| General
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Recognized amounts of identifiable assets acquired and liabilities assumed | |||
Cash | $ | 1,318 | |
Receivables | 16,156 | ||
Inventories | 480 | ||
Prepaid expenses and other current assets | 4,392 | ||
Property and equipment | 81,844 | ||
Capitalized software and other noncurrent assets | 5,807 | ||
Intangible assets | 10,900 | ||
Goodwill | 138,168 | ||
Total assets acquired | 259,065 | ||
Payables assumed | 7,807 | ||
Accrued liabilities assumed | 5,289 | ||
Current maturities of debt and capital lease obligations assumed | 47,692 | ||
Debt and capital lease obligations assumed | 46,211 | ||
Other noncurrent liabilities assumed | 1,646 | ||
Fair value of total consideration transferred | $ | 150,420 |
Three Months Ended June 30, 2016 | Six Months Ended June 30, 2016 | ||||||
Pro forma net sales | $ | 1,024,866 | $ | 1,996,241 | |||
Pro forma net income | $ | 42,633 | $ | 69,621 | |||
Basic earnings per share as reported | $ | 0.28 | $ | 0.46 | |||
Pro forma basic earnings per share | $ | 0.28 | $ | 0.45 | |||
Diluted earnings per share as reported | $ | 0.28 | $ | 0.46 | |||
Pro forma diluted earnings per share | $ | 0.28 | $ | 0.45 |
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Balance at December 31, 2016 | $ | 13,500 | |
Change in fair value (1) | (12,900 | ) | |
Balance at June 30, 2017 | $ | 600 |
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June 30, 2017 | December 31, 2016 | ||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Zero coupon bonds | $ | 3,806 | $ | 3,844 | $ | 3,768 | $ | 3,811 | |||||||
U.S. treasury and government agencies | 6,026 | 6,024 | 8,048 | 8,042 | |||||||||||
Asset-backed securities | 287 | 279 | 409 | 399 | |||||||||||
Corporate debt securities | 11,215 | 11,383 | 14,415 | 14,541 | |||||||||||
State and political subdivisions | 23,988 | 23,752 | 26,192 | 25,696 | |||||||||||
Total marketable securities | $ | 45,322 | $ | 45,282 | $ | 52,832 | $ | 52,489 |
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Truckload | Logistics | Other | Total | ||||||||||||
Balance at December 31, 2016 | $ | 138,168 | $ | 14,173 | $ | 11,694 | $ | 164,035 | |||||||
Foreign currency translation | — | — | 267 | 267 | |||||||||||
Balance at June 30, 2017 | $ | 138,168 | $ | 14,173 | $ | 11,961 | $ | 164,302 |
June 30, 2017 | December 31, 2016 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Customer lists | $ | 10,500 | $ | 1,973 | $ | 8,527 | $ | 10,500 | $ | 1,445 | $ | 9,055 | |||||||||||
Trade names | 1,400 | 505 | 895 | 1,400 | 272 | 1,128 | |||||||||||||||||
Total intangible assets | $ | 11,900 | $ | 2,478 | $ | 9,422 | $ | 11,900 | $ | 1,717 | $ | 10,183 |
Remaining 2017 | $ | 765 | |
2018 | 1,416 | ||
2019 | 1,145 | ||
2020 | 950 | ||
2021 | 950 | ||
2022 and thereafter | 4,196 | ||
$ | 9,422 |
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June 30, 2017 | December 31, 2016 | ||||||
Unsecured senior notes: principal payable at maturity; interest payable in quarterly or semiannual installments through 2025; weighted-average interest rate of 3.36% and 3.66% for 2017 and 2016, respectively | $ | 400,000 | $ | 500,000 | |||
Equipment financing notes: principal and interest payable in monthly installments through 2023; weighted average interest rate of 3.77% and 3.82% for 2017 and 2016, respectively | 36,694 | 49,296 | |||||
Secured credit facility: collateralized by certain trade receivables; interest rate of 1.68% for 2016 | — | 135,000 | |||||
Total principal outstanding | 436,694 | 684,296 | |||||
Current maturities | (16,682 | ) | (254,398 | ) | |||
Debt issuance costs | (963 | ) | (1,091 | ) | |||
Long-term debt | $ | 419,049 | $ | 428,807 |
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June 30, 2017 | December 31, 2016 | ||||||
Future minimum payments to be received on leases | $ | 145,200 | $ | 137,339 | |||
Guaranteed residual lease values | 118,536 | 124,487 | |||||
Total minimum lease payments to be received | 263,736 | 261,826 | |||||
Unearned income | (30,694 | ) | (29,494 | ) | |||
Net investment in leases | 233,042 | 232,332 | |||||
Current maturities of lease receivables | 96,410 | 101,247 | |||||
Less—allowance for doubtful accounts | (1,493 | ) | (1,036 | ) | |||
Current portion of lease receivables—net of allowance | 94,917 | 100,211 | |||||
Lease receivables—noncurrent | $ | 138,125 | $ | 132,121 |
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Class A Redeemable Common Shares | Class B Redeemable Common Shares | Accumulated Earnings | Accumulated Other Comprehensive Income | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Total | |||||||||||||||||||||
BALANCE—December 31, 2016 | 83,029,500 | $ | 563,217 | 73,294,560 | $ | 497,175 | $ | 125,175 | $ | 883 | $ | 1,186,450 | |||||||||||||
Net income | — | — | — | — | 22,569 | — | 22,569 | ||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 16 | 16 | ||||||||||||||||||
Dividends declared at $0.05 per share | — | — | — | — | (7,816 | ) | — | (7,816 | ) | ||||||||||||||||
Change in redemption value of redeemable common shares | — | 67,254 | — | 59,369 | (126,623 | ) | — | — | |||||||||||||||||
Transfer from temporary equity to common equity | (83,029,500 | ) | (630,471 | ) | (73,294,560 | ) | (556,544 | ) | (13,305 | ) | (899 | ) | (1,201,219 | ) | |||||||||||
BALANCE—June 30, 2017 | — | $ | — | — | $ | — | $ | — | $ | — | $ | — |
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(in thousands, except per share data) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Basic earnings per common share: | ||||||||||||||||
Net income available to common shareholders | $ | 46,473 | $ | 44,167 | $ | 69,042 | $ | 72,306 | ||||||||
Weighted average common shares issued and outstanding | 174,424 | 156,295 | 165,422 | 156,000 | ||||||||||||
Basic earnings per common share | $ | 0.27 | $ | 0.28 | $ | 0.42 | $ | 0.46 | ||||||||
Diluted earnings per common share: | ||||||||||||||||
Net income applicable to diluted earnings per common share | $ | 46,473 | $ | 44,167 | $ | 69,042 | $ | 72,306 | ||||||||
Dilutive potential common shares: | ||||||||||||||||
Restricted share units | 29 | 130 | 14 | 160 | ||||||||||||
Dilutive potential common shares | 29 | 130 | 14 | 160 | ||||||||||||
Total diluted average common shares issued and outstanding | 174,453 | 156,425 | 165,436 | 156,160 | ||||||||||||
Diluted earnings per common share | $ | 0.27 | $ | 0.28 | $ | 0.42 | $ | 0.46 |
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Revenues by Segment (in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Truckload | $ | 543,004 | $ | 519,497 | $ | 1,065,114 | $ | 1,010,222 | ||||||||
Intermodal | 194,260 | 187,209 | 375,350 | 372,034 | ||||||||||||
Logistics | 191,751 | 178,847 | 375,655 | 345,597 | ||||||||||||
Other | 78,900 | 55,559 | 129,183 | 105,108 | ||||||||||||
Fuel surcharge | 92,557 | 72,290 | 182,807 | 128,444 | ||||||||||||
Inter-segment eliminations | (25,300 | ) | (18,829 | ) | (46,498 | ) | (38,729 | ) | ||||||||
Operating revenues | $ | 1,075,172 | $ | 994,573 | $ | 2,081,611 | $ | 1,922,676 |
Income from Operations by Segment (in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Truckload | $ | 53,231 | $ | 61,705 | $ | 91,751 | $ | 103,893 | ||||||||
Intermodal | 11,232 | 13,646 | 17,866 | 20,735 | ||||||||||||
Logistics | 6,592 | 8,103 | 11,775 | 13,280 | ||||||||||||
Other | 7,947 | (3,815 | ) | 1,160 | (6,236 | ) | ||||||||||
Income from operations | $ | 79,002 | $ | 79,639 | $ | 122,552 | $ | 131,672 |
Depreciation and Amortization Expense by Segment (in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Truckload | $ | 50,598 | $ | 46,763 | $ | 101,011 | $ | 90,546 | ||||||||
Intermodal | 8,454 | 6,205 | 16,480 | 15,444 | ||||||||||||
Logistics | 99 | 98 | 198 | 196 | ||||||||||||
Other | 9,485 | 10,777 | 18,817 | 21,552 | ||||||||||||
Depreciation and amortization expense | $ | 68,636 | $ | 63,843 | $ | 136,506 | $ | 127,738 |
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Recognized amounts of identifiable assets acquired and liabilities assumed | |||
Cash | $ | 1,318 | |
Receivables | 16,156 | ||
Inventories | 480 | ||
Prepaid expenses and other current assets | 4,392 | ||
Property and equipment | 81,844 | ||
Capitalized software and other noncurrent assets | 5,807 | ||
Intangible assets | 10,900 | ||
Goodwill | 138,168 | ||
Total assets acquired | 259,065 | ||
Payables assumed | 7,807 | ||
Accrued liabilities assumed | 5,289 | ||
Current maturities of debt and capital lease obligations assumed | 47,692 | ||
Debt and capital lease obligations assumed | 46,211 | ||
Other noncurrent liabilities assumed | 1,646 | ||
Fair value of total consideration transferred | $ | 150,420 |
Three Months Ended June 30, 2016 | Six Months Ended June 30, 2016 | ||||||
Pro forma net sales | $ | 1,024,866 | $ | 1,996,241 | |||
Pro forma net income | $ | 42,633 | $ | 69,621 | |||
Basic earnings per share as reported | $ | 0.28 | $ | 0.46 | |||
Pro forma basic earnings per share | $ | 0.28 | $ | 0.45 | |||
Diluted earnings per share as reported | $ | 0.28 | $ | 0.46 | |||
Pro forma diluted earnings per share | $ | 0.28 | $ | 0.45 |
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Balance at December 31, 2016 | $ | 13,500 | |
Change in fair value (1) | (12,900 | ) | |
Balance at June 30, 2017 | $ | 600 |
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June 30, 2017 | December 31, 2016 | ||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Zero coupon bonds | $ | 3,806 | $ | 3,844 | $ | 3,768 | $ | 3,811 | |||||||
U.S. treasury and government agencies | 6,026 | 6,024 | 8,048 | 8,042 | |||||||||||
Asset-backed securities | 287 | 279 | 409 | 399 | |||||||||||
Corporate debt securities | 11,215 | 11,383 | 14,415 | 14,541 | |||||||||||
State and political subdivisions | 23,988 | 23,752 | 26,192 | 25,696 | |||||||||||
Total marketable securities | $ | 45,322 | $ | 45,282 | $ | 52,832 | $ | 52,489 |
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Truckload | Logistics | Other | Total | ||||||||||||
Balance at December 31, 2016 | $ | 138,168 | $ | 14,173 | $ | 11,694 | $ | 164,035 | |||||||
Foreign currency translation | — | — | 267 | 267 | |||||||||||
Balance at June 30, 2017 | $ | 138,168 | $ | 14,173 | $ | 11,961 | $ | 164,302 |
June 30, 2017 | December 31, 2016 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Customer lists | $ | 10,500 | $ | 1,973 | $ | 8,527 | $ | 10,500 | $ | 1,445 | $ | 9,055 | |||||||||||
Trade names | 1,400 | 505 | 895 | 1,400 | 272 | 1,128 | |||||||||||||||||
Total intangible assets | $ | 11,900 | $ | 2,478 | $ | 9,422 | $ | 11,900 | $ | 1,717 | $ | 10,183 |
Remaining 2017 | $ | 765 | |
2018 | 1,416 | ||
2019 | 1,145 | ||
2020 | 950 | ||
2021 | 950 | ||
2022 and thereafter | 4,196 | ||
$ | 9,422 |
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June 30, 2017 | December 31, 2016 | ||||||
Unsecured senior notes: principal payable at maturity; interest payable in quarterly or semiannual installments through 2025; weighted-average interest rate of 3.36% and 3.66% for 2017 and 2016, respectively | $ | 400,000 | $ | 500,000 | |||
Equipment financing notes: principal and interest payable in monthly installments through 2023; weighted average interest rate of 3.77% and 3.82% for 2017 and 2016, respectively | 36,694 | 49,296 | |||||
Secured credit facility: collateralized by certain trade receivables; interest rate of 1.68% for 2016 | — | 135,000 | |||||
Total principal outstanding | 436,694 | 684,296 | |||||
Current maturities | (16,682 | ) | (254,398 | ) | |||
Debt issuance costs | (963 | ) | (1,091 | ) | |||
Long-term debt | $ | 419,049 | $ | 428,807 |
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June 30, 2017 | December 31, 2016 | ||||||
Future minimum payments to be received on leases | $ | 145,200 | $ | 137,339 | |||
Guaranteed residual lease values | 118,536 | 124,487 | |||||
Total minimum lease payments to be received | 263,736 | 261,826 | |||||
Unearned income | (30,694 | ) | (29,494 | ) | |||
Net investment in leases | 233,042 | 232,332 | |||||
Current maturities of lease receivables | 96,410 | 101,247 | |||||
Less—allowance for doubtful accounts | (1,493 | ) | (1,036 | ) | |||
Current portion of lease receivables—net of allowance | 94,917 | 100,211 | |||||
Lease receivables—noncurrent | $ | 138,125 | $ | 132,121 |
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Class A Redeemable Common Shares | Class B Redeemable Common Shares | Accumulated Earnings | Accumulated Other Comprehensive Income | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Total | |||||||||||||||||||||
BALANCE—December 31, 2016 | 83,029,500 | $ | 563,217 | 73,294,560 | $ | 497,175 | $ | 125,175 | $ | 883 | $ | 1,186,450 | |||||||||||||
Net income | — | — | — | — | 22,569 | — | 22,569 | ||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 16 | 16 | ||||||||||||||||||
Dividends declared at $0.05 per share | — | — | — | — | (7,816 | ) | — | (7,816 | ) | ||||||||||||||||
Change in redemption value of redeemable common shares | — | 67,254 | — | 59,369 | (126,623 | ) | — | — | |||||||||||||||||
Transfer from temporary equity to common equity | (83,029,500 | ) | (630,471 | ) | (73,294,560 | ) | (556,544 | ) | (13,305 | ) | (899 | ) | (1,201,219 | ) | |||||||||||
BALANCE—June 30, 2017 | — | $ | — | — | $ | — | $ | — | $ | — | $ | — |
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(in thousands, except per share data) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Basic earnings per common share: | ||||||||||||||||
Net income available to common shareholders | $ | 46,473 | $ | 44,167 | $ | 69,042 | $ | 72,306 | ||||||||
Weighted average common shares issued and outstanding | 174,424 | 156,295 | 165,422 | 156,000 | ||||||||||||
Basic earnings per common share | $ | 0.27 | $ | 0.28 | $ | 0.42 | $ | 0.46 | ||||||||
Diluted earnings per common share: | ||||||||||||||||
Net income applicable to diluted earnings per common share | $ | 46,473 | $ | 44,167 | $ | 69,042 | $ | 72,306 | ||||||||
Dilutive potential common shares: | ||||||||||||||||
Restricted share units | 29 | 130 | 14 | 160 | ||||||||||||
Dilutive potential common shares | 29 | 130 | 14 | 160 | ||||||||||||
Total diluted average common shares issued and outstanding | 174,453 | 156,425 | 165,436 | 156,160 | ||||||||||||
Diluted earnings per common share | $ | 0.27 | $ | 0.28 | $ | 0.42 | $ | 0.46 |
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Revenues by Segment (in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Truckload | $ | 543,004 | $ | 519,497 | $ | 1,065,114 | $ | 1,010,222 | ||||||||
Intermodal | 194,260 | 187,209 | 375,350 | 372,034 | ||||||||||||
Logistics | 191,751 | 178,847 | 375,655 | 345,597 | ||||||||||||
Other | 78,900 | 55,559 | 129,183 | 105,108 | ||||||||||||
Fuel surcharge | 92,557 | 72,290 | 182,807 | 128,444 | ||||||||||||
Inter-segment eliminations | (25,300 | ) | (18,829 | ) | (46,498 | ) | (38,729 | ) | ||||||||
Operating revenues | $ | 1,075,172 | $ | 994,573 | $ | 2,081,611 | $ | 1,922,676 |
Income from Operations by Segment (in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Truckload | $ | 53,231 | $ | 61,705 | $ | 91,751 | $ | 103,893 | ||||||||
Intermodal | 11,232 | 13,646 | 17,866 | 20,735 | ||||||||||||
Logistics | 6,592 | 8,103 | 11,775 | 13,280 | ||||||||||||
Other | 7,947 | (3,815 | ) | 1,160 | (6,236 | ) | ||||||||||
Income from operations | $ | 79,002 | $ | 79,639 | $ | 122,552 | $ | 131,672 |
Depreciation and Amortization Expense by Segment (in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Truckload | $ | 50,598 | $ | 46,763 | $ | 101,011 | $ | 90,546 | ||||||||
Intermodal | 8,454 | 6,205 | 16,480 | 15,444 | ||||||||||||
Logistics | 99 | 98 | 198 | 196 | ||||||||||||
Other | 9,485 | 10,777 | 18,817 | 21,552 | ||||||||||||
Depreciation and amortization expense | $ | 68,636 | $ | 63,843 | $ | 136,506 | $ | 127,738 |
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