Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 16, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | HUBG | ||
Entity Registrant Name | Hub Group, Inc. | ||
Entity Central Index Key | 940,942 | ||
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 Public Float | $ 1,237,047,973 | ||
Class A Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 33,718,246 | ||
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 | Dec. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 28,557 | $ 127,404 |
Accounts receivable trade, net | 583,994 | 473,608 |
Accounts receivable other | 5,722 | 4,331 |
Prepaid taxes | 12,088 | 294 |
Prepaid expenses and other current assets | 25,697 | 16,653 |
TOTAL CURRENT ASSETS | 656,058 | 622,290 |
Restricted investments | 24,181 | 20,877 |
Property and equipment, net | 562,150 | 438,594 |
Other intangibles, net | 74,348 | 11,844 |
Goodwill, net | 348,661 | 262,376 |
Other assets | 5,543 | 4,278 |
TOTAL ASSETS | 1,670,941 | 1,360,259 |
CURRENT LIABILITIES: | ||
Accounts payable trade | 338,933 | 266,555 |
Accounts payable other | 12,268 | 21,070 |
Accrued payroll | 28,994 | 36,223 |
Accrued other | 59,305 | 46,013 |
Current portion of capital lease | 2,777 | 2,697 |
Current portion of long-term debt | 77,266 | 45,163 |
TOTAL CURRENT LIABILITIES | 519,543 | 417,721 |
Long-term debt | 214,808 | 115,529 |
Non-current liabilities | 37,927 | 23,595 |
Long-term portion of capital lease | 7,696 | 10,576 |
Deferred taxes | 121,095 | 164,659 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock, $.01 par value; 2,000,000 shares authorized; no shares issued or outstanding in 2017 and 2016 | ||
Additional paid-in capital | 173,011 | 173,565 |
Purchase price in excess of predecessor basis, net of tax benefit of $10,306 | (15,458) | (15,458) |
Retained earnings | 870,716 | 735,563 |
Accumulated other comprehensive loss | (194) | (273) |
Treasury stock; at cost,7,777,722 shares in 2017 and 8,031,810 shares in 2016 | (258,622) | (265,637) |
TOTAL STOCKHOLDERS' EQUITY | 769,872 | 628,179 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,670,941 | 1,360,259 |
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 | Dec. 31, 2017 | Dec. 31, 2016 |
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 | 7,777,722 | 8,031,810 |
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 | 33,447,070 | 33,192,982 |
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 INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Revenue | $ 4,034,897 | $ 3,572,790 | $ 3,525,595 |
Transportation costs | 3,577,380 | 3,118,005 | 3,112,900 |
Gross margin | 457,517 | 454,785 | 412,695 |
Costs and expenses: | |||
Salaries and benefits | 188,389 | 180,459 | 158,938 |
Agent fees and commissions | 74,082 | 72,896 | 68,724 |
General and administrative | 85,182 | 68,630 | 60,015 |
Depreciation and amortization | 13,313 | 8,966 | 7,988 |
Total costs and expenses | 360,966 | 330,951 | 295,665 |
Operating income | 96,551 | 123,834 | 117,030 |
Other income (expense): | |||
Interest expense | (6,754) | (3,625) | (2,971) |
Interest and dividend income | 416 | 393 | 83 |
Other, net | 724 | 819 | (2,560) |
Total other expense | (5,614) | (2,413) | (5,448) |
Income before provision for income taxes | 90,937 | 121,421 | 111,582 |
Income tax (benefit) expense | (44,216) | 46,616 | 40,633 |
Net income | 135,153 | 74,805 | 70,949 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 79 | (95) | (101) |
Total comprehensive income | $ 135,232 | $ 74,710 | $ 70,848 |
Basic earnings per common share | $ 4.07 | $ 2.21 | $ 1.98 |
Diluted earnings per common share | $ 4.05 | $ 2.20 | $ 1.97 |
Basic weighted average number of shares outstanding | 33,220 | 33,841 | 35,876 |
Diluted weighted average number of shares outstanding | 33,350 | 33,949 | 35,968 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in Thousands | 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] |
Beginning Balance at Dec. 31, 2014 | $ 600,784 | $ 419 | $ 171,235 | $ (15,458) | $ 589,809 | $ (77) | $ (145,144) |
Beginning Balance (in shares) at Dec. 31, 2014 | 41,887,088 | (4,977,468) | |||||
Purchase of treasury shares | (28,823) | $ (28,823) | |||||
Purchase of treasury shares (in shares) | (735,524) | ||||||
Stock tendered for payments of withholding taxes | (2,916) | $ (2,916) | |||||
Stock tendered for payments of withholding taxes (in shares) | (77,732) | ||||||
Issuance of restricted stock awards, net of forfeitures | (4,897) | $ 4,897 | |||||
Issuance of restricted stock awards, net of forfeitures (in shares) | 199,893 | ||||||
Share-based compensation expense | 7,833 | 7,833 | |||||
Tax benefit of share-based compensation plans | 114 | 114 | |||||
Net income | 70,949 | 70,949 | |||||
Foreign currency translation adjustment | (101) | (101) | |||||
Ending Balance at Dec. 31, 2015 | 647,840 | $ 419 | 174,285 | (15,458) | 660,758 | (178) | $ (171,986) |
Ending Balance (in shares) at Dec. 31, 2015 | 41,887,088 | (5,590,831) | |||||
Purchase of treasury shares | (100,000) | $ (100,000) | |||||
Purchase of treasury shares (in shares) | (2,672,227) | ||||||
Stock tendered for payments of withholding taxes | (2,489) | $ (2,489) | |||||
Stock tendered for payments of withholding taxes (in shares) | (73,546) | ||||||
Issuance of restricted stock awards, net of forfeitures | (8,838) | $ 8,838 | |||||
Issuance of restricted stock awards, net of forfeitures (in shares) | 304,794 | ||||||
Share-based compensation expense | 8,479 | 8,479 | |||||
Tax benefit of share-based compensation plans | (361) | (361) | |||||
Net income | 74,805 | 74,805 | |||||
Foreign currency translation adjustment | (95) | (95) | |||||
Ending Balance at Dec. 31, 2016 | 628,179 | $ 419 | 173,565 | (15,458) | 735,563 | (273) | $ (265,637) |
Ending Balance (in shares) at Dec. 31, 2016 | 41,887,088 | (8,031,810) | |||||
Stock tendered for payments of withholding taxes | (3,412) | $ (3,412) | |||||
Stock tendered for payments of withholding taxes (in shares) | (77,988) | ||||||
Issuance of restricted stock awards, net of forfeitures | (10,427) | $ 10,427 | |||||
Issuance of restricted stock awards, net of forfeitures (in shares) | 332,076 | ||||||
Share-based compensation expense | 9,873 | 9,873 | |||||
Net income | 135,153 | 135,153 | |||||
Foreign currency translation adjustment | 79 | 79 | |||||
Ending Balance at Dec. 31, 2017 | $ 769,872 | $ 419 | $ 173,011 | $ (15,458) | $ 870,716 | $ (194) | $ (258,622) |
Ending Balance (in shares) at Dec. 31, 2017 | 41,887,088 | (7,777,722) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 135,153 | $ 74,805 | $ 70,949 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 62,173 | 44,712 | 37,042 |
Deferred taxes | (41,351) | 13,801 | 16,378 |
Compensation expense related to share-based compensation plans | 9,873 | 8,479 | 7,833 |
Loss (gain) on sale of assets | 441 | (573) | (129) |
Excess tax benefits from share based compensation | (733) | (81) | |
Changes in operating assets and liabilities: | |||
Restricted investments | (3,304) | 231 | 836 |
Accounts receivable, net | (84,775) | (87,629) | 36,373 |
Prepaid taxes | (11,794) | 66 | 14,575 |
Prepaid expenses and other current assets | (7,543) | 1,099 | (3,401) |
Other assets | 56 | 570 | (805) |
Accounts payable | 59,037 | 35,709 | (25,736) |
Accrued expenses | (2,931) | 9,238 | 20,505 |
Non-current liabilities | 10,185 | 2,698 | (2,642) |
Net cash provided by operating activities | 125,220 | 102,473 | 171,697 |
Cash flows from investing activities: | |||
Proceeds from sale of equipment | 5,327 | 2,061 | 2,309 |
Purchases of property and equipment | (74,541) | (107,409) | (83,042) |
Cash used in acquisition | (165,933) | ||
Net cash used in investing activities | (235,147) | (105,348) | (80,733) |
Cash flows from financing activities: | |||
Proceeds from issuance of debt | 98,544 | 62,155 | 64,442 |
Repayments of long-term debt | (79,869) | (34,767) | (23,217) |
Stock tendered for payments of withholding taxes | (3,412) | (2,489) | (2,916) |
Purchase of treasury stock | (100,000) | (28,823) | |
Capital lease payments | (2,800) | (2,634) | (2,534) |
Excess tax benefits from share-based compensation | 372 | 195 | |
Payment of debt issuance costs | (1,397) | ||
Net cash provided by (used in) financing activities | 11,066 | (77,363) | 7,147 |
Effect of exchange rate changes on cash and cash equivalents | 14 | (107) | (131) |
Net (decrease) increase in cash and cash equivalents | (98,847) | (80,345) | 97,980 |
Cash and cash equivalents beginning of the year | 127,404 | 207,749 | 109,769 |
Cash and cash equivalents end of the year | 28,557 | 127,404 | 207,749 |
Supplemental disclosures of cash paid for: | |||
Interest | 6,162 | 3,665 | 2,977 |
Income taxes | $ 13,149 | $ 33,233 | $ 6,990 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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, Hub Group Trucking, Inc., or a third party company. We offer a dedicated fleet of equipment and drivers through Hub Group Dedicated. We also arrange for transportation of freight by truck and perform logistics services. Transportation services are provided through Hub Group and our subsidiary Mode Transportation, LLC. We report two distinct business segments. The first segment is Mode, which includes the Mode business we acquired in 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, 2017 and 2016, our cash and temporary investments were with high quality financial institutions in DDAs (Demand Deposit Accounts) and Savings 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, including receivable adjustments charged through revenue for items such as disputes, 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 its 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 $8.5 million and $5.4 million as of December 31, 2017 and 2016, 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 10 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 10 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 2017 and 2016, we performed the qualitative assessment on both the Hub and Mode reporting units and determined it was not, more-likely-than-not, that goodwill might be impaired. 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) and Savings 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 2017, 2016 or 2015. 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. Service 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 substantially all 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 two exceptions for which we have established valuation allowances. We have established valuation allowances of $0.1 million related to state tax net operating losses and $1.6 million related to state incentive tax credit carryforwards. 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 and is included in salaries and benefits. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting , which simplifies several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification of related amounts within the statement of cash flows. The new standard became effective beginning with the first quarter of 2017. We adopted ASU 2016-09 in the first quarter of 2017 and the adoption did not have a material impact on our consolidated financial statements. We have applied the reclassification of excess tax benefits prospectively and therefore the prior period has not been adjusted. We presented in both 2016 and 2015 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 May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), which will provide companies with a single revenue recognition model for recognizing revenue from contracts with customers. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented and the cumulative effect of applying the standard would be recognized at the earliest period shown, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. The new standard is effective for annual reporting periods beginning after December 15, 2017. We have been closely monitoring FASB activity related to the new standard. In the first half of 2017, we made significant progress toward completing our evaluation of the potential changes from adopting the new standard on our future financial reporting and disclosures. In the second half of 2017, we finalized our contract reviews and our detailed accounting policy. Based on our evaluation, we adopted the requirements of the new standard on January 1, 2018 and will use the full retrospective transition method. The impact of adopting Topic 606 primarily relates to recording all taxes assessed by a governmental authority that are both, imposed on and concurrent with a specific revenue-producing transaction and collected by Hub Group from a customer on a net basis , The new standard clarifies how to account for principal (gross) versus agent (net) in revenue recognition. We have concluded that the adoption of this standard will not have a material impact on our consolidated financial statements In 2016, the FASB issued new guidance which clarifies the classification of certain cash receipts and cash payments in the statement of cash flows, including debt prepayment or extinguishment costs, settlement of contingent consideration arising from a business combination, insurance settlement proceeds, and distributions from certain equity method investees. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. This standard was adopted on January 1, 2018. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business. This ASU clarifies the definition of a business when evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. This standard was adopted on January 1, 2018 and we are evaluating the effect that this guidance will have on any future acquisitions. In 2016, the FASB issued new guidance that requires credit losses on financial assets measured at amortized cost basis to be presented at the net amount expected to be collected, not based on incurred losses . In February 2016, the FASB issued ASU No. 2016-02, Leases, which requires lessees to recognize a right-to-use asset and a lease obligation for all leases. Lessees are permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of twelve months or less. The new standard will become effective beginning with the first quarter of 2019. Early adoption of the standard is permitted. We plan to adopt this standard January 1, 2019, as required. We are currently evaluating the impact the adoption of this accounting guidance will have on the 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, exposure under our insurance policies and useful lives of assets. Actual results could differ from those estimates. |
Capital Structure
Capital Structure | 12 Months Ended |
Dec. 31, 2017 | |
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 84 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, 2017 | |
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, 2017 2016 2015 Net income for basic and diluted earnings per share $ 135,153 $ 74,805 $ 70,949 Weighted average shares outstanding - basic 33,220 33,841 35,876 Dilutive effect of stock options and restricted stock 130 108 92 Weighted average shares outstanding - diluted 33,350 33,949 35,968 Earnings per share - basic $ 4.07 $ 2.21 $ 1.98 Earnings per share - diluted $ 4.05 $ 2.20 $ 1.97 |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisition | NOTE 4. Acquisition Hub Group Trucking (HGT), a wholly owned subsidiary of Hub Group, Inc., acquired all of the outstanding equity interests of Estenson Logistics, LLC (“Estenson”) on July 1, 2017 (the “Estenson Acquisition”). Estenson is now our wholly owned subsidiary, operating under the name Hub Group Dedicated (“HGD”). As a result of the Estenson Acquisition, HGT acquired substantially all of the assets of Estenson, which include tractors and trailers, as well as assumed certain liabilities, including equipment debt. HGD is included in the Hub segment. HGD has an operating fleet of approximately 1,100 tractors and 4,700 trailers. Dedicated services have been requested by our customers and we believe HGD is an excellent service offering that we can provide to our customers. The base purchase price for Estenson was approximately $284.7 million, including contingent consideration related to an earn-out provision included in the Purchase Agreement, which will not exceed $6.0 million and is based on Estenson’s EBITDA results through June 30, 2019. In accordance with the agreement, the base purchase price was adjusted by the assumed debt to arrive at the final consideration of $172.0 million. To facilitate the acquisition, we assumed $112.7 million of Estenson debt and paid $165.9 million in cash, including $55.0 million of cash, which was borrowed under our new credit agreement (See Note 10). The following table summarizes the total purchase price allocated to the net assets acquired (in thousands): Cash paid $ 165,945 Consideration payable 1,366 Contingent consideration, fair value 4,703 Total consideration 172,014 Equipment debt assumed 112,677 Total base purchase price $ 284,691 Pending finalization of the fair market value of assets acquired and liabilities assumed, the measurement period remains open. The following table summarizes the preliminary allocation of the total consideration to the assets acquired and liabilities assumed as of the date of the acquisition (in thousands): July 1, 2017 Cash and cash equivalents $ 12 Accounts receivable trade 26,830 Accounts receivable other 165 Prepaid expenses and other current assets 1,500 Property and equipment 128,477 Other intangibles 66,400 Goodwill 86,504 Other assets 64 Total assets acquired $ 309,952 Accounts payable trade $ 4,542 Accrued payroll 5,661 Accrued other 15,058 Equipment debt 112,677 Total liabilities assumed $ 137,938 Total consideration $ 172,014 The Estenson acquisition was accounted for as a purchase business combination in accordance with ASC 805 “Business Combinations.” Assets acquired and liabilities assumed were recorded in the accompanying consolidated balance sheet at their estimated fair values as of July 1, 2017 with the remaining unallocated purchase price recorded as goodwill. The goodwill recognized in the Estenson acquisition was primarily attributable to potential expansion and future development of the acquired business. The fair value assigned to the customer relationships identifiable intangible was determined using an income approach based on management’s estimates and assumptions. The fair value assigned to the property and equipment was determined based on a market approach. A probability weighted expected return model was used to estimate the value of the contingent consideration. Equipment debt was valued using a discounted cash flow analysis whereby future contractual principal repayments and interest payments for each instrument were discounted to the purchase date at a risk-adjusted discount rate. We incurred approximately $1.6 million of acquisition costs associated with this transaction prior to the closing date that are reflected in general and administrative expense in the accompanying Consolidated Statements of Income for the twelve months ended December 31, 2017. The total amount of tax deductible goodwill as of December 31, 2017 is $80.6 million, which will be amortized over 15 years. As of December 31, 2017, there are $5.9 million of assumed liabilities which, as they are paid, will result in additional tax deductible goodwill which can be amortized over the remainder of the 15 year period which started in July 2017. The components of “Other intangibles” listed in the above table as of the acquisition date are preliminarily estimated as follows (in thousands): Accumulated Balance at Estimated Useful Amount Amortization December 31, 2017 Life Customer relationships $ 66,000 $ 2,200 $ 63,800 15 years Trade name $ 400 $ 400 $ 0 3 months The above intangible assets are amortized using the straight-line method. Amortization expense related to this acquisition for the twelve month period ended December 31, 2017 was $2.6 million. The intangible assets have a weighted average useful life of approximately 15 years. Amortization expense related to HGD for the next five years is as follows (in thousands): 2018 $4,400 2019 4,400 2020 4,400 2021 4,400 2022 4,400 The following unaudited pro forma consolidated results of operations for 2017 and 2016 assume that the acquisition of Estenson was completed as of January 1, 2016 (in thousands, except for per share amounts): Twelve Months Twelve Months Ended Ended December 31, 2017 December 31, 2016 Revenue $ 4,148,918 $ 3,784,604 Net income $ 139,300 $ 81,984 Earnings per share Basic $ 4.19 $ 2.42 Diluted $ 4.18 $ 2.41 The unaudited pro forma consolidated results for the twelve month period was prepared using the acquisition method of accounting and are based on the historical financial information of Hub Group and HGD. 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 combined 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, 2016. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Business Segments | NOTE 5. Business Segments We report two distinct business segments. The first segment is Mode, which includes the Mode LLC 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, logistics and dedicated 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 LLC markets and operates its freight transportation services, consisting of intermodal, truck brokerage and logistics, primarily through agents who enter into contractual arrangements with Mode LLC. The following is a summary of operating results for our business segments for the years ended December 31, 2017, 2016 and 2015 (in thousands): Twelve Months Twelve Months Ended December 31, 2017 Ended December 31, 2016 Inter- Hub Inter- Hub Segment Group Segment Group Hub Mode Elims Total Hub Mode Elims Total Revenue $ 3,107,394 $ 1,029,160 $ (101,657 ) $ 4,034,897 $ 2,734,541 $ 948,735 $ (110,486 ) $ 3,572,790 Transportation costs 2,771,291 907,746 (101,657 ) 3,577,380 2,404,946 823,545 (110,486 ) 3,118,005 Gross margin 336,103 121,414 - 457,517 329,595 125,190 - 454,785 Costs and expenses: Salaries and benefits 174,573 13,816 - 188,389 165,136 15,323 - 180,459 Agent fees and commissions 58 74,024 - 74,082 66 72,830 - 72,896 General and administrative 77,085 8,097 - 85,182 60,811 7,819 - 68,630 Depreciation and amortization 12,139 1,174 - 13,313 7,698 1,268 - 8,966 Total costs and expenses 263,855 97,111 - 360,966 233,711 97,240 - 330,951 Operating income $ 72,248 $ 24,303 $ - $ 96,551 95,884 27,950 - 123,834 Capital expenditures $ 73,772 $ 769 $ - $ 74,541 $ 106,316 $ 1,093 $ - $ 107,409 Twelve Months Ended December 31, 2015 Inter- Hub Segment Group Hub Mode Elims Total Revenue $ 2,679,318 $ 928,661 $ (82,384 ) $ 3,525,595 Transportation costs 2,385,197 810,087 (82,384 ) 3,112,900 Gross margin 294,121 118,574 - 412,695 Costs and expenses: Salaries and benefits 143,993 14,945 - 158,938 Agent fees and commissions 56 68,668 - 68,724 General and administrative 53,023 6,992 - 60,015 Depreciation and amortization 6,688 1,300 - 7,988 Total costs and expenses 203,760 91,905 - 295,665 Operating income $ 90,361 $ 26,669 $ - $ 117,030 Capital expenditures $ 79,860 $ 3,182 $ - $ 83,042 As of December 31, 2017 As of December 31, 2016 Inter- Hub Inter- Hub Segment Group Segment Group Hub Mode Elims Total Hub Mode Elims Total Total assets $ 1,470,792 $ 210,088 $ (9,939 ) $ 1,670,941 $ 1,178,110 $ 191,374 $ (9,225 ) $ 1,360,259 Goodwill $ 319,272 $ 29,389 $ - 348,661 $ 232,987 $ 29,389 $ - 262,376 The following tables summarize our revenue by segment and business line (in thousands): Twelve Months Twelve Months Ended December 31, 2017 Ended December 31, 2016 Inter- Hub Inter- Hub Segment Group Segment Group Hub Mode Elims Total Hub Mode Elims Total Intermodal $ 1,852,884 $ 496,733 $ (56,587 ) $ 2,293,030 $ 1,785,865 $ 486,758 $ (81,556 ) $ 2,191,067 Truck brokerage 483,955 340,330 (1,990 ) 822,295 391,901 308,055 (1,456 ) 698,500 Logistics 655,543 192,097 (43,061 ) 804,579 556,775 153,922 (27,474 ) 683,223 Dedicated 115,012 - (19 ) 114,993 - - - - Total revenue $ 3,107,394 $ 1,029,160 $ (101,657 ) $ 4,034,897 $ 2,734,541 $ 948,735 $ (110,486 ) $ 3,572,790 Twelve Months Ended December 31, 2015 Inter- Hub Segment Group Hub Mode Elims Total Intermodal $ 1,792,046 $ 483,910 $ (78,688 ) $ 2,197,268 Truck brokerage 355,402 314,498 (1,908 ) 667,992 Logistics 531,870 130,253 (1,788 ) 660,335 Total revenue $ 2,679,318 $ 928,661 $ (82,384 ) $ 3,525,595 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
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 and determined it was not, more-likely-than-not, that goodwill might be impaired. 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 Group Hub Mode Total Balance at January 1, 2016 $ 233,205 $ 29,389 $ 262,594 Other (218 ) - (218 ) Balance at December 31, 2016 232,987 29,389 262,376 Acquisition $ 86,504 $ - $ 86,504 Other (219 ) - (219 ) Balance at December 31, 2017 $ 319,272 $ 29,389 $ 348,661 The changes noted as “other” in the table above for both 2017 and 2016 refer to the amortization of the income tax benefit of tax goodwill in excess of financial statement goodwill. The components of the “Other intangible assets” are as follows (in thousands): Net Gross Accumulated Carrying As of December 31, 2017: Amount Amortization Life Hub Customer relationships $ 71,181 $ (6,434 ) $ 64,747 7-15 years Trade name $ 400 $ (400 ) $ - 3 months Mode Agency/customer relationships $ 15,362 $ (5,761 ) $ 9,601 18 years Hub Group Total $ 86,943 $ (12,595 ) $ 74,348 Net Gross Accumulated Carrying As of December 31, 2016: Amount Amortization Value Life Hub Customer relationships $ 5,181 $ (3,792 ) $ 1,389 7-15 years Mode Agency/customer relationships $ 15,362 $ (4,907 ) $ 10,455 18 years Hub Group Total $ 20,543 $ (8,699 ) $ 11,844 The above intangible assets are amortized using the straight-line method. Amortization expense for year ended December 31, 2017 was $3.9 million and $1.3 million for each of the years ended December 31, 2017 and 2016. The remaining weighted average life of all definite lived intangible assets as of December 31, 2017 was 14.33 years and 11.25 years for Hub and Mode, respectively. Amortization expense for the next five years is as follows (in thousands): Hub Group Hub Mode Total 2018 $ 4,795 $ 853 $ 5,648 2019 4,655 853 5,508 2020 4,655 853 5,508 2021 4,442 853 5,295 2022 4,400 853 5,253 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 7. Income Taxes The Tax Cuts and Jobs Act was enacted on December 22, 2017. The Act reduces the US federal corporate tax rate from 35% to 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and creates new taxes on certain foreign sourced earnings. At December 31, 2017, we have not completed our accounting for the tax effects of enactment of the Act; however, in certain cases, as described below, we have made a reasonable estimate of the effects on our existing deferred tax balances and the one-time transition tax. In other cases, we have not been able to make a reasonable estimate and continue to account for those items based on our existing accounting under ASC 740, Income Taxes, and the provisions of the tax laws that were in effect immediately prior to enactment. For the items for which we were able to determine a reasonable estimate, we recognized a tax benefit of $75.2 million, which is included as a component of income tax expense from continuing operations. In all cases, we will continue to make and refine our calculations as additional analysis is completed. In addition, our estimates may also be affected as we gain a more thorough understanding of the tax law. Due to the complexities involved in accounting for the enactment of the Act, the SEC Staff Accounting Bulletin No. 118 (“SAB No. 118”) allowed the Company to record provisional amounts in earnings for the year ended December 31, 2017. Where reasonable estimates can be made, the provisional accounting should be based on such estimates. When no reasonable estimate can be made, the provisional accounting may be based on the tax law in effect before the Act. The Company is required to complete its tax accounting for the Act within a one year period when it has obtained, prepared, and analyzed the information to complete the income tax accounting. Deferred tax assets and liabilities: We remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%. However, we are still analyzing certain aspects of the Act and refining our calculations, which could potentially affect the measurement of these balances or potentially give rise to new deferred tax amounts. The tax benefit recorded related to the remeasurement of our deferred tax balance was $75.2 million. The following is a reconciliation of our effective tax rate to the federal statutory tax rate: Years Ended December 31, 2017 2016 2015 U.S. federal statutory rate 34.9 % 35.0 % 35.0 % Federal tax law changes (82.7 ) - - State taxes, net of federal benefit 2.8 2.6 2.4 Federal and state incentives (5.2 ) (0.2) (0.5) State law changes 1.5 0.3 (0.9) Permanent differences 0.1 0.7 0.4 Net effective rate (48.6 ) % 38.4 % 36.4 % The following is a summary of our provision for income taxes (in thousands): Years Ended December 31, 2017 2016 2015 Current Federal $ (2,429 ) $ 30,324 $ 21,363 State and local 1,718 3,296 2,900 Foreign 59 108 284 (652 ) 33,728 24,547 Deferred Federal (46,247 ) 11,981 16,538 State and local 2,686 971 (346 ) Foreign (3 ) (64 ) (106 ) (43,564 ) 12,888 16,086 Total provision $ (44,216 ) $ 46,616 $ 40,633 The following is a summary of our deferred tax assets and liabilities (in thousands): December 31, 2017 2016 Accrued compensation 9,441 20,651 Other reserves 6,736 8,580 Tax credit carryforwards 3,411 1,694 Operating loss carryforwards 1,388 1,399 Total gross deferred income taxes 20,976 32,324 Valuation allowances (1,681 ) (456 ) Total deferred tax assets 19,295 31,868 Prepaids (3,587 ) (3,401 ) Other receivables (2,462 ) (3,051 ) Property and equipment (79,224 ) (105,905 ) Goodwill (55,117 ) (84,170 ) Total deferred tax liabilities (140,390 ) (196,527 ) Total deferred taxes $ (121,095 ) $ (164,659 ) We are subject to income taxation in the U.S., numerous state jurisdictions, Mexico and Canada. Because income tax return formats vary among the states, we file both unitary and separate company state income tax returns. Our state tax net operating losses of $1.4 million expire between December 31, 2018 and December 31, 2037. Our state incentive tax credit carryforwards of $3.4 million expire between December 31, 2019 and December 31, 2022. Management believes it is more likely than not that these deferred tax assets will be realized with the exception of $0.1 million related to state tax net operating losses, and $1.6 million related to state tax incentive credit carryforwards. Valuation allowances totaling $1.7 million have been established for each of these amounts. As of December 31, 2017 and December 31, 2016, the amount of unrecognized tax benefits was $3.8 million and $1.8 million, respectively. Of these amounts, our income tax provision would decrease $2.8 million and $1.2 million, respectively, if recognized. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): 2017 2016 Gross unrecognized tax benefits - beginning of the year $ 1,832 $ 1,139 Gross increases related to prior year tax positions 1,830 394 Gross increases related to current year tax positions 290 488 Lapse of applicable statute of limitations (125 ) (189 ) Gross unrecognized tax benefits - end of year $ 3,827 $ 1,832 We estimate it is reasonably possible that our reserve could either increase or decrease by up to $1.0 million during the next twelve months. We recognize interest expense and penalties related to income tax liabilities in our provision for income taxes. In our 2017 provision for income taxes, we recognized approximately three thousand dollars of expense for combined income tax interest and income tax penalty. In 2017, we were selected for examinations by Illinois for our 2014 and 2015 tax years, by Michigan for our 2012 through 2015 tax years, by Minnesota for our 2013 through 2015 tax years and by Massachusetts for our 2013 through 2015 tax years. In addition, examinations that began in 2016 by the IRS for our 2014 year and California for our 2012 and 2013 years continued in 2017. The Minnesota and California examinations are still ongoing. The Massachusetts audit was settled for approximately $10,000, and the Illinois, Michigan and IRS audits closed with no additional tax due. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2017 | |
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 debt materially approximated fair value as of December 31, 2017 and 2016 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, 2017 and 2016, our cash and temporary investments were with high quality financial institutions in (DDAs) Demand Deposit Accounts and Savings Accounts. Restricted investments included $24.2 million and $20.9 million as of December 31, 2017 and 2016, respectively, of mutual funds which are reported at fair value. These investments relate to the nonqualified deferred compensation plan that is described in Note 13. 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. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | NOTE 9. Property and Equipment Property and equipment consist of the following (in thousands): December 31, 2017 2016 Land $ 24,708 $ 24,708 Building and improvements 36,459 36,269 Leasehold improvements 6,372 5,016 Computer equipment and software 109,336 91,302 Furniture and equipment 14,555 13,852 Transportation equipment 620,951 472,634 Construction in process 1,460 450 813,841 644,231 Less: Accumulated depreciation and amortization (251,691 ) (205,637 ) Property and Equipment, net $ 562,150 $ 438,594 The increase in transportation equipment to $621.0 million in 2017 from $472.6 million in 2016 was due primarily to the purchase of containers and assets related to the acquisition of HGD comprised primarily of trailers and tractors. The increase in computer software and hardware to $109.3 million in 2017 from $91.3 million in 2016 was related to our transportation management system. Included in the transportation equipment is a capital lease obligation entered into for $26.4 million in 2011. The balances as of December 31, 2017 and 2016, net of accumulated amortization, were $10.0 million and $12.3 million, respectively. Depreciation and amortization expense related to property and equipment was $58.1 million, $43.4 million and $35.9 million for 2017, 2016 and 2015, respectively, which includes amortization expense associated with a capital lease of $2.2 million for 2017, $2.3 million for 2016 and $2.6 million for 2015. This amortization expense is included in transportation costs. Transportation equipment depreciation is included in transportation costs. |
Long-Term Debt and Financing Ar
Long-Term Debt and Financing Arrangements | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Financing Arrangements | NOTE 10. Long-Term Debt and Financing Arrangements On July 1, 2017, we entered into a $350 million unsecured credit agreement (the "Credit Agreement"). The Credit Agreement replaces the Amended and Restated Credit Agreement dated December 12, 2013 (“2013 Credit Agreement”). The Company used the Credit Agreement to finance, in part, the Estenson Acquisition. Borrowings under the Credit Agreement generally bear interest at a variable rate equal to (i) LIBOR plus a specified margin based upon the Borrowers' total net leverage ratio (as defined in the Credit Agreement) (the "Total Net Leverage Ratio"), or (ii) the base rate (which is the highest of (a) the administrative agent's prime rate, (b) the federal funds rate plus 0.50% or (c) the sum of 1% plus one-month LIBOR) plus a specified margin based upon the Total Net Leverage Ratio. The specified margin for Eurodollar loans varies from 100.0 to 200.0 basis points per annum. The specified margin for base rate loans varies from 0.0 to 100.0 basis points per annum. The Borrowers must also pay (1) a commitment fee ranging from 10.0 to 25.0 basis points per annum (based upon the Total Net Leverage Ratio) on the aggregate unused commitments and (2) a letter of credit fee ranging from 100.0 to 200.0 basis points per annum (based upon the Total Net Leverage Ratio) on the undrawn amount of letters of credit. The Credit Agreement contains various restrictions and covenants, including negative covenants that limit or restrict dividends, indebtedness of subsidiaries, mergers and fundamental changes, asset sales, acquisitions, liens and encumbrances, transactions with affiliates, changes in fiscal year and other matters customarily restricted in such agreements. The Company must maintain a Total Net Leverage Ratio of (a) total funded debt as of such date, minus up to $50.0 million in unrestricted cash and cash equivalents (each as defined in the Credit Agreement) to (b) consolidated EBITDA (as defined in the credit agreement) of not more than 3.00 to 1.00; provided that as of the close of each of the four fiscal quarters occurring after the consummation of a permitted acquisition (as defined in the Credit Agreement) with an aggregate consideration of $150.0 million or more, such ratio shall not be more than 3.25 to 1.00. The Company must maintain an interest coverage ratio of consolidated EBITDA to consolidated cash interest expense of not less than 3.00 to 1.00. We have standby letters of credit that expire in 2018. As of December 31, 2017, our letters of credit were $20.1 million. Our unused and available borrowings under our bank revolving line of credit were $284.9 million as of December 31, 2017. Our unused and available borrowings under the 2013 Credit Agreement were $38.2 million as of December 31, 2016. We were in compliance with our debt covenants as of December 31, 2017. We have entered into various Equipment Notes (“Notes”) for the purchase of tractors, trailers and containers. The Notes are secured by the underlying equipment financed in the agreements. Our outstanding debt is as follows (in thousands): December 31, December 31, 2017 2016 (in thousands except principal and interest payments) Revolving line of credit $ 45,000 $ - Secured Equipment Notes due on various dates in 2024 with monthly principal and interest payments between $403 and $83,000 commencing on various dates in 2017 and 2018; interest is paid monthly at a fixed annual rate between 2.85% and 3.41% 13,586 - Secured Equipment Notes due on various dates in 2023 with monthly principal and interest payments between $669 and $62,665 commencing on various dates in 2016, 2017 and 2018; interest is paid monthly at a fixed annual rate between 2.23% and 3.28% 36,981 - Secured Equipment Notes due on various dates in 2022 with monthly principal and interest payments between $3,030 and $254,190 commencing on various dates from 2015 to 2017; interest is paid monthly at a fixed annual rate of between 2.16% and 2.87% 30,301 - Secured Equipment Notes due on various dates in 2021 with monthly principal and interest payments between $1,940 and $326,333 commencing on various dates from 2014 to 2017; interest is paid monthly at a fixed annual rate between 2.04% and 2.96% 76,885 59,836 Secured Equipment Notes due on various dates in 2020 with monthly principal and interest payments between $6,175 and $398,496 commencing on various dates from 2013 to 2016; interest is paid monthly at a fixed annual rate between 1.72% and 2.78% 50,737 48,633 Secured Equipment Notes due on various dates in 2019 with monthly principal and interest payments between $1,594 and $444,000 commencing on various dates from 2013 to 2015; interest is paid monthly at a fixed annual rate between 1.87% and 2.62% 36,178 49,464 Secured Equipment Notes due on various dates in 2018 with monthly principal and interest payments between $6,480 and $163,428 commencing on various dates in 2012, 2013 and 2014; interest is paid monthly at a fixed annual rate between 2.05% and 2.70% 2,406 2,759 292,074 160,692 Less current portion (77,266 ) (45,163 ) Total long-term debt $ 214,808 $ 115,529 Aggregate principal payments, in thousands, due subsequent to December 31, 2017, are as follows: 2018 $ 77,266 2019 70,033 2020 50,268 2021 30,704 2022 13,092 2023 and thereafter 50,711 $ 292,074 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 $0.5 million, $0.6 million and $0.7 million in 2017, 2016 and 2015, respectively, related to this capital lease. In February 2018, we entered in a secured equipment note for the purchase of 29 tractors and 36 trailers for $5.0 million. The note calls for 60 monthly payments of $91,986 and has a fixed interest rate of 3.56%. |
Leases, User Charges and Commit
Leases, User Charges and Commitments | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Leases, User Charges and Commitments | NOTE 11. Leases, User Charges and Commitments Minimum annual capital and operating lease payments, as of December 31, 2017, under non-cancelable leases, principally for 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 Lease Commitments Total 2018 $ 3,137 $ 10,755 $ 13,892 2019 3,137 8,622 11,759 2020 3,145 7,700 10,845 2021 1,821 7,272 9,093 2022 - 6,576 6,576 2023 and thereafter - 7,494 7,494 $ 11,240 $ 48,419 $ 59,659 Less: Imputed interest (767 ) Net capital lease liability $ 10,473 Total rental expense included in general and administrative expense, which relates primarily to real estate, was approximately $9.8 million in 2017, $8.3 million in 2016 and $8.0 million in 2015. 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 $6.0 million, $3.6 million, and $11.9 million for 2017, 2016 and 2015, 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 $77.6 million, $73.7 million and $74.3 million for 2017, 2016 and 2015, respectively. 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. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation Plans | NOTE 12. Stock-Based Compensation Plans The 2017 Long-Term Incentive Plan (the “2017 Incentive Plan”) was approved by the Board of Directors and subsequently approved by the Company’s stockholders at the 2017 annual meeting. The 2017 Incentive Plan authorizes a broad range of awards including stock options, stock appreciation rights, restricted stock and restricted stock units, performance shares or units, other stock-based awards, and cash incentive awards to all employees (including the Company’s executive officers), directors, consultants, independent contractors or agents of us or a related company. The 2017 Incentive Plan is effective as of March 15, 2017. The 2017 Incentive Plan replaced the Company’s 2002 Long-Term Incentive Plan, as amended (the “2002 Incentive Plan”). Under the 2002 Incentive Plan, stock options, stock appreciation rights, restricted stock, restricted stock units and performance units could be granted for the purpose of attracting and motivating our key employees and non-employee directors. As of the effective date of the 2017 Incentive Plan, there were a total of 707,273 shares of our Class A common stock (“Common Stock”) under the 2002 Incentive Plan available to be issued upon exercise or settlement of outstanding awards. As of December 31, 2017, 1,948,363 shares were available for future grant under the 2017 Incentive Plan. We have not granted any stock options since 2003 and have no stock options outstanding. Restricted stock vests over a three to five year period for all recipients other than the Company’s non-employee Directors. The non-employee Directors restricted stock vests over a one to three year period. Share-based compensation expense for 2017, 2016 and 2015 was $9.9 million, $8.5 million and $7.8 million or $6.5 million, $5.2 million and $5.0 million, net of taxes, respectively. The following table summarizes the non-vested restricted stock activity for the year ended December 31, 2017: Weighted Average Grant Date Non-vested restricted stock Shares Fair Value Non-vested January 1, 2017 780,940 $ 35.48 Granted 428,333 $ 43.31 Vested (237,690) $ 35.60 Forfeited (96,257) $ 39.10 Non-vested at December 31, 2017 875,326 $ 38.88 The following table summarizes the restricted stock granted during the respective years: Restricted stock grants 2017 2016 2015 Employees 396,708 394,243 316,531 Outside directors 31,625 26,125 22,000 Total 428,333 420,368 338,531 Weighted average grant date fair value $ 43.31 $ 33.46 $ 37.60 Vesting period 3-5 years 3-5 years 3-5 years 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, 2017, 2016 and 2015 was $10.4 million, $7.5 million and $8.7 million, respectively. As of December 31, 2017, there was $25.5 million of unrecognized compensation cost related to non-vested share-based compensation that is expected to be recognized over a weighted average period of 2.99 years. During January 2018, we granted 323,347 shares of restricted stock, which includes 89,143 performance based shares and 234,204 time based shares, to certain employees and 33,000 shares of restricted stock to outside directors with a weighted average grant date fair value of $49.20. The stock vests over a three to five year period for employees and one year for outside directors. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | NOTE 13. Employee Benefit Plans We have a profit-sharing plan as of December 31, 2017, 2016 and 2015, 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 $3.0 million related to this plan in 2017, $2.4 million in 2016 and $1.9 million in 2015. 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, which was amended in 2008, 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, 2017 and 2016. 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 $0.3 million per year related to the employer match for these plans in 2017, 2016 and 2015. The liabilities related to these plans as of December 31, 2017 and 2016 were $24.4 million and $21.1 million, respectively. |
Legal Matters
Legal Matters | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Matters | NOTE 14. 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 Hub Group Trucking, Inc (“HGT”). The action is brought on behalf of a class comprised of present and former California-based truck drivers for HGT who were classified as independent contractors, from January 2009 to August 2014. It alleges HGT has misclassified such drivers as independent contractors and that such drivers were employees. It asserts various violations of the California Labor Code and claims that HGT has engaged in unfair competition practices. The complaint seeks, among other things, declaratory and injunctive relief, monetary 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. 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, HGT decided to make settlement offers to individual drivers with respect to the claims alleged in this lawsuit, without admitting liability. As of December 31, 2017, 96% of the California drivers have accepted the settlement offers. In late 2014, HGT decided to convert its model from independent contractors to employee drivers in California (the “Conversion”). In early 2016, HGT closed its operations in Southern 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. On May 15, 2015, Plaintiffs filed a Second Amended Complaint (“SAC”) which names 334 current and former HGT drivers as “interested putative class members.” In addition to reasserting their existing claims, the SAC includes claims post-Conversion, added two Plaintiffs (who had signed the settlement agreement above) and seeks a judicial declaration that the settlement agreements are unenforceable. On June 8, 2015, HGT filed a motion to dismiss the SAC and on July 19, 2016, HGT’s motion to dismiss was granted in part, and denied in part, by the District Court. The motion to dismiss was granted for the claims of all purported class members who have signed settlement agreements and for the plaintiffs’ claims based on quantum merit. It was denied with respect to federal preemption and choice of law. On August 11, 2016, Plaintiffs filed a motion to clarify whether the Court’s dismissal of the claims of all purported class members who signed settlement agreements was with or without prejudice and, if the dismissal was with prejudice, Plaintiffs moved the Court to revise and reconsider the order. Plaintiffs’ motion for clarification/reconsideration has been fully briefed and the parties are awaiting a decision by the Court. Adame 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 HGT and five Hub and HGT employees. The lawsuit alleges claims similar to those being made in Robles On October 29, 2015, Defendants filed a notice of removal to move the case from state court in San Bernardino to federal court in the Central District of California. On November 19, 2015, Plaintiffs filed a motion to remand the case back to state court, claiming that the federal court lacks jurisdiction over the case because there is not complete diversity of citizenship between the parties and the amount in controversy threshold is not satisfied. The court granted Plaintiffs’ motion to remand to the state court in San Bernardino County on April 7, 2016. On July 11, 2016, Defendants filed dismissal papers in state court, asking the court to dismiss Plaintiffs’ suit for various reasons, including that the agreement between HGT and its former California owner operators requires that this action be brought in Memphis, Tennessee, or stay the action pending the outcome of Robles. Defendants also asked the court to dismiss the individual defendants because PAGA’s language does not allow for individual liability. During a hearing on October 5, 2016, the judge issued an oral tentative ruling stating that the choice of forum provision was unenforceable. On February 17, 2017, with the stipulation of the parties, the Court entered an order dismissing, without prejudice, all of the individual Defendants and accepting the parties’ agreement that jurisdiction and venue are proper in the San Bernardino Superior Court and that Defendants will not seek to remove the case to federal district court. On April 12, 2017, the Court denied Defendant’s motion to dismiss based on insufficiency of the PAGA letter notice. On October 19, 2017, Plaintiffs filed an amended complaint, dismissing the previously named individuals as Defendants. On December 4, 2017, Defendants filed an Answer to Plaintiffs’ First Amended Complaint and a Memorandum of Points and Authorities in Support of their Motion for Judgment on the Pleadings. On January 31, 2018, a hearing was held on the motion to dismiss, and on February 1, 2018, the motion was denied. A trial setting conference is set for April 12, 2018. |
Stock Buy Back Plans
Stock Buy Back Plans | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Stock Buy Back Plans | NOTE 15. Stock Buy Back Plans On February 2, 2016, our Board of Directors authorized the purchase of up to $100 million of our Class A Common Stock. This authorization expired on December 31, 2016. We purchased 2,672,227 shares under this authorization during the year ended December 31, 2016, completing the authorization. There was no purchase authorized in 2017. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | NOTE 16. Selected Quarterly Financial Data (Unaudited) The following table sets forth the selected quarterly financial data for each of the quarters in 2017 (in thousands, except per share amounts): Quarter Ended March 31, June 30, September 30, December 31, 2017 2017 2017 2017 Year Ended December 31, 2017: Revenue $ 893,448 $ 924,513 $ 1,054,360 $ 1,162,576 Gross margin 101,585 101,317 116,524 138,091 Operating income 17,177 16,578 21,669 41,127 Net income 10,334 9,542 15,334 99,943 Basic earnings per share $ 0.31 $ 0.29 $ 0.46 $ 3.01 Diluted earnings per share $ 0.31 $ 0.29 $ 0.46 $ 2.99 The following table sets forth the selected quarterly financial data for each of the quarters in 2016 (in thousands, except per share amounts): Quarter Ended March 31, June 30, September 30, December 31, 2016 2016 2016 2016 Year Ended December 31, 2016: Revenue $ 805,859 $ 855,557 $ 932,814 $ 978,560 Gross margin 108,387 114,490 111,454 120,454 Operating income 28,843 34,297 29,855 30,839 Net income 17,965 20,671 17,924 18,244 Basic earnings per share $ 0.51 $ 0.61 $ 0.54 $ 0.55 Diluted earnings per share $ 0.51 $ 0.61 $ 0.54 $ 0.55 |
VALUATION AND QUALIFYING ACCOUN
VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2017 | |
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 Balance at Charged to Charged to Balance at Year Ended Beginning of Costs & Other End of December 31: Year Expenses Accounts (1) Deductions (2) Year 2017 $ 5,411,000 $ 1,051,000 $ 2,044,000 $ (13,000 ) $ 8,493,000 2016 $ 5,215,000 $ 90,000 $ 146,000 $ (40,000 ) $ 5,411,000 2015 $ 6,990,000 $ 270,000 $ (2,037,000 ) $ (8,000 ) $ 5,215,000 Deferred tax valuation allowance Balance at Charged to Balance at Year Ended Beginning of Costs & End of December 31: Year Expenses Year 2017 $ 456,000 $ 1,225,000 $ 1,681,000 2016 $ 108,000 $ 348,000 $ 456,000 2015 $ 108,000 $ - $ 108,000 (1) Expected customer account adjustments charged to revenue and write-offs, net of recoveries. (2) Represents bad debt recoveries. |
Description of Business and S24
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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, Hub Group Trucking, Inc., or a third party company. We offer a dedicated fleet of equipment and drivers through Hub Group Dedicated. We also arrange for transportation of freight by truck and perform logistics services. Transportation services are provided through Hub Group and our subsidiary Mode Transportation, LLC. We report two distinct business segments. The first segment is Mode, which includes the Mode business we acquired in 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, 2017 and 2016, our cash and temporary investments were with high quality financial institutions in DDAs (Demand Deposit Accounts) and Savings 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, including receivable adjustments charged through revenue for items such as disputes, 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 its 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 $8.5 million and $5.4 million as of December 31, 2017 and 2016, 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 10 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 10 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 2017 and 2016, we performed the qualitative assessment on both the Hub and Mode reporting units and determined it was not, more-likely-than-not, that goodwill might be impaired. 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) and Savings 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 2017, 2016 or 2015. 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. Service 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 substantially all 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 two exceptions for which we have established valuation allowances. We have established valuation allowances of $0.1 million related to state tax net operating losses and $1.6 million related to state incentive tax credit carryforwards. 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 and is included in salaries and benefits. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting , which simplifies several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification of related amounts within the statement of cash flows. The new standard became effective beginning with the first quarter of 2017. We adopted ASU 2016-09 in the first quarter of 2017 and the adoption did not have a material impact on our consolidated financial statements. We have applied the reclassification of excess tax benefits prospectively and therefore the prior period has not been adjusted. We presented in both 2016 and 2015 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 May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), which will provide companies with a single revenue recognition model for recognizing revenue from contracts with customers. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented and the cumulative effect of applying the standard would be recognized at the earliest period shown, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. The new standard is effective for annual reporting periods beginning after December 15, 2017. We have been closely monitoring FASB activity related to the new standard. In the first half of 2017, we made significant progress toward completing our evaluation of the potential changes from adopting the new standard on our future financial reporting and disclosures. In the second half of 2017, we finalized our contract reviews and our detailed accounting policy. Based on our evaluation, we adopted the requirements of the new standard on January 1, 2018 and will use the full retrospective transition method. The impact of adopting Topic 606 primarily relates to recording all taxes assessed by a governmental authority that are both, imposed on and concurrent with a specific revenue-producing transaction and collected by Hub Group from a customer on a net basis , The new standard clarifies how to account for principal (gross) versus agent (net) in revenue recognition. We have concluded that the adoption of this standard will not have a material impact on our consolidated financial statements In 2016, the FASB issued new guidance which clarifies the classification of certain cash receipts and cash payments in the statement of cash flows, including debt prepayment or extinguishment costs, settlement of contingent consideration arising from a business combination, insurance settlement proceeds, and distributions from certain equity method investees. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. This standard was adopted on January 1, 2018. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business. This ASU clarifies the definition of a business when evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. This standard was adopted on January 1, 2018 and we are evaluating the effect that this guidance will have on any future acquisitions. In 2016, the FASB issued new guidance that requires credit losses on financial assets measured at amortized cost basis to be presented at the net amount expected to be collected, not based on incurred losses . In February 2016, the FASB issued ASU No. 2016-02, Leases, which requires lessees to recognize a right-to-use asset and a lease obligation for all leases. Lessees are permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of twelve months or less. The new standard will become effective beginning with the first quarter of 2019. Early adoption of the standard is permitted. We plan to adopt this standard January 1, 2019, as required. We are currently evaluating the impact the adoption of this accounting guidance will have on the 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, exposure under our insurance policies and useful lives of assets. Actual results could differ from those estimates. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 Net income for basic and diluted earnings per share $ 135,153 $ 74,805 $ 70,949 Weighted average shares outstanding - basic 33,220 33,841 35,876 Dilutive effect of stock options and restricted stock 130 108 92 Weighted average shares outstanding - diluted 33,350 33,949 35,968 Earnings per share - basic $ 4.07 $ 2.21 $ 1.98 Earnings per share - diluted $ 4.05 $ 2.20 $ 1.97 |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Amortization Expense | Amortization expense for the next five years is as follows (in thousands): Hub Group Hub Mode Total 2018 $ 4,795 $ 853 $ 5,648 2019 4,655 853 5,508 2020 4,655 853 5,508 2021 4,442 853 5,295 2022 4,400 853 5,253 |
Estenson Logistics, LLC [Member] | |
Summary of Total Purchase Price Allocated to Net Assets Acquired | The following table summarizes the total purchase price allocated to the net assets acquired (in thousands): Cash paid $ 165,945 Consideration payable 1,366 Contingent consideration, fair value 4,703 Total consideration 172,014 Equipment debt assumed 112,677 Total base purchase price $ 284,691 |
Preliminary Allocation of Total Consideration to Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary allocation of the total consideration to the assets acquired and liabilities assumed as of the date of the acquisition (in thousands): July 1, 2017 Cash and cash equivalents $ 12 Accounts receivable trade 26,830 Accounts receivable other 165 Prepaid expenses and other current assets 1,500 Property and equipment 128,477 Other intangibles 66,400 Goodwill 86,504 Other assets 64 Total assets acquired $ 309,952 Accounts payable trade $ 4,542 Accrued payroll 5,661 Accrued other 15,058 Equipment debt 112,677 Total liabilities assumed $ 137,938 Total consideration $ 172,014 |
Components of Other Intangibles Acquired | The components of “Other intangibles” listed in the above table as of the acquisition date are preliminarily estimated as follows (in thousands): Accumulated Balance at Estimated Useful Amount Amortization December 31, 2017 Life Customer relationships $ 66,000 $ 2,200 $ 63,800 15 years Trade name $ 400 $ 400 $ 0 3 months |
Amortization Expense | Amortization expense related to HGD for the next five years is as follows (in thousands): 2018 $4,400 2019 4,400 2020 4,400 2021 4,400 2022 4,400 |
Unaudited Pro forma Consolidated Results of Operations | The following unaudited pro forma consolidated results of operations for 2017 and 2016 assume that the acquisition of Estenson was completed as of January 1, 2016 (in thousands, except for per share amounts): Twelve Months Twelve Months Ended Ended December 31, 2017 December 31, 2016 Revenue $ 4,148,918 $ 3,784,604 Net income $ 139,300 $ 81,984 Earnings per share Basic $ 4.19 $ 2.42 Diluted $ 4.18 $ 2.41 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Summary of Operating Results | The following is a summary of operating results for our business segments for the years ended December 31, 2017, 2016 and 2015 (in thousands): Twelve Months Twelve Months Ended December 31, 2017 Ended December 31, 2016 Inter- Hub Inter- Hub Segment Group Segment Group Hub Mode Elims Total Hub Mode Elims Total Revenue $ 3,107,394 $ 1,029,160 $ (101,657 ) $ 4,034,897 $ 2,734,541 $ 948,735 $ (110,486 ) $ 3,572,790 Transportation costs 2,771,291 907,746 (101,657 ) 3,577,380 2,404,946 823,545 (110,486 ) 3,118,005 Gross margin 336,103 121,414 - 457,517 329,595 125,190 - 454,785 Costs and expenses: Salaries and benefits 174,573 13,816 - 188,389 165,136 15,323 - 180,459 Agent fees and commissions 58 74,024 - 74,082 66 72,830 - 72,896 General and administrative 77,085 8,097 - 85,182 60,811 7,819 - 68,630 Depreciation and amortization 12,139 1,174 - 13,313 7,698 1,268 - 8,966 Total costs and expenses 263,855 97,111 - 360,966 233,711 97,240 - 330,951 Operating income $ 72,248 $ 24,303 $ - $ 96,551 95,884 27,950 - 123,834 Capital expenditures $ 73,772 $ 769 $ - $ 74,541 $ 106,316 $ 1,093 $ - $ 107,409 Twelve Months Ended December 31, 2015 Inter- Hub Segment Group Hub Mode Elims Total Revenue $ 2,679,318 $ 928,661 $ (82,384 ) $ 3,525,595 Transportation costs 2,385,197 810,087 (82,384 ) 3,112,900 Gross margin 294,121 118,574 - 412,695 Costs and expenses: Salaries and benefits 143,993 14,945 - 158,938 Agent fees and commissions 56 68,668 - 68,724 General and administrative 53,023 6,992 - 60,015 Depreciation and amortization 6,688 1,300 - 7,988 Total costs and expenses 203,760 91,905 - 295,665 Operating income $ 90,361 $ 26,669 $ - $ 117,030 Capital expenditures $ 79,860 $ 3,182 $ - $ 83,042 |
Schedule of Assets | As of December 31, 2017 As of December 31, 2016 Inter- Hub Inter- Hub Segment Group Segment Group Hub Mode Elims Total Hub Mode Elims Total Total assets $ 1,470,792 $ 210,088 $ (9,939 ) $ 1,670,941 $ 1,178,110 $ 191,374 $ (9,225 ) $ 1,360,259 Goodwill $ 319,272 $ 29,389 $ - 348,661 $ 232,987 $ 29,389 $ - 262,376 |
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, 2017 Ended December 31, 2016 Inter- Hub Inter- Hub Segment Group Segment Group Hub Mode Elims Total Hub Mode Elims Total Intermodal $ 1,852,884 $ 496,733 $ (56,587 ) $ 2,293,030 $ 1,785,865 $ 486,758 $ (81,556 ) $ 2,191,067 Truck brokerage 483,955 340,330 (1,990 ) 822,295 391,901 308,055 (1,456 ) 698,500 Logistics 655,543 192,097 (43,061 ) 804,579 556,775 153,922 (27,474 ) 683,223 Dedicated 115,012 - (19 ) 114,993 - - - - Total revenue $ 3,107,394 $ 1,029,160 $ (101,657 ) $ 4,034,897 $ 2,734,541 $ 948,735 $ (110,486 ) $ 3,572,790 Twelve Months Ended December 31, 2015 Inter- Hub Segment Group Hub Mode Elims Total Intermodal $ 1,792,046 $ 483,910 $ (78,688 ) $ 2,197,268 Truck brokerage 355,402 314,498 (1,908 ) 667,992 Logistics 531,870 130,253 (1,788 ) 660,335 Total revenue $ 2,679,318 $ 928,661 $ (82,384 ) $ 3,525,595 |
Goodwill and Other Intangible28
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Goodwill | The following table presents the carrying amount of goodwill (in thousands): Hub Group Hub Mode Total Balance at January 1, 2016 $ 233,205 $ 29,389 $ 262,594 Other (218 ) - (218 ) Balance at December 31, 2016 232,987 29,389 262,376 Acquisition $ 86,504 $ - $ 86,504 Other (219 ) - (219 ) Balance at December 31, 2017 $ 319,272 $ 29,389 $ 348,661 |
Components of Other Intangible Assets | The components of the “Other intangible assets” are as follows (in thousands): Net Gross Accumulated Carrying As of December 31, 2017: Amount Amortization Life Hub Customer relationships $ 71,181 $ (6,434 ) $ 64,747 7-15 years Trade name $ 400 $ (400 ) $ - 3 months Mode Agency/customer relationships $ 15,362 $ (5,761 ) $ 9,601 18 years Hub Group Total $ 86,943 $ (12,595 ) $ 74,348 Net Gross Accumulated Carrying As of December 31, 2016: Amount Amortization Value Life Hub Customer relationships $ 5,181 $ (3,792 ) $ 1,389 7-15 years Mode Agency/customer relationships $ 15,362 $ (4,907 ) $ 10,455 18 years Hub Group Total $ 20,543 $ (8,699 ) $ 11,844 |
Amortization Expense | Amortization expense for the next five years is as follows (in thousands): Hub Group Hub Mode Total 2018 $ 4,795 $ 853 $ 5,648 2019 4,655 853 5,508 2020 4,655 853 5,508 2021 4,442 853 5,295 2022 4,400 853 5,253 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 U.S. federal statutory rate 34.9 % 35.0 % 35.0 % Federal tax law changes (82.7 ) - - State taxes, net of federal benefit 2.8 2.6 2.4 Federal and state incentives (5.2 ) (0.2) (0.5) State law changes 1.5 0.3 (0.9) Permanent differences 0.1 0.7 0.4 Net effective rate (48.6 ) % 38.4 % 36.4 % |
Summary of Provision for Income Taxes | The following is a summary of our provision for income taxes (in thousands): Years Ended December 31, 2017 2016 2015 Current Federal $ (2,429 ) $ 30,324 $ 21,363 State and local 1,718 3,296 2,900 Foreign 59 108 284 (652 ) 33,728 24,547 Deferred Federal (46,247 ) 11,981 16,538 State and local 2,686 971 (346 ) Foreign (3 ) (64 ) (106 ) (43,564 ) 12,888 16,086 Total provision $ (44,216 ) $ 46,616 $ 40,633 |
Summary of Deferred Tax Assets and Liabilities | The following is a summary of our deferred tax assets and liabilities (in thousands) December 31, 2017 2016 Accrued compensation 9,441 20,651 Other reserves 6,736 8,580 Tax credit carryforwards 3,411 1,694 Operating loss carryforwards 1,388 1,399 Total gross deferred income taxes 20,976 32,324 Valuation allowances (1,681 ) (456 ) Total deferred tax assets 19,295 31,868 Prepaids (3,587 ) (3,401 ) Other receivables (2,462 ) (3,051 ) Property and equipment (79,224 ) (105,905 ) Goodwill (55,117 ) (84,170 ) Total deferred tax liabilities (140,390 ) (196,527 ) Total deferred taxes $ (121,095 ) $ (164,659 ) |
Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): 2017 2016 Gross unrecognized tax benefits - beginning of the year $ 1,832 $ 1,139 Gross increases related to prior year tax positions 1,830 394 Gross increases related to current year tax positions 290 488 Lapse of applicable statute of limitations (125 ) (189 ) Gross unrecognized tax benefits - end of year $ 3,827 $ 1,832 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Property and equipment consist of the following (in thousands): December 31, 2017 2016 Land $ 24,708 $ 24,708 Building and improvements 36,459 36,269 Leasehold improvements 6,372 5,016 Computer equipment and software 109,336 91,302 Furniture and equipment 14,555 13,852 Transportation equipment 620,951 472,634 Construction in process 1,460 450 813,841 644,231 Less: Accumulated depreciation and amortization (251,691 ) (205,637 ) Property and Equipment, net $ 562,150 $ 438,594 |
Long-Term Debt and Financing 31
Long-Term Debt and Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Debt | Our outstanding debt is as follows (in thousands): December 31, December 31, 2017 2016 (in thousands except principal and interest payments) Revolving line of credit $ 45,000 $ - Secured Equipment Notes due on various dates in 2024 with monthly principal and interest payments between $403 and $83,000 commencing on various dates in 2017 and 2018; interest is paid monthly at a fixed annual rate between 2.85% and 3.41% 13,586 - Secured Equipment Notes due on various dates in 2023 with monthly principal and interest payments between $669 and $62,665 commencing on various dates in 2016, 2017 and 2018; interest is paid monthly at a fixed annual rate between 2.23% and 3.28% 36,981 - Secured Equipment Notes due on various dates in 2022 with monthly principal and interest payments between $3,030 and $254,190 commencing on various dates from 2015 to 2017; interest is paid monthly at a fixed annual rate of between 2.16% and 2.87% 30,301 - Secured Equipment Notes due on various dates in 2021 with monthly principal and interest payments between $1,940 and $326,333 commencing on various dates from 2014 to 2017; interest is paid monthly at a fixed annual rate between 2.04% and 2.96% 76,885 59,836 Secured Equipment Notes due on various dates in 2020 with monthly principal and interest payments between $6,175 and $398,496 commencing on various dates from 2013 to 2016; interest is paid monthly at a fixed annual rate between 1.72% and 2.78% 50,737 48,633 Secured Equipment Notes due on various dates in 2019 with monthly principal and interest payments between $1,594 and $444,000 commencing on various dates from 2013 to 2015; interest is paid monthly at a fixed annual rate between 1.87% and 2.62% 36,178 49,464 Secured Equipment Notes due on various dates in 2018 with monthly principal and interest payments between $6,480 and $163,428 commencing on various dates in 2012, 2013 and 2014; interest is paid monthly at a fixed annual rate between 2.05% and 2.70% 2,406 2,759 292,074 160,692 Less current portion (77,266 ) (45,163 ) Total long-term debt $ 214,808 $ 115,529 |
Summary of Aggregate Principal Payments | Aggregate principal payments, in thousands, due subsequent to December 31, 2017, are as follows: 2018 $ 77,266 2019 70,033 2020 50,268 2021 30,704 2022 13,092 2023 and thereafter 50,711 $ 292,074 |
Leases, User Charges and Comm32
Leases, User Charges and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Future Payments Due | Future Payments Due: Operating Leases and Capital Other Lease Commitments Total 2018 $ 3,137 $ 10,755 $ 13,892 2019 3,137 8,622 11,759 2020 3,145 7,700 10,845 2021 1,821 7,272 9,093 2022 - 6,576 6,576 2023 and thereafter - 7,494 7,494 $ 11,240 $ 48,419 $ 59,659 Less: Imputed interest (767 ) Net capital lease liability $ 10,473 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Non-Vested Restricted Stock Activity | The following table summarizes the non-vested restricted stock activity for the year ended December 31, 2017: Weighted Average Grant Date Non-vested restricted stock Shares Fair Value Non-vested January 1, 2017 780,940 $ 35.48 Granted 428,333 $ 43.31 Vested (237,690) $ 35.60 Forfeited (96,257) $ 39.10 Non-vested at December 31, 2017 875,326 $ 38.88 |
Schedule of Restricted Stock Granted | The following table summarizes the restricted stock granted during the respective years: Restricted stock grants 2017 2016 2015 Employees 396,708 394,243 316,531 Outside directors 31,625 26,125 22,000 Total 428,333 420,368 338,531 Weighted average grant date fair value $ 43.31 $ 33.46 $ 37.60 Vesting period 3-5 years 3-5 years 3-5 years |
Selected Quarterly Financial 34
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 (in thousands, except per share amounts): Quarter Ended March 31, June 30, September 30, December 31, 2017 2017 2017 2017 Year Ended December 31, 2017: Revenue $ 893,448 $ 924,513 $ 1,054,360 $ 1,162,576 Gross margin 101,585 101,317 116,524 138,091 Operating income 17,177 16,578 21,669 41,127 Net income 10,334 9,542 15,334 99,943 Basic earnings per share $ 0.31 $ 0.29 $ 0.46 $ 3.01 Diluted earnings per share $ 0.31 $ 0.29 $ 0.46 $ 2.99 The following table sets forth the selected quarterly financial data for each of the quarters in 2016 (in thousands, except per share amounts): Quarter Ended March 31, June 30, September 30, December 31, 2016 2016 2016 2016 Year Ended December 31, 2016: Revenue $ 805,859 $ 855,557 $ 932,814 $ 978,560 Gross margin 108,387 114,490 111,454 120,454 Operating income 28,843 34,297 29,855 30,839 Net income 17,965 20,671 17,924 18,244 Basic earnings per share $ 0.51 $ 0.61 $ 0.54 $ 0.55 Diluted earnings per share $ 0.51 $ 0.61 $ 0.54 $ 0.55 |
Description of Business and S35
Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)Segment | Dec. 31, 2016USD ($) | Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Reporting business segments | Segment | 2 | ||
Reserve for uncollectible accounts | $ 8.5 | $ 5.4 | |
State tax net operating losses, valuation allowance | 0.1 | ||
Accounting Standards Update 2014-09 [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Impact on consolidated financial statements due to adoption of topic 606 | 3 | $ 3 | |
State [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Incentive tax credit carryforwards | $ 1.6 | ||
Leasehold Improvements [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment estimated life, description | The shorter of useful life or lease term. | ||
Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Ownership percentage | 50.00% | ||
Maximum [Member] | Customer Concentration Risk [Member] | Revenue [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Minimum percentage of revenue accounted for by one customer | 10.00% | 10.00% | 10.00% |
Maximum [Member] | Building And Improvement [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment estimated life | 40 years | ||
Maximum [Member] | Computer Equipment and Software [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment estimated life | 10 years | ||
Maximum [Member] | Furniture and Equipment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment estimated life | 10 years | ||
Maximum [Member] | Transportation Equipment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment estimated life | 15 years | ||
Maximum [Member] | Software Development [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Intangible assets estimated useful life | 10 years |
Capital Structure - Additional
Capital Structure - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Class of Stock [Line Items] | ||
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Class B Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common stock, rights to vote | 84 | |
Class A Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common stock, rights to vote | one |
Reconciliation of Earnings Per
Reconciliation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Net income for basic and diluted earnings per share | $ 99,943 | $ 15,334 | $ 9,542 | $ 10,334 | $ 18,244 | $ 17,924 | $ 20,671 | $ 17,965 | $ 135,153 | $ 74,805 | $ 70,949 |
Weighted average shares outstanding - basic | 33,220 | 33,841 | 35,876 | ||||||||
Dilutive effect of stock options and restricted stock | 130 | 108 | 92 | ||||||||
Weighted average shares outstanding - diluted | 33,350 | 33,949 | 35,968 | ||||||||
Earnings per share - basic | $ 3.01 | $ 0.46 | $ 0.29 | $ 0.31 | $ 0.55 | $ 0.54 | $ 0.61 | $ 0.51 | $ 4.07 | $ 2.21 | $ 1.98 |
Earnings per share - diluted | $ 2.99 | $ 0.46 | $ 0.29 | $ 0.31 | $ 0.55 | $ 0.54 | $ 0.61 | $ 0.51 | $ 4.05 | $ 2.20 | $ 1.97 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) $ in Thousands | Jul. 01, 2017USD ($)TractorTrailer | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | |||
Amortization expense of intangible assets | $ 3,900 | $ 1,300 | |
Hub Group Dedicated [Member] | |||
Business Acquisition [Line Items] | |||
Number of tractors in operating fleet | Tractor | 1,100 | ||
Number of trailers in operating fleet | Trailer | 4,700 | ||
Estenson Logistics, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition date | Jul. 1, 2017 | ||
Business acquisition, purchase price | $ 284,691 | ||
Contingent consideration related to an earn-out provision | 6,000 | ||
Business acquisition, final consideration | 172,014 | ||
Business acquisition, debt assumed | 112,677 | ||
Business acquisition, cash paid | 165,945 | ||
Amount of cash borrowed under new credit agreement | 55,000 | ||
Business acquisition costs | $ 1,600 | ||
Tax deductible goodwill | $ 80,600 | ||
Intangible assets estimated useful life | 15 years | ||
Assumed liabilities | $ 137,938 | $ 5,900 | |
Amortization expense of intangible assets | $ 2,600 | ||
Intangible assets, weighted average useful life | 15 years |
Summary of Total Purchase Price
Summary of Total Purchase Price Allocated to Net Assets Acquired (Detail) - Estenson Logistics, LLC [Member] $ in Thousands | Jul. 01, 2017USD ($) |
Business Acquisition [Line Items] | |
Cash paid | $ 165,945 |
Consideration payable | 1,366 |
Contingent consideration, fair value | 4,703 |
Total consideration | 172,014 |
Equipment debt assumed | 112,677 |
Total base purchase price | $ 284,691 |
Summary of Preliminary Allocati
Summary of Preliminary Allocation of Total Purchase Price to Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Jul. 01, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 348,661 | $ 262,376 | $ 262,594 | |
Estenson Logistics, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 12 | |||
Accounts receivable trade | 26,830 | |||
Accounts receivable other | 165 | |||
Prepaid expenses and other current assets | 1,500 | |||
Property and equipment | 128,477 | |||
Other intangibles | 66,400 | |||
Goodwill | 86,504 | |||
Other assets | 64 | |||
Total assets acquired | 309,952 | |||
Accounts payable trade | 4,542 | |||
Accrued payroll | 5,661 | |||
Accrued other | 15,058 | |||
Equipment debt assumed | 112,677 | |||
Total liabilities assumed | $ 5,900 | 137,938 | ||
Total consideration | $ 172,014 |
Components of Other Intangible
Components of Other Intangible Acquired (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Other Intangible Assets [Line Items] | ||
Intangible Assets, Gross Amount | $ 86,943 | $ 20,543 |
Finite-lived intangible assets, Accumulated Amortization | $ 12,595 | $ 8,699 |
Estenson Logistics, LLC [Member] | ||
Other Intangible Assets [Line Items] | ||
Intangible assets estimated useful life | 15 years | |
Estenson Logistics, LLC [Member] | Customer Relationships [Member] | ||
Other Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Amount | $ 66,000 | |
Finite-lived intangible assets, Accumulated Amortization | 2,200 | |
Finite-lived intangible assets, Net Carrying Value | $ 63,800 | |
Intangible assets estimated useful life | 15 years | |
Estenson Logistics, LLC [Member] | Trade Name [Member] | ||
Other Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Amount | $ 400 | |
Finite-lived intangible assets, Accumulated Amortization | 400 | |
Finite-lived intangible assets, Net Carrying Value | $ 0 | |
Intangible assets estimated useful life | 3 months |
Amortization Expense of Intangi
Amortization Expense of Intangible Assets (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Finite Lived Intangible Assets [Line Items] | |
2,018 | $ 5,648 |
2,019 | 5,508 |
2,020 | 5,508 |
2,021 | 5,295 |
2,022 | 5,253 |
Hub Group Dedicated [Member] | |
Finite Lived Intangible Assets [Line Items] | |
2,018 | 4,400 |
2,019 | 4,400 |
2,020 | 4,400 |
2,021 | 4,400 |
2,022 | $ 4,400 |
Unaudited Pro forma Consolidate
Unaudited Pro forma Consolidated Results of Operations (Detail) - Estenson Logistics, LLC [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||
Revenue | $ 4,148,918 | $ 3,784,604 |
Net income | $ 139,300 | $ 81,984 |
Earnings per share | ||
Basic | $ 4.19 | $ 2.42 |
Diluted | $ 4.18 | $ 2.41 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017Segment | |
Segment Reporting Information [Line Items] | |
Reporting business segments | 2 |
Number of railheads | one or more |
Mode LLC [Member] | |
Segment Reporting Information [Line Items] | |
Business acquisition, date | Apr. 1, 2011 |
Summary of Operating Results (D
Summary of Operating Results (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 1,162,576 | $ 1,054,360 | $ 924,513 | $ 893,448 | $ 978,560 | $ 932,814 | $ 855,557 | $ 805,859 | $ 4,034,897 | $ 3,572,790 | $ 3,525,595 |
Transportation costs | 3,577,380 | 3,118,005 | 3,112,900 | ||||||||
Gross margin | 138,091 | 116,524 | 101,317 | 101,585 | 120,454 | 111,454 | 114,490 | 108,387 | 457,517 | 454,785 | 412,695 |
Costs and expenses: | |||||||||||
Salaries and benefits | 188,389 | 180,459 | 158,938 | ||||||||
Agent fees and commissions | 74,082 | 72,896 | 68,724 | ||||||||
General and administrative | 85,182 | 68,630 | 60,015 | ||||||||
Depreciation and amortization | 13,313 | 8,966 | 7,988 | ||||||||
Total costs and expenses | 360,966 | 330,951 | 295,665 | ||||||||
Operating income | $ 41,127 | $ 21,669 | $ 16,578 | $ 17,177 | $ 30,839 | $ 29,855 | $ 34,297 | $ 28,843 | 96,551 | 123,834 | 117,030 |
Capital expenditures | 74,541 | 107,409 | 83,042 | ||||||||
Operating Segments [Member] | Hub [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 3,107,394 | 2,734,541 | 2,679,318 | ||||||||
Transportation costs | 2,771,291 | 2,404,946 | 2,385,197 | ||||||||
Gross margin | 336,103 | 329,595 | 294,121 | ||||||||
Costs and expenses: | |||||||||||
Salaries and benefits | 174,573 | 165,136 | 143,993 | ||||||||
Agent fees and commissions | 58 | 66 | 56 | ||||||||
General and administrative | 77,085 | 60,811 | 53,023 | ||||||||
Depreciation and amortization | 12,139 | 7,698 | 6,688 | ||||||||
Total costs and expenses | 263,855 | 233,711 | 203,760 | ||||||||
Operating income | 72,248 | 95,884 | 90,361 | ||||||||
Capital expenditures | 73,772 | 106,316 | 79,860 | ||||||||
Operating Segments [Member] | Mode LLC [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,029,160 | 948,735 | 928,661 | ||||||||
Transportation costs | 907,746 | 823,545 | 810,087 | ||||||||
Gross margin | 121,414 | 125,190 | 118,574 | ||||||||
Costs and expenses: | |||||||||||
Salaries and benefits | 13,816 | 15,323 | 14,945 | ||||||||
Agent fees and commissions | 74,024 | 72,830 | 68,668 | ||||||||
General and administrative | 8,097 | 7,819 | 6,992 | ||||||||
Depreciation and amortization | 1,174 | 1,268 | 1,300 | ||||||||
Total costs and expenses | 97,111 | 97,240 | 91,905 | ||||||||
Operating income | 24,303 | 27,950 | 26,669 | ||||||||
Capital expenditures | 769 | 1,093 | 3,182 | ||||||||
Intersegment Elims [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | (101,657) | (110,486) | (82,384) | ||||||||
Transportation costs | $ (101,657) | $ (110,486) | $ (82,384) |
Schedule of Assets (Detail)
Schedule of Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | |||
Total assets | $ 1,670,941 | $ 1,360,259 | |
Goodwill | 348,661 | 262,376 | $ 262,594 |
Hub [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 319,272 | 232,987 | $ 233,205 |
Operating Segments [Member] | Hub [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,470,792 | 1,178,110 | |
Goodwill | 319,272 | 232,987 | |
Operating Segments [Member] | Mode LLC [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 210,088 | 191,374 | |
Goodwill | 29,389 | 29,389 | |
Intersegment Elims [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ (9,939) | $ (9,225) |
Summary of Revenue by Segment a
Summary of Revenue by Segment and Business Line (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 1,162,576 | $ 1,054,360 | $ 924,513 | $ 893,448 | $ 978,560 | $ 932,814 | $ 855,557 | $ 805,859 | $ 4,034,897 | $ 3,572,790 | $ 3,525,595 |
Intermodal [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 2,293,030 | 2,191,067 | 2,197,268 | ||||||||
Truck brokerage [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 822,295 | 698,500 | 667,992 | ||||||||
Logistics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 804,579 | 683,223 | 660,335 | ||||||||
Dedicated [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 114,993 | ||||||||||
Operating Segments [Member] | Hub [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 3,107,394 | 2,734,541 | 2,679,318 | ||||||||
Operating Segments [Member] | Mode LLC [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,029,160 | 948,735 | 928,661 | ||||||||
Operating Segments [Member] | Intermodal [Member] | Hub [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,852,884 | 1,785,865 | 1,792,046 | ||||||||
Operating Segments [Member] | Intermodal [Member] | Mode LLC [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 496,733 | 486,758 | 483,910 | ||||||||
Operating Segments [Member] | Truck brokerage [Member] | Hub [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 483,955 | 391,901 | 355,402 | ||||||||
Operating Segments [Member] | Truck brokerage [Member] | Mode LLC [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 340,330 | 308,055 | 314,498 | ||||||||
Operating Segments [Member] | Logistics [Member] | Hub [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 655,543 | 556,775 | 531,870 | ||||||||
Operating Segments [Member] | Logistics [Member] | Mode LLC [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 192,097 | 153,922 | 130,253 | ||||||||
Operating Segments [Member] | Dedicated [Member] | Hub [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 115,012 | ||||||||||
Intersegment Elims [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | (101,657) | (110,486) | (82,384) | ||||||||
Intersegment Elims [Member] | Intermodal [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | (56,587) | (81,556) | (78,688) | ||||||||
Intersegment Elims [Member] | Truck brokerage [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | (1,990) | (1,456) | (1,908) | ||||||||
Intersegment Elims [Member] | Logistics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | (43,061) | $ (27,474) | $ (1,788) | ||||||||
Intersegment Elims [Member] | Dedicated [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ (19) |
Goodwill and Other Intangible48
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Intangible Assets [Line Items] | ||
Goodwill accumulated impairment loss | $ 0 | |
Intangible assets, Amortization expense | $ 3,900,000 | $ 1,300,000 |
Hub [Member] | Weighted Average [Member] | ||
Intangible Assets [Line Items] | ||
Weighted average life of definite lived intangible assets | 14 years 3 months 29 days | |
Mode [Member] | Weighted Average [Member] | ||
Intangible Assets [Line Items] | ||
Weighted average life of definite lived intangible assets | 11 years 3 months |
Carrying Amount of Goodwill (De
Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 262,376 | $ 262,594 |
Acquisition | 86,504 | |
Other | (219) | (218) |
Goodwill, Ending Balance | 348,661 | 262,376 |
Hub [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 232,987 | 233,205 |
Acquisition | 86,504 | |
Other | (219) | (218) |
Goodwill, Ending Balance | 319,272 | 232,987 |
Mode [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 29,389 | 29,389 |
Acquisition | 0 | |
Other | 0 | 0 |
Goodwill, Ending Balance | $ 29,389 | $ 29,389 |
Components of Other Intangibl50
Components of Other Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Other Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Accumulated Amortization | $ (12,595) | $ (8,699) |
Intangible Assets, Gross Amount | 86,943 | 20,543 |
Intangible Assets, Net Carrying Value | 74,348 | 11,844 |
Hub [Member] | Customer Relationships [Member] | ||
Other Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Amount | 71,181 | 5,181 |
Finite-lived intangible assets, Accumulated Amortization | (6,434) | (3,792) |
Finite-lived intangible assets, Net Carrying Value | $ 64,747 | $ 1,389 |
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] | Trade Name [Member] | ||
Other Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Amount | $ 400 | |
Finite-lived intangible assets, Accumulated Amortization | $ (400) | |
Intangible assets estimated useful life | 3 months | |
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 | (5,761) | (4,907) |
Finite-lived intangible assets, Net Carrying Value | $ 9,601 | $ 10,455 |
Intangible assets estimated useful life | 18 years | 18 years |
Amortization Expense (Detail)
Amortization Expense (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Finite Lived Intangible Assets [Line Items] | |
2,018 | $ 5,648 |
2,019 | 5,508 |
2,020 | 5,508 |
2,021 | 5,295 |
2,022 | 5,253 |
Hub [Member] | |
Finite Lived Intangible Assets [Line Items] | |
2,018 | 4,795 |
2,019 | 4,655 |
2,020 | 4,655 |
2,021 | 4,442 |
2,022 | 4,400 |
Mode [Member] | |
Finite Lived Intangible Assets [Line Items] | |
2,018 | 853 |
2,019 | 853 |
2,020 | 853 |
2,021 | 853 |
2,022 | $ 853 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | ||||
U.S. federal corporate tax rate | 34.90% | 35.00% | 35.00% | |
Tax cuts and jobs act of 2017, accounting complete [true false] | false | |||
Change in net deferred tax expense (benefit) | $ (75,200) | |||
Operating loss carryforwards | 1,388 | $ 1,399 | ||
State incentive tax credit carryforwards | 3,411 | 1,694 | ||
Valuation allowances | 1,681 | 456 | ||
Unrecognized tax benefits | 3,827 | 1,832 | $ 1,139 | |
Potential increase (decrease) in income tax provision | 2,800 | $ 1,200 | ||
Income tax interest and penalty recognized | 3 | |||
Tax settlement, amount | 10,000 | |||
State [Member] | Net Operating Losses [Member] | ||||
Income Taxes [Line Items] | ||||
Valuation allowances | 100 | |||
State [Member] | Tax Incentive Credit Carryforwards [Member] | ||||
Income Taxes [Line Items] | ||||
Valuation allowances | $ 1,600 | |||
Minimum [Member] | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards, expiration date | Dec. 31, 2018 | |||
Tax credit carryforward, expiration date | Dec. 31, 2019 | |||
Possible reduction in unrecognized tax benefits resulting from audit settlements | $ 1,000 | |||
Maximum [Member] | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards, expiration date | Dec. 31, 2037 | |||
Tax credit carryforward, expiration date | Dec. 31, 2022 | |||
Possible increase in unrecognized tax benefits resulting from audit settlements | $ 1,000 | |||
Scenario, Previously Reported [Member] | ||||
Income Taxes [Line Items] | ||||
U.S. federal corporate tax rate | 35.00% | |||
Scenario, Forecast [Member] | ||||
Income Taxes [Line Items] | ||||
U.S. federal corporate tax rate | 21.00% |
Reconciliation of Effective Tax
Reconciliation of Effective Tax Rate to Federal Statutory Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory rate | 34.90% | 35.00% | 35.00% |
Federal tax law changes | (82.70%) | ||
State taxes, net of federal benefit | 2.80% | 2.60% | 2.40% |
Federal and state incentives | (5.20%) | (0.20%) | (0.50%) |
State law changes | 1.50% | 0.30% | (0.90%) |
Permanent differences | 0.10% | 0.70% | 0.40% |
Net effective rate | (48.60%) | 38.40% | 36.40% |
Summary of Provision for Income
Summary of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current | |||
Federal | $ (2,429) | $ 30,324 | $ 21,363 |
State and local | 1,718 | 3,296 | 2,900 |
Foreign | 59 | 108 | 284 |
Current income tax expense, total | (652) | 33,728 | 24,547 |
Deferred | |||
Federal | (46,247) | 11,981 | 16,538 |
State and local | 2,686 | 971 | (346) |
Foreign | (3) | (64) | (106) |
Deferred income tax expense, total | (43,564) | 12,888 | 16,086 |
Total provision | $ (44,216) | $ 46,616 | $ 40,633 |
Summary of Deferred Tax Assets
Summary of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Accrued compensation | $ 9,441 | $ 20,651 |
Other reserves | 6,736 | 8,580 |
Tax credit carryforwards | 3,411 | 1,694 |
Operating loss carryforwards | 1,388 | 1,399 |
Total gross deferred income taxes | 20,976 | 32,324 |
Valuation allowances | (1,681) | (456) |
Total deferred tax assets | 19,295 | 31,868 |
Prepaids | (3,587) | (3,401) |
Other receivables | (2,462) | (3,051) |
Property and equipment | (79,224) | (105,905) |
Goodwill | (55,117) | (84,170) |
Total deferred tax liabilities | (140,390) | (196,527) |
Total deferred taxes | $ (121,095) | $ (164,659) |
Unrecognized Tax Benefits (Deta
Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Gross unrecognized tax benefits - beginning of the year | $ 1,832 | $ 1,139 |
Gross increases related to prior year tax positions | 1,830 | 394 |
Gross increases related to current year tax positions | 290 | 488 |
Lapse of applicable statute of limitations | (125) | (189) |
Gross unrecognized tax benefits - end of year | $ 3,827 | $ 1,832 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Restricted investments | $ 24.2 | $ 20.9 |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | $ 813,841 | $ 644,231 |
Less: Accumulated depreciation and amortization | (251,691) | (205,637) |
Property and Equipment, net | 562,150 | 438,594 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 24,708 | 24,708 |
Building And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 36,459 | 36,269 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 6,372 | 5,016 |
Computer Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 109,336 | 91,302 |
Furniture And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 14,555 | 13,852 |
Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 620,951 | 472,634 |
Construction In Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | $ 1,460 | $ 450 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ||||
Property and Equipment, gross | $ 813,841 | $ 644,231 | ||
Equipment, capital lease obligation | $ 26,400 | |||
Equipment, capital lease obligation, net | 10,000 | 12,300 | ||
Depreciation and amortization expense related to property and equipment | 58,100 | 43,400 | $ 35,900 | |
Amortization expense under capital lease obligation | 2,200 | 2,300 | $ 2,600 | |
Transportation Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and Equipment, gross | 620,951 | 472,634 | ||
Transportation Equipment [Member] | Hub Group Dedicated [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and Equipment, gross | 621,000 | 472,600 | ||
Computer Software and Hardware [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and Equipment, gross | $ 109,336 | $ 91,302 |
Long-Term Debt and Financing 60
Long-Term Debt and Financing Arrangements - Additional Information (Detail) | Jul. 01, 2017USD ($) | Feb. 28, 2018USD ($)TractorTrailer | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2011Chassis |
Line Of Credit Facility [Line Items] | ||||||
Number of chassis leased | Chassis | 3,126 | |||||
Chassis, lease agreement period (years) | 10 years | |||||
Capital lease interest paid | $ 500,000 | $ 600,000 | $ 700,000 | |||
Standby Letters of Credit [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Letters of credit expiration, year | 2,018 | |||||
Outstanding letters of credit | $ 20,100,000 | |||||
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 and credit agreement | $ 284,900,000 | |||||
Credit Agreement [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Amount of credit agreement | $ 350,000,000 | |||||
Credit agreement interest rate description | (i) LIBOR plus a specified margin based upon the Borrowers' total net leverage ratio (as defined in the Credit Agreement) (the "Total Net Leverage Ratio"), or (ii) the base rate (which is the highest of (a) the administrative agent's prime rate, (b) the federal funds rate plus 0.50% or (c) the sum of 1% plus one-month LIBOR) plus a specified margin based upon the Total Net Leverage Ratio. | |||||
Commitment fee on unused commitments | 0.25% | |||||
Credit Agreement covenant terms | The Credit Agreement contains various restrictions and covenants, including negative covenants that limit or restrict dividends, indebtedness of subsidiaries, mergers and fundamental changes, asset sales, acquisitions, liens and encumbrances, transactions with affiliates, changes in fiscal year and other matters customarily restricted in such agreements. The Company must maintain a Total Net Leverage Ratio of (a) total funded debt as of such date, minus up to $50.0 million in unrestricted cash and cash equivalents (each as defined in the Credit Agreement) to (b) consolidated EBITDA (as defined in the credit agreement) of not more than 3.00 to 1.00; provided that as of the close of each of the four fiscal quarters occurring after the consummation of a permitted acquisition (as defined in the Credit Agreement) with an aggregate consideration of $150.0 million or more, such ratio shall not be more than 3.25 to 1.00. The Company must maintain an interest coverage ratio of consolidated EBITDA to consolidated cash interest expense of not less than 3.00 to 1.00. | |||||
Debt covenant permitted aggregate consideration | $ 150,000,000 | |||||
Credit Agreement [Member] | Maximum [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Restricted cash and cash equivalents | $ 50,000,000 | |||||
Total leverage ratio | 3.00% | |||||
Total leverage ratio for following four each fiscal quarters | 3.25% | |||||
Credit Agreement [Member] | Minimum [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Interest coverage ratio | 3.00% | |||||
Credit Agreement [Member] | Federal Funds Rate [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Interest rate under the credit agreement | 0.50% | |||||
Credit Agreement [Member] | LIBOR rate [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Interest rate under the credit agreement | 1.00% | |||||
Description of variable rate basis | one-month LIBOR | |||||
Credit Agreement [Member] | Eurodollar | ||||||
Line Of Credit Facility [Line Items] | ||||||
Interest rate under the credit agreement | 2.00% | |||||
Credit Agreement [Member] | Base Rate | ||||||
Line Of Credit Facility [Line Items] | ||||||
Interest rate under the credit agreement | 1.00% | |||||
Letter of Credit [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Commitment fee on unused commitments | 2.00% | |||||
2013 Credit Agreement [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Unused and available borrowings under bank revolving line of credit and credit agreement | $ 38,200,000 | |||||
Secured Equipment Note [Member] | Subsequent Event [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Purchase contract units tractors | Tractor | 29 | |||||
Purchase contract units trailers | Trailer | 36 | |||||
Cost of purchasing equipment | $ 5,000,000 | |||||
Payment Frequency | monthly | |||||
Debt instrument, payment terms | The note calls for 60 monthly payments | |||||
Monthly payments | $ 91,986 | |||||
Fixed interest rate | 3.56% |
Schedule of Outstanding Debt (D
Schedule of Outstanding Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Revolving line of credit & Secured long-term debt | $ 292,074 | $ 160,692 |
Less current portion | (77,266) | (45,163) |
Total long-term debt | 214,808 | 115,529 |
Revolving Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Revolving line of credit | 45,000 | |
Secured Equipment Notes due in 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | 13,586 | |
Secured Equipment Notes due in 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | 36,981 | |
Secured Equipment Notes due in 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | 30,301 | |
Secured Equipment Notes due in 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | 76,885 | 59,836 |
Secured Equipment Notes due in 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | 50,737 | 48,633 |
Secured Equipment Notes due in 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | 36,178 | 49,464 |
Equipment Notes Due June Two Thousand Eighteen | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 2,406 | $ 2,759 |
Schedule of Outstanding Debt (P
Schedule of Outstanding Debt (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Secured Equipment Notes due in 2024 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes due period | 2,024 |
Payment Frequency | monthly |
Secured Equipment Notes due in 2024 [Member] | Commencing on 2017 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2,017 |
Secured Equipment Notes due in 2024 [Member] | Commencing on 2018 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2,018 |
Secured Equipment Notes due in 2021 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes due period | 2,021 |
Payment Frequency | monthly |
Secured Equipment Notes due in 2021 [Member] | Commencing on 2017 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2,017 |
Secured Equipment Notes due in 2021 [Member] | Commencing on 2014 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2,014 |
Secured Equipment Notes due in 2020 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes due period | 2,020 |
Payment Frequency | monthly |
Secured Equipment Notes due in 2020 [Member] | Commencing on 2013 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2,013 |
Secured Equipment Notes due in 2020 [Member] | Commencing on 2016 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2,016 |
Secured Equipment Notes due in 2023 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes due period | 2,023 |
Payment Frequency | monthly |
Secured Equipment Notes due in 2023 [Member] | Commencing on 2017 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2,017 |
Secured Equipment Notes due in 2023 [Member] | Commencing on 2018 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2,018 |
Secured Equipment Notes due in 2023 [Member] | Commencing on 2016 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2,016 |
Secured Equipment Notes due in 2019 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes due period | 2,019 |
Payment Frequency | monthly |
Secured Equipment Notes due in 2019 [Member] | Commencing on 2013 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2,013 |
Secured Equipment Notes due in 2019 [Member] | Commencing on 2015 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2,015 |
Secured Equipment Notes due in 2022 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes due period | 2,022 |
Payment Frequency | monthly |
Secured Equipment Notes due in 2022 [Member] | Commencing on 2017 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2,017 |
Secured Equipment Notes due in 2022 [Member] | Commencing on 2015 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2,015 |
Secured Equipment Notes due in 2018 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes due period | 2,018 |
Payment Frequency | monthly |
Secured Equipment Notes due in 2018 [Member] | Commencing on 2014 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2,014 |
Secured Equipment Notes due in 2018 [Member] | Commencing on 2013 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2,013 |
Secured Equipment Notes due in 2018 [Member] | Commencing on 2012 [Member] | |
Debt Instrument [Line Items] | |
Equipment notes, date of first required payment | 2,012 |
Minimum [Member] | Secured Equipment Notes due in 2024 [Member] | |
Debt Instrument [Line Items] | |
Monthly payments | $ 403 |
Interest rate secured debt | 2.85% |
Minimum [Member] | Secured Equipment Notes due in 2021 [Member] | |
Debt Instrument [Line Items] | |
Monthly payments | $ 1,940 |
Interest rate secured debt | 2.04% |
Minimum [Member] | Secured Equipment Notes due in 2020 [Member] | |
Debt Instrument [Line Items] | |
Monthly payments | $ 6,175 |
Interest rate secured debt | 1.72% |
Minimum [Member] | Secured Equipment Notes due in 2023 [Member] | |
Debt Instrument [Line Items] | |
Monthly payments | $ 669 |
Interest rate secured debt | 2.23% |
Minimum [Member] | Secured Equipment Notes due in 2019 [Member] | |
Debt Instrument [Line Items] | |
Monthly payments | $ 1,594 |
Interest rate secured debt | 1.87% |
Minimum [Member] | Secured Equipment Notes due in 2022 [Member] | |
Debt Instrument [Line Items] | |
Monthly payments | $ 3,030 |
Interest rate secured debt | 2.16% |
Minimum [Member] | Secured Equipment Notes due in 2018 [Member] | |
Debt Instrument [Line Items] | |
Monthly payments | $ 6,480 |
Interest rate secured debt | 2.05% |
Maximum [Member] | Secured Equipment Notes due in 2024 [Member] | |
Debt Instrument [Line Items] | |
Monthly payments | $ 83,000 |
Interest rate secured debt | 3.41% |
Maximum [Member] | Secured Equipment Notes due in 2021 [Member] | |
Debt Instrument [Line Items] | |
Monthly payments | $ 326,333 |
Interest rate secured debt | 2.96% |
Maximum [Member] | Secured Equipment Notes due in 2020 [Member] | |
Debt Instrument [Line Items] | |
Monthly payments | $ 398,496 |
Interest rate secured debt | 2.78% |
Maximum [Member] | Secured Equipment Notes due in 2023 [Member] | |
Debt Instrument [Line Items] | |
Monthly payments | $ 62,665 |
Interest rate secured debt | 3.28% |
Maximum [Member] | Secured Equipment Notes due in 2019 [Member] | |
Debt Instrument [Line Items] | |
Monthly payments | $ 444,000 |
Interest rate secured debt | 2.62% |
Maximum [Member] | Secured Equipment Notes due in 2022 [Member] | |
Debt Instrument [Line Items] | |
Monthly payments | $ 254,190 |
Interest rate secured debt | 2.87% |
Maximum [Member] | Secured Equipment Notes due in 2018 [Member] | |
Debt Instrument [Line Items] | |
Monthly payments | $ 163,428 |
Interest rate secured debt | 2.70% |
Summary of Aggregate Principal
Summary of Aggregate Principal Payments (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
2,018 | $ 77,266 | |
2,019 | 70,033 | |
2,020 | 50,268 | |
2,021 | 30,704 | |
2,022 | 13,092 | |
2023 and thereafter | 50,711 | |
Revolving line of credit & Secured long-term debt | $ 292,074 | $ 160,692 |
Leases, User Charges and Comm64
Leases, User Charges and Commitments - Future Payments Due (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
Future Payments Due, Capital Lease, 2018 | $ 3,137 |
Future Payments Due, Capital Lease, 2019 | 3,137 |
Future Payments Due, Capital Lease, 2020 | 3,145 |
Future Payments Due, Capital Lease, 2021 | 1,821 |
Future Payments Due, Capital Lease, Total | 11,240 |
Less: Imputed interest | (767) |
Net capital lease liability | 10,473 |
Future Payments Due, Operating Leases and Other Commitments, 2018 | 10,755 |
Future Payments Due, Operating Leases and Other Commitments, 2019 | 8,622 |
Future Payments Due, Operating Leases and Other Commitments, 2020 | 7,700 |
Future Payments Due, Operating Leases and Other Commitments, 2021 | 7,272 |
Future Payments Due, Operating Leases and Other Commitments, 2022 | 6,576 |
Future Payments Due, Operating Leases and Other Commitments, 2023 and thereafter | 7,494 |
Future Payments Due, Operating Leases and Other Commitments, Total | 48,419 |
Future Payments Due, Total Leases, 2018 | 13,892 |
Future Payments Due, Total Leases, 2019 | 11,759 |
Future Payments Due, Total Leases, 2020 | 10,845 |
Future Payments Due, Total Leases, 2021 | 9,093 |
Future Payments Due, Total Leases, 2022 | 6,576 |
Future Payments Due, Total Leases, 2023 and thereafter | 7,494 |
Future Payments Due, Leases, Total | $ 59,659 |
Leases, User Charges and Comm65
Leases, User Charges and Commitments - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Lease and Rental Expense [Line Items] | |||
Rental expense | $ 9,800,000 | $ 8,300,000 | $ 8,000,000 |
Rail transportation charges | 77,600,000 | 73,700,000 | 74,300,000 |
Minimum commitments on rail owned chassis and containers | 0 | ||
Transportation Costs [Member] | |||
Lease and Rental Expense [Line Items] | |||
Rental expense | $ 6,000,000 | $ 3,600,000 | $ 11,900,000 |
Stock-Based Compensation Plan66
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of stock options granted since 2003 | 0 | |||
Stock options outstanding | 0 | |||
Compensation expense related to share-based compensation plans | $ 9,873 | $ 8,479 | $ 7,833 | |
Compensation expense related to share-based compensation plans, net of tax | $ 6,500 | 5,200 | 5,000 | |
Unrecognized compensation cost weighted average period recognized (years) | 2 years 11 months 26 days | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total fair value of restricted shares vested | $ 10,400 | $ 7,500 | $ 8,700 | |
Unrecognized compensation cost related to non-vested share-based compensation | $ 25,500 | |||
Restricted stock grants | 428,333 | 420,368 | 338,531 | |
Restricted stock grants, Weighted average grant date fair value | $ 43.31 | $ 33.46 | $ 37.60 | |
Restricted Stock [Member] | Subsequent Event | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock grants, Weighted average grant date fair value | $ 49.20 | |||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock vesting period | 3 years | |||
Minimum [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock vesting period | 3 years | 3 years | 3 years | |
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock vesting period | 5 years | |||
Maximum [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock vesting period | 5 years | 5 years | 5 years | |
Two Thousand Two Stock Incentive Plan [Member] | Class A Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized and available under long-term incentive plan | 707,273 | |||
Non-employee Directors [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock vesting period | 1 year | |||
Non-employee Directors [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock vesting period | 3 years | |||
Two Thousand Seventeen Stock Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for future grant | 1,948,363 | |||
Employees [Member] | Restricted Stock [Member] | Subsequent Event | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock grants | 323,347 | |||
Employees [Member] | Performance Shares | Subsequent Event | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock grants | 89,143 | |||
Employees [Member] | Time Based Shares | Subsequent Event | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock grants | 234,204 | |||
Employees [Member] | Minimum [Member] | Restricted Stock [Member] | Subsequent Event | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock vesting period | 3 years | |||
Employees [Member] | Maximum [Member] | Restricted Stock [Member] | Subsequent Event | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock vesting period | 5 years | |||
Outside Directors [Member] | Restricted Stock [Member] | Subsequent Event | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock vesting period | 1 year | |||
Restricted stock grants | 33,000 |
Stock-Based Compensation Plan67
Stock-Based Compensation Plans - Schedule of Non-Vested Restricted Stock Activity (Detail) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value Non-vested, Beginning balance | $ 35.48 | ||
Weighted average grant date fair value, Granted | 43.31 | $ 33.46 | $ 37.60 |
Weighted average grant date fair value, Vested | 35.60 | ||
Weighted average grant date fair value, Forfeited | 39.10 | ||
Weighted average grant date fair value Non-vested, Ending balance | $ 38.88 | $ 35.48 | |
Shares Non-vested, Beginning balance | 780,940 | ||
Shares, Granted | 428,333 | 420,368 | 338,531 |
Shares, Vested | (237,690) | ||
Shares, Forfeited | (96,257) | ||
Shares Non-vested, Ending balance | 875,326 | 780,940 |
Stock-Based Compensation Plan68
Stock-Based Compensation Plans - Restricted Stock Granted (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock vesting period | 3 years | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock vesting period | 5 years | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock grants | 428,333 | 420,368 | 338,531 |
Restricted stock grants, Weighted average grant date fair value | $ 43.31 | $ 33.46 | $ 37.60 |
Restricted Stock [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock vesting period | 3 years | 3 years | 3 years |
Restricted Stock [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock vesting period | 5 years | 5 years | 5 years |
Restricted Stock [Member] | Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock grants | 396,708 | 394,243 | 316,531 |
Restricted Stock [Member] | Outside Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock grants | 31,625 | 26,125 | 22,000 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Expenses related to employer contributions | $ 3 | $ 2.4 | $ 1.9 |
Expenses related to deferred compensation plan | 0.3 | 0.3 | $ 0.3 |
Deferred compensation liability | $ 24.4 | $ 21.1 | |
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% |
Legal Matters - Additional Info
Legal Matters - Additional Information (Detail) - Robles Lawsuits [Member] | Aug. 05, 2015PlaintiffEmployee | May 15, 2015Plaintiff | Dec. 31, 2017 |
Loss Contingencies [Line Items] | |||
Percentage of California drivers who accepted settlement offers | 96.00% | ||
Number of plaintiffs | 2 | ||
Number of plaintiffs against HGT | 63 | ||
Number of claims signed settlement agreements | 58 | ||
Hub And HGT [Member] | |||
Loss Contingencies [Line Items] | |||
Number of employees filed lawsuit | Employee | 5 |
Stock Buy Back Plans - Addition
Stock Buy Back Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 02, 2016 | |
Equity Class Of Treasury Stock [Line Items] | ||||
Purchase of treasury shares | $ 100,000,000 | $ 28,823,000 | ||
Class A Common Stock [Member] | ||||
Equity Class Of Treasury Stock [Line Items] | ||||
Stock repurchase program, authorized amount | $ 100,000,000 | |||
Purchase of treasury shares (in shares) | 0 | 2,672,227 | ||
Class A Common Stock [Member] | Employee Restricted Stock Plan [Member] | ||||
Equity Class Of Treasury Stock [Line Items] | ||||
Stock tendered for payments of withholding taxes (in shares) | 77,988 | 73,546 | ||
Purchase of treasury shares | $ 3,400,000 | $ 2,500,000 |
Selected Quarterly Financial 72
Selected Quarterly Financial Data (Unaudited) - Summary of Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 1,162,576 | $ 1,054,360 | $ 924,513 | $ 893,448 | $ 978,560 | $ 932,814 | $ 855,557 | $ 805,859 | $ 4,034,897 | $ 3,572,790 | $ 3,525,595 |
Gross margin | 138,091 | 116,524 | 101,317 | 101,585 | 120,454 | 111,454 | 114,490 | 108,387 | 457,517 | 454,785 | 412,695 |
Operating income | 41,127 | 21,669 | 16,578 | 17,177 | 30,839 | 29,855 | 34,297 | 28,843 | 96,551 | 123,834 | 117,030 |
Net income | $ 99,943 | $ 15,334 | $ 9,542 | $ 10,334 | $ 18,244 | $ 17,924 | $ 20,671 | $ 17,965 | $ 135,153 | $ 74,805 | $ 70,949 |
Basic earnings per share | $ 3.01 | $ 0.46 | $ 0.29 | $ 0.31 | $ 0.55 | $ 0.54 | $ 0.61 | $ 0.51 | $ 4.07 | $ 2.21 | $ 1.98 |
Diluted earnings per share | $ 2.99 | $ 0.46 | $ 0.29 | $ 0.31 | $ 0.55 | $ 0.54 | $ 0.61 | $ 0.51 | $ 4.05 | $ 2.20 | $ 1.97 |
Valuation and Qualifying Acco73
Valuation and Qualifying Accounts (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Allowance for Uncollectible Trade Accounts [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Year | $ 5,411,000 | $ 5,215,000 | $ 6,990,000 | |
Charged to Costs & Expenses | 1,051,000 | 90,000 | 270,000 | |
Charged to Other Accounts | [1] | 2,044,000 | 146,000 | (2,037,000) |
Deductions | [2] | (13,000) | (40,000) | (8,000) |
Balance at End of Year | 8,493,000 | 5,411,000 | 5,215,000 | |
Deferred tax valuation allowance [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Year | 456,000 | 108,000 | 108,000 | |
Charged to Costs & Expenses | 1,225,000 | 348,000 | 0 | |
Balance at End of Year | $ 1,681,000 | $ 456,000 | $ 108,000 | |
[1] | Expected customer account adjustments charged to revenue and write-offs, net of recoveries | |||
[2] | Represents bad debt recoveries |