10-Q Filing

OLD DOMINION FREIGHT LINE, INC. CIK: 878927 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000950170-23-018765`
Period End Date	20230331
Filing Date	20230508
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	odfl-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 48 Cash Flow Statement 40 Stockholders Equity 21

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Customer receivables, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$11.07M	USD	Point-in-time
Customer receivables, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$10.69M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$207.62M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$186.31M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	280.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	280.00M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	109.83M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	110.22M	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$49.35M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$24.81M	USD	Point-in-time
Customer receivables, less allowances of $11,069 and $10,689, respectively	`AccountsReceivableNetCurrent`	$578.65M	USD	Point-in-time
Customer receivables, less allowances of $11,069 and $10,689, respectively	`AccountsReceivableNetCurrent`	$564.49M	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$12.74M	USD	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$13.74M	USD	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$15.39M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$92.94M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$84.64M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$896.95M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$933.74M	USD	Point-in-time
Revenue equipment	`MachineryAndEquipmentGross`	$2.56B	USD	Point-in-time
Revenue equipment	`MachineryAndEquipmentGross`	$2.50B	USD	Point-in-time
Land and structures	`BuildingsLandAndImprovementsGross`	$2.83B	USD	Point-in-time
Land and structures	`BuildingsLandAndImprovementsGross`	$2.75B	USD	Point-in-time
Other fixed assets	`PropertyPlantAndEquipmentOther`	$550.44M	USD	Point-in-time
Other fixed assets	`PropertyPlantAndEquipmentOther`	$605.30M	USD	Point-in-time
Leasehold improvements	`LeaseholdImprovementsGross`	$13.60M	USD	Point-in-time
Leasehold improvements	`LeaseholdImprovementsGross`	$13.52M	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentGross`	$6.01B	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentGross`	$5.82B	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$2.17B	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$2.13B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$3.84B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$3.69B	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$218.67M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$217.80M	USD	Point-in-time
Total assets	`Assets`	$4.96B	USD	Point-in-time
Total assets	`Assets`	$4.84B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$119.77M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$106.28M	USD	Point-in-time
Compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$288.28M	USD	Point-in-time
Compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$220.54M	USD	Point-in-time
Claims and insurance accruals	`SelfInsuranceReserveCurrent`	$63.31M	USD	Point-in-time
Claims and insurance accruals	`SelfInsuranceReserveCurrent`	$61.71M	USD	Point-in-time
Other accrued liabilities	`AccruedLiabilitiesCurrent`	$64.63M	USD	Point-in-time
Other accrued liabilities	`AccruedLiabilitiesCurrent`	$51.93M	USD	Point-in-time
Income taxes payable	`IncomeTaxesPayable`	$82.87M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$20.00M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$20.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$569.52M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$529.79M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$79.96M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$79.97M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$250.59M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$265.42M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$310.51M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$310.51M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$641.07M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$655.90M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.21B	USD	Point-in-time
Total liabilities	`Liabilities`	$1.19B	USD	Point-in-time
Commitments and contingent liabilities	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingent liabilities	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock - $0.10 par value, 280,000,000 shares authorized, 109,830,927 and 110,222,819 shares outstanding at March 31, 2023 and December 31, 2022, respectively	`CommonStockValueOutstanding`	$10.98M	USD	Point-in-time
Common stock - $0.10 par value, 280,000,000 shares authorized, 109,830,927 and 110,222,819 shares outstanding at March 31, 2023 and December 31, 2022, respectively	`CommonStockValueOutstanding`	$11.02M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$240.02M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$244.59M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.50B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.40B	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$3.68B	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$3.65B	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$3.75B	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$3.50B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$4.96B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$4.84B	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Revenue from operations	`RevenueFromContractWithCustomerIncludingAssessedTax`	$1.44B	USD	1 Quarter
Revenue from operations	`RevenueFromContractWithCustomerIncludingAssessedTax`	$1.50B	USD	1 Quarter
Salaries, wages and benefits	`LaborAndRelatedExpense`	$652.08M	USD	1 Quarter
Salaries, wages and benefits	`LaborAndRelatedExpense`	$680.19M	USD	1 Quarter
Operating supplies and expenses	`OperatingCostsAndExpenses`	$192.38M	USD	1 Quarter
Operating supplies and expenses	`OperatingCostsAndExpenses`	$191.36M	USD	1 Quarter
General supplies and expenses	`OtherSellingAndGeneralExpense`	$35.51M	USD	1 Quarter
General supplies and expenses	`OtherSellingAndGeneralExpense`	$39.55M	USD	1 Quarter
Operating taxes and licenses	`DirectTaxesAndLicensesCosts`	$36.70M	USD	1 Quarter
Operating taxes and licenses	`DirectTaxesAndLicensesCosts`	$35.08M	USD	1 Quarter
Insurance and claims	`OperatingInsuranceAndClaimsCostsProduction`	$16.11M	USD	1 Quarter
Insurance and claims	`OperatingInsuranceAndClaimsCostsProduction`	$16.03M	USD	1 Quarter
Communications and utilities	`DirectCommunicationsAndUtilitiesCosts`	$11.02M	USD	1 Quarter
Communications and utilities	`DirectCommunicationsAndUtilitiesCosts`	$9.88M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$67.34M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$75.95M	USD	1 Quarter
Purchased transportation	`PurchasedTransportation`	$52.50M	USD	1 Quarter
Purchased transportation	`PurchasedTransportation`	$30.61M	USD	1 Quarter
Miscellaneous expenses, net	`OtherCostAndExpenseOperating`	$4.78M	USD	1 Quarter
Miscellaneous expenses, net	`OtherCostAndExpenseOperating`	$3.70M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$1.06B	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$1.09B	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$405.62M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$383.05M	USD	1 Quarter
Interest expense	`InterestAndDebtExpense`	$200.00K	USD	1 Quarter
Interest expense	`InterestAndDebtExpense`	$73.00K	USD	1 Quarter
Interest income	`InvestmentIncomeNet`	$129.00K	USD	1 Quarter
Interest income	`InvestmentIncomeNet`	$2.81M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-605.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-1.51M	USD	1 Quarter
Total non-operating (income) expense	`NonoperatingIncomeExpense`	$-549.00K	USD	1 Quarter
Total non-operating (income) expense	`NonoperatingIncomeExpense`	$1.10M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$384.15M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$405.07M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$105.32M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$99.11M	USD	1 Quarter
Net income	`ProfitLoss`	$299.75M	USD	1 Quarter
Net income	`ProfitLoss`	$285.04M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$2.62	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$2.59	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$2.60	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$2.58	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	109.96M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	114.42M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	115.17M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	110.68M	shares	1 Quarter
Dividends declared per share	`CommonStockDividendsPerShareDeclared`	$0.30	USD	1 Quarter
Dividends declared per share	`CommonStockDividendsPerShareDeclared`	$0.40	USD	1 Quarter

Cash Flow Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$299.75M	USD	1 Quarter
Net income	`ProfitLoss`	$285.04M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortizationIncludingDebtIssuanceCosts`	$67.34M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortizationIncludingDebtIssuanceCosts`	$75.95M	USD	1 Quarter
Gain on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$4.34M	USD	1 Quarter
Gain on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$1.21M	USD	1 Quarter
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$8.39M	USD	1 Quarter
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$8.12M	USD	1 Quarter
Changes in operating assets and liabilities, net	`ChangesInOperatingAssetsAndLiabilitiesNet`	$50.33M	USD	1 Quarter
Changes in operating assets and liabilities, net	`ChangesInOperatingAssetsAndLiabilitiesNet`	$14.72M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$415.37M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$388.73M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquireProductiveAssets`	$234.74M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquireProductiveAssets`	$93.71M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$10.46M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$10.28M	USD	1 Quarter
Purchase of short-term investments	`PaymentsToAcquireShortTermInvestments`	$75.16M	USD	1 Quarter
Proceeds from maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments`	$24.58M	USD	1 Quarter
Proceeds from maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments`	$49.97M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-199.88M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-108.45M	USD	1 Quarter
Payments for share repurchases	`PaymentsForRepurchaseOfCommonStock`	$338.35M	USD	1 Quarter
Payments for share repurchases	`PaymentsForRepurchaseOfCommonStock`	$141.67M	USD	1 Quarter
Forward contract for accelerated share repurchases	`PaymentForAcceleratedSharesRepurchaseForwardContract`	$100.00M	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$34.20M	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$44.05M	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-8.16M	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-8.46M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-480.71M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-194.18M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-200.44M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$21.31M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$262.12M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$207.62M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$186.31M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$462.56M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$262.12M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$207.62M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$186.31M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$462.56M	USD	Point-in-time

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Cash dividends declared per share	`CommonStockDividendsPerShareDeclared`	$0.30	USD	1 Quarter
Cash dividends declared per share	`CommonStockDividendsPerShareDeclared`	$0.40	USD	1 Quarter
Balance	`StockholdersEquity`	$3.68B	USD	Point-in-time
Balance	`StockholdersEquity`	$3.65B	USD	Point-in-time
Balance	`StockholdersEquity`	$3.75B	USD	Point-in-time
Balance	`StockholdersEquity`	$3.50B	USD	Point-in-time
Net income	`NetIncomeLoss`	$299.75M	USD	1 Quarter
Net income	`NetIncomeLoss`	$285.04M	USD	1 Quarter
Share repurchases	`ShareRepurchasesPeriodValue`	$142.90M	USD	1 Quarter
Share repurchases, including settlements under accelerated share repurchase programs	`StockRepurchasedAndRetiredDuringPeriodValue`	$338.35M	USD	1 Quarter
Forward contract for accelerated share repurchases	`AcceleratedSharesRepurchaseForwardContract`	$-100.00M	USD	1 Quarter
Cash dividends declared	`DividendsCommonStock`	$43.99M	USD	1 Quarter
Cash dividends declared	`DividendsCommonStock`	$34.13M	USD	1 Quarter
Share-based compensation and share issuances, net of forfeitures	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$3.80M	USD	1 Quarter
Share-based compensation and share issuances, net of forfeitures	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$4.29M	USD	1 Quarter
Taxes paid in exchange for shares withheld	`RestrictedStockValueSharesIssuedNetOfTaxWithholdings`	$-8.06M	USD	1 Quarter
Taxes paid in exchange for shares withheld	`RestrictedStockValueSharesIssuedNetOfTaxWithholdings`	$-8.36M	USD	1 Quarter
Balance	`StockholdersEquity`	$3.68B	USD	Point-in-time
Balance	`StockholdersEquity`	$3.65B	USD	Point-in-time
Balance	`StockholdersEquity`	$3.75B	USD	Point-in-time
Balance	`StockholdersEquity`	$3.50B	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.