XML 89 R13.htm IDEA: XBRL DOCUMENT
v2.4.0.8

INCOME TAXES | 6 Months Ended
--- | ---
Jun. 30, 2013
INCOME TAXES |
INCOME TAXES | NOTE E — INCOME TAXES The Company’s statutory federal tax rate is 35%. State tax rates vary among states and average approximately 6.0% to 6.5%, although some state rates are higher and a small number of states do not impose an income tax. The effective tax rate for the three months ended June 30, 2013 was 38.0%. The effective tax benefit rate for the six months ended June 30, 2013 was 44.8%, due primarily to the alternative fuel tax credit. The effective tax benefit rate for the three and six months ended June 30, 2012 was 94.6% and 61.6%, respectively, reflecting an $8.0 million decrease in the valuation allowance for deferred tax assets in the second quarter and a $3.3 million net decrease in the valuation allowance for deferred tax assets for the year-to-date period based on management’s judgment regarding the realization of deferred tax assets as affected by the purchase of Panther in June 2012. A reconciliation of the 2013 and 2012 rates to the statutory federal rates is shown in the table within this Note. Due to the retroactive reinstatement in January 2013 of the alternative fuel tax credit that had previously expired on December 31, 2011, the $0.9 million benefit of the 2012 credit and the $0.5 million benefit of the year-to-date credit as of June 30, 2013 were recognized in the first six months of 2013. In addition to the effect of the alternative fuel tax credit on the effective tax benefit rate in 2013, for both 2013 and 2012, the difference between the Company’s effective tax rate and the federal statutory rate primarily results from state income taxes, nondeductible expenses, changes in the cash surrender value of life insurance and policy proceeds, and changes in valuation allowances for deferred tax assets. As of June 30, 2013, the Company’s deferred tax liabilities which will reverse in future years exceeded deferred tax assets. Due to the nonunion defined benefit pension plan curtailment, which was recorded in second quarter 2013 (see Note G), the related pension liability was reduced by $46.3 million and associated deferred tax assets were reduced by $18.0 million (reflected as a net increase in long-term deferred tax liabilities in the accompanying consolidated balance sheet as of June 30, 2013). Net decreases in valuation allowances of $0.3 million were recorded in the first six months of 2013. The decreases relate primarily to valuation allowances for deferred tax assets for state net operating loss and depreciation carryovers of ABF. During the six months ended June 30, 2013, the Company received refunds of $2.2 million of federal and state taxes that were paid in prior years, primarily from loss carrybacks, and the Company paid state and foreign income taxes of $0.9 million. Reconciliation between the effective income tax rate, as computed on income (loss) before income taxes, and the statutory federal income tax rate for the six months ended June 30, 2013 and 2012 is presented in the following table:
|  | Three Months Ended |  | Six Months Ended |
|  | June 30 |  | June 30 |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
|  | (in thousands) |
Income tax expense (benefit) at the statutory federal rate |  | $ | 2,753 |  | 35.0 | % | $ | 2,129 |  | 35.0 | % | $ | (5,403 | ) | (35.0 | )% | $ | (5,758 | ) | (35.0 | )%
Federal income tax effects of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net reversal in valuation allowances |  | (528 | ) | (6.7 | ) | (7,973 | ) | (131.0 | ) | (216 | ) | (1.4 | ) | (3,333 | ) | (20.3 | )
Alternative fuel tax credit |  | (241 | ) | (3.0 | ) | — |  | — |  | (1,421 | ) | (9.2 | ) | — |  | — |
Effect of permanent differences and other |  | 703 |  | 8.9 |  | (635 | ) | (10.4 | ) | 721 |  | 4.7 |  | (871 | ) | (5.3 | )
State income taxes |  | 300 |  | 3.8 |  | 722 |  | 11.8 |  | (602 | ) | (3.9 | ) | (169 | ) | (1.0 | )
Total income tax expense (benefit) |  | $ | 2,987 |  | 38.0 | % | $ | (5,757 | ) | (94.6 | )% | $ | (6,921 | ) | (44.8 | )% | $ | (10,131 | ) | (61.6 | )%

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration