| IPO
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(in millions) | 2017 | 2016 | ||||||
Tractors and trailing equipment for sale or lease | $ | 69.8 | $ | 60.5 | ||||
Replacement parts | 11.8 | 12.4 | ||||||
Tires and other | 1.5 | 1.2 | ||||||
Total | $ | 83.1 | $ | 74.1 |
2017 | |
Tractors | 2 - 10 years |
Trailing equipment | 2 - 20 years |
Other transportation equipment | 4 - 5 years |
Buildings and improvements | 5 - 25 years |
Other property | 3 - 10 years |
(in millions) | 2017 | 2016 | ||||||
Truckload | $ | 35.2 | $ | 33.8 | ||||
Intermodal | 0.7 | 3.8 | ||||||
Total | $ | 35.9 | $ | 37.6 |
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(in millions) | |||
Recognized amounts of identifiable assets acquired and liabilities assumed | As of June 1, 2016 | ||
Cash | $ | 1.3 | |
Receivables | 16.2 | ||
Inventories | 0.5 | ||
Prepaid expenses and other current assets | 4.4 | ||
Property and equipment | 81.8 | ||
Capitalized software and other noncurrent assets | 5.8 | ||
Intangible assets | 10.9 | ||
Goodwill | 138.2 | ||
Total assets acquired | 259.1 | ||
Payables assumed | 7.8 | ||
Accrued liabilities assumed | 5.3 | ||
Current maturities of debt and capital lease obligations assumed | 47.7 | ||
Debt and capital lease obligations assumed | 46.2 | ||
Other noncurrent liabilities assumed | 1.7 | ||
Fair value of total consideration transferred | $ | 150.4 |
(in millions, except per share data) | Year Ended December 31, 2016 | Year Ended December 31, 2015 | ||||||
Pro forma net sales | $ | 4,119.3 | $ | 4,137.0 | ||||
Pro forma net income | $ | 155.0 | $ | 144.8 | ||||
Basic earnings per share as reported | $ | 1.00 | $ | 0.91 | ||||
Pro forma basic earnings per share | $ | 0.99 | $ | 0.93 | ||||
Diluted earnings per share as reported | $ | 1.00 | $ | 0.91 | ||||
Pro forma diluted earnings per share | $ | 0.99 | $ | 0.93 |
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(in millions) | 2017 | 2016 | ||||||
Beginning balance | $ | 13.5 | $ | 13.5 | ||||
Change in fair value | (13.5 | ) | — | |||||
Ending balance | $ | — | $ | 13.5 |
December 31, 2017 | December 31, 2016 | |||||||||||||||
(in millions) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Fixed-rate debt portfolio | $ | 429.8 | $ | 432.4 | $ | 684.3 | $ | 683.9 |
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December 31, 2017 | December 31, 2016 | |||||||||||||||
(in millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Zero coupon bonds | $ | 3.8 | $ | 3.9 | $ | 3.8 | $ | 3.8 | ||||||||
U.S. treasury and government agencies | 6.0 | 6.0 | 8.0 | 8.1 | ||||||||||||
Asset-backed securities | 0.3 | 0.3 | 0.4 | 0.4 | ||||||||||||
Corporate debt securities | 9.1 | 9.2 | 14.4 | 14.5 | ||||||||||||
State and political subdivisions | 22.7 | 22.2 | 26.2 | 25.7 | ||||||||||||
Total marketable securities | $ | 41.9 | $ | 41.6 | $ | 52.8 | $ | 52.5 |
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(in millions) | Truckload | Logistics | Other | Total | ||||||||||||
Balance at December 31, 2016 | $ | 138.2 | $ | 14.2 | $ | 11.6 | $ | 164.0 | ||||||||
Foreign currency translation | — | — | 0.8 | 0.8 | ||||||||||||
Balance at December 31, 2017 | $ | 138.2 | $ | 14.2 | $ | 12.4 | $ | 164.8 |
December 31, 2017 | December 31, 2016 | |||||||||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Customer lists | $ | 10.5 | $ | 2.5 | $ | 8.0 | $ | 10.5 | $ | 1.4 | $ | 9.1 | ||||||||||||
Trade names | 1.4 | 0.7 | 0.7 | 1.4 | 0.3 | 1.1 | ||||||||||||||||||
Total intangible assets | $ | 11.9 | $ | 3.2 | $ | 8.7 | $ | 11.9 | $ | 1.7 | $ | 10.2 |
2018 | 1.4 | ||
2019 | 1.1 | ||
2020 | 1.0 | ||
2021 | 1.0 | ||
2022 | 1.0 | ||
2023 and thereafter | 3.2 | ||
Total | $ | 8.7 |
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(in millions) | December 31, 2017 | December 31, 2016 | ||||||
Unsecured senior notes: principal payable at maturities ranging from 2018 through 2025; interest payable in semiannual installments through the same time frame; weighted-average interest rate of 3.36% and 3.66% for 2017 and 2016, respectively * | $ | 400.0 | $ | 500.0 | ||||
Equipment financing notes: principal and interest payable in monthly installments through 2023; weighted average interest rate of 3.76% and 3.82% for 2017 and 2016, respectively | 29.8 | 49.3 | ||||||
Secured credit facility: collateralized by certain trade receivables; interest rate of 1.68% for 2016 | — | 135.0 | ||||||
Total principal outstanding | 429.8 | 684.3 | ||||||
Current maturities | (15.2 | ) | (254.4 | ) | ||||
Debt issuance costs | (0.9 | ) | (1.1 | ) | ||||
Long-term debt | $ | 413.7 | $ | 428.8 |
Years ending December 31 | (in millions) | |||
2018 | $ | 15.2 | ||
2019 | 50.7 | |||
2020 | 56.0 | |||
2021 | 40.8 | |||
2022 | 61.2 | |||
2023 and thereafter | 205.9 | |||
Total | $ | 429.8 |
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(in millions) | Operating Leases | Capital Leases | ||||||
2018 | $ | 36.0 | $ | 4.2 | ||||
2019 | 24.9 | 6.9 | ||||||
2020 | 18.4 | 0.2 | ||||||
2021 | 9.6 | — | ||||||
2022 | 6.2 | — | ||||||
2023 and thereafter | 16.6 | — | ||||||
Total | $ | 111.7 | $ | 11.3 | ||||
Amount representing interest | (0.5 | ) | ||||||
Present value of minimum lease payments | 10.8 | |||||||
Current maturities | (3.9 | ) | ||||||
Long-term capital lease obligations | $ | 6.9 |
(in millions) | 2017 | 2016 | ||||||
Transportation equipment | $ | 25.0 | $ | 25.1 | ||||
Real property | 0.8 | 0.8 | ||||||
Other property | 0.6 | 0.6 | ||||||
Accumulated amortization | (12.6 | ) | (9.1 | ) | ||||
Total | $ | 13.8 | $ | 17.4 |
(in millions) | 2017 | 2016 | ||||||
Future minimum payments to be received on leases | $ | 141.2 | $ | 137.3 | ||||
Guaranteed residual lease values | 130.7 | 124.5 | ||||||
Total minimum lease payments to be received | 271.9 | 261.8 | ||||||
Unearned income | (28.1 | ) | (29.5 | ) | ||||
Net investment in leases | 243.8 | 232.3 | ||||||
Current maturities of lease receivables | 106.6 | 101.2 | ||||||
Less—allowance for doubtful accounts | (1.7 | ) | (1.0 | ) | ||||
Current portion of lease receivables—net of allowance | 104.9 | 100.2 | ||||||
Lease receivables—noncurrent | $ | 138.9 | $ | 132.1 |
Years ending December 31 | (in millions) | ||
2018 | $ | 104.9 | |
2019 | 98.3 | ||
2020 | 39.6 | ||
2021 | 1.0 | ||
2022 | — | ||
2023 and thereafter | — | ||
Total | $ | 243.8 |
(in millions) | Operating Leases | Capital Leases | ||||||
2018 | $ | 36.0 | $ | 4.2 | ||||
2019 | 24.9 | 6.9 | ||||||
2020 | 18.4 | 0.2 | ||||||
2021 | 9.6 | — | ||||||
2022 | 6.2 | — | ||||||
2023 and thereafter | 16.6 | — | ||||||
Total | $ | 111.7 | $ | 11.3 | ||||
Amount representing interest | (0.5 | ) | ||||||
Present value of minimum lease payments | 10.8 | |||||||
Current maturities | (3.9 | ) | ||||||
Long-term capital lease obligations | $ | 6.9 |
(in millions) | 2017 | 2016 | ||||||
Transportation equipment | $ | 25.0 | $ | 25.1 | ||||
Real property | 0.8 | 0.8 | ||||||
Other property | 0.6 | 0.6 | ||||||
Accumulated amortization | (12.6 | ) | (9.1 | ) | ||||
Total | $ | 13.8 | $ | 17.4 |
(in millions) | 2017 | 2016 | ||||||
Future minimum payments to be received on leases | $ | 141.2 | $ | 137.3 | ||||
Guaranteed residual lease values | 130.7 | 124.5 | ||||||
Total minimum lease payments to be received | 271.9 | 261.8 | ||||||
Unearned income | (28.1 | ) | (29.5 | ) | ||||
Net investment in leases | 243.8 | 232.3 | ||||||
Current maturities of lease receivables | 106.6 | 101.2 | ||||||
Less—allowance for doubtful accounts | (1.7 | ) | (1.0 | ) | ||||
Current portion of lease receivables—net of allowance | 104.9 | 100.2 | ||||||
Lease receivables—noncurrent | $ | 138.9 | $ | 132.1 |
Years ending December 31 | (in millions) | ||
2018 | $ | 104.9 | |
2019 | 98.3 | ||
2020 | 39.6 | ||
2021 | 1.0 | ||
2022 | — | ||
2023 and thereafter | — | ||
Total | $ | 243.8 |
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(in millions) | 2017 | 2016 | 2015 | ||||||||||
Current: | |||||||||||||
Federal | $ | 19.3 | $ | 24.4 | $ | 5.5 | |||||||
State and other | 5.6 | 7.5 | 7.5 | ||||||||||
24.9 | 31.9 | 13.0 | |||||||||||
Deferred: | |||||||||||||
Federal | 71.4 | 71.2 | 79.3 | ||||||||||
State and other | 6.7 | 5.6 | 5.5 | ||||||||||
Impact of the Tax Cuts and Jobs Act | (229.5 | ) | — | — | |||||||||
(151.4 | ) | 76.8 | 84.8 | ||||||||||
Total provision for (benefit from) income taxes | $ | (126.5 | ) | $ | 108.7 | $ | 97.8 |
2017 | 2016 | 2015 | |||||||||||||||||
(in millions, except percentages) | Dollar Impact | Rate | Dollar Impact | Rate | Dollar Impact | Rate | |||||||||||||
Income tax at federal statutory rate | $ | 92.2 | 35.0 | % | $ | 93.0 | 35.0 | % | $ | 83.6 | 35.0 | % | |||||||
State tax, net of federal effect | 8.6 | 3.3 | % | 10.5 | 3.9 | % | 10.3 | 4.3 | % | ||||||||||
Nondeductible meals and entertainment | 3.4 | 1.3 | % | 3.4 | 1.3 | % | 3.6 | 1.5 | % | ||||||||||
Impact of the Tax Cuts and Jobs Act | (229.5 | ) | (87.1 | )% | — | — | — | — | |||||||||||
Other, net | (1.2 | ) | (0.5 | )% | 1.8 | 0.7 | % | 0.3 | 0.2 | % | |||||||||
Total provision for (benefit from) income taxes | $ | (126.5 | ) | (48.0 | )% | $ | 108.7 | 40.9 | % | $ | 97.8 | 41.0 | % |
(in millions) | 2017 | 2016 | |||||||
Deferred tax assets: | |||||||||
Allowances for doubtful accounts | $ | 1.1 | $ | 1.0 | |||||
Compensation and employee benefits | 15.6 | 21.5 | |||||||
Insurance and claims accruals | 2.8 | 4.7 | |||||||
State net operating losses and credit carryforwards | 17.7 | 14.0 | |||||||
Other | 4.0 | 6.2 | |||||||
Total gross deferred tax assets | 41.2 | 47.4 | |||||||
Valuation allowance | (4.4 | ) | (2.8 | ) | |||||
Total deferred tax assets, net of valuation allowance | 36.8 | 44.6 | |||||||
Deferred tax liabilities: | |||||||||
Property and equipment | 410.8 | 572.9 | |||||||
Prepaid expenses | 3.6 | 5.1 | |||||||
Intangibles | 8.7 | 5.2 | |||||||
Other | 0.3 | — | |||||||
Total gross deferred tax liabilities | 423.4 | 583.2 | |||||||
Net deferred tax liability | $ | 386.6 | $ | 538.6 |
(in millions) | 2017 | 2016 | 2015 | ||||||||||
Gross unrecognized tax benefits - beginning of year | $ | 2.4 | $ | 2.0 | $ | 2.9 | |||||||
Gross increases - tax positions related to current year | 0.4 | 0.5 | 0.5 | ||||||||||
Gross decreases - tax positions taken in prior years | — | (0.1 | ) | (1.1 | ) | ||||||||
Settlements | — | — | (0.2 | ) | |||||||||
Lapse of statutes | — | — | (0.1 | ) | |||||||||
Gross unrecognized tax benefits - end of year | $ | 2.8 | $ | 2.4 | $ | 2.0 |
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Class A Redeemable Common Shares | Class B Redeemable Common Shares | Accumulated Earnings | Accumulated Other Comprehensive Income | |||||||||||||||||||||||
(in millions) | Shares | Amount | Shares | Amount | Total | |||||||||||||||||||||
BALANCE—December 31, 2016 | 83.0 | $ | 563.2 | 73.3 | $ | 497.2 | $ | 125.1 | $ | 0.9 | $ | 1,186.4 | ||||||||||||||
Net income | — | — | — | — | 22.6 | — | 22.6 | |||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | |||||||||||||||||||
Dividends declared at $0.05 per share | — | — | — | — | (7.8 | ) | — | (7.8 | ) | |||||||||||||||||
Change in redemption value of redeemable common shares | — | 67.3 | — | 59.3 | (126.6 | ) | — | — | ||||||||||||||||||
Transfer from temporary equity to common equity | (83.0 | ) | (630.5 | ) | (73.3 | ) | (556.5 | ) | (13.3 | ) | (0.9 | ) | (1,201.2 | ) | ||||||||||||
BALANCE—December 31, 2017 | — | $ | — | — | $ | — | $ | — | $ | — | $ | — |
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Year Ended December 31, | ||||||||||||
(in millions, except per share data) | 2017 | 2016 | 2015 | |||||||||
Basic earnings per common share: | ||||||||||||
Net income available to common shareholders | $ | 389.9 | $ | 156.9 | $ | 140.9 | ||||||
Weighted average common shares issued and outstanding | 171.1 | 156.6 | 155.3 | |||||||||
Basic earnings per common share | $ | 2.28 | $ | 1.00 | $ | 0.91 | ||||||
Diluted earnings per common share: | ||||||||||||
Net income applicable to diluted earnings per common share | $ | 389.9 | $ | 156.9 | $ | 140.9 | ||||||
Dilutive potential common shares: | ||||||||||||
Restricted share units | 0.2 | 0.2 | 0.3 | |||||||||
Dilutive potential common shares | 0.2 | 0.2 | 0.3 | |||||||||
Total diluted average common shares issued and outstanding | 171.3 | 156.8 | 155.6 | |||||||||
Diluted earnings per common share | $ | 2.28 | $ | 1.00 | $ | 0.91 |
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Revenues by Segment (in millions) | Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | ||||||||||
Truckload | $ | 2,187.4 | $ | 2,091.0 | $ | 1,977.0 | ||||||
Intermodal | 779.9 | 757.5 | 789.5 | |||||||||
Logistics | 834.3 | 737.7 | 638.6 | |||||||||
Other | 293.6 | 240.5 | 255.5 | |||||||||
Fuel surcharge | 386.3 | 294.0 | 371.2 | |||||||||
Inter-segment eliminations | (97.9 | ) | (75.0 | ) | (72.4 | ) | ||||||
Operating revenues | $ | 4,383.6 | $ | 4,045.7 | $ | 3,959.4 |
Income (Expense) from Operations by Segment (in millions) | Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | ||||||||||
Truckload | $ | 196.2 | $ | 221.1 | $ | 217.4 | ||||||
Intermodal | 52.3 | 46.1 | 58.1 | |||||||||
Logistics | 34.2 | 30.7 | 25.4 | |||||||||
Other | (2.4 | ) | (7.5 | ) | (40.7 | ) | ||||||
Income (Expense) from operations | $ | 280.3 | $ | 290.4 | $ | 260.2 |
Depreciation and Amortization Expense by Segment (In millions) | Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | ||||||||||
Truckload | $ | 205.9 | $ | 192.6 | $ | 159.6 | ||||||
Intermodal | 34.5 | 30.9 | 38.3 | |||||||||
Logistics | 0.4 | 0.4 | 0.9 | |||||||||
Other | 38.2 | 42.1 | 37.5 | |||||||||
Depreciation and amortization expense | $ | 279.0 | $ | 266.0 | $ | 236.3 |
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(in millions, except per share amounts) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
2017 | ||||||||||||||||
Operating revenues | $ | 1,006.4 | $ | 1,075.2 | $ | 1,110.8 | $ | 1,191.2 | ||||||||
Income from operations | 43.5 | 79.0 | 64.1 | 93.7 | ||||||||||||
Net income * | 22.6 | 46.5 | 36.9 | 283.9 | ||||||||||||
Basic earnings per share * | 0.14 | 0.27 | 0.21 | 1.60 | ||||||||||||
Diluted earnings per share * | 0.14 | 0.27 | 0.21 | 1.60 | ||||||||||||
2016 | ||||||||||||||||
Operating revenues | $ | 928.1 | $ | 994.6 | $ | 1,053.2 | $ | 1,069.9 | ||||||||
Income from operations | 52.0 | 79.7 | 70.8 | 87.9 | ||||||||||||
Net income | 28.1 | 44.2 | 36.8 | 47.8 | ||||||||||||
Basic earnings per share | 0.18 | 0.28 | 0.24 | 0.31 | ||||||||||||
Diluted earnings per share | 0.18 | 0.28 | 0.24 | 0.30 |
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Allowance for Doubtful Accounts and Revenue Adjustments for the Year Ended | Balance at Beginning of Year | Charged to Expense / Against Revenue | Write-offs, Net of Recoveries | Balance at End of Year | ||||||||
December 31, 2015 | $ | 4.7 | $ | 0.2 | $ | (1.3 | ) | $ | 3.6 | |||
December 31, 2016 | 3.6 | (0.3 | ) | 0.2 | 3.5 | |||||||
December 31, 2017 | 3.5 | 3.7 | (2.0 | ) | 5.2 |
|
2017 | |
Tractors | 2 - 10 years |
Trailing equipment | 2 - 20 years |
Other transportation equipment | 4 - 5 years |
Buildings and improvements | 5 - 25 years |
Other property | 3 - 10 years |
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(in millions) | |||
Recognized amounts of identifiable assets acquired and liabilities assumed | As of June 1, 2016 | ||
Cash | $ | 1.3 | |
Receivables | 16.2 | ||
Inventories | 0.5 | ||
Prepaid expenses and other current assets | 4.4 | ||
Property and equipment | 81.8 | ||
Capitalized software and other noncurrent assets | 5.8 | ||
Intangible assets | 10.9 | ||
Goodwill | 138.2 | ||
Total assets acquired | 259.1 | ||
Payables assumed | 7.8 | ||
Accrued liabilities assumed | 5.3 | ||
Current maturities of debt and capital lease obligations assumed | 47.7 | ||
Debt and capital lease obligations assumed | 46.2 | ||
Other noncurrent liabilities assumed | 1.7 | ||
Fair value of total consideration transferred | $ | 150.4 |
(in millions, except per share data) | Year Ended December 31, 2016 | Year Ended December 31, 2015 | ||||||
Pro forma net sales | $ | 4,119.3 | $ | 4,137.0 | ||||
Pro forma net income | $ | 155.0 | $ | 144.8 | ||||
Basic earnings per share as reported | $ | 1.00 | $ | 0.91 | ||||
Pro forma basic earnings per share | $ | 0.99 | $ | 0.93 | ||||
Diluted earnings per share as reported | $ | 1.00 | $ | 0.91 | ||||
Pro forma diluted earnings per share | $ | 0.99 | $ | 0.93 |
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(in millions) | 2017 | 2016 | ||||||
Beginning balance | $ | 13.5 | $ | 13.5 | ||||
Change in fair value | (13.5 | ) | — | |||||
Ending balance | $ | — | $ | 13.5 |
December 31, 2017 | December 31, 2016 | |||||||||||||||
(in millions) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Fixed-rate debt portfolio | $ | 429.8 | $ | 432.4 | $ | 684.3 | $ | 683.9 |
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December 31, 2017 | December 31, 2016 | |||||||||||||||
(in millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Zero coupon bonds | $ | 3.8 | $ | 3.9 | $ | 3.8 | $ | 3.8 | ||||||||
U.S. treasury and government agencies | 6.0 | 6.0 | 8.0 | 8.1 | ||||||||||||
Asset-backed securities | 0.3 | 0.3 | 0.4 | 0.4 | ||||||||||||
Corporate debt securities | 9.1 | 9.2 | 14.4 | 14.5 | ||||||||||||
State and political subdivisions | 22.7 | 22.2 | 26.2 | 25.7 | ||||||||||||
Total marketable securities | $ | 41.9 | $ | 41.6 | $ | 52.8 | $ | 52.5 |
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(in millions) | Truckload | Logistics | Other | Total | ||||||||||||
Balance at December 31, 2016 | $ | 138.2 | $ | 14.2 | $ | 11.6 | $ | 164.0 | ||||||||
Foreign currency translation | — | — | 0.8 | 0.8 | ||||||||||||
Balance at December 31, 2017 | $ | 138.2 | $ | 14.2 | $ | 12.4 | $ | 164.8 |
December 31, 2017 | December 31, 2016 | |||||||||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Customer lists | $ | 10.5 | $ | 2.5 | $ | 8.0 | $ | 10.5 | $ | 1.4 | $ | 9.1 | ||||||||||||
Trade names | 1.4 | 0.7 | 0.7 | 1.4 | 0.3 | 1.1 | ||||||||||||||||||
Total intangible assets | $ | 11.9 | $ | 3.2 | $ | 8.7 | $ | 11.9 | $ | 1.7 | $ | 10.2 |
2018 | 1.4 | ||
2019 | 1.1 | ||
2020 | 1.0 | ||
2021 | 1.0 | ||
2022 | 1.0 | ||
2023 and thereafter | 3.2 | ||
Total | $ | 8.7 |
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(in millions) | December 31, 2017 | December 31, 2016 | ||||||
Unsecured senior notes: principal payable at maturities ranging from 2018 through 2025; interest payable in semiannual installments through the same time frame; weighted-average interest rate of 3.36% and 3.66% for 2017 and 2016, respectively * | $ | 400.0 | $ | 500.0 | ||||
Equipment financing notes: principal and interest payable in monthly installments through 2023; weighted average interest rate of 3.76% and 3.82% for 2017 and 2016, respectively | 29.8 | 49.3 | ||||||
Secured credit facility: collateralized by certain trade receivables; interest rate of 1.68% for 2016 | — | 135.0 | ||||||
Total principal outstanding | 429.8 | 684.3 | ||||||
Current maturities | (15.2 | ) | (254.4 | ) | ||||
Debt issuance costs | (0.9 | ) | (1.1 | ) | ||||
Long-term debt | $ | 413.7 | $ | 428.8 |
Years ending December 31 | (in millions) | |||
2018 | $ | 15.2 | ||
2019 | 50.7 | |||
2020 | 56.0 | |||
2021 | 40.8 | |||
2022 | 61.2 | |||
2023 and thereafter | 205.9 | |||
Total | $ | 429.8 |
|
(in millions) | Operating Leases | Capital Leases | ||||||
2018 | $ | 36.0 | $ | 4.2 | ||||
2019 | 24.9 | 6.9 | ||||||
2020 | 18.4 | 0.2 | ||||||
2021 | 9.6 | — | ||||||
2022 | 6.2 | — | ||||||
2023 and thereafter | 16.6 | — | ||||||
Total | $ | 111.7 | $ | 11.3 | ||||
Amount representing interest | (0.5 | ) | ||||||
Present value of minimum lease payments | 10.8 | |||||||
Current maturities | (3.9 | ) | ||||||
Long-term capital lease obligations | $ | 6.9 |
(in millions) | Operating Leases | Capital Leases | ||||||
2018 | $ | 36.0 | $ | 4.2 | ||||
2019 | 24.9 | 6.9 | ||||||
2020 | 18.4 | 0.2 | ||||||
2021 | 9.6 | — | ||||||
2022 | 6.2 | — | ||||||
2023 and thereafter | 16.6 | — | ||||||
Total | $ | 111.7 | $ | 11.3 | ||||
Amount representing interest | (0.5 | ) | ||||||
Present value of minimum lease payments | 10.8 | |||||||
Current maturities | (3.9 | ) | ||||||
Long-term capital lease obligations | $ | 6.9 |
(in millions) | 2017 | 2016 | ||||||
Transportation equipment | $ | 25.0 | $ | 25.1 | ||||
Real property | 0.8 | 0.8 | ||||||
Other property | 0.6 | 0.6 | ||||||
Accumulated amortization | (12.6 | ) | (9.1 | ) | ||||
Total | $ | 13.8 | $ | 17.4 |
(in millions) | 2017 | 2016 | ||||||
Future minimum payments to be received on leases | $ | 141.2 | $ | 137.3 | ||||
Guaranteed residual lease values | 130.7 | 124.5 | ||||||
Total minimum lease payments to be received | 271.9 | 261.8 | ||||||
Unearned income | (28.1 | ) | (29.5 | ) | ||||
Net investment in leases | 243.8 | 232.3 | ||||||
Current maturities of lease receivables | 106.6 | 101.2 | ||||||
Less—allowance for doubtful accounts | (1.7 | ) | (1.0 | ) | ||||
Current portion of lease receivables—net of allowance | 104.9 | 100.2 | ||||||
Lease receivables—noncurrent | $ | 138.9 | $ | 132.1 |
Years ending December 31 | (in millions) | ||
2018 | $ | 104.9 | |
2019 | 98.3 | ||
2020 | 39.6 | ||
2021 | 1.0 | ||
2022 | — | ||
2023 and thereafter | — | ||
Total | $ | 243.8 |
|
(in millions) | 2017 | 2016 | 2015 | ||||||||||
Current: | |||||||||||||
Federal | $ | 19.3 | $ | 24.4 | $ | 5.5 | |||||||
State and other | 5.6 | 7.5 | 7.5 | ||||||||||
24.9 | 31.9 | 13.0 | |||||||||||
Deferred: | |||||||||||||
Federal | 71.4 | 71.2 | 79.3 | ||||||||||
State and other | 6.7 | 5.6 | 5.5 | ||||||||||
Impact of the Tax Cuts and Jobs Act | (229.5 | ) | — | — | |||||||||
(151.4 | ) | 76.8 | 84.8 | ||||||||||
Total provision for (benefit from) income taxes | $ | (126.5 | ) | $ | 108.7 | $ | 97.8 |
2017 | 2016 | 2015 | |||||||||||||||||
(in millions, except percentages) | Dollar Impact | Rate | Dollar Impact | Rate | Dollar Impact | Rate | |||||||||||||
Income tax at federal statutory rate | $ | 92.2 | 35.0 | % | $ | 93.0 | 35.0 | % | $ | 83.6 | 35.0 | % | |||||||
State tax, net of federal effect | 8.6 | 3.3 | % | 10.5 | 3.9 | % | 10.3 | 4.3 | % | ||||||||||
Nondeductible meals and entertainment | 3.4 | 1.3 | % | 3.4 | 1.3 | % | 3.6 | 1.5 | % | ||||||||||
Impact of the Tax Cuts and Jobs Act | (229.5 | ) | (87.1 | )% | — | — | — | — | |||||||||||
Other, net | (1.2 | ) | (0.5 | )% | 1.8 | 0.7 | % | 0.3 | 0.2 | % | |||||||||
Total provision for (benefit from) income taxes | $ | (126.5 | ) | (48.0 | )% | $ | 108.7 | 40.9 | % | $ | 97.8 | 41.0 | % |
(in millions) | 2017 | 2016 | |||||||
Deferred tax assets: | |||||||||
Allowances for doubtful accounts | $ | 1.1 | $ | 1.0 | |||||
Compensation and employee benefits | 15.6 | 21.5 | |||||||
Insurance and claims accruals | 2.8 | 4.7 | |||||||
State net operating losses and credit carryforwards | 17.7 | 14.0 | |||||||
Other | 4.0 | 6.2 | |||||||
Total gross deferred tax assets | 41.2 | 47.4 | |||||||
Valuation allowance | (4.4 | ) | (2.8 | ) | |||||
Total deferred tax assets, net of valuation allowance | 36.8 | 44.6 | |||||||
Deferred tax liabilities: | |||||||||
Property and equipment | 410.8 | 572.9 | |||||||
Prepaid expenses | 3.6 | 5.1 | |||||||
Intangibles | 8.7 | 5.2 | |||||||
Other | 0.3 | — | |||||||
Total gross deferred tax liabilities | 423.4 | 583.2 | |||||||
Net deferred tax liability | $ | 386.6 | $ | 538.6 |
(in millions) | 2017 | 2016 | 2015 | ||||||||||
Gross unrecognized tax benefits - beginning of year | $ | 2.4 | $ | 2.0 | $ | 2.9 | |||||||
Gross increases - tax positions related to current year | 0.4 | 0.5 | 0.5 | ||||||||||
Gross decreases - tax positions taken in prior years | — | (0.1 | ) | (1.1 | ) | ||||||||
Settlements | — | — | (0.2 | ) | |||||||||
Lapse of statutes | — | — | (0.1 | ) | |||||||||
Gross unrecognized tax benefits - end of year | $ | 2.8 | $ | 2.4 | $ | 2.0 |
|
Class A Redeemable Common Shares | Class B Redeemable Common Shares | Accumulated Earnings | Accumulated Other Comprehensive Income | |||||||||||||||||||||||
(in millions) | Shares | Amount | Shares | Amount | Total | |||||||||||||||||||||
BALANCE—December 31, 2016 | 83.0 | $ | 563.2 | 73.3 | $ | 497.2 | $ | 125.1 | $ | 0.9 | $ | 1,186.4 | ||||||||||||||
Net income | — | — | — | — | 22.6 | — | 22.6 | |||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | |||||||||||||||||||
Dividends declared at $0.05 per share | — | — | — | — | (7.8 | ) | — | (7.8 | ) | |||||||||||||||||
Change in redemption value of redeemable common shares | — | 67.3 | — | 59.3 | (126.6 | ) | — | — | ||||||||||||||||||
Transfer from temporary equity to common equity | (83.0 | ) | (630.5 | ) | (73.3 | ) | (556.5 | ) | (13.3 | ) | (0.9 | ) | (1,201.2 | ) | ||||||||||||
BALANCE—December 31, 2017 | — | $ | — | — | $ | — | $ | — | $ | — | $ | — |
|
Year Ended December 31, | ||||||||||||
(in millions, except per share data) | 2017 | 2016 | 2015 | |||||||||
Basic earnings per common share: | ||||||||||||
Net income available to common shareholders | $ | 389.9 | $ | 156.9 | $ | 140.9 | ||||||
Weighted average common shares issued and outstanding | 171.1 | 156.6 | 155.3 | |||||||||
Basic earnings per common share | $ | 2.28 | $ | 1.00 | $ | 0.91 | ||||||
Diluted earnings per common share: | ||||||||||||
Net income applicable to diluted earnings per common share | $ | 389.9 | $ | 156.9 | $ | 140.9 | ||||||
Dilutive potential common shares: | ||||||||||||
Restricted share units | 0.2 | 0.2 | 0.3 | |||||||||
Dilutive potential common shares | 0.2 | 0.2 | 0.3 | |||||||||
Total diluted average common shares issued and outstanding | 171.3 | 156.8 | 155.6 | |||||||||
Diluted earnings per common share | $ | 2.28 | $ | 1.00 | $ | 0.91 |
|
Revenues by Segment (in millions) | Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | ||||||||||
Truckload | $ | 2,187.4 | $ | 2,091.0 | $ | 1,977.0 | ||||||
Intermodal | 779.9 | 757.5 | 789.5 | |||||||||
Logistics | 834.3 | 737.7 | 638.6 | |||||||||
Other | 293.6 | 240.5 | 255.5 | |||||||||
Fuel surcharge | 386.3 | 294.0 | 371.2 | |||||||||
Inter-segment eliminations | (97.9 | ) | (75.0 | ) | (72.4 | ) | ||||||
Operating revenues | $ | 4,383.6 | $ | 4,045.7 | $ | 3,959.4 |
Income (Expense) from Operations by Segment (in millions) | Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | ||||||||||
Truckload | $ | 196.2 | $ | 221.1 | $ | 217.4 | ||||||
Intermodal | 52.3 | 46.1 | 58.1 | |||||||||
Logistics | 34.2 | 30.7 | 25.4 | |||||||||
Other | (2.4 | ) | (7.5 | ) | (40.7 | ) | ||||||
Income (Expense) from operations | $ | 280.3 | $ | 290.4 | $ | 260.2 |
Depreciation and Amortization Expense by Segment (In millions) | Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | ||||||||||
Truckload | $ | 205.9 | $ | 192.6 | $ | 159.6 | ||||||
Intermodal | 34.5 | 30.9 | 38.3 | |||||||||
Logistics | 0.4 | 0.4 | 0.9 | |||||||||
Other | 38.2 | 42.1 | 37.5 | |||||||||
Depreciation and amortization expense | $ | 279.0 | $ | 266.0 | $ | 236.3 |
|
(in millions, except per share amounts) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
2017 | ||||||||||||||||
Operating revenues | $ | 1,006.4 | $ | 1,075.2 | $ | 1,110.8 | $ | 1,191.2 | ||||||||
Income from operations | 43.5 | 79.0 | 64.1 | 93.7 | ||||||||||||
Net income * | 22.6 | 46.5 | 36.9 | 283.9 | ||||||||||||
Basic earnings per share * | 0.14 | 0.27 | 0.21 | 1.60 | ||||||||||||
Diluted earnings per share * | 0.14 | 0.27 | 0.21 | 1.60 | ||||||||||||
2016 | ||||||||||||||||
Operating revenues | $ | 928.1 | $ | 994.6 | $ | 1,053.2 | $ | 1,069.9 | ||||||||
Income from operations | 52.0 | 79.7 | 70.8 | 87.9 | ||||||||||||
Net income | 28.1 | 44.2 | 36.8 | 47.8 | ||||||||||||
Basic earnings per share | 0.18 | 0.28 | 0.24 | 0.31 | ||||||||||||
Diluted earnings per share | 0.18 | 0.28 | 0.24 | 0.30 |
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