under our bank revolving line of credit were $42.9 million as of September 30, 2015 and $43.9 million as of December 31, 2014. We were in compliance with our debt covenants as of September 30, 2015. We have entered into various Equipment Notes (“Notes”) for the purchase of tractors and containers. The Notes are secured by the underlying equipment financed in the agreements. Period Ended September 30, December 31, 2015 2014 Secured Equipment Notes due in September 2020 with monthly principal and interest payments of $0.2 million commencing in October 2015; interest is paid monthly at a fixed annual rate of 1.84% $ 12,828 $ - Secured Equipment Notes due in June 2020 with monthly principal and interest payments of $0.1 million commencing in July 2015; interest is paid monthly at a fixed annual rate of 2.14% 6,733 - Secured Equipment Notes due in March 2020 with monthly principal and interest payments of $0.04 million commencing in April 2015; interest is paid monthly at a fixed annual rate of 2.14% 2,110 - Secured Equipment Notes due in January 2020 with monthly principal and interest payments of $0.2 million commencing in February 2015; interest is paid monthly at a fixed annual rate between 1.72% and 2.26% 7,975 - Secured Equipment Notes due in December 2019 with monthly principal and interest payments of $0.2 million commencing in January 2015; interest is paid monthly at a fixed annual rate of 2.24% 11,473 13,387 Secured Equipment Notes due in November 2019 with monthly principal and interest payments of $0.5 million commencing in December 2014; interest is paid monthly at a fixed annual rate of 2.05% 23,891 28,429 Secured Equipment Notes due in September 2019 with monthly principal and interest payments of $0.4 million commencing in September 2014; interest is paid monthly at a fixed annual rate of 2.15% 19,330 22,772 Secured Equipment Notes due in February 2019 with monthly principal and interest payments of $0.4 million commencing in January 2014; interest is paid monthly at a fixed annual rate between 1.87% and 1.93% 17,218 21,016 Secured Equipment Notes due in June 2018 with quarterly principal and interest payments of $0.5 million commencing in August 2013; interest is paid quarterly at a fixed annual rate between 1.9% and 2.0% 5,061 6,475 106,619 92,079 Less current portion (25,929 ) (19,619 ) Total long-term debt $ 80,690 $ 72,460 |
Guarantees
Guarantees | 9 Months Ended |
Sep. 30, 2015 | |
Guarantees [Abstract] | |
Guarantees | NOTE 6. Guarantees As a recruiting tool for our drivers, we are guaranteeing certain drivers’ lease payments for tractors. The guarantees expire at various dates through 2020. The potential maximum exposure under these lease guarantees was approximately $16.0 million and $27.2 million as of September 30, 2015 and December 31, 2014, respectively. The potential maximum exposure represents the amount of the remaining lease payments on all outstanding guaranteed leases as of September 30, 2015 and December 31, 2014. 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 quarter ended September 30, 2015 or the year ended December 31, 2014 and no potential material defaults. We had a liability of approximately $0.2 million as of September 30, 2015 and $0.3 million as of December 31, 2014, 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. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 7. Commitments and Contingencies In March 2015, we entered into an equipment purchase contract for the acquisition of 300 Freightliner tractors. The total purchase price of these tractors, including the warranty, is approximately $43.4 million. As of September 30, 2015, we have received 156 tractors, 142 of which we have financed with secured fixed rate debt as further discussed in Note 5 of the consolidated financial statements. We expect to take delivery of the remaining tractors by the end of the year. In July 2015, we entered into an equipment purchase contract for the acquisition of 1,000 53’ domestic containers. The total purchase price of these containers is $10.5 million. As of September 30, 2015, we have received 175 containers. We expect to take delivery of the remaining containers by the end of November. |
Legal Matters
Legal Matters | 9 Months Ended |
Sep. 30, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Matters | NOTE 8. Legal Matters Robles 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., now known as Hub Group Trucking, Inc. Mr. Robles drove a truck for Hub Group Trucking in California, first as an independent contractor and then as an employee. The action brought on behalf of a class comprised of present and former California-based truck drivers for Hub Group Trucking who were classified as independent contractors, from January 2009 to the present. The complaint alleges Hub Group Trucking 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 Hub Group Trucking 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 putative class. In August 2013, the district court stayed proceedings in the case pending decisions by the Court of Appeals for the Ninth Circuit to decide whether the claims in two cases raising some similar claims should be dismissed on federal preemption grounds. In July 2014, the Court of Appeals ruled that the claims in those cases were not preempted. The Company believes that the California independent contractor truck drivers were properly classified as independent contractors at all times. Nevertheless, because lawsuits are expensive, time-consuming and could interrupt our business operations, Hub Group Trucking decided to make settlement offers to individual drivers with respect to the claims alleged in this lawsuit, without admitting liability. As of September 30, 2015, 93% of the California drivers have accepted the settlement offers. In late 2014, Hub Group Trucking decided to convert its model from independent contractors to employee drivers in California. On April 3, 2015, the Robles case was transferred to the U.S. District Court for the Western District of Tennessee (Western Division) in Memphis. In May 2015, the plaintiffs in the Robles case filed a Second Amended Complaint (“SAC”) which names 334 current and former Hub Group Trucking drivers as “interested putative class members.” In addition to reasserting their existing claims, the SAC includes claims post-conversion, added two new plaintiffs and seeks a judicial declaration that the settlement agreements are unenforceable. In June 2015, Hub Group Trucking filed a motion to dismiss the SAC. Private Attorneys General Act Action On August 5, 2015, the Plaintiffs’ law firm in the Robles case filed a lawsuit in state court in San Bernardino County, California on behalf of 63 named Plaintiffs against Hub Group Trucking and five Hub employees. The lawsuit alleges claims similar to those being made in Robles and seeks monetary penalties under the Private Attorneys General Act. Of the 63 named Plaintiffs, at least 58 of them previously accepted the settlement offers referenced above. Lubinski On September 12, 2014, a complaint was filed in the U.S. District Court for the Northern District of Illinois (Eastern Division) by Christian Lubinski against Hub Group Trucking. The action was brought on behalf of a class comprised of present and former owner-operators providing delivery services in Illinois for Hub Group Trucking. The complaint alleged Hub Group Trucking misclassified such drivers as independent contractors and that such drivers are employees. The complaint alleged that Hub Group Trucking made illegal deductions from the drivers’ pay and failed to properly compensate the drivers for all hours worked, reimburse business expenses, pay employment taxes, and provide workers’ compensation and other employment benefits. The complaint asserted various violations of the Illinois Wage Payment and Collections Act and claims that Hub Group Trucking was unjustly enriched. The complaint sought, among other things, monetary damages for the relevant statutory period and attorneys’ fees. On October 24, 2014, the Lubinski case was transferred to the U.S. District Court for the Western District of Tennessee (Western Division), in Memphis. On September 22, 2015, the court granted Hub Group Trucking’s motion to dismiss Lubinski’s Illinois law claims with prejudice based on the contractual choice of law provision providing that Tennessee law governs. The court denied as moot Hub Group Trucking’s motion to dismiss based on federal preemption. On October 2, 2015, Lubinski appealed this order to the United States Court of Appeals for the Sixth Circuit in Cincinnati. We cannot reasonably estimate at this time the possible loss or range of loss, if any, that may arise from the remaining unresolved claims in the above mentioned lawsuits. We are a party to other litigation incident to our business, including claims for personal injury and/or property damage, bankruptcy preference claims, and 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. |
New Pronouncements
New Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes And Error Corrections [Abstract] | |
New Pronouncements | NOTE 9. New Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Update No. 2014-09—Revenue from Contracts with Customers (Topic 606). This Standard provides guidance on how to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public organizations, the guidance in the update is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The update provides two transition methods to the new guidance: a retrospective approach and a modified retrospective approach. Early application is permitted for annual reporting periods beginning after December 15, 2016. We plan to adopt this standard as required. We are currently evaluating the transition method and effect this update will have on our consolidated financial statements. |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Summary of Operating Results | The following is a summary of operating results and certain other financial data for our business segments (in thousands): Three Months Three Months Ended September 30, 2015 Ended September 30, 2014 Inter- Hub Inter- Hub Segment Group Segment Group Hub Mode Elims Total Hub Mode Elims Total Revenue $ 680,559 $ 239,375 $ (20,065 ) $ 899,869 $ 691,835 $ 245,421 $ (23,870 ) $ 913,386 Transportation costs 606,081 208,789 (20,065 ) 794,805 627,752 216,308 (23,870 ) 820,190 Gross margin 74,478 30,586 - 105,064 64,083 29,113 - 93,196 Costs and expenses: Salaries and benefits 32,917 3,440 - 36,357 27,428 3,440 - 30,868 Agent fees and commissions 14 17,848 - 17,862 15 16,577 - 16,592 General and administrative 13,659 1,802 - 15,461 12,144 1,724 - 13,868 Depreciation and amortization 1,647 319 - 1,966 1,627 340 - 1,967 Driver settlement and related costs - - - - 10,343 - - 10,343 Impairment of software - - - - 11,881 - - 11,881 Total costs and expenses 48,237 23,409 - 71,646 63,438 22,081 - 85,519 Operating income $ 26,241 $ 7,177 $ - $ 33,418 $ 645 $ 7,032 $ - $ 7,677 Capital Expenditures $ 15,817 $ 1,418 $ - $ 17,235 $ 29,287 $ 151 $ - $ 29,438 The Nine Months Nine Months Ended September 30, 2015 Ended September 30, 2014 Inter- Hub Inter- Hub Segment Group Segment Group Hub Mode Elims Total Hub Mode Elims Total Revenue $ 2,010,453 $ 686,744 $ (61,874 ) $ 2,635,323 $ 2,027,293 $ 685,865 $ (57,393 ) $ 2,655,765 Transportation costs 1,800,628 600,648 (61,874 ) 2,339,402 1,828,014 604,619 (57,393 ) 2,375,240 Gross margin 209,825 86,096 - 295,921 199,279 81,246 - 280,525 Costs and expenses: Salaries and benefits 103,865 10,805 - 114,670 92,812 10,704 - 103,516 Agent fees and commissions 43 49,331 - 49,374 31 45,771 - 45,802 General and administrative 39,051 5,244 - 44,295 38,701 5,280 - 43,981 Depreciation and amortization 4,912 981 - 5,893 4,682 1,220 - 5,902 Driver settlement and related costs - - - - 10,343 - - 10,343 Impairment of software - - - - 11,881 - - 11,881 Total costs and expenses 147,871 66,361 - 214,232 158,450 62,975 - 221,425 Operating income $ 61,954 $ 19,735 $ - $ 81,689 $ 40,829 $ 18,271 $ - $ 59,100 Capital Expenditures $ 39,365 $ 1,586 $ - $ 40,951 $ 75,390 $ 491 $ - $ 75,881 |
Summary of Revenue by Segment and Business Line | The following table summarizes our revenue by segment and business line (in thousands) for the quarter ended September 30: Three Months Three Months Ended September 30, 2015 Ended September 30, 2014 Inter- Hub Inter- Hub Segment Group Segment Group Hub Mode Elims Total Hub Mode Elims Total Intermodal $ 459,921 $ 124,009 $ (18,699 ) $ 565,231 $ 460,935 $ 123,438 $ (22,626 ) $ 561,747 Truck brokerage 83,828 80,612 (696 ) 163,744 84,208 87,420 (181 ) 171,447 Logistics 136,810 34,754 (670 ) 170,894 146,692 34,563 (1,063 ) 180,192 Total revenue $ 680,559 $ 239,375 $ (20,065 ) $ 899,869 $ 691,835 $ 245,421 $ (23,870 ) $ 913,386 The following table summarizes our revenue by segment and business line (in thousands) for the nine months ended September 30: Nine Months Nine Months Ended September 30, 2015 Ended September 30, 2014 Inter- Hub Inter- Hub Segment Group Segment Group Hub Mode Elims Total Hub Mode Elims Total Intermodal $ 1,345,776 $ 352,822 $ (59,066 ) $ 1,639,532 $ 1,352,130 $ 337,618 $ (54,865 ) $ 1,634,883 Truck brokerage 266,187 237,655 (1,278 ) 502,564 254,582 252,480 (717 ) 506,345 Logistics 398,490 96,267 (1,530 ) 493,227 420,581 95,767 (1,811 ) 514,537 Total revenue $ 2,010,453 $ 686,744 $ (61,874 ) $ 2,635,323 $ 2,027,293 $ 685,865 $ (57,393 ) $ 2,655,765 |
Schedule of Assets | As of September 30, 2015 As of December 31, 2014 Inter- Hub Inter- Hub Segment Group Segment Group Hub Mode Elims Total Hub Mode Elims Total Total assets $ 1,108,594 $ 178,457 $ (6,090 ) $ 1,280,961 $ 1,030,722 $ 189,787 $ (8,382 ) $ 1,212,127 Goodwill 233,260 29,389 - 262,649 233,424 29,389 - 262,813 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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): Three Months Ended, September 30, Nine Months Ended, September 30, 2015 2014 2015 2014 Net income for basic and diluted earnings per share $ 19,832 $ 4,491 $ 48,575 $ 35,202 Weighted average shares outstanding - basic 35,769 36,676 35,970 36,670 Dilutive effect of stock options and restricted stock 134 182 79 129 Weighted average shares outstanding - diluted 35,903 36,858 36,049 36,799 Earnings per share - basic $ 0.55 $ 0.12 $ 1.35 $ 0.96 Earnings per share - diluted $ 0.55 $ 0.12 $ 1.35 $ 0.96 |
Long-Term Debt and Financing 17
Long-Term Debt and Financing Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Debt | Period Ended September 30, December 31, 2015 2014 Secured Equipment Notes due in September 2020 with monthly principal and interest payments of $0.2 million commencing in October 2015; interest is paid monthly at a fixed annual rate of 1.84% $ 12,828 $ - Secured Equipment Notes due in June 2020 with monthly principal and interest payments of $0.1 million commencing in July 2015; interest is paid monthly at a fixed annual rate of 2.14% 6,733 - Secured Equipment Notes due in March 2020 with monthly principal and interest payments of $0.04 million commencing in April 2015; interest is paid monthly at a fixed annual rate of 2.14% 2,110 - Secured Equipment Notes due in January 2020 with monthly principal and interest payments of $0.2 million commencing in February 2015; interest is paid monthly at a fixed annual rate between 1.72% and 2.26% 7,975 - Secured Equipment Notes due in December 2019 with monthly principal and interest payments of $0.2 million commencing in January 2015; interest is paid monthly at a fixed annual rate of 2.24% 11,473 13,387 Secured Equipment Notes due in November 2019 with monthly principal and interest payments of $0.5 million commencing in December 2014; interest is paid monthly at a fixed annual rate of 2.05% 23,891 28,429 Secured Equipment Notes due in September 2019 with monthly principal and interest payments of $0.4 million commencing in September 2014; interest is paid monthly at a fixed annual rate of 2.15% 19,330 22,772 Secured Equipment Notes due in February 2019 with monthly principal and interest payments of $0.4 million commencing in January 2014; interest is paid monthly at a fixed annual rate between 1.87% and 1.93% 17,218 21,016 Secured Equipment Notes due in June 2018 with quarterly principal and interest payments of $0.5 million commencing in August 2013; interest is paid quarterly at a fixed annual rate between 1.9% and 2.0% 5,061 6,475 106,619 92,079 Less current portion (25,929 ) (19,619 ) Total long-term debt $ 80,690 $ 72,460 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2015Segment | |
Segment Reporting [Abstract] | |
Reporting business segments | 2 |
Number of railheads | one or more |
Summary of Operating Results (D
Summary of Operating Results (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 899,869 | $ 913,386 | $ 2,635,323 | $ 2,655,765 |
Transportation costs | 794,805 | 820,190 | 2,339,402 | 2,375,240 |
Gross margin | 105,064 | 93,196 | 295,921 | 280,525 |
Costs and expenses: | ||||
Salaries and benefits | 36,357 | 30,868 | 114,670 | 103,516 |
Agent fees and commissions | 17,862 | 16,592 | 49,374 | 45,802 |
General and administrative | 15,461 | 13,868 | 44,295 | 43,981 |
Depreciation and amortization | 1,966 | 1,967 | 5,893 | 5,902 |
Driver settlements and related costs | 10,343 | 10,343 | ||
Impairment of software | 11,881 | 11,881 | ||
Total costs and expenses | 71,646 | 85,519 | 214,232 | 221,425 |
Operating income | 33,418 | 7,677 | 81,689 | 59,100 |
Capital Expenditures | 17,235 | 29,438 | 40,951 | 75,881 |
Operating Segments [Member] | Hub [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 680,559 | 691,835 | 2,010,453 | 2,027,293 |
Transportation costs | 606,081 | 627,752 | 1,800,628 | 1,828,014 |
Gross margin | 74,478 | 64,083 | 209,825 | 199,279 |
Costs and expenses: | ||||
Salaries and benefits | 32,917 | 27,428 | 103,865 | 92,812 |
Agent fees and commissions | 14 | 15 | 43 | 31 |
General and administrative | 13,659 | 12,144 | 39,051 | 38,701 |
Depreciation and amortization | 1,647 | 1,627 | 4,912 | 4,682 |
Driver settlements and related costs | 10,343 | 10,343 | ||
Impairment of software | 11,881 | 11,881 | ||
Total costs and expenses | 48,237 | 63,438 | 147,871 | 158,450 |
Operating income | 26,241 | 645 | 61,954 | 40,829 |
Capital Expenditures | 15,817 | 29,287 | 39,365 | 75,390 |
Operating Segments [Member] | Mode [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 239,375 | 245,421 | 686,744 | 685,865 |
Transportation costs | 208,789 | 216,308 | 600,648 | 604,619 |
Gross margin | 30,586 | 29,113 | 86,096 | 81,246 |
Costs and expenses: | ||||
Salaries and benefits | 3,440 | 3,440 | 10,805 | 10,704 |
Agent fees and commissions | 17,848 | 16,577 | 49,331 | 45,771 |
General and administrative | 1,802 | 1,724 | 5,244 | 5,280 |
Depreciation and amortization | 319 | 340 | 981 | 1,220 |
Total costs and expenses | 23,409 | 22,081 | 66,361 | 62,975 |
Operating income | 7,177 | 7,032 | 19,735 | 18,271 |
Capital Expenditures | 1,418 | 151 | 1,586 | 491 |
Intersegment Elims [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | (20,065) | (23,870) | (61,874) | (57,393) |
Transportation costs | $ (20,065) | $ (23,870) | $ (61,874) | $ (57,393) |
Summary of Revenue by Segment a
Summary of Revenue by Segment and Business Line (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 899,869 | $ 913,386 | $ 2,635,323 | $ 2,655,765 |
Intermodal [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 565,231 | 561,747 | 1,639,532 | 1,634,883 |
Truck brokerage [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 163,744 | 171,447 | 502,564 | 506,345 |
Logistics [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 170,894 | 180,192 | 493,227 | 514,537 |
Operating Segments [Member] | Hub [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 680,559 | 691,835 | 2,010,453 | 2,027,293 |
Operating Segments [Member] | Hub [Member] | Intermodal [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 459,921 | 460,935 | 1,345,776 | 1,352,130 |
Operating Segments [Member] | Hub [Member] | Truck brokerage [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 83,828 | 84,208 | 266,187 | 254,582 |
Operating Segments [Member] | Hub [Member] | Logistics [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 136,810 | 146,692 | 398,490 | 420,581 |
Operating Segments [Member] | Mode [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 239,375 | 245,421 | 686,744 | 685,865 |
Operating Segments [Member] | Mode [Member] | Intermodal [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 124,009 | 123,438 | 352,822 | 337,618 |
Operating Segments [Member] | Mode [Member] | Truck brokerage [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 80,612 | 87,420 | 237,655 | 252,480 |
Operating Segments [Member] | Mode [Member] | Logistics [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 34,754 | 34,563 | 96,267 | 95,767 |
Intersegment Elims [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | (20,065) | (23,870) | (61,874) | (57,393) |
Intersegment Elims [Member] | Intermodal [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | (18,699) | (22,626) | (59,066) | (54,865) |
Intersegment Elims [Member] | Truck brokerage [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | (696) | (181) | (1,278) | (717) |
Intersegment Elims [Member] | Logistics [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ (670) | $ (1,063) | $ (1,530) | $ (1,811) |
Schedule of Assets (Detail)
Schedule of Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 1,280,961 | $ 1,212,127 |
Goodwill | 262,649 | 262,813 |
Operating Segments [Member] | Hub [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,108,594 | 1,030,722 |
Goodwill | 233,260 | 233,424 |
Operating Segments [Member] | Mode [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 178,457 | 189,787 |
Goodwill | 29,389 | 29,389 |
Intersegment Elims [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ (6,090) | $ (8,382) |
Reconciliation of Earnings Per
Reconciliation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net income for basic and diluted earnings per share | $ 19,832 | $ 4,491 | $ 48,575 | $ 35,202 |
Weighted average shares outstanding - basic | 35,769 | 36,676 | 35,970 | 36,670 |
Dilutive effect of stock options and restricted stock | 134 | 182 | 79 | 129 |
Weighted average shares outstanding - diluted | 35,903 | 36,858 | 36,049 | 36,799 |
Earnings per share - basic | $ 0.55 | $ 0.12 | $ 1.35 | $ 0.96 |
Earnings per share - diluted | $ 0.55 | $ 0.12 | $ 1.35 | $ 0.96 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Restricted investments | $ 20.6 | $ 21.9 |
Long-Term Debt and Financing 24
Long-Term Debt and Financing Arrangements - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Standby Letters of Credit [Member] | ||
Line Of Credit Facility [Line Items] | ||
Outstanding letters of credit | $ 7.1 | |
Letters of credit expiration, years | 2,016 | |
Revolving Line of Credit Facility [Member] | Bank Revolving Line of Credit [Member] | ||
Line Of Credit Facility [Line Items] | ||
Unused and available borrowings under bank revolving line of credit | $ 42.9 | $ 43.9 |
Schedule of Outstanding Debt (D
Schedule of Outstanding Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 106,619 | $ 92,079 |
Less current portion | (25,929) | (19,619) |
Total long-term debt | 80,690 | 72,460 |
Secured Equipment Notes due in September 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment note | 12,828 | |
Secured Equipment Notes due in June 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment note | 6,733 | |
Secured Equipment Notes due in March 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment note | 2,110 | |
Secured Equipment Notes due in January 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment note | 7,975 | |
Secured Equipment Notes due in December 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment note | 11,473 | 13,387 |
Secured Equipment Notes due in November 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment note | 23,891 | 28,429 |
Secured Equipment Notes due in September 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment note | 19,330 | 22,772 |
Secured Equipment Notes due in February 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment note | 17,218 | 21,016 |
Secured Equipment Notes due in June 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment note | $ 5,061 | $ 6,475 |
Schedule of Outstanding Debt (P
Schedule of Outstanding Debt (Parenthetical) (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Secured Equipment Notes due in September 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment notes due | Sep. 30, 2020 | |
Monthly payments | $ 200 | |
Equipment notes, date of first required payment | Oct. 31, 2015 | |
Interest rate secured debt | 1.84% | |
Payment Frequency | Monthly | |
Secured Equipment Notes due in June 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment notes due | Jun. 30, 2020 | |
Monthly payments | $ 100 | |
Equipment notes, date of first required payment | Jul. 31, 2015 | |
Interest rate secured debt | 2.14% | |
Payment Frequency | Monthly | |
Secured Equipment Notes due in March 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment notes due | Mar. 31, 2020 | |
Monthly payments | $ 40 | |
Equipment notes, date of first required payment | Apr. 30, 2015 | |
Interest rate secured debt | 2.14% | |
Payment Frequency | Monthly | |
Secured Equipment Notes due in January 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment notes due | Jan. 31, 2020 | |
Monthly payments | $ 200 | |
Equipment notes, date of first required payment | Feb. 28, 2015 | |
Payment Frequency | Monthly | |
Lower interest rate paid at a fixed rate | 1.72% | |
Upper interest rate paid at a fixed rate | 2.26% | |
Secured Equipment Notes due in December 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment notes due | Dec. 31, 2019 | Dec. 31, 2019 |
Monthly payments | $ 200 | $ 200 |
Equipment notes, date of first required payment | Jan. 31, 2015 | Jan. 31, 2015 |
Interest rate secured debt | 2.24% | 2.24% |
Payment Frequency | Monthly | |
Secured Equipment Notes due in November 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment notes due | Nov. 30, 2019 | Nov. 30, 2019 |
Monthly payments | $ 500 | $ 500 |
Equipment notes, date of first required payment | Dec. 31, 2014 | Dec. 31, 2014 |
Interest rate secured debt | 2.05% | 2.05% |
Payment Frequency | Monthly | |
Secured Equipment Notes due in September 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment notes due | Sep. 30, 2019 | Sep. 30, 2019 |
Monthly payments | $ 400 | $ 400 |
Equipment notes, date of first required payment | Sep. 30, 2014 | Sep. 30, 2014 |
Interest rate secured debt | 2.15% | 2.15% |
Payment Frequency | Monthly | |
Secured Equipment Notes due in February 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment notes due | Feb. 28, 2019 | Feb. 28, 2019 |
Monthly payments | $ 400 | $ 400 |
Equipment notes, date of first required payment | Jan. 31, 2014 | Jan. 31, 2014 |
Payment Frequency | Monthly | |
Lower interest rate paid at a fixed rate | 1.87% | 1.87% |
Upper interest rate paid at a fixed rate | 1.93% | 1.93% |
Secured Equipment Notes due in June 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Equipment notes due | Jun. 30, 2018 | Jun. 30, 2018 |
Monthly payments | $ 500 | $ 500 |
Equipment notes, date of first required payment | Aug. 31, 2013 | Aug. 31, 2013 |
Payment Frequency | Quarterly | |
Lower interest rate paid at a fixed rate | 1.90% | 1.90% |
Upper interest rate paid at a fixed rate | 2.00% | 2.00% |
Guarantees - Additional Informa
Guarantees - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Guarantees [Abstract] | ||
Expiration dates of guarantees | 2,020 | |
Potential maximum exposure under these lease guarantees | $ 16 | $ 27.2 |
Liability representing fair value for estimated defaults of guarantees, based on discounted cash-flow analysis | $ 0.2 | $ 0.3 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 1 Months Ended | ||
Jul. 31, 2015USD ($)Container | Mar. 31, 2015USD ($)Vehicle | Sep. 30, 2015VehicleContainer | |
Loss Contingencies [Line Items] | |||
Purchase contract units, tractors | 300 | ||
Total costs of purchasing tractors | $ | $ 43.4 | ||
Number of tractors received | 156 | ||
Purchase contract units, containers | Container | 1,000 | ||
Cost of purchasing containers | $ | $ 10.5 | ||
Number of containers received | Container | 175 | ||
Secured Fixed Rate Debt [Member] | |||
Loss Contingencies [Line Items] | |||
Number of tractors received | 142 |
Legal Matters - Additional Info
Legal Matters - Additional Information (Detail) - Robles Lawsuits [Member] | Aug. 05, 2015PlaintiffEmployee | May. 31, 2015Plaintiff | Sep. 30, 2015 |
Loss Contingencies [Line Items] | |||
Percentage of California drivers who accepted settlement offers | 93.00% | ||
Number of plaintiffs | 2 | ||
Number of plaintiffs against hub group trucking | 63 | ||
Number of employees filed lawsuit | Employee | 5 | ||
Number of claims accepted settlement offers | 58 |