Segment Information

6 Months Ended

Jun. 30, 2017

Segment Reporting [Abstract]

Segment and Geographic Area Information

SEGMENT INFORMATION:

The Company presents the financial results of its 10 operating regions as three reportable segments: North American Operations, Australian Operations and U.K./European Operations. The Company owns a 51.1% controlling interest in the Australian Operations. As such, the Company includes 100% of the revenues and expenses from its Australian Operations within its consolidated financial statements and reports a noncontrolling interest for MIRA’s 48.9% equity ownership. Each of the Company's segments generates the following three categories of revenues from external customers: freight revenues, freight-related revenues and all other revenues. The Company's eight North American regions are aggregated into one reportable segment as a result of having similar economic and operating characteristics.

The results of operations of the foreign entities are maintained in the respective local currency (the Australian dollar, the British pound, the Canadian dollar and the Euro) and then translated into United States dollars at the applicable exchange rates for inclusion in the consolidated financial statements. As a result, any appreciation or depreciation of these currencies against the United States dollar will impact the Company's results of operations.

The following table reflects the average exchange rates used to translate the foreign entities respective local currency results of operations into United States dollars for the three and six months ended June 30, 2017 and 2016:

	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
United States dollar per Australian dollar	$	0.75	$	0.75	$	0.75	$	0.73
United States dollar per British pound	$	1.28	$	1.44	$	1.26	$	1.43
United States dollar per Canadian dollar	$	0.74	$	0.78	$	0.75	$	0.75
United States dollar per Euro	$	1.01	$	1.13	$	1.08	$	1.12

The following tables set forth select financial data for the Company's reportable segments for the three and six months ended June 30, 2017 and 2016 (dollars in thousands):

	Three Months Ended June 30, 2017
	North American Operations		Australian Operations		U.K./European Operations			Total Operations
Operating revenues:
Freight revenues	$	238,373	$	63,753	$	81,029		$	383,155
Freight-related revenues	61,183		11,500		54,938			127,621
All other revenues	16,118		1,556		11,983			29,657
Total operating revenues	$	315,674	$	76,809	$	147,950		$	540,433
Operating income	$	79,586	$	20,250	$	1,504		$	101,340
Depreciation and amortization	$	38,919	$	14,970	$	7,624		$	61,513
Interest expense, net	$	9,560	$	13,835	$	1,809		$	25,204
Provision for/(benefit from) income taxes	$	27,789	$	1,931	$	(123	)	$	29,597
Expenditures for additions to property & equipment, net of grants from outside parties	$	40,012	$	3,714	$	3,190		$	46,916

	Three Months Ended June 30, 2016
	North American Operations		Australian Operations		U.K./European Operations			Total Operations
Operating revenues:
Freight revenues	$	227,082	$	26,394	$	87,306		$	340,782
Freight-related revenues	60,978		27,129		45,581			133,688
All other revenues	16,515		1,760		8,630			26,905
Total operating revenues	$	304,575	$	55,283	$	141,517		$	501,375
Operating income/(loss)	$	79,023	$	9,381	$	(1,210	)	$	87,194
Depreciation and amortization	$	37,124	$	7,233	$	6,567		$	50,924
Interest expense, net	$	9,666	$	2,398	$	5,341		$	17,405
Provision for/(benefit from) income taxes	$	20,953	$	2,247	$	(1,088	)	$	22,112
Expenditures for additions to property & equipment, net of grants from outside parties	$	39,523	$	4,787	$	11,338		$	55,648

	Six Months Ended June 30, 2017
	North American Operations		Australian Operations		U.K./European Operations			Total Operations
Operating revenues:
Freight revenues	$	476,654	$	124,627	$	159,619		$	760,900
Freight-related revenues	126,528		23,209		97,221			246,958
All other revenues	31,968		2,880		16,835			51,683
Total operating revenues	$	635,150	$	150,716	$	273,675		$	1,059,541
Operating income/(loss)	$	147,156	$	37,409	$	(5,771	)	$	178,794
Depreciation and amortization	$	77,786	$	30,162	$	14,339		$	122,287
Interest expense, net	$	20,111	$	27,822	$	3,409		$	51,342
Provision for/(benefit from) income taxes	$	49,863	$	2,792	$	(1,130	)	$	51,525
Expenditures for additions to property & equipment, net of grants from outside parties	$	64,227	$	5,176	$	10,465		$	79,868

	Six Months Ended June 30, 2016
	North American Operations		Australian Operations			U.K./European Operations			Total Operations
Operating revenues:
Freight revenues	$	448,907	$	51,171		$	167,118		$	667,196
Freight-related revenues	122,503		52,619			92,024			267,146
All other revenues	32,943		3,291			13,415			49,649
Total operating revenues	$	604,353	$	107,081		$	272,557		$	983,991
Operating income/(loss)	$	149,001	$	(2,370	)	$	(2,441	)	$	144,190
Depreciation and amortization	$	73,313	$	13,889		$	13,052		$	100,254
Interest expense, net	$	20,130	$	4,793		$	10,382		$	35,305
Provision for/(benefit from) income taxes	$	36,962	$	(277	)	$	(1,765	)	$	34,920
Expenditures for additions to property & equipment, net of grants from outside parties	$	64,939	$	5,654		$	16,738		$	87,331

The following tables set forth select balance sheet data for the Company's reportable segments as of June 30, 2017 and December 31, 2016 (dollars in thousands):

	June 30, 2017
	North American Operations		Australian Operations		U.K./European Operations		Total Operations
Cash and cash equivalents	$	11,266	$	47,602	$	24,875	$	83,743
Property and equipment, net	$	3,607,366	$	660,454	$	322,920	$	4,590,740

	December 31, 2016
	North American Operations		Australian Operations		U.K./European Operations		Total Operations
Cash and cash equivalents	$	10,137	$	9,213	$	12,969	$	32,319
Property and equipment, net	$	3,590,625	$	634,148	$	278,546	$	4,503,319