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Note 2 - Adoption of New Accounting Standard | 12 Months Ended
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Dec. 31, 2018
Notes to Financial Statements |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 2. Adoption of New Accounting Standard We account for our revenue in accordance with FASB ASC 606, Revenue from Contracts with Customers , which we adopted on January 1, 2018 using the modified retrospective method. We recognized the cumulative effect of initially applying the new revenue standard as an increase of $485,000 to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The impact of the adoption of the new revenue standard will be immaterial to our net income and financial position on an ongoing basis. The new revenue standard requires us to recognize revenue and related expenses within each of our four reporting segments over time, compared with our former policy in which we recorded revenue and related expenses on the date shipment of freight was completed. The cumulative effect of the changes made to our consolidated balance sheet on January 1, 2018 for the adoption of the new revenue standard was as follows:
(In thousands) |  | Balance at December 31, 2017 |  |  | Adjustments due to ASC 606 |  |  | Balance at January 1, 2018 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Prepaid expenses and other |  | $ | 19,810 |  |  | $ | 2,445 | (a) |  | $ | 22,255 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  |  | 38,100 |  |  |  | 1,960 |  |  |  | 40,060 |
Stockholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 448,542 |  |  |  | 485 |  |  |  | 449,027 |
| (a) | Contract assets balance at January 1, 2018.
The impact of the adoption of the new revenue standard on our consolidated statement of operations and balance sheet was as follows:
|  | Year Ended December 31, 2018 |
(In thousands) |  | Prior to Adoption of ASC 606 |  |  | Adjustments due to ASC 606 |  |  | As Reported |
Operating revenue |  | $ | 788,216 |  |  | $ | (622 | ) |  | $ | 787,594 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Salaries, wages and benefits |  |  | 252,327 |  |  |  | (280 | ) |  |  | 252,047 |
Purchased transportation |  |  | 144,573 |  |  |  | 38 |  |  |  | 144,611 |
Fuel and fuel taxes |  |  | 121,666 |  |  |  | (33 | ) |  |  | 121,633 |
Supplies and maintenance |  |  | 40,832 |  |  |  | 21 |  |  |  | 40,853 |
Income taxes expense |  |  | 16,121 |  |  |  | (119 | ) |  |  | 16,002 |
Net income |  |  | 55,276 |  |  |  | (249 | ) |  |  | 55,027 |
|  | Balance at December 31, 2018 |
(In thousands) |  | Prior to Adoption of ASC 606 |  |  | Adjustments due to ASC 606 |  |  | As Reported |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Prepaid expenses and other |  | $ | 18,101 |  |  | $ | 1,823 | (a) |  | $ | 19,924 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  |  | 42,283 |  |  |  | 1,587 |  |  |  | 43,870 |
Stockholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 498,359 |  |  |  | 236 |  |  |  | 498,595 |
| (a) | Contract assets balance at December 31, 2018.

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- Definition The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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