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Recent Accounting Pronouncements | 6 Months Ended
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Jun. 30, 2018
Recent Accounting Pronouncements [Abstract] |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): "Simplifying the Accounting for Goodwill Impairment." Under the new standard, a goodwill impairment loss will be measured at the amount by which a reporting unit's carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill, thus no longer requiring the two-step method. The guidance requires prospective adoption and will be effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption of this guidance is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We have adopted this guidance and do not expect any impact to the consolidated financial statements. In February 2016, the FASB, issued ASU 2016-02, Leases, which introduces the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The guidance will be effective for annual reporting periods beginning after December 15, 2018 and interim periods within those fiscal years with early adoption permitted. We are evaluating the impact of the future adoption of this standard on our consolidated financial statements. In May 2014, the FASB issued guidance on revenue from contracts with customers that superseded most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The guidance is effective for the interim and annual periods beginning on or after December 15, 2017. The guidance permits the use of either a full retrospective or modified retrospective adoption approach with a cumulative effect adjustment recorded in either scenario as necessary upon transition. As permitted by the guidance, we implemented the use of full retrospective presentation, which required the Company to restate each prior reporting period presented. While evaluating principal versus agent relationships under the new standard, we determined that we will transition the fuel surcharge revenue stream from an agent to principal relationship. This caused this revenue stream and associated costs to be recognized on a gross basis that have historically been recognized on a net basis, increasing revenue and expenses by approximately $15,392 and $29,595 for the three and six months ended June 30, 2017, respectively, with no impact on operating income. In addition, based on a review of our customer shipping arrangements, we have concluded that revenue recognition for our performance obligations should be over time. This is because the customer will simultaneously receive and consume the benefits of these services as the entity performs over the related service period. A performance obligation is performed over time if an entity determines that another entity would not need to substantially reperform the work completed to date if another entity were to fulfill the remaining performance obligation to the applicable customer. Applying this guidance to our shipping performance obligations, if we were to move a customer’s freight partially to its destination but were unable to complete the remaining obligation, a replacement vendor would only have to complete the transit as opposed to initiating at shipment origin. Therefore, we believe our customers simultaneously receive and consume the benefits we provide and as a result we will recognize the revenue for each shipment over the course of time. Once management concluded that revenue would be recognized over time under ASC 606, management determined an appropriate measure of progress of recognizing revenue over time toward complete satisfaction of a performance obligation. Most of the Company’s services are completed in a short amount of time; therefore, a relatively small number of contracts are open as of the end of the quarter. Management concluded that the measure of progress would be days of shipping. For example, if a transportation service performance obligation takes three days to complete and a quarter ends on day two of the services, management would recognize two-thirds of the revenue for the transportation performance obligation. Our revenue from contracts with customers is disclosed within our four reportable segments: Expedited LTL, TLS, Intermodal and Pool. This is consistent with our disclosures in earnings releases and annual reports and with the information regularly reviewed by the chief operating decision maker for evaluating financial performance. We recast certain prior period amounts to conform with the adoption of the revenue recognition standard, as shown in the "As Adjusted" columns of the following tables:
|  | Three months ended June 30, 2017
(In thousands, except per share data) |  | As Previously Reported |  | Adjustments |  | As Adjusted
Income Statement: |  |  |  |  |  |
Revenue |  |  |  |  |  |
LTL revenue |  | $ | 152,270 |  |  | $ | 8,202 |  |  | $ | 160,472 |
Truckload Premium Services |  | 45,186 |  |  | 5,265 |  |  | 50,451 |
Pool Distribution |  | 36,835 |  |  | 921 |  |  | 37,756 |
Intermodal |  | 35,270 |  |  | 1,970 |  |  | 37,240 |
Eliminations and other operations |  | (2,043 | ) |  | — |  |  | (2,043 | )
Consolidated revenue |  | 267,518 |  |  | 16,358 |  |  | 283,876 |
Operating Expenses |  | 237,709 |  |  | 16,171 |  |  | 253,880 |
Income from operations |  | 29,809 |  |  | 187 |  |  | 29,996 |
Income tax expenses |  | 10,041 |  |  | 71 |  |  | 10,112 |
Net Income |  | 19,550 |  |  | 116 |  |  | 19,666 |
Diluted earnings per share |  | $ | 0.64 |  |  | $ | 0.01 |  |  | $ | 0.65 |
|  | Six months ended June 30, 2017
(In thousands, except per share data) |  | As Previously Reported |  | Adjustments |  | As Adjusted
Income Statement: |  |  |  |  |  |
Revenue |  |  |  |  |  |
LTL revenue |  | $ | 292,868 |  |  | $ | 16,369 |  |  | $ | 309,237 |
Truckload Premium Services |  | 86,971 |  |  | 10,567 |  |  | 97,538 |
Pool Distribution |  | 74,658 |  |  | 1,900 |  |  | 76,558 |
Intermodal |  | 63,561 |  |  | 2,586 |  |  | 66,147 |
Eliminations and other operations |  | (3,559 | ) |  | — |  |  | (3,559 | )
Consolidated revenue |  | 514,499 |  |  | 31,422 |  |  | 545,921 |
Operating Expenses |  | 461,502 |  |  | 30,681 |  |  | 492,183 |
Income from operations |  | 52,997 |  |  | 741 |  |  | 53,738 |
Income tax expenses |  | 18,678 |  |  | 288 |  |  | 18,966 |
Net Income |  | 33,793 |  |  | 453 |  |  | 34,246 |
Diluted earnings per share |  | $ | 1.11 |  |  | $ | 0.02 |  |  | $ | 1.13 |

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- Definition The entire disclosure for all significant accounting policies of the reporting entity. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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