XML 20 R9.htm IDEA: XBRL DOCUMENT
v3.19.1

Discontinued Operations | 3 Months Ended
--- | ---
Mar. 31, 2019
Discontinued Operations And Disposal Groups [Abstract] |
Discontinued Operations |
NOTE 3. | Discontinued Operations
On August 31, 2018, Hub Group, Inc. entered into the Purchase Agreement with Mode, a direct wholly-owned subsidiary of the Company, and Mode Purchaser, Inc., an affiliate of York Capital Management (“Purchaser”) pursuant to which the Company sold all of the issued and outstanding membership interests of Mode to Purchaser (the “Disposition”). Total consideration received by the Company for the Disposition in the third quarter of 2018 was $238.5 million in cash, subject to customary purchase price adjustments. An additional $19.4 million consideration receivable was recorded in other receivables in the Consolidated Balance Sheet in the fourth quarter of 2018 due to the settlement of the net working capital and other contractual adjustments. The $19.4 million receivable was received in the first quarter of 2019. During the three months ended March 31, 2018, Mode had revenue of $13.6 million from Hub and Hub had revenue of $10.0 million from Mode. These sales were eliminated on our Consolidated Statements of Income. In connection with the Disposition, the Company and Mode have entered into a transition services agreement pursuant to which both the Company and Mode will provide certain immaterial transition services to the other party for a period of time following the closing. The 2018 results associated with Mode are classified as income from discontinued operations, net of income taxes, in our Consolidated Statements of Income. Income from discontinued operations is comprised of the following:
| Three Months Ended |
| March 31, 2018 |
Revenue | $ | 258,628 |
Transportation costs |  | 226,876 |
Gross margin |  | 31,752 |
Costs and expenses: |  |  |
Salaries and benefits |  | 3,703 |
General and administrative |  | 21,209 |
Depreciation and amortization |  | 242 |
Total costs and expenses |  | 25,154 |
Operating income from discontinued operations |  | 6,598 |
Other income |  |  |
Interest income |  | 10 |
Other, net |  | (5 | )
Total other income |  | 5 |
Income from discontinued operations before income taxes |  | 6,603 |
Provision for income taxes |  | 1,505 |
Income from discontinued operations | $ | 5,098 |
Selling, general and administrative expenses recorded in discontinued operations include corporate costs incurred directly in support of Mode. Proceeds from the sale of Mode have been presented in the Consolidated Statements of Cash Flows under investing activities for the three months ended March 31, 2019. Total operating and investing cash flows of discontinued operations for the three months ended March 31, 2018 are comprised of the following, which exclude the effect of income taxes:
| Three Months Ended |
(in thousands) | March 31, 2018 |
Net cash provided by operating activities |  | 10,774 |
Net cash used in investing activities |  | (641 | )

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration