Document and Entity Information
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6 Months Ended | |
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Jun. 29, 2013
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Aug. 02, 2013
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Document Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 29, 2013 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | UACL | |
Entity Registrant Name | Universal Truckload Services, Inc. | |
Entity Central Index Key | 0001308208 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 30,053,912 |
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Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified |
Jun. 29, 2013
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Dec. 31, 2012
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Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 2,812 | $ 2,515 |
Property and equipment, accumulated depreciation | 131,178 | 126,736 |
Intangible assets, accumulated amortization | 23,471 | 22,237 |
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 30,685,441 | 30,685,441 |
Common stock, shares outstanding | 30,053,912 | 30,053,912 |
Treasury stock, shares | 631,529 | 631,529 |
Unrealized holding gain on available-for-sale securities, income taxes | $ 969 | $ 858 |
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Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 29, 2013
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Jun. 30, 2012
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Jun. 29, 2013
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Jun. 30, 2012
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Operating revenues: | ||||
Transportation services | $ 179,439 | $ 191,431 | $ 346,366 | $ 376,821 |
Value-added services | 51,181 | 44,494 | 98,951 | 89,752 |
Intermodal services | 33,552 | 29,043 | 66,964 | 54,387 |
Total operating revenues | 264,172 | 264,968 | 512,281 | 520,960 |
Operating expenses: | ||||
Purchased transportation and equipment rent | 141,640 | 151,950 | 276,154 | 297,041 |
Direct personnel and related benefits | 45,652 | 41,768 | 88,999 | 84,924 |
Commission expense | 9,787 | 10,699 | 19,122 | 20,940 |
Operating expenses (exclusive of items shown separately) | 19,715 | 17,664 | 38,875 | 35,400 |
Occupancy expense | 5,300 | 4,924 | 10,262 | 9,908 |
Selling, general, and administrative | 8,739 | 9,276 | 16,541 | 16,714 |
Insurance and claims | 4,704 | 4,962 | 9,382 | 10,460 |
Depreciation and amortization | 5,006 | 4,477 | 10,066 | 8,930 |
Total operating expenses | 240,543 | 245,720 | 469,401 | 484,317 |
Income from operations | 23,629 | 19,248 | 42,880 | 36,643 |
Interest income | 29 | 97 | 53 | 122 |
Interest expense | (957) | (890) | (2,083) | (1,711) |
Other non-operating income | 127 | 668 | 261 | 1,172 |
Income before provision for income taxes | 22,828 | 19,123 | 41,111 | 36,226 |
Provision for income taxes | 8,674 | 3,378 | 15,583 | 6,042 |
Net income | 14,154 | 15,745 | 25,528 | 30,184 |
Earnings per common share: | ||||
Basic | $ 0.47 | $ 0.52 | $ 0.85 | $ 1.00 |
Diluted | $ 0.47 | $ 0.52 | $ 0.85 | $ 1.00 |
Weighted average number of common shares outstanding: | ||||
Basic | 30,054 | 30,022 | 30,054 | 30,043 |
Diluted | 30,196 | 30,022 | 30,196 | 30,043 |
Pre-merger dividends paid common share | $ 1.00 | |||
Pro Forma earnings per common share - "C" corporation status: | ||||
Pro Forma provision for income taxes due to LINC Logistics Company conversion to "C" corporation | $ 4,029 | $ 8,032 | ||
Earnings per common share: | ||||
Basic | $ 0.47 | $ 0.39 | $ 0.85 | $ 0.74 |
Diluted | $ 0.47 | $ 0.39 | $ 0.85 | $ 0.74 |
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The pro forma basic net income per share for a period as if the combined business had been a C corporation for the entire period presented. No definition available.
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The pro forma diluted net income per share for a period as as if the combined business had been a C corporation for the entire period presented. No definition available.
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Business Acquisition Pro Forma Income Tax Expense No definition available.
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Common Stock Pre Merger Dividends Per Share Declared No definition available.
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Revenue from transporting rail and steamship containers between the railhead or port and the customer, as well as drayage services. No definition available.
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The aggregate amount of expense incurred related to the lease and tenancy of terminals and operating facilities, except utilities. No definition available.
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The total amount of other operating cost and expense items that are associated with the normal revenue producing operation, excluding items shown separately on the income statement. No definition available.
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The aggregate amount of direct personnel and related benefit costs, including salaries, wages and fringe benefits of our employees, as well as costs related to direct labor, utilized in operating activities. No definition available.
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The cost of purchased transportation and transportation-related services of third party capacity providers of various modes transportation during the period. No definition available.
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Revenue from transporting freight between locations via truck and trailer, by contracting third party transportation providers, and expedited ground services, as well as international freight forwarding and customs house brokerage services. No definition available.
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Revenue from operation and management of logistics services integrated into a customers supply chain. No definition available.
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Consolidated Statements of Comprehensive Income (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 29, 2013
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Jun. 30, 2012
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Jun. 29, 2013
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Jun. 30, 2012
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Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 14,154 | $ 15,745 | $ 25,528 | $ 30,184 |
Other comprehensive income: | ||||
Unrealized holding gains (losses) on available-for-sale investments arising during the period, net of income taxes | 4 | (254) | 647 | 545 |
Realized gains on available-for-sale investments reclassified into income, net of income taxes | (35) | (311) | (67) | (531) |
Foreign currency translation adjustments | (461) | (216) | (173) | 61 |
Net gain (loss) recognized in other comprehensive income | (492) | (781) | 407 | 75 |
Total comprehensive income | $ 13,662 | $ 14,964 | $ 25,935 | $ 30,259 |
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Basis of Presentation
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Jun. 29, 2013
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Accounting Policies [Abstract] | |||
Basis of Presentation |
The accompanying unaudited consolidated financial statements of Universal Truckload Services, Inc. and its wholly-owned subsidiaries (“Universal” or us, we, or the Company), have been prepared by the Company’s management. In the opinion of management, the unaudited consolidated financial statements include all normal recurring adjustments necessary to present fairly the information required to be set forth therein. All intercompany transactions and balances have been eliminated in consolidation. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, should be read in conjunction with the consolidated financial statements as of December 31, 2012 and 2011 and for each of the years in the three-year period ended December 31, 2012 included in the Company’s Form 10-K filed with the Securities and Exchange Commission. The preparation of the consolidated financial statements requires the use of management’s estimates. Actual results could differ from those estimates. The Company’s fiscal year ends on December 31. The Company’s fiscal year consists of four quarters, each with thirteen weeks. |
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Business Combinations
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Jun. 29, 2013
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations |
Acquisition Accounted for Between Entities Under Common Control In October 2012, we completed the acquisition of LINC Logistics Company (“LINC”). This resulted in the issuance of 14,527,332 shares of the Company’s common stock. Our majority shareholders beneficially owned, in the aggregate, 100% of the common stock of LINC. The effects of the retroactive restatement of the Company’s 2012 financial statements using the guidance for transactions between entities under common control as described in ASC Topic 805 – “Business Combinations” are summarized below (in thousands, except per share data):
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Marketable Securities
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Jun. 29, 2013
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Investments Debt And Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities |
At June 29, 2013 and December 31, 2012, marketable securities, all of which are available-for-sale, consist of common and preferred stocks. Marketable securities are carried at fair value, with unrealized gains and losses, net of related income taxes, reported as accumulated other comprehensive income, except for losses from impairments which are determined to be other-than-temporary. Realized gains and losses, and declines in value judged to be other-than-temporary on available-for-sale securities are included in the determination of net income and are included in other non-operating income (expense), at which time the average cost basis of these securities are adjusted to fair value. Fair values are based on quoted market prices at the reporting date. Interest and dividends on available-for-sale securities are included in other non-operating income (expense). The cost, gross unrealized holding gains, gross unrealized holding losses, and fair value of available-for-sale securities by type were as follows (in thousands):
Included in equity securities at June 29, 2013 are securities with a fair value of $1.2 million with a cumulative loss position of $0.2 million, the impairment of which the Company considers to be temporary. The Company considers several factors in its determination as to whether declines in value are judged to be temporary or other-than-temporary, including the severity and duration of the decline, the financial condition and near-term prospects of the specific issuers and the industries in which they operate, and the Company’s intent and ability to hold these securities. The Company may incur future impairment charges if declines in market values continue and/or worsen and impairments are no longer considered temporary. The fair value and gross unrealized holding losses of the Company’s marketable securities that are not deemed to be other-than-temporarily impaired aggregated by type and length of time they have been in a continuous unrealized loss position were as follows (in thousands):
The Company’s portfolio of equity securities in a continuous loss position, the impairment of which the Company considers to be temporary, consists primarily of common stocks in the oil and gas, banking, transportation and diversified holding industries. The fair value and unrealized losses are distributed in 10 publicly traded companies, with no single industry or company representing a material or concentrated unrealized loss. The Company has evaluated the near-term prospects of the various industries, as well as the specific issuers within its portfolio, in relation to the severity and duration of the impairments, and based on that evaluation, and the Company’s ability and intent to hold these investments for a reasonable period of time to allow for a recovery of fair value, the Company does not consider these investments to be other-than-temporarily impaired at June 29, 2013. The Company from time to time invests cash in excess of its current needs in marketable securities, much of which is held in equity securities, which are actively traded on public exchanges. It is the philosophy of the Company to minimize the risk of capital loss without foregoing the potential for capital appreciation through investing in value-and-income oriented investments. However, holding equity securities subjects the Company to fluctuations in the market value of its investment portfolio based on current market prices, and a decline in market prices or other unstable market conditions could cause a loss in the value of the Company’s marketable securities classified as available-for-sale.
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Accrued Expenses and Other Current Liabilities
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Jun. 29, 2013
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Payables And Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses and Other Current Liabilities |
Accrued expenses and other current liabilities is comprised of the following (in thousands):
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Debt
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Jun. 29, 2013
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt |
Debt is comprised of the following (in thousands):
Syndicated credit facility On August 30, 2012, the Company entered into a Revolving Credit and Term Loan Agreement, or the Credit Agreement, with and among the lenders parties thereto and Comerica Bank, as administrative agent, to provide for aggregate borrowing facilities of up to $220 million. The Credit Agreement consists of a $110 million revolving credit facility (which amount may be increased by up to $20 million upon request of the Company and approval of the lenders), a $60 million equipment credit facility, and a $50 million term loan. Additionally, the Credit Agreement provides for up to $5 million in letters of credit, which letters of credit reduce availability under the revolving credit facility. Upon closing the merger with LINC on October 1, 2012, we borrowed approximately $149.1 million to repay LINC’s outstanding indebtedness and dividends payable via the Credit Agreement. $110 million Revolving Credit Facility The revolving credit facility is available to refinance existing indebtedness and to finance working capital through August 28, 2017. Two interest rate options are applicable to advances borrowed pursuant to the facility: Eurodollar-based advances and base rate advances. Eurodollar-based advances bear interest at 30, 60 or 90-day LIBOR rates plus an applicable margin, which varies from 1.35% to 2.10% based on our ratio of total debt to earnings before interest, taxes, depreciation and amortization (“EBITDA”), as defined. As an alternative, base rate advances bear interest at a base rate, as defined, plus an applicable margin, which also varies based on our ratio of total debt to EBITDA in a range from 0.35% to 1.10%. The base rate is the greater of the prime rate announced by Comerica Bank, the federal funds effective rate plus 1.0%, or the daily adjusting LIBOR rate plus 1.0%. At June 29, 2013, interest accrued at 1.80% based on 30-day LIBOR. To support daily borrowing and other operating requirements, the revolving credit facility contains a $10.0 million Swing Line sub-facility and a $5.0 million letter of credit sub-facility. On June 3, 2013, the Company executed an amendment to its Revolving Credit and Term Loan Agreement (the “First Amendment”), which split the availability on the Swing Line between two existing lenders, Comerica Bank and KeyBank. The SwingLine was split to provide for borrowings of up to $7.0 million from Comerica Bank and $3.0 million from KeyBank, so long as the Comerica Bank and KeyBank advances do not exceed $10.0 million in the aggregate. Swing Line borrowings incur interest at either the base rate plus the applicable margin or, alternatively, at a quoted rate offered by the applicable Swing Line lender in its sole discretion. The Company did not have any amounts outstanding under the Swing Lines at June 29, 2013, and there were no letters of credit issued against the lines. The revolving credit facility is subject to a facility fee, which is payable quarterly in arrears, of either 0.25% or 0.5%, depending on our ratio of total debt to EBITDA. Other than in connection with Eurodollar-based advances or quoted rate advances that are paid off and terminated prior to an applicable interest period, there are no premiums or penalties resulting from prepayment. Borrowings outstanding at any time under the revolving credit facility are limited to the value of eligible accounts receivable of our principal operating subsidiaries, pursuant to a monthly borrowing base certificate. At June 29, 2013, our $46.0 million revolver advance was secured by, among other assets, net eligible accounts receivable totaling $101.0 million, of which, $82.9 million were available for borrowing against pursuant to the agreement. $60 million Equipment Credit Facility The equipment credit facility is available to refinance existing indebtedness and to finance capital expenditures including in connection with acquisitions. Borrowings under the equipment credit facility may be made until August 28, 2015, and such borrowings shall be repaid in quarterly installments equal to 1/28th of the aggregate amount of borrowings under the equipment credit facility commencing on January 1, 2014. The two interest rate options that apply to revolving credit facility advances also apply to equipment credit facility advances. Eurodollar-based advances bear interest at 30, 60 or 90-day LIBOR rates plus an applicable margin, which varies from 1.60% to 2.60% based on our ratio of total debt to EBITDA. Base rate advances bear interest at a base rate, as defined, plus an applicable margin, which also varies based on our ratio of total debt to EBITDA in a range from 0.60% to 1.60%. The equipment credit facility is subject to an unused fee, which is payable quarterly in arrears, of 0.5%. At June 29, 2013, interest accrued at 2.05% based on 30-day LIBOR. $50 million Term Loan Proceeds of the term loan were advanced on October 1, 2012 and used to refinance existing indebtedness of LINC. The outstanding principal balance is due on August 28, 2017, to the extent not already reduced by mandatory or optional prepayments. The applicable interest rate on the effective date of the term loan indebtedness was the base rate. Base rate advances bear interest at a defined base rate plus an applicable margin which varies from 1.50% to 2.25%, based on our ratio of total debt to EBITDA. Thereafter, we may convert base rate advances to Eurodollar-based advances, which bear interest at 30, 60 or 90-day LIBOR rates plus an applicable margin which varies from 2.50% to 3.25%, based on our ratio of total debt to EBITDA. At June 29, 2013, interest accrued at 2.95% based on 30-day LIBOR. Interest on the unpaid principal of all term loan base rate advances is payable quarterly in arrears commencing on October 1, 2012, and on the first day of each October, January, April and July thereafter. Interest on the unpaid principal of each Eurodollar-based advance of the term loan is payable on the last day of the applicable Eurodollar interest period. The Credit Agreement requires the Company to repay the borrowings made under the term loan facility and the equipment credit facility as follows: 50% (which percentage shall be reduced to 0% subject to the Company attaining a certain leverage ratio) of the Company’s annual excess cash flow, as defined; 100% of net cash proceeds of certain asset sales; and 100% of certain insurance and condemnation proceeds. Mandatory prepayment of the term loan was $0 as of June 29, 2013. The Company may voluntarily repay outstanding loans under each of the facilities at any time, subject to certain customary “breakage” costs with respect to LIBOR-based borrowings. In addition, the Company may elect to permanently terminate or reduce all or a portion of the revolving credit facility. All obligations under the Credit Agreement are unconditionally guaranteed by the Company’s material U.S. subsidiaries and the obligations of the Company and such subsidiaries under the Credit Agreement and such guarantees are secured by, subject to certain exceptions, substantially all of their assets. The Credit Agreement also may, in certain circumstances, limit our ability to pay dividends or distributions. The Credit Agreement includes annual, quarterly and ad hoc financial reporting requirements and financial covenants requiring the Company to maintain maximum leverage ratios and a minimum fixed charge coverage ratio, as well as customary affirmative and negative covenants and events of default. Specifically, we may not exceed a maximum senior debt to EBITDA ratio, as defined, of 2.5:1 and a maximum total debt to EBITDA ratio, as defined, of 3.0:1. We must also maintain a fixed charge coverage ratio, as defined, of not less than 1.25:1. As of June 29, 2013, the Company was in compliance with its debt covenants. UBS Secured Borrowing Facility The Company also maintains a secured borrowing facility at UBS Financial Services, Inc., or UBS, using its marketable securities as collateral for the short-term line of credit. The line of credit bears an interest rate equal to LIBOR plus 0.85% (effective rate of 1.04% at June 29, 2013), and interest is adjusted and billed monthly. No principal payments are due on the borrowing; however, the line of credit is callable at any time. The amount available under the line of credit is based on a percentage of the market value of the underlying securities. If the equity value in the account falls below the minimum requirement, we must restore the equity value, or UBS may call the line of credit. As of June 29, 2013 and December 31, 2012, there were no amounts outstanding under the line of credit, and the maximum available borrowings were $5.0 million and $5.1 million, respectively. Debt Repaid Upon Merger with LINC On April 21, 2011, LINC executed a Revolving Credit and Term Loan Agreement with a syndicate of banks to refinance a substantial portion of outstanding secured debt and a portion of outstanding dividend payable to CenTra. The syndicated senior secured loan package included a $40 million revolving credit facility, a $25 million equipment credit facility, and a $30 million senior secured term loan. Comerica Bank acted as lead arranger for the agreement and was the administrative agent. $40 million Revolving Credit Facility Borrowings outstanding at any time under the revolving credit facility were limited to the value of eligible accounts receivable of LINC’s principal operating subsidiaries, pursuant to a monthly borrowing base certificate. At December 31, 2011, the $14.0 million revolver advance was secured by, among other assets, eligible accounts receivable totaling $35.7 million. At December 31, 2011, interest accrued at 2.04% based on 30-day LIBOR. $25 million Equipment Credit Facility The equipment credit facility was available to refinance existing indebtedness and to finance capital expenditures including in connection with acquisitions through advances available until April 21, 2014. At December 31, 2011, interest accrued at 2.04% based on 30-day LIBOR, and the outstanding balance under the equipment credit facility was $11.1 million. $30 million Senior Secured Term Loan Proceeds of the term loan were advanced on April 21, 2011 and used to fund initial distributions described in the Revolving Credit and Term Loan Agreement. At December 31, 2011, interest accrued at 3.29% based on 30-day LIBOR, and the outstanding balance under the term loan was $30.0 million. Fifth Third Bank Equipment Financing Facility At December 31, 2011, interest accrued at 1.65% based on 30-day LIBOR, and the principal outstanding was $3.0 million, which was collateralized by transportation equipment with a carrying amount of $3.8 million. Dividend Distribution Promissory Note At December 31, 2011, a net dividend payable to CenTra, LINC’s former parent and an affiliate of the Company, totaling $27.0 million was outstanding. Any unpaid amount was payable in cash on or before December 31, 2013. At December 31, 2011, interest accrued at a fixed rate of 1.64%. |
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Fair Value Measurements and Disclosures
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Jun. 29, 2013
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements and Disclosures |
FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date and expanded disclosures with respect to fair value measurements. FASB ASC Topic 820 also establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:
We segregate all financial assets that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the tables below (in thousands):
The valuation techniques used to measure fair value for the items in the tables above are as follows:
Our senior debt and line of credit consist of variable rate borrowings. The carrying value of these borrowings approximate fair value because the applicable interest rates are adjusted frequently based on short-term market rates. |
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Transactions with Affiliates
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Transactions with Affiliates |
Through December 31, 2004, we were a wholly-owned subsidiary of CenTra, Inc. On December 31, 2004, CenTra distributed all of our common stock to the shareholders of CenTra. Subsequent to our initial public offering in 2005, our majority shareholders retained and continue to hold a controlling interest in us. CenTra and affiliates of CenTra provide administrative support services to us, including legal, human resources, and tax services. The cost of these services is based on the actual or estimated utilization of the specific service. Management believes these charges are reasonable. However, the costs of these services charged to us are not necessarily indicative of the costs that would have been incurred if we had internally performed or acquired these services as a separate unaffiliated entity. In addition to the administrative support services described above, we purchase other services from affiliates. Following is a schedule of cost incurred for services provided by affiliates for the thirteen weeks and twenty-six weeks ended June 29, 2013 and June 30, 2012 (in thousands):
In connection with our transportation services, we also routinely cross the Ambassador Bridge between Detroit, Michigan and Windsor Ontario, and we pay tolls and other fees to certain related entities which are under common control with CenTra. CenTra also charges us for the direct variable cost of various maintenance, fueling and other operational support costs for services delivered at their trucking terminals that are geographically remote from our own facilities. Such activities are billed when incurred, paid on a routine basis, and reflect actual labor utilization, repair parts costs or quantities of fuel purchased. A significant number of our transportation and logistics service operations are located at facilities leased from affiliates. As of June 29, 2013, we occupy 35 such facilities. Occupancy is based on either month-to-month or contractual, multi-year lease arrangements which are billed and paid monthly. Leasing properties provided by an affiliate that owns a substantial commercial property portfolio affords us significant operating flexibility. However, we are not limited to such arrangements. We purchase workers’ compensation, property and casualty, and other general liability insurance from an insurance company controlled by our majority shareholders. Our employee health care benefits and 401(k) programs are also provided or coordinated by this affiliate. Other services from affiliates, including leased real estate, insurance and employee benefit plans, and contracted transportation services, are delivered to us on a per-transaction-basis or pursuant to separate contractual arrangements provided in the ordinary course of business. At June 29, 2013 and December 31, 2012, amounts due to affiliates were $5.7 million and $4.1 million, respectively. Services provided by UTSI to Affiliates We may assist our affiliates with selected transportation and logistics services in connection with their specific customer contracts or purchase orders. Following is a schedule of services provided to affiliates for the thirteen weeks and twenty-six weeks ended June 29, 2013 and June 30, 2012 (in thousands):
At June 29, 2013 and December 31, 2012, amounts due from affiliates were $2.7 million and $3.6 million, respectively. The Company also retained the law firm of Sullivan Hincks & Conway to provide legal services during the period. Daniel C. Sullivan, a member of our Board, is a partner at Sullivan Hincks & Conway. Amounts paid for legal services during the thirteen and twenty-six weeks ended June 29, 2013 were $3,000. Amounts paid for legal services during the thirteen and twenty-six weeks ended June 30, 2012 were $8,000 and $112,000, respectively. On October 1, 2012, we completed the acquisition of LINC. Our principal shareholders beneficially owned, in the aggregate, 100% of the common stock of LINC. See Note 2 “Business Combinations - Acquisition Accounted for Between Entities Under Common Control.” |
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Comprehensive Income
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Comprehensive Income |
Comprehensive income includes the following (in thousands):
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Stock Based Compensation
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Stock Based Compensation |
In December 2004, our Board of Directors adopted the 2004 Stock Incentive Plan, or the Plan, which became effective upon completion of the Company’s initial public offering. The Plan allows for the issuance of a total of 500,000 shares of common stock. The grants may be made in the form of restricted stock bonuses, restricted stock purchase rights, stock options, phantom stock units, restricted stock units, performance share bonuses, performance share units or stock appreciation rights. On December 20, 2012, the Company granted 178,137 shares of restricted stock to certain of its employees. The restricted stock grants vested 20% on December 20, 2012, and an additional 20% will vest on each anniversary of the grant through December 20, 2016, subject to continued employment of the grantee with the Company. The following table summarizes the status of the Company’s non-vested shares and related information for the period indicated:
As of June 29, 2013, there was $2.3 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of 4 years.
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Earnings Per Share
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Earnings Per Share [Abstract] | |||
Earnings Per Share |
Basic earnings per common share amounts are based on the weighted average number of common shares outstanding, excluding outstanding non-vested restricted stock, and diluted earnings per share amounts are based on the weighted average number of common shares outstanding, including outstanding non-vested restricted stock, plus incremental shares that would have been outstanding upon the assumed exercise of any dilutive stock options. For the thirteen weeks and twenty-six weeks ended June 29, 2013, there were 142,511 weighted average non-vested shares of restricted shares included in the denominator for the calculation of diluted earnings per share. For the thirteen weeks and twenty-six weeks ended June 30, 2012, the Company had no common stock equivalents; therefore, diluted earnings per share are equal to basic earnings per share. |
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Pro Forma Earnings Per Share
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Pro Forma Earnings Per Share |
Prior to its acquisition by Universal on October 1, 2012, LINC was an “S” Corporation for U.S. federal income tax purposes. As a result, LINC had no U.S. federal income tax liability, but had state and local liabilities in certain jurisdictions attributable to earnings as an “S” Corporation. Pro forma basic and diluted earnings per share have been computed to give effect to the termination of LINC’s “S” Corporation status and acquisition by Universal, which changes the provision for income taxes for each period presented. For the thirteen weeks and twenty-six ended June 30, 2012, we assume a blended statutory federal, state and local rate of 38.7% and 38.9%, respectively. The following table sets forth a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share for each 2012 period presented (in thousands, except per share data):
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Pro Forma Earnings Per Share [Text Block] No definition available.
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Segment Reporting
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting |
As of March 30, 2013, certain integration activities in connection with our acquisition of LINC were not concluded. As such, we reported LINC’s financial performance separately from our single reportable segment that predated the acquisition. During the thirteen week period ended June 29, 2013, we determined that our financial results should be report in two reportable segments, the transportation segment and the logistics segment, based on the nature of the underlying customer commitment and the types of investments required to support these commitments. Operations aggregated in our transportation segment are associated with individual freight shipments coordinated by our agents, company-managed terminals and specialized services operations. In contrast, operations aggregated in our logistics segment deliver value-added services or transportation services to specific customers on a dedicated basis, generally pursuant to contract terms of one year or longer. Other non-reportable operating segments are comprised of the Company’s subsidiaries that provide support services to other subsidiaries and to owner-operators, including shop maintenance and equipment leasing. This presentation reflects the manner in which management evaluates our operating segments, including an evaluation of economic characteristics and applicable aggregation criteria. There has been no impact on our consolidated balance sheets, statements of income, comprehensive income or cash flows for any period. Prior period segment information, including as reflected in the thirteen and twenty-six weeks ended June 30, 2012, has been adjusted to reflect the change in segment reporting. The following tables summarize information about the Company’s reportable segments as of and for the thirteen week and twenty-six week period ended June 29, 2013 and June 30, 2012 (in thousands):
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Commitments and Contingencies
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Commitments And Contingencies Disclosure [Abstract] | |||
Commitments and Contingencies |
The Company’s principal commitments relate to long-term real estate leases and payment obligations to equipment vendors. The Company is involved in certain claims and pending litigation arising from the ordinary conduct of business. We also provide accruals for claims within our self-insured retention amounts. Based on the knowledge of the facts, and in certain cases, opinions of outside counsel, in the Company’s opinion the resolution of these claims and pending litigation will not have a material effect on the Company’s financial position, results of operations or cash flows. At June 29, 2013, approximately 47.9% of our employees in the United States, Mexico and Canada are subject to collective bargaining agreements that are renegotiated periodically. Less than 1% are subject to contracts that expire in 2013. |
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Subsequent Events
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Subsequent Events [Abstract] | |||
Subsequent Events |
On July 24, 2013, our Board of Directors approved a new cash dividend policy, which anticipates a total annual dividend of $0.28 per share of common stock, payable in quarterly increments of $0.07 per share of common stock. In connection with the new policy, on July 25, 2013, our Board of Directors declared a quarterly cash dividend of $0.07 per share of common stock, which is payable to shareholders of record at the close of business on August 5, 2013 and is expected to be paid on August 15, 2013. Declaration of future cash dividends, and the establishment of record and payment dates, are subject to final determination by the Board of Directors each quarter after its review of our financial condition, results of operations, capital requirements, any legal or contractual restrictions on the payment of dividends and other factors the Board of Directors deems relevant. |
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Business Combinations (Tables)
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Combinations | The effects of the retroactive restatement of the Company’s 2012 financial statements using the guidance for transactions between entities under common control as described in ASC Topic 805 – “Business Combinations” are summarized below (in thousands, except per share data):
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Marketable Securities (Tables)
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Investments Debt And Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cost, Gross Unrealized Holding Gains Losses, and Fair Value of Available-for-Sale Securities | The cost, gross unrealized holding gains, gross unrealized holding losses, and fair value of available-for-sale securities by type were as follows (in thousands):
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Schedule of Gross Unrealized Holding Losses and Fair Value of Marketable Securities | The fair value and gross unrealized holding losses of the Company’s marketable securities that are not deemed to be other-than-temporarily impaired aggregated by type and length of time they have been in a continuous unrealized loss position were as follows (in thousands):
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Accrued Expenses and Other Current Liabilities (Tables)
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Payables And Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities is comprised of the following (in thousands):
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Accrued Expenses And Other Table [Text Block] No definition available.
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Debt (Tables)
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Details of Debt | Debt is comprised of the following (in thousands):
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Fair Value Measurements and Disclosures (Tables)
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets Measured at Fair Value on Recurring Basis | We segregate all financial assets that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the tables below (in thousands):
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Transactions with Affiliates (Tables)
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Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amounts Charged to UTSI | Following is a schedule of cost incurred for services provided by affiliates for the thirteen weeks and twenty-six weeks ended June 29, 2013 and June 30, 2012 (in thousands):
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Schedule of Services Provided to Affiliates | Following is a schedule of services provided to affiliates for the thirteen weeks and twenty-six weeks ended June 29, 2013 and June 30, 2012 (in thousands):
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Schedule of cost incurred for services provided by affiliates. No definition available.
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Schedule of services provided to affiliates. No definition available.
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Comprehensive Income (Tables)
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Comprehensive Income | Comprehensive income includes the following (in thousands):
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Stock Based Compensation (Tables)
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Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Status of Nonvested Shares | The following table summarizes the status of the Company’s non-vested shares and related information for the period indicated:
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Pro Forma Earnings Per Share (Tables)
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Text Block [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation of Basic and Diluted Earnings Per Share |
The following table sets forth a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share for each 2012 period presented (in thousands, except per share data):
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- Definition
Pro Forma Basic And Diluted Net Earnings Per Share Of Common Stock Table [Text Block] No definition available.
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- Details
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Segment Reporting (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 29, 2013
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Company's Reportable Segment Information | The following tables summarize information about the Company’s reportable segments as of and for the thirteen week and twenty-six week period ended June 29, 2013 and June 30, 2012 (in thousands):
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- Definition
No authoritative reference available. No definition available.
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- Details
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Business Combinations - Additional Information (Detail)
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1 Months Ended |
---|---|
Oct. 31, 2012
|
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Business Combinations [Abstract] | |
Issuance of common stock for acquisition shares | 14,527,332 |
Percentage of common stock owned by majority shareholders | 100.00% |
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- Definition
No authoritative reference available. No definition available.
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- Details
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- Definition
No authoritative reference available. No definition available.
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Business Combinations - Schedule of Business Combinations (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 29, 2013
|
Jun. 30, 2012
|
Jun. 29, 2013
|
Jun. 30, 2012
|
|
Total operating revenues: | ||||
Total operating revenues | $ 264,172 | $ 264,968 | $ 512,281 | $ 520,960 |
Net income: | ||||
Net income | 14,154 | 15,745 | 25,528 | 30,184 |
Basic : | ||||
Earnings per common share, basic | $ 0.47 | $ 0.52 | $ 0.85 | $ 1.00 |
Diluted : | ||||
Earnings per common share, diluted | $ 0.47 | $ 0.52 | $ 0.85 | $ 1.00 |
Universal [Member] | Previously reported [Member]
|
||||
Total operating revenues: | ||||
Total operating revenues | 185,055 | 360,903 | ||
Net income: | ||||
Net income | 4,998 | 8,596 | ||
Basic : | ||||
Earnings per common share, basic | $ 0.32 | $ 0.55 | ||
Diluted : | ||||
Earnings per common share, diluted | $ 0.32 | $ 0.55 | ||
Universal [Member] | Restated [Member]
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||||
Total operating revenues: | ||||
Total operating revenues | 264,968 | 520,960 | ||
Net income: | ||||
Net income | 15,745 | 30,184 | ||
Basic : | ||||
Earnings per common share, basic | $ 0.52 | $ 1.00 | ||
Diluted : | ||||
Earnings per common share, diluted | $ 0.52 | $ 1.00 | ||
LINC [Member]
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||||
Total operating revenues: | ||||
Total operating revenues | 79,916 | 160,062 | ||
Net income: | ||||
Net income | 10,747 | 21,588 | ||
Elimination of intercompany transactions [Member]
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||||
Total operating revenues: | ||||
Total operating revenues | $ (3) | $ (5) |
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- Definition
No authoritative reference available. No definition available.
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- Details
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- Definition
No authoritative reference available. No definition available.
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- Details
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- Definition
No authoritative reference available. No definition available.
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- Details
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- Definition
No authoritative reference available. No definition available.
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- Details
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Marketable Securities - Schedule of Cost, Gross Unrealized Holding Gains Losses, and Fair Value of Available-for-Sale Securities (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 29, 2013
|
Dec. 31, 2012
|
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Equity Securities, Fair Value | $ 10,249 | $ 9,962 |
Equity Securities [Member]
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||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity Securities, Cost | 7,701 | 8,106 |
Equity Securities, Gross unrealized holding gains | 2,765 | 2,077 |
Equity Securities, Gross unrealized holding (losses) | (217) | (221) |
Equity Securities, Fair Value | $ 10,249 | $ 9,962 |
X | ||||||||||
- Definition
Amount of accumulated pre-tax unrealized gain before deducting pre-tax unrealized losses on investments in available-for-sale securities impacting investments. No definition available.
|
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- Definition
Amount of accumulated pre-tax unrealized loss before deducting pre-tax unrealized gain on investments in available-for-sale securities impacting investments. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
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- Definition
No authoritative reference available. No definition available.
|
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- Details
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Marketable Securities - Additional Information (Detail) (USD $)
|
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 29, 2013
|
Dec. 31, 2012
|
|
Schedule of Available-for-sale Securities [Line Items] | ||
Cumulative loss position related to fair value of equity securities | $ 200,000 | |
Number of investments in publicly traded companies | 10 | |
Equity Securities [Member]
|
||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value of equity securities | 1,200,000 | |
Cumulative loss position related to fair value of equity securities | $ 217,000 | $ 221,000 |
X | ||||||||||
- Definition
Number Of Investment In Publically Traded Companies No definition available.
|
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- Definition
No authoritative reference available. No definition available.
|
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- Definition
No authoritative reference available. No definition available.
|
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- Details
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Marketable Securities - Schedule of Gross Unrealized Holding Losses and Fair Value of Marketable Securities (Detail) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 29, 2013
|
Dec. 31, 2012
|
|
Schedule of Available-for-sale Securities [Line Items] | ||
Equity securities, Total, Unrealized Losses | $ 200 | |
Equity Securities [Member]
|
||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity securities, Less than 12 Months, Fair Value | 1,014 | 1,222 |
Equity securities, Less than 12 Months, Unrealized Losses | 78 | 118 |
Equity securities, 12 Months or Greater, Fair Value | 212 | 164 |
Equity securities, 12 Months or Greater, Unrealized Losses | 139 | 103 |
Equity securities, Total, Fair Value | 1,226 | 1,386 |
Equity securities, Total, Unrealized Losses | $ 217 | $ 221 |
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
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- Definition
No authoritative reference available. No definition available.
|
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- Definition
No authoritative reference available. No definition available.
|
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- Definition
No authoritative reference available. No definition available.
|
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- Details
|
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 29, 2013
|
Dec. 31, 2012
|
---|---|---|
Payables And Accruals [Abstract] | ||
Payroll related items | $ 7,225 | $ 6,582 |
Driver escrow liabilities | 6,107 | 5,769 |
Commissions, taxes and other | 5,266 | 4,779 |
Total | $ 18,598 | $ 17,130 |
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- Definition
Driver escrow deposits held by the Company. No definition available.
|
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- Definition
No authoritative reference available. No definition available.
|
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- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Debt - Details of Debt (Detail) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
---|---|---|
Jun. 29, 2013
|
Dec. 31, 2012
|
|
Outstanding Debt: | ||
Long-term debt | $ 128,000 | $ 146,000 |
Less current portion | 2,286 | |
Total long-term debt | 125,714 | 146,000 |
Syndicated credit facility, $110 million revolving credit facility [Member]
|
||
Outstanding Debt: | ||
Credit facility, Interest Rates | LIBOR + 1.60 % | |
Debt instrument, carrying amount | 46,000 | 64,000 |
Syndicated credit facility, $60 million equipment credit facility [Member]
|
||
Outstanding Debt: | ||
Credit facility, Interest Rates | LIBOR + 1.85% | |
Debt instrument, carrying amount | 32,000 | 32,000 |
Syndicated credit facility, $50 million term loan [Member]
|
||
Outstanding Debt: | ||
Credit facility, Interest Rates | LIBOR + 2.75% | |
Debt instrument, carrying amount | 50,000 | 50,000 |
UBS secured borrowing facility [Member]
|
||
Outstanding Debt: | ||
Credit facility, Interest Rates | LIBOR + 0.85 % | |
Debt instrument, carrying amount |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Variable Interest Rate No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
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- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Debt - Details of Debt (Parenthetical) (Detail) (USD $)
In Millions, unless otherwise specified |
6 Months Ended |
---|---|
Jun. 29, 2013
|
|
Syndicated credit facility, $110 million revolving credit facility [Member]
|
|
Debt Instrument [Line Items] | |
Interest rate above variable base rate | 1.60% |
Debt instrument, face amount | $ 110 |
Syndicated credit facility, $60 million equipment credit facility [Member]
|
|
Debt Instrument [Line Items] | |
Interest rate above variable base rate | 1.85% |
Debt instrument, face amount | 60 |
Syndicated credit facility, $50 million term loan [Member]
|
|
Debt Instrument [Line Items] | |
Interest rate above variable base rate | 2.75% |
Debt instrument, face amount | $ 50 |
UBS secured borrowing facility [Member]
|
|
Debt Instrument [Line Items] | |
Interest rate above variable base rate | 0.85% |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Debt - Syndicated Credit Facility - Additional Information (Detail) (USD $)
|
6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 29, 2013
Comerica Bank Credit Facility [Member]
|
Jun. 29, 2013
Key Bank Credit Facility [Member]
|
Jun. 29, 2013
Credit Agreement One Hundred And Ten Million Revolving Credit Facility [Member]
Option
|
Aug. 30, 2012
Credit Agreement One Hundred And Ten Million Revolving Credit Facility [Member]
|
Jun. 29, 2013
Credit Agreement One Hundred And Ten Million Revolving Credit Facility [Member]
Minimum [Member]
|
Jun. 29, 2013
Credit Agreement One Hundred And Ten Million Revolving Credit Facility [Member]
Maximum [Member]
|
Jun. 29, 2013
Credit Agreement Sixty Million Equipment Financing Facility [Member]
Installment
Option
|
Aug. 30, 2012
Credit Agreement Sixty Million Equipment Financing Facility [Member]
|
Jun. 29, 2013
Credit Agreement Fifty Million Term Loan [Member]
|
Aug. 30, 2012
Credit Agreement Fifty Million Term Loan [Member]
|
Jun. 29, 2013
Letters of credit [Member]
|
Jun. 29, 2013
UBS secured borrowing facility [Member]
|
Dec. 31, 2012
UBS secured borrowing facility [Member]
|
Jun. 29, 2013
Swing Line sub-facility [Member]
|
Jun. 29, 2013
Syndicated credit facility [Member]
|
Sep. 30, 2012
Syndicated credit facility [Member]
|
Aug. 30, 2012
Syndicated credit facility [Member]
|
Aug. 30, 2012
Syndicated credit facility [Member]
Letters of credit [Member]
|
Jun. 29, 2013
Eurodollar-based [Member]
Credit Agreement One Hundred And Ten Million Revolving Credit Facility [Member]
|
Jun. 29, 2013
Eurodollar-based [Member]
Credit Agreement One Hundred And Ten Million Revolving Credit Facility [Member]
Minimum [Member]
|
Jun. 29, 2013
Eurodollar-based [Member]
Credit Agreement One Hundred And Ten Million Revolving Credit Facility [Member]
Maximum [Member]
|
Jun. 29, 2013
Eurodollar-based [Member]
Credit Agreement Sixty Million Equipment Financing Facility [Member]
|
Jun. 29, 2013
Eurodollar-based [Member]
Credit Agreement Sixty Million Equipment Financing Facility [Member]
Minimum [Member]
|
Jun. 29, 2013
Eurodollar-based [Member]
Credit Agreement Sixty Million Equipment Financing Facility [Member]
Maximum [Member]
|
Jun. 29, 2013
Eurodollar-based [Member]
Credit Agreement Fifty Million Term Loan [Member]
|
Jun. 29, 2013
Eurodollar-based [Member]
Credit Agreement Fifty Million Term Loan [Member]
Minimum [Member]
|
Jun. 29, 2013
Eurodollar-based [Member]
Credit Agreement Fifty Million Term Loan [Member]
Maximum [Member]
|
Jun. 29, 2013
Base rate [Member]
Credit Agreement One Hundred And Ten Million Revolving Credit Facility [Member]
|
Jun. 29, 2013
Base rate [Member]
Credit Agreement One Hundred And Ten Million Revolving Credit Facility [Member]
Minimum [Member]
|
Jun. 29, 2013
Base rate [Member]
Credit Agreement One Hundred And Ten Million Revolving Credit Facility [Member]
Maximum [Member]
|
Jun. 29, 2013
Base rate [Member]
Credit Agreement Sixty Million Equipment Financing Facility [Member]
|
Jun. 29, 2013
Base rate [Member]
Credit Agreement Sixty Million Equipment Financing Facility [Member]
Minimum [Member]
|
Jun. 29, 2013
Base rate [Member]
Credit Agreement Sixty Million Equipment Financing Facility [Member]
Maximum [Member]
|
Jun. 29, 2013
Base rate [Member]
Credit Agreement Fifty Million Term Loan [Member]
|
Jun. 29, 2013
Base rate [Member]
Credit Agreement Fifty Million Term Loan [Member]
Minimum [Member]
|
Jun. 29, 2013
Base rate [Member]
Credit Agreement Fifty Million Term Loan [Member]
Maximum [Member]
|
|
Proforma Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt instrument, face amount | $ 110,000,000 | $ 60,000,000 | $ 50,000,000 | $ 220,000,000 | ||||||||||||||||||||||||||||||||
Increase in revolving credit facility | 20,000,000 | |||||||||||||||||||||||||||||||||||
Credit Facility, Borrowing Capacity | 7,000,000 | 3,000,000 | 5,000,000 | 5,000,000 | 5,100,000 | 10,000,000 | 5,000,000 | |||||||||||||||||||||||||||||
Funds borrowed to repay outstanding indebtedness and dividends payable | 149,100,000 | |||||||||||||||||||||||||||||||||||
Credit facility, expiration date | Aug. 28, 2017 | Aug. 28, 2015 | ||||||||||||||||||||||||||||||||||
Number of interest rate options | 2 | 2 | ||||||||||||||||||||||||||||||||||
Line of credit facility, interest rate description | Interest at 30, 60 or 90-day LIBOR rates plus an applicable margin, which varies from 1.35% to 2.10% based on our ratio of total debt to earnings before interest, taxes, depreciation and amortization ("EBITDA"), as defined. | Eurodollar-based advances bear interest at 30, 60 or 90-day LIBOR rates plus an applicable margin, which varies from 1.60% to 2.60% based on our ratio of total debt to EBITDA. | Which bear interest at 30, 60 or 90-day LIBOR rates plus an applicable margin which varies from 2.50% to 3.25%, based on our ratio of total debt to EBITDA. | Base rate advances bear interest at a base rate, as defined, plus an applicable margin, which also varies based on our ratio of total debt to EBITDA in a range from 0.35% to 1.10%. | Base rate advances bear interest at a base rate, as defined, plus an applicable margin, which also varies based on our ratio of total debt to EBITDA in a range from 0.60% to 1.60%. | Base rate advances bear interest at a defined base rate plus an applicable margin which varies from 1.50% to 2.25%, based on our ratio of total debt to EBITDA. | ||||||||||||||||||||||||||||||
Margin rate | 0.85% | 1.35% | 2.10% | 1.60% | 2.60% | 2.50% | 3.25% | 0.35% | 1.10% | 0.60% | 1.60% | 1.50% | 2.25% | |||||||||||||||||||||||
Federal funds effective rate plus | 1.00% | |||||||||||||||||||||||||||||||||||
Adjusting LIBOR rate plus | LIBOR rate plus 1.0% | |||||||||||||||||||||||||||||||||||
Interest rate above LIBOR | 1.00% | |||||||||||||||||||||||||||||||||||
Interest accrued percentage | 1.80% | 2.05% | 2.95% | |||||||||||||||||||||||||||||||||
Facility fee | 0.25% | 0.50% | ||||||||||||||||||||||||||||||||||
Debt instrument, carrying amount | 46,000,000 | |||||||||||||||||||||||||||||||||||
Credit facility, secured by accounts receivable | 101,000,000 | |||||||||||||||||||||||||||||||||||
Credit facility available for borrowings pursuant to the agreement | 82,900,000 | |||||||||||||||||||||||||||||||||||
Frequency of installments | Quarterly | |||||||||||||||||||||||||||||||||||
Number of installments | 28 | |||||||||||||||||||||||||||||||||||
Credit facility fees percentage | 0.50% | |||||||||||||||||||||||||||||||||||
Repayments of borrowings under term loan facility | 50% (which percentage shall be reduced to 0% subject to the Company attaining a certain leverage ratio) of the Company's annual excess cash flow, as defined; 100% of net cash proceeds of certain asset sales; and 100% of certain insurance and condemnation proceeds. | |||||||||||||||||||||||||||||||||||
Prepayment of term loan | $ 0 | |||||||||||||||||||||||||||||||||||
Maximum senior debt to EBITDA | 2.5 | |||||||||||||||||||||||||||||||||||
Maximum total debt to EBITDA | 3.0 | |||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 1.25 | |||||||||||||||||||||||||||||||||||
Effective rate, percentage | 1.04% |
X | ||||||||||
- Definition
Funds borrowed at closing to repay the outstanding indebtedness and dividends payable of acquired company. No definition available.
|
X | ||||||||||
- Definition
Debt Instrument Number Of Interest Rate Options Available No definition available.
|
X | ||||||||||
- Definition
Fixed Charge Coverage Ratio No definition available.
|
X | ||||||||||
- Definition
Increase In Line Of Credit Facility No definition available.
|
X | ||||||||||
- Definition
Interest Rate On Revolving Line Of Credit Facility In Excess Of Federal Fund Effective Rate No definition available.
|
X | ||||||||||
- Definition
Line of Credit Facility Collateral Amount 1 No definition available.
|
X | ||||||||||
- Definition
Line Of Credit Facility Number Of Periodic Payments No definition available.
|
X | ||||||||||
- Definition
Mandatory Prepayments Of Long Term Debt No definition available.
|
X | ||||||||||
- Definition
Maximum Debt To EBITDA Ratio No definition available.
|
X | ||||||||||
- Definition
Maximum Senior Debt To EBITDA No definition available.
|
X | ||||||||||
- Details
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X | ||||||||||
- Definition
Revolving Credit Facility Interest Rate Percent Above Libor No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
Assets Used For Collateral No definition available.
|
X | ||||||||||
- Definition
Debt Instrument Interest Rate Determination Period No definition available.
|
X | ||||||||||
- Definition
Debt Instruments Principal Outstanding. No definition available.
|
X | ||||||||||
- Definition
Interest Accrued Rate No definition available.
|
X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
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Transactions with Affiliates - Additional Information (Detail) (USD $)
|
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 29, 2013
|
Jun. 30, 2012
|
Jun. 29, 2013
Facility
|
Jun. 30, 2012
|
Dec. 31, 2012
|
Oct. 31, 2012
|
|
Related Party Transactions [Abstract] | ||||||
Occupancy of facilities either on monthly or contractual basis | 35 | |||||
Due to affiliates | $ 5,684,000 | $ 5,684,000 | $ 4,093,000 | |||
Due from affiliates | 2,689,000 | 2,689,000 | 3,586,000 | |||
Amounts paid for legal services | $ 3,000 | $ 8,000 | $ 3,000 | $ 112,000 | ||
Percentage of common stock owned by principal shareholders | 100.00% |
X | ||||||||||
- Definition
Number Of Facility Occupied On Monthly Or Contractual Basis No definition available.
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X | ||||||||||
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X | ||||||||||
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- Details
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Transactions with Affiliates - Schedule of Services Provided to Affiliates (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 29, 2013
|
Jun. 30, 2012
|
Jun. 29, 2013
|
Jun. 30, 2012
|
|
Related Party Transaction [Line Items] | ||||
Services provided to affiliates | $ 2,517 | $ 275 | $ 7,791 | $ 384 |
Transportation and intermodal services [Member]
|
||||
Related Party Transaction [Line Items] | ||||
Services provided to affiliates | 2,362 | 168 | 7,573 | 187 |
Truck fueling and maintenance [Member]
|
||||
Related Party Transaction [Line Items] | ||||
Services provided to affiliates | 63 | 61 | 98 | 135 |
Administrative and customer support services [Member]
|
||||
Related Party Transaction [Line Items] | ||||
Services provided to affiliates | $ 92 | $ 46 | $ 120 | $ 62 |
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- Details
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X | ||||||||||
- Definition
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Comprehensive Income - Components of Comprehensive Income (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 29, 2013
|
Jun. 30, 2012
|
Jun. 29, 2013
|
Jun. 30, 2012
|
|
Statement Of Income And Comprehensive Income [Abstract] | ||||
Unrealized holding gains (losses) on available-for-sale investments, Gross amount | $ 16 | $ (417) | $ 798 | $ 864 |
Unrealized holding gains (losses) on available-for-sale investments, Income tax (expense) benefit | (12) | 163 | (151) | (319) |
Unrealized holding gains (losses) on available-for-sale investments, Net of tax amount | 4 | (254) | 647 | 545 |
Realized (gains) on available-for-sale investments reclassified into income, Gross amount | (55) | (509) | (107) | (870) |
Realized (gains) on available-for-sale investments reclassified into income, Income tax expense | 20 | 198 | 40 | 339 |
Realized (gains) on available-for-sale investments reclassified into income, Net of tax amount | (35) | (311) | (67) | (531) |
Foreign currency translation adjustments | $ (461) | $ (216) | $ (173) | $ 61 |
X | ||||||||||
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- Definition
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- Details
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Stock Based Compensation - Additional Information (Detail) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
---|---|---|---|---|---|
Jun. 29, 2013
|
Jun. 29, 2013
Stock Incentive Plan [Member]
|
Dec. 20, 2012
Restricted stock [Member]
|
Jun. 29, 2013
Restricted stock [Member]
|
Dec. 31, 2012
Restricted stock [Member]
|
|
Stock Based Compensation Activity [Line Items] | |||||
Issuance of shares | 500,000 | ||||
Shares of restricted stock granted | 178,137 | ||||
Restricted stock grants vested | 20.00% | ||||
Additional restricted stock grants vested per year | 20.00% | ||||
Total unrecognized compensation cost | $ 2.3 | ||||
Weighted-average period of cost expected to be recognized | 4 years |
X | ||||||||||
- Definition
Restricted Stock Units Vested Percentage No definition available.
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X | ||||||||||
- Definition
Restricted Stock Units Vesting Percentage Per Year No definition available.
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- Details
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- Definition
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Stock Based Compensation - Summary of Status of Nonvested Shares (Detail) (Restricted stock [Member], USD $)
|
1 Months Ended | 6 Months Ended |
---|---|---|
Dec. 20, 2012
|
Jun. 29, 2013
|
|
Restricted stock [Member]
|
||
Nonvested Share Activity [Line Items] | ||
Shares Nonvested, Beginning Balance | 142,511 | |
Shares, Granted | 178,137 | |
Shares, Vested | ||
Shares, Forfeited | ||
Shares, Ending Balance | 142,511 | |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 16.42 | |
Weighted Average Grant Date Fair Value, Granted | ||
Weighted Average Grant Date Fair Value, Vested | ||
Weighted Average Grant Date Fair Value, Forfeited | ||
Weighted Average Grant Date Fair Value, Ending Balance | $ 16.42 |
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- Definition
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Earnings Per Share - Additional Information (Detail)
|
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 29, 2013
|
Jun. 29, 2013
|
|
Earnings Per Share [Abstract] | ||
Weighted average non-vested shares of restricted shares | 142,511 | 142,511 |
X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Pro Forma Earnings Per Share - Additional Information (Detail)
|
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2012
|
Jun. 30, 2012
|
|
Earnings Per Share [Abstract] | ||
Statutory federal, state and local rate | 38.70% | 38.90% |
X | ||||||||||
- Definition
Assumed blended federal, state and local income tax rate. No definition available.
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X | ||||||||||
- Details
|
Pro Forma Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 29, 2013
|
Jun. 30, 2012
|
Jun. 29, 2013
|
Jun. 30, 2012
|
|
Earnings Per Share [Abstract] | ||||
Net income | $ 14,154 | $ 15,745 | $ 25,528 | $ 30,184 |
Pro forma provision for income taxes due to LINC's conversion to a "C" corporation | 4,029 | 8,032 | ||
Pro forma net income | $ 11,716 | $ 22,152 | ||
Pro forma earnings per common share: | ||||
Basic | $ 0.39 | $ 0.74 | ||
Diluted | $ 0.39 | $ 0.74 | ||
Weighted average number of common shares outstanding: | ||||
Basic | 30,054 | 30,022 | 30,054 | 30,043 |
Diluted | 30,196 | 30,022 | 30,196 | 30,043 |
X | ||||||||||
- Details
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X | ||||||||||
- Definition
Business Acquisition Pro Forma Income Tax Expense No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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- Definition
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|
Segment Reporting - Summary of Company's Reportable Segment Information (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 29, 2013
|
Jun. 30, 2012
|
Jun. 29, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
|
Segment Reporting Information [Line Items] | |||||
Operating revenues | $ 264,172 | $ 264,968 | $ 512,281 | $ 520,960 | |
Income from operations | 23,629 | 19,248 | 42,880 | 36,643 | |
Total assets | 335,382 | 330,650 | 335,382 | 330,650 | 327,369 |
Operating Segments [Member]
|
|||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 264,172 | 264,968 | 512,281 | 520,960 | |
Income from operations | 23,629 | 19,248 | 42,880 | 36,643 | |
Intersegment Eliminations [Member]
|
|||||
Segment Reporting Information [Line Items] | |||||
Eliminated inter-segment revenues | 192 | 194 | 369 | 384 | |
Transportation [Member]
|
|||||
Segment Reporting Information [Line Items] | |||||
Total assets | 225,755 | 230,814 | 225,755 | 230,814 | |
Transportation [Member] | Operating Segments [Member]
|
|||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 178,261 | 190,381 | 347,803 | 371,179 | |
Income from operations | 7,504 | 8,126 | 13,220 | 14,049 | |
Transportation [Member] | Intersegment Eliminations [Member]
|
|||||
Segment Reporting Information [Line Items] | |||||
Eliminated inter-segment revenues | 169 | 163 | 320 | 337 | |
Logistics [Member]
|
|||||
Segment Reporting Information [Line Items] | |||||
Total assets | 87,869 | 75,039 | 87,869 | 75,039 | |
Logistics [Member] | Operating Segments [Member]
|
|||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 85,805 | 74,479 | 164,267 | 149,563 | |
Income from operations | 16,890 | 11,739 | 30,644 | 23,636 | |
Logistics [Member] | Intersegment Eliminations [Member]
|
|||||
Segment Reporting Information [Line Items] | |||||
Eliminated inter-segment revenues | 23 | 31 | 49 | 47 | |
Other [Member]
|
|||||
Segment Reporting Information [Line Items] | |||||
Total assets | 21,758 | 24,797 | 21,758 | 24,797 | |
Other [Member] | Operating Segments [Member]
|
|||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 106 | 108 | 211 | 218 | |
Income from operations | (765) | (617) | (984) | (1,042) | |
Other [Member] | Intersegment Eliminations [Member]
|
|||||
Segment Reporting Information [Line Items] | |||||
Eliminated inter-segment revenues |
X | ||||||||||
- Definition
Elimination Of Intersegment Revenues No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Details
|
Commitments and Contingencies - Additional Information (Detail)
|
6 Months Ended |
---|---|
Jun. 29, 2013
|
|
Commitments And Contingencies [Line Items] | |
Percentage of employees collective bargaining agreements | 47.90% |
Maximum [Member]
|
|
Commitments And Contingencies [Line Items] | |
Percentage of employees agreements that expire in 2013 | 1.00% |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Percentage Of Employees Collective Bargaining Agreement No definition available.
|
X | ||||||||||
- Definition
Percentage Of Employees Collective Bargaining Agreement Expires Within One Year. No definition available.
|
Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], USD $)
|
1 Months Ended | |
---|---|---|
Jul. 25, 2013
|
Jul. 24, 2013
Scenario, Forecast [Member]
|
|
Subsequent Event [Line Items] | ||
Anticipated annual dividend per common stock | $ 0.28 | |
Quarterly increments dividend payable per common stock | $ 0.07 | |
Quarterly cash dividend declared per common stock | $ 0.07 | |
Dividend payable, payment date | Aug. 15, 2013 | |
Dividend payable, date of record | Aug. 05, 2013 |
X | ||||||||||
- Definition
Expected Annual Dividend Per Share No definition available.
|
X | ||||||||||
- Definition
Expected Quarterly Dividend Per Share No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|