0000950170-23-021260 | 10-Q | XBRL Viewer | Universal Logistics Holdings INC

Debt (Tables)

3 Months Ended

Apr. 01, 2023

Debt is comprised of the following (in thousands):


	Interest Rates at April 1, 2023	April 1, 2023			December 31, 2022
Outstanding Debt:
Revolving Credit Facility (1) (2)	6.15%	$	—		$	—
UACL Credit Agreement (2)
Term Loan	6.65%		78,000			79,000
Revolver	6.65%		—			—
Equipment Financing (3)	2.25% to 7.27%		152,346			148,177
Real Estate Facility (4)	6.92%		151,571			155,705
Margin Facility (5)	5.90%		—			—
Unamortized debt issuance costs			(4,193	)		(4,382	)
			377,724			378,500
Less current portion of long-term debt			67,544			65,303
Total long-term debt, net of current portion		$	310,180		$	313,197

(1) On September 30, 2022, we amended our Revolving Credit Facility by increasing the revolving credit commitment to up to $400 million. Borrowings under the Revolving Credit Facility may now be made until maturity on September 30, 2027, and they bear interest at index-adjusted SOFR or a base rate plus an applicable margin for each based on the Company’s leverage ratio. The term loan proceeds were advanced on November 27, 2018, and the Company repaid in full its then outstanding balance on the term loan on April 29, 2022. The Revolving Credit Facility is secured by a first-priority pledge of the capital stock of applicable subsidiaries, as well as first-priority perfected security interests in cash, deposits, accounts receivable, and selected other assets of the applicable borrowers. The Revolving Credit Facility includes customary affirmative and negative covenants and events of default, as well as financial covenants requiring minimum fixed charge coverage and leverage ratios, and customary mandatory prepayments provisions. At April 1, 2023, we were in compliance with all covenants under the facility, and $400.0 million was available for borrowing on the revolver.

(2) Our UACL Credit and Security Agreement (the “UACL Credit Agreement”) provides for maximum borrowings of $90 million in the form of an $80 million term loan and a $10 million revolver. Term loan proceeds were advanced on September 30, 2022 and used to repay existing indebtedness under the Revolving Credit Facility. The term loan matures on September 30, 2027 and will be repaid in consecutive quarterly installments, as defined in the UACL Credit Agreement, commencing December 31, 2022. The remaining term loan balance is due at maturity. Borrowings under the revolving credit facility may be made until maturity on September 30, 2027. Borrowings under the UACL Credit Agreement bear interest at index-adjusted SOFR, or a base rate, plus an applicable margin for each based on the borrower’s leverage ratio. The UACL Credit Agreement is secured by a first-priority pledge of the capital stock of applicable subsidiaries, as well as first-priority perfected security interest in cash, deposits, accounts receivable, and selected other assets of the applicable borrowers. The UACL Credit Agreement includes customary affirmative and negative covenants and events of default, as well as financial covenants requiring minimum fixed charge coverage and leverage ratios, and customary mandatory prepayments provisions. At April 1, 2023, we were in compliance with all covenants under the facility, and $10.0 million was available for borrowing on the revolver.

(3) Our Equipment Financing consists of a series of promissory notes issued by a wholly owned subsidiary. The equipment notes, which are secured by liens on specific titled vehicles, are generally payable in 60 monthly installments and bear interest at fixed rates ranging from 2.25% to 7.27%.

(6)

Debt – continued

(4) Our Real Estate Facility provides for a $165.4 million term loan, the full amount of which was advanced on April 29, 2022. The Company used the facility’s proceeds to repay then existing balances under a term loan portion of the Revolving Credit Facility and certain other real estate financing obligations. The facility matures on April 29, 2032. Obligations under the facility are secured by first-priority mortgages on specific parcels of real estate owned by the Company, including all land and real property improvements, and first-priority assignments of rents and related leases of the loan parties. The credit agreement includes customary affirmative and negative covenants, and principal and interest are payable on the facility on a monthly basis, based on an annual amortization of 10%. The facility bears interest at Term SOFR, plus an applicable margin equal to 2.12%. At April 1, 2023, we were in compliance with all covenants under the facility.

(5) Our Margin Facility is a short-term line of credit secured by our portfolio of marketable securities. It bears interest at Term SOFR plus 1.10%. The amount available under the line of credit is based on a percentage of the market value of the underlying securities. At April 1, 2023, the maximum available borrowings under the line of credit were $5.2 million.

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Statement Of Income And Comprehensive Income [Abstract]
Net Income	$ 24,876	$ 42,008
Other comprehensive income (loss):
Unrealized changes in fair value of interest rate swaps, net of income taxes of $(277) and $82, respectively	(820)	241
Foreign currency translation adjustments	(89)	(2,834)
Total other comprehensive income (loss)	(909)	(2,593)
Total comprehensive income	$ 23,967	$ 39,415

- Definition

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

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

Fair Value Measurements and Disclosures - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Assets
Marketable securities	$ 9,987	$ 10,000
Fair Value, Measurements, Recurring [Member]
Assets
Cash equivalents	23	13
Marketable securities	9,987	10,000
Interest rate swap	1,785	2,882
Total	11,795	12,895
Level 1 [Member] \| Fair Value, Measurements, Recurring [Member]
Assets
Cash equivalents	23	13
Marketable securities	9,987	10,000
Total	10,010	10,013
Level 2 [Member] \| Fair Value, Measurements, Recurring [Member]
Assets
Interest rate swap	1,785	2,882
Total	$ 1,785	$ 2,882

Segment Reporting

3 Months Ended

Apr. 01, 2023

Segment Reporting [Abstract]

Segment Reporting

(13)

Segment Reporting

We report our financial results in four distinct reportable segments: contract logistics, intermodal, trucking, and company-managed brokerage, which are based primarily on the services each segment provides. This presentation reflects the manner in which management evaluates our operating segments, including an evaluation of economic characteristics and applicable aggregation criteria.

Operations aggregated in our contract logistics segment deliver value-added and/or dedicated transportation services to support in-bound logistics to original equipment manufacturers (OEMs) and major retailers on a contractual basis, generally pursuant to terms of one year or longer. Our intermodal segment is associated with local and regional drayage moves coordinated by company-managed terminals using a mix of owner-operators, company equipment and third-party capacity providers (broker carriers). Operations aggregated in our trucking segment are associated with individual freight shipments coordinated primarily by our agents using a mix of owner-operators, company equipment and broker carriers. Our company-managed brokerage segment provides for the pick-up and delivery of individual freight shipments using broker carriers, coordinated by our company-managed operations. Other non-reportable segments are comprised of the Company’s subsidiaries that provide support services to other subsidiaries.

Separate balance sheets are not prepared by segment, and we do not provide asset information by segment to the chief operating decision maker.

The following tables summarize information about our reportable segments for the thirteen week periods ended April 1, 2023 and April 2, 2022 (in thousands):


	Operating Revenues
	Thirteen Weeks Ended
	April 1, 2023		April 2, 2022
Contract logistics	$	211,296	$	201,593
Intermodal		111,026		157,613
Trucking		79,715		97,485
Company-managed brokerage		33,956		65,206
Other		1,403		1,964
Total operating revenues	$	437,396	$	523,861


	Eliminated Inter-segment Revenues
	Thirteen Weeks Ended
	April 1, 2023		April 2, 2022
Contract logistics	$	301	$	1,719
Intermodal		965		3,460
Trucking		140		64
Company-managed brokerage		906		879
Total eliminated inter-segment revenues	$	2,312	$	6,122

(13)

Segment Reporting - continued


	Income from Operations
	Thirteen Weeks Ended
	April 1, 2023			April 2, 2022
Contract logistics	$	27,781		$	23,475
Intermodal		6,812			23,010
Trucking		3,789			7,419
Company-managed brokerage		(375	)		3,863
Other		189			81
Total income from operations	$	38,196		$	57,848

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies	3 Months Ended
Apr. 01, 2023
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	(14) Commitments and Contingencies Our principal commitments relate to long-term real estate leases and payment obligations to equipment vendors. The Company is involved in certain other claims and pending litigation arising from the ordinary conduct of business. We also provide accruals for claims within our self-insured retention amounts. Based on the knowledge of the facts, and in certain cases, opinions of outside counsel, in the Company’s opinion the resolution of these claims and pending litigation will not have a material effect on our financial position, results of operations or cash flows. However, if we experience claims that are not covered by our insurance or that exceed our estimated claim reserve, it could increase the volatility of our earnings and have a materially adverse effect on our financial condition, results of operations or cash flows. At April 1, 2023, approximately 36% of our employees in the United States, Canada and Colombia, and 80% of our employees in Mexico, were subject to collective bargaining agreements that are renegotiated periodically, 28% of which are subject to contracts that expire in 2023.

Commitments and Contingencies

3 Months Ended

Apr. 01, 2023

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

(14)

Commitments and Contingencies

Our principal commitments relate to long-term real estate leases and payment obligations to equipment vendors.

The Company is involved in certain other claims and pending litigation arising from the ordinary conduct of business. We also provide accruals for claims within our self-insured retention amounts. Based on the knowledge of the facts, and in certain cases, opinions of outside counsel, in the Company’s opinion the resolution of these claims and pending litigation will not have a material effect on our financial position, results of operations or cash flows. However, if we experience claims that are not covered by our insurance or that exceed our estimated claim reserve, it could increase the volatility of our earnings and have a materially adverse effect on our financial condition, results of operations or cash flows.

At April 1, 2023, approximately 36% of our employees in the United States, Canada and Colombia, and 80% of our employees in Mexico, were subject to collective bargaining agreements that are renegotiated periodically, 28% of which are subject to contracts that expire in 2023.

Leases (Tables)

3 Months Ended

Apr. 01, 2023

Leases [Abstract]

Summary of Lease Costs

The following table summarizes our lease costs for the thirteen weeks ended April 1, 2023 and April 2, 2022 (in thousands):


	Thirteen Weeks Ended April 1, 2023
	With Affiliates		With Third Parties			Total
Lease cost
Operating lease cost	$	2,411	$	6,619		$	9,030
Short-term lease cost		7		4,029			4,036
Variable lease cost		199		599			798
Sublease income		—		—			—
Total lease cost	$	2,617	$	11,247		$	13,864

	Thirteen Weeks Ended April 2, 2022
	With Affiliates		With Third Parties			Total
Lease cost
Operating lease cost	$	2,352	$	6,278		$	8,630
Short-term lease cost		647		4,241			4,888
Variable lease cost		194		907			1,101
Sublease income		—		(85	)		(85	)
Total lease cost	$	3,193	$	11,341		$	14,534

Summary of Other Lease Related Information

The following table summarizes other lease related information as of and for the thirteen week periods ended April 1, 2023 and April 2, 2022 (in thousands):


	April 1, 2023
	With Affiliates			With Third Parties			Total
Other information
Cash paid for amounts included in the measurement of operating leases	$	2,382		$	6,499		$	8,881
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—		$	12,188		$	12,188
Right-of-use assets change due to lease termination	$	(64	)	$	—		$	(64	)
Weighted-average remaining lease term (in years)		4.7			3.8			4.1
Weighted-average discount rate		7.1	%		5.2	%		5.8	%

	April 2, 2022
	With Affiliates			With Third Parties			Total
Other information
Cash paid for amounts included in the measurement of operating leases	$	2,265		$	5,640		$	7,905
Right-of-use assets obtained in exchange for new operating lease liabilities	$	344		$	14,384		$	14,728
Right-of-use asset change due to lease termination	$	—		$	(1,370	)	$	(1,370	)
Weighted-average remaining lease term (in years)		5.4			4.3			4.6
Weighted-average discount rate		6.6	%		4.7	%		5.4	%

Schedule of Future Minimum Lease Payments Under Operating Leases

Future minimum lease payments under these operating leases as of April 1, 2023, are as follows (in thousands):


	With Affiliates		With Third Parties		Total
2023 (remaining)	$	6,608	$	19,758	$	26,366
2024		8,835		23,073		31,908
2025		7,239		20,231		27,470
2026		4,680		16,940		21,620
2027		3,546		8,158		11,704
Thereafter		6,556		1,335		7,891
Total required lease payments	$	37,464	$	89,495	$	126,959
Less amounts representing interest						(15,279	)
Present value of lease liabilities					$	111,680

Revenue Recognition - Additional Information (Detail)	3 Months Ended
Revenue Recognition - Additional Information (Detail)	Apr. 01, 2023
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
Payment receivable obligation term for completion of transportation services	45 days
Payment receivable obligation for completion of value added services	65 days
Maximum [Member]
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
Transportation services term	1 year

Segment Reporting (Tables)

3 Months Ended

Apr. 01, 2023

Segment Reporting [Abstract]

Summary of Company's Reportable Segment Information

The following tables summarize information about our reportable segments for the thirteen week periods ended April 1, 2023 and April 2, 2022 (in thousands):


	Operating Revenues
	Thirteen Weeks Ended
	April 1, 2023		April 2, 2022
Contract logistics	$	211,296	$	201,593
Intermodal		111,026		157,613
Trucking		79,715		97,485
Company-managed brokerage		33,956		65,206
Other		1,403		1,964
Total operating revenues	$	437,396	$	523,861


	Eliminated Inter-segment Revenues
	Thirteen Weeks Ended
	April 1, 2023		April 2, 2022
Contract logistics	$	301	$	1,719
Intermodal		965		3,460
Trucking		140		64
Company-managed brokerage		906		879
Total eliminated inter-segment revenues	$	2,312	$	6,122

(13)

Segment Reporting - continued


	Income from Operations
	Thirteen Weeks Ended
	April 1, 2023			April 2, 2022
Contract logistics	$	27,781		$	23,475
Intermodal		6,812			23,010
Trucking		3,789			7,419
Company-managed brokerage		(375	)		3,863
Other		189			81
Total income from operations	$	38,196		$	57,848

Revenue Recognition (Tables)

3 Months Ended

Apr. 01, 2023

Revenue Recognition [Abstract]

Contacts Balances Associated with Customers

The following table provides information related to contract balances associated with our contracts with customers (in thousands):


	April 1, 2023		December 31, 2022
Prepaid expenses and other - contract assets	$	1,267	$	839

Leases - Summary of Lease Costs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Lease cost
Operating lease cost	$ 9,030	$ 8,630
Short-term lease cost	4,036	4,888
Variable lease cost	798	1,101
Sublease income		(85)
Total lease cost	13,864	14,534
With Affiliates [Member]
Lease cost
Operating lease cost	2,411	2,352
Short-term lease cost	7	647
Variable lease cost	199	194
Total lease cost	2,617	3,193
With Third Parties [Member]
Lease cost
Operating lease cost	6,619	6,278
Short-term lease cost	4,029	4,241
Variable lease cost	599	907
Sublease income		(85)
Total lease cost	$ 11,247	$ 11,341

Fair Value Measurements and Disclosures (Tables)

3 Months Ended

Apr. 01, 2023

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

We have segregated all financial assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the tables below (in thousands):


	April 1, 2023
	Level 1		Level 2		Level 3		Fair Value Measurement
Assets
Cash equivalents	$	23	$	—	$	—	$	23
Marketable securities		9,987		—		—		9,987
Interest rate swap		—		1,785		—		1,785
Total	$	10,010	$	1,785	$	—	$	11,795


	December 31, 2022
	Level 1		Level 2		Level 3		Fair Value Measurement
Assets
Cash equivalents	$	13	$	—	$	—	$	13
Marketable securities		10,000		—		—		10,000
Interest rate swap		—		2,882		—		2,882
Total	$	10,013	$	2,882	$	—	$	12,895

Summary of Carrying Values and Estimated Fair Values of Promissory Notes

The carrying value and estimated fair value of these promissory notes at April 1, 2023 is summarized as follows:


	Carrying Value		Estimated Fair Value
Equipment promissory notes	$	152,346	$	150,752

Debt - Details of Debt (Parenthetical) (Detail)
$ in Millions

3 Months Ended

Apr. 01, 2023

USD ($)

Installment

Credit and Security Agreement [Member]

Debt Instrument [Line Items]

Credit facility, borrowing capacity

$ 400.0

Credit facility available for borrowings

$ 400.0

Credit and Security Agreement [Member] | Term Loan [Member]

Debt Instrument [Line Items]

loan, expiration date

Apr. 29, 2022

Term loan, payment commencement date

Nov. 27, 2018

Credit and Security Agreement [Member] | Revolver Credit Facility [Member]

Debt Instrument [Line Items]

Credit facility, expiration date

Sep. 30, 2027

UACL Credit and Security Agreement [Member]

Debt Instrument [Line Items]

Credit facility, borrowing capacity

$ 90.0

Credit facility available for borrowings

$ 10.0

UACL Credit and Security Agreement [Member] | Term Loan [Member]

Debt Instrument [Line Items]

loan, expiration date

Sep. 30, 2027

Term loan, payment commencement date

Sep. 30, 2022

Term loan, face amount

$ 80.0

UACL Credit and Security Agreement [Member] | Revolver Credit Facility [Member]

Debt Instrument [Line Items]

Credit facility, borrowing capacity

$ 10.0

Credit facility, expiration date

Sep. 30, 2027

Equipment Financing [Member]

Debt Instrument [Line Items]

Number of installments | Installment

Frequency of installments

monthly

Equipment Financing [Member] | Minimum [Member]

Debt Instrument [Line Items]

Credit facility, Interest Rates

2.25%

^[1]

Equipment Financing [Member] | Maximum [Member]

Debt Instrument [Line Items]

Credit facility, Interest Rates

7.27%

^[1]

Real Estate Financing [Member] | Secured Debt [Member]

Debt Instrument [Line Items]

Frequency of installments

monthly

Description of variable rate basis

SOFR

Real Estate Financing [Member] | Secured Debt [Member] | SOFR [Member]

Debt Instrument [Line Items]

Interest rate above variable base rate

2.12%

Real Estate Financing [Member] | Term Loan [Member]

Debt Instrument [Line Items]

Credit facility, borrowing capacity

$ 165.4

Credit facility, expiration date

Apr. 29, 2032

Percentage of annual amortization

10.00%

Line of credit facility covenant terms

The credit agreement includes customary affirmative and negative covenants, and principal and interest are payable on the facility on a monthly basis, based on an annual amortization of 10%.

Margin Facility [Member]

Debt Instrument [Line Items]

Credit facility available for borrowings

$ 5.2

Description of variable rate basis

SOFR plus 1.10%

Margin Facility [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Interest rate above variable base rate

1.10%

[1]	Our Equipment Financing consists of a series of promissory notes issued by a wholly owned subsidiary. The equipment notes, which are secured by liens on specific titled vehicles, are generally payable in 60 monthly installments and bear interest at fixed rates ranging from 2.25% to 7.27%.

Marketable Securities - Schedule of Gross Unrealized Gains and Losses on Marketable Securities (Detail) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Investments Debt And Equity Securities [Abstract]
Gross unrealized gains	$ 3,519	$ 3,513
Gross unrealized losses	(883)	(864)
Net unrealized gains	$ 2,636	$ 2,649

Stock Based Compensation

3 Months Ended

Apr. 01, 2023

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Based Compensation

(10)

Stock Based Compensation

On April 23, 2014, our Board of Directors adopted our 2014 Amended and Restated Stock Incentive Plan. The Plan was approved at the 2014 annual meeting of shareholders and became effective as of the date our Board adopted it. In May 2022, the Company’s shareholders approved an amendment to the Plan to increase the number of shares of common stock authorized for issuance by 200,000 shares. Grants under the Plan may be made in the form of options, restricted stock awards, restricted stock purchase rights, stock appreciation rights, phantom stock units, restricted stock units or shares of unrestricted common stock.

On March 24, 2023, the Company granted 34,611 shares of restricted stock to certain of its employees, including 9,134 shares to our Chief Executive Officer and 8,441 shares to our Chief Financial Officer. The restricted stock awards have a grant date fair value of $27.59 per share, based on the closing price of the Company’s stock. The shares will vest in four equal installments on each March 15 in 2024, 2025, 2026, and 2027, subject to continued employment with the Company.

On September 9, 2021, the Company granted 2,355 shares of restricted stock to an employee of the Company. The restricted stock award has a fair value of $20.46 per share, based on the closing price of the Company’s stock on the grant date. The unvested shares will vest in five equal increments on each August 9 in 2022, 2023, 2024, 2025 and 2026, subject to continued employment with the Company.

On February 5, 2020, the Company granted 5,000 shares of restricted stock to our Chief Financial Officer. The restricted stock award has a fair value of $17.74 per share, based on the closing price of the Company’s stock on the grant date. The shares will vest on February 20, 2024, subject to his continued employment with the Company.

On January 10, 2020, the Company granted 60,000 shares of restricted stock to our Chief Executive Officer. The restricted stock award has a fair value of $18.82 per share, based on the closing price of the Company’s stock on the grant date. The shares will vest in installments of 20,000 shares on January 10, 2024 and January 10, 2026, and installments of 10,000 shares on January 10, 2027 and January 10, 2028, subject to his continued employment with the Company.

A grantee’s vesting of restricted stock awards may be accelerated under certain conditions, including retirement.

The following table summarizes the status of the Company’s non-vested shares and related information for the period indicated:


	Shares			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2023		73,759		$	19.23
Granted		34,611		$	27.59
Vested		(6,875	)	$	23.56
Forfeited		—		$	—
Balance at April 1, 2023		101,495		$	21.79

In each of the thirteen week periods ended April 1, 2023 and April 2, 2022, the total grant date fair value of vested shares recognized as compensation costs was $0.2 million. As of April 1, 2023, there was approximately $2.2 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements. That cost is expected to be recognized on a straight-line basis over the remaining vesting period. As a result, the Company expects to recognize stock-based compensation expense of $0.7 million in 2024, $0.3 million in 2025, $0.6 million in 2026, $0.4 million in 2027, and $0.2 million in 2028.

Commitments and Contingencies - Additional Information (Detail) - Workforce Subject to Collective Bargaining Arrangements [Member] - Unionized Employees Concentration Risk [Member]	3 Months Ended
	Apr. 01, 2023
United States, Canada and Colombia [Member]
Concentration Risk [Line Items]
Percentage of employees concentration	36.00%
Percentage of employees subject to contracts that expire in 2023	28.00%
Mexico [Member]
Concentration Risk [Line Items]
Percentage of employees concentration	80.00%

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 76,775	$ 47,181
Marketable securities	9,987	10,000
Accounts receivable - net of allowance for credit losses of $14,744 and $14,308, respectively	332,407	350,720
Other receivables	28,186	25,146
Prepaid expenses and other	25,542	25,629
Due from affiliates	929	976
Total current assets	473,826	459,652
Property and equipment - net of accumulated depreciation of $349,852 and $352,231, respectively	406,473	391,154
Operating lease right-of-use asset	105,280	99,731
Goodwill	170,730	170,730
Intangible assets - net of accumulated amortization of $125,028 and $121,843, respectively	70,782	73,967
Deferred income taxes	1,394	1,394
Other assets	6,815	7,050
Total assets	1,235,300	1,203,678
Current liabilities:
Accounts payable	83,659	87,138
Current portion of long-term debt	67,544	65,303
Current portion of operating lease liabilities	29,146	28,227
Accrued expenses and other current liabilities	47,660	43,106
Insurance and claims	36,567	30,574
Due to affiliates	17,494	20,627
Income taxes payable	18,232	11,926
Total current liabilities	300,302	286,901
Long-term liabilities:
Long-term debt, net of current portion	310,180	313,197
Operating lease liabilities, net of current portion	82,534	77,600
Deferred income taxes	69,585	69,585
Other long-term liabilities	4,400	9,465
Total long-term liabilities	466,699	469,847
Shareholders' equity:
Common stock, no par value. Authorized 100,000,000 shares; 31,003,080 and 30,996,205 shares issued; 26,284,424 and 26,277,549 shares outstanding, respectively	31,003	30,997
Paid-in capital	5,007	4,852
Treasury stock, at cost; 4,718,656 shares	(96,706)	(96,706)
Retained earnings	535,706	513,589
Accumulated other comprehensive (loss):
Interest rate swaps, net of income taxes of $449 and $726, respectively	1,336	2,156
Foreign currency translation adjustments	(8,047)	(7,958)
Total shareholders’ equity	468,299	446,930
Total liabilities and shareholders’ equity	$ 1,235,300	$ 1,203,678

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Apr. 01, 2023

Payables And Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses and other current liabilities are comprised of the following (in thousands):


	April 1, 2023		December 31, 2022

Accrued payroll	$	17,377	$	15,889
Accrued payroll taxes		5,033		2,124
Driver escrow liabilities		4,147		4,101
Legal settlements and claims		5,850		5,850
Commissions, other taxes and other		15,253		15,142
Total	$	47,660	$	43,106

Unaudited Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Statement Of Income And Comprehensive Income [Abstract]
Unrealized changes in fair value of interest rate swaps, tax	$ (277)	$ 82

Basis of Presentation

3 Months Ended

Apr. 01, 2023

Accounting Policies [Abstract]

Basis of Presentation

(1)

Basis of Presentation

The accompanying unaudited consolidated financial statements of Universal Logistics Holdings, Inc. and its wholly-owned subsidiaries (“Universal”) have been prepared by the Company’s management. In these notes, the terms “us,” “we,” “our,” or the “Company” refer to Universal and its consolidated subsidiaries. In the opinion of management, the unaudited consolidated financial statements include all normal recurring adjustments necessary to present fairly the information required to be set forth therein. All intercompany transactions and balances have been eliminated in consolidation. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, should be read in conjunction with the consolidated financial statements as of December 31, 2022 and 2021 and for each of the years in the three-year period ended December 31, 2022 included in the Company’s Form 10-K filed with the Securities and Exchange Commission. The preparation of the consolidated financial statements requires the use of management’s estimates. Actual results could differ from those estimates.

Our fiscal year ends on December 31 and consists of four quarters, each with thirteen weeks.

Current Economic Conditions

The Company makes estimates and assumptions that affect reported amounts and disclosures included in its financial statements and accompanying notes and assesses certain accounting matters that require consideration of forecasted financial information. The Company's assumptions about future conditions important to these estimates and assumptions are subject to uncertainty, including the negative impact inflationary pressures can have on our operating costs. Prolonged periods of inflation could cause interest rates, equipment, maintenance, labor and other operating costs to continue to increase.

Segment Reporting - Summary of Company's Reportable Segment Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Segment Reporting Information [Line Items]
Revenues	$ 437,396	$ 523,861
Income from operations	38,196	57,848
Operating Segments [Member] \| Contract Logistics [Member]
Segment Reporting Information [Line Items]
Revenues	211,296	201,593
Income from operations	27,781	23,475
Operating Segments [Member] \| Intermodal [Member]
Segment Reporting Information [Line Items]
Revenues	111,026	157,613
Income from operations	6,812	23,010
Operating Segments [Member] \| Trucking [Member]
Segment Reporting Information [Line Items]
Revenues	79,715	97,485
Income from operations	3,789	7,419
Operating Segments [Member] \| Company-Managed Brokerage [Member]
Segment Reporting Information [Line Items]
Revenues	33,956	65,206
Income from operations	(375)	3,863
Other [Member]
Segment Reporting Information [Line Items]
Revenues	1,403	1,964
Income from operations	189	81
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	2,312	6,122
Intersegment Eliminations [Member] \| Contract Logistics [Member]
Segment Reporting Information [Line Items]
Revenues	301	1,719
Intersegment Eliminations [Member] \| Intermodal [Member]
Segment Reporting Information [Line Items]
Revenues	965	3,460
Intersegment Eliminations [Member] \| Trucking [Member]
Segment Reporting Information [Line Items]
Revenues	140	64
Intersegment Eliminations [Member] \| Company-Managed Brokerage [Member]
Segment Reporting Information [Line Items]
Revenues	$ 906	$ 879

Dividends - Additional Information (Detail) - $ / shares		3 Months Ended
	Feb. 09, 2023	Apr. 01, 2023	Apr. 02, 2022
Earnings Per Share [Abstract]
Dividends payable, date declared	Feb. 09, 2023
Quarterly cash dividend declared per common stock	$ 0.105	$ 0.105	$ 0.105
Dividends payable, recorded date	Mar. 06, 2023
Dividends payable, date to be paid	Apr. 03, 2023

Marketable Securities - Additional Information (Detail) - USD ($)	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Schedule Of Available For Sale Securities [Line Items]
Sale of marketable equity securities	$ 0	$ 0
Other Nonoperating Income (Expense)
Schedule Of Available For Sale Securities [Line Items]
Net unrealized pre-tax gain (loss) in market value	$ (13,000)	$ 949,000

Subsequent Events - Additional Information (Detail) - $ / shares			3 Months Ended
	Apr. 27, 2023	Feb. 09, 2023	Apr. 01, 2023	Apr. 02, 2022
Subsequent Event [Line Items]
Dividends payable, date declared		Feb. 09, 2023
Dividends declared per common share		$ 0.105	$ 0.105	$ 0.105
Dividends payable, recorded date		Mar. 06, 2023
Dividends payable, date to be paid		Apr. 03, 2023
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends payable, date declared	Apr. 27, 2023
Dividends declared per common share	$ 0.105
Dividends payable, recorded date	Jun. 05, 2023
Dividends payable, date to be paid	Jul. 03, 2023

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Apr. 01, 2023	May 08, 2023
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 01, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Trading Symbol	ULH
Entity Registrant Name	UNIVERSAL LOGISTICS HOLDINGS, INC.
Entity Central Index Key	0001308208
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity File Number	0-51142
Entity Tax Identification Number	38-3640097
Entity Address, Address Line One	12755 E. Nine Mile Road
Entity Address, City or Town	Warren
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48089
City Area Code	586
Local Phone Number	920-0100
Title of 12(b) Security	Common Stock, no par value
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	MI
Entity Common Stock, Shares Outstanding		26,287,973

Leases - Schedule of Future Minimum Lease Payments Under Operating Leases (Detail) $ in Thousands	Apr. 01, 2023 USD ($)
Lease Disclosure [Line Items]
2023 (remaining)	$ 26,366
2024	31,908
2025	27,470
2026	21,620
2027	11,704
Thereafter	7,891
Total required lease payments	126,959
Less amounts representing interest	(15,279)
Present value of lease liabilities	111,680
With Affiliates [Member]
Lease Disclosure [Line Items]
2023 (remaining)	6,608
2024	8,835
2025	7,239
2026	4,680
2027	3,546
Thereafter	6,556
Total required lease payments	37,464
With Third Parties [Member]
Lease Disclosure [Line Items]
2023 (remaining)	19,758
2024	23,073
2025	20,231
2026	16,940
2027	8,158
Thereafter	1,335
Total required lease payments	$ 89,495

Fair Value Measurements and Disclosures

3 Months Ended

Apr. 01, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements and Disclosures

(7)

Fair Value Measurements and Disclosures

FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date and expanded disclosures with respect to fair value measurements.

FASB ASC Topic 820 also establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

•

Level 1 — Quoted prices in active markets for identical assets or liabilities.

•

Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

•

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

(7)

Fair Value Measurements and Disclosures – continued


	April 1, 2023
	Level 1		Level 2		Level 3		Fair Value Measurement
Assets
Cash equivalents	$	23	$	—	$	—	$	23
Marketable securities		9,987		—		—		9,987
Interest rate swap		—		1,785		—		1,785
Total	$	10,010	$	1,785	$	—	$	11,795


	December 31, 2022
	Level 1		Level 2		Level 3		Fair Value Measurement
Assets
Cash equivalents	$	13	$	—	$	—	$	13
Marketable securities		10,000		—		—		10,000
Interest rate swap		—		2,882		—		2,882
Total	$	10,013	$	2,882	$	—	$	12,895

The valuation techniques used to measure fair value for the items in the tables above are as follows:

•

Cash equivalents – This category consists of money market funds which are listed as Level 1 assets and measured at fair value based on quoted prices for identical instruments in active markets.

•

Marketable securities – Marketable securities represent equity securities, which consist of common and preferred stocks, are actively traded on public exchanges and are listed as Level 1 assets. Fair value was measured based on quoted prices for these securities in active markets.

•

Interest rate swap – The fair value of our interest rate swap is determined using a methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments). The variable cash receipts (or payments) are based on the expectation of future interest rates (forward curves) derived from observed market interest rate curves. The fair value measurement also incorporates credit valuation adjustments to appropriately reflect both the Company’s nonperformance risk and the respective counterparty’s nonperformance risk.

Our Revolving Credit Facility and our Real Estate Facility consist of variable rate borrowings. We categorize these borrowings as Level 2 in the fair value hierarchy. The carrying value of these borrowings approximate fair value because the applicable interest rates are adjusted frequently based on short-term market rates.

For our Equipment Financing, the fair values are estimated using discounted cash flow analyses, based on our current incremental borrowing rates for similar types of borrowing arrangements. We categorize these borrowings as Level 2 in the fair value hierarchy. The carrying value and estimated fair value of these promissory notes at April 1, 2023 is summarized as follows:


	Carrying Value		Estimated Fair Value
Equipment promissory notes	$	152,346	$	150,752

We have not elected the fair value option for any of our financial instruments.

- 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

Leases

3 Months Ended

Apr. 01, 2023

Leases [Abstract]

Leases

(8)

Leases

ASU 2016-02, Leases, requires us to recognize a right-of-use asset and a corresponding lease liability on our balance sheet for most leases classified as operating leases under previous guidance. Right-of-use assets represent our right to use an underlying asset over the lease term and lease liabilities represent the obligation to make lease payments resulting from the lease agreement. We recognize a right-of-use asset and a lease liability on the effective date of a lease agreement.

As of April 1, 2023, our obligations under operating lease arrangements primarily related to the rental of office space, warehouses, freight distribution centers, terminal yards and equipment. Our lease obligations typically do not include options to purchase the leased property, nor do they contain residual value guarantees or material restrictive covenants. Options to extend or terminate an agreement are included in the lease term when it becomes reasonably certain the option will be exercised. As of April 1, 2023, we were not reasonably certain of exercising any renewal or termination options, and as such, no adjustments were made to the right-of-use lease assets or corresponding liabilities.

We did not separate lease and non-lease components of contracts for purposes of determining the right-of use lease asset and corresponding liability. Variable lease components that do not depend on an index or a rate, and variable nonlease components were also not contemplated in the calculation of the right-of-use asset and corresponding liability. For facility leases, variable lease costs include the costs of common area maintenance, taxes, and insurance for which we pay the lessors an estimate that is adjusted to actual expense on a quarterly or annual basis depending on the underlying contract terms. For equipment leases, variable lease costs may include additional fees associated with using equipment in excess of estimated amounts. Leases with an initial term of 12 months or less, short-term leases, are not recorded on the balance sheet. Lease expense for short-term and long-term operating leases is recognized on a straight-line basis over the lease term.

The following table summarizes our lease costs for the thirteen weeks ended April 1, 2023 and April 2, 2022 (in thousands):


	Thirteen Weeks Ended April 1, 2023
	With Affiliates		With Third Parties			Total
Lease cost
Operating lease cost	$	2,411	$	6,619		$	9,030
Short-term lease cost		7		4,029			4,036
Variable lease cost		199		599			798
Sublease income		—		—			—
Total lease cost	$	2,617	$	11,247		$	13,864

	Thirteen Weeks Ended April 2, 2022
	With Affiliates		With Third Parties			Total
Lease cost
Operating lease cost	$	2,352	$	6,278		$	8,630
Short-term lease cost		647		4,241			4,888
Variable lease cost		194		907			1,101
Sublease income		—		(85	)		(85	)
Total lease cost	$	3,193	$	11,341		$	14,534

(8)

Leases – continued

The following table summarizes other lease related information as of and for the thirteen week periods ended April 1, 2023 and April 2, 2022 (in thousands):


	April 1, 2023
	With Affiliates			With Third Parties			Total
Other information
Cash paid for amounts included in the measurement of operating leases	$	2,382		$	6,499		$	8,881
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—		$	12,188		$	12,188
Right-of-use assets change due to lease termination	$	(64	)	$	—		$	(64	)
Weighted-average remaining lease term (in years)		4.7			3.8			4.1
Weighted-average discount rate		7.1	%		5.2	%		5.8	%

	April 2, 2022
	With Affiliates			With Third Parties			Total
Other information
Cash paid for amounts included in the measurement of operating leases	$	2,265		$	5,640		$	7,905
Right-of-use assets obtained in exchange for new operating lease liabilities	$	344		$	14,384		$	14,728
Right-of-use asset change due to lease termination	$	—		$	(1,370	)	$	(1,370	)
Weighted-average remaining lease term (in years)		5.4			4.3			4.6
Weighted-average discount rate		6.6	%		4.7	%		5.4	%

Future minimum lease payments under these operating leases as of April 1, 2023, are as follows (in thousands):


	With Affiliates		With Third Parties		Total
2023 (remaining)	$	6,608	$	19,758	$	26,366
2024		8,835		23,073		31,908
2025		7,239		20,231		27,470
2026		4,680		16,940		21,620
2027		3,546		8,158		11,704
Thereafter		6,556		1,335		7,891
Total required lease payments	$	37,464	$	89,495	$	126,959
Less amounts representing interest						(15,279	)
Present value of lease liabilities					$	111,680

Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Statement Of Financial Position [Abstract]
Allowance for credit losses	$ 14,744	$ 14,308
Property and equipment, accumulated depreciation	349,852	352,231
Intangible assets, accumulated amortization	$ 125,028	$ 121,843
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	31,003,080	30,996,205
Common stock, shares outstanding	26,284,424	26,277,549
Treasury stock, shares	4,718,656	4,718,656
Interest rate swaps, income taxes	$ 449	$ 726

Revenue Recognition

3 Months Ended

Apr. 01, 2023

Revenue Recognition [Abstract]

Revenue Recognition

(3)

Revenue Recognition

Universal is a holding company that owns subsidiaries engaged in providing customized transportation and logistics services. For financial reporting, we broadly group the services provided by our consolidated subsidiaries into the following categories: truckload, brokerage, intermodal, dedicated and value-added. We disaggregate these categories and report our service lines separately on the Consolidated Statements of Income.

Truckload services include dry van, flatbed, heavy-haul and refrigerated operations. We transport a wide variety of general commodities, including automotive parts, machinery, building materials, paper, food, consumer goods, furniture, steel and other metals on behalf of customers in various industries.

To complement our available capacity, we provide customers with freight brokerage services by utilizing third-party transportation providers to move freight. Brokerage services also include full-service domestic and international freight forwarding and customs brokerage.

Intermodal services include rail-truck, steamship-truck and support services. Our intermodal support services are primarily short- to medium-distance delivery of rail and steamship containers between the railhead or port and the customer.

Dedicated services are primarily provided in support of automotive and retail customers using van equipment. Our dedicated services are primarily short-run or round-trip moves within a defined geographic area.

Transportation services are short-term in nature; agreements governing their provision generally have a term of one year or less. They do not contain significant financing components. The Company recognizes revenue over the period transportation services are provided to the customer, including service performed as of the end of the reporting period for loads currently in-transit, in order to recognize the value that is transferred to a customer over the course of the transportation service.

We determine revenue in-transit using the input method, under which revenue is recognized based on the duration of time that has lapsed from the departure date (start of transportation services) to the arrival date (completion of transportation services). Measurement of revenue in-transit requires the application of significant judgment. We calculate the estimated percentage of an order’s transit time that is complete at period end, and we apply that percentage of completion to the order’s estimated revenue.

(3)

Revenue Recognition - continued

Value-added services, which are typically dedicated to individual customer requirements, include material handling, consolidation, sequencing, sub-assembly, cross-dock services, kitting, repacking, warehousing and returnable container management. Value-added revenues are substantially driven by the level of demand for outsourced logistics services. Major factors that affect value-added service revenue include changes in manufacturing supply chain requirements and production levels in specific industries, particularly the North American automotive and Class 8 heavy-truck industries.

Revenue is recognized as control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration the Company expects to receive in exchange for its services. We have elected to use the “right to invoice” practical expedient to recognize revenue, reflecting that a customer obtains the benefit associated with value-added services as they are provided. The contracts in our value-added services businesses are negotiated agreements, which contain both fixed and variable components. The variability of revenues is driven by volumes and transactions, which are known as of an invoice date. Value-added service contracts typically have terms that extend beyond one year, and they do not include financing components.

The following table provides information related to contract balances associated with our contracts with customers (in thousands):


	April 1, 2023		December 31, 2022
Prepaid expenses and other - contract assets	$	1,267	$	839

We generally receive payment for performance obligations within 45 days of completion of transportation services and 65 days for completion of value-added services. Contract assets in the table above generally relate to revenue in-transit at the end of the reporting period.

Debt

3 Months Ended

Apr. 01, 2023

Debt Disclosure [Abstract]

Debt

(6)

Debt

Debt is comprised of the following (in thousands):


	Interest Rates at April 1, 2023	April 1, 2023			December 31, 2022
Outstanding Debt:
Revolving Credit Facility (1) (2)	6.15%	$	—		$	—
UACL Credit Agreement (2)
Term Loan	6.65%		78,000			79,000
Revolver	6.65%		—			—
Equipment Financing (3)	2.25% to 7.27%		152,346			148,177
Real Estate Facility (4)	6.92%		151,571			155,705
Margin Facility (5)	5.90%		—			—
Unamortized debt issuance costs			(4,193	)		(4,382	)
			377,724			378,500
Less current portion of long-term debt			67,544			65,303
Total long-term debt, net of current portion		$	310,180		$	313,197

(6)

Debt – continued

The Company is also party to an interest rate swap agreement that qualifies for hedge accounting. The Company executed the swap agreement to fix a portion of the interest rate on its variable rate debt. Under the swap agreement, the Company receives interest at Term SOFR and pays a fixed rate of 2.88%. The swap agreement has an effective date of April 29, 2022, a maturity date of April 30, 2027, and an amortizing notional amount of $90.8 million. At April 1, 2023, the fair value of the swap agreement was an asset of $1.8 million. Since the swap agreement qualifies for hedge accounting, the changes in fair value are recorded in other comprehensive income (loss), net of tax. See Note 7 for additional information pertaining to interest rate swaps.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Fair Value Measurements and Disclosures - Summary of Carrying Values and Estimated Fair Values of Promissory Notes (Detail) - Equipment Promissory Notes [Member] $ in Thousands	Apr. 01, 2023 USD ($)
Carrying Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument	$ 152,346
Estimated Fair Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument	$ 150,752

Transactions with Affiliates - Schedule of Services Provided to Affiliates (Detail) - Affiliates [Member] - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Related Party Transaction [Line Items]
Services provided to affiliates	$ 162	$ 215
Contracted transportation services [Member]
Related Party Transaction [Line Items]
Services provided to affiliates	102	155
Facilities and Related Support [Member]
Related Party Transaction [Line Items]
Services provided to affiliates	$ 60	$ 60

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

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+ Details

Marketable Securities - Schedule of Market Value, Cost and Unrealized Gains on Equity Securities (Detail) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Investments Debt And Equity Securities [Abstract]
Fair value	$ 9,987	$ 10,000
Cost basis	7,351	7,351
Unrealized gain	$ 2,636	$ 2,649

Segment Reporting - Additional Information (Detail)	3 Months Ended
Segment Reporting - Additional Information (Detail)	Apr. 01, 2023 Segment
Segment Reporting [Abstract]
Number of reportable segments	4

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Cash flows from operating activities:
Net income	$ 24,876	$ 42,008
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	18,515	16,228
Noncash lease expense	7,593	7,194
Loss (gain) on marketable equity securities	13	(949)
Gain on disposal of property and equipment	(902)	(1,079)
Amortization of debt issuance costs	189	120
Stock-based compensation	161	162
Provision for credit losses	2,130	1,848
Deferred income taxes	0	(81)
Change in assets and liabilities:
Trade and other accounts receivable	12,840	(55,994)
Prepaid expenses and other assets	(725)	(1,050)
Principal reduction in operating lease liabilities	(7,435)	(6,501)
Accounts payable, accrued expenses, income taxes payable, insurance and claims and other current liabilities	15,377	43,925
Due to/from affiliates, net	(3,086)	(2,524)
Other long-term liabilities	(5,065)	(2,187)
Net cash provided by operating activities	64,481	41,120
Cash flows from investing activities:
Capital expenditures	(31,336)	(6,047)
Proceeds from the sale of property and equipment	1,588	2,607
Net cash used in investing activities	(29,748)	(3,440)
Cash flows from financing activities:
Proceeds from borrowing - revolving debt	0	107,961
Repayments of debt - revolving debt	0	(122,200)
Proceeds from borrowing - term debt	15,949	4,344
Repayments of debt - term debt	(16,914)	(15,873)
Dividends paid	(2,759)	(5,646)
Purchases of treasury stock	0	(5,254)
Net cash used in financing activities	(3,724)	(36,668)
Effect of exchange rate changes on cash and cash equivalents	(1,415)	(22)
Net increase in cash	29,594	990
Cash and cash equivalents – beginning of period	47,181	13,932
Cash and cash equivalents – end of period	76,775	14,922
Supplemental cash flow information:
Cash paid for interest	5,479	2,336
Cash paid for income taxes	$ 1,477	$ 602

Debt - Details of Debt (Detail) - USD ($)
$ in Thousands

Apr. 01, 2023

Dec. 31, 2022

Outstanding Debt:

Unamortized debt issuance costs

$ (4,193)

$ (4,382)

Outstanding Debt

377,724

378,500

Less current portion of long-term debt

67,544

65,303

Total long-term debt, net of current portion

$ 310,180

313,197

Credit and Security Agreement [Member] | Revolver Credit Facility [Member]

Outstanding Debt:

Credit facility, Interest Rates

^[1],[2]

6.15%

UACL Credit and Security Agreement [Member] | Term Loan [Member]

Outstanding Debt:

Outstanding Debt

^[2]

$ 78,000

79,000

Credit facility, Interest Rates

^[2]

6.65%

UACL Credit and Security Agreement [Member] | Revolver Credit Facility [Member]

Outstanding Debt:

Credit facility, Interest Rates

^[2]

6.65%

Real Estate Financing [Member]

Outstanding Debt:

Credit facility, Interest Rates

^[3]

6.92%

Equipment Financing [Member]

Outstanding Debt:

Outstanding Debt

^[4]

$ 152,346

148,177

Equipment Financing [Member] | Minimum [Member]

Outstanding Debt:

Credit facility, Interest Rates

^[4]

2.25%

Equipment Financing [Member] | Maximum [Member]

Outstanding Debt:

Credit facility, Interest Rates

^[4]

7.27%

Margin Facility [Member]

Outstanding Debt:

Credit facility, Interest Rates

^[5]

5.90%

Real Estate Note [Member]

Outstanding Debt:

Outstanding Debt

^[3]

$ 151,571

$ 155,705

[1]	On September 30, 2022, we amended our Revolving Credit Facility by increasing the revolving credit commitment to up to $400 million. Borrowings under the Revolving Credit Facility may now be made until maturity on September 30, 2027, and they bear interest at index-adjusted SOFR or a base rate plus an applicable margin for each based on the Company’s leverage ratio. The term loan proceeds were advanced on November 27, 2018, and the Company repaid in full its then outstanding balance on the term loan on April 29, 2022. The Revolving Credit Facility is secured by a first-priority pledge of the capital stock of applicable subsidiaries, as well as first-priority perfected security interests in cash, deposits, accounts receivable, and selected other assets of the applicable borrowers. The Revolving Credit Facility includes customary affirmative and negative covenants and events of default, as well as financial covenants requiring minimum fixed charge coverage and leverage ratios, and customary mandatory prepayments provisions. At April 1, 2023, we were in compliance with all covenants under the facility, and $400.0 million was available for borrowing on the revolver.
[2]	Our UACL Credit and Security Agreement (the “UACL Credit Agreement”) provides for maximum borrowings of $90 million in the form of an $80 million term loan and a $10 million revolver. Term loan proceeds were advanced on September 30, 2022 and used to repay existing indebtedness under the Revolving Credit Facility. The term loan matures on September 30, 2027 and will be repaid in consecutive quarterly installments, as defined in the UACL Credit Agreement, commencing December 31, 2022. The remaining term loan balance is due at maturity. Borrowings under the revolving credit facility may be made until maturity on September 30, 2027. Borrowings under the UACL Credit Agreement bear interest at index-adjusted SOFR, or a base rate, plus an applicable margin for each based on the borrower’s leverage ratio. The UACL Credit Agreement is secured by a first-priority pledge of the capital stock of applicable subsidiaries, as well as first-priority perfected security interest in cash, deposits, accounts receivable, and selected other assets of the applicable borrowers. The UACL Credit Agreement includes customary affirmative and negative covenants and events of default, as well as financial covenants requiring minimum fixed charge coverage and leverage ratios, and customary mandatory prepayments provisions. At April 1, 2023, we were in compliance with all covenants under the facility, and $10.0 million was available for borrowing on the revolver.
[3]	Our Real Estate Facility provides for a $165.4 million term loan, the full amount of which was advanced on April 29, 2022. The Company used the facility’s proceeds to repay then existing balances under a term loan portion of the Revolving Credit Facility and certain other real estate financing obligations. The facility matures on April 29, 2032. Obligations under the facility are secured by first-priority mortgages on specific parcels of real estate owned by the Company, including all land and real property improvements, and first-priority assignments of rents and related leases of the loan parties. The credit agreement includes customary affirmative and negative covenants, and principal and interest are payable on the facility on a monthly basis, based on an annual amortization of 10%. The facility bears interest at Term SOFR, plus an applicable margin equal to 2.12%. At April 1, 2023, we were in compliance with all covenants under the facility.
[4]	Our Equipment Financing consists of a series of promissory notes issued by a wholly owned subsidiary. The equipment notes, which are secured by liens on specific titled vehicles, are generally payable in 60 monthly installments and bear interest at fixed rates ranging from 2.25% to 7.27%.
[5]	Our Margin Facility is a short-term line of credit secured by our portfolio of marketable securities. It bears interest at Term SOFR plus 1.10%. The amount available under the line of credit is based on a percentage of the market value of the underlying securities. At April 1, 2023, the maximum available borrowings under the line of credit were $5.2 million.

Accrued Expenses and Other Current Liabilities

3 Months Ended

Apr. 01, 2023

Payables And Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

(5)

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities are comprised of the following (in thousands):


	April 1, 2023		December 31, 2022

Accrued payroll	$	17,377	$	15,889
Accrued payroll taxes		5,033		2,124
Driver escrow liabilities		4,147		4,101
Legal settlements and claims		5,850		5,850
Commissions, other taxes and other		15,253		15,142
Total	$	47,660	$	43,106

Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions					3 Months Ended
	Mar. 24, 2023	Sep. 09, 2021	Feb. 05, 2020	Jan. 10, 2020	Apr. 01, 2023	Apr. 02, 2022	Dec. 31, 2022	May 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares authorized					100,000,000		100,000,000	200,000
Total fair value of shares vested					$ 0.2	$ 0.2
Total unrecognized compensation cost					2.2
Share based compensation cost is expected to be recognized on a straight-line basis in fiscal 2024					0.7
Share based compensation cost is expected to be recognized on a straight-line basis in fiscal 2025					0.3
Share based compensation cost is expected to be recognized on a straight-line basis in fiscal 2026					0.6
Share based compensation cost is expected to be recognized on a straight-line basis in fiscal 2027					0.4
Share based compensation cost is expected to be recognized on a straight-line basis in fiscal 2028					$ 0.2
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of restricted stock granted	34,611	2,355			34,611
Restricted stock award grant date fair value per share	$ 27.59	$ 20.46			$ 27.59
Restricted Stock [Member] \| Vesting on January 10, 2024 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares expected to vest				20,000
Restricted Stock [Member] \| Vesting on January 10, 2026 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares expected to vest				20,000
Restricted Stock [Member] \| Vesting on January 10, 2027 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares expected to vest				10,000
Restricted Stock [Member] \| Vesting on January 10, 2028 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares expected to vest				10,000
Restricted Stock [Member] \| Chief Financial Officer [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of restricted stock granted	8,441		5,000
Restricted stock award grant date fair value per share			$ 17.74
Restricted Stock [Member] \| Chief Executive Officer [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of restricted stock granted	9,134			60,000
Restricted stock award grant date fair value per share				$ 18.82

Marketable Securities (Tables)

3 Months Ended

Apr. 01, 2023

Investments Debt And Equity Securities [Abstract]

Schedule of Market Value, Cost and Unrealized Gains on Equity Securities

The following table sets forth market value, cost basis, and unrealized gains on equity securities (in thousands):


	April 1, 2023		December 31, 2022
Fair value	$	9,987	$	10,000
Cost basis		7,351		7,351
Unrealized gain	$	2,636	$	2,649

Schedule of Gross Unrealized Gains and Losses on Marketable Securities

The following table sets forth the gross unrealized gains and losses on the Company’s marketable securities (in thousands):


	April 1, 2023			December 31, 2022
Gross unrealized gains	$	3,519		$	3,513
Gross unrealized losses		(883	)		(864	)
Net unrealized gains	$	2,636		$	2,649

Transactions with Affiliates - Schedule of Amounts Charged to UTSI (Detail) - Affiliates [Member] - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Related Party Transaction [Line Items]
Cost incurred for services provided by CenTra and affiliates	$ 27,178	$ 23,166
Insurance [Member]
Related Party Transaction [Line Items]
Cost incurred for services provided by CenTra and affiliates	20,256	17,496
Real estate rent and related costs [Member]
Related Party Transaction [Line Items]
Cost incurred for services provided by CenTra and affiliates	3,266	3,099
Administrative support services [Member]
Related Party Transaction [Line Items]
Cost incurred for services provided by CenTra and affiliates	1,605	1,181
Truck fuel, maintenance and other operating costs [Member]
Related Party Transaction [Line Items]
Cost incurred for services provided by CenTra and affiliates	1,938	1,070
Contracted transportation services [Member]
Related Party Transaction [Line Items]
Cost incurred for services provided by CenTra and affiliates	$ 113	$ 320

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Payables And Accruals [Abstract]
Accrued payroll	$ 17,377	$ 15,889
Accrued payroll taxes	5,033	2,124
Driver escrow liabilities	4,147	4,101
Legal settlements and claims	5,850	5,850
Commissions, other taxes and other	15,253	15,142
Total	$ 47,660	$ 43,106

Unaudited Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Operating revenues:
Total operating revenues	$ 437,396	$ 523,861
Operating expenses:
Purchased transportation and equipment rent	156,085	232,131
Direct personnel and related benefits	139,752	136,667
Operating supplies and expenses	46,189	42,124
Commission expense	8,172	10,024
Occupancy expense	11,152	10,195
General and administrative	11,256	10,063
Insurance and claims	8,079	8,581
Depreciation and amortization	18,515	16,228
Total operating expenses	399,200	466,013
Income from operations	38,196	57,848
Interest income	752	0
Interest expense	(5,727)	(2,433)
Other non-operating income	15	953
Income before income taxes	33,236	56,368
Income tax expense	8,360	14,360
Net income	$ 24,876	$ 42,008
Earnings per common share:
Basic	$ 0.95	$ 1.56
Diluted	$ 0.95	$ 1.56
Weighted average number of common shares outstanding:
Basic	26,281	26,864
Diluted	26,314	26,865
Dividends declared per common share	$ 0.105	$ 0.105
Truckload services [Member]
Operating revenues:
Total operating revenues	$ 46,401	$ 57,483
Brokerage services [Member]
Operating revenues:
Total operating revenues	68,673	107,172
Intermodal services [Member]
Operating revenues:
Total operating revenues	111,026	157,613
Dedicated services [Member]
Operating revenues:
Total operating revenues	85,232	75,487
Value-added services [Member]
Operating revenues:
Total operating revenues	$ 126,064	$ 126,106

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Earnings Per Share [Abstract]
Weighted average non-vested shares of restricted shares	33,348	629
Antidilutive securities excluded from computation of earnings per share, amount	0	9,230

Subsequent Events	3 Months Ended
Subsequent Events	Apr. 01, 2023
Subsequent Events [Abstract]
Subsequent Events	(15) Subsequent Events On April 27, 2023, our Board of Directors declared a cash dividend of $0.105 per share of common stock, payable on July 3, 2023 to shareholders of record at the close of business on June 5, 2023. Declaration of future cash dividends is subject to final determination by the Board of Directors each quarter after its review of our financial condition, results of operations, capital requirements, any legal or contractual restrictions on the payment of dividends and other factors the Board of Directors deems relevant.

Transactions with Affiliates - Additional Information (Detail)	1 Months Ended	3 Months Ended
	Jun. 30, 2022 USD ($)	Apr. 01, 2023 USD ($) Facility	Apr. 02, 2022 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Number of facilities leased from related parties occupied on monthly or contractual basis \| Facility		30
Insurance, claims and other receivables		$ 18,800,000		$ 16,200,000
Due to affiliates		17,494,000		20,627,000
Due from affiliates		929,000		$ 976,000
With Affiliates [Member]
Related Party Transaction [Line Items]
Payment to acquire multi-building	$ 8,300,000
Initial deposit		200,000
With Affiliates [Member] \| Used Tractors [Member]
Related Party Transaction [Line Items]
Cost of purchase from an affiliate		$ 3,100,000	$ 0

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Apr. 01, 2023
Accounting Policies [Abstract]
Recent Accounting Pronouncements	(2) Recent Accounting Pronouncements On January 1, 2023, the Company adopted ASU 2016-13, Accounting for Credit Losses (Topic 326). The ASU requires the use of an “expected loss” model on certain types of financial instruments. The standard also amends the impairment model for available-for-sale debt securities and requires estimated credit losses to be recorded as allowances instead of reductions to amortized cost of the securities. The adoption of this standard 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-URI https://asc.fasb.org/topic&trid=2122394

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Share

3 Months Ended

Apr. 01, 2023

Earnings Per Share [Abstract]

Earnings Per Share

(11)

Earnings Per Share

Basic earnings per common share amounts are based on the weighted average number of common shares outstanding, excluding outstanding non-vested restricted stock. Diluted earnings per common share include dilutive common stock equivalents determined by the treasury stock method. For the thirteen weeks ended April 1, 2023 and April 2, 2022, there were 33,348 and 629 weighted average non-vested shares of restricted stock, respectively, included in the denominator for the calculation of diluted earnings per share.

For the thirteen weeks ended April 1, 2023 and April 2, 2022, we excluded 0 and 9,230 shares of non-vested restricted stock from the calculation of diluted earnings per share because such shares were anti-dilutive.

Marketable Securities

3 Months Ended

Apr. 01, 2023

Investments Debt And Equity Securities [Abstract]

Marketable Securities

(4)

Marketable Securities

The Company accounts for its marketable equity securities in accordance with ASC Topic 321 “Investments- Equity Securities.” ASC Topic 321 requires companies to measure equity investments at fair value, with changes in fair value recognized in net income. The Company’s investments in marketable securities consist of equity securities with readily determinable fair values. The cost basis of securities sold is based on the specific identification method, and interest and dividends on securities are included in non-operating income (expense).

Marketable equity securities are carried at fair value, with gains and losses in fair market value included in the determination of net income. The fair value of marketable equity securities is determined based on quoted market prices in active markets, as described in Note 7.

The following table sets forth market value, cost basis, and unrealized gains on equity securities (in thousands):


	April 1, 2023		December 31, 2022
Fair value	$	9,987	$	10,000
Cost basis		7,351		7,351
Unrealized gain	$	2,636	$	2,649

The following table sets forth the gross unrealized gains and losses on the Company’s marketable securities (in thousands):


	April 1, 2023			December 31, 2022
Gross unrealized gains	$	3,519		$	3,513
Gross unrealized losses		(883	)		(864	)
Net unrealized gains	$	2,636		$	2,649

The Company did not sell marketable equity securities during either of the thirteen-week week periods ended April 1, 2023 or April 2, 2022.

During the thirteen-week week periods ended April 1, 2023 and April 2, 2022, our marketable equity securities portfolio experienced a net unrealized pre-tax gain (loss) in market value of approximately $(13,000) and $949,000, respectively, which was reported in other non-operating income (expense) for the period.

Stock Based Compensation (Tables)

3 Months Ended

Apr. 01, 2023

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Status of Nonvested Shares

The following table summarizes the status of the Company’s non-vested shares and related information for the period indicated:


	Shares			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2023		73,759		$	19.23
Granted		34,611		$	27.59
Vested		(6,875	)	$	23.56
Forfeited		—		$	—
Balance at April 1, 2023		101,495		$	21.79

Unaudited Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common stock [Member]	Paid-in capital [Member]	Treasury stock [Member]	Retained earnings [Member]	Accumulated other comprehensive income (loss) [Member]
Balances at Dec. 31, 2021	$ 302,210	$ 30,988	$ 4,639	$ (82,385)	$ 356,071	$ (7,103)
Net income	42,008				42,008
Comprehensive income (loss)	(2,593)					(2,593)
Purchases of treasury stock	(5,254)			(5,254)
Dividends paid	(2,819)				(2,819)
Stock based compensation	162	7	155
Balances at Apr. 02, 2022	333,714	30,995	4,794	(87,639)	395,260	(9,696)
Balances at Dec. 31, 2022	446,930	30,997	4,852	(96,706)	513,589	(5,802)
Net income	24,876				24,876
Comprehensive income (loss)	(909)					(909)
Dividends paid	(2,759)				(2,759)
Stock based compensation	161	6	155
Balances at Apr. 01, 2023	$ 468,299	$ 31,003	$ 5,007	$ (96,706)	$ 535,706	$ (6,711)

- Definition

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

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI https://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Transactions with Affiliates (Tables)

3 Months Ended

Apr. 01, 2023

Schedule of Amounts Charged to UTSI

Following is a schedule of cost incurred and included in operating expenses for services provided by affiliates for the thirteen weeks ended April 1, 2023 and April 2, 2022 (in thousands):


	Thirteen Weeks Ended
	April 1, 2023		April 2, 2022

Insurance	$	20,256	$	17,496
Real estate rent and related costs		3,266		3,099
Administrative support services		1,605		1,181
Truck fuel, maintenance and other operating costs		1,938		1,070
Contracted transportation services		113		320
Total	$	27,178	$	23,166

Schedule of Services Provided to Affiliates

Following is a schedule of services provided to affiliates for the thirteen weeks and ended April 1, 2023 and April 2, 2022 (in thousands):


	Thirteen Weeks Ended
	April 1, 2023		April 2, 2022
Contracted transportation services	$	102	$	155
Facilities and related support		60		60
Total	$	162	$	215

Dividends	3 Months Ended
Dividends	Apr. 01, 2023
Earnings Per Share [Abstract]
Dividends	(12) Dividends On February 9, 2023, our Board of Directors declared a cash dividend of $0.105 per share of common stock, payable on April 3, 2023 to shareholders of record at the close of business on March 6, 2023. Declaration of future cash dividends is subject to final determination by the Board of Directors each quarter after its review of our financial condition, results of operations, capital requirements, any legal or contractual restrictions on the payment of dividends and other factors the Board of Directors deems relevant.

Unaudited Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Statement Of Stockholders Equity [Abstract]
Dividends paid per share	$ 0.105	$ 0.105

Stock Based Compensation - Summary of Status of Nonvested Shares (Detail) - Restricted Stock [Member] - $ / shares			3 Months Ended
	Mar. 24, 2023	Sep. 09, 2021	Apr. 01, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Non-vested, Beginning Balance			73,759
Shares, Granted	34,611	2,355	34,611
Shares, Vested			(6,875)
Shares, Ending Balance			101,495
Weighted Average Grant Date Fair Value, Beginning Balance			$ 19.23
Weighted Average Grant Date Fair Value, Granted	$ 27.59	$ 20.46	27.59
Weighted Average Grant Date Fair Value, Vested			23.56
Weighted Average Grant Date Fair Value, Ending Balance			$ 21.79

Leases - Summary of Other Lease Related Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Other information
Cash paid for amounts included in the measurement of operating leases	$ 8,881	$ 7,905
Right-of-use assets obtained in exchange for new operating lease liabilities	12,188	14,728
Right-of-use assets change due to lease termination	$ (64)	$ (1,370)
Weighted-average remaining lease term (in years)	4 years 1 month 6 days	4 years 7 months 6 days
Weighted-average discount rate	5.80%	5.40%
With Affiliates [Member]
Other information
Cash paid for amounts included in the measurement of operating leases	$ 2,382	$ 2,265
Right-of-use assets obtained in exchange for new operating lease liabilities		$ 344
Right-of-use assets change due to lease termination	$ (64)
Weighted-average remaining lease term (in years)	4 years 8 months 12 days	5 years 4 months 24 days
Weighted-average discount rate	7.10%	6.60%
With Third Parties [Member]
Other information
Cash paid for amounts included in the measurement of operating leases	$ 6,499	$ 5,640
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 12,188	14,384
Right-of-use assets change due to lease termination		$ (1,370)
Weighted-average remaining lease term (in years)	3 years 9 months 18 days	4 years 3 months 18 days
Weighted-average discount rate	5.20%	4.70%

Transactions with Affiliates

3 Months Ended

Apr. 01, 2023

Transactions with Affiliates

(9)

Transactions with Affiliates

In the ordinary course of business, companies owned or controlled by our controlling shareholder, Matthew T. Moroun, provide us with certain supplementary administrative support services, including legal, human resources, tax, and IT infrastructure services. Universal’s audit committee reviews and approves related party transactions. The cost of these services is based on the actual or estimated utilization of the specific service.

Universal also purchases other services from companies owned or controlled by our controlling shareholder. Following is a schedule of cost incurred and included in operating expenses for services provided by affiliates for the thirteen weeks ended April 1, 2023 and April 2, 2022 (in thousands):


	Thirteen Weeks Ended
	April 1, 2023		April 2, 2022

Insurance	$	20,256	$	17,496
Real estate rent and related costs		3,266		3,099
Administrative support services		1,605		1,181
Truck fuel, maintenance and other operating costs		1,938		1,070
Contracted transportation services		113		320
Total	$	27,178	$	23,166

We pay the direct variable cost of maintenance, fueling and other operational support costs for services delivered at our affiliate’s trucking terminals that are geographically remote from our own facilities. Such costs are billed when incurred, paid on a routine basis, and reflect actual labor utilization, repair parts costs or quantities of fuel purchased.

We lease 30 facilities from related parties. Our occupancy is based on either month-to-month or contractual, multi-year lease arrangements that are billed and paid monthly. Leasing properties from a related party affords us significant operating flexibility; however, we are not limited to such arrangements. See Note 8, “Leases” for further information regarding the cost of leased properties.

We purchase employee medical, workers’ compensation, property and casualty, cargo, warehousing and other general liability insurance from an insurance company controlled by our controlling shareholder. In our Consolidated Balance Sheets, we record our insured claims liability and the related recovery in insurance and claims, and other receivables. At April 1, 2023 and December 31, 2022, there were $18.8 million and $16.2 million, respectively, included in each of these accounts for insured claims.

Other services from affiliates, including contracted transportation services, are delivered to us on a per-transaction basis or pursuant to separate contractual arrangements provided in the ordinary course of business. At April 1, 2023 and December 31, 2022, amounts due to affiliates were $17.5 million and $20.6 million, respectively.

During the thirteen weeks ended April 1, 2023, we purchased used tractors from an affiliate totaling $3.1 million. There were no such purchases made during the thirteen weeks ended April 2, 2022.

In June 2022, we executed a real estate contract with an affiliate to acquire a multi-building, office complex located in Warren, Michigan for $8.3 million. The purchase price was established by an independent, third-party appraisal. During 2022, the Company made an initial deposit of $200,000 and paid the balance at closing in the first quarter of 2023.

Services provided by Universal to Affiliates

We periodically assist companies that are owned by our controlling shareholder by providing selected transportation and logistics services in connection with their specific customer contracts or purchase orders. Truck fueling and administrative expenses are presented net in operating expense. Following is a schedule of services provided to affiliates for the thirteen weeks and ended April 1, 2023 and April 2, 2022 (in thousands):


	Thirteen Weeks Ended
	April 1, 2023		April 2, 2022
Contracted transportation services	$	102	$	155
Facilities and related support		60		60
Total	$	162	$	215

At April 1, 2023 and December 31, 2022, amounts due from affiliates were $0.9 million and $1.0 million, respectively.

Revenue Recognition - Contact Balances Associated with Customers (Detail) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Other Current Assets [Member]
Disaggregation Of Revenue [Line Items]
Prepaid expenses and other - contract assets	$ 1,267	$ 839

Recent Accounting Pronouncements (Policies)	3 Months Ended
Recent Accounting Pronouncements (Policies)	Apr. 01, 2023
Accounting Policies [Abstract]
Recent Accounting Pronouncements	On January 1, 2023, the Company adopted ASU 2016-13, Accounting for Credit Losses (Topic 326). The ASU requires the use of an “expected loss” model on certain types of financial instruments. The standard also amends the impairment model for available-for-sale debt securities and requires estimated credit losses to be recorded as allowances instead of reductions to amortized cost of the securities. The adoption of this standard did not have a material impact on our consolidated financial statements.

Debt - Additional Information (Detail) - Interest Rate Swap $ in Millions	3 Months Ended
	Apr. 01, 2023 USD ($)
Line Of Credit Facility [Line Items]
Notional amount	$ 90.8
Derivative maturity date	Apr. 30, 2027
Fair value asset of swap agreement	$ 1.8
SOFR [Member]
Line Of Credit Facility [Line Items]
Fixed rate	2.88%