0000950170-21-003244 | 10-Q | XBRL Viewer

Subsequent Events - Additional Information (Details) - USD ($) $ in Millions			3 Months Ended	9 Months Ended
	Oct. 19, 2021	Dec. 09, 2020	Sep. 30, 2021	Sep. 30, 2021
Subsequent Events
Business acquisition, cash paid		$ 89.8
General and Administrative Expense [Member] \| Choptank Transport [Member]
Subsequent Events
Business acquisition, related costs			$ 1.1	$ 1.1
Subsequent Event [Member] \| Choptank Transport [Member]
Subsequent Events
Business acquisition date	Oct. 19, 2021
Business acquisition, cash paid	$ 130.0
Percentage of equity interests acquired	100.00%
Restricted stock granted	$ 20.0

Legal Matters - Additional Information (Detail) $ in Millions		9 Months Ended
	Aug. 05, 2015 Plaintiff	Sep. 30, 2021	Sep. 30, 2019 USD ($)
Robles Lawsuits [Member]
Loss Contingencies [Line Items]
Complaint filed date		January 25, 2013
Number of plaintiffs against HGT	63
Number of employees filed lawsuit	5
Robles and Adame Lawsuits \| Accrued Other [Member]
Loss Contingencies [Line Items]
Claims settlement recorded in consolidated balance sheet \| $			$ 4.8

Revenue from Contracts with Customers - Summary of Disaggregated Revenue by Business Line (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 1,075,107	$ 924,812	$ 2,975,980	$ 2,542,914
Intermodal [Member]
Disaggregation of Revenue [Line Items]
Revenue	633,427	543,464	1,689,617	1,468,624
Logistics [Member]
Disaggregation of Revenue [Line Items]
Revenue	224,136	192,187	663,620	569,682
Truck brokerage [Member]
Disaggregation of Revenue [Line Items]
Revenue	153,270	119,994	420,523	304,686
Dedicated [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 64,274	$ 69,167	$ 202,220	$ 199,922

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 230,656	$ 124,506
Accounts receivable trade, net	613,443	518,975
Other receivables	4,049	1,265
Prepaid taxes	87	1,336
Prepaid expenses and other current assets	32,772	26,753
TOTAL CURRENT ASSETS	881,007	672,835
Restricted investments	23,100	23,353
Property and equipment, net	661,346	671,101
Right-of-use assets - operating leases	41,335	43,573
Right-of-use assets - financing leases	1,789	3,557
Other intangibles, net	142,592	163,953
Goodwill, net	522,360	508,555
Other assets	17,951	18,469
TOTAL ASSETS	2,291,480	2,105,396
CURRENT LIABILITIES:
Accounts payable trade	355,714	285,320
Accounts payable other	24,192	12,680
Accrued payroll	56,390	23,044
Accrued other	103,183	102,613
Lease liability - operating leases	10,390	10,093
Lease liability - financing leases	1,789	1,793
Current portion of long-term debt	92,598	93,562
TOTAL CURRENT LIABILITIES	644,256	529,105
Long-term debt	165,652	176,797
Non-current liabilities	43,512	42,910
Lease liability - operating leases	33,104	36,328
Lease liability - financing leases	2	8
Deferred taxes	149,829	162,325
STOCKHOLDERS' EQUITY:
Preferred stock, $.01 par value; 2,000,000 shares authorized; no shares issued or outstanding in 2021 and 2020	0	0
Additional paid-in capital	191,765	186,058
Purchase price in excess of predecessor basis, net of tax benefit of $10,306	(15,458)	(15,458)
Retained earnings	1,340,320	1,253,160
Accumulated other comprehensive loss	(201)	(191)
Treasury stock; at cost, 7,539,075 shares in 2021 and 7,675,084 shares in 2020	(261,720)	(266,065)
TOTAL STOCKHOLDERS' EQUITY	1,255,125	1,157,923
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	2,291,480	2,105,396
Class A Common Stock [Member]
STOCKHOLDERS' EQUITY:
Common stock	412	412
Class B Common Stock [Member]
STOCKHOLDERS' EQUITY:
Common stock	$ 7	$ 7

Acquisition (Tables)

9 Months Ended

Sep. 30, 2021

Business Acquisition [Line Items]

Schedule of Components of Other Intangibles Acquired

The components of “Other intangibles” listed in the above table as of the acquisition date are summarized as follows (in thousands):


			Accumulated		Balance at		Estimated Useful
	Amount		Amortization		September 30, 2021		Life
Customer relationships	$	46,200	$	2,567	$	43,633	15 years
Agent relationships	$	600	$	125	$	475	4 years
Trade name	$	900	$	500	$	400	18 months

Nonstop Delivery, LLC [Member]

Business Acquisition [Line Items]

Schedule of Total Purchase Price Allocated to Net Assets Acquired and Liabilities Assumed

The following table summarizes the total purchase price allocated to the net assets acquired and liabilities assumed as of the date of acquisition (in thousands):


	December 9, 2020
Cash and cash equivalents	$	4,775
Accounts receivable trade		25,927
Prepaid expenses and other current assets		207
Property and equipment		1,018
Right of use assets - operating leases		1,295
Goodwill, net		38,156
Other intangibles		47,700
Other assets		14
Total assets acquired	$	119,092

Accounts payable trade	$	9,972
Accrued payroll		1,324
Accrued other		578
Lease liability - operating leases short-term		373
Lease liability - operating leases long-term		922
Total liabilities assumed	$	13,169

Total consideration	$	105,923

Cash paid, net	$	84,989

Schedule of Carrying Amount of Goodwill

The following table presents the carrying amount of goodwill (in thousands):


	Total
Balance at January 1, 2021	$	508,555
Acquisition		13,841
Other		(36	)
Balance at September 30, 2021	$	522,360

Schedule of Amortization Expense

Amortization expense related to NSD for the next five years is as follows (in thousands):


	Total
Remainder of 2021	$	958
2022		3,480
2023		3,230
2024		3,218
2025		3,080

Schedule of Unaudited Pro forma Consolidated Results of Operations

The following unaudited pro forma consolidated results of operations present the effects of NSD as though it had been acquired as of January 1, 2020 (in thousands, except for per share amounts):


	Three Months Ended		Nine Months Ended
	September 30, 2020		September 30, 2020
Revenue	$	952,259	$	2,608,086
Net income	$	27,762	$	57,497
Earnings per share
Basic	$	0.84	$	1.73
Diluted	$	0.83	$	1.72

Earnings Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 3. Earnings Per Share

The following is a reconciliation of our earnings per share (in thousands, except for per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020

Net income	$	43,338	$	24,781	$	87,160	$	51,171

Weighted average shares outstanding - basic		33,433		33,177		33,427		33,169

Dilutive effect of stock options and restricted stock		440		420		415		344

Weighted average shares outstanding - diluted		33,873		33,597		33,842		33,513

Earnings per share - basic	$	1.30	$	0.75	$	2.61	$	1.54

Earnings per share - diluted	$	1.28	$	0.74	$	2.58	$	1.53

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income	$ 87,160	$ 51,171
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	95,959	91,798
Deferred taxes	(12,553)	7,436
Compensation expense related to share-based compensation plans	14,090	12,676
(Gain) loss on sale of assets	(8,978)	94
Other operating activity	0	5,626
Changes in operating assets and liabilities:
Restricted investments	253	1,085
Accounts receivable, net	(100,102)	(105,918)
Prepaid taxes	1,248	(1,154)
Prepaid expenses and other current assets	(6,059)	10,379
Other assets	(1,670)	(429)
Accounts payable	81,908	61,549
Accrued expenses	33,424	(17,834)
Non-current liabilities	(6,622)	6,209
Net cash provided by operating activities	178,058	122,688
Cash flows from investing activities:
Proceeds from sale of equipment	30,558	1,298
Purchases of property and equipment	(84,076)	(55,352)
Cash used in acquisition	(90)	0
Net cash used in investing activities	(53,608)	(54,054)
Cash flows from financing activities:
Proceeds from issuance of debt	70,695	128,762
Repayments of long-term debt	(82,804)	(174,419)
Stock withheld for payments of withholding taxes	(4,038)	(4,041)
Finance lease payments	(2,142)	(2,278)
Net cash used in financing activities	(18,289)	(51,976)
Effect of exchange rate changes on cash and cash equivalents	(11)	(51)
Net increase in cash and cash equivalents	106,150	16,607
Cash and cash equivalents beginning of the period	124,506	168,729
Cash and cash equivalents end of the period	230,656	185,336
Supplemental disclosures of cash paid for:
Interest	5,621	7,331
Income taxes	$ 21,867	$ 12,406

Fair Value Measurement - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Fair Value Measurement [Line Items]
Carrying value of debt	$ 258,250	$ 270,359
Restricted investments	23,100	23,400
Fixed-rate Borrowings [Member]
Fair Value Measurement [Line Items]
Increase (decrease) in fair value of debt	2,000	6,100
Carrying value of debt	$ 258,200	$ 270,400

Revenue from Contract with Customers

9 Months Ended

Sep. 30, 2021

Revenue From Contract With Customer [Abstract]

Revenue from Contracts with Customers

NOTE 4. Revenue from Contracts with Customers

Hub offers comprehensive multimodal solutions including intermodal, truck brokerage, logistics and dedicated services. Hub has full time employees located throughout the United States, Canada and Mexico.

Intermodal. As an intermodal provider, we arrange for the movement of our customers’ freight in containers, typically over long distances of 750 miles or more. We contract with railroads to provide transportation for the long-haul portion of the shipment between rail terminals. Local pickup and delivery services between origin or destination and rail terminals (referred to as “drayage”) are provided by our subsidiary Hub Group Trucking, Inc. (“HGT”) and third-party local trucking companies.

Logistics. Hub’s logistics operation offers a wide range of transportation management services and technology solutions including shipment optimization, load consolidation, mode selection, carrier management, load planning and execution and web-based shipment visibility. Our multi-modal transportation capabilities include truckload, less-than-truckload, intermodal, last mile delivery, small parcel, heavyweight, expedited, railcar and international. We leverage proprietary technology along with collaborative relationships with retailers and logistics providers to deliver cost savings and performance-enhancing supply chain services to consumer packaged goods clients. We contract with third-party warehouse providers in seven markets across North America to which our customers ship their goods to be stored and eventually consolidated, along with goods from other customers, into full truckload shipments destined to major North American retailers. These services offer our customers shipment visibility, transportation cost savings, high service levels and compliance with retailers’ increasingly stringent supply chain requirements.

On December 9, 2020, we acquired NSD. NSD provides residential last mile delivery services through a non-asset business model, working with a network of over 170 carriers throughout the country. The financial results of NSD since the acquisition are included in our logistics line of business.

Truck Brokerage. Our truck brokerage operation provides customers with an over the road service option for their transportation needs. Our brokerage service does not operate any trucks; instead we match customers’ needs with carriers’ capacity to provide the most effective service and price combination. We have contracts with a substantial base of carriers allowing us to meet the varied needs of our customers.

Dedicated. Our dedicated operation contracts with customers who seek to outsource a portion of their trucking transportation needs. We offer a dedicated fleet of equipment and drivers to each customer, as well as the management and infrastructure to operate according to the customer’s high service expectations. Contracts with customers generally include fixed and variable pricing arrangements and may include charges for early termination which serves to reduce the financial risk we bear with respect to the utilization of our equipment.

The following table summarizes our disaggregated revenue by business line (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Intermodal	$	633,427	$	543,464	$	1,689,617	$	1,468,624
Logistics		224,136		192,187		663,620		569,682
Truck brokerage		153,270		119,994		420,523		304,686
Dedicated		64,274		69,167		202,220		199,922
Total revenue	$	1,075,107	$	924,812	$	2,975,980	$	2,542,914

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Acquisition - Schedule of Carrying Amount of Goodwill (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Business Acquisition [Line Items]
Goodwill, Beginning Balance	$ 508,555
Goodwill, Ending Balance	522,360
Nonstop Delivery, LLC [Member]
Business Acquisition [Line Items]
Goodwill, Beginning Balance	508,555
Acquisition	13,841
Other	(36)
Goodwill, Ending Balance	$ 522,360

Acquisition - Components of Other Intangible Acquired (Detail) - Nonstop Delivery, LLC [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Customer Relationships [Member]
Other Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Amount	$ 46,200
Finite-lived intangible assets, Accumulated Amortization	2,567
Finite-lived intangible assets, Net Carrying Value	$ 43,633
Intangible assets estimated useful life	15 years
Agent Relationships [Member]
Other Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Amount	$ 600
Finite-lived intangible assets, Accumulated Amortization	125
Finite-lived intangible assets, Net Carrying Value	$ 475
Intangible assets estimated useful life	4 years
Trade Name [Member]
Other Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Amount	$ 900
Finite-lived intangible assets, Accumulated Amortization	500
Finite-lived intangible assets, Net Carrying Value	$ 400
Intangible assets estimated useful life	18 months

Interim Financial Statements

9 Months Ended

Sep. 30, 2021

Quarterly Financial Information Disclosure [Abstract]

Interim Financial Statements

NOTE 1. Interim Financial Statements

The accompanying unaudited consolidated financial statements of Hub Group, Inc. (the “Company,” “Hub,” “we”, “us” or “our”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements have been omitted pursuant to those rules and regulations. However, we believe that the disclosures contained herein are adequate to make the information presented not misleading.

The financial statements reflect, in our opinion, all material adjustments (which include only normal recurring adjustments) necessary to fairly present our financial position as of September 30, 2021 and results of operations for the three and nine months ended September 30, 2021 and 2020.

These unaudited consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020. Results of operations in interim periods are not necessarily indicative of results to be expected for a full year due partially to seasonality. Certain prior year immaterial amounts have been reclassified in the revenue summary table in Note 4, Revenue from Contracts with Customers, to conform with the current year presentation.

Reconciliation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net income	$ 43,338	$ 24,781	$ 87,160	$ 51,171
Weighted average shares outstanding - basic	33,433	33,177	33,427	33,169
Dilutive effect of stock options and restricted stock	440	420	415	344
Weighted average shares outstanding - diluted	33,873	33,597	33,842	33,513
Earnings per share - basic	$ 1.30	$ 0.75	$ 2.61	$ 1.54
Earnings per share - diluted	$ 1.28	$ 0.74	$ 2.58	$ 1.53

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Long-Term Debt and Financing Arrangements - Additional Information (Detail) - USD ($) $ in Millions	Jul. 01, 2017	Sep. 30, 2021	Dec. 31, 2020
Standby Letters of Credit [Member]
Line Of Credit Facility [Line Items]
Outstanding letters of credit		$ 41.3
Revolving Credit Facility [Member] \| Bank Revolving Line Of Credit [Member]
Line Of Credit Facility [Line Items]
Unused and available borrowings under bank revolving line of credit and credit agreement		$ 308.7	$ 312.3
Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Amount of credit agreement	$ 350.0
Line of Credit Facility, Expiration Date	Jul. 01, 2022

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Purchase price in excess of predecessor basis, tax benefit	$ 10,306
Treasury stock, shares	7,539,075	7,675,084
Class A Common Stock [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	97,337,700	97,337,700
Common stock, shares issued	41,224,792	41,224,792
Common stock, shares outstanding	33,685,717	33,549,708
Class B Common Stock [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	662,300	662,300
Common stock, shares issued	662,296	662,296
Common stock, shares outstanding	662,296	662,296

Revenue from Contracts with Customers - Additional Information (Detail)	Dec. 09, 2020 Carrier
Nonstop Delivery, LLC [Member]
Revenue From Contracts With Customers [Line Items]
Number of network carriers	170

Acquisition - Amortization Expense (Detail) - Nonstop Delivery L L C [Member] $ in Thousands	Sep. 30, 2021 USD ($)
Finite-Lived Intangible Assets [Line Items]
Remainder of 2021	$ 958
2022	3,480
2023	3,230
2024	3,218
2025	$ 3,080

Fair Value Measurement

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurement

NOTE 5. Fair Value Measurement

The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximated fair value as of September 30, 2021 and December 31, 2020. As of September 30, 2021 and December 31, 2020, the fair value of the Company’s fixed-rate borrowings was $2.0 million more and $6.1 million more than the historical carrying value of $258.2 million and $270.4 million, respectively. The fair value of the fixed-rate borrowings was estimated using an income approach based on current interest rates available to the Company for borrowings on similar terms and maturities.

We consider as cash equivalents all highly liquid instruments with an original maturity of three months or less. As of September 30, 2021 and December 31, 2020, our cash is with high quality financial institutions in demand deposit accounts, savings accounts and an interest bearing checking account.

Restricted investments included $23.1 million and $23.4 million as of September 30, 2021 and December 31, 2020, respectively, of mutual funds, which are reported at fair value. These investments related to our nonqualified deferred compensation plan.

Our assets and liabilities measured at fair value are based on valuation techniques that consider prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. These valuation methods are based on either quoted market prices (Level 1) or inputs, other than quoted prices in active markets, that are observable either directly or indirectly (Level 2), or unobservable inputs (Level 3). Cash and cash equivalents, mutual funds, accounts receivable and accounts payable are defined as “Level 1,” while long-term debt is defined as “Level 2” of the fair value hierarchy in the Fair Value Measurements and Disclosures Topic of the Codification.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Revenue from Contract with Customers (Tables)

9 Months Ended

Sep. 30, 2021

Revenue From Contract With Customer [Abstract]

Summary of Disaggregated Revenue by Business Line

The following table summarizes our disaggregated revenue by business line (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Intermodal	$	633,427	$	543,464	$	1,689,617	$	1,468,624
Logistics		224,136		192,187		663,620		569,682
Truck brokerage		153,270		119,994		420,523		304,686
Dedicated		64,274		69,167		202,220		199,922
Total revenue	$	1,075,107	$	924,812	$	2,975,980	$	2,542,914

Acquisition - Additional Information (Detail) $ in Thousands		3 Months Ended			9 Months Ended
	Dec. 09, 2020 USD ($) Carrier	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)
Business Acquisition [Line Items]
Business acquisition, cash paid	$ 89,800
Post-Closing Activities			$ 100
Revenue		$ 1,075,107		$ 924,812	$ 2,975,980	$ 2,542,914
Operating income		59,873		$ 33,917	120,872	$ 74,654
Nonstop Delivery, LLC [Member]
Business Acquisition [Line Items]
Business acquisition date	Dec. 09, 2020
Percentage of equity interests acquired	100.00%
Consideration for transaction	$ 105,900
Settlement of accounts receivable due from subsidiary	$ 16,100
Number of network carriers \| Carrier	170
Goodwill and other intangible assets tax deductible, period	15 years
Amortization expense of intangible assets		$ 1,000			$ 2,800
Intangible assets, weighted average useful life					13 years 11 months 4 days

CONSOLIDATED STATEMENTS STOCKHOLDERS EQUITY - USD ($) $ in Thousands	Total	Class A and B Common Stock [Member]	Additional Paid-in Capital [Member]	Purchase Price in Excess Of Predecessor Basis, Net Of Tax [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Treasury Stock [Member]
Beginning Balance at Dec. 31, 2019	$ 1,075,279	$ 419	$ 179,637	$ (15,458)	$ 1,179,601	$ (186)	$ (268,734)
Beginning Balance (in shares) at Dec. 31, 2019		41,887,088					(7,870,888)
Stock withheld for payments of withholding taxes	(4,041)						$ (4,041)
Stock withheld for payments of withholding taxes (in shares)							(77,491)
Issuance of restricted stock awards, net of forfeitures			(9,173)				$ 9,173
Issuance of restricted stock awards, net of forfeitures (in shares)							218,248
Share-based compensation expense	12,676		12,676
Net income	51,171				51,171
Foreign currency translation adjustment	(74)					(74)
Ending Balance at Sep. 30, 2020	1,135,011	$ 419	183,140	(15,458)	1,230,772	(260)	$ (263,602)
Ending Balance (in shares) at Sep. 30, 2020		41,887,088					(7,730,131)
Beginning Balance at Jun. 30, 2020	1,105,837	$ 419	178,914	(15,458)	1,205,991	(283)	$ (263,746)
Beginning Balance (in shares) at Jun. 30, 2020		41,887,088					(7,706,638)
Stock withheld for payments of withholding taxes	(97)						$ (97)
Stock withheld for payments of withholding taxes (in shares)							(1,896)
Issuance of restricted stock awards, net of forfeitures			(241)				$ 241
Issuance of restricted stock awards, net of forfeitures (in shares)							(21,597)
Share-based compensation expense	4,467		4,467
Net income	24,781				24,781
Foreign currency translation adjustment	23					23
Ending Balance at Sep. 30, 2020	1,135,011	$ 419	183,140	(15,458)	1,230,772	(260)	$ (263,602)
Ending Balance (in shares) at Sep. 30, 2020		41,887,088					(7,730,131)
Beginning Balance at Dec. 31, 2020	1,157,923	$ 419	186,058	(15,458)	1,253,160	(191)	$ (266,065)
Beginning Balance (in shares) at Dec. 31, 2020		41,887,088					(7,675,084)
Stock withheld for payments of withholding taxes	(4,038)						$ (4,038)
Stock withheld for payments of withholding taxes (in shares)							(70,176)
Issuance of restricted stock awards, net of forfeitures			(8,383)				$ 8,383
Issuance of restricted stock awards, net of forfeitures (in shares)							206,185
Share-based compensation expense	14,090		14,090
Net income	87,160				87,160
Foreign currency translation adjustment	(10)					(10)
Ending Balance at Sep. 30, 2021	1,255,125	$ 419	191,765	(15,458)	1,340,320	(201)	$ (261,720)
Ending Balance (in shares) at Sep. 30, 2021		41,887,088					(7,539,075)
Beginning Balance at Jun. 30, 2021	1,207,076	$ 419	186,210	(15,458)	1,296,982	(176)	$ (260,901)
Beginning Balance (in shares) at Jun. 30, 2021		41,887,088					(7,519,741)
Stock withheld for payments of withholding taxes	(65)						$ (65)
Stock withheld for payments of withholding taxes (in shares)							(968)
Issuance of restricted stock awards, net of forfeitures			754				$ (754)
Issuance of restricted stock awards, net of forfeitures (in shares)							(18,366)
Share-based compensation expense	4,801		4,801
Net income	43,338				43,338
Foreign currency translation adjustment	(25)					(25)
Ending Balance at Sep. 30, 2021	$ 1,255,125	$ 419	$ 191,765	$ (15,458)	$ 1,340,320	$ (201)	$ (261,720)
Ending Balance (in shares) at Sep. 30, 2021		41,887,088					(7,539,075)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Acquisition - Unaudited Pro forma Consolidated Results of Operations (Detail) - Nonstop Delivery L L C [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Business Acquisition [Line Items]
Revenue	$ 952,259	$ 2,608,086
Net Income	$ 27,762	$ 57,497
Earnings per share
Basic	$ 0.84	$ 1.73
Diluted	$ 0.83	$ 1.72

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2021	Oct. 29, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Trading Symbol	HUBG
Entity Registrant Name	HUB GROUP, INC.
Entity Central Index Key	0000940942
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Class A Common Stock, par value $.01 per share
Security Exchange Name	NASDAQ
Entity File Number	0-27754
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4007085
Entity Address, Address Line One	2000 Clearwater Drive
Entity Address, City or Town	Oak Brook
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60523
City Area Code	630
Local Phone Number	271-3600
Document Transition Report	false
Document Quarterly Report	true
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		33,968,009
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		662,296

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Reconciliation of Earnings Per Share

The following is a reconciliation of our earnings per share (in thousands, except for per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020

Net income	$	43,338	$	24,781	$	87,160	$	51,171

Weighted average shares outstanding - basic		33,433		33,177		33,427		33,169

Dilutive effect of stock options and restricted stock		440		420		415		344

Weighted average shares outstanding - diluted		33,873		33,597		33,842		33,513

Earnings per share - basic	$	1.30	$	0.75	$	2.61	$	1.54

Earnings per share - diluted	$	1.28	$	0.74	$	2.58	$	1.53

Long-Term Debt and Financing Arrangements (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Outstanding Debt


	September 30,			December 31,
	2021			2020
	(in thousands)

Interim funding for equipment received and expected to be converted to an equipment note in subsequent period; interest paid at a variable rate	$	10,440		$	8,902

Secured Equipment Notes due on various dates in 2026 commencing on various dates in 2021; interest is paid monthly at a fixed annual rate between 1.48% and 1.83%		67,656			-

Secured Equipment Notes due on various dates in 2025 commencing on various dates in 2020; interest is paid monthly at a fixed annual rate between 1.51% and 1.80%		63,211			74,494

Secured Equipment Notes due on various dates in 2024 commencing on various dates in 2017, 2019 and 2020; interest is paid monthly at a fixed annual rate between 2.50% and 3.59%		37,730			49,920

Secured Equipment Notes due on various dates in 2023 commencing on various dates in 2016 through 2019; interest is paid monthly at a fixed annual rate of between 2.20% and 4.20%		72,275			112,668

Secured Equipment Notes due on various dates in 2022 commencing on various dates in 2015 through 2017; interest is paid monthly at a fixed annual rate between 2.20% and 2.90%		4,679			8,943

Secured Equipment Notes due on various dates in 2021 commencing on various dates in 2014 through 2017; interest is paid monthly at a fixed annual rate between 2.02% and 2.96%		2,259			15,432

		258,250			270,359

Less current portion		(92,598	)		(93,562	)
Total long-term debt	$	165,652		$	176,797

Acquisition

9 Months Ended

Sep. 30, 2021

Business Combinations [Abstract]

Acquisition

NOTE 2. Acquisition

On December 9, 2020, we acquired 100% of the equity interest of NonstopDelivery, LLC ("NSD"). Total consideration for the transaction was $105.9 million which consisted of cash paid of $89.8 million, of which $0.1 million was paid in the second quarter of 2021 as part of the post-closing true-up, and the settlement of Hub’s accounts receivable due from NSD of $16.1 million.

The acquisition of NSD expanded our logistics service offering to include residential last mile logistics. NSD operates through a non-asset business model, working with a network of over 170 carriers throughout the country. The financial results of NSD since the acquisition date are included in our logistics line of business.

The following table summarizes the total purchase price allocated to the net assets acquired and liabilities assumed as of the date of acquisition (in thousands):


	December 9, 2020
Cash and cash equivalents	$	4,775
Accounts receivable trade		25,927
Prepaid expenses and other current assets		207
Property and equipment		1,018
Right of use assets - operating leases		1,295
Goodwill, net		38,156
Other intangibles		47,700
Other assets		14
Total assets acquired	$	119,092

Accounts payable trade	$	9,972
Accrued payroll		1,324
Accrued other		578
Lease liability - operating leases short-term		373
Lease liability - operating leases long-term		922
Total liabilities assumed	$	13,169

Total consideration	$	105,923

Cash paid, net	$	84,989

The NSD acquisition was accounted for as a purchase business combination in accordance with ASC 805 “Business Combinations.” Assets acquired and liabilities assumed were recorded in the accompanying consolidated balance sheet at their estimated fair values as of December 9, 2020 with the remaining unallocated purchase price recorded as goodwill. The goodwill recognized in the NSD acquisition was primarily attributable to potential expansion and future development of the acquired business.

The following table presents the carrying amount of goodwill (in thousands):


	Total
Balance at January 1, 2021	$	508,555
Acquisition		13,841
Other		(36	)
Balance at September 30, 2021	$	522,360

The changes noted as "acquisition" in the above table refer to adjustments to other intangibles, property and equipment and other immaterial purchase accounting adjustments related to the NSD acquisition.

The changes noted as "other" in the above table refer to the amortization of the income tax benefit of tax goodwill in excess of financial statement goodwill.

Tax history and attributes are not inherited in an equity purchase of this kind; however, the goodwill and other intangibles recognized in this purchase will be fully tax deductible over a period of 15 years.

The components of “Other intangibles” listed in the above table as of the acquisition date are summarized as follows (in thousands):


			Accumulated		Balance at		Estimated Useful
	Amount		Amortization		September 30, 2021		Life
Customer relationships	$	46,200	$	2,567	$	43,633	15 years
Agent relationships	$	600	$	125	$	475	4 years
Trade name	$	900	$	500	$	400	18 months

The above intangible assets are amortized using the straight-line method. Amortization expense related to this acquisition for the three and nine months ended September 30, 2021 was $1.0 million and $2.8 million. The intangible assets have a weighted average useful life of approximately 13.93 years. Amortization expense related to NSD for the next five years is as follows (in thousands):


	Total
Remainder of 2021	$	958
2022		3,480
2023		3,230
2024		3,218
2025		3,080

The following unaudited pro forma consolidated results of operations present the effects of NSD as though it had been acquired as of January 1, 2020 (in thousands, except for per share amounts):


	Three Months Ended		Nine Months Ended
	September 30, 2020		September 30, 2020
Revenue	$	952,259	$	2,608,086
Net income	$	27,762	$	57,497
Earnings per share
Basic	$	0.84	$	1.73
Diluted	$	0.83	$	1.72

The unaudited pro forma consolidated results for the periods shown were prepared using the acquisition method of accounting and are based on the historical financial information of Hub and NSD. The historical financial information has been adjusted to give effect to the pro forma adjustments that are: (i) directly attributable to the acquisition, (ii) factually supportable and (iii) expected to have a continuing impact on the combined results. The unaudited pro forma consolidated results are not necessarily indicative of what our consolidated results of operations actually would have been had we completed the acquisition on January 1, 2020.

New Accounting Pronouncements

9 Months Ended

Sep. 30, 2021

Accounting Changes and Error Corrections [Abstract]

New Accounting Pronouncements

NOTE 8. New Accounting Pronouncements

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU clarifies and simplifies accounting for income taxes by eliminating certain exceptions for intraperiod tax allocation principles, the methodology for calculating income tax rates in an interim period, and recognition of deferred taxes for outside basis differences in an investment, among other updates. We adopted this standard on January 1, 2021, as required, but it did not have a material impact on our consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Long-Term Debt and Financing Arrangements

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Long-Term Debt and Financing Arrangements

NOTE 6. Long-Term Debt and Financing Arrangements

On July 1, 2017, we entered into a $350 million unsecured credit agreement (the “Credit Agreement”) that matures on July 1, 2022. On September 30, 2021, we had standby letters of credit that expire at various dates in 2021 and 2022. As of September 30, 2021, our letters of credit totaled $41.3 million.

Our unused and available borrowings were $308.7 million as of September 30, 2021 and $312.3 million as of December 31, 2020. We were in compliance with our debt covenants as of September 30, 2021.

We have entered into various secured Equipment Notes (“Notes”) for the purchase of tractors, trailers containers and other equipment. The Notes are secured by the underlying equipment financed with the proceeds of the Notes.


	September 30,			December 31,
	2021			2020
	(in thousands)

Interim funding for equipment received and expected to be converted to an equipment note in subsequent period; interest paid at a variable rate	$	10,440		$	8,902

Secured Equipment Notes due on various dates in 2026 commencing on various dates in 2021; interest is paid monthly at a fixed annual rate between 1.48% and 1.83%		67,656			-

Secured Equipment Notes due on various dates in 2025 commencing on various dates in 2020; interest is paid monthly at a fixed annual rate between 1.51% and 1.80%		63,211			74,494

Secured Equipment Notes due on various dates in 2024 commencing on various dates in 2017, 2019 and 2020; interest is paid monthly at a fixed annual rate between 2.50% and 3.59%		37,730			49,920

Secured Equipment Notes due on various dates in 2023 commencing on various dates in 2016 through 2019; interest is paid monthly at a fixed annual rate of between 2.20% and 4.20%		72,275			112,668

Secured Equipment Notes due on various dates in 2022 commencing on various dates in 2015 through 2017; interest is paid monthly at a fixed annual rate between 2.20% and 2.90%		4,679			8,943

Secured Equipment Notes due on various dates in 2021 commencing on various dates in 2014 through 2017; interest is paid monthly at a fixed annual rate between 2.02% and 2.96%		2,259			15,432

		258,250			270,359

Less current portion		(92,598	)		(93,562	)
Total long-term debt	$	165,652		$	176,797

Legal Matters

9 Months Ended

Sep. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Legal Matters

NOTE 7. Legal Matters

Robles

On January 25, 2013, a complaint was filed in the U.S. District Court for the Eastern District of California (Sacramento Division) by Salvador Robles against our subsidiary HGT. The action was brought on behalf of a class consisting of present and former California-based truck drivers for HGT who, from January 2009 to September 2014, were classified as independent contractors. It alleged that HGT misclassified these drivers as independent contractors and that such drivers were employees. It asserted various violations of the California Labor Code and claimed that HGT engaged in unfair competition practices. The complaint sought, among other things, declaratory and injunctive relief, monetary damages and attorney’s fees. In May 2013, the complaint was amended to add similar claims based on Mr. Robles’ status as an employed company driver. These additional claims were only on behalf of Mr. Robles and not a putative class.

Although the Company believes that the California drivers were properly classified as independent contractors at all times, because litigation is expensive, time-consuming and could interrupt our business operations, HGT decided to make settlement offers to individual drivers with respect to the claims alleged in this lawsuit, without admitting liability. In late 2014, HGT converted its model from independent contractors to employee drivers in California.

Adame

On August 5, 2015, a suit was filed in state court in San Bernardino County, California on behalf of 63 named Plaintiffs against HGT and five Company employees. The lawsuit alleges claims similar to those being made in the Robles case and seeks monetary penalties under the Private Attorneys General Act.

In September 2019, Hub and the plaintiffs’ counsel in the Robles and Adame matters agreed in principle to settle all claims in both lawsuits for $4.8 million, which was recorded in the third quarter of 2019 and is included in "Accrued other" current liabilities on the accompanying Consolidated Balance Sheet. The settlements are subject to final court approval.

We are involved in certain other claims and pending litigation arising from the normal conduct of business, including putative class-action lawsuits in which the plaintiffs are current and former California-based drivers who allege claims for unpaid wages, failure to provide meal and rest periods, failure to reimburse incurred business expenses and other items. Based on management's present knowledge, management does not believe that loss contingencies arising from these pending matters are likely to have a material adverse effect on the Company's overall financial position, operating results, or cash flows after taking into account any existing accruals. However, actual outcomes could be material to the Company's financial position, operating results, or cash flows for any particular period.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue	$ 1,075,107	$ 924,812	$ 2,975,980	$ 2,542,914
Transportation costs	917,507	816,777	2,589,072	2,223,036
Gross margin	157,600	108,035	386,908	319,878
Costs and expenses:
Salaries and benefits	65,370	45,576	176,696	146,128
General and administrative	23,445	20,845	63,058	76,151
Depreciation and amortization	8,912	7,697	26,282	22,945
Total costs and expenses	97,727	74,118	266,036	245,224
Operating income	59,873	33,917	120,872	74,654
Other income (expense):
Interest expense	(1,793)	(2,237)	(5,555)	(7,698)
Other, net	(96)	(122)	(382)	106
Total other expense	(1,889)	(2,359)	(5,937)	(7,592)
Income before provision for income taxes	57,984	31,558	114,935	67,062
Income tax expense	14,646	6,777	27,775	15,891
Net income	43,338	24,781	87,160	51,171
Other comprehensive (loss) income:
Foreign currency translation adjustments	(25)	23	(10)	(74)
Total comprehensive income	$ 43,313	$ 24,804	$ 87,150	$ 51,097
Basic earnings per common share	$ 1.30	$ 0.75	$ 2.61	$ 1.54
Diluted earnings per common share	$ 1.28	$ 0.74	$ 2.58	$ 1.53
Basic weighted average number of shares outstanding	33,433	33,177	33,427	33,169
Diluted weighted average number of shares outstanding	33,873	33,597	33,842	33,513

Schedule of Outstanding Debt (Parenthetical) (Detail)	9 Months Ended
Schedule of Outstanding Debt (Parenthetical) (Detail)	Sep. 30, 2021
Secured Equipment Notes due in 2026 [Member]
Debt Instrument [Line Items]
Equipment notes due period	2026
Payment Frequency	monthly
Secured Equipment Notes due in 2026 [Member] \| Commencing on 2021 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2021
Secured Equipment Notes due in 2025 [Member]
Debt Instrument [Line Items]
Equipment notes due period	2025
Payment Frequency	monthly
Secured Equipment Notes due in 2025 [Member] \| Commencing on 2020 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2020
Secured Equipment Notes due in 2024 [Member]
Debt Instrument [Line Items]
Equipment notes due period	2024
Payment Frequency	monthly
Secured Equipment Notes due in 2024 [Member] \| Commencing on 2020 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2020
Secured Equipment Notes due in 2024 [Member] \| Commencing on 2019 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2019
Secured Equipment Notes due in 2024 [Member] \| Commencing on 2017 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2017
Secured Equipment Notes due in 2021 [Member]
Debt Instrument [Line Items]
Equipment notes due period	2021
Payment Frequency	monthly
Secured Equipment Notes due in 2021 [Member] \| Commencing on 2017 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2017
Secured Equipment Notes due in 2021 [Member] \| Commencing on 2014 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2014
Secured Equipment Notes due in 2023 [Member]
Debt Instrument [Line Items]
Equipment notes due period	2023
Payment Frequency	monthly
Secured Equipment Notes due in 2023 [Member] \| Commencing on 2019 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2019
Secured Equipment Notes due in 2023 [Member] \| Commencing on 2016 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2016
Secured Equipment Notes due in 2022 [Member]
Debt Instrument [Line Items]
Equipment notes due period	2022
Payment Frequency	monthly
Secured Equipment Notes due in 2022 [Member] \| Commencing on 2017 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2017
Secured Equipment Notes due in 2022 [Member] \| Commencing on 2015 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2015
Minimum [Member] \| Secured Equipment Notes due in 2026 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	1.48%
Minimum [Member] \| Secured Equipment Notes due in 2025 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	1.51%
Minimum [Member] \| Secured Equipment Notes due in 2024 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	2.50%
Minimum [Member] \| Secured Equipment Notes due in 2021 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	2.02%
Minimum [Member] \| Secured Equipment Notes due in 2023 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	2.20%
Minimum [Member] \| Secured Equipment Notes due in 2022 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	2.20%
Maximum [Member] \| Secured Equipment Notes due in 2026 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	1.83%
Maximum [Member] \| Secured Equipment Notes due in 2025 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	1.80%
Maximum [Member] \| Secured Equipment Notes due in 2024 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	3.59%
Maximum [Member] \| Secured Equipment Notes due in 2021 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	2.96%
Maximum [Member] \| Secured Equipment Notes due in 2023 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	4.20%
Maximum [Member] \| Secured Equipment Notes due in 2022 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	2.90%

Acquisition - Summarizes the Total Purchase Price Allocated to Net Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands		9 Months Ended
	Dec. 09, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill, net		$ 522,360		$ 508,555
Cash paid, net		90	$ 0
Nonstop Delivery, LLC [Member]
Business Acquisition [Line Items]
Cash and cash equivalents	$ 4,775
Accounts receivable trade	25,927
Prepaid expenses and other current assets	207
Property and equipment	1,018
Right of use assets - operating leases	1,295
Goodwill, net	38,156	$ 522,360		$ 508,555
Other intangibles	47,700
Other assets	14
Total assets acquired	119,092
Accounts payable trade	9,972
Accrued payroll	1,324
Accrued other	578
Lease liability - operating leases short-term	373
Lease liability - operating leases long-term	922
Total liabilities assumed	13,169
Total consideration	105,923
Cash paid, net	$ 84,989

Schedule of Outstanding Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Interim funding for equipment received and expected to be converted to an equipment note in subsequent year; interest paid at a variable rate	$ 10,440	$ 8,902
Secured long-term debt	258,250	270,359
Less current portion	(92,598)	(93,562)
Total long-term debt	165,652	176,797
Secured Equipment Notes due in 2026 [Member]
Debt Instrument [Line Items]
Secured long-term debt	67,656	0
Secured Equipment Notes due in 2025 [Member]
Debt Instrument [Line Items]
Secured long-term debt	63,211	74,494
Secured Equipment Notes due in 2024 [Member]
Debt Instrument [Line Items]
Secured long-term debt	37,730	49,920
Secured Equipment Notes due in 2023 [Member]
Debt Instrument [Line Items]
Secured long-term debt	72,275	112,668
Secured Equipment Notes due in 2022 [Member]
Debt Instrument [Line Items]
Secured long-term debt	4,679	8,943
Secured Equipment Notes due in 2021 [Member]
Debt Instrument [Line Items]
Secured long-term debt	$ 2,259	$ 15,432

Subsequent Events

9 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

9. Subsequent Events

On October 19, 2021 (the "Closing Date") we acquired 100% of the equity interest of Choptank Transport, LLC ("Choptank") for approximately $130 million in cash. In connection with the acquisition, we granted approximately $20 million of restricted stock to Choptank's owners and senior management team, which is subject to certain vesting conditions. The grants of restricted stock were made pursuant to award agreements and issued under our 2002 Long Term Incentive Plan.

The acquisition enhances our over-the-road refrigerated transportation solutions offering and complements our growing fleet of refrigerated intermodal containers. Choptank has developed a best-in-class proprietary technology platform that we will leverage to enhance our truck brokerage service line.

We incurred approximately $1.1 million of costs associated with this transaction prior to the Closing Date that are reflected in General and administrative expenses in the Unaudited Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2021.